Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 26, 2014 | Jun. 28, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'CLEAN HARBORS INC | ' | ' |
Entity Central Index Key | '0000822818 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 60,723,422 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $2.80 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $310,073 | $229,836 |
Marketable securities | 12,435 | 11,778 |
Accounts receivable, net of allowances aggregating $18,106 and $11,125, respectively | 579,394 | 546,136 |
Unbilled accounts receivable | 26,568 | 27,072 |
Deferred costs | 16,134 | 6,888 |
Inventories and supplies | 152,096 | 176,478 |
Prepaid expenses and other current assets | 41,962 | 75,765 |
Deferred tax assets | 32,517 | 21,306 |
Total current assets | 1,171,179 | 1,095,259 |
Property, plant and equipment, net | 1,602,170 | 1,533,053 |
Other assets: | ' | ' |
Deferred financing costs | 20,860 | 21,657 |
Goodwill | 570,960 | 579,715 |
Permits and other intangibles, net | 569,973 | 590,044 |
Other | 18,536 | 18,358 |
Total other assets | 1,180,329 | 1,209,774 |
Total assets | 3,953,678 | 3,838,086 |
Current liabilities: | ' | ' |
Current portion of capital lease obligations | 1,329 | 5,092 |
Accounts payable | 316,462 | 257,911 |
Deferred revenue | 55,454 | 50,973 |
Accrued expenses | 236,829 | 246,354 |
Current portion of closure, post-closure and remedial liabilities | 29,471 | 28,336 |
Total current liabilities | 639,545 | 588,666 |
Other liabilities: | ' | ' |
Closure and post-closure liabilities, less current portion of $5,884 and $8,791, respectively | 41,201 | 35,256 |
Remedial liabilities, less current portion of $23,587 and $19,545, respectively | 148,911 | 163,801 |
Long-term obligations | 1,400,000 | 1,400,000 |
Capital lease obligations, less current portion | 1,435 | 2,879 |
Deferred taxes, unrecognized tax benefits and other long-term liabilities | 246,947 | 215,412 |
Total other liabilities | 1,838,494 | 1,817,348 |
Commitments and contingent liabilities | ' | ' |
Stockholders' equity: | ' | ' |
Authorized 80,000,000 shares; issued and outstanding 60,672,180 and 60,385,453 shares, respectively | 607 | 604 |
Shares held under employee participation plan | -469 | -469 |
Additional paid-in capital | 898,165 | 880,979 |
Accumulated other comprehensive (loss) income | -19,556 | 49,632 |
Accumulated earnings | 596,892 | 501,326 |
Total stockholders' equity | 1,475,639 | 1,432,072 |
Total liabilities and stockholders' equity | $3,953,678 | $3,838,086 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Account Receivable, allowances aggregating | $18,106 | $11,125 |
Closure and post-closure liabilities, current portion | 5,884 | 8,791 |
Remedial liabilities, current portion | $23,587 | $19,545 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, authorized shares | 80,000,000 | 80,000,000 |
Common stock, issued shares | 60,672,180 | 60,385,453 |
Common stock, outstanding shares | 60,672,180 | 60,385,453 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service revenues | ' | ' | ' | ' | ' | ' | ' | ' | $2,729,205 | $2,063,160 | $1,882,979 |
Product revenues | ' | ' | ' | ' | ' | ' | ' | ' | 780,451 | 124,748 | 101,157 |
Total revenues | 879,430 | 907,535 | 860,528 | 862,163 | 558,962 | 533,806 | 523,118 | 572,022 | 3,509,656 | 2,187,908 | 1,984,136 |
Cost of revenues: (exclusive of items shown separately below) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,874,448 | 1,439,594 | 1,301,363 |
Product revenues | ' | ' | ' | ' | ' | ' | ' | ' | 668,185 | 101,027 | 78,628 |
Total cost of revenues | 645,164 | 647,119 | 614,326 | 636,024 | 399,743 | 372,940 | 367,623 | 400,315 | 2,542,633 | 1,540,621 | 1,379,991 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 470,477 | 273,520 | 254,137 |
Accretion of environmental liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 11,541 | 9,917 | 9,680 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 264,449 | 161,646 | 122,663 |
Income from operations | 58,877 | 73,608 | 53,243 | 34,828 | 36,231 | 56,739 | 47,533 | 61,701 | 220,556 | 202,204 | 217,665 |
Other income (expense) | -325 | -150 | 1,655 | 525 | -337 | -91 | -75 | -299 | 1,705 | -802 | 6,402 |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -26,385 | 0 |
Interest expense, net of interest income of $507, $846, and $798, respectively | ' | ' | ' | ' | ' | ' | ' | ' | -78,376 | -47,287 | -39,389 |
Income before provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 143,885 | 127,730 | 184,678 |
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 48,319 | -1,944 | 57,426 |
Net income | $26,801 | $35,361 | $22,902 | $10,502 | $61,874 | $12,359 | $23,426 | $32,015 | $95,566 | $129,674 | $127,252 |
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.44 | $0.58 | $0.38 | $0.17 | $1.11 | $0.23 | $0.44 | $0.60 | $1.58 | $2.41 | $2.40 |
Diluted (in dollars per share) | $0.44 | $0.58 | $0.38 | $0.17 | $1.11 | $0.23 | $0.44 | $0.60 | $1.57 | $2.40 | $2.39 |
Shares used to compute earnings per share b Basic | ' | ' | ' | ' | ' | ' | ' | ' | 60,574 | 53,884 | 52,961 |
Shares used to compute earnings per share b Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 60,728 | 54,079 | 53,324 |
CONSOLIDATED_STATEMENTS_OF_INC1
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investment Income, Interest | $507 | $846 | $798 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $95,566 | $129,674 | $127,252 |
Other comprehensive (loss) income: | ' | ' | ' |
Unrealized gains on available-for-sale securities (net of taxes of $208, $177 and $174, respectively) | 1,244 | 1,008 | 686 |
Reclassification adjustment for gains on available-for-sale securities included in net income (net of taxes of $379) | 0 | 0 | -1,493 |
Foreign currency translation adjustments | -70,791 | 17,925 | -18,264 |
Unfunded pension liability (net of taxes of $123, $231 and $58, respectively) | 359 | -654 | -335 |
Other comprehensive (loss) income | -69,188 | 18,279 | -19,406 |
Comprehensive income | $26,378 | $147,953 | $107,846 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Unrealized gains on available-for-sale securities, taxes | $208 | $177 | $174 |
Reclassification adjustment for gains on available-for-sale securities included in net income, taxes | 0 | 0 | 379 |
Unfunded pension liability, taxes | $123 | $231 | $58 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $95,566 | $129,674 | $127,252 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' | ' |
Depreciation and amortization | 264,449 | 161,646 | 122,663 |
Pre-tax, non-cash acquisition accounting inventory adjustments | 13,559 | 0 | 0 |
Allowance for doubtful accounts | 7,933 | 1,213 | 759 |
Amortization of deferred financing costs and debt discount | 3,301 | 1,793 | 1,572 |
Accretion of environmental liabilities | 11,541 | 9,917 | 9,680 |
Changes in environmental liability estimates | -3,682 | -8,458 | -2,840 |
Deferred income taxes | 31,119 | 34,163 | 37,836 |
Other (income) expense | -1,705 | 802 | -3,048 |
Stock-based compensation | 8,946 | 7,494 | 8,164 |
Excess tax benefit of stock-based compensation | -1,409 | -2,556 | -3,352 |
Income tax benefit related to stock option exercises | 1,399 | 2,546 | 3,347 |
Write-off of deferred financing costs and debt (premium) discount | 0 | 5,341 | 0 |
Environmental expenditures | -19,416 | -11,191 | -11,319 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | -53,735 | 54,373 | -65,210 |
Inventories and supplies | -1,144 | -12,871 | -11,696 |
Other current assets | 20,379 | 9,334 | -25,065 |
Accounts payable | 37,117 | 5,930 | -8,116 |
Other current and long-term liabilities | 1,621 | -64,785 | -1,096 |
Net cash from operating activities | 415,839 | 324,365 | 179,531 |
Cash flows from investing activities: | ' | ' | ' |
Additions to property, plant and equipment | -280,207 | -197,397 | -148,513 |
Proceeds from sales of fixed assets | 4,699 | 8,125 | 6,794 |
Acquisitions, net of cash acquired | -63,264 | -1,373,921 | -336,960 |
Additions to intangible assets including costs to obtain or renew permits | -6,740 | -4,046 | -2,927 |
Purchase of marketable securities | 0 | -10,517 | 0 |
Proceeds from sales of marketable securities | 0 | 0 | 425 |
Proceeds from sale of long-term investments | 0 | 0 | 1,000 |
Other | 0 | 5,120 | 0 |
Net cash used in investing activities | -345,512 | -1,572,636 | -480,181 |
Cash flows from financing activities: | ' | ' | ' |
Change in uncashed checks | 12,268 | -12,070 | 9,822 |
Proceeds from exercise of stock options | 400 | 288 | 1,350 |
Remittance of shares, net | -731 | -2,912 | -4,061 |
Excess tax benefit of stock-based compensation | 1,409 | 2,556 | 3,352 |
Deferred financing costs paid | -2,504 | -19,056 | -8,463 |
Proceeds from employee stock purchase plan | 7,425 | 6,196 | 3,516 |
Payments on capital leases | -4,891 | -6,599 | -7,837 |
Proceeds from issuance of common stock, net | 0 | 369,520 | 0 |
Principal payments on debt | 0 | -520,000 | 0 |
Distribution of cash earned on employee participation plan | 0 | -55 | -189 |
Issuance of senior unsecured notes, at par | 0 | 1,400,000 | 0 |
Issuance of senior secured notes, including premium | 0 | 0 | 261,250 |
Issuance costs related to issuances of common stock | -250 | 0 | 0 |
Net cash from financing activities | 13,126 | 1,217,868 | 258,740 |
Effect of exchange rate change on cash | -3,216 | -484 | 423 |
Increase (decrease) in cash and cash equivalents | 80,237 | -30,887 | -41,487 |
Cash and cash equivalents, beginning of year | 229,836 | 260,723 | 302,210 |
Cash and cash equivalents, end of year | 310,073 | 229,836 | 260,723 |
Cash payments for interest and income taxes: | ' | ' | ' |
Interest paid | 75,627 | 41,817 | 31,201 |
Income taxes (received) paid | -8,162 | 13,179 | 48,725 |
Non-cash investing and financing activities: | ' | ' | ' |
Property, plant and equipment accrued | 33,214 | 29,788 | 18,682 |
Transfer of inventory to property, plant and equipment | 11,369 | 0 | 0 |
Accrued working capital adjustments | 0 | -750 | 3,694 |
Assets acquired through capital lease | $0 | $154 | $1,807 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Treasury Stock | Shares Held Under Employee Participation Plan | Additional Paid-in Capital | Accumulated Other Comprehensive Income (loss) | Accumulated Earnings |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance at Dec. 31, 2010 | $780,827 | $528 | ($2,467) | ($777) | $488,384 | $50,759 | $244,400 |
Balance (in shares) at Dec. 31, 2010 | ' | 52,772,000 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income | 127,252 | ' | ' | ' | ' | ' | 127,252 |
Elimination of treasury stock | ' | ' | 2,467 | ' | -2,467 | ' | ' |
Other comprehensive income (loss) | -19,406 | ' | ' | ' | ' | -19,406 | ' |
Stock-based compensation | 7,854 | ' | ' | ' | 7,854 | ' | ' |
Stock-based compensation (in shares) | ' | 322,000 | ' | ' | ' | ' | ' |
Issuance of restricted shares, net of shares remitted | -4,061 | ' | ' | ' | -4,061 | ' | ' |
Issuance of restricted shares, net of shares remitted (in shares) | ' | -76,000 | ' | ' | ' | ' | ' |
Shares held under employee participation plan | 308 | ' | ' | 308 | ' | ' | ' |
Exercise of stock options | 1,350 | 4 | ' | ' | 1,346 | ' | ' |
Exercise of stock options (in shares) | ' | 71,000 | ' | ' | ' | ' | ' |
Net tax benefit on exercise of stock-based awards | 3,347 | ' | ' | ' | 3,347 | ' | ' |
Employee stock purchase plan | 3,516 | ' | ' | ' | 3,516 | ' | ' |
Employee stock purchase plan (in shares) | ' | 94,000 | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | 900,987 | 532 | 0 | -469 | 497,919 | 31,353 | 371,652 |
Balance (in shares) at Dec. 31, 2011 | ' | 53,183,000 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income | 129,674 | ' | ' | ' | ' | ' | 129,674 |
Other comprehensive income (loss) | 18,279 | ' | ' | ' | ' | 18,279 | ' |
Stock-based compensation | 7,494 | ' | ' | ' | 7,494 | ' | ' |
Stock-based compensation (in shares) | ' | 168,000 | ' | ' | ' | ' | ' |
Issuance of restricted shares, net of shares remitted | -2,912 | ' | ' | ' | -2,912 | ' | ' |
Issuance of restricted shares, net of shares remitted (in shares) | ' | -48,000 | ' | ' | ' | ' | ' |
Issuance of common stock, net of issuance costs | 369,520 | 69 | ' | ' | 369,451 | ' | ' |
Issuance of common stock, net of issuance costs (in shares) | ' | 6,900,000 | ' | ' | ' | ' | ' |
Exercise of stock options | 288 | 3 | ' | ' | 285 | ' | ' |
Exercise of stock options (in shares) | ' | 47,000 | ' | ' | ' | ' | ' |
Net tax benefit on exercise of stock-based awards | 2,546 | ' | ' | ' | 2,546 | ' | ' |
Employee stock purchase plan | 6,196 | ' | ' | ' | 6,196 | ' | ' |
Employee stock purchase plan (in shares) | ' | 135,000 | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 1,432,072 | 604 | 0 | -469 | 880,979 | 49,632 | 501,326 |
Balance (in shares) at Dec. 31, 2012 | ' | 60,385,000 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net income | 95,566 | ' | ' | ' | ' | ' | 95,566 |
Other comprehensive income (loss) | -69,188 | ' | ' | ' | ' | -69,188 | ' |
Stock-based compensation | 8,946 | ' | ' | ' | 8,946 | ' | ' |
Stock-based compensation (in shares) | ' | 74,000 | ' | ' | ' | ' | ' |
Issuance of restricted shares, net of shares remitted | -731 | ' | ' | ' | -731 | ' | ' |
Issuance of restricted shares, net of shares remitted (in shares) | ' | -19,000 | ' | ' | ' | ' | ' |
Issuance costs related to issuances of common stock | -250 | ' | ' | ' | -250 | ' | ' |
Exercise of stock options | 400 | 3 | ' | ' | 397 | ' | ' |
Exercise of stock options (in shares) | ' | 61,000 | ' | ' | ' | ' | ' |
Net tax benefit on exercise of stock-based awards | 1,399 | ' | ' | ' | 1,399 | ' | ' |
Employee stock purchase plan | 7,425 | ' | ' | ' | 7,425 | ' | ' |
Employee stock purchase plan (in shares) | ' | 171,000 | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | $1,475,639 | $607 | $0 | ($469) | $898,165 | ($19,556) | $596,892 |
Balance (in shares) at Dec. 31, 2013 | ' | 60,672,000 | ' | ' | ' | ' | ' |
OPERATIONS
OPERATIONS | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Operations | ' |
OPERATIONS | |
Clean Harbors, Inc., through its subsidiaries (collectively, the "Company"), is a leading provider of environmental, energy and industrial services throughout North America. On December 28, 2012, the Company acquired 100% of the outstanding common shares of Safety-Kleen, Inc. and its subsidiaries (collectively, "Safety-Kleen"), which is the largest re-refiner and recycler of used oil in the world and the largest provider of parts cleaning and environmental services to commercial, industrial and automotive customers in North America. |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||||||||
SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||
The accompanying consolidated financial statements of the Company reflect the application of certain significant accounting policies as described below: | ||||||||||||||
Principles of Consolidation | ||||||||||||||
The accompanying consolidated statements include the accounts of Clean Harbors, Inc. and its majority-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||||
Use of Estimates | ||||||||||||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions, which are evaluated on an ongoing basis, that affect the amounts reported in the Company's consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable at the time under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and disclosure, if any, of contingent assets and liabilities and reported amounts of revenues and expenses. Actual results could differ from those estimates and judgments. | ||||||||||||||
Reclassifications | ||||||||||||||
Following the acquisition of Safety-Kleen on December 28, 2012, the Company made changes in the first quarter of 2013 to the manner in which it manages its business, make operating decisions and assess performance. The amounts presented for all periods herein have been recast to reflect the impact of such changes. In addition, the December 31, 2012 balance sheet has been adjusted for purchase price measurement period adjustments related to the Safety-Kleen acquisition as disclosed in Note 3, "Business Combinations." Any prior period amounts that were recast as a result of purchase price measurement period adjustments related to the Safety-Kleen acquisition have been labeled "As Adjusted" herein. These reclassifications and adjustments had no effect on consolidated net income, comprehensive income, cash flows or stockholders' equity for any of the periods presented. The Company's revenues and cost of revenues in the consolidated statements of income have been reclassified to conform to the current year presentation. | ||||||||||||||
Fair Value Valuation Hierarchy | ||||||||||||||
The Company defines fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 utilizes quoted market prices in markets that are not active, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. Level 3 inputs are unobservable inputs for the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. | ||||||||||||||
Cash, Cash Equivalents and Uncashed Checks | ||||||||||||||
The Company classifies all highly liquid instruments purchased with maturities of three months or less as cash equivalents. | ||||||||||||||
The Company's cash management program with its revolving credit lender allows for the maintenance of a zero balance in the U.S. bank disbursement accounts that are used to issue vendor and payroll checks. The program can result in checks outstanding in excess of bank balances in the disbursement accounts. When checks are presented to the bank for payment, cash deposits in amounts sufficient to fund the checks are made, at the Company's discretion, either from funds provided by other accounts or under the terms of the Company's revolving credit facility. Therefore, until checks are presented for payment, there is no right of offset by the bank and the Company continues to have control over cash relating to both released as well as unreleased checks. Checks that have been written to vendors or employees but have not yet been presented for payment at the Company's bank are classified as uncashed checks as part of accounts payable and added back to cash balances. | ||||||||||||||
Marketable Securities | ||||||||||||||
The Company has classified its marketable securities as available-for-sale and, accordingly, carries such securities at fair value. Unrealized gains and losses are reported, net of tax, as a component of other comprehensive income. At December 31, 2013 and 2012, marketable securities were $12.4 million and $11.8 million, respectively. Marketable securities are classified as Level 1 in the fair value hierarchy. | ||||||||||||||
Allowances for Doubtful Accounts | ||||||||||||||
On a regular basis, the Company evaluates its accounts receivable and establishes the allowance for doubtful accounts based on an evaluation of historical collection trends, customer concentration, customer credit ratings, current economic trends and changes in customer payment patterns. Past-due receivable balances are written-off when the Company's internal collection efforts have been deemed unsuccessful in collecting the outstanding balance due. | ||||||||||||||
Credit Concentration | ||||||||||||||
Concentration of credit risks in accounts receivable is limited due to the large number of customers comprising the Company's customer base throughout North America. The Company maintains strict policies over credit extension that include credit evaluations, credit limits and collection monitoring procedures on a customer-by-customer basis. However, the Company generally does not require collateral before services are performed. As of December 31, 2013 and 2012, no individual customer accounted for more than 10% of net accounts receivable. During each of the years ended December 31, 2013, 2012 and 2011, no individual customer accounted for more than 10% of total revenues. | ||||||||||||||
Unbilled Receivables | ||||||||||||||
The Company recognizes unbilled accounts receivable for service and disposal transactions rendered but not invoiced to the customer by the end of the period. | ||||||||||||||
Deferred Costs Relating to Deferred Revenue | ||||||||||||||
Commissions and other incremental direct costs, primarily costs of materials and transportation expenses, relating to deferred revenue from the Company’s parts cleaning services, containerized waste services and vacuum services are capitalized and deferred. The deferred costs are included in current assets in the consolidated balance sheet and expensed when the related revenues are recognized. | ||||||||||||||
Inventories and Supplies | ||||||||||||||
Inventories are stated at the lower of cost or market. The cost of oil and oil products is principally determined on a first-in, first-out ("FIFO") basis. The cost of supplies and drums, solvent and solution and other inventories is determined on a FIFO basis or a weighted-average cost basis. Costs for oil and oil products, solvent and repair parts include purchase costs, fleet and fuel costs, direct labor, transportation costs and production related costs. The Company quarterly reviews its inventories for obsolete or unsalable items and adjusts its carrying value to reflect estimated realizable values. | ||||||||||||||
Prepaid Expenses and Other Current Assets | ||||||||||||||
Prepaid expenses and other current assets consist primarily of prepayments for various services, refundable deposits, and income taxes receivable. | ||||||||||||||
Property, Plant and Equipment (excluding landfill assets) | ||||||||||||||
Property, plant and equipment are stated at cost and include amounts capitalized under capital lease obligations. Expenditures for major renewals and improvements which extend the life or usefulness of the asset are capitalized. Items of an ordinary repair or maintenance nature are charged directly to operating expense as incurred. During the construction and development period of an asset, the costs incurred, including applicable interest costs, are classified as construction-in-progress. | ||||||||||||||
The Company depreciates and amortizes the cost of these assets, using the straight-line method as follows: | ||||||||||||||
Asset Classification | Estimated Useful Life | |||||||||||||
Buildings and building improvements | ||||||||||||||
Buildings | 30–40 years | |||||||||||||
Leasehold and building improvements | 2–40 years | |||||||||||||
Camp equipment | 12–15 years | |||||||||||||
Vehicles | 3–12 years | |||||||||||||
Equipment | ||||||||||||||
Capitalized software and computer equipment | 3–5 years | |||||||||||||
Solar equipment | 20 years | |||||||||||||
Containers and railcars | 15–20 years | |||||||||||||
All other equipment | 8–20 years | |||||||||||||
Furniture and fixtures | 5–8 years | |||||||||||||
Leasehold and building improvements have a weighted average life of 8.8 years. | ||||||||||||||
Camp equipment consists of industrial lodging facilities that are utilized to provide lodging services to downstream oil and gas companies in Western Canada. | ||||||||||||||
Solar equipment consists of a solar array that is used to provide electric power for a continuously operating groundwater decontamination pump and treatment system at a closed and capped landfill located in New Jersey. | ||||||||||||||
The Company recognizes an impairment in the carrying value of long-lived assets when the expected future undiscounted cash flows derived from the assets, or group of assets, are less than their carrying value. For the years ended December 31, 2013, 2012 and 2011, the Company did not record impairment charges related to long-lived assets. The Company will continue to assess all of its long-lived assets for impairment as necessary. | ||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||
Goodwill is comprised of the purchase price of business acquisitions in excess of the fair value assigned at acquisition to the net tangible and identifiable intangible assets acquired. Goodwill is not amortized but is reviewed for impairment annually as of December 31, or when events or changes in the business environment indicate that the carrying value of the reporting unit may exceed its fair value, by comparing the fair value of each reporting unit to its carrying value, including goodwill. If the fair value is less than the carrying amount, a more detailed analysis is performed to determine if goodwill is impaired. The loss, if any, is measured as the excess of the carrying value of the goodwill over the implied value of the goodwill. | ||||||||||||||
The Company conducted its annual impairment test of goodwill for all of its seven reporting units as of December 31, 2013 and determined that no adjustment to the carrying value of goodwill for any reporting unit was necessary because the fair values of the reporting units exceeded their respective carrying values. As of December 31, 2013, the fair value of all reporting units, except for the Oil Re-refining and Recycling reporting unit, was determined using solely an income approach (a discounted cash flow analysis) as the fair value for the reporting units significantly exceeded the respective carrying value. The Company corroborated the approach by considering other factors such as the fair value of comparable companies to the its reporting units. The Company also performed a reconciliation of the fair value of all reporting units to the Company's overall market capitalization. | ||||||||||||||
The fair value of the Oil Re-refining and Recycling reporting unit in 2013 was determined using the income approach and the market approach (a comparison to guideline companies). The fair value of the reporting unit exceeded the carrying value by less than 10% at December 31, 2013. This reporting unit had lower than anticipated results that were primarily due to lower oil sales prices and a sales mix more weighted to base oil than blended oil. The lower sales prices reflected general economic conditions in the oil industry in 2013. The financial performance of this reporting unit, which had a goodwill balance of approximately $171.2 million at December 31, 2013, is affected by fluctuations in oil prices and sales mix. The Company will continue to closely monitor the performance of all of its reporting units. | ||||||||||||||
During the second quarter of 2013, due to lower than anticipated results in the Oil and Gas Field Services reporting unit, the Company performed an interim sensitivity analysis of the impact of the lower than anticipated results on the reporting unit's fair value in the second quarter, and concluded the fair value of the reporting unit more likely than not exceeded its carrying value at June 30, 2013. The fair value of the Oil and Gas Field Services reporting unit exceeded its carrying value by more than 10% at December 31, 2013. The financial performance of this reporting unit, which had a goodwill balance of approximately $37.5 million at December 31, 2013, is affected by weather conditions and fluctuations in oil and gas prices. | ||||||||||||||
As of December 31, 2012, the Company utilized the income approach (a discounted cash flow analysis) to determine the fair value of the Technical Services, Field Services, Industrial Services and Lodging Services reporting units as the fair value for these reporting units in 2012 significantly exceeded their respective carrying values. The Company corroborated the approach by considering other factors such as the fair value of comparable companies to the Company's reporting units, and also performed a reconciliation of the fair value of all reporting units to the Company's overall market capitalization. The fair value of the Oil and Gas Field Services reporting unit as of December 31, 2012 was determined using a weighted average of the income approach and the market approach (a comparison to guideline companies), weighted primarily on the income approach. The Company utilized a weighted-average of the income approach and the market approach as the fair value under the income approach did not significantly exceed the carrying value due to lower than anticipated financial results of the reporting unit in the third quarter of 2012. The lower than anticipated results were primarily due to the repositioning of certain assets and rental equipment in the second and third quarters of 2012 to meet changing market conditions and unfavorable rain and weather conditions in Western Canada. These changes in the business negatively affected the Company's revenues and profitability. The fair value of the reporting unit exceeded its carrying value by more than 10% at December 31, 2012. | ||||||||||||||
Permits and intangible assets are recorded at cost, such as legal fees, site surveys, engineering costs and other expenditures. Other intangible assets consist primarily of customer and supplier relationships, trademarks and trade names, and non-compete agreements. Permits relating to landfills are amortized on a units-of-consumption basis. All other permits are amortized over periods ranging from 5 to 30 years on a straight-line basis. Other intangible assets are amortized on a straight-line basis over their respective useful lives, which range from 3 to 20 years. Amortization expense was $35.1 million, $17.2 million and $12.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying value may not be entirely recoverable. When such factors and circumstances exist, management compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amounts. The impairment loss, if any, is measured as the excess of the carrying amount over the fair value of the asset or group of assets. | ||||||||||||||
Indefinite-lived intangible assets are not amortized but are reviewed for impairment annually as of December 31, or when events or changes in the business environment indicate that the carrying value may be impaired. If the fair value of the asset is less than the carrying amount, the Company performs a quantitative test to determine the fair value. The impairment loss, if any, is measured as the excess of the carrying value of the asset over its fair value. The fair value of the indefinite-lived intangible assets exceeded their carrying values at December 31, 2013. | ||||||||||||||
Leases | ||||||||||||||
The Company leases rolling stock, rail cars, equipment, real estate and office equipment under operating leases. Certain real estate leases contain rent holidays and rent escalation clauses. Most of the Company's real estate lease agreements include renewal periods at the Company's option. For its operating leases, the Company recognizes rent holiday periods and scheduled rent increases on a straight-line basis over the lease term beginning with the date the Company takes possession of the leased assets. | ||||||||||||||
Landfill Accounting | ||||||||||||||
The Company amortizes landfill improvements, and certain landfill-related permits over their estimated useful lives. The units-of-consumption method is used to amortize land, landfill cell construction, asset retirement costs and remaining landfill cells and sites. The Company also utilizes the units-of-consumption method to record closure and post-closure obligations for landfill cells and sites. Under the units-of-consumption method, the Company includes future estimated construction and asset retirement costs, as well as costs incurred to date, in the amortization base of the landfill assets. Additionally, where appropriate, as described below, the Company includes probable expansion airspace that has yet to be permitted in the calculation of the total remaining useful life of the landfill. If it is determined that expansion capacity should no longer be considered in calculating the recoverability of a landfill asset, the Company may be required to recognize an asset impairment or incur significantly higher amortization expense. If at any time the Company makes the decision to abandon the expansion effort, the capitalized costs related to the expansion effort are expensed immediately. | ||||||||||||||
Landfill assets—Landfill assets include the costs of landfill site acquisition, permits and cell construction incurred to date. These amounts are recorded at cost, which includes capitalized interest as applicable. Landfill assets, net of amortization, are combined with management's estimate of the costs required to complete construction of the landfill to determine the amount to be amortized over the remaining estimated useful economic life of a site. Amortization of landfill assets is recorded on a units-of-consumption basis, such that the landfill assets should be completely amortized at the date the landfill ceases accepting waste. Amortization totaled $16.8 million, $17.3 million and $10.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. Changes in estimated costs to complete construction are applied prospectively to the amortization rate. | ||||||||||||||
Landfill capacity—Landfill capacity, which is the basis for the amortization of landfill assets and for the accrual of final closure and post-closure obligations, represents total permitted airspace plus unpermitted airspace that management believes is probable of ultimately being permitted based on established criteria. The Company applies the following criteria for evaluating the probability of obtaining a permit for future expansion airspace at existing sites, which provides management a basis to evaluate the likelihood of success of unpermitted expansions: | ||||||||||||||
• | Personnel are actively working to obtain the permit or permit modifications (land use, state, provincial and federal) necessary for expansion of an existing landfill, and progress is being made on the project. | |||||||||||||
• | Management expects to submit the application within the next year and to receive all necessary approvals to accept waste within the next 5 years. | |||||||||||||
• | At the time the expansion is included in the Company's estimate of the landfill's useful economic life, it is probable that the required approvals will be received within the normal application and processing time periods for approvals in the jurisdiction in which the landfill is located. | |||||||||||||
• | The Company or other owner of the landfill has a legal right to use or obtain the right to use the land associated with the expansion plan. | |||||||||||||
• | There are no significant known political, technical, legal or business restrictions or issues that could impair the success of such expansion. | |||||||||||||
• | A financial feasibility analysis has been completed and the results demonstrate that the expansion will have a positive financial and operational impact such that management is committed to pursuing the expansion. | |||||||||||||
• | Additional airspace and related additional costs, including permitting, final closure and post-closure costs, have been estimated based on the conceptual design of the proposed expansion. | |||||||||||||
Exceptions to the criteria set forth above may be approved through a landfill-specific approval process that includes approval from the Company's Chief Financial Officer and review by the Audit Committee of the Company's Board of Directors. | ||||||||||||||
As of December 31, 2013, there were two unpermitted expansions at two locations included in the Company's landfill accounting model, which represented 19.1% of the Company's remaining airspace at that date. As of December 31, 2013 and 2012, the unpermitted expansions met the Company's established criteria and were not considered exceptions. If actual expansion airspace is significantly different from the Company's estimate of expansion airspace, the amortization rates used for the units-of-consumption method would change, therefore impacting the Company's profitability. If the Company determines that there is less actual expansion airspace at a landfill, this would increase amortization expense recorded and decrease profitability, while if the Company determines a landfill has more actual expansion airspace, amortization expense would decrease and profitability would increase. | ||||||||||||||
As of December 31, 2013, the Company had 11 active landfill sites (including the Company's two non-commercial landfills), which have estimated remaining lives (based on anticipated waste volumes and remaining highly probable airspace) as follows: | ||||||||||||||
Remaining | Remaining Highly Probable Airspace | |||||||||||||
Lives | (cubic yards) (in thousands) | |||||||||||||
Facility Name | Location | (Years) | Permitted | Unpermitted | Total | |||||||||
Altair | Texas | 12 | 752 | — | 752 | |||||||||
Buttonwillow | California | 27 | 7,701 | — | 7,701 | |||||||||
Deer Park | Texas | 9 | 342 | — | 342 | |||||||||
Deer Trail | Colorado | 41 | 2,061 | — | 2,061 | |||||||||
Grassy Mountain | Utah | 29 | 2,058 | — | 2,058 | |||||||||
Kimball | Nebraska | 10 | 281 | — | 281 | |||||||||
Lambton | Ontario | 49 | 120 | 4,708 | 4,828 | |||||||||
Lone Mountain | Oklahoma | 17 | 2,769 | — | 2,769 | |||||||||
Ryley | Alberta | 11 | 912 | 880 | 1,792 | |||||||||
Sawyer | North Dakota | 16 | 4,007 | — | 4,007 | |||||||||
Westmorland | California | 64 | 2,732 | — | 2,732 | |||||||||
23,735 | 5,588 | 29,323 | ||||||||||||
At December 31, 2013 and 2012, the Company had no cubic yards of permitted, but not highly probable, airspace. | ||||||||||||||
The following table presents the remaining highly probable airspace from January 1, 2011 through December 31, 2013 (in thousands of cubic yards): | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Remaining capacity at January 1, | 29,643 | 27,557 | 28,557 | |||||||||||
Addition of highly probable airspace, net | 1,218 | 3,598 | 102 | |||||||||||
Consumed | (1,538 | ) | (1,512 | ) | (1,102 | ) | ||||||||
Remaining capacity at December 31, | 29,323 | 29,643 | 27,557 | |||||||||||
Amortization of cell construction costs and accrual of cell closure obligations—Landfills are typically comprised of a number of cells, which are constructed within a defined acreage (or footprint). The cells are typically discrete units, which require both separate construction and separate capping and closure procedures. Cell construction costs are the costs required to excavate and construct the landfill cell. These costs are typically amortized on a units-of-consumption basis, such that they are completely amortized when the specific cell ceases accepting waste. In some instances, the Company has landfills that are engineered and constructed as "progressive trenches." In progressive trench landfills, a number of contiguous cells form a progressive trench. In those instances, the Company amortizes cell construction costs over the airspace within the entire trench, such that the cell construction costs will be fully amortized at the end of the trench useful life. | ||||||||||||||
The design and construction of a landfill does not create a landfill asset retirement obligation. Rather, the asset retirement obligation for cell closure (the cost associated with capping each cell) is incurred in relatively small increments as waste is placed in the landfill. Therefore, the cost required to construct the cell cap is capitalized as an asset retirement cost and a liability of an equal amount is established, based on the discounted cash flow associated with each capping event, as airspace is consumed. Spending for cell capping is reflected as environmental expenditures within operating activities in the statement of cash flows. | ||||||||||||||
Landfill final closure and post-closure liabilities—The balance of landfill final closure and post-closure liabilities at December 31, 2013 and 2012 was $27.6 million and $26.7 million, respectively. The Company has material financial commitments for the costs associated with requirements of the Environmental Protection Agency ("EPA") and the comparable regulatory agency in Canada for landfill final closure and post-closure activities. In the United States, the landfill final closure and post-closure requirements are established under the standards of the EPA, and are implemented and applied on a state-by-state basis. The Company develops estimates for the cost of these activities based on an evaluation of site-specific facts and circumstances, including the Company's interpretation of current regulatory requirements and proposed regulatory changes. Such estimates may change in the future due to various circumstances including, but not limited to, permit modifications, changes in legislation or regulations, technological changes and results of environmental studies. | ||||||||||||||
Final closure costs are the costs incurred after the site ceases to accept waste, but before the landfill is certified as closed by the applicable state regulatory agency. These costs generally include the costs required to cap the final cell of the landfill (if not included in cell closure), the costs required to dismantle certain structures for landfills and other landfill improvements, and regulation-mandated groundwater monitoring, and leachate management. Post-closure costs involve the maintenance and monitoring of a landfill site that has been certified closed by the applicable regulatory agency. These costs generally include groundwater monitoring and leachate management. Regulatory post-closure periods are generally 30 years after landfill closure. Final closure and post-closure obligations are accrued on a units-of-consumption basis, such that the present value of the final closure and post-closure obligations are fully accrued at the date the landfill discontinues accepting waste. | ||||||||||||||
Cell closure, final closure and post closure costs (also referred to as "asset retirement obligations") are calculated by estimating the total obligation in current dollars, adjusted for inflation (1.02% during 2013 and 2012) and discounted at the Company's credit-adjusted risk-free interest rate. | ||||||||||||||
Non-Landfill Closure and Post-Closure Liabilities | ||||||||||||||
Non-landfill closure costs include costs required to dismantle and decontaminate certain structures and other costs incurred during the closure process. Post-closure costs, if required, include associated maintenance and monitoring costs as required by the closure permit. Post-closure periods are performance-based and are not generally specified in terms of years in the closure permit, but generally range from 10 to 30 years or more. | ||||||||||||||
The Company records its non-landfill closure and post-closure liability by: (i) estimating the current cost of closing a non-landfill facility and the post-closure care of that facility, if required, based upon the closure plan that the Company is required to follow under its operating permit, or in the event the facility operates with a permit that does not contain a closure plan, based upon legally enforceable closure commitments made by the Company to various governmental agencies; (ii) using probability scenarios as to when in the future operations may cease; (iii) inflating the current cost of closing the non-landfill facility on a probability weighted basis using the inflation rate to the time of closing under each probability scenario; and (iv) discounting the future value of each closing scenario back to the present using the credit-adjusted risk-free interest rate. Non-landfill closure and post-closure obligations arise when the Company commences operations. | ||||||||||||||
The balance of non-landfill closure and post-closure liabilities at December 31, 2013 and 2012 was $19.5 and $17.4 million, respectively. Management bases estimates for non-landfill closure and post-closure liabilities on its interpretation of existing permit and regulatory requirements for closure and post-closure maintenance and monitoring. The Company's cost estimates are calculated using internal sources as well as input from third party experts. Management uses probability scenarios to estimate when future operations will cease and inflates the current cost of closing the non-landfill facility on a probability weighted basis using the appropriate inflation rate and then discounting the future value to arrive at an estimated present value of closure and post-closure costs. The estimates for non-landfill closure and post-closure liabilities are inherently uncertain due to the possibility that permit and regulatory requirements will change in the future, impacting the estimation of total costs and the timing of the expenditures. Management reviews non-landfill closure and post-closure liabilities for changes to key assumptions that would impact the amount of the recorded liabilities. Changes that would prompt management to revise a liability estimate include changes in legal requirements that impact the Company's expected closure plan or scope of work, in the market price of a significant cost item, in the probability scenarios as to when future operations at a location might cease, or in the expected timing of the cost expenditures. Changes in estimates for non-landfill closure and post-closure events immediately impact the required liability and the value of the corresponding asset. If a change is made to a fully-consumed asset, the adjustment is charged immediately to expense. When a change in estimate relates to an asset that has not been fully consumed, the adjustment to the asset is recognized in income prospectively as a component of amortization. Historically, material changes to non-landfill closure and post-closure estimates have been infrequent. | ||||||||||||||
Remedial Liabilities | ||||||||||||||
The balance of remedial liabilities at December 31, 2013 and 2012 was $172.5 million and $183.3 million, respectively. Remedial liabilities, including Superfund liabilities, include the costs of removal or containment of contaminated material, treatment of potentially contaminated groundwater and maintenance and monitoring costs necessary to comply with regulatory requirements. Most of the Company's remedial liabilities relate to the active and inactive hazardous waste treatment and disposal facilities which the Company acquired in the last 12 years and 35 Superfund sites owned by third parties for which the Company agreed to indemnify certain remedial liabilities owed or potentially owed to governmental entities by the sellers of certain assets (the "CSD assets") which the Company acquired in 2002. The Company performed extensive due diligence to estimate accurately the aggregate liability for remedial liabilities to which the Company became potentially liable as a result of the acquisitions. The Company's estimate of remedial liabilities involved an analysis of such factors as: (i) the nature and extent of environmental contamination (if any); (ii) the terms of applicable permits and agreements with regulatory authorities as to cleanup procedures and whether modifications to such permits and agreements will likely need to be negotiated; (iii) the cost of performing anticipated cleanup activities based upon current technology; and (iv) in the case of Superfund and other sites where other parties will also be responsible for a portion of the cleanup costs, the likely allocation of such costs and the ability of such other parties to pay their share. Remedial liabilities and on-going operations are reviewed quarterly and adjustments are made as necessary. | ||||||||||||||
The Company periodically evaluates potential remedial liabilities at sites that it owns or operates or to which the Company or the sellers of the CSD assets (or the respective predecessors of the Company or such sellers) transported or disposed of waste, including 123 Superfund sites as of December 31, 2013. The Company periodically reviews and evaluates sites requiring remediation, including Superfund sites, giving consideration to the nature (i.e., owner, operator, arranger, transporter or generator) and the extent (i.e., amount and nature of waste hauled to the location, number of years of site operations or other relevant factors) of the Company's (or such sellers') alleged connection with the site, the extent (if any) to which the Company believes it may have an obligation to indemnify cleanup costs in connection with the site, the regulatory context surrounding the site, the accuracy and strength of evidence connecting the Company (or such sellers) to the location, the number, connection and financial ability of other named and unnamed potentially responsible parties ("PRPs") and the nature and estimated cost of the likely remedy. Where the Company concludes that it is probable that a liability has been incurred and an amount can be estimated, a provision is made, based upon management's judgment and prior experience, of such estimated liability. | ||||||||||||||
Remedial liabilities are inherently difficult to estimate. Estimating remedial liabilities requires that the existing environmental contamination be understood. There are risks that the actual quantities of contaminants differ from the results of the site investigation, and that contaminants exist that have not been identified by the site investigation. In addition, the amount of remedial liabilities recorded is dependent on the remedial method selected. There is a risk that funds will be expended on a remedial solution that is not successful, which could result in the additional incremental costs of an alternative solution. Such estimates, which are subject to change, are subsequently revised if and when additional or new information becomes available. | ||||||||||||||
Remedial liabilities are discounted only when the timing of the payments is estimable and the amounts are determinable. Management's experience has been that the timing of payments for remedial liabilities is not usually estimable, and therefore the amounts of remedial liabilities are not generally discounted. In the case of remedial liabilities assumed in connection with acquisitions, acquired liabilities are recorded under purchase accounting at fair value. Accordingly, as of the respective acquisition dates, the Company recorded the remedial liabilities assumed as part of acquisitions at their fair value, which were calculated by inflating costs in current dollars using an estimate of future inflation rates as of the respective acquisition dates until the expected time of payment, and then discounting the amount of the payments to their present value using a risk-free discount rate as of the acquisition dates. Discounts were and will be applied to the environmental liabilities as follows: | ||||||||||||||
• | Remedial liabilities assumed relating to acquisitions are and will continue to be inflated using the inflation rates at the time of each acquisition (ranging from 1.01% to 2.44%) until the expected time of payment, then discounted at the risk-free interest rate at the time of such acquisition (ranging from 2.88% to 4.9%). | |||||||||||||
• | Remedial liabilities incurred subsequent to the acquisitions and remedial liabilities of the Company that existed prior to the acquisitions have been and will continue to be recorded at the estimated current value of the liabilities, which is usually neither increased for inflation nor reduced for discounting. | |||||||||||||
Derivative Financial Instruments | ||||||||||||||
The Company uses commodity derivatives to manage against significant fluctuations in oil and oil derivative commodity prices and indices, specifically the ICIS-LOR rate and 6-oil index. All commodity derivatives are comprised of cashless collar contracts related to crude oil prices, pursuant to which the Company sells a call to a bank and then purchases a put from the same bank. The derivative instruments are not designated as hedges and expire in 2014 and 2015. Total derivative instrument asset and total derivative instrument liability are included in the consolidated balance sheets as a component of prepaid expenses and other current assets and accrued expenses, respectively. As of December 31, 2013 and 2012, the fair value of these instruments in the Company’s consolidated balance sheets was immaterial. | ||||||||||||||
Letters of Credit | ||||||||||||||
The Company utilizes letters of credit primarily as security for financial assurance which it has been required to provide to regulatory bodies for its hazardous waste facilities and which would be called only in the event that the Company fails to satisfy closure, post-closure and other obligations under the permits issued by those regulatory bodies for such licensed facilities. See Note 10, "Financing Arrangements," for further discussion of financing arrangements. As of December 31, 2013 and 2012, the Company had outstanding letters of credit in an aggregate amount of $140.3 million and $132.6 million, respectively, under the Company's revolving credit facility. | ||||||||||||||
Foreign Currency | ||||||||||||||
During the year ended December 31, 2013 and 2012, the Company had operations in Canada, and to a much lesser extent, Mexico and Trinidad. Assets and liabilities are translated to U.S. dollars at the exchange rate in effect at the balance sheet date and revenue and expenses at the average exchange rate for the period. Gains and losses from the translation of the consolidated financial statements of certain foreign subsidiaries into U.S. dollars are included in stockholders' equity as a component of accumulated other comprehensive income. Gains and losses resulting from foreign currency transactions are recognized in the consolidated statements of income. Recorded balances that are denominated in a currency other than the functional currency are remeasured to the functional currency using the exchange rate at the balance sheet date and gains or losses are recorded in the statements of income. | ||||||||||||||
Revenue Recognition and Deferred Revenue | ||||||||||||||
During 2013, the Company provided environmental, energy and industrial services through five segments: Technical Services, Oil Re-refining and Recycling, SK Environmental Services, Industrial and Field Services, and Oil and Gas Field Services. The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collection is reasonably assured. Revenue is recognized net of estimated allowances. Revenue is generated by short-term projects, most of which are governed by master service agreements that are long-term in nature. The master service agreements are typically entered into with the Company's larger customers and outline the pricing and legal frameworks for such arrangements. | ||||||||||||||
Due to the nature of the business and the complex invoices that result from the services provided, customers may withhold payments and attempt to renegotiate amounts invoiced. Accordingly, management establishes a revenue allowance to cover the estimated amounts of revenue that may need to be credited to customers' accounts in future periods. The Company records a provision for revenue allowances based on specific review of particular customers, historical trends and other relevant information. | ||||||||||||||
Technical Services revenue is generated from fees charged for hazardous material management and disposal services including onsite environmental management services, collection and transportation, packaging, recycling, treatment and disposal of hazardous and non-hazardous waste. Services are provided based on purchase orders or agreements with the customer and include prices based upon units of volume of waste, and transportation and other fees. Collection and transportation, and packaging revenues are recognized when the transported waste is received at the disposal facility. Revenues for treatment and disposal of hazardous waste are recognized upon completion of wastewater treatment, final disposition in a landfill or incineration of the waste, all at Company-owned sites, or when the waste is shipped to a third party for processing and disposal. Revenues from recycled oil and recycled catalyst are recognized upon shipment to the customer. Revenue for all other Technical Services is recognized when services are rendered. The Company, at the request of a customer, periodically enters into bundled arrangements for the collection and transportation and disposal of waste. The Company accounts for such arrangements as multiple-element arrangements with separate units of accounting. The Company measures and allocates the consideration from the arrangement to the separate units, based on evidence of the estimated selling price for each deliverable. Revenues from waste that is not yet completely processed and disposed and the related costs are deferred. The revenue is recognized and the deferred costs are expensed when the related services are completed. | ||||||||||||||
Oil Re-refining and Recycling revenue is generated from re-refining used oil to produce high quality base and blended lubricating oils, and recycling used oil collected in excess of the Company's re-refining capacity into recycled fuel oil. The high quality base and blended lubricating oils are sold to third-party distributors, retailers, government agencies, fleets, railroads and industrial customers. The recycled fuel oil is sold to asphalt plants, industrial plants, blenders, pulp and paper companies, vacuum gas oil producers and marine diesel oil producers. Revenue is recognized upon delivery. | ||||||||||||||
S-K Environmental Services revenue is generated from providing parts cleaning services, containerized waste services, oil collection services and other complementary products and services. Parts cleaning services generally consist of placing a specially designed parts washer at a customer's premises and then, on a recurring basis, delivering clean solvent or aqueous-based washing fluid, cleaning and servicing the parts washer and removing the used solvent or aqueous fluid. The Company also services customer-owned parts washers. Revenue from parts cleaning services is recognized over the service interval. Service intervals represent the actual amount of time between service visits to a particular parts cleaning customer. Average service intervals vary from seven to 14 weeks depending on several factors, such as customer accommodation, types of machines serviced and frequency of use. Containerized waste services consist of profiling, collecting, transporting and recycling or disposing of a wide variety of hazardous and non-hazardous wastes. Collection and transportation, and packaging revenues are recognized when the transported waste is received at the disposal facility. Revenues for treatment and disposal of the waste is recognized upon disposal, or when the waste is shipped to a third party for processing and disposal. Other complementary products and services include vacuum services, allied products and other environmental services. Revenue is recognized when products are delivered and services are performed. | ||||||||||||||
Industrial and Field Services consists primarly of industrial services, field services and lodging services. Industrial Services provides industrial and specialty services, such as high-pressure and chemical cleaning, catalyst handling, decoking, pigging and industrial lodging services to refineries, chemical plants, oil sands facilities, pulp and paper mills, and other industrial facilities. These services are provided based on purchase orders or agreements with the customer and include prices based upon daily, hourly or job rates for equipment, materials and personnel. Revenues are recognized over the term of the agreements or as services are performed. Field Services provides cleanup services on customer sites or other locations on a scheduled or emergency response basis, as well as oil and oil products recycling. The Company's services are provided based on purchase orders or agreements with the customer and include prices based upon daily, hourly or job rates for equipment, materials and personnel. Revenues are recorded as services are performed. Revenue is recognized on contracts with retainage when services have been rendered and collectability is reasonably assured. Revenue for lodging services is recognized in the period each room is used by the customer based on the related lodging agreements. Revenue from the sale of camp accommodations is recognized when products are delivered and services are performed. | ||||||||||||||
Oil and Gas Field Services provides fluid handling, fluid hauling, production servicing, surface rentals, seismic services, and directional boring services to the energy sector serving oil and gas exploration and production and power generation. These services are provided based on purchase orders or agreements with the customer and include prices based upon daily, hourly or job rates for equipment, materials and personnel. Revenues for such services are recognized over the term of the agreements or as services are performed. Oil and Gas Field Services also provides equipment rentals to support drill sites. Revenue from rentals is recognized ratably over the rental period. | ||||||||||||||
Advertising Expense | ||||||||||||||
Advertising costs are expensed as incurred. Advertising expense was approximately $10.8 million in 2013, $5.0 million in 2012 and $3.9 million in 2011. | ||||||||||||||
Stock-Based Compensation | ||||||||||||||
Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which generally represents the vesting period, and includes an estimate of awards that will be forfeited. The fair value of the Company's grants of restricted stock are based on the quoted market price for the Company's common stock on the respective dates of grant. The fair value of stock options is calculated using the Black-Scholes option-pricing model. Compensation expense is based on the number of options expected to vest. Forfeitures estimated when recognizing compensation expense are adjusted when actual forfeitures differ from the estimate. | ||||||||||||||
Any reduction in taxes payable resulting from tax deductions that exceed the recognized tax benefit associated with compensation expense (excess tax benefits) are credited to additional paid-in capital and windfalls are classified as financing cash flows. | ||||||||||||||
Income Taxes | ||||||||||||||
There are two major components of income tax expense, current and deferred. Current income tax expense approximates cash to be paid or refunded for taxes for the applicable period. Deferred tax expense or benefit is the result of changes between deferred tax assets and liabilities. Deferred tax assets and liabilities are determined based upon the temporary differences between the financial statement basis and tax basis of assets and liabilities as well as from net operating loss and tax credit carryforwards as measured by the enacted tax rates, which will be in effect when these differences reverse. The Company evaluates the recoverability of future tax deductions and credits and a valuation allowance is established by tax jurisdiction when, based on an evaluation of objective verifiable evidence, it is more likely than not that some portion or all of deferred tax assets will not be realized. | ||||||||||||||
The Company recognizes and measures a tax benefit from uncertain tax positions when it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company recognizes a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company adjusts these liabilities when its judgment changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate. These differences will be reflected as increases or decreases to income tax expense in the period in which they are determined. | ||||||||||||||
The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the consolidated statements of income. Accrued interest and penalties are included within unrecognized tax benefits and other long-term liabilities line in the consolidated balance sheet. | ||||||||||||||
Earnings per Share ("EPS") | ||||||||||||||
Basic EPS is calculated by dividing income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS gives effect to all potentially dilutive common shares that were outstanding during the period. | ||||||||||||||
Business Combinations | ||||||||||||||
For all business combinations, the Company records 100% of all assets and liabilities of the acquired business, including goodwill, at their fair values. Acquisition-related costs are expensed in the period in which the costs are incurred and the services are received. | ||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board and are adopted by the Company as of the specified effective dates. Unless otherwise discussed below, management believes that the impact of recently issued accounting pronouncements will not have a material impact on the Company's financial position, results of operations and cash flows, or do not apply to the Company's operations. | ||||||||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-11 Income Taxes (Topic 740) - Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This standard provides guidance regarding when an unrecognized tax benefit should be classified as a reduction to a deferred tax asset or when it should be classified as a liability in the consolidated balance sheet. The guidance is effective for the Company on January 1, 2014. The Company is still evaluating the impact that ASU No. 2013-11 will have on the presentation of the Company's unrecognized tax benefits. The adoption of ASU No. 2013-11 will not impact the Company's financial condition or results of operations. | ||||||||||||||
In February 2013, the FASB issued ASU 2013-02 Comprehensive Income (Topic 220) - Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The new guidance requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income (“AOCI”) by component. Entities are required to present, either on the face of the income statement where net income is presented or in the notes, significant amounts reclassified out of AOCI by respective line items of net income if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income, entities are required to cross-reference the disclosures required under U.S. GAAP that provide additional detail about those amounts. This guidance is effective prospectively for annual and interim reporting periods beginning after December 31, 2012. The adoption of ASU No. 2013-02, on January 1, 2013, did not impact the Company’s financial condition or results of operations. |
BUSINESS_COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
BUSINESS COMBINATIONS | ' | |||||||||||
BUSINESS COMBINATIONS | ||||||||||||
2013 Acquisitions | ||||||||||||
Evergreen | ||||||||||||
On September 13, 2013, the Company acquired 100% of the outstanding common shares of Evergreen Oil, Inc. (“Evergreen”) for approximately $55.9 million in cash, net of cash acquired. The purchase price is subject to adjustment upon finalization of Evergreen’s net working capital balance as of the closing date. The Company incurred acquisition-related costs of approximately $0.4 million in connection with the transaction, which are included in selling, general and administrative expenses in the consolidated statements of income for the year ended December 31, 2013. As of December 31, 2013, the Company finalized the purchase accounting for the acquisition of Evergreen, except for the other assets, environmental liabilities, taxes and goodwill. The impact of the purchase price measurement period adjustments was not material to the financial statements. Management determined the purchase price allocations based on estimates of the fair values of all tangible and intangible assets acquired and liabilities assumed. The Company believes that such information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed. | ||||||||||||
The following table summarizes the recognized amounts of assets acquired and liabilities assumed at September 13, 2013 (in thousands): | ||||||||||||
Preliminary Allocations | Measurement Period Adjustments | Allocations as of December 31, 2013 | ||||||||||
Inventories and supplies | $ | 1,206 | $ | (117 | ) | $ | 1,089 | |||||
Prepaid and other current assets | 873 | 418 | 1,291 | |||||||||
Property, plant and equipment | 40,563 | — | 40,563 | |||||||||
Permits and other intangibles | 16,500 | 600 | 17,100 | |||||||||
Deferred tax assets, less current portion | — | 2,368 | 2,368 | |||||||||
Other assets | 3,607 | — | 3,607 | |||||||||
Current liabilities | (6,108 | ) | (90 | ) | (6,198 | ) | ||||||
Closure and post-closure liabilities | (659 | ) | — | (659 | ) | |||||||
Remedial liabilities, less current portion | (2,103 | ) | — | (2,103 | ) | |||||||
Other long-term liabilities | (1,139 | ) | — | (1,139 | ) | |||||||
Total identifiable net assets | 52,740 | 3,179 | 55,919 | |||||||||
Goodwill | 3,179 | (3,179 | ) | — | ||||||||
Total | $ | 55,919 | $ | — | $ | 55,919 | ||||||
Evergreen, headquartered in Irvine, California, specializes in the recovery and re-refining of used oil and is currently the second-largest collector of used oil in California. Evergreen owns and operates one of the only oil re-refining operations in the western United States and also offers other ancillary environmental services, including parts cleaning and containerized waste services, vacuum services and hazardous waste management services. The acquisition of Evergreen enables the Company to further penetrate the small quantity waste generator market and further expand its oil re-refining, oil recycling and waste treatment capabilities. | ||||||||||||
2012 Acquisitions | ||||||||||||
Safety-Kleen | ||||||||||||
On December 28, 2012, the Company acquired 100% of the outstanding common shares of Safety-Kleen for approximately $1.26 billion in cash. The Company financed the purchase through a combination of approximately $305.0 million of existing cash, $369.3 million in net proceeds from the Company's public offering of 6.9 million shares of Clean Harbors common stock, and approximately $589.0 million in net proceeds from the Company's private debt offering of $600.0 million of 5.125% senior unsecured notes due 2021. During the years ended December 31, 2013 and 2012, the Company incurred acquisition-related costs of approximately $2.7 million and $6.3 million, respectively, in connection with the transaction which are included in selling, general and administrative expenses in the consolidated statements of income. Safety-Kleen, headquartered in Richardson, Texas, is the largest re-refiner and recycler of used oil in the world and the largest provider of parts cleaning and environmental services to commercial, industrial and automotive customers in North America. The acquisition of Safety-Kleen enables the Company to (i) penetrate the small quantity waste generator market, (ii) broaden its waste treatment capabilities to include re-refining waste oil and expanded recycling capabilities, (iii) drive a substantial increase in waste volumes into its existing waste disposal treatment network, (iv) capitalize on the growing demand for recycled products including re-refined oil, (v) enhance its commitment to sustainability, (vi) leverage the combined sales forces to maximize cross-selling opportunities, (vii) leverage operating efficiencies through the combined company and (viii) add to its cash flow. | ||||||||||||
As of December 31, 2013, the Company finalized the purchase accounting for the acquisition of Safety-Kleen. The purchase accounting measurement period adjustments have been applied retrospectively to the December 31, 2012 balance sheet. Management determined the purchase price allocations based on estimates of the fair values of all tangible and intangible assets acquired and liabilities assumed. The Company believes that such information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed. The following table summarizes the recognized amounts of assets acquired and liabilities assumed at December 28, 2012 (in thousands): | ||||||||||||
Preliminary Allocations | Measurement Period Adjustments | Final Allocations | ||||||||||
Inventories and supplies | $ | 102,339 | $ | 5,037 | $ | 107,376 | ||||||
Other current assets (i) | 152,245 | 3,429 | 155,674 | |||||||||
Property, plant and equipment | 514,712 | 1,290 | 516,002 | |||||||||
Permits and other intangibles | 421,400 | 17,227 | 438,627 | |||||||||
Other assets | 4,985 | (647 | ) | 4,338 | ||||||||
Current liabilities | (192,652 | ) | (13,589 | ) | (206,241 | ) | ||||||
Closure and post-closure liabilities, less current portion | (15,774 | ) | 8,221 | (7,553 | ) | |||||||
Remedial liabilities, less current portion | (38,370 | ) | (9,931 | ) | (48,301 | ) | ||||||
Deferred taxes, unrecognized tax benefits and other long-term liabilities | (128,375 | ) | 9,044 | (119,331 | ) | |||||||
Total identifiable net assets | 820,510 | 20,081 | 840,591 | |||||||||
Goodwill (ii) | 436,749 | (14,056 | ) | 422,693 | ||||||||
Total (iii) | $ | 1,257,259 | $ | 6,025 | $ | 1,263,284 | ||||||
_______________________ | ||||||||||||
(i) | The fair value of the assets acquired includes customer receivables with an aggregate fair value of $137.6 million. Combined gross amounts due were $142.7 million. | |||||||||||
(ii) | Goodwill represents the excess of the fair value of the net assets acquired over the purchase price. Based on the final purchase price allocations, goodwill of $173.2 million, $174.1 million and $75.4 million has been recorded in the Oil Re-refining and Recycling, SK Environmental Services and Industrial and Field Services segments, respectively, and will not be deductible for tax purposes. | |||||||||||
(iii) | The $6.0 million increase in the purchase price in 2013 was due to finalization of the net working capital balance (excluding cash) as of the closing date. | |||||||||||
The Company determined that separate disclosure of Safety-Kleen’s revenues and earnings is impracticable for the year ended December 31, 2013 due to the integration of Safety-Kleen’s operations into the Company upon acquisition. No revenue, expense, income or loss of Safety-Kleen was included in the Company's consolidated statements of income for the year ended December 31, 2012 due to the immateriality of the operating results subsequent to the December 28, 2012 acquisition date. | ||||||||||||
The following unaudited pro forma combined summary financial information presented below gives effect to the following transactions as if they had occurred as of January 1, 2011, and assumes that there were no material, non-recurring pro forma adjustments directly attributable to: (i) the acquisition of Safety-Kleen, (ii) the sale of 6.9 million shares of the Company's common stock, (iii) the issuance of $600.0 million aggregate principal amount of 5.125% senior unsecured notes due 2021, and (iv) the payment of related fees and expenses (in thousands). | ||||||||||||
2012 | 2011 | |||||||||||
Pro forma combined revenues | $ | 3,529,592 | $ | 3,245,637 | ||||||||
Pro forma combined net income | $ | 125,425 | $ | 129,242 | ||||||||
This pro forma financial information is not necessarily indicative of the Company's consolidated operating results that would have been reported had the transactions been completed as described herein, nor is such information necessarily indicative of the Company's consolidated results for any future period. | ||||||||||||
Other 2012 Acquisitions | ||||||||||||
In addition to Safety-Kleen, the Company made three other acquisitions in 2012. The combined purchase price for these other acquisitions was approximately $108.9 million, including the assumption and payment of debt of $7.7 million and post-closing adjustments of $2.1 million based upon finalization of the working capital balances as of the closing date. Acquisition related costs of $0.4 million were included in selling, general and administrative expenses in the Company's consolidated statements of income for the year ended December 31, 2012. | ||||||||||||
In 2013, the Company finalized the purchase accounting for the three other 2012 acquisitions. The purchase accounting measurement period adjustments recorded in 2013 were not applied retrospectively to the December 31, 2012 balance sheet due to immateriality of the related amounts. Management determined the purchase price allocations based on estimates of the fair values of all tangible and intangible assets acquired and liabilities assumed. The Company believes that such information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed. The following table summarizes the recognized amounts of assets acquired and liabilities assumed. | ||||||||||||
(in thousands) | Preliminary Allocations | Measurement Period Adjustments | Final Allocations | |||||||||
Current assets (i) | $ | 20,270 | $ | 117 | $ | 20,387 | ||||||
Property, plant and equipment | 51,901 | (8 | ) | 51,893 | ||||||||
Customer relationships and other intangibles | 21,770 | (1 | ) | 21,769 | ||||||||
Other assets | 53 | 4 | 57 | |||||||||
Current liabilities | (5,277 | ) | (22 | ) | (5,299 | ) | ||||||
Other liabilities | (5,133 | ) | (79 | ) | (5,212 | ) | ||||||
Total identifiable net assets | 83,584 | 11 | 83,595 | |||||||||
Goodwill (ii) | 23,956 | 1,308 | 25,264 | |||||||||
Total | $ | 107,540 | $ | 1,319 | $ | 108,859 | ||||||
______________________ | ||||||||||||
(i) | The fair value of the financial assets acquired included customer receivables with an aggregate fair value of $13.2 million. Combined gross amounts due were $13.5 million. | |||||||||||
(ii) | Goodwill, which is attributed to expected operating and cross selling synergies, has been assigned to the Industrial and Field Services segment and will not be deductible for tax purposes. | |||||||||||
The following unaudited pro forma combined financial data presents information as if the three other 2012 acquisitions had been acquired as of January 1, 2011 and assumes that there were no material, non-recurring pro forma adjustments directly attributable to those acquisitions. The pro forma financial information does not necessarily reflect the actual results that would have been reported had the Company and those three other acquisitions been combined during the periods presented, nor is it necessarily indicative of the future results of operations of the combined companies (in thousands). | ||||||||||||
2012 | 2011 | |||||||||||
Pro forma combined revenues | $ | 2,268,621 | $ | 2,112,297 | ||||||||
Pro forma combined net income | $ | 130,322 | $ | 126,768 | ||||||||
2011 Acquisitions | ||||||||||||
Peak | ||||||||||||
In June 2011, the Company acquired 100% of the outstanding common shares of Peak Energy Services Ltd. (“Peak”) (other than the 3.15% of Peak’s outstanding common shares which the Company already owned) in exchange for approximately CDN $200.2 million, or U.S. $205.1 million based on an exchange rate of 0.976 CDN $ to one U.S. $ on June 10, 2011. The $205.1 million purchase price included $162.6 million in cash, $38.4 million of debt assumed (net of $15.7 million of cash acquired) and $4.1 million representing the fair value of the Company’s previously-owned 3.15% equity interest in Peak. The Company’s previously-owned 3.15% equity interest in Peak was remeasured to fair value at the acquisition date and the $1.9 million gain, previously unrealized and recorded in accumulated other comprehensive income, was recognized in other income. Acquisition-related costs of $0.7 million were included in selling, general and administrative expenses in the Company's consolidated statements of income for the year ended December 31, 2011. | ||||||||||||
Peak is a diversified energy services corporation operating in western Canada and the U.S. Through its various operating divisions, Peak provides drilling and production equipment and services to its customers in the conventional and unconventional oil and natural gas industries as well as the oil sands region of western Canada. Peak also provides water technology solutions to a variety of customers throughout North America. This acquisition expanded the Company's presence in the energy services marketplace, particularly in the area of oil and natural gas drilling and production support. The Peak business has been integrated within the Oil and Gas Field Services and Industrial and Field Services segments of the Company's operations and reporting structure. | ||||||||||||
In 2012, the Company finalized the purchase accounting for the acquisition of Peak. The following table summarizes the amounts of assets acquired and liabilities assumed at June 10, 2011 (in thousands). | ||||||||||||
Final Allocations | ||||||||||||
Current assets(i) | $ | 45,222 | ||||||||||
Property, plant and equipment | 151,574 | |||||||||||
Identifiable intangible assets | 12,337 | |||||||||||
Other assets | 8,009 | |||||||||||
Current liabilities | (28,785 | ) | ||||||||||
Asset retirement obligations | (103 | ) | ||||||||||
Other liabilities | (11,341 | ) | ||||||||||
Total identifiable net assets | 176,913 | |||||||||||
Goodwill(ii) | 28,220 | |||||||||||
Total | $ | 205,133 | ||||||||||
____________ | ||||||||||||
(i) | The fair value of the financial assets acquired included customer receivables with a fair value of $33.3 million. The gross amount due was $34.7 million. | |||||||||||
(ii) | Goodwill, which is attributable to expected operating and cross-selling synergies, will not be deductible for tax purposes. Goodwill of $12.9 million and $15.3 million has been recorded in the Oil and Gas Field Services and Industrial and Field Services segments, respectively. | |||||||||||
Other 2011 Acquisitions | ||||||||||||
In addition to Peak, the Company acquired in 2011 (i) certain assets of a Canadian public company which is engaged in the business of providing geospatial, line clearing and drilling services in Canada and the United States; (ii) all of the outstanding stock of a privately owned U.S. company which specializes in treating refinery waste streams primarily in the United States; and (iii) all of the outstanding stock of a privately owned Canadian company which manufactures modular buildings. The combined purchase price for the three acquisitions was approximately $142.1 million, including the assumption and payment of debt of $25.2 million, and post-closing adjustments of $4.5 million based upon the target amounts of working capital. Acquisition related costs of $0.8 million were included in selling, general and administrative expenses in the Company's consolidated statements of income for the year ended December 31, 2011. | ||||||||||||
In 2012, the Company finalized the purchase accounting for the three other 2011 acquisitions. The following table summarizes the recognized amounts of assets acquired and liabilities assumed (in thousands). | ||||||||||||
Final Allocations | ||||||||||||
Current assets (i) | $ | 41,551 | ||||||||||
Property, plant and equipment | 62,969 | |||||||||||
Customer relationships and other intangibles | 23,371 | |||||||||||
Other assets | 1,671 | |||||||||||
Current liabilities | (23,148 | ) | ||||||||||
Asset retirement obligations | (200 | ) | ||||||||||
Other liabilities | (2,419 | ) | ||||||||||
Total identifiable net assets | 103,795 | |||||||||||
Goodwill (ii) | 38,339 | |||||||||||
Total | $ | 142,134 | ||||||||||
_______________________ | ||||||||||||
(i) | The fair value of the financial assets acquired included customer receivables with an aggregate fair value of $21.4 million. Combined gross amounts due were $22.1 million. | |||||||||||
(ii) | Goodwill of $13.3 million, $11.1 million and $13.9 million has been assigned to the Oil and Gas Field Services, Technical Services and the Industrial and Field Services segments, respectively, and will not be deductible for tax purposes. |
INVENTORIES_AND_SUPPLIES
INVENTORIES AND SUPPLIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORIES AND SUPPLIES | ' | |||||||
INVENTORIES AND SUPPLIES | ||||||||
Inventories and supplies consisted of the following (in thousands): | ||||||||
December 31, 2013 | 31-Dec-12 | |||||||
(As Adjusted) | ||||||||
Oil and oil products | $ | 59,639 | $ | 76,791 | ||||
Supplies and drums | 64,471 | 69,521 | ||||||
Solvent and solutions | 10,100 | 9,398 | ||||||
Other | 17,886 | 20,768 | ||||||
Total inventories and supplies | $ | 152,096 | $ | 176,478 | ||||
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT, AND EQUIPMENT | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
PROPERTY, PLANT, AND EQUIPMENT | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment consisted of the following (in thousands): | ||||||||
December 31, 2013 | 31-Dec-12 | |||||||
(As Adjusted) | ||||||||
Land | $ | 99,794 | $ | 104,379 | ||||
Asset retirement costs (non-landfill) | 10,938 | 10,111 | ||||||
Landfill assets | 100,983 | 77,952 | ||||||
Buildings and improvements | 327,956 | 359,816 | ||||||
Camp equipment | 187,831 | 135,827 | ||||||
Vehicles | 425,296 | 385,172 | ||||||
Equipment | 1,201,296 | 1,034,856 | ||||||
Furniture and fixtures | 5,260 | 3,735 | ||||||
Construction in progress | 58,010 | 34,124 | ||||||
2,417,364 | 2,145,972 | |||||||
Less - accumulated depreciation and amortization | 815,194 | 612,919 | ||||||
Total property, plant and equipment, net | $ | 1,602,170 | $ | 1,533,053 | ||||
Interest in the amount of $0.9 million, $0.2 million and $0.5 million was capitalized to fixed assets during the years ended December 31, 2013, 2012 and 2011, respectively. Depreciation and amortization expense was $212.5 million, $127.2 million and $99.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | |||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||||||||||||
The changes to goodwill for the years ended December 31, 2013 and 2012 were as follows (in thousands): | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
(As Adjusted) | ||||||||||||||||||||||||||||
Balance at January 1 | $ | 579,715 | $ | 122,392 | ||||||||||||||||||||||||
Acquired from acquisitions | — | 450,525 | ||||||||||||||||||||||||||
Increase from adjustments related to the acquisitions during the measurement period | 1,308 | 5,037 | ||||||||||||||||||||||||||
Foreign currency translation | (10,063 | ) | 1,761 | |||||||||||||||||||||||||
Balance at December 31 | $ | 570,960 | $ | 579,715 | ||||||||||||||||||||||||
As of December 31, 2013 and 2012, the Company's finite-lived and indefinite lived intangible assets consisted of the following (in thousands): | ||||||||||||||||||||||||||||
December 31, 2013 | 31-Dec-12 | |||||||||||||||||||||||||||
(As Adjusted) | ||||||||||||||||||||||||||||
Cost | Accumulated | Net | Weighted | Cost | Accumulated | Net | Weighted | |||||||||||||||||||||
Amortization | Average | Amortization | Average | |||||||||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||||||
Period | Period | |||||||||||||||||||||||||||
(in years) | (in years) | |||||||||||||||||||||||||||
Permits | $ | 157,327 | $ | 50,858 | $ | 106,469 | 19.6 | $ | 149,361 | $ | 46,282 | $ | 103,079 | 21.8 | ||||||||||||||
Customer and supplier relationships | 377,899 | 52,814 | 325,085 | 12.1 | 377,702 | 27,740 | 349,962 | 12.9 | ||||||||||||||||||||
Other intangible | 29,299 | 15,518 | 13,781 | 3.3 | 23,604 | 12,121 | 11,483 | 3 | ||||||||||||||||||||
assets | ||||||||||||||||||||||||||||
Total amortizable permits and other intangible assets | 564,525 | 119,190 | 445,335 | 12.2 | 550,667 | 86,143 | 464,524 | 13.2 | ||||||||||||||||||||
Trademarks and trade | 124,638 | — | 124,638 | Indefinite | 125,520 | — | 125,520 | Indefinite | ||||||||||||||||||||
names | ||||||||||||||||||||||||||||
Total permits and other intangible assets | $ | 689,163 | $ | 119,190 | $ | 569,973 | $ | 676,187 | $ | 86,143 | $ | 590,044 | ||||||||||||||||
As of December 31, 2013, the Company's finite-lived intangible assets related to its acquisition of Evergreen consisted of the following (in thousands): | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Cost | Weighted Average Amortization Period (in years) | |||||||||||||||||||||||||||
Permits | $ | 10,000 | 25 | |||||||||||||||||||||||||
Supplier relationships | 6,500 | 7 | ||||||||||||||||||||||||||
Other intangible assets | 600 | 12 | ||||||||||||||||||||||||||
Total amortizable permits and other intangible assets | $ | 17,100 | 12.4 | |||||||||||||||||||||||||
The expected amortization of the net carrying amount of finite-lived intangible assets at December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||
Years Ending December 31, | Expected | |||||||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||||||
2014 | $ | 35,871 | ||||||||||||||||||||||||||
2015 | 34,922 | |||||||||||||||||||||||||||
2016 | 34,146 | |||||||||||||||||||||||||||
2017 | 32,658 | |||||||||||||||||||||||||||
2018 | 30,367 | |||||||||||||||||||||||||||
Thereafter | 277,371 | |||||||||||||||||||||||||||
$ | 445,335 | |||||||||||||||||||||||||||
ACCRUED_EXPENSES
ACCRUED EXPENSES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
ACCRUED EXPENSES | ' | |||||||
ACCRUED EXPENSES | ||||||||
Accrued expenses consisted of the following at December 31 (in thousands): | ||||||||
December 31, 2013 | 31-Dec-12 | |||||||
(As Adjusted) | ||||||||
Insurance | $ | 57,993 | $ | 48,245 | ||||
Interest | 20,731 | 20,061 | ||||||
Accrued compensation and benefits | 60,902 | 68,311 | ||||||
Income, real estate, sales and other taxes | 38,938 | 37,570 | ||||||
Other | 58,265 | 72,167 | ||||||
$ | 236,829 | $ | 246,354 | |||||
CLOSURE_AND_POSTCLOSURE_LIABIL
CLOSURE AND POST-CLOSURE LIABILITIES | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||||||||||
CLOSURE AND POST-CLOSURE LIABILITIES | ' | |||||||||||
CLOSURE AND POST-CLOSURE LIABILITIES | ||||||||||||
The changes to closure and post-closure liabilities (also referred to as "asset retirement obligations") from January 1, 2012 through December 31, 2013 were as follows (in thousands): | ||||||||||||
Landfill | Non-Landfill | Total | ||||||||||
Retirement | Retirement | |||||||||||
Liability | Liability | |||||||||||
Balance at January 1, 2012 | $ | 25,764 | $ | 9,117 | $ | 34,881 | ||||||
Liabilities assumed in Safety-Kleen acquisition | — | 7,553 | 7,553 | |||||||||
New asset retirement obligations | 3,257 | — | 3,257 | |||||||||
Accretion | 2,897 | 1,096 | 3,993 | |||||||||
Changes in estimates recorded to statement of income | 133 | 1,061 | 1,194 | |||||||||
Changes in estimates recorded to balance sheet | (3,086 | ) | 15 | (3,071 | ) | |||||||
Expenditures | (2,382 | ) | (1,463 | ) | (3,845 | ) | ||||||
Currency translation and other | 75 | 10 | 85 | |||||||||
Balance at December 31, 2012 (As Adjusted) | 26,658 | 17,389 | 44,047 | |||||||||
Liabilities assumed in Evergreen acquisition | — | 659 | 659 | |||||||||
New asset retirement obligations | 4,515 | — | 4,515 | |||||||||
Accretion | 3,016 | 1,730 | 4,746 | |||||||||
Changes in estimates recorded to statement of income | (409 | ) | 47 | (362 | ) | |||||||
Changes in estimates recorded to balance sheet | (1,697 | ) | 181 | (1,516 | ) | |||||||
Expenditures | (4,175 | ) | (347 | ) | (4,522 | ) | ||||||
Currency translation and other | (304 | ) | (178 | ) | (482 | ) | ||||||
Balance at December 31, 2013 | $ | 27,604 | $ | 19,481 | $ | 47,085 | ||||||
All of the landfill facilities included in the above table were active as of December 31, 2013. The changes in estimates for non-landfill retirement liabilities in 2012 were primarily related to one site where the timing of the closure was accelerated. | ||||||||||||
On July 30, 2012, the Company issued $800.0 million senior unsecured notes and on December 7, 2012, the Company issued $600.0 million senior unsecured notes resulting in the Company recalculating its credit-adjusted risk-free rate. New asset retirement obligations were discounted at the rate of 8.56% during the period January through July 2012, 6.66% during the period August through December 7, 2012 and 6.60% thereafter. | ||||||||||||
Anticipated payments (based on current estimated costs and anticipated timing of necessary regulatory approvals to commence work on closure and post-closure activities) for each of the next five years and thereafter are as follows (in thousands): | ||||||||||||
Year ending December 31, | ||||||||||||
2014 | $ | 7,017 | ||||||||||
2015 | 8,607 | |||||||||||
2016 | 6,860 | |||||||||||
2017 | 4,526 | |||||||||||
2018 | 8,164 | |||||||||||
Thereafter | 259,837 | |||||||||||
Undiscounted closure and post-closure liabilities | 295,011 | |||||||||||
Less: Discount at credit-adjusted risk-free rate | (160,091 | ) | ||||||||||
Less: Undiscounted estimated closure and post-closure liabilities relating to airspace not yet consumed | (87,835 | ) | ||||||||||
Present value of closure and post-closure liabilities | $ | 47,085 | ||||||||||
REMEDIAL_LIABILITIES
REMEDIAL LIABILITIES | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Environmental Remediation Obligations [Abstract] | ' | |||||||||||||||
REMEDIAL LIABILITIES | ' | |||||||||||||||
REMEDIAL LIABILITIES | ||||||||||||||||
The changes to remedial liabilities from January 1, 2012 through December 31, 2013 were as follows (in thousands): | ||||||||||||||||
Remedial | Remedial | Remedial | Total | |||||||||||||
Liabilities for | Liabilities for | Liabilities | ||||||||||||||
Landfill Sites | Inactive Sites | (Including | ||||||||||||||
Superfund) for | ||||||||||||||||
Non-Landfill | ||||||||||||||||
Operations | ||||||||||||||||
Balance at January 1, 2012 | $ | 5,600 | $ | 78,449 | $ | 51,271 | $ | 135,320 | ||||||||
Liabilities assumed in Safety-Kleen acquisition | — | 10,485 | 48,188 | 58,673 | ||||||||||||
Accretion | 276 | 3,456 | 2,192 | 5,924 | ||||||||||||
Changes in estimates recorded to statement of income | (31 | ) | (5,978 | ) | (3,643 | ) | (9,652 | ) | ||||||||
Expenditures | (82 | ) | (4,851 | ) | (2,413 | ) | (7,346 | ) | ||||||||
Currency translation and other | 66 | 3 | 358 | 427 | ||||||||||||
Balance at December 31, 2012 (As Adjusted) | 5,829 | 81,564 | 95,953 | 183,346 | ||||||||||||
Liabilities assumed in Evergreen acquisition | — | — | 2,384 | 2,384 | ||||||||||||
Accretion | 281 | 3,302 | 3,212 | 6,795 | ||||||||||||
Changes in estimates recorded to statement of income | (190 | ) | (2,813 | ) | (317 | ) | (3,320 | ) | ||||||||
Expenditures | (93 | ) | (7,599 | ) | (7,202 | ) | (14,894 | ) | ||||||||
Currency translation and other | (203 | ) | (192 | ) | (1,418 | ) | (1,813 | ) | ||||||||
Balance at December 31, 2013 | $ | 5,624 | $ | 74,262 | $ | 92,612 | $ | 172,498 | ||||||||
In 2013, the benefit resulting from changes in remedial liability estimates was primarily due to two sites. One site received site closure approval, which resulted in re-evaluating and removing certain compensation costs, and at the other site the Company received a favorable notification from the PRPs group which indicated that the Interim Remedial Measure work has been completed and was fully funded by a trust held by the regulatory agency and from funds collected from settling PRPs. | ||||||||||||||||
In 2012, the benefit resulting from the changes in estimates for inactive sites primarily related to three sites. Updates to the scope of work at two sites and favorable environmental studies at a third site led to reductions in related remedial liabilities. The benefit resulting from the changes in estimates for non-landfill sites was primarily due to the implementation of a new technology to replace the traditional pump and treat method of handling wastewater at one site. | ||||||||||||||||
Anticipated payments at December 31, 2013 (based on current estimated costs and anticipated timing of necessary regulatory approvals to commence work on remedial activities) for each of the next five years and thereafter are as follows (in thousands): | ||||||||||||||||
Year ending December 31, | ||||||||||||||||
2014 | $ | 24,095 | ||||||||||||||
2015 | 19,095 | |||||||||||||||
2016 | 14,305 | |||||||||||||||
2017 | 10,950 | |||||||||||||||
2018 | 13,416 | |||||||||||||||
Thereafter | 125,003 | |||||||||||||||
Undiscounted remedial liabilities | 206,864 | |||||||||||||||
Less: Discount | (34,366 | ) | ||||||||||||||
Total remedial liabilities | $ | 172,498 | ||||||||||||||
Based on currently available facts and legal interpretations, existing technology, and presently enacted laws and regulations, the Company estimates that its aggregate liabilities as of December 31, 2013 for future remediation relating to all of its owned or leased facilities and the Superfund sites for which the Company has current or potential future liability is approximately $172.5 million. The Company also estimates that it is reasonably possible that the amount of such total liabilities could be as much as $23.7 million more. Future changes in either available technology or applicable laws or regulations could affect such estimates of remedial liabilities. Since the Company's satisfaction of the liabilities will occur over many years, the Company cannot now reasonably predict the nature or extent of future changes in either available technology or applicable laws or regulations and the impact that those changes, if any, might have on the current estimates of remedial liabilities. | ||||||||||||||||
The following tables show, respectively, (i) the amounts of such estimated liabilities associated with the types of facilities and sites involved and (ii) the amounts of such estimated liabilities associated with each facility or site which represents at least 5% of the total and with all other facilities and sites as a group. | ||||||||||||||||
Estimates Based on Type of Facility or Site (in thousands): | ||||||||||||||||
Type of Facility or Site | Remedial | % of Total | Reasonably Possible | |||||||||||||
Liability | Additional Liabilities(1) | |||||||||||||||
Facilities now used in active conduct of the Company's business (67 facilities) | $ | 83,122 | 48.2 | % | $ | 10,795 | ||||||||||
Inactive facilities not now used in active conduct of the Company's business but most of which were acquired because the assumption of remedial liabilities for such facilities was part of the purchase price for the CSD assets (40 facilities) | 74,227 | 43 | 11,385 | |||||||||||||
Superfund sites owned by third parties (30 sites) | 15,149 | 8.8 | 1,515 | |||||||||||||
Total | $ | 172,498 | 100 | % | $ | 23,695 | ||||||||||
___________________________________ | ||||||||||||||||
-1 | Amounts represent the high end of the range of management's best estimate of the reasonably possible additional liabilities. | |||||||||||||||
Estimates Based on Amount of Potential Liability (in thousands): | ||||||||||||||||
Location | Type of Facility or Site | Remedial | % of Total | Reasonably | ||||||||||||
Liability | Possible | |||||||||||||||
Additional | ||||||||||||||||
Liabilities(1) | ||||||||||||||||
Baton Rouge, LA(2) | Closed incinerator and landfill | $ | 29,369 | 17 | % | $ | 4,443 | |||||||||
Bridgeport, NJ | Closed incinerator | 19,521 | 11.3 | 2,599 | ||||||||||||
Mercier, Quebec(2) | Idled incinerator and legal proceedings | 13,970 | 8.1 | 1,520 | ||||||||||||
Various(2) | All other incinerators, landfills, wastewater treatment facilities and service centers (104 facilities) | 94,489 | 54.8 | 13,618 | ||||||||||||
Various(2) | Superfund sites (each representing less than 5% of total liabilities) owned by third parties (30 sites) | 15,149 | 8.8 | 1,515 | ||||||||||||
Total | $ | 172,498 | 100 | % | $ | 23,695 | ||||||||||
_________________________________ | ||||||||||||||||
-1 | Amounts represent the high end of the range of management's best estimate of the reasonably possible additional liabilities. | |||||||||||||||
-2 | $34.6 million of the $172.5 million remedial liabilities and $3.5 million of the $23.7 million reasonably possible additional liabilities include estimates of remediation liabilities related to the legal and administrative proceedings discussed in Note 16, "Commitments and Contingencies," as well as other such estimated remedial liabilities. | |||||||||||||||
Revisions to remediation reserve requirements may result in upward or downward adjustments to income from operations in any given period. The Company believes that its extensive experience in the environmental services business, as well as its involvement with a large number of sites, provides a reasonable basis for estimating its aggregate liability. It is possible, however, that technological, regulatory or enforcement developments, the results of environmental studies, or other factors could necessitate the recording of additional liabilities or the revision of currently recorded liabilities that could be material. The impact of such future events cannot be estimated at the current time. |
FINANCING_ARRANGEMENTS
FINANCING ARRANGEMENTS | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
FINANCING ARRANGEMENTS | ' | |||||||
FINANCING ARRANGEMENTS | ||||||||
The following table is a summary of the Company's financing arrangements (in thousands): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Senior unsecured notes, at 5.25%, due August 1, 2020 | $ | 800,000 | $ | 800,000 | ||||
Senior unsecured notes, at 5.125%, due June 1, 2021 | 600,000 | 600,000 | ||||||
Long-term obligations | $ | 1,400,000 | $ | 1,400,000 | ||||
Senior Unsecured Notes, at 5.25%, due August 1, 2020. On July 30, 2012, the Company issued through a private placement $800.0 million aggregate principal amount of 5.25% senior unsecured notes due 2020 ("2020 Notes"). The Company used the net proceeds from such private placement to fund the redemption and repurchase of the $520 million aggregate principal amount of 7.625% senior secured notes due 2016 ("2016 Notes"), to finance a portion of the purchase price for its 2012 acquisitions and for general corporate purposes. On November 16, 2012, the Company completed an exchange offer for the unregistered 2020 Notes originally issued in the private placement for an equivalent amount of 2020 Notes the Company had registered under the Securities Act of 1933, as amended (the "Securities Act"), pursuant to a registration statement which became effective in October 2012. At December 31, 2013 and 2012, the fair value of the Company's 2020 Notes was $804.2 million and $816.0 million, respectively, based on quoted market prices or other available market data. The fair value of the 2020 Notes is considered a Level 2 measure according to the fair value hierarchy. | ||||||||
The principal terms of the 2020 Notes are as follows: | ||||||||
The 2020 Notes will mature on August 1, 2020. The notes bear interest at a rate of 5.25% per annum. Interest is payable semi-annually on February 1 and August 1 of each year, commencing on February 1, 2013. The Company may redeem some or all of the 2020 Notes at any time on or after August 1, 2016 upon proper notice, at the following redemption prices plus unpaid interest: | ||||||||
Year | Percentage | |||||||
2016 | 102.625 | % | ||||||
2017 | 101.313 | % | ||||||
2018 and thereafter | 100 | % | ||||||
At any time, or from time to time, prior to August 1, 2015, the Company may also redeem up to 35% of the aggregate principal amount of all the 2020 Notes issued under the indenture at a redemption price of 105.25% of the principal amount, plus accrued and unpaid interest, using proceeds from certain equity offerings, provided that after such redemption the aggregate principal amount of outstanding 2020 Notes must equal at least 65% of the aggregate principal amount of 2020 Notes issued under the indenture. Additionally, at any time, or from time to time, prior to August 1, 2016, the Company may also redeem some or all of the 2020 Notes at a redemption price of 100% of the principal amount plus a make-whole premium and any accrued and unpaid interest. | ||||||||
The 2020 Notes and the related indenture contain various customary non-financial covenants and are guaranteed by substantially all of the Company's current and future domestic restricted subsidiaries. The 2020 Notes are the Company's and the guarantors' senior unsecured obligations ranking equally with the Company's and the guarantors' existing and future senior unsecured obligations and senior to any future indebtedness that is expressly subordinated to the 2020 Notes and the guarantees. The 2020 Notes and the guarantees rank effectively junior in right of payment to the Company's and the guarantors' secured indebtedness (including loans and reimbursement obligations in respect of outstanding letters of credit) under the Company's revolving credit facility and capital lease obligations to the extent of the value of the assets securing such secured indebtedness. The 2020 Notes are not guaranteed by the Company's Canadian or other foreign subsidiaries, and the 2020 Notes are structurally subordinated to all indebtedness and other liabilities, including trade payables, of the Company's subsidiaries that are not guarantors of the 2020 Notes. | ||||||||
Senior Unsecured Notes, at 5.125%, due June 1, 2021. On December 7, 2012, the Company issued through a private placement $600.0 million aggregate principal amount of 5.125% senior unsecured notes due 2021 ("2021 Notes"). The Company used the net proceeds from such private placement to fund a portion of the purchase price to acquire Safety-Kleen. On May 21, 2013, the Company completed an exchange offer for the unregistered 2021 Notes originally issued in the private placement for an equivalent amount of 2021 Notes the Company had registered under the Securities Act pursuant to a registration statement which became effective in April 2013. At December 31, 2013 and 2012, the fair value of the Company's 2021 Notes was $601.6 million and $623.5 million, respectively, based on quoted market prices or other available market data. The fair value of the 2021 Notes is considered a Level 2 measure according to the fair value hierarchy. | ||||||||
The principal terms of the 2021 Notes are as follows: | ||||||||
The 2021 Notes will mature on June 1, 2021. The notes bear interest at a rate of 5.125% per annum. Interest is payable semi-annually on June 1 and December 1 of each year, commencing on June 1, 2013. The Company may redeem some or all of the 2021 Notes at the following redemption prices (expressed as percentages of the principal amount) if redeemed. | ||||||||
Year | Percentage | |||||||
2016 | 102.563 | % | ||||||
2017 | 101.281 | % | ||||||
2018 and thereafter | 100 | % | ||||||
At any time, or from time to time, prior to December 1, 2015, the Company may also redeem up to 35% of the aggregate principal amount of all of the 2021 Notes issued under the indenture at a redemption price equal to 105.125% of the principal amount, plus accrued and unpaid interest, using proceeds from certain equity offerings, provided that after such redemption the aggregate principal amount of outstanding 2021 Notes must equal at least 65% of the aggregate principal amount of 2021 Notes issued under the indenture. Additionally, at any time, or from time to time, prior to December 1, 2016, the Company may redeem some or all of the 2021 Notes at a price equal to 100% of the principal amount plus a make-whole premium and accrued and unpaid interest. | ||||||||
The 2021 Notes and the related indenture contain various customary non-financial covenants and are guaranteed by substantially all the Company's current and future domestic restricted subsidiaries. The 2021 Notes are the Company's and the guarantors' senior unsecured obligations ranking equally with the Company's and the guarantors' existing and future senior unsecured obligations and senior to any future indebtedness that is expressly subordinated to the 2021 Notes and the guarantees. The 2021 Notes are effectively subordinated to all of the Company's and the Company's subsidiaries secured indebtedness under the Company's revolving credit facility and capital lease obligations to the extent of the value of the assets securing such secured indebtedness. The 2021 Notes are not guaranteed by the Company's existing and future Canadian or other foreign subsidiaries, and the 2021 Notes are structurally subordinated to all indebtedness and other liabilities, including trade payables, of the Company's subsidiaries that are not guarantors of the 2021 Notes. | ||||||||
Revolving Credit Facility. On January 17, 2013, the Company entered into an amendment and restatement of the previously existing revolving credit facility with Bank of America, N.A. (“BofA”), as agent for the lenders under the facility. The principal changes to the terms of the facility were to: | ||||||||
(i) increase the maximum amount of borrowings and letters of credit which the Company may obtain under the facility from $250.0 million to $400.0 million (with a $325.0 million sub-limit for letters of credit); | ||||||||
(ii) provide that of such $400.0 million maximum amount, $300.0 million (with a $250.0 million sub-limit for letters of credit) will be available for Clean Harbors, Inc. ("Parent") and its domestic subsidiaries and $100.0 million (with a $75.0 million sub-limit for letters of credit) will be available for Parent's Canadian subsidiaries; | ||||||||
(iii) reduce the interest rate on borrowings under the facility, in the case of LIBOR loans, from LIBOR plus an applicable margin ranging (depending primarily on the Company's fixed charge coverage ratio for the most recently completed four fiscal quarters) from 1.75% to 2.25% per annum to LIBOR plus an applicable margin ranging from 1.50% to 2.00% per annum, and, in the case of base rate loans, from BofA's base rate plus an applicable margin ranging from 0.75% to 1.25% per annum to BofA's base rate plus an applicable margin ranging from 0.50% to 1.00% per annum, and with such reduced applicable margin for LIBOR loans also to be the annual fee for outstanding letters of credit; and | ||||||||
(iv) extend the term of the facility so that it will expire on January 17, 2018. | ||||||||
Available credit for Parent and its domestic subsidiaries is subject to 85% of their eligible accounts receivable and 100% of their cash deposited in a controlled account with the agent. The revolving credit facility is guaranteed by all of Parent’s domestic subsidiaries and secured by substantially all of Parent’s and its domestic subsidiaries’ assets. Available credit for Parent’s Canadian subsidiaries is subject to 85% of their eligible accounts receivable and 100% of their cash deposited in a controlled account with the agent’s Canadian affiliate. The obligations of the Canadian subsidiaries under the revolving credit facility are guaranteed by all of Parent’s Canadian subsidiaries and secured by the accounts receivable of the Canadian subsidiaries, but the Canadian subsidiaries do not guarantee and are not otherwise responsible for the obligations of Parent or its domestic subsidiaries. | ||||||||
At December 31, 2013 and 2012, the revolving credit facility had no outstanding loan balances, $259.7 million and $117.4 million, respectively, available to borrow and $140.3 million and $132.6 million, respectively, of letters of credit outstanding. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
INCOME TAXES | ' | |||||||||||||
The domestic and foreign components of income before provision for income taxes were as follows (in thousands): | ||||||||||||||
For the Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Domestic | $ | 85,775 | $ | 90,240 | $ | 128,201 | ||||||||
Foreign | 58,110 | 37,490 | 56,477 | |||||||||||
Total | $ | 143,885 | $ | 127,730 | $ | 184,678 | ||||||||
The provision (benefit) for income taxes consisted of the following (in thousands): | ||||||||||||||
For the Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Current: | ||||||||||||||
Federal (i) | $ | 5,264 | $ | (29,401 | ) | $ | 16,285 | |||||||
State | 5,006 | (10,736 | ) | 6,002 | ||||||||||
Foreign | 6,930 | 4,030 | (2,697 | ) | ||||||||||
17,200 | (36,107 | ) | 19,590 | |||||||||||
Deferred | ||||||||||||||
Federal | 20,574 | 23,521 | 22,455 | |||||||||||
State | 2,074 | 2,865 | 2,710 | |||||||||||
Foreign | 8,471 | 7,777 | 12,671 | |||||||||||
31,119 | 34,163 | 37,836 | ||||||||||||
Net provision (benefit) for income taxes | $ | 48,319 | $ | (1,944 | ) | $ | 57,426 | |||||||
_____________________ | ||||||||||||||
(i) | The 2012 benefit includes a decrease in unrecognized tax benefits of $52.4 million (net of interest and penalties of $29.3 million) resulting from expiring statute of limitation periods related to an historical Canadian debt restructuring transaction. | |||||||||||||
The Company's effective tax rate for fiscal years 2013, 2012 and 2011 was 33.6 percent, (1.5) percent and 31.1 percent, respectively. The effective income tax rate varied from the amount computed using the statutory federal income tax rate as follows (in thousands): | ||||||||||||||
For the Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Tax expense at US statutory rate | $ | 50,360 | $ | 44,705 | $ | 64,637 | ||||||||
State income taxes, net of federal benefit | 4,052 | 3,526 | 5,788 | |||||||||||
Foreign rate differential | (10,478 | ) | (8,607 | ) | (10,229 | ) | ||||||||
Non-deductible transaction costs | 657 | 2,229 | 416 | |||||||||||
Uncertain tax position releases | (4,010 | ) | (52,424 | ) | (6,156 | ) | ||||||||
Uncertain tax position interest and penalties | 457 | 1,658 | 2,240 | |||||||||||
Other | 7,281 | 6,969 | 730 | |||||||||||
Net provision (benefit) for income taxes | $ | 48,319 | $ | (1,944 | ) | $ | 57,426 | |||||||
The components of the total net deferred tax assets and liabilities at December 31, 2013 and 2012 were as follows (in thousands): | ||||||||||||||
2013 | 2012 | |||||||||||||
(As Adjusted) | ||||||||||||||
Deferred tax assets: | ||||||||||||||
Workers compensation accrual | $ | 11,825 | $ | 10,772 | ||||||||||
Provision for doubtful accounts | 7,370 | 5,913 | ||||||||||||
Closure, post-closure and remedial liabilities | 53,302 | 54,941 | ||||||||||||
Accrued expenses | 19,671 | 19,198 | ||||||||||||
Accrued compensation | 5,681 | 2,506 | ||||||||||||
Net operating loss carryforwards(1) | 77,700 | 95,366 | ||||||||||||
Tax credit carryforwards(2) | 29,985 | 31,932 | ||||||||||||
Uncertain tax positions accrued interest and federal benefit | 1,949 | 2,200 | ||||||||||||
Stock-based compensation | 1,159 | 844 | ||||||||||||
Other | 2,170 | 2,570 | ||||||||||||
Total deferred tax assets | 210,812 | 226,242 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Property, plant and equipment | (225,271 | ) | (215,581 | ) | ||||||||||
Permits and other intangible assets | (159,223 | ) | (160,531 | ) | ||||||||||
Total deferred tax liabilities | (384,494 | ) | (376,112 | ) | ||||||||||
Total net deferred tax liability before valuation allowance | (173,682 | ) | (149,870 | ) | ||||||||||
Less valuation allowance | (29,726 | ) | (26,325 | ) | ||||||||||
Net deferred tax liabilities | $ | (203,408 | ) | $ | (176,195 | ) | ||||||||
___________________________________ | ||||||||||||||
-1 | As of December 31, 2013, the net operating loss carryforwards included (i) state net operating loss carryovers of $219.0 million which will begin to expire in 2014, (ii) federal net operating loss carryforwards of $163.0 million which will begin to expire in 2025, and (iii) foreign net operating loss carryforwards of $49.0 million which will begin to expire in 2014. | |||||||||||||
-2 | As of December 31, 2013, the foreign tax credit carryforwards of $30.0 million will expire between 2014 and 2023. | |||||||||||||
During 2013, the Company decreased taxes payable for adjustments related to realized and recognized tax benefits of $7.1 million related to exercises of non-qualified stock options and the vesting of restricted stock of which $1.4 million resulted in an increase to additional paid-in capital. | ||||||||||||||
The Company does not accrue U.S. tax for foreign earnings that it considers to be permanently reinvested outside the United States. Consequently, the Company has not provided any U.S. tax on the unremitted earnings of its foreign subsidiaries. As of December 31, 2013, the amount of earnings for which no repatriation tax has been provided was $133.9 million. It is not practicable to estimate the amount of additional tax that might be payable on those earnings if repatriated. | ||||||||||||||
A valuation allowance is required to be established when, based on an evaluation of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Accordingly, as of December 31, 2013, 2012 and 2011, the Company had a valuation allowance of $29.7 million, $26.3 million and $11.5 million, respectively. The total allowance as of December 31, 2013 consisted of $13.4 million of foreign tax credits, $7.0 million of state net operating loss carryforwards, $7.5 million of foreign net operating loss carryforwards and $1.8 million for the deferred tax assets of a Canadian subsidiary. The allowance as of December 31, 2012 consisted of $17.6 million of foreign tax credits, $1.4 million of state net operating loss carryforwards and $7.3 million of foreign net operating loss carryforwards. The allowance as of December 31, 2011 consisted of $10.2 million of foreign tax credits, $1.1 million of state net operating loss carryforwards and $0.2 million of foreign net operating loss carryforwards. | ||||||||||||||
Included in the balance of liabilities for uncertain tax positions at December 31, 2013 and 2012 was $1.5 million and $4.9 million, respectively, of unrecognized tax benefits (including interest and penalties) that, if recognized, would affect the annual effective income tax rate. | ||||||||||||||
The Company's policy is to recognize interest and penalties related to income tax matters as a component of income tax expense. The liability for unrecognized tax benefits at December 31, 2013 included accrued interest of $0.2 million. Interest expense that is recorded as a tax expense against the liability for unrecognized tax benefits for the years ended December 31, 2013, 2012 and 2011 included interest and penalties of $0.3 million, $2.8 million and $3.4 million, respectively. | ||||||||||||||
The changes to unrecognized tax benefits (excluding related penalties and interest) from January 1, 2011 through December 31, 2013, were as follows (in thousands): | ||||||||||||||
2013 | 2012 | 2011 | Description | |||||||||||
Unrecognized tax benefits as of January 1 | $ | 3,543 | $ | 36,217 | $ | 39,709 | ||||||||
Gross adjustments in tax positions | 210 | — | (302 | ) | Additional Canadian liabilities | |||||||||
Gross increases due to current year acquisitions | — | 2,652 | 376 | Additional U.S. and Canadian liabilities | ||||||||||
Settlements | — | — | (75 | ) | Required payments | |||||||||
Expiration of statute of limitations | (2,843 | ) | (35,328 | ) | (3,436 | ) | U.S. and Canadian | |||||||
Foreign currency translation | 394 | 2 | (55 | ) | Currency translation adjustment | |||||||||
Unrecognized tax benefits as of December 31 | $ | 1,304 | $ | 3,543 | $ | 36,217 | ||||||||
Total unrecognized tax benefits, other than adjustments for additional accruals for interest and penalties and foreign currency translation, decreased in 2012 by approximately $52.4 million. The $52.4 million (net of interest and penalties of $29.3 million) was recorded in earnings and therefore impacted the effective income tax rate. Approximately $52.1 million was due to expiring statute of limitation periods related to a historical Canadian debt restructuring transaction and $0.3 million was related to the conclusion of examinations with state taxing authorities and the expiration of various state statute of limitation periods. | ||||||||||||||
As of December 31, 2013, the Company had recorded $1.3 million of liabilities for unrecognized tax benefits and $0.2 million related to interest. As of December 31, 2012, the Company had recorded $3.5 million of liabilities for unrecognized tax benefits and $1.4 million related to interest and penalties. | ||||||||||||||
The Company files U.S. federal income tax returns as well as income tax returns in various states and foreign jurisdictions. The Company may be subject to examination by the Internal Revenue Service (the "IRS") for calendar years 2010 through 2012. Additionally, any net operating losses that were generated in prior years and utilized in these years may also be subject to examination by the IRS. The Company may also be subject to examinations by state and local revenue authorities for calendar years 2009 through 2012. The Company is currently not under examination by the IRS. The Company has ongoing U.S. state and local jurisdictional audits, as well as Canadian federal and provincial audits, all of which the Company believes will not result in material liabilities. | ||||||||||||||
Due to expiring statute of limitation periods and the resolution of tax audits, the Company believes that total unrecognized tax benefits will decrease by approximately $0.1 million within the next 12 months. The $0.1 million (which includes interest and penalties) is related to various federal, state and foreign tax laws and will be recorded in earnings and therefore will impact the effective income tax rate, net of tax benefits. | ||||||||||||||
In September 2013, the IRS released final Tangible Property Regulations (the “Final Regulations”). The Final Regulations provide guidance on applying Regulation Section 1.263(a) of the Internal Revenue Code to amounts paid to acquire, produce or improve tangible property, as well as rules for materials and supplies (IRC Regulation Section 1.162). These regulations contain certain changes from the temporary and proposed tangible property regulations that were issued on December 23, 2011. The Final Regulations are generally effective for taxable years beginning on or after January 1, 2014. In addition, taxpayers are permitted to early adopt the Final Regulations for taxable years beginning on or after January 1, 2012. The Company does not expect the Final Regulations to have a material effect on its results of operations or cash flows. The Company is currently evaluating the impact on its consolidated balance sheets. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
EARNINGS PER SHARE | ' | |||||||||||
EARNINGS PER SHARE | ||||||||||||
The following are computations of basic and diluted earnings per share (in thousands except for per share amounts): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator for basic and diluted earnings per share: | ||||||||||||
Net income | $ | 95,566 | $ | 129,674 | $ | 127,252 | ||||||
Denominator: | ||||||||||||
Basic shares outstanding | 60,574 | 53,884 | 52,961 | |||||||||
Dilutive effect of equity-based compensation awards | 154 | 195 | 363 | |||||||||
Dilutive shares outstanding | 60,728 | 54,079 | 53,324 | |||||||||
Basic earnings per share | $ | 1.58 | $ | 2.41 | $ | 2.4 | ||||||
Diluted earnings per share | $ | 1.57 | $ | 2.4 | $ | 2.39 | ||||||
For the years ended December 31, 2013 and 2012, the dilutive effect of all then outstanding options, restricted stock and performance stock awards is included in the calculations above except for 109,861 and 65,336 outstanding performance stock awards, respectively, for which the performance criteria were not attained at that time. For the year ended December 31, 2011, there were no anti-dilutive securities. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
STOCKHOLDERS' EQUITY | |
Common Stock | |
On December 3, 2012, the Company issued 6.9 million shares of common stock, including 900,000 shares of common stock issued upon exercise of the underwriters' option, at a public offering price of $56.00 per share. After deducting the underwriters' discount and offering expenses, the Company received net proceeds of $369.3 million from the issuance. The net proceeds from this offering were used to pay a portion of the purchase price to acquire Safety-Kleen on December 28, 2012. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | ' | ||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | |||||||||||||||||
The changes in accumulated other comprehensive (loss) income by component and related tax effects for the years ended December 31, 2013, 2012 and 2011 were as follows (in thousands): | |||||||||||||||||
Foreign Currency Translation Adjustments | Unrealized Gains (Losses) on Available-for-Sale Securities | Unfunded Pension Liability | Total | ||||||||||||||
Balance at January 1, 2011 | $ | 50,966 | $ | 459 | $ | (666 | ) | $ | 50,759 | ||||||||
Other comprehensive (loss) income before reclassifications | (18,264 | ) | 860 | (393 | ) | (17,797 | ) | ||||||||||
Amounts reclassified out of accumulated other comprehensive income | — | (1,872 | ) | — | (1,872 | ) | |||||||||||
Tax effects | — | 205 | 58 | 263 | |||||||||||||
Other comprehensive loss | (18,264 | ) | (807 | ) | (335 | ) | (19,406 | ) | |||||||||
Balance at December 31, 2011 | $ | 32,702 | $ | (348 | ) | $ | (1,001 | ) | $ | 31,353 | |||||||
Other comprehensive income (loss) before reclassifications | 17,925 | 1,185 | (885 | ) | 18,225 | ||||||||||||
Tax effects | — | (177 | ) | 231 | 54 | ||||||||||||
Other comprehensive income (loss) | 17,925 | 1,008 | (654 | ) | 18,279 | ||||||||||||
Balance at December 31, 2012 | $ | 50,627 | $ | 660 | $ | (1,655 | ) | $ | 49,632 | ||||||||
Other comprehensive (loss) income before reclassifications | (70,791 | ) | 1,452 | 482 | (68,857 | ) | |||||||||||
Tax effects | — | (208 | ) | (123 | ) | (331 | ) | ||||||||||
Other comprehensive (loss) income | (70,791 | ) | 1,244 | 359 | (69,188 | ) | |||||||||||
Balance at December 31, 2013 | $ | (20,164 | ) | $ | 1,904 | $ | (1,296 | ) | $ | (19,556 | ) | ||||||
There were no reclassifications out of accumulated other comprehensive (loss) income during the years ended December 31, 2013, and 2012.The amounts reclassified out of accumulated other comprehensive (loss) income into the consolidated statement of income, with presentation location, during the year ended December 31, 2011 were as follows (in thousands): | |||||||||||||||||
Comprehensive (Loss) Income Components | December 31, 2011 | Location | |||||||||||||||
Unrealized holding gains on available-for-sale investments | $ | 1,872 | Other income (expense) | ||||||||||||||
STOCKBASED_COMPENSATION_AND_EM
STOCK-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
STOCK-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS | ' | ||||||||||||
STOCK-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS | |||||||||||||
Stock-Based Compensation | |||||||||||||
In 2000, the Company adopted a stock incentive plan (the "2000 Plan"), which provided for awards in the form of incentive stock options, non-qualified stock options, restricted stock awards, performance stock awards and common stock awards. The 2000 Plan expired on April 15, 2010, but as of December 31, 2013, 36,000 options remained outstanding under this plan. These options will remain outstanding until they are either exercised or expire in accordance with their terms. | |||||||||||||
In 2010, the Company adopted an equity incentive plan (the "2010 Plan"), which provides for awards of up to 6,000,000 shares of common stock (subject to certain anti-dilution adjustments) in the form of (i) stock options, (ii) stock appreciation rights, (iii) restricted stock, (iv) restricted stock units, and (v) certain other stock-based awards. The Company ceased issuing stock options in 2008, and all awards issued to date under the 2010 Plan have been in the form of restricted stock awards and performance stock awards as described below. | |||||||||||||
As of December 31, 2013 and 2012, the Company had the following types of stock-based compensation awards outstanding under the 2000 Plan and the 2010 Plan (collectively, the "Plans"): stock options, restricted stock awards and performance stock awards. The stock options generally become exercisable up to five years from the date of grant, subject to certain employment requirements, and terminate 10 years from the date of grant. The restricted stock awards generally vest over three to five years subject to continued employment. The performance stock awards vest depending on the satisfaction of certain performance criteria and continued service conditions as described below. | |||||||||||||
Total stock-based compensation cost charged to selling, general and administrative expenses for the years ended December 31, 2013, 2012 and 2011 was $9.0 million, $7.5 million and $8.2 million, respectively. The total income tax benefit recognized in the consolidated statements of income from stock-based compensation was $3.2 million, $2.9 million and $2.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. The expected forfeiture rates used to calculate compensation expense were 7% for non-executive employees and 4% for executives and directors. | |||||||||||||
Stock Option Awards | |||||||||||||
The Company uses the Black-Scholes option pricing model to value the compensation expense associated with its stock option awards based on the assumptions in the following table. In addition, the Company estimates forfeitures when recognizing compensation expense, and adjusts its estimate of forfeitures over the requisite service period based on the extent to which actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized through a cumulative catch-up adjustment in the period of change and also impact the amount of compensation expense to be recognized in future periods. | |||||||||||||
The Company ceased issuing stock option awards in May 2008 and as of December 31, 2013, all remaining options then outstanding had vested. | |||||||||||||
The following table summarizes activity under the Plans relating to stock options: | |||||||||||||
Stock Options | Number of | Weighted Average | Weighted Average | Aggregate | |||||||||
Shares | Exercise Price | Remaining | Intrinsic Value | ||||||||||
Contractual Term | as of 12/31/13 | ||||||||||||
(in years) | (in thousands) | ||||||||||||
Outstanding at January 1, 2013 | 97,200 | $ | 15.1 | 1.96 | $ | 3,880 | |||||||
Exercised | (61,200 | ) | 6.49 | ||||||||||
Outstanding, exercisable and vested at December 31, 2013 | 36,000 | $ | 29.73 | 4.04 | $ | 1,088 | |||||||
As of December 31, 2013, there was no unrecognized compensation cost related to stock option awards under the Company's Plans. The total intrinsic value of options exercised during 2013, 2012 and 2011 was $2.5 million, $2.3 million, and $2.1 million, respectively. | |||||||||||||
Restricted Stock Awards | |||||||||||||
The following information relates to restricted stock awards that have been granted to employees and directors under the Company's Plans. The restricted stock awards are not transferable until vested and the restrictions generally lapse upon the achievement of continued employment over a three-to-five-year period or service as a director until the following annual meeting of shareholders. | |||||||||||||
The fair value of each restricted stock grant is based on the closing price of the Company's common stock on the date of grant and is amortized to expense over its vesting period. | |||||||||||||
The following table summarizes information about restricted stock awards for the year ended December 31, 2013: | |||||||||||||
Restricted Stock | Number of | Weighted Average | |||||||||||
Shares | Grant-Date | ||||||||||||
Fair Value | |||||||||||||
Unvested at January 1, 2013 | 352,827 | $ | 50.1 | ||||||||||
Granted | 297,123 | 55.35 | |||||||||||
Vested | (72,661 | ) | 44.57 | ||||||||||
Forfeited | (74,707 | ) | 53.69 | ||||||||||
Unvested at December 31, 2013 | 502,582 | $ | 53.47 | ||||||||||
As of December 31, 2013, there was $19.6 million of total unrecognized compensation cost arising from restricted stock awards under the Company's Plans. This cost is expected to be recognized over a weighted average period of 3.5 years. The total fair value of restricted stock vested during 2013, 2012 and 2011 was $4.4 million, $3.3 million and $3.7 million, respectively. | |||||||||||||
Performance Stock Awards | |||||||||||||
The following information relates to performance stock awards that have been granted to employees under the Company's Plans. Performance stock awards are subject to performance criteria established by the Compensation Committee of the Company's Board of Directors prior to or at the date of grant. The vesting of the performance stock awards is based on achieving such targets typically based on revenue and Adjusted EBITDA margin and also includes continued service conditions. For the 2013 performance awards, the Committee added a performance metric related to Total Recordable Incident Rate, which is a measure of the rate of recordable workplace injuries, normalized per 100 workers per year. | |||||||||||||
The fair value of each performance stock award is based on the closing price of the Company's common stock on the date of grant and is amortized to expense over the service period if achievement of performance measures is then considered probable. The expected forfeiture rate used to calculate compensation expense was 7% for non-executive employees and 4% for executives. | |||||||||||||
For the performance stock awards granted in 2013, the Compensation Committee of the Company's Board of Directors established two-year performance targets which could potentially be achieved in either 2013 or 2014. As of December 31, 2013, management determined that none of the three performance criteria was considered probable to be achieved and as a result no stock-based compensation expense was recorded for the year ended December 31, 2013 with respect to the performance stock awards. | |||||||||||||
For the performance stock awards granted in 2012, the Compensation Committee of the Company's Board of Directors established two-year performance targets which could potentially be achieved in either 2012 or 2013. As of December 31, 2013, the performance targets related to the 2012 performance stock awards were not met and therefore the performance stock awards granted in 2012 were forfeited. | |||||||||||||
For the performance stock awards granted in 2011, the Compensation Committee of the Company's Board of Directors established two-year performance targets which could potentially be achieved in either 2011 or 2012. Based on the Company's performance during 2011, management determined that those performance targets had been achieved and the Company therefore recognized cumulative expense through sales, general and administrative expenses for the years ended December 31, 2012 and 2011 with respect to the performance stock awards granted in 2011. | |||||||||||||
The following table summarizes information about performance stock awards for the year ended December 31, 2013: | |||||||||||||
Performance Stock | Number of | Weighted Average | |||||||||||
Shares | Grant-Date | ||||||||||||
Fair Value | |||||||||||||
Unvested at January 1, 2013 | 65,336 | $ | 66.96 | ||||||||||
Granted | 114,453 | 54.27 | |||||||||||
Forfeited | (69,928 | ) | 66.12 | ||||||||||
Unvested at December 31, 2013 | 109,861 | $ | 54.27 | ||||||||||
As of December 31, 2013, there was no unrecognized compensation cost arising from non-vested compensation related to performance stock awards then deemed probable of vesting under the Company's Plans. During 2013 no performance awards vested. The total fair value of performance awards vested during 2012 and 2011 was $6.0 million and $16.8 million, respectively. | |||||||||||||
Common Stock Awards | |||||||||||||
In the years ended December 31, 2013 and 2012, the Company did not issue any shares of common stock without restrictions under the Company's Plans. | |||||||||||||
Employee Stock Purchase Plan | |||||||||||||
In May of 1995, the Company's stockholders approved an Employee Stock Purchase Plan (the "ESPP"), which is a qualified employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986, as amended, through which employees of the Company are given the opportunity to purchase shares of common stock. Under the ESPP, a total of 2.0 million shares of common stock were originally reserved for offering to employees, in quarterly offerings of 100,000 shares each plus any shares not issued in any previous quarter, commencing on July 1, 1995 and on the first day of each quarter thereafter. In 2005, the Company's stockholders approved an increase of 1.0 million in the maximum number of shares which can be issued under the ESPP. As of December 31, 2013, the Company had reserved 340,780 shares of common stock available for purchase under the ESPP. Employees who elect to participate in an offering may utilize up to 10% of their payroll for the purchase of common stock at 85% of the closing price of the stock on the first day of such quarterly offering or, if lower, 85% of the closing price on the last day of the offering. Due to the discount of 15% offered to employees for purchase of shares under the ESPP, the Company considers such plan as compensatory. The weighted average per share fair values of the purchase rights granted under the ESPP during the years ended December 31, 2013 and 2012 was $9.61 and $10.29, respectively. | |||||||||||||
Employee Benefit Plans | |||||||||||||
As of December 31, 2013, the Company has responsibility for a defined benefit plan that covered 20 active non-supervisory Canadian employees. For the years ended December 31, 2013, 2012 and 2011, net periodic pension cost was $0.3 million, $0.3 million and $0.2 million, respectively. At December 31, 2013, the fair value of the Company's plan assets was $9.5 million. The fair value of $7.6 million of these plan assets was considered a Level 1 measure and the fair value of $1.9 million of these plan assets was considered a Level 2 measure, according to the fair value hierarchy. At December 31, 2012, the fair value of the Company's plan assets was $8.6 million. The fair value of $6.5 million of these plan assets was considered a Level 1 measure and the fair value of $2.1 million of these plan assets was considered a Level 2 measure, according to the fair value hierarchy. As of December 31, 2013 and 2012, the projected benefit obligation was $10.3 million and $9.9 million, respectively. | |||||||||||||
The Company has a profit-sharing plan under Section 401(k) of the Internal Revenue Code covering substantially all U.S. employees and a Canadian registered retired savings plan covering all Canadian employees. Both plans allow employees to make contributions up to a specified percentage of their compensation. The Company makes discretionary partial matching contributions established annually by the Board of Directors. The Company expensed $8.9 million, $4.8 million, and $3.9 million for the years ended December 31, 2013, 2012 and 2011, respectively, related to the U.S. plan and $3.1 million, $2.1 million and $1.6 million for the years ended December 31, 2013, 2012 and 2011, respectively, related to the Canadian plan. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
COMMITMENTS AND CONTINGENCIES | ' | |||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
Legal and Administrative Proceedings | ||||||||
The Company and its subsidiaries are subject to legal proceedings and claims arising in the ordinary course of business. Actions filed against the Company arise from commercial and employment-related claims including alleged class actions related to sales practices and wage and hour claims. The plaintiffs in these actions may be seeking damages or injunctive relief or both. These actions are in various jurisdictions and stages of proceedings, and some are covered in part by insurance. In addition, the Company’s waste management services operations are regulated by federal, state, provincial and local laws enacted to regulate discharge of materials into the environment, remediation of contaminated soil and groundwater or otherwise protect the environment. This ongoing regulation results in the Company frequently becoming a party to legal or administrative proceedings involving all levels of governmental authorities and other interested parties. The issues involved in such proceedings generally relate to alleged violations of existing permits and licenses or alleged responsibility under federal or state Superfund laws to remediate contamination at properties owned either by the Company or by other parties (“third party sites”) to which either the Company or the prior owners of certain of the Company’s facilities shipped wastes. | ||||||||
At December 31, 2013 and December 31, 2012, the Company had recorded reserves of $41.7 million and $38.6 million, respectively, in the Company's financial statements for actual or probable liabilities related to the legal and administrative proceedings in which the Company was then involved, the principal of which are described below. At December 31, 2013 and December 31, 2012, the Company also believed that it was reasonably possible that the amount of these potential liabilities could be as much as $3.5 million more. The Company periodically adjusts the aggregate amount of these reserves when actual or probable liabilities are paid or otherwise discharged, new claims arise, or additional relevant information about existing or probable claims becomes available. As of December 31, 2013, the $41.7 million of reserves consisted of (i) $34.6 million related to pending legal or administrative proceedings, including Superfund liabilities, which were included in remedial liabilities on the consolidated balance sheets, and (ii) $7.1 million primarily related to federal and state enforcement actions, which were included in accrued expenses on the consolidated balance sheets. The reasonably possible additional liability amounts resulting from the legal or administrative proceedings discussed below included $3.5 million related to remedial liabilities which was included in the reasonably possible additional liability amounts in the tables under the column heading "Remedial Liabilities (Including Superfund Liabilities) for Non-Landfill Operations" in Note 9, "Remedial Liabilities." | ||||||||
As of December 31, 2013, the principal legal and administrative proceedings in which the Company was involved, or which had been terminated during 2013, were as follows: | ||||||||
Ville Mercier. In September 2002, the Company acquired the stock of a subsidiary (the "Mercier Subsidiary") which owns a hazardous waste incinerator in Ville Mercier, Quebec (the "Mercier Facility"). The property adjacent to the Mercier Facility, which is also owned by the Mercier Subsidiary, is now contaminated as a result of actions dating back to 1968, when the Government of Quebec issued to a company unrelated to the Mercier Subsidiary two permits to dump organic liquids into lagoons on the property. In 1999, Ville Mercier and three neighboring municipalities filed separate legal proceedings against the Mercier Subsidiary and the Government of Quebec. In 2012, the municipalities amended their existing statement of claim to seek $2.9 million (cdn) in general damages and $10.0 million (cdn) in punitive damages, plus interest and costs, as well as injunctive relief. Both the Government of Quebec and the Company have filed summary judgment motions against the municipalities that are scheduled to be heard in September of 2014. In September 2007, the Quebec Minister of Sustainable Development, Environment and Parks issued a Notice pursuant to Section 115.1 of the Environment Quality Act, superseding Notices issued in 1992, which are the subject of the pending litigation. The more recent Notice notifies the Mercier Subsidiary that, if the Mercier Subsidiary does not take certain remedial measures at the site, the Minister intends to undertake those measures at the site and claim direct and indirect costs related to such measures. | ||||||||
The Mercier Subsidiary continues to assert that it has no responsibility for the groundwater contamination in the region and will contest any action by the Ministry to impose costs for remedial measures on the Mercier Subsidiary. The Company also continues to pursue settlement options. At December 31, 2013 and December 31, 2012, the Company had accrued $13.6 million and $14.2 million, respectively, for remedial liabilities relating to the Ville Mercier legal proceedings. The decrease was primarily due to a weakening of the Canadian dollar. | ||||||||
Safety-Kleen Legal Proceedings. On December 28, 2012, the Company acquired Safety-Kleen and thereby became subject to the legal proceedings in which Safety-Kleen was a party on that date. In addition to certain Superfund proceedings in which Safety-Keen has been named as a potentially responsible party as described below under “Superfund Proceedings,” the principal such legal proceedings involving Safety-Kleen which were outstanding as of December 31, 2013 were as follows: | ||||||||
Product Liability Cases. Safety-Kleen is named as a defendant in various lawsuits that are currently pending in various courts and jurisdictions throughout the United States, including approximately 66 proceedings (excluding cases which have been settled but not formally dismissed) as of December 31, 2013, wherein persons claim personal injury resulting from the use of Safety-Kleen's parts cleaning equipment or cleaning products. These proceedings typically involve allegations that the solvent used in Safety-Kleen's parts cleaning equipment contains contaminants and/or that Safety-Kleen's recycling process does not effectively remove the contaminants that become entrained in the solvent during their use. In addition, certain claimants assert that Safety-Kleen failed to warn adequately the product user of potential risks, including an historic failure to warn that solvent contains trace amounts of toxic or hazardous substances such as benzene. Safety-Kleen maintains insurance that it believes will provide coverage for these claims (over amounts accrued for self-insured retentions and deductibles in certain limited cases), except for punitive damages to the extent not insurable under state law or excluded from insurance coverage. Safety-Kleen believes that these claims lack merit and has historically vigorously defended, and intends to continue to vigorously defend, itself and the safety of its products against all of these claims. Such matters are subject to many uncertainties and outcomes are not predictable with assurance. Consequently, Safety-Kleen is unable to ascertain the ultimate aggregate amount of monetary liability or financial impact with respect to these matters as of December 31, 2013. From December 31, 2012 to December 31, 2013, 26 product liability claims were settled or dismissed. Due to the nature of these claims and the related insurance, Safety-Kleen did not incur any expense as Safety-Kleen's insurance provided coverage in full for all such claims. Safety-Kleen may be named in similar, additional lawsuits in the future, including claims for which insurance coverage may not be available. | ||||||||
Fee Class Action Claims. In October 2010, two customers filed a complaint, individually and on behalf of all similarly situated customers in the State of Alabama, alleging that Safety-Kleen improperly assessed fuel surcharges and extended area service fees. Safety-Kleen disputes the basis of the claims on numerous grounds, including that Safety-Kleen has contracts with numerous customers authorizing the assessment of such fees and that in cases where no contract exists Safety-Kleen provides customers with a document at the time of service reflecting the assessment of the fee, followed by an invoice itemizing the fee. It is Safety-Kleen's position that it had the right to assess fuel surcharges, that the customers consented to the charges and that the surcharges were voluntarily paid by the customers when presented with an invoice. The lawsuit is still in its initial stages of discovery, with the focus being whether a class will be certified. The class certification-related fact discovery cutoff was September 4, 2013, and a hearing on class certification is now scheduled to be held in early to mid-2014. The plaintiff has filed a motion to extend the discovery cutoff and trial date, but the court has not ruled on these requests. In late June 2012, a nearly identical lawsuit was filed by the same law firm on behalf of a California-based customer. That lawsuit contends, under various state law theories, that Safety-Kleen impermissibly assessed fuel surcharges and late payment fees and seeks certification of a class of California customers only. Safety-Kleen will assert the same defenses as in the Alabama litigation. In December 2012, a similar suit was filed by the same law firm on behalf of a Missouri-based customer which contends under various state law theories that Safety-Kleen impermissibly assessed fuel surcharges and seeks certification of a class of Missouri customers only. Safety-Kleen will assert the same defenses as in the Alabama and California cases. The Company is unable to ascertain the ultimate aggregate amount of monetary liability or financial impact with respect to these matters as of December 31, 2013, and no reserve has been recorded. | ||||||||
Superfund Proceedings | ||||||||
The Company has been notified that either the Company (which, since December 28, 2012, includes Safety-Kleen) or the prior owners of certain of the Company's facilities for which the Company may have certain indemnification obligations have been identified as potentially responsible parties ("PRPs") or potential PRPs in connection with 123 sites which are subject to or are proposed to become subject to proceedings under federal or state Superfund laws. Of the 123 sites, two (the Wichita Facility and the BR Facility described below) involve facilities that are now owned by the Company and 121 involve third party sites to which either the Company or the prior owners of certain of the Company’s facilities shipped wastes. Of the 121 third party sites, 20 are currently requiring expenditures on remediation, 29 are now settled, and 72 are not currently requiring expenditures on remediation. | ||||||||
In connection with each site, the Company has estimated the extent, if any, to which it may be subject, either directly or as a result of any indemnification obligations, for cleanup and remediation costs, related legal and consulting costs associated with PRP investigations, settlements, and related legal and administrative proceedings. The amount of such actual and potential liability is inherently difficult to estimate because of, among other relevant factors, uncertainties as to the legal liability (if any) of the Company or the prior owners of certain of the Company's facilities to contribute a portion of the cleanup costs, the assumptions that must be made in calculating the estimated cost and timing of remediation, the identification of other PRPs and their respective capability and obligation to contribute to remediation efforts, and the existence and legal standing of indemnification agreements (if any) with prior owners, which may either benefit the Company or subject the Company to potential indemnification obligations. In addition to the Wichita Property and the BR Facility, Clean Harbors believes its potential liability could exceed $100,000 at 16 of the 121 third party sites. | ||||||||
Wichita Property. The Company acquired in 2002 as part of the CSD assets a service center located in Wichita, Kansas (the "Wichita Property"). The Wichita Property is one of several properties located within the boundaries of a 1,400 acre state-designated Superfund site in an old industrial section of Wichita known as the North Industrial Corridor Site. Along with numerous other PRPs, the former owner executed a consent decree relating to such site with the U.S. Environmental Protection Agency (the "EPA"), and the Company is continuing an ongoing remediation program for the Wichita Property in accordance with that consent decree. The Company also acquired rights under an indemnification agreement between the former owner and an earlier owner of the Wichita Property which the Company anticipates but cannot guarantee will be available to reimburse certain such cleanup costs. | ||||||||
BR Facility. The Company acquired in 2002 a former hazardous waste incinerator and landfill in Baton Rouge (the "BR Facility"), for which operations had been previously discontinued by the prior owner. In September 2007, the EPA issued a special notice letter to the Company related to the Devil's Swamp Lake Site ("Devil's Swamp") in East Baton Rouge Parish, Louisiana. Devil's Swamp includes a lake located downstream of an outfall ditch where wastewater and stormwater have been discharged, and Devil's Swamp is proposed to be included on the National Priorities List due to the presence of Contaminants of Concern ("COC") cited by the EPA. These COCs include substances of the kind found in wastewater and storm water discharged from the BR Facility in past operations. The EPA originally requested COC generators to submit a good faith offer to conduct a remedial investigation feasibility study directed towards the eventual remediation of the site. The Company is currently performing corrective actions at the BR Facility under an order issued by the Louisiana Department of Environmental Quality (the "LDEQ"), and has begun conducting the remedial investigation and feasibility study under an order issued by the EPA. The Company cannot presently estimate the potential additional liability for the Devil's Swamp cleanup until a final remedy is selected by the EPA. | ||||||||
Third Party Sites. Of the 121 third party sites at which the Company has been notified it is a PRP or potential PRP or may have indemnification obligations, Clean Harbors has an indemnification agreement at 11 of these sites with ChemWaste, a former subsidiary of Waste Management, Inc., and at five additional of these third party sites, Safety-Kleen has a similar indemnification agreement with McKesson Corporation. These agreements indemnify the Company (which now includes Safety-Kleen) with respect to any liability at the 16 sites for waste disposed prior to the Company's (or Safety-Kleen's) acquisition of the former subsidiaries of Waste Management or McKesson which had shipped wastes to those sites. Accordingly, Waste Management or McKesson are paying all costs of defending those subsidiaries in those 16 cases, including legal fees and settlement costs. However, there can be no guarantee that the Company's ultimate liabilities for those sites will not exceed the amount recorded or that indemnities applicable to any of these sites will be available to pay all or a portion of related costs. Except for the indemnification agreements which the Company holds from ChemWaste and McKesson, the Company does not have an indemnity agreement with respect to any of the 121 third party sites discussed above. | ||||||||
Federal, State and Provincial Enforcement Actions | ||||||||
From time to time, the Company pays fines or penalties in regulatory proceedings relating primarily to waste treatment, storage or disposal facilities. As of December 31, 2013 and 2012, there were five and four proceedings, respectively, for which the Company reasonably believed that the sanctions could equal or exceed $100,000. The Company believes that the fines or other penalties in these or any of the other regulatory proceedings will, individually or in the aggregate, not have a material effect on its financial condition, results of operations or cash flows. | ||||||||
Leases | ||||||||
The Company leases facilities, service centers and personal property under certain operating leases. Some of these lease agreements contain an escalation clause for increased taxes and operating expenses and are renewable at the option of the Company. The Company also leases certain equipment under capital lease obligations, which consists primarily of rolling stock and laboratory equipment. Lease terms range from one to 25 years. The following is a summary of future minimum payments under capital and operating leases that have initial or remaining noncancelable lease terms in excess of one year at December 31, 2013 (in thousands): | ||||||||
Year | Total | Total | ||||||
Capital | Operating | |||||||
Leases | Leases | |||||||
2014 | $ | 1,472 | $ | 46,222 | ||||
2015 | 1,458 | 35,875 | ||||||
2016 | — | 27,891 | ||||||
2017 | — | 20,433 | ||||||
2018 | — | 14,571 | ||||||
Thereafter | — | 30,606 | ||||||
Total minimum lease payments | 2,930 | $ | 175,598 | |||||
Less: imputed interest at interest rates ranging from 4.0% to 16.0% | 166 | |||||||
Present value of future minimum lease payments | 2,764 | |||||||
Less: current portion of capital lease obligations | 1,329 | |||||||
Long-term capital lease obligations | $ | 1,435 | ||||||
During the years ended December 31, 2013, 2012 and 2011, rent expense including short-term rentals was approximately $124.4 million, $102.9 million, and $86.7 million, respectively. | ||||||||
Other Contingencies | ||||||||
Under the Company's insurance programs, coverage is obtained for catastrophic exposures, as well as those risks required to be insured by law or contract. The Company's policy is to retain a significant portion of certain expected losses related primarily to workers' compensation, health insurance, comprehensive general, environmental impairment and vehicle liability. Provisions for losses expected under these programs are recorded based upon the Company's estimates of the aggregate liability for claims. The deductible per participant per year for the health insurance policy ranges from $0.25 million to $0.275 million. The deductible per occurrence for workers' compensation is $1.0 million, general liability is $2.0 million and vehicle liability is $2.0 million. The retention per claim for the environmental impairment policy is $1.0 million. At December 31, 2013 and 2012, the Company had accrued $33.1 million and $35.1 million, respectively, for its self-insurance liabilities (exclusive of health insurance) using a risk-free discount rate of 0.9% and 0.5%, respectively. Actual expenditures in future periods can differ materially from accruals based on estimates. | ||||||||
Anticipated payments at December 31, 2013 for each of the next five years and thereafter are as follows (in thousands): | ||||||||
Years ending December 31, | ||||||||
2014 | $ | 12,581 | ||||||
2015 | 7,549 | |||||||
2016 | 5,820 | |||||||
2017 | 2,618 | |||||||
2018 | 2,183 | |||||||
Thereafter | 2,862 | |||||||
Undiscounted self-insurance liabilities | 33,613 | |||||||
Less: Discount | 469 | |||||||
Total self-insurance liabilities (included in accrued expenses) | $ | 33,144 | ||||||
SEGMENT_REPORTING
SEGMENT REPORTING | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||
SEGMENT REPORTING | ' | |||||||||||||||||||||||||||
SEGMENT REPORTING | ||||||||||||||||||||||||||||
During 2013, the Company’s operations were managed in five reportable segments: Technical Services, Oil Re-refining and Recycling, SK Environmental Services, Industrial and Field Services and Oil and Gas Field Services. Performance of the segments is evaluated on several factors, of which the primary financial measure is "Adjusted EBITDA," which consists of net income plus accretion of environmental liabilities, depreciation and amortization, net interest expense, and provision for income taxes. Also excluded are other expense (income), loss on early extinguishment of debt and pre-tax, non-cash acquisition accounting inventory adjustments as these amounts are not considered part of usual business operations. Transactions between the segments are accounted for at the Company's estimate based on similar transactions with outside customers. | ||||||||||||||||||||||||||||
The operations not managed through the Company's five reportable segments are recorded as "Corporate Items." Corporate Items revenues consist of two different operations for which the revenues are insignificant. Corporate Items cost of revenues represents certain central services that are not allocated to the five segments for internal reporting purposes. Corporate Items selling, general and administrative expenses include typical corporate items such as legal, accounting and other items of a general corporate nature that are not allocated to the Company's five segments. | ||||||||||||||||||||||||||||
As stated in Note 3, “Business Combinations,” no revenue, expense, income or loss of Safety-Kleen was included in the Company's consolidated results of operations for the year ended December 31, 2012 due to the immateriality of the operating results subsequent to the December 28, 2012 acquisition date. In addition, the December 31, 2012 balance sheet has been adjusted for purchase price measurement period adjustments related to the Safety-Kleen acquisition and has been labeled "As Adjusted." | ||||||||||||||||||||||||||||
The following table reconciles third party revenues to direct revenues for the years ended December 31, 2013, 2012 and 2011 (in thousands). Third party revenue is revenue billed to outside customers by a particular segment. Direct revenue is the revenue allocated to the segment performing the provided service. The Company analyzes results of operations based on direct revenues because the Company believes that these revenues and related expenses best reflect the manner in which operations are managed. Intersegment revenues represent the sharing of third party revenues among the segments based on products and services provided by each segment as if the products and services were sold directly to the third party. The intersegment revenues are shown net. The negative intersegment revenues are due to more transfers out of customer revenues to other segments than transfers in of revenues from other segments. | ||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Technical | Oil Re-refining and Recycling | SK Environmental Services | Industrial | Oil and Gas Field | Corporate | Totals | ||||||||||||||||||||||
Services | and Field Services | Services | Items | |||||||||||||||||||||||||
Third party revenues | $ | 1,023,926 | $ | 583,567 | $ | 610,076 | $ | 908,556 | $ | 392,472 | $ | (8,941 | ) | $ | 3,509,656 | |||||||||||||
Intersegment revenues, net | 120,382 | (246,586 | ) | 160,585 | (41,751 | ) | 7,370 | — | — | |||||||||||||||||||
Corporate Items, net | 3,507 | — | 84 | 174 | (342 | ) | (3,423 | ) | — | |||||||||||||||||||
Direct revenues | $ | 1,147,815 | $ | 336,981 | $ | 770,745 | $ | 866,979 | $ | 399,500 | $ | (12,364 | ) | $ | 3,509,656 | |||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
Technical | Oil Re-refining and Recycling | SK Environmental Services | Industrial | Oil and Gas Field | Corporate | Totals | ||||||||||||||||||||||
Services | and Field Services | Services | Items | |||||||||||||||||||||||||
Third party revenues | $ | 957,764 | $ | — | $ | — | $ | 828,119 | $ | 400,549 | $ | 1,476 | $ | 2,187,908 | ||||||||||||||
Intersegment revenues, net | 31,637 | — | — | (40,930 | ) | 9,293 | — | — | ||||||||||||||||||||
Corporate Items, net | 2,295 | — | — | 64 | (489 | ) | (1,870 | ) | — | |||||||||||||||||||
Direct revenues | $ | 991,696 | $ | — | $ | — | $ | 787,253 | $ | 409,353 | $ | (394 | ) | $ | 2,187,908 | |||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||||||
Technical | Oil Re-refining and Recycling | SK Environmental Services | Industrial | Oil and Gas Field | Corporate | Totals | ||||||||||||||||||||||
Services | and Field Services (1) | Services | Items | |||||||||||||||||||||||||
Third party revenues | $ | 910,896 | $ | — | $ | — | $ | 731,626 | $ | 340,563 | $ | 1,051 | $ | 1,984,136 | ||||||||||||||
Intersegment revenues, net | 32,340 | — | — | (35,370 | ) | 3,030 | — | — | ||||||||||||||||||||
Corporate Items, net | 2,505 | — | — | (363 | ) | (401 | ) | (1,741 | ) | — | ||||||||||||||||||
Direct revenues | $ | 945,741 | $ | — | $ | — | $ | 695,893 | $ | 343,192 | $ | (690 | ) | $ | 1,984,136 | |||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||
-1 | During the year ended December 31, 2011, third party revenues for the Industrial and Field Services segment included revenues of $43.6 million associated with the oil spill response efforts in Montana. | |||||||||||||||||||||||||||
The following table presents information used by management by reported segment (in thousands). The Company does not allocate interest expense, income taxes, depreciation, amortization, accretion of environmental liabilities, other (income) expense, and loss on early extinguishment of debt to segments. | ||||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Adjusted EBITDA: | ||||||||||||||||||||||||||||
Technical Services | $ | 285,520 | $ | 249,829 | $ | 240,494 | ||||||||||||||||||||||
Oil Re-refining and Recycling | 57,314 | — | — | |||||||||||||||||||||||||
SK Environmental Services | 112,413 | — | — | |||||||||||||||||||||||||
Industrial and Field Services | 176,952 | 158,931 | 136,380 | |||||||||||||||||||||||||
Oil and Gas Field Services | 68,063 | 77,048 | 77,870 | |||||||||||||||||||||||||
Corporate Items | (190,157 | ) | (112,041 | ) | (104,736 | ) | ||||||||||||||||||||||
Total | 510,105 | 373,767 | 350,008 | |||||||||||||||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||||||||||
Pre-tax, non-cash acquisition accounting inventory adjustment | 13,559 | — | — | |||||||||||||||||||||||||
Accretion of environmental liabilities | 11,541 | 9,917 | 9,680 | |||||||||||||||||||||||||
Depreciation and amortization | 264,449 | 161,646 | 122,663 | |||||||||||||||||||||||||
Income from operations | 220,556 | 202,204 | 217,665 | |||||||||||||||||||||||||
Other (income) expense | (1,705 | ) | 802 | (6,402 | ) | |||||||||||||||||||||||
Loss on early extinguishment of debt | — | 26,385 | — | |||||||||||||||||||||||||
Interest expense, net of interest income | 78,376 | 47,287 | 39,389 | |||||||||||||||||||||||||
Income from operations before provision (benefit) for income taxes | $ | 143,885 | $ | 127,730 | $ | 184,678 | ||||||||||||||||||||||
Revenue, property, plant and equipment and intangible assets outside of the United States | ||||||||||||||||||||||||||||
For the year ended December 31, 2013, the Company generated $2,376.2 million or 67.7% of revenues in the United States and Puerto Rico, $1,125.0 million or 32.1% of revenues in Canada, and less than 1.0% of revenues in other international locations. For the year ended December 31, 2012, the Company generated $1,254.2 million or 57.3% of revenues in the United States and Puerto Rico, $933.0 million or 42.6% of revenues in Canada, and less than 1.0% of revenues in other international locations. For the year ended December 31, 2011, the Company generated $1,149.4 million or 57.9% of revenues in the United States and Puerto Rico, $833.6 million or 42.0% of revenues in Canada, and less than 1.0% of revenues in other international locations. | ||||||||||||||||||||||||||||
As of December 31, 2013, the Company had property, plant and equipment, net of depreciation and amortization of $1,602.2 million, and permits and other intangible assets of $570.0 million. Of these totals, $652.0 million or 40.7% of property, plant and equipment and $110.8 million or 19.4% of permits and other intangible assets were in Canada, with the balance being in the United States and Puerto Rico (except for insignificant assets in other foreign countries). As of December 31, 2012, the Company had property, plant and equipment, net of depreciation and amortization of $1,533.1 million, and permits and other intangible assets of $590.0 million. Of these totals, $642.1 million or 41.9% of property, plant and equipment and $74.1 million or 12.6% of permits and other intangible assets were in Canada, with the balance being in the United States and Puerto Rico (except for insignificant assets in other foreign countries). | ||||||||||||||||||||||||||||
The purchase price measurement period adjustments related to the Safety-Kleen acquisition have been reflected in the December 31, 2012 amounts presented below. | ||||||||||||||||||||||||||||
The following table presents assets by reported segment and in the aggregate (in thousands). | ||||||||||||||||||||||||||||
December 31, 2013 | 31-Dec-12 | |||||||||||||||||||||||||||
(As Adjusted) | ||||||||||||||||||||||||||||
Property, plant and equipment, net | ||||||||||||||||||||||||||||
Technical Services | $ | 400,544 | $ | 405,447 | ||||||||||||||||||||||||
Oil Re-refining and Recycling | 211,513 | 178,210 | ||||||||||||||||||||||||||
SK Environmental Services | 239,596 | 239,993 | ||||||||||||||||||||||||||
Industrial and Field Services | 405,327 | 371,386 | ||||||||||||||||||||||||||
Oil and Gas Field Services | 237,335 | 257,985 | ||||||||||||||||||||||||||
Corporate Items | 107,855 | 80,032 | ||||||||||||||||||||||||||
Total property, plant and equipment, net | $ | 1,602,170 | $ | 1,533,053 | ||||||||||||||||||||||||
Intangible assets: | ||||||||||||||||||||||||||||
Technical Services | ||||||||||||||||||||||||||||
Goodwill | $ | 45,599 | $ | 45,991 | ||||||||||||||||||||||||
Permits and other intangibles, net | 80,302 | 86,403 | ||||||||||||||||||||||||||
Total Technical Services | 125,901 | 132,394 | ||||||||||||||||||||||||||
Oil Re-refining and Recycling | ||||||||||||||||||||||||||||
Goodwill | 171,161 | 173,158 | ||||||||||||||||||||||||||
Permits and other intangibles, net | 160,807 | 151,840 | ||||||||||||||||||||||||||
Total Oil Re-refining and Recycling Services | 331,968 | 324,998 | ||||||||||||||||||||||||||
SK Environmental Services | ||||||||||||||||||||||||||||
Goodwill | 172,308 | 174,089 | ||||||||||||||||||||||||||
Permits and other intangibles, net | 265,104 | 277,460 | ||||||||||||||||||||||||||
Total SK Environmental Services | 437,412 | 451,549 | ||||||||||||||||||||||||||
Industrial and Field Services | ||||||||||||||||||||||||||||
Goodwill | 144,385 | 146,715 | ||||||||||||||||||||||||||
Permits and other intangibles, net | 35,332 | 41,163 | ||||||||||||||||||||||||||
Total Industrial and Field Services | 179,717 | 187,878 | ||||||||||||||||||||||||||
Oil and Gas Field Services | ||||||||||||||||||||||||||||
Goodwill | 37,507 | 39,762 | ||||||||||||||||||||||||||
Permits and other intangibles, net | 28,428 | 33,178 | ||||||||||||||||||||||||||
Total Oil and Gas Field Services | 65,935 | 72,940 | ||||||||||||||||||||||||||
Total | $ | 1,140,933 | $ | 1,169,759 | ||||||||||||||||||||||||
The following table presents the total assets by reported segment (in thousands). | ||||||||||||||||||||||||||||
December 31, 2013 | 31-Dec-12 | |||||||||||||||||||||||||||
(As Adjusted) | ||||||||||||||||||||||||||||
Technical Services | $ | 699,675 | $ | 716,309 | ||||||||||||||||||||||||
Oil Re-Recycling and Refining | 643,256 | 636,745 | ||||||||||||||||||||||||||
SK Environmental Services | 774,401 | 815,446 | ||||||||||||||||||||||||||
Industrial and Field Services | 634,541 | 612,664 | ||||||||||||||||||||||||||
Oil and Gas Field Services | 395,805 | 348,771 | ||||||||||||||||||||||||||
Corporate Items | 806,000 | 708,151 | ||||||||||||||||||||||||||
Total | $ | 3,953,678 | $ | 3,838,086 | ||||||||||||||||||||||||
The following table presents the total assets by geographical area (in thousands). | ||||||||||||||||||||||||||||
December 31, 2013 | 31-Dec-12 | |||||||||||||||||||||||||||
(As Adjusted) | ||||||||||||||||||||||||||||
United States | $ | 2,684,686 | $ | 2,555,926 | ||||||||||||||||||||||||
Canada | 1,266,505 | 1,281,384 | ||||||||||||||||||||||||||
Other foreign | 2,487 | 776 | ||||||||||||||||||||||||||
Total | $ | 3,953,678 | $ | 3,838,086 | ||||||||||||||||||||||||
GUARANTOR_AND_NONGUARANTOR_SUB
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Guarantor and Non-Guarantor Subsidiaries Financial Information [Abstract] | ' | |||||||||||||||||||
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES | ' | |||||||||||||||||||
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES | ||||||||||||||||||||
The 2020 Notes and the 2021 Notes are, and the 2016 Notes were, guaranteed by substantially all of the Company’s subsidiaries organized in the United States. Each guarantor for the 2020 Notes and the 2021 Notes is, and for the 2016 Notes was, a 100% owned subsidiary of the Company and its guarantee is, or was, both full and unconditional and joint and several. The 2020 Notes and the 2021 Notes are, and the 2016 Notes were, not guaranteed by the Company’s Canadian or other foreign subsidiaries. The following presents supplemental condensed consolidating financial information for the parent company, the guarantor subsidiaries and the non-guarantor subsidiaries, respectively. | ||||||||||||||||||||
Following is the condensed consolidating balance sheet at December 31, 2013 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,006 | $ | 235,445 | $ | 73,622 | $ | — | $ | 310,073 | ||||||||||
Intercompany receivables | 269,580 | 2,448 | 230,224 | (502,252 | ) | — | ||||||||||||||
Accounts receivable, net | — | 387,006 | 192,388 | — | 579,394 | |||||||||||||||
Other current assets | 24,087 | 182,881 | 74,744 | — | 281,712 | |||||||||||||||
Property, plant and equipment, net | — | 945,280 | 656,890 | — | 1,602,170 | |||||||||||||||
Investments in subsidiaries | 2,683,158 | 967,186 | 144,953 | (3,795,297 | ) | — | ||||||||||||||
Intercompany debt receivable | — | 493,402 | 3,701 | (497,103 | ) | — | ||||||||||||||
Goodwill | — | 415,541 | 155,419 | — | 570,960 | |||||||||||||||
Permits and other intangibles, net | — | 458,917 | 111,056 | — | 569,973 | |||||||||||||||
Other long-term assets | 23,770 | 7,018 | 8,608 | — | 39,396 | |||||||||||||||
Total assets | $ | 3,001,601 | $ | 4,095,124 | $ | 1,651,605 | $ | (4,794,652 | ) | $ | 3,953,678 | |||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||
Current liabilities | $ | 33,626 | $ | 466,454 | $ | 139,465 | $ | — | $ | 639,545 | ||||||||||
Intercompany payables | — | 499,749 | 2,503 | (502,252 | ) | — | ||||||||||||||
Closure, post-closure and remedial liabilities, net | — | 158,298 | 31,814 | — | 190,112 | |||||||||||||||
Long-term obligations | 1,400,000 | — | — | — | 1,400,000 | |||||||||||||||
Capital lease obligations, net | — | 191 | 1,244 | — | 1,435 | |||||||||||||||
Intercompany debt payable | 3,701 | — | 493,402 | (497,103 | ) | — | ||||||||||||||
Other long-term liabilities | 88,635 | 103,125 | 55,187 | — | 246,947 | |||||||||||||||
Total liabilities | 1,525,962 | 1,227,817 | 723,615 | (999,355 | ) | 2,478,039 | ||||||||||||||
Stockholders' equity | 1,475,639 | 2,867,307 | 927,990 | (3,795,297 | ) | 1,475,639 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 3,001,601 | $ | 4,095,124 | $ | 1,651,605 | $ | (4,794,652 | ) | $ | 3,953,678 | |||||||||
Following is the condensed consolidating balance sheet at December 31, 2012 as adjusted (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 35,214 | $ | 140,683 | $ | 53,939 | $ | — | $ | 229,836 | ||||||||||
Intercompany receivables | 296,023 | 17,704 | 116,571 | (430,298 | ) | — | ||||||||||||||
Accounts receivable, net | — | 345,891 | 200,245 | — | 546,136 | |||||||||||||||
Other current assets | 38,295 | 186,640 | 94,352 | — | 319,287 | |||||||||||||||
Property, plant and equipment, net | — | 881,975 | 651,078 | — | 1,533,053 | |||||||||||||||
Investments in subsidiaries | 2,528,699 | 850,011 | 144,953 | (3,523,663 | ) | — | ||||||||||||||
Intercompany debt receivable | — | 508,067 | 3,701 | (511,768 | ) | — | ||||||||||||||
Goodwill | — | 413,362 | 166,353 | — | 579,715 | |||||||||||||||
Permits and other intangibles, net | — | 464,455 | 125,589 | — | 590,044 | |||||||||||||||
Other long-term assets | 21,141 | 9,125 | 9,749 | — | 40,015 | |||||||||||||||
Total assets | $ | 2,919,372 | $ | 3,817,913 | $ | 1,566,530 | $ | (4,465,729 | ) | $ | 3,838,086 | |||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||
Current liabilities | $ | 32,586 | $ | 417,429 | $ | 138,651 | $ | — | $ | 588,666 | ||||||||||
Intercompany payables | — | 412,594 | 17,704 | (430,298 | ) | — | ||||||||||||||
Closure, post-closure and remedial liabilities, net | — | 164,506 | 34,551 | — | 199,057 | |||||||||||||||
Long-term obligations | 1,400,000 | — | — | — | 1,400,000 | |||||||||||||||
Capital lease obligations, net | — | 301 | 2,578 | — | 2,879 | |||||||||||||||
Intercompany debt payable | 3,701 | — | 508,067 | (511,768 | ) | — | ||||||||||||||
Other long-term liabilities | 51,013 | 108,694 | 55,705 | — | 215,412 | |||||||||||||||
Total liabilities | 1,487,300 | 1,103,524 | 757,256 | (942,066 | ) | 2,406,014 | ||||||||||||||
Stockholders' equity | 1,432,072 | 2,714,389 | 809,274 | (3,523,663 | ) | 1,432,072 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 2,919,372 | $ | 3,817,913 | $ | 1,566,530 | $ | (4,465,729 | ) | $ | 3,838,086 | |||||||||
Following is the consolidating statement of income for the year ended December 31, 2013 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | $ | — | $ | 1,754,356 | $ | 989,620 | $ | (14,771 | ) | $ | 2,729,205 | |||||||||
Product revenues | — | 611,548 | 173,127 | (4,224 | ) | 780,451 | ||||||||||||||
Total revenues | — | 2,365,904 | 1,162,747 | (18,995 | ) | 3,509,656 | ||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 1,187,946 | 701,273 | (14,771 | ) | 1,874,448 | ||||||||||||||
Product cost of revenues | — | 524,318 | 148,091 | (4,224 | ) | 668,185 | ||||||||||||||
Total cost of revenues | — | 1,712,264 | 849,364 | (18,995 | ) | 2,542,633 | ||||||||||||||
Selling, general and administrative expenses | 109 | 352,387 | 117,981 | — | 470,477 | |||||||||||||||
Accretion of environmental liabilities | — | 9,817 | 1,724 | — | 11,541 | |||||||||||||||
Depreciation and amortization | — | 169,629 | 94,820 | — | 264,449 | |||||||||||||||
Income from operations | (109 | ) | 121,807 | 98,858 | — | 220,556 | ||||||||||||||
Other income (expense) | — | 3,211 | (1,506 | ) | — | 1,705 | ||||||||||||||
Interest (expense) income, net | (79,017 | ) | 224 | 417 | — | (78,376 | ) | |||||||||||||
Equity in earnings of subsidiaries | 184,498 | 79,427 | — | (263,925 | ) | — | ||||||||||||||
Intercompany dividend income (expense) | — | — | 13,292 | (13,292 | ) | — | ||||||||||||||
Intercompany interest income (expense) | — | 40,304 | (40,304 | ) | — | — | ||||||||||||||
Income (loss) before provision for income taxes | 105,372 | 244,973 | 70,757 | (277,217 | ) | 143,885 | ||||||||||||||
Provision for income taxes | 9,806 | 23,113 | 15,400 | — | 48,319 | |||||||||||||||
Net income (loss) | 95,566 | 221,860 | 55,357 | (277,217 | ) | 95,566 | ||||||||||||||
Other comprehensive (loss) income | (69,188 | ) | (69,188 | ) | 39,519 | 29,669 | (69,188 | ) | ||||||||||||
Comprehensive income (loss) | $ | 26,378 | $ | 152,672 | $ | 94,876 | $ | (247,548 | ) | $ | 26,378 | |||||||||
Following is the consolidating statement of income for the year ended December 31, 2012 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | — | 1,155,993 | 927,240 | (20,073 | ) | 2,063,160 | ||||||||||||||
Product revenues | — | 87,460 | 38,500 | (1,212 | ) | 124,748 | ||||||||||||||
Total revenues | — | 1,243,453 | 965,740 | (21,285 | ) | 2,187,908 | ||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 787,228 | 672,439 | (20,073 | ) | 1,439,594 | ||||||||||||||
Product cost of revenues | — | 70,085 | 32,154 | (1,212 | ) | 101,027 | ||||||||||||||
Total cost of revenues | — | 857,313 | 704,593 | (21,285 | ) | 1,540,621 | ||||||||||||||
Selling, general and administrative expenses | 66 | 173,190 | 100,264 | — | 273,520 | |||||||||||||||
Accretion of environmental liabilities | — | 8,592 | 1,325 | — | 9,917 | |||||||||||||||
Depreciation and amortization | — | 80,154 | 81,492 | — | 161,646 | |||||||||||||||
Income from operations | (66 | ) | 124,204 | 78,066 | — | 202,204 | ||||||||||||||
Other income | — | (154 | ) | (648 | ) | — | (802 | ) | ||||||||||||
Loss on early extinguishment of debt | (26,385 | ) | — | — | — | (26,385 | ) | |||||||||||||
Interest (expense), net | (46,221 | ) | — | (1,066 | ) | — | (47,287 | ) | ||||||||||||
Equity in earnings of subsidiaries | 187,432 | 65,452 | — | (252,884 | ) | — | ||||||||||||||
Intercompany dividend income (expense) | 10,010 | — | 13,805 | (23,815 | ) | — | ||||||||||||||
Intercompany interest income (expense) | — | 41,636 | (41,636 | ) | — | — | ||||||||||||||
Income before provision for income taxes | 124,770 | 231,138 | 48,521 | (276,699 | ) | 127,730 | ||||||||||||||
(Benefit) provision for income taxes | (4,904 | ) | (8,852 | ) | 11,812 | — | (1,944 | ) | ||||||||||||
Net income | 129,674 | 239,990 | 36,709 | (276,699 | ) | 129,674 | ||||||||||||||
Other comprehensive income (loss) | 18,279 | 18,279 | 7,986 | (26,265 | ) | 18,279 | ||||||||||||||
Comprehensive income (loss) | $ | 147,953 | $ | 258,269 | $ | 44,695 | $ | (302,964 | ) | $ | 147,953 | |||||||||
Following is the consolidating statement of income for the year ended December 31, 2011 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | — | 1,055,095 | 854,306 | (26,422 | ) | 1,882,979 | ||||||||||||||
Product revenues | — | 86,840 | 15,737 | (1,420 | ) | 101,157 | ||||||||||||||
Total revenues | — | 1,141,935 | 870,043 | (27,842 | ) | 1,984,136 | ||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 720,189 | 607,596 | (26,422 | ) | 1,301,363 | ||||||||||||||
Product cost of revenues | — | 66,582 | 13,466 | (1,420 | ) | 78,628 | ||||||||||||||
Total cost of revenues | — | 786,771 | 621,062 | (27,842 | ) | 1,379,991 | ||||||||||||||
Selling, general and administrative expenses | 100 | 165,882 | 88,155 | — | 254,137 | |||||||||||||||
Accretion of environmental liabilities | — | 8,442 | 1,238 | — | 9,680 | |||||||||||||||
Depreciation and amortization | — | 58,328 | 64,335 | — | 122,663 | |||||||||||||||
Income from operations | (100 | ) | 122,512 | 95,253 | — | 217,665 | ||||||||||||||
Other income | — | 3,864 | 2,538 | — | 6,402 | |||||||||||||||
Interest (expense) income, net | (38,755 | ) | 18 | (652 | ) | — | (39,389 | ) | ||||||||||||
Equity in earnings of subsidiaries | 174,029 | 84,789 | — | (258,818 | ) | — | ||||||||||||||
Intercompany dividend income (expense) | 10,186 | — | 13,832 | (24,018 | ) | — | ||||||||||||||
Intercompany interest income (expense) | — | 37,870 | (37,870 | ) | — | — | ||||||||||||||
Income from continuing operations before provision for income taxes | 145,360 | 249,053 | 73,101 | (282,836 | ) | 184,678 | ||||||||||||||
Provision for income taxes | 18,108 | 29,341 | 9,977 | — | 57,426 | |||||||||||||||
Net income | 127,252 | 219,712 | 63,124 | (282,836 | ) | 127,252 | ||||||||||||||
Other comprehensive income (loss) | (19,406 | ) | (19,406 | ) | (8,381 | ) | 27,787 | (19,406 | ) | |||||||||||
Comprehensive income (loss) | $ | 107,846 | $ | 200,306 | $ | 54,743 | $ | (255,049 | ) | $ | 107,846 | |||||||||
Following is the condensed consolidating statement of cash flows for the year ended December 31, 2013 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Total | |||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net cash from operating activities | $ | (33,932 | ) | $ | 264,491 | $ | 185,280 | $ | 415,839 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | — | (145,395 | ) | (134,812 | ) | (280,207 | ) | |||||||||||||
Proceeds from sales of fixed assets | — | 1,078 | 3,621 | 4,699 | ||||||||||||||||
Acquisitions, net of cash acquired | (6,025 | ) | (57,239 | ) | — | (63,264 | ) | |||||||||||||
Additions to intangible assets including costs to obtain or renew permits | — | (5,247 | ) | (1,493 | ) | (6,740 | ) | |||||||||||||
Net cash used in investing activities | (6,025 | ) | (206,803 | ) | (132,684 | ) | (345,512 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Change in uncashed checks | — | 9,922 | 2,346 | 12,268 | ||||||||||||||||
Proceeds from exercise of stock options | 400 | — | — | 400 | ||||||||||||||||
Remittance of shares, net | (731 | ) | — | — | (731 | ) | ||||||||||||||
Excess tax benefit of stock-based compensation | 1,409 | — | — | 1,409 | ||||||||||||||||
Deferred financing costs paid | (2,504 | ) | — | — | (2,504 | ) | ||||||||||||||
Proceeds from employee stock purchase plan | 7,425 | — | — | 7,425 | ||||||||||||||||
Payments on capital leases | — | (227 | ) | (4,664 | ) | (4,891 | ) | |||||||||||||
Issuance costs related to issuances of common stock | (250 | ) | — | — | (250 | ) | ||||||||||||||
Dividends (paid)/received | — | (13,545 | ) | 13,545 | — | |||||||||||||||
Interest (payments) / received | — | 40,924 | (40,924 | ) | — | |||||||||||||||
Net cash from financing activities | 5,749 | 37,074 | (29,697 | ) | 13,126 | |||||||||||||||
Effect of exchange rate change on cash | — | — | (3,216 | ) | (3,216 | ) | ||||||||||||||
(Decrease) increase in cash and cash equivalents | (34,208 | ) | 94,762 | 19,683 | 80,237 | |||||||||||||||
Cash and cash equivalents, beginning of year | 35,214 | 140,683 | 53,939 | 229,836 | ||||||||||||||||
Cash and cash equivalents, end of year | $ | 1,006 | $ | 235,445 | $ | 73,622 | $ | 310,073 | ||||||||||||
Following is the condensed consolidating statement of cash flows for the year ended December 31, 2012 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Total | |||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net cash from operating activities | $ | (45,655 | ) | $ | 179,425 | $ | 190,595 | $ | 324,365 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | — | (117,344 | ) | (80,053 | ) | (197,397 | ) | |||||||||||||
Proceeds from sales of fixed assets | — | 3,810 | 4,315 | 8,125 | ||||||||||||||||
Acquisitions, net of cash acquired | (1,257,259 | ) | (63,351 | ) | (53,311 | ) | (1,373,921 | ) | ||||||||||||
Additions to intangible assets including costs to obtain or renew permits | — | (712 | ) | (3,334 | ) | (4,046 | ) | |||||||||||||
Purchase of marketable securities | — | — | (10,517 | ) | (10,517 | ) | ||||||||||||||
Other | — | 500 | 4,620 | 5,120 | ||||||||||||||||
Net cash used in investing activities | (1,257,259 | ) | (177,097 | ) | (138,280 | ) | (1,572,636 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Change in uncashed checks | — | (6,761 | ) | (5,309 | ) | (12,070 | ) | |||||||||||||
Proceeds from exercise of stock options | 288 | — | — | 288 | ||||||||||||||||
Remittance of shares, net | (2,912 | ) | — | — | (2,912 | ) | ||||||||||||||
Excess tax benefit of stock-based compensation | 2,556 | — | — | 2,556 | ||||||||||||||||
Deferred financing costs paid | (19,056 | ) | — | — | (19,056 | ) | ||||||||||||||
Proceeds from employee stock purchase plan | 6,196 | — | — | 6,196 | ||||||||||||||||
Payments of capital leases | — | (850 | ) | (5,749 | ) | (6,599 | ) | |||||||||||||
Proceeds from issuance of common stock, net | 369,520 | — | — | 369,520 | ||||||||||||||||
Principle payment on debt | (520,000 | ) | — | — | (520,000 | ) | ||||||||||||||
Distribution of cash earned on employee participation plan | (55 | ) | — | — | (55 | ) | ||||||||||||||
Issuance of senior unsecured notes, at par | 1,400,000 | — | — | 1,400,000 | ||||||||||||||||
Dividends (paid) / received | 10,010 | (23,815 | ) | 13,805 | — | |||||||||||||||
Interest (payments) / received | — | 41,710 | (41,710 | ) | — | |||||||||||||||
Net cash from financing activities | 1,246,547 | 10,284 | (38,963 | ) | 1,217,868 | |||||||||||||||
Effect of exchange rate change on cash | — | — | (484 | ) | (484 | ) | ||||||||||||||
(Decrease) increase in cash and cash equivalents | (56,367 | ) | 12,612 | 12,868 | (30,887 | ) | ||||||||||||||
Cash and cash equivalents, beginning of year | 91,581 | 128,071 | 41,071 | 260,723 | ||||||||||||||||
Cash and cash equivalents, end of year | $ | 35,214 | $ | 140,683 | $ | 53,939 | $ | 229,836 | ||||||||||||
Following is the condensed consolidating statement of cash flows for the year ended December 31, 2011 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Total | |||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net cash from operating activities | $ | (17,428 | ) | $ | 90,015 | $ | 106,944 | $ | 179,531 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | — | (92,531 | ) | (55,982 | ) | (148,513 | ) | |||||||||||||
Proceeds from sales of fixed assets and assets held for sale | — | 657 | 6,137 | 6,794 | ||||||||||||||||
Acquisitions, net of cash acquired | — | (50,166 | ) | (286,794 | ) | (336,960 | ) | |||||||||||||
Additions to intangible assets including costs to obtain or renew permits | — | (465 | ) | (2,462 | ) | (2,927 | ) | |||||||||||||
Proceeds from sales of marketable securities | — | — | 425 | 425 | ||||||||||||||||
Proceeds from sale of long-term investments | — | 1,000 | — | 1,000 | ||||||||||||||||
Investment in subsidiaries | (258,597 | ) | 178,884 | 79,713 | — | |||||||||||||||
Net cash used in investing activities | (258,597 | ) | 37,379 | (258,963 | ) | (480,181 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Change in uncashed checks | — | 6,558 | 3,264 | 9,822 | ||||||||||||||||
Proceeds from exercise of stock options | 1,350 | — | — | 1,350 | ||||||||||||||||
Remittance of shares, net | (4,061 | ) | — | — | (4,061 | ) | ||||||||||||||
Excess tax benefit of stock-based compensation | 3,352 | — | — | 3,352 | ||||||||||||||||
Deferred financing costs paid | (8,463 | ) | — | — | (8,463 | ) | ||||||||||||||
Proceeds from employee stock purchase plan | 3,516 | — | — | 3,516 | ||||||||||||||||
Payments of capital leases | — | (820 | ) | (7,017 | ) | (7,837 | ) | |||||||||||||
Distribution of cash earned on employee participation plan | — | — | (189 | ) | (189 | ) | ||||||||||||||
Issuance of senior secured notes, including premium | 261,250 | — | — | 261,250 | ||||||||||||||||
Dividends received / (paid) | 10,186 | (24,306 | ) | 14,120 | — | |||||||||||||||
Interest received / (payments) | — | 35,088 | (35,088 | ) | — | |||||||||||||||
Intercompany debt | — | (140,425 | ) | 140,425 | — | |||||||||||||||
Net cash from financing activities | 267,130 | (123,905 | ) | 115,515 | 258,740 | |||||||||||||||
Effect of exchange rate change on cash | — | — | 423 | 423 | ||||||||||||||||
(Decrease) increase in cash and cash equivalents | (8,895 | ) | 3,489 | (36,081 | ) | (41,487 | ) | |||||||||||||
Cash and cash equivalents, beginning of year | 100,476 | 124,582 | 77,152 | 302,210 | ||||||||||||||||
Cash and cash equivalents, end of year | $ | 91,581 | $ | 128,071 | $ | 41,071 | $ | 260,723 | ||||||||||||
QUARTERLY_DATA_UNAUDITED
QUARTERLY DATA (UNAUDITED) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
QUARTERLY DATA (UNAUDITED) | ' | |||||||||||||||
QUARTERLY DATA (UNAUDITED) | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(in thousands except per share amounts) | ||||||||||||||||
2013 | ||||||||||||||||
Revenues | $ | 862,163 | $ | 860,528 | $ | 907,535 | $ | 879,430 | ||||||||
Cost of revenues (2) | 636,024 | 614,326 | 647,119 | 645,164 | ||||||||||||
Gross profit | 226,139 | 246,202 | 260,416 | 234,266 | ||||||||||||
Income from operations | 34,828 | 53,243 | 73,608 | 58,877 | ||||||||||||
Other income (expense) | 525 | 1,655 | (150 | ) | (325 | ) | ||||||||||
Net income | 10,502 | 22,902 | 35,361 | 26,801 | ||||||||||||
Basic earnings per share | 0.17 | 0.38 | 0.58 | 0.44 | ||||||||||||
Diluted earnings per share | 0.17 | 0.38 | 0.58 | 0.44 | ||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter (1) | Quarter (1) | |||||||||||||
(in thousands except per share amounts) | ||||||||||||||||
2012 | ||||||||||||||||
Revenues | $ | 572,022 | $ | 523,118 | $ | 533,806 | $ | 558,962 | ||||||||
Cost of revenues (2) | 400,315 | 367,623 | 372,940 | 399,743 | ||||||||||||
Gross profit | 171,707 | 155,495 | 160,866 | 159,219 | ||||||||||||
Income from operations | 61,701 | 47,533 | 56,739 | 36,231 | ||||||||||||
Other expense | (299 | ) | (75 | ) | (91 | ) | (337 | ) | ||||||||
Net income | 32,015 | 23,426 | 12,359 | 61,874 | ||||||||||||
Basic earnings per share | 0.6 | 0.44 | 0.23 | 1.11 | ||||||||||||
Diluted earnings per share | 0.6 | 0.44 | 0.23 | 1.11 | ||||||||||||
______________________________________ | ||||||||||||||||
-1 | The third quarter 2012 net income and earnings per share were impacted by a $26.4 million loss on early extinguishment of debt in connection with a redemption and repurchase of the Company's $520.0 million previously outstanding senior secured notes. The fourth quarter 2012 net income and earnings per share were impacted by a decrease in unrecognized tax benefits of $52.4 million resulting from expiring statute of limitation periods related to an historical Canadian debt restructuring transaction. | |||||||||||||||
-2 | Items shown separately on the statements of income consist of (i) accretion of environmental liabilities and (ii) depreciation and amortization. | |||||||||||||||
Earnings per share are computed independently for each of the quarters presented. Accordingly, the quarterly basic and diluted earnings per share may not equal the total computed for the year. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
On February 25, 2014, the Company's Board of Directors authorized the repurchase of up to $150 million of the Company's common stock. The Company intends to fund the repurchases through available cash resources. The repurchase program authorizes the Company to purchase the Company's common stock on the open market from time to time. The share repurchases will be made in a manner that complies with applicable U.S. securities laws. The number of shares purchased and the timing of the purchases will depend on a number of factors, including share price, cash required for future business plans, trading volume and other conditions. The Company has no obligation to repurchase stock under this program and may suspend or terminate the repurchase program at any time. | |
On February 27, 2014, the Company's Executive team and Board of Directors terminated the Company's Employee Stock Purchase Plan (as discussed in Note 15, "Stock-Based Compensation and Employee Benefit Plans"), effective as of March 31, 2014. |
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure | ' | |||||||||||||||
SCHEDULE II | ||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
For the Three Years Ended December 31, 2013 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Allowance for Doubtful Accounts | Balance | Additions Charged to | Deductions from | Balance | ||||||||||||
Beginning of | Operating Expense | Reserves(a) | End of Period | |||||||||||||
Period | ||||||||||||||||
2011 | $ | 2,084 | $ | 759 | $ | 1,013 | $ | 1,830 | ||||||||
2012 | $ | 1,830 | $ | 1,213 | $ | 1,797 | $ | 1,246 | ||||||||
2013 | $ | 1,246 | $ | 7,933 | $ | 1,825 | $ | 7,354 | ||||||||
________________________________________ | ||||||||||||||||
(a) | Amounts deemed uncollectible, net of recoveries. | |||||||||||||||
Revenue Allowance(b) | Balance | Additions Charged to | Deductions from | Balance | ||||||||||||
Beginning of | Revenue | Reserves | End of Period | |||||||||||||
Period | ||||||||||||||||
2011 | $ | 21,620 | $ | 13,846 | $ | 24,613 | $ | 10,853 | ||||||||
2012 | $ | 10,853 | $ | 18,847 | $ | 19,821 | $ | 9,879 | ||||||||
2013 | $ | 9,879 | $ | 16,401 | $ | 15,528 | $ | 10,752 | ||||||||
________________________________________ | ||||||||||||||||
(b) | Due to the nature of the Company's business and the complex invoices that result from the services provided, customers may withhold payments and attempt to renegotiate amounts invoiced. In addition, for some of the services provided, the Company's invoices are based on quotes that can either generate credits or debits when the actual revenue amount is known. Based on industry knowledge and historical trends, the Company records a revenue allowance accordingly. This practice causes the volume of activity flowing through the revenue allowance during the year to be higher than the balance at the end of the year. Increases in overall sales volumes and the expansion of the customer base in recent years have also increased the volume of additions and deductions to the allowance during the year, as well as increased the amount of the allowance at the end of the year. | |||||||||||||||
The revenue allowance is intended to cover the net amount of revenue adjustments that may need to be credited to customers' accounts in future periods. Management determines the appropriate total revenue allowance by evaluating the following factors on a customer-by-customer basis as well as on a consolidated level: historical collection trends, age of outstanding receivables, existing economic conditions and other information as deemed applicable. Revenue allowance estimates can differ materially from the actual adjustments, but historically the revenue allowance has been sufficient to cover the net amount of the reserve adjustments issued in subsequent reporting periods. | ||||||||||||||||
Valuation Allowance on Deferred Tax Assets | Balance | Additions (Deductions) | Other Changes | Balance | ||||||||||||
Beginning of | Charged to (from) Income | to Reserves(a) | End of Period | |||||||||||||
Period | Tax Expense | |||||||||||||||
2011 | $ | 12,919 | $ | (1,593 | ) | $ | 147 | $ | 11,473 | |||||||
2012 (As Adjusted) | $ | 11,473 | $ | (196 | ) | $ | 15,048 | $ | 26,325 | |||||||
2013 | $ | 26,325 | $ | (1,545 | ) | $ | 4,946 | $ | 29,726 | |||||||
________________________________________ | ||||||||||||||||
(a) | The Safety-Kleen acquisition accounted for $13.8 million of the increase in the valuation allowance as of December 31, 2012. |
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Principles of Consolidation | ' | |||||||||||||
Principles of Consolidation | ||||||||||||||
The accompanying consolidated statements include the accounts of Clean Harbors, Inc. and its majority-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||||
Use of Estimates | ' | |||||||||||||
Use of Estimates | ||||||||||||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions, which are evaluated on an ongoing basis, that affect the amounts reported in the Company's consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable at the time under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and disclosure, if any, of contingent assets and liabilities and reported amounts of revenues and expenses. Actual results could differ from those estimates and judgments. | ||||||||||||||
Reclassifications | ' | |||||||||||||
Reclassifications | ||||||||||||||
Following the acquisition of Safety-Kleen on December 28, 2012, the Company made changes in the first quarter of 2013 to the manner in which it manages its business, make operating decisions and assess performance. The amounts presented for all periods herein have been recast to reflect the impact of such changes. In addition, the December 31, 2012 balance sheet has been adjusted for purchase price measurement period adjustments related to the Safety-Kleen acquisition as disclosed in Note 3, "Business Combinations." Any prior period amounts that were recast as a result of purchase price measurement period adjustments related to the Safety-Kleen acquisition have been labeled "As Adjusted" herein. These reclassifications and adjustments had no effect on consolidated net income, comprehensive income, cash flows or stockholders' equity for any of the periods presented. The Company's revenues and cost of revenues in the consolidated statements of income have been reclassified to conform to the current year presentation. | ||||||||||||||
Fair Value Valuation Hierarchy | ' | |||||||||||||
Fair Value Valuation Hierarchy | ||||||||||||||
The Company defines fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 utilizes quoted market prices in markets that are not active, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. Level 3 inputs are unobservable inputs for the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. | ||||||||||||||
Cash, Cash Equivalents and Uncashed Checks | ' | |||||||||||||
Cash, Cash Equivalents and Uncashed Checks | ||||||||||||||
The Company classifies all highly liquid instruments purchased with maturities of three months or less as cash equivalents. | ||||||||||||||
The Company's cash management program with its revolving credit lender allows for the maintenance of a zero balance in the U.S. bank disbursement accounts that are used to issue vendor and payroll checks. The program can result in checks outstanding in excess of bank balances in the disbursement accounts. When checks are presented to the bank for payment, cash deposits in amounts sufficient to fund the checks are made, at the Company's discretion, either from funds provided by other accounts or under the terms of the Company's revolving credit facility. Therefore, until checks are presented for payment, there is no right of offset by the bank and the Company continues to have control over cash relating to both released as well as unreleased checks. Checks that have been written to vendors or employees but have not yet been presented for payment at the Company's bank are classified as uncashed checks as part of accounts payable and added back to cash balances. | ||||||||||||||
Marketable Securities | ' | |||||||||||||
Marketable Securities | ||||||||||||||
The Company has classified its marketable securities as available-for-sale and, accordingly, carries such securities at fair value. Unrealized gains and losses are reported, net of tax, as a component of other comprehensive income. At December 31, 2013 and 2012, marketable securities were $12.4 million and $11.8 million, respectively. Marketable securities are classified as Level 1 in the fair value hierarchy. | ||||||||||||||
Allowances for Doubtful Accounts | ' | |||||||||||||
Allowances for Doubtful Accounts | ||||||||||||||
On a regular basis, the Company evaluates its accounts receivable and establishes the allowance for doubtful accounts based on an evaluation of historical collection trends, customer concentration, customer credit ratings, current economic trends and changes in customer payment patterns. Past-due receivable balances are written-off when the Company's internal collection efforts have been deemed unsuccessful in collecting the outstanding balance due. | ||||||||||||||
Credit Concentration | ' | |||||||||||||
Credit Concentration | ||||||||||||||
Concentration of credit risks in accounts receivable is limited due to the large number of customers comprising the Company's customer base throughout North America. The Company maintains strict policies over credit extension that include credit evaluations, credit limits and collection monitoring procedures on a customer-by-customer basis. However, the Company generally does not require collateral before services are performed. | ||||||||||||||
Unbilled Receivables | ' | |||||||||||||
Unbilled Receivables | ||||||||||||||
The Company recognizes unbilled accounts receivable for service and disposal transactions rendered but not invoiced to the customer by the end of the period. | ||||||||||||||
Deferred Costs Relating to Deferred Revenue | ' | |||||||||||||
Deferred Costs Relating to Deferred Revenue | ||||||||||||||
Commissions and other incremental direct costs, primarily costs of materials and transportation expenses, relating to deferred revenue from the Company’s parts cleaning services, containerized waste services and vacuum services are capitalized and deferred. The deferred costs are included in current assets in the consolidated balance sheet and expensed when the related revenues are recognized. | ||||||||||||||
Inventories and Supplies | ' | |||||||||||||
Inventories and Supplies | ||||||||||||||
Inventories are stated at the lower of cost or market. The cost of oil and oil products is principally determined on a first-in, first-out ("FIFO") basis. The cost of supplies and drums, solvent and solution and other inventories is determined on a FIFO basis or a weighted-average cost basis. Costs for oil and oil products, solvent and repair parts include purchase costs, fleet and fuel costs, direct labor, transportation costs and production related costs. The Company quarterly reviews its inventories for obsolete or unsalable items and adjusts its carrying value to reflect estimated realizable values. | ||||||||||||||
Prepaid Expenses and Other Current Assets | ' | |||||||||||||
Prepaid Expenses and Other Current Assets | ||||||||||||||
Prepaid expenses and other current assets consist primarily of prepayments for various services, refundable deposits, and income taxes receivable. | ||||||||||||||
Property, Plant and Equipment (excluding landfill assets) | ' | |||||||||||||
Property, Plant and Equipment (excluding landfill assets) | ||||||||||||||
Property, plant and equipment are stated at cost and include amounts capitalized under capital lease obligations. Expenditures for major renewals and improvements which extend the life or usefulness of the asset are capitalized. Items of an ordinary repair or maintenance nature are charged directly to operating expense as incurred. During the construction and development period of an asset, the costs incurred, including applicable interest costs, are classified as construction-in-progress. | ||||||||||||||
The Company depreciates and amortizes the cost of these assets, using the straight-line method as follows: | ||||||||||||||
Asset Classification | Estimated Useful Life | |||||||||||||
Buildings and building improvements | ||||||||||||||
Buildings | 30–40 years | |||||||||||||
Leasehold and building improvements | 2–40 years | |||||||||||||
Camp equipment | 12–15 years | |||||||||||||
Vehicles | 3–12 years | |||||||||||||
Equipment | ||||||||||||||
Capitalized software and computer equipment | 3–5 years | |||||||||||||
Solar equipment | 20 years | |||||||||||||
Containers and railcars | 15–20 years | |||||||||||||
All other equipment | 8–20 years | |||||||||||||
Furniture and fixtures | 5–8 years | |||||||||||||
Leasehold and building improvements have a weighted average life of 8.8 years. | ||||||||||||||
Camp equipment consists of industrial lodging facilities that are utilized to provide lodging services to downstream oil and gas companies in Western Canada. | ||||||||||||||
Solar equipment consists of a solar array that is used to provide electric power for a continuously operating groundwater decontamination pump and treatment system at a closed and capped landfill located in New Jersey. | ||||||||||||||
The Company recognizes an impairment in the carrying value of long-lived assets when the expected future undiscounted cash flows derived from the assets, or group of assets, are less than their carrying value. For the years ended December 31, 2013, 2012 and 2011, the Company did not record impairment charges related to long-lived assets. The Company will continue to assess all of its long-lived assets for impairment as necessary. | ||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||
Goodwill and Intangible Assets | ||||||||||||||
Goodwill is comprised of the purchase price of business acquisitions in excess of the fair value assigned at acquisition to the net tangible and identifiable intangible assets acquired. Goodwill is not amortized but is reviewed for impairment annually as of December 31, or when events or changes in the business environment indicate that the carrying value of the reporting unit may exceed its fair value, by comparing the fair value of each reporting unit to its carrying value, including goodwill. If the fair value is less than the carrying amount, a more detailed analysis is performed to determine if goodwill is impaired. The loss, if any, is measured as the excess of the carrying value of the goodwill over the implied value of the goodwill. | ||||||||||||||
The Company conducted its annual impairment test of goodwill for all of its seven reporting units as of December 31, 2013 and determined that no adjustment to the carrying value of goodwill for any reporting unit was necessary because the fair values of the reporting units exceeded their respective carrying values. As of December 31, 2013, the fair value of all reporting units, except for the Oil Re-refining and Recycling reporting unit, was determined using solely an income approach (a discounted cash flow analysis) as the fair value for the reporting units significantly exceeded the respective carrying value. The Company corroborated the approach by considering other factors such as the fair value of comparable companies to the its reporting units. The Company also performed a reconciliation of the fair value of all reporting units to the Company's overall market capitalization. | ||||||||||||||
The fair value of the Oil Re-refining and Recycling reporting unit in 2013 was determined using the income approach and the market approach (a comparison to guideline companies). The fair value of the reporting unit exceeded the carrying value by less than 10% at December 31, 2013. This reporting unit had lower than anticipated results that were primarily due to lower oil sales prices and a sales mix more weighted to base oil than blended oil. The lower sales prices reflected general economic conditions in the oil industry in 2013. The financial performance of this reporting unit, which had a goodwill balance of approximately $171.2 million at December 31, 2013, is affected by fluctuations in oil prices and sales mix. The Company will continue to closely monitor the performance of all of its reporting units. | ||||||||||||||
During the second quarter of 2013, due to lower than anticipated results in the Oil and Gas Field Services reporting unit, the Company performed an interim sensitivity analysis of the impact of the lower than anticipated results on the reporting unit's fair value in the second quarter, and concluded the fair value of the reporting unit more likely than not exceeded its carrying value at June 30, 2013. The fair value of the Oil and Gas Field Services reporting unit exceeded its carrying value by more than 10% at December 31, 2013. The financial performance of this reporting unit, which had a goodwill balance of approximately $37.5 million at December 31, 2013, is affected by weather conditions and fluctuations in oil and gas prices. | ||||||||||||||
As of December 31, 2012, the Company utilized the income approach (a discounted cash flow analysis) to determine the fair value of the Technical Services, Field Services, Industrial Services and Lodging Services reporting units as the fair value for these reporting units in 2012 significantly exceeded their respective carrying values. The Company corroborated the approach by considering other factors such as the fair value of comparable companies to the Company's reporting units, and also performed a reconciliation of the fair value of all reporting units to the Company's overall market capitalization. The fair value of the Oil and Gas Field Services reporting unit as of December 31, 2012 was determined using a weighted average of the income approach and the market approach (a comparison to guideline companies), weighted primarily on the income approach. The Company utilized a weighted-average of the income approach and the market approach as the fair value under the income approach did not significantly exceed the carrying value due to lower than anticipated financial results of the reporting unit in the third quarter of 2012. The lower than anticipated results were primarily due to the repositioning of certain assets and rental equipment in the second and third quarters of 2012 to meet changing market conditions and unfavorable rain and weather conditions in Western Canada. These changes in the business negatively affected the Company's revenues and profitability. The fair value of the reporting unit exceeded its carrying value by more than 10% at December 31, 2012. | ||||||||||||||
Permits and intangible assets are recorded at cost, such as legal fees, site surveys, engineering costs and other expenditures. Other intangible assets consist primarily of customer and supplier relationships, trademarks and trade names, and non-compete agreements. Permits relating to landfills are amortized on a units-of-consumption basis. All other permits are amortized over periods ranging from 5 to 30 years on a straight-line basis. Other intangible assets are amortized on a straight-line basis over their respective useful lives, which range from 3 to 20 years. Amortization expense was $35.1 million, $17.2 million and $12.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||
Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying value may not be entirely recoverable. When such factors and circumstances exist, management compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amounts. The impairment loss, if any, is measured as the excess of the carrying amount over the fair value of the asset or group of assets. | ||||||||||||||
Indefinite-lived intangible assets are not amortized but are reviewed for impairment annually as of December 31, or when events or changes in the business environment indicate that the carrying value may be impaired. If the fair value of the asset is less than the carrying amount, the Company performs a quantitative test to determine the fair value. The impairment loss, if any, is measured as the excess of the carrying value of the asset over its fair value. The fair value of the indefinite-lived intangible assets exceeded their carrying values at December 31, 2013. | ||||||||||||||
Leases | ' | |||||||||||||
Leases | ||||||||||||||
The Company leases rolling stock, rail cars, equipment, real estate and office equipment under operating leases. Certain real estate leases contain rent holidays and rent escalation clauses. Most of the Company's real estate lease agreements include renewal periods at the Company's option. For its operating leases, the Company recognizes rent holiday periods and scheduled rent increases on a straight-line basis over the lease term beginning with the date the Company takes possession of the leased assets. | ||||||||||||||
Landfill Accounting | ' | |||||||||||||
Landfill Accounting | ||||||||||||||
The Company amortizes landfill improvements, and certain landfill-related permits over their estimated useful lives. The units-of-consumption method is used to amortize land, landfill cell construction, asset retirement costs and remaining landfill cells and sites. The Company also utilizes the units-of-consumption method to record closure and post-closure obligations for landfill cells and sites. Under the units-of-consumption method, the Company includes future estimated construction and asset retirement costs, as well as costs incurred to date, in the amortization base of the landfill assets. Additionally, where appropriate, as described below, the Company includes probable expansion airspace that has yet to be permitted in the calculation of the total remaining useful life of the landfill. If it is determined that expansion capacity should no longer be considered in calculating the recoverability of a landfill asset, the Company may be required to recognize an asset impairment or incur significantly higher amortization expense. If at any time the Company makes the decision to abandon the expansion effort, the capitalized costs related to the expansion effort are expensed immediately. | ||||||||||||||
Landfill assets—Landfill assets include the costs of landfill site acquisition, permits and cell construction incurred to date. These amounts are recorded at cost, which includes capitalized interest as applicable. Landfill assets, net of amortization, are combined with management's estimate of the costs required to complete construction of the landfill to determine the amount to be amortized over the remaining estimated useful economic life of a site. Amortization of landfill assets is recorded on a units-of-consumption basis, such that the landfill assets should be completely amortized at the date the landfill ceases accepting waste. Amortization totaled $16.8 million, $17.3 million and $10.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. Changes in estimated costs to complete construction are applied prospectively to the amortization rate. | ||||||||||||||
Landfill capacity—Landfill capacity, which is the basis for the amortization of landfill assets and for the accrual of final closure and post-closure obligations, represents total permitted airspace plus unpermitted airspace that management believes is probable of ultimately being permitted based on established criteria. The Company applies the following criteria for evaluating the probability of obtaining a permit for future expansion airspace at existing sites, which provides management a basis to evaluate the likelihood of success of unpermitted expansions: | ||||||||||||||
• | Personnel are actively working to obtain the permit or permit modifications (land use, state, provincial and federal) necessary for expansion of an existing landfill, and progress is being made on the project. | |||||||||||||
• | Management expects to submit the application within the next year and to receive all necessary approvals to accept waste within the next 5 years. | |||||||||||||
• | At the time the expansion is included in the Company's estimate of the landfill's useful economic life, it is probable that the required approvals will be received within the normal application and processing time periods for approvals in the jurisdiction in which the landfill is located. | |||||||||||||
• | The Company or other owner of the landfill has a legal right to use or obtain the right to use the land associated with the expansion plan. | |||||||||||||
• | There are no significant known political, technical, legal or business restrictions or issues that could impair the success of such expansion. | |||||||||||||
• | A financial feasibility analysis has been completed and the results demonstrate that the expansion will have a positive financial and operational impact such that management is committed to pursuing the expansion. | |||||||||||||
• | Additional airspace and related additional costs, including permitting, final closure and post-closure costs, have been estimated based on the conceptual design of the proposed expansion. | |||||||||||||
Exceptions to the criteria set forth above may be approved through a landfill-specific approval process that includes approval from the Company's Chief Financial Officer and review by the Audit Committee of the Company's Board of Directors. | ||||||||||||||
As of December 31, 2013, there were two unpermitted expansions at two locations included in the Company's landfill accounting model, which represented 19.1% of the Company's remaining airspace at that date. As of December 31, 2013 and 2012, the unpermitted expansions met the Company's established criteria and were not considered exceptions. If actual expansion airspace is significantly different from the Company's estimate of expansion airspace, the amortization rates used for the units-of-consumption method would change, therefore impacting the Company's profitability. If the Company determines that there is less actual expansion airspace at a landfill, this would increase amortization expense recorded and decrease profitability, while if the Company determines a landfill has more actual expansion airspace, amortization expense would decrease and profitability would increase. | ||||||||||||||
As of December 31, 2013, the Company had 11 active landfill sites (including the Company's two non-commercial landfills), which have estimated remaining lives (based on anticipated waste volumes and remaining highly probable airspace) as follows: | ||||||||||||||
Remaining | Remaining Highly Probable Airspace | |||||||||||||
Lives | (cubic yards) (in thousands) | |||||||||||||
Facility Name | Location | (Years) | Permitted | Unpermitted | Total | |||||||||
Altair | Texas | 12 | 752 | — | 752 | |||||||||
Buttonwillow | California | 27 | 7,701 | — | 7,701 | |||||||||
Deer Park | Texas | 9 | 342 | — | 342 | |||||||||
Deer Trail | Colorado | 41 | 2,061 | — | 2,061 | |||||||||
Grassy Mountain | Utah | 29 | 2,058 | — | 2,058 | |||||||||
Kimball | Nebraska | 10 | 281 | — | 281 | |||||||||
Lambton | Ontario | 49 | 120 | 4,708 | 4,828 | |||||||||
Lone Mountain | Oklahoma | 17 | 2,769 | — | 2,769 | |||||||||
Ryley | Alberta | 11 | 912 | 880 | 1,792 | |||||||||
Sawyer | North Dakota | 16 | 4,007 | — | 4,007 | |||||||||
Westmorland | California | 64 | 2,732 | — | 2,732 | |||||||||
23,735 | 5,588 | 29,323 | ||||||||||||
At December 31, 2013 and 2012, the Company had no cubic yards of permitted, but not highly probable, airspace. | ||||||||||||||
The following table presents the remaining highly probable airspace from January 1, 2011 through December 31, 2013 (in thousands of cubic yards): | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Remaining capacity at January 1, | 29,643 | 27,557 | 28,557 | |||||||||||
Addition of highly probable airspace, net | 1,218 | 3,598 | 102 | |||||||||||
Consumed | (1,538 | ) | (1,512 | ) | (1,102 | ) | ||||||||
Remaining capacity at December 31, | 29,323 | 29,643 | 27,557 | |||||||||||
Amortization of cell construction costs and accrual of cell closure obligations—Landfills are typically comprised of a number of cells, which are constructed within a defined acreage (or footprint). The cells are typically discrete units, which require both separate construction and separate capping and closure procedures. Cell construction costs are the costs required to excavate and construct the landfill cell. These costs are typically amortized on a units-of-consumption basis, such that they are completely amortized when the specific cell ceases accepting waste. In some instances, the Company has landfills that are engineered and constructed as "progressive trenches." In progressive trench landfills, a number of contiguous cells form a progressive trench. In those instances, the Company amortizes cell construction costs over the airspace within the entire trench, such that the cell construction costs will be fully amortized at the end of the trench useful life. | ||||||||||||||
The design and construction of a landfill does not create a landfill asset retirement obligation. Rather, the asset retirement obligation for cell closure (the cost associated with capping each cell) is incurred in relatively small increments as waste is placed in the landfill. Therefore, the cost required to construct the cell cap is capitalized as an asset retirement cost and a liability of an equal amount is established, based on the discounted cash flow associated with each capping event, as airspace is consumed. Spending for cell capping is reflected as environmental expenditures within operating activities in the statement of cash flows. | ||||||||||||||
Landfill final closure and post-closure liabilities—The balance of landfill final closure and post-closure liabilities at December 31, 2013 and 2012 was $27.6 million and $26.7 million, respectively. The Company has material financial commitments for the costs associated with requirements of the Environmental Protection Agency ("EPA") and the comparable regulatory agency in Canada for landfill final closure and post-closure activities. In the United States, the landfill final closure and post-closure requirements are established under the standards of the EPA, and are implemented and applied on a state-by-state basis. The Company develops estimates for the cost of these activities based on an evaluation of site-specific facts and circumstances, including the Company's interpretation of current regulatory requirements and proposed regulatory changes. Such estimates may change in the future due to various circumstances including, but not limited to, permit modifications, changes in legislation or regulations, technological changes and results of environmental studies. | ||||||||||||||
Final closure costs are the costs incurred after the site ceases to accept waste, but before the landfill is certified as closed by the applicable state regulatory agency. These costs generally include the costs required to cap the final cell of the landfill (if not included in cell closure), the costs required to dismantle certain structures for landfills and other landfill improvements, and regulation-mandated groundwater monitoring, and leachate management. Post-closure costs involve the maintenance and monitoring of a landfill site that has been certified closed by the applicable regulatory agency. These costs generally include groundwater monitoring and leachate management. Regulatory post-closure periods are generally 30 years after landfill closure. Final closure and post-closure obligations are accrued on a units-of-consumption basis, such that the present value of the final closure and post-closure obligations are fully accrued at the date the landfill discontinues accepting waste. | ||||||||||||||
Cell closure, final closure and post closure costs (also referred to as "asset retirement obligations") are calculated by estimating the total obligation in current dollars, adjusted for inflation (1.02% during 2013 and 2012) and discounted at the Company's credit-adjusted risk-free interest rate. | ||||||||||||||
Non-Landfill Closure and Post-Closure Liabilities | ' | |||||||||||||
Non-Landfill Closure and Post-Closure Liabilities | ||||||||||||||
Non-landfill closure costs include costs required to dismantle and decontaminate certain structures and other costs incurred during the closure process. Post-closure costs, if required, include associated maintenance and monitoring costs as required by the closure permit. Post-closure periods are performance-based and are not generally specified in terms of years in the closure permit, but generally range from 10 to 30 years or more. | ||||||||||||||
The Company records its non-landfill closure and post-closure liability by: (i) estimating the current cost of closing a non-landfill facility and the post-closure care of that facility, if required, based upon the closure plan that the Company is required to follow under its operating permit, or in the event the facility operates with a permit that does not contain a closure plan, based upon legally enforceable closure commitments made by the Company to various governmental agencies; (ii) using probability scenarios as to when in the future operations may cease; (iii) inflating the current cost of closing the non-landfill facility on a probability weighted basis using the inflation rate to the time of closing under each probability scenario; and (iv) discounting the future value of each closing scenario back to the present using the credit-adjusted risk-free interest rate. Non-landfill closure and post-closure obligations arise when the Company commences operations. | ||||||||||||||
The balance of non-landfill closure and post-closure liabilities at December 31, 2013 and 2012 was $19.5 and $17.4 million, respectively. Management bases estimates for non-landfill closure and post-closure liabilities on its interpretation of existing permit and regulatory requirements for closure and post-closure maintenance and monitoring. The Company's cost estimates are calculated using internal sources as well as input from third party experts. Management uses probability scenarios to estimate when future operations will cease and inflates the current cost of closing the non-landfill facility on a probability weighted basis using the appropriate inflation rate and then discounting the future value to arrive at an estimated present value of closure and post-closure costs. The estimates for non-landfill closure and post-closure liabilities are inherently uncertain due to the possibility that permit and regulatory requirements will change in the future, impacting the estimation of total costs and the timing of the expenditures. Management reviews non-landfill closure and post-closure liabilities for changes to key assumptions that would impact the amount of the recorded liabilities. Changes that would prompt management to revise a liability estimate include changes in legal requirements that impact the Company's expected closure plan or scope of work, in the market price of a significant cost item, in the probability scenarios as to when future operations at a location might cease, or in the expected timing of the cost expenditures. Changes in estimates for non-landfill closure and post-closure events immediately impact the required liability and the value of the corresponding asset. If a change is made to a fully-consumed asset, the adjustment is charged immediately to expense. When a change in estimate relates to an asset that has not been fully consumed, the adjustment to the asset is recognized in income prospectively as a component of amortization. Historically, material changes to non-landfill closure and post-closure estimates have been infrequent. | ||||||||||||||
Remedial Liabilities | ' | |||||||||||||
Remedial Liabilities | ||||||||||||||
The balance of remedial liabilities at December 31, 2013 and 2012 was $172.5 million and $183.3 million, respectively. Remedial liabilities, including Superfund liabilities, include the costs of removal or containment of contaminated material, treatment of potentially contaminated groundwater and maintenance and monitoring costs necessary to comply with regulatory requirements. Most of the Company's remedial liabilities relate to the active and inactive hazardous waste treatment and disposal facilities which the Company acquired in the last 12 years and 35 Superfund sites owned by third parties for which the Company agreed to indemnify certain remedial liabilities owed or potentially owed to governmental entities by the sellers of certain assets (the "CSD assets") which the Company acquired in 2002. The Company performed extensive due diligence to estimate accurately the aggregate liability for remedial liabilities to which the Company became potentially liable as a result of the acquisitions. The Company's estimate of remedial liabilities involved an analysis of such factors as: (i) the nature and extent of environmental contamination (if any); (ii) the terms of applicable permits and agreements with regulatory authorities as to cleanup procedures and whether modifications to such permits and agreements will likely need to be negotiated; (iii) the cost of performing anticipated cleanup activities based upon current technology; and (iv) in the case of Superfund and other sites where other parties will also be responsible for a portion of the cleanup costs, the likely allocation of such costs and the ability of such other parties to pay their share. Remedial liabilities and on-going operations are reviewed quarterly and adjustments are made as necessary. | ||||||||||||||
The Company periodically evaluates potential remedial liabilities at sites that it owns or operates or to which the Company or the sellers of the CSD assets (or the respective predecessors of the Company or such sellers) transported or disposed of waste, including 123 Superfund sites as of December 31, 2013. The Company periodically reviews and evaluates sites requiring remediation, including Superfund sites, giving consideration to the nature (i.e., owner, operator, arranger, transporter or generator) and the extent (i.e., amount and nature of waste hauled to the location, number of years of site operations or other relevant factors) of the Company's (or such sellers') alleged connection with the site, the extent (if any) to which the Company believes it may have an obligation to indemnify cleanup costs in connection with the site, the regulatory context surrounding the site, the accuracy and strength of evidence connecting the Company (or such sellers) to the location, the number, connection and financial ability of other named and unnamed potentially responsible parties ("PRPs") and the nature and estimated cost of the likely remedy. Where the Company concludes that it is probable that a liability has been incurred and an amount can be estimated, a provision is made, based upon management's judgment and prior experience, of such estimated liability. | ||||||||||||||
Remedial liabilities are inherently difficult to estimate. Estimating remedial liabilities requires that the existing environmental contamination be understood. There are risks that the actual quantities of contaminants differ from the results of the site investigation, and that contaminants exist that have not been identified by the site investigation. In addition, the amount of remedial liabilities recorded is dependent on the remedial method selected. There is a risk that funds will be expended on a remedial solution that is not successful, which could result in the additional incremental costs of an alternative solution. Such estimates, which are subject to change, are subsequently revised if and when additional or new information becomes available. | ||||||||||||||
Remedial liabilities are discounted only when the timing of the payments is estimable and the amounts are determinable. Management's experience has been that the timing of payments for remedial liabilities is not usually estimable, and therefore the amounts of remedial liabilities are not generally discounted. In the case of remedial liabilities assumed in connection with acquisitions, acquired liabilities are recorded under purchase accounting at fair value. Accordingly, as of the respective acquisition dates, the Company recorded the remedial liabilities assumed as part of acquisitions at their fair value, which were calculated by inflating costs in current dollars using an estimate of future inflation rates as of the respective acquisition dates until the expected time of payment, and then discounting the amount of the payments to their present value using a risk-free discount rate as of the acquisition dates. Discounts were and will be applied to the environmental liabilities as follows: | ||||||||||||||
• | Remedial liabilities assumed relating to acquisitions are and will continue to be inflated using the inflation rates at the time of each acquisition (ranging from 1.01% to 2.44%) until the expected time of payment, then discounted at the risk-free interest rate at the time of such acquisition (ranging from 2.88% to 4.9%). | |||||||||||||
• | Remedial liabilities incurred subsequent to the acquisitions and remedial liabilities of the Company that existed prior to the acquisitions have been and will continue to be recorded at the estimated current value of the liabilities, which is usually neither increased for inflation nor reduced for discounting. | |||||||||||||
Derivative Financial Instruments | ' | |||||||||||||
Derivative Financial Instruments | ||||||||||||||
The Company uses commodity derivatives to manage against significant fluctuations in oil and oil derivative commodity prices and indices, specifically the ICIS-LOR rate and 6-oil index. All commodity derivatives are comprised of cashless collar contracts related to crude oil prices, pursuant to which the Company sells a call to a bank and then purchases a put from the same bank. The derivative instruments are not designated as hedges and expire in 2014 and 2015. Total derivative instrument asset and total derivative instrument liability are included in the consolidated balance sheets as a component of prepaid expenses and other current assets and accrued expenses, respectively. | ||||||||||||||
Letters of Credit | ' | |||||||||||||
Letters of Credit | ||||||||||||||
The Company utilizes letters of credit primarily as security for financial assurance which it has been required to provide to regulatory bodies for its hazardous waste facilities and which would be called only in the event that the Company fails to satisfy closure, post-closure and other obligations under the permits issued by those regulatory bodies for such licensed facilities. See Note 10, "Financing Arrangements," for further discussion of financing arrangements. | ||||||||||||||
Foreign Currency | ' | |||||||||||||
Foreign Currency | ||||||||||||||
During the year ended December 31, 2013 and 2012, the Company had operations in Canada, and to a much lesser extent, Mexico and Trinidad. Assets and liabilities are translated to U.S. dollars at the exchange rate in effect at the balance sheet date and revenue and expenses at the average exchange rate for the period. Gains and losses from the translation of the consolidated financial statements of certain foreign subsidiaries into U.S. dollars are included in stockholders' equity as a component of accumulated other comprehensive income. Gains and losses resulting from foreign currency transactions are recognized in the consolidated statements of income. Recorded balances that are denominated in a currency other than the functional currency are remeasured to the functional currency using the exchange rate at the balance sheet date and gains or losses are recorded in the statements of income. | ||||||||||||||
Revenue Recognition and Deferred Revenue | ' | |||||||||||||
Revenue Recognition and Deferred Revenue | ||||||||||||||
During 2013, the Company provided environmental, energy and industrial services through five segments: Technical Services, Oil Re-refining and Recycling, SK Environmental Services, Industrial and Field Services, and Oil and Gas Field Services. The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collection is reasonably assured. Revenue is recognized net of estimated allowances. Revenue is generated by short-term projects, most of which are governed by master service agreements that are long-term in nature. The master service agreements are typically entered into with the Company's larger customers and outline the pricing and legal frameworks for such arrangements. | ||||||||||||||
Due to the nature of the business and the complex invoices that result from the services provided, customers may withhold payments and attempt to renegotiate amounts invoiced. Accordingly, management establishes a revenue allowance to cover the estimated amounts of revenue that may need to be credited to customers' accounts in future periods. The Company records a provision for revenue allowances based on specific review of particular customers, historical trends and other relevant information. | ||||||||||||||
Technical Services revenue is generated from fees charged for hazardous material management and disposal services including onsite environmental management services, collection and transportation, packaging, recycling, treatment and disposal of hazardous and non-hazardous waste. Services are provided based on purchase orders or agreements with the customer and include prices based upon units of volume of waste, and transportation and other fees. Collection and transportation, and packaging revenues are recognized when the transported waste is received at the disposal facility. Revenues for treatment and disposal of hazardous waste are recognized upon completion of wastewater treatment, final disposition in a landfill or incineration of the waste, all at Company-owned sites, or when the waste is shipped to a third party for processing and disposal. Revenues from recycled oil and recycled catalyst are recognized upon shipment to the customer. Revenue for all other Technical Services is recognized when services are rendered. The Company, at the request of a customer, periodically enters into bundled arrangements for the collection and transportation and disposal of waste. The Company accounts for such arrangements as multiple-element arrangements with separate units of accounting. The Company measures and allocates the consideration from the arrangement to the separate units, based on evidence of the estimated selling price for each deliverable. Revenues from waste that is not yet completely processed and disposed and the related costs are deferred. The revenue is recognized and the deferred costs are expensed when the related services are completed. | ||||||||||||||
Oil Re-refining and Recycling revenue is generated from re-refining used oil to produce high quality base and blended lubricating oils, and recycling used oil collected in excess of the Company's re-refining capacity into recycled fuel oil. The high quality base and blended lubricating oils are sold to third-party distributors, retailers, government agencies, fleets, railroads and industrial customers. The recycled fuel oil is sold to asphalt plants, industrial plants, blenders, pulp and paper companies, vacuum gas oil producers and marine diesel oil producers. Revenue is recognized upon delivery. | ||||||||||||||
S-K Environmental Services revenue is generated from providing parts cleaning services, containerized waste services, oil collection services and other complementary products and services. Parts cleaning services generally consist of placing a specially designed parts washer at a customer's premises and then, on a recurring basis, delivering clean solvent or aqueous-based washing fluid, cleaning and servicing the parts washer and removing the used solvent or aqueous fluid. The Company also services customer-owned parts washers. Revenue from parts cleaning services is recognized over the service interval. Service intervals represent the actual amount of time between service visits to a particular parts cleaning customer. Average service intervals vary from seven to 14 weeks depending on several factors, such as customer accommodation, types of machines serviced and frequency of use. Containerized waste services consist of profiling, collecting, transporting and recycling or disposing of a wide variety of hazardous and non-hazardous wastes. Collection and transportation, and packaging revenues are recognized when the transported waste is received at the disposal facility. Revenues for treatment and disposal of the waste is recognized upon disposal, or when the waste is shipped to a third party for processing and disposal. Other complementary products and services include vacuum services, allied products and other environmental services. Revenue is recognized when products are delivered and services are performed. | ||||||||||||||
Industrial and Field Services consists primarly of industrial services, field services and lodging services. Industrial Services provides industrial and specialty services, such as high-pressure and chemical cleaning, catalyst handling, decoking, pigging and industrial lodging services to refineries, chemical plants, oil sands facilities, pulp and paper mills, and other industrial facilities. These services are provided based on purchase orders or agreements with the customer and include prices based upon daily, hourly or job rates for equipment, materials and personnel. Revenues are recognized over the term of the agreements or as services are performed. Field Services provides cleanup services on customer sites or other locations on a scheduled or emergency response basis, as well as oil and oil products recycling. The Company's services are provided based on purchase orders or agreements with the customer and include prices based upon daily, hourly or job rates for equipment, materials and personnel. Revenues are recorded as services are performed. Revenue is recognized on contracts with retainage when services have been rendered and collectability is reasonably assured. Revenue for lodging services is recognized in the period each room is used by the customer based on the related lodging agreements. Revenue from the sale of camp accommodations is recognized when products are delivered and services are performed. | ||||||||||||||
Oil and Gas Field Services provides fluid handling, fluid hauling, production servicing, surface rentals, seismic services, and directional boring services to the energy sector serving oil and gas exploration and production and power generation. These services are provided based on purchase orders or agreements with the customer and include prices based upon daily, hourly or job rates for equipment, materials and personnel. Revenues for such services are recognized over the term of the agreements or as services are performed. Oil and Gas Field Services also provides equipment rentals to support drill sites. Revenue from rentals is recognized ratably over the rental period. | ||||||||||||||
Advertising Expense | ' | |||||||||||||
Advertising Expense | ||||||||||||||
Advertising costs are expensed as incurred. | ||||||||||||||
Stock-Based Compensation | ' | |||||||||||||
Stock-Based Compensation | ||||||||||||||
Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which generally represents the vesting period, and includes an estimate of awards that will be forfeited. The fair value of the Company's grants of restricted stock are based on the quoted market price for the Company's common stock on the respective dates of grant. The fair value of stock options is calculated using the Black-Scholes option-pricing model. Compensation expense is based on the number of options expected to vest. Forfeitures estimated when recognizing compensation expense are adjusted when actual forfeitures differ from the estimate. | ||||||||||||||
Any reduction in taxes payable resulting from tax deductions that exceed the recognized tax benefit associated with compensation expense (excess tax benefits) are credited to additional paid-in capital and windfalls are classified as financing cash flows. | ||||||||||||||
Income Taxes | ' | |||||||||||||
Income Taxes | ||||||||||||||
There are two major components of income tax expense, current and deferred. Current income tax expense approximates cash to be paid or refunded for taxes for the applicable period. Deferred tax expense or benefit is the result of changes between deferred tax assets and liabilities. Deferred tax assets and liabilities are determined based upon the temporary differences between the financial statement basis and tax basis of assets and liabilities as well as from net operating loss and tax credit carryforwards as measured by the enacted tax rates, which will be in effect when these differences reverse. The Company evaluates the recoverability of future tax deductions and credits and a valuation allowance is established by tax jurisdiction when, based on an evaluation of objective verifiable evidence, it is more likely than not that some portion or all of deferred tax assets will not be realized. | ||||||||||||||
The Company recognizes and measures a tax benefit from uncertain tax positions when it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company recognizes a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company adjusts these liabilities when its judgment changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate. These differences will be reflected as increases or decreases to income tax expense in the period in which they are determined. | ||||||||||||||
The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the consolidated statements of income. Accrued interest and penalties are included within unrecognized tax benefits and other long-term liabilities line in the consolidated balance sheet. | ||||||||||||||
Earnings Per Share (EPS) | ' | |||||||||||||
Earnings per Share ("EPS") | ||||||||||||||
Basic EPS is calculated by dividing income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS gives effect to all potentially dilutive common shares that were outstanding during the period. | ||||||||||||||
Business Combinations | ' | |||||||||||||
Business Combinations | ||||||||||||||
For all business combinations, the Company records 100% of all assets and liabilities of the acquired business, including goodwill, at their fair values. Acquisition-related costs are expensed in the period in which the costs are incurred and the services are received. | ||||||||||||||
Recent Accounting Pronouncements | ' | |||||||||||||
Recent Accounting Pronouncements | ||||||||||||||
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board and are adopted by the Company as of the specified effective dates. Unless otherwise discussed below, management believes that the impact of recently issued accounting pronouncements will not have a material impact on the Company's financial position, results of operations and cash flows, or do not apply to the Company's operations. | ||||||||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-11 Income Taxes (Topic 740) - Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This standard provides guidance regarding when an unrecognized tax benefit should be classified as a reduction to a deferred tax asset or when it should be classified as a liability in the consolidated balance sheet. The guidance is effective for the Company on January 1, 2014. The Company is still evaluating the impact that ASU No. 2013-11 will have on the presentation of the Company's unrecognized tax benefits. The adoption of ASU No. 2013-11 will not impact the Company's financial condition or results of operations. | ||||||||||||||
In February 2013, the FASB issued ASU 2013-02 Comprehensive Income (Topic 220) - Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The new guidance requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income (“AOCI”) by component. Entities are required to present, either on the face of the income statement where net income is presented or in the notes, significant amounts reclassified out of AOCI by respective line items of net income if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income, entities are required to cross-reference the disclosures required under U.S. GAAP that provide additional detail about those amounts. This guidance is effective prospectively for annual and interim reporting periods beginning after December 31, 2012. The adoption of ASU No. 2013-02, on January 1, 2013, did not impact the Company’s financial condition or results of operations. |
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Schedule of asset classification and estimated useful life | ' | |||||||||||||
The Company depreciates and amortizes the cost of these assets, using the straight-line method as follows: | ||||||||||||||
Asset Classification | Estimated Useful Life | |||||||||||||
Buildings and building improvements | ||||||||||||||
Buildings | 30–40 years | |||||||||||||
Leasehold and building improvements | 2–40 years | |||||||||||||
Camp equipment | 12–15 years | |||||||||||||
Vehicles | 3–12 years | |||||||||||||
Equipment | ||||||||||||||
Capitalized software and computer equipment | 3–5 years | |||||||||||||
Solar equipment | 20 years | |||||||||||||
Containers and railcars | 15–20 years | |||||||||||||
All other equipment | 8–20 years | |||||||||||||
Furniture and fixtures | 5–8 years | |||||||||||||
Property, plant and equipment consisted of the following (in thousands): | ||||||||||||||
December 31, 2013 | 31-Dec-12 | |||||||||||||
(As Adjusted) | ||||||||||||||
Land | $ | 99,794 | $ | 104,379 | ||||||||||
Asset retirement costs (non-landfill) | 10,938 | 10,111 | ||||||||||||
Landfill assets | 100,983 | 77,952 | ||||||||||||
Buildings and improvements | 327,956 | 359,816 | ||||||||||||
Camp equipment | 187,831 | 135,827 | ||||||||||||
Vehicles | 425,296 | 385,172 | ||||||||||||
Equipment | 1,201,296 | 1,034,856 | ||||||||||||
Furniture and fixtures | 5,260 | 3,735 | ||||||||||||
Construction in progress | 58,010 | 34,124 | ||||||||||||
2,417,364 | 2,145,972 | |||||||||||||
Less - accumulated depreciation and amortization | 815,194 | 612,919 | ||||||||||||
Total property, plant and equipment, net | $ | 1,602,170 | $ | 1,533,053 | ||||||||||
Schedule of Property, Plant and Equipment, Landfill Assets | ' | |||||||||||||
As of December 31, 2013, the Company had 11 active landfill sites (including the Company's two non-commercial landfills), which have estimated remaining lives (based on anticipated waste volumes and remaining highly probable airspace) as follows: | ||||||||||||||
Remaining | Remaining Highly Probable Airspace | |||||||||||||
Lives | (cubic yards) (in thousands) | |||||||||||||
Facility Name | Location | (Years) | Permitted | Unpermitted | Total | |||||||||
Altair | Texas | 12 | 752 | — | 752 | |||||||||
Buttonwillow | California | 27 | 7,701 | — | 7,701 | |||||||||
Deer Park | Texas | 9 | 342 | — | 342 | |||||||||
Deer Trail | Colorado | 41 | 2,061 | — | 2,061 | |||||||||
Grassy Mountain | Utah | 29 | 2,058 | — | 2,058 | |||||||||
Kimball | Nebraska | 10 | 281 | — | 281 | |||||||||
Lambton | Ontario | 49 | 120 | 4,708 | 4,828 | |||||||||
Lone Mountain | Oklahoma | 17 | 2,769 | — | 2,769 | |||||||||
Ryley | Alberta | 11 | 912 | 880 | 1,792 | |||||||||
Sawyer | North Dakota | 16 | 4,007 | — | 4,007 | |||||||||
Westmorland | California | 64 | 2,732 | — | 2,732 | |||||||||
23,735 | 5,588 | 29,323 | ||||||||||||
Remaining Highly Probable Airspace | ' | |||||||||||||
The following table presents the remaining highly probable airspace from January 1, 2011 through December 31, 2013 (in thousands of cubic yards): | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Remaining capacity at January 1, | 29,643 | 27,557 | 28,557 | |||||||||||
Addition of highly probable airspace, net | 1,218 | 3,598 | 102 | |||||||||||
Consumed | (1,538 | ) | (1,512 | ) | (1,102 | ) | ||||||||
Remaining capacity at December 31, | 29,323 | 29,643 | 27,557 | |||||||||||
BUSINESS_COMBINATIONS_Tables
BUSINESS COMBINATIONS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Evergreen Oil, Inc. | ' | |||||||||||
Business Acquisition [Line Items] | ' | |||||||||||
Summary of recognized amounts of identifiable assets acquired and liabilities assumed | ' | |||||||||||
The following table summarizes the recognized amounts of assets acquired and liabilities assumed at September 13, 2013 (in thousands): | ||||||||||||
Preliminary Allocations | Measurement Period Adjustments | Allocations as of December 31, 2013 | ||||||||||
Inventories and supplies | $ | 1,206 | $ | (117 | ) | $ | 1,089 | |||||
Prepaid and other current assets | 873 | 418 | 1,291 | |||||||||
Property, plant and equipment | 40,563 | — | 40,563 | |||||||||
Permits and other intangibles | 16,500 | 600 | 17,100 | |||||||||
Deferred tax assets, less current portion | — | 2,368 | 2,368 | |||||||||
Other assets | 3,607 | — | 3,607 | |||||||||
Current liabilities | (6,108 | ) | (90 | ) | (6,198 | ) | ||||||
Closure and post-closure liabilities | (659 | ) | — | (659 | ) | |||||||
Remedial liabilities, less current portion | (2,103 | ) | — | (2,103 | ) | |||||||
Other long-term liabilities | (1,139 | ) | — | (1,139 | ) | |||||||
Total identifiable net assets | 52,740 | 3,179 | 55,919 | |||||||||
Goodwill | 3,179 | (3,179 | ) | — | ||||||||
Total | $ | 55,919 | $ | — | $ | 55,919 | ||||||
Safety-Kleen | ' | |||||||||||
Business Acquisition [Line Items] | ' | |||||||||||
Summary of recognized amounts of identifiable assets acquired and liabilities assumed | ' | |||||||||||
The following table summarizes the recognized amounts of assets acquired and liabilities assumed at December 28, 2012 (in thousands): | ||||||||||||
Preliminary Allocations | Measurement Period Adjustments | Final Allocations | ||||||||||
Inventories and supplies | $ | 102,339 | $ | 5,037 | $ | 107,376 | ||||||
Other current assets (i) | 152,245 | 3,429 | 155,674 | |||||||||
Property, plant and equipment | 514,712 | 1,290 | 516,002 | |||||||||
Permits and other intangibles | 421,400 | 17,227 | 438,627 | |||||||||
Other assets | 4,985 | (647 | ) | 4,338 | ||||||||
Current liabilities | (192,652 | ) | (13,589 | ) | (206,241 | ) | ||||||
Closure and post-closure liabilities, less current portion | (15,774 | ) | 8,221 | (7,553 | ) | |||||||
Remedial liabilities, less current portion | (38,370 | ) | (9,931 | ) | (48,301 | ) | ||||||
Deferred taxes, unrecognized tax benefits and other long-term liabilities | (128,375 | ) | 9,044 | (119,331 | ) | |||||||
Total identifiable net assets | 820,510 | 20,081 | 840,591 | |||||||||
Goodwill (ii) | 436,749 | (14,056 | ) | 422,693 | ||||||||
Total (iii) | $ | 1,257,259 | $ | 6,025 | $ | 1,263,284 | ||||||
_______________________ | ||||||||||||
(i) | The fair value of the assets acquired includes customer receivables with an aggregate fair value of $137.6 million. Combined gross amounts due were $142.7 million. | |||||||||||
(ii) | Goodwill represents the excess of the fair value of the net assets acquired over the purchase price. Based on the final purchase price allocations, goodwill of $173.2 million, $174.1 million and $75.4 million has been recorded in the Oil Re-refining and Recycling, SK Environmental Services and Industrial and Field Services segments, respectively, and will not be deductible for tax purposes. | |||||||||||
(iii) | The $6.0 million increase in the purchase price in 2013 was due to finalization of the net working capital balance (excluding cash) as of the closing date. | |||||||||||
Unaudited pro forma combined summary data | ' | |||||||||||
The following unaudited pro forma combined summary financial information presented below gives effect to the following transactions as if they had occurred as of January 1, 2011, and assumes that there were no material, non-recurring pro forma adjustments directly attributable to: (i) the acquisition of Safety-Kleen, (ii) the sale of 6.9 million shares of the Company's common stock, (iii) the issuance of $600.0 million aggregate principal amount of 5.125% senior unsecured notes due 2021, and (iv) the payment of related fees and expenses (in thousands). | ||||||||||||
2012 | 2011 | |||||||||||
Pro forma combined revenues | $ | 3,529,592 | $ | 3,245,637 | ||||||||
Pro forma combined net income | $ | 125,425 | $ | 129,242 | ||||||||
Other 2012 Acquisitions | ' | |||||||||||
Business Acquisition [Line Items] | ' | |||||||||||
Summary of recognized amounts of identifiable assets acquired and liabilities assumed | ' | |||||||||||
The following table summarizes the recognized amounts of assets acquired and liabilities assumed. | ||||||||||||
(in thousands) | Preliminary Allocations | Measurement Period Adjustments | Final Allocations | |||||||||
Current assets (i) | $ | 20,270 | $ | 117 | $ | 20,387 | ||||||
Property, plant and equipment | 51,901 | (8 | ) | 51,893 | ||||||||
Customer relationships and other intangibles | 21,770 | (1 | ) | 21,769 | ||||||||
Other assets | 53 | 4 | 57 | |||||||||
Current liabilities | (5,277 | ) | (22 | ) | (5,299 | ) | ||||||
Other liabilities | (5,133 | ) | (79 | ) | (5,212 | ) | ||||||
Total identifiable net assets | 83,584 | 11 | 83,595 | |||||||||
Goodwill (ii) | 23,956 | 1,308 | 25,264 | |||||||||
Total | $ | 107,540 | $ | 1,319 | $ | 108,859 | ||||||
______________________ | ||||||||||||
(i) | The fair value of the financial assets acquired included customer receivables with an aggregate fair value of $13.2 million. Combined gross amounts due were $13.5 million. | |||||||||||
(ii) | Goodwill, which is attributed to expected operating and cross selling synergies, has been assigned to the Industrial and Field Services segment and will not be deductible for tax purposes. | |||||||||||
Unaudited pro forma combined summary data | ' | |||||||||||
The following unaudited pro forma combined financial data presents information as if the three other 2012 acquisitions had been acquired as of January 1, 2011 and assumes that there were no material, non-recurring pro forma adjustments directly attributable to those acquisitions. The pro forma financial information does not necessarily reflect the actual results that would have been reported had the Company and those three other acquisitions been combined during the periods presented, nor is it necessarily indicative of the future results of operations of the combined companies (in thousands). | ||||||||||||
2012 | 2011 | |||||||||||
Pro forma combined revenues | $ | 2,268,621 | $ | 2,112,297 | ||||||||
Pro forma combined net income | $ | 130,322 | $ | 126,768 | ||||||||
Peak Energy Services Ltd.'s ('Peak') | ' | |||||||||||
Business Acquisition [Line Items] | ' | |||||||||||
Summary of recognized amounts of identifiable assets acquired and liabilities assumed | ' | |||||||||||
In 2012, the Company finalized the purchase accounting for the acquisition of Peak. The following table summarizes the amounts of assets acquired and liabilities assumed at June 10, 2011 (in thousands). | ||||||||||||
Final Allocations | ||||||||||||
Current assets(i) | $ | 45,222 | ||||||||||
Property, plant and equipment | 151,574 | |||||||||||
Identifiable intangible assets | 12,337 | |||||||||||
Other assets | 8,009 | |||||||||||
Current liabilities | (28,785 | ) | ||||||||||
Asset retirement obligations | (103 | ) | ||||||||||
Other liabilities | (11,341 | ) | ||||||||||
Total identifiable net assets | 176,913 | |||||||||||
Goodwill(ii) | 28,220 | |||||||||||
Total | $ | 205,133 | ||||||||||
____________ | ||||||||||||
(i) | The fair value of the financial assets acquired included customer receivables with a fair value of $33.3 million. The gross amount due was $34.7 million. | |||||||||||
(ii) | Goodwill, which is attributable to expected operating and cross-selling synergies, will not be deductible for tax purposes. Goodwill of $12.9 million and $15.3 million has been recorded in the Oil and Gas Field Services and Industrial and Field Services segments, respectively. | |||||||||||
2011 Acquisitions | ' | |||||||||||
Business Acquisition [Line Items] | ' | |||||||||||
Summary of recognized amounts of identifiable assets acquired and liabilities assumed | ' | |||||||||||
In 2012, the Company finalized the purchase accounting for the three other 2011 acquisitions. The following table summarizes the recognized amounts of assets acquired and liabilities assumed (in thousands). | ||||||||||||
Final Allocations | ||||||||||||
Current assets (i) | $ | 41,551 | ||||||||||
Property, plant and equipment | 62,969 | |||||||||||
Customer relationships and other intangibles | 23,371 | |||||||||||
Other assets | 1,671 | |||||||||||
Current liabilities | (23,148 | ) | ||||||||||
Asset retirement obligations | (200 | ) | ||||||||||
Other liabilities | (2,419 | ) | ||||||||||
Total identifiable net assets | 103,795 | |||||||||||
Goodwill (ii) | 38,339 | |||||||||||
Total | $ | 142,134 | ||||||||||
_______________________ | ||||||||||||
(i) | The fair value of the financial assets acquired included customer receivables with an aggregate fair value of $21.4 million. Combined gross amounts due were $22.1 million. | |||||||||||
(ii) | Goodwill of $13.3 million, $11.1 million and $13.9 million has been assigned to the Oil and Gas Field Services, Technical Services and the Industrial and Field Services segments, respectively, and will not be deductible for tax purposes. |
INVENTORIES_AND_SUPPLIES_Table
INVENTORIES AND SUPPLIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory | ' | |||||||
Inventories and supplies consisted of the following (in thousands): | ||||||||
December 31, 2013 | 31-Dec-12 | |||||||
(As Adjusted) | ||||||||
Oil and oil products | $ | 59,639 | $ | 76,791 | ||||
Supplies and drums | 64,471 | 69,521 | ||||||
Solvent and solutions | 10,100 | 9,398 | ||||||
Other | 17,886 | 20,768 | ||||||
Total inventories and supplies | $ | 152,096 | $ | 176,478 | ||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT, AND EQUIPMENT (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
The Company depreciates and amortizes the cost of these assets, using the straight-line method as follows: | ||||||||
Asset Classification | Estimated Useful Life | |||||||
Buildings and building improvements | ||||||||
Buildings | 30–40 years | |||||||
Leasehold and building improvements | 2–40 years | |||||||
Camp equipment | 12–15 years | |||||||
Vehicles | 3–12 years | |||||||
Equipment | ||||||||
Capitalized software and computer equipment | 3–5 years | |||||||
Solar equipment | 20 years | |||||||
Containers and railcars | 15–20 years | |||||||
All other equipment | 8–20 years | |||||||
Furniture and fixtures | 5–8 years | |||||||
Property, plant and equipment consisted of the following (in thousands): | ||||||||
December 31, 2013 | 31-Dec-12 | |||||||
(As Adjusted) | ||||||||
Land | $ | 99,794 | $ | 104,379 | ||||
Asset retirement costs (non-landfill) | 10,938 | 10,111 | ||||||
Landfill assets | 100,983 | 77,952 | ||||||
Buildings and improvements | 327,956 | 359,816 | ||||||
Camp equipment | 187,831 | 135,827 | ||||||
Vehicles | 425,296 | 385,172 | ||||||
Equipment | 1,201,296 | 1,034,856 | ||||||
Furniture and fixtures | 5,260 | 3,735 | ||||||
Construction in progress | 58,010 | 34,124 | ||||||
2,417,364 | 2,145,972 | |||||||
Less - accumulated depreciation and amortization | 815,194 | 612,919 | ||||||
Total property, plant and equipment, net | $ | 1,602,170 | $ | 1,533,053 | ||||
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of changes to goodwill | ' | |||||||||||||||||||||||||||
The changes to goodwill for the years ended December 31, 2013 and 2012 were as follows (in thousands): | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
(As Adjusted) | ||||||||||||||||||||||||||||
Balance at January 1 | $ | 579,715 | $ | 122,392 | ||||||||||||||||||||||||
Acquired from acquisitions | — | 450,525 | ||||||||||||||||||||||||||
Increase from adjustments related to the acquisitions during the measurement period | 1,308 | 5,037 | ||||||||||||||||||||||||||
Foreign currency translation | (10,063 | ) | 1,761 | |||||||||||||||||||||||||
Balance at December 31 | $ | 570,960 | $ | 579,715 | ||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class | ' | |||||||||||||||||||||||||||
As of December 31, 2013 and 2012, the Company's finite-lived and indefinite lived intangible assets consisted of the following (in thousands): | ||||||||||||||||||||||||||||
December 31, 2013 | 31-Dec-12 | |||||||||||||||||||||||||||
(As Adjusted) | ||||||||||||||||||||||||||||
Cost | Accumulated | Net | Weighted | Cost | Accumulated | Net | Weighted | |||||||||||||||||||||
Amortization | Average | Amortization | Average | |||||||||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||||||
Period | Period | |||||||||||||||||||||||||||
(in years) | (in years) | |||||||||||||||||||||||||||
Permits | $ | 157,327 | $ | 50,858 | $ | 106,469 | 19.6 | $ | 149,361 | $ | 46,282 | $ | 103,079 | 21.8 | ||||||||||||||
Customer and supplier relationships | 377,899 | 52,814 | 325,085 | 12.1 | 377,702 | 27,740 | 349,962 | 12.9 | ||||||||||||||||||||
Other intangible | 29,299 | 15,518 | 13,781 | 3.3 | 23,604 | 12,121 | 11,483 | 3 | ||||||||||||||||||||
assets | ||||||||||||||||||||||||||||
Total amortizable permits and other intangible assets | 564,525 | 119,190 | 445,335 | 12.2 | 550,667 | 86,143 | 464,524 | 13.2 | ||||||||||||||||||||
Trademarks and trade | 124,638 | — | 124,638 | Indefinite | 125,520 | — | 125,520 | Indefinite | ||||||||||||||||||||
names | ||||||||||||||||||||||||||||
Total permits and other intangible assets | $ | 689,163 | $ | 119,190 | $ | 569,973 | $ | 676,187 | $ | 86,143 | $ | 590,044 | ||||||||||||||||
Schedule of finite-lived intangible assets related to acquisition | ' | |||||||||||||||||||||||||||
As of December 31, 2013, the Company's finite-lived intangible assets related to its acquisition of Evergreen consisted of the following (in thousands): | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Cost | Weighted Average Amortization Period (in years) | |||||||||||||||||||||||||||
Permits | $ | 10,000 | 25 | |||||||||||||||||||||||||
Supplier relationships | 6,500 | 7 | ||||||||||||||||||||||||||
Other intangible assets | 600 | 12 | ||||||||||||||||||||||||||
Total amortizable permits and other intangible assets | $ | 17,100 | 12.4 | |||||||||||||||||||||||||
Schedule of expected amortization for the net carrying amount of finite lived intangible assets | ' | |||||||||||||||||||||||||||
The expected amortization of the net carrying amount of finite-lived intangible assets at December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||
Years Ending December 31, | Expected | |||||||||||||||||||||||||||
Amortization | ||||||||||||||||||||||||||||
2014 | $ | 35,871 | ||||||||||||||||||||||||||
2015 | 34,922 | |||||||||||||||||||||||||||
2016 | 34,146 | |||||||||||||||||||||||||||
2017 | 32,658 | |||||||||||||||||||||||||||
2018 | 30,367 | |||||||||||||||||||||||||||
Thereafter | 277,371 | |||||||||||||||||||||||||||
$ | 445,335 | |||||||||||||||||||||||||||
ACCRUED_EXPENSES_Tables
ACCRUED EXPENSES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued expenses | ' | |||||||
Accrued expenses consisted of the following at December 31 (in thousands): | ||||||||
December 31, 2013 | 31-Dec-12 | |||||||
(As Adjusted) | ||||||||
Insurance | $ | 57,993 | $ | 48,245 | ||||
Interest | 20,731 | 20,061 | ||||||
Accrued compensation and benefits | 60,902 | 68,311 | ||||||
Income, real estate, sales and other taxes | 38,938 | 37,570 | ||||||
Other | 58,265 | 72,167 | ||||||
$ | 236,829 | $ | 246,354 | |||||
CLOSURE_AND_POSTCLOSURE_LIABIL1
CLOSURE AND POST-CLOSURE LIABILITIES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||||||||||
Schedule of closure and post-closure liabilities | ' | |||||||||||
The changes to closure and post-closure liabilities (also referred to as "asset retirement obligations") from January 1, 2012 through December 31, 2013 were as follows (in thousands): | ||||||||||||
Landfill | Non-Landfill | Total | ||||||||||
Retirement | Retirement | |||||||||||
Liability | Liability | |||||||||||
Balance at January 1, 2012 | $ | 25,764 | $ | 9,117 | $ | 34,881 | ||||||
Liabilities assumed in Safety-Kleen acquisition | — | 7,553 | 7,553 | |||||||||
New asset retirement obligations | 3,257 | — | 3,257 | |||||||||
Accretion | 2,897 | 1,096 | 3,993 | |||||||||
Changes in estimates recorded to statement of income | 133 | 1,061 | 1,194 | |||||||||
Changes in estimates recorded to balance sheet | (3,086 | ) | 15 | (3,071 | ) | |||||||
Expenditures | (2,382 | ) | (1,463 | ) | (3,845 | ) | ||||||
Currency translation and other | 75 | 10 | 85 | |||||||||
Balance at December 31, 2012 (As Adjusted) | 26,658 | 17,389 | 44,047 | |||||||||
Liabilities assumed in Evergreen acquisition | — | 659 | 659 | |||||||||
New asset retirement obligations | 4,515 | — | 4,515 | |||||||||
Accretion | 3,016 | 1,730 | 4,746 | |||||||||
Changes in estimates recorded to statement of income | (409 | ) | 47 | (362 | ) | |||||||
Changes in estimates recorded to balance sheet | (1,697 | ) | 181 | (1,516 | ) | |||||||
Expenditures | (4,175 | ) | (347 | ) | (4,522 | ) | ||||||
Currency translation and other | (304 | ) | (178 | ) | (482 | ) | ||||||
Balance at December 31, 2013 | $ | 27,604 | $ | 19,481 | $ | 47,085 | ||||||
Schedule of Expected Payments Related to Asset Retirement Obligations | ' | |||||||||||
Anticipated payments (based on current estimated costs and anticipated timing of necessary regulatory approvals to commence work on closure and post-closure activities) for each of the next five years and thereafter are as follows (in thousands): | ||||||||||||
Year ending December 31, | ||||||||||||
2014 | $ | 7,017 | ||||||||||
2015 | 8,607 | |||||||||||
2016 | 6,860 | |||||||||||
2017 | 4,526 | |||||||||||
2018 | 8,164 | |||||||||||
Thereafter | 259,837 | |||||||||||
Undiscounted closure and post-closure liabilities | 295,011 | |||||||||||
Less: Discount at credit-adjusted risk-free rate | (160,091 | ) | ||||||||||
Less: Undiscounted estimated closure and post-closure liabilities relating to airspace not yet consumed | (87,835 | ) | ||||||||||
Present value of closure and post-closure liabilities | $ | 47,085 | ||||||||||
REMEDIAL_LIABILITIES_Tables
REMEDIAL LIABILITIES (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Environmental Remediation Obligations [Abstract] | ' | |||||||||||||||
Changes to remedial liabilities | ' | |||||||||||||||
The changes to remedial liabilities from January 1, 2012 through December 31, 2013 were as follows (in thousands): | ||||||||||||||||
Remedial | Remedial | Remedial | Total | |||||||||||||
Liabilities for | Liabilities for | Liabilities | ||||||||||||||
Landfill Sites | Inactive Sites | (Including | ||||||||||||||
Superfund) for | ||||||||||||||||
Non-Landfill | ||||||||||||||||
Operations | ||||||||||||||||
Balance at January 1, 2012 | $ | 5,600 | $ | 78,449 | $ | 51,271 | $ | 135,320 | ||||||||
Liabilities assumed in Safety-Kleen acquisition | — | 10,485 | 48,188 | 58,673 | ||||||||||||
Accretion | 276 | 3,456 | 2,192 | 5,924 | ||||||||||||
Changes in estimates recorded to statement of income | (31 | ) | (5,978 | ) | (3,643 | ) | (9,652 | ) | ||||||||
Expenditures | (82 | ) | (4,851 | ) | (2,413 | ) | (7,346 | ) | ||||||||
Currency translation and other | 66 | 3 | 358 | 427 | ||||||||||||
Balance at December 31, 2012 (As Adjusted) | 5,829 | 81,564 | 95,953 | 183,346 | ||||||||||||
Liabilities assumed in Evergreen acquisition | — | — | 2,384 | 2,384 | ||||||||||||
Accretion | 281 | 3,302 | 3,212 | 6,795 | ||||||||||||
Changes in estimates recorded to statement of income | (190 | ) | (2,813 | ) | (317 | ) | (3,320 | ) | ||||||||
Expenditures | (93 | ) | (7,599 | ) | (7,202 | ) | (14,894 | ) | ||||||||
Currency translation and other | (203 | ) | (192 | ) | (1,418 | ) | (1,813 | ) | ||||||||
Balance at December 31, 2013 | $ | 5,624 | $ | 74,262 | $ | 92,612 | $ | 172,498 | ||||||||
Remedial Liabilities Anticipated Payments for Each of the Next Five Years | ' | |||||||||||||||
Anticipated payments at December 31, 2013 (based on current estimated costs and anticipated timing of necessary regulatory approvals to commence work on remedial activities) for each of the next five years and thereafter are as follows (in thousands): | ||||||||||||||||
Year ending December 31, | ||||||||||||||||
2014 | $ | 24,095 | ||||||||||||||
2015 | 19,095 | |||||||||||||||
2016 | 14,305 | |||||||||||||||
2017 | 10,950 | |||||||||||||||
2018 | 13,416 | |||||||||||||||
Thereafter | 125,003 | |||||||||||||||
Undiscounted remedial liabilities | 206,864 | |||||||||||||||
Less: Discount | (34,366 | ) | ||||||||||||||
Total remedial liabilities | $ | 172,498 | ||||||||||||||
Environmental Exit Costs by Cost | ' | |||||||||||||||
The following tables show, respectively, (i) the amounts of such estimated liabilities associated with the types of facilities and sites involved and (ii) the amounts of such estimated liabilities associated with each facility or site which represents at least 5% of the total and with all other facilities and sites as a group. | ||||||||||||||||
Estimates Based on Type of Facility or Site (in thousands): | ||||||||||||||||
Type of Facility or Site | Remedial | % of Total | Reasonably Possible | |||||||||||||
Liability | Additional Liabilities(1) | |||||||||||||||
Facilities now used in active conduct of the Company's business (67 facilities) | $ | 83,122 | 48.2 | % | $ | 10,795 | ||||||||||
Inactive facilities not now used in active conduct of the Company's business but most of which were acquired because the assumption of remedial liabilities for such facilities was part of the purchase price for the CSD assets (40 facilities) | 74,227 | 43 | 11,385 | |||||||||||||
Superfund sites owned by third parties (30 sites) | 15,149 | 8.8 | 1,515 | |||||||||||||
Total | $ | 172,498 | 100 | % | $ | 23,695 | ||||||||||
___________________________________ | ||||||||||||||||
-1 | Amounts represent the high end of the range of management's best estimate of the reasonably possible additional liabilities. | |||||||||||||||
Estimates Based on Amount of Potential Liability (in thousands): | ||||||||||||||||
Location | Type of Facility or Site | Remedial | % of Total | Reasonably | ||||||||||||
Liability | Possible | |||||||||||||||
Additional | ||||||||||||||||
Liabilities(1) | ||||||||||||||||
Baton Rouge, LA(2) | Closed incinerator and landfill | $ | 29,369 | 17 | % | $ | 4,443 | |||||||||
Bridgeport, NJ | Closed incinerator | 19,521 | 11.3 | 2,599 | ||||||||||||
Mercier, Quebec(2) | Idled incinerator and legal proceedings | 13,970 | 8.1 | 1,520 | ||||||||||||
Various(2) | All other incinerators, landfills, wastewater treatment facilities and service centers (104 facilities) | 94,489 | 54.8 | 13,618 | ||||||||||||
Various(2) | Superfund sites (each representing less than 5% of total liabilities) owned by third parties (30 sites) | 15,149 | 8.8 | 1,515 | ||||||||||||
Total | $ | 172,498 | 100 | % | $ | 23,695 | ||||||||||
_________________________________ | ||||||||||||||||
-1 | Amounts represent the high end of the range of management's best estimate of the reasonably possible additional liabilities. | |||||||||||||||
-2 | $34.6 million of the $172.5 million remedial liabilities and $3.5 million of the $23.7 million reasonably possible additional liabilities include estimates of remediation liabilities related to the legal and administrative proceedings discussed in Note 16, "Commitments and Contingencies," as well as other such estimated remedial liabilities. |
FINANCING_ARRANGEMENTS_Tables
FINANCING ARRANGEMENTS (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Financing arrangements | ' | |||||||
Summary of the entity's financial arrangements | ' | |||||||
The following table is a summary of the Company's financing arrangements (in thousands): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Senior unsecured notes, at 5.25%, due August 1, 2020 | $ | 800,000 | $ | 800,000 | ||||
Senior unsecured notes, at 5.125%, due June 1, 2021 | 600,000 | 600,000 | ||||||
Long-term obligations | $ | 1,400,000 | $ | 1,400,000 | ||||
Unsecured Senior Notes 2020 | ' | |||||||
Financing arrangements | ' | |||||||
Schedule of redemption prices expressed as percentages of the principal amount | ' | |||||||
The Company may redeem some or all of the 2020 Notes at any time on or after August 1, 2016 upon proper notice, at the following redemption prices plus unpaid interest: | ||||||||
Year | Percentage | |||||||
2016 | 102.625 | % | ||||||
2017 | 101.313 | % | ||||||
2018 and thereafter | 100 | % | ||||||
Unsecured Senior Notes 2021 | ' | |||||||
Financing arrangements | ' | |||||||
Schedule of redemption prices expressed as percentages of the principal amount | ' | |||||||
The Company may redeem some or all of the 2021 Notes at the following redemption prices (expressed as percentages of the principal amount) if redeemed. | ||||||||
Year | Percentage | |||||||
2016 | 102.563 | % | ||||||
2017 | 101.281 | % | ||||||
2018 and thereafter | 100 | % |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | ' | |||||||||||||
The domestic and foreign components of income before provision for income taxes were as follows (in thousands): | ||||||||||||||
For the Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Domestic | $ | 85,775 | $ | 90,240 | $ | 128,201 | ||||||||
Foreign | 58,110 | 37,490 | 56,477 | |||||||||||
Total | $ | 143,885 | $ | 127,730 | $ | 184,678 | ||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||||
The provision (benefit) for income taxes consisted of the following (in thousands): | ||||||||||||||
For the Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Current: | ||||||||||||||
Federal (i) | $ | 5,264 | $ | (29,401 | ) | $ | 16,285 | |||||||
State | 5,006 | (10,736 | ) | 6,002 | ||||||||||
Foreign | 6,930 | 4,030 | (2,697 | ) | ||||||||||
17,200 | (36,107 | ) | 19,590 | |||||||||||
Deferred | ||||||||||||||
Federal | 20,574 | 23,521 | 22,455 | |||||||||||
State | 2,074 | 2,865 | 2,710 | |||||||||||
Foreign | 8,471 | 7,777 | 12,671 | |||||||||||
31,119 | 34,163 | 37,836 | ||||||||||||
Net provision (benefit) for income taxes | $ | 48,319 | $ | (1,944 | ) | $ | 57,426 | |||||||
_____________________ | ||||||||||||||
(i) | The 2012 benefit includes a decrease in unrecognized tax benefits of $52.4 million (net of interest and penalties of $29.3 million) resulting from expiring statute of limitation periods related to an historical Canadian debt restructuring transaction. | |||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||||
The effective income tax rate varied from the amount computed using the statutory federal income tax rate as follows (in thousands): | ||||||||||||||
For the Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Tax expense at US statutory rate | $ | 50,360 | $ | 44,705 | $ | 64,637 | ||||||||
State income taxes, net of federal benefit | 4,052 | 3,526 | 5,788 | |||||||||||
Foreign rate differential | (10,478 | ) | (8,607 | ) | (10,229 | ) | ||||||||
Non-deductible transaction costs | 657 | 2,229 | 416 | |||||||||||
Uncertain tax position releases | (4,010 | ) | (52,424 | ) | (6,156 | ) | ||||||||
Uncertain tax position interest and penalties | 457 | 1,658 | 2,240 | |||||||||||
Other | 7,281 | 6,969 | 730 | |||||||||||
Net provision (benefit) for income taxes | $ | 48,319 | $ | (1,944 | ) | $ | 57,426 | |||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||||
The components of the total net deferred tax assets and liabilities at December 31, 2013 and 2012 were as follows (in thousands): | ||||||||||||||
2013 | 2012 | |||||||||||||
(As Adjusted) | ||||||||||||||
Deferred tax assets: | ||||||||||||||
Workers compensation accrual | $ | 11,825 | $ | 10,772 | ||||||||||
Provision for doubtful accounts | 7,370 | 5,913 | ||||||||||||
Closure, post-closure and remedial liabilities | 53,302 | 54,941 | ||||||||||||
Accrued expenses | 19,671 | 19,198 | ||||||||||||
Accrued compensation | 5,681 | 2,506 | ||||||||||||
Net operating loss carryforwards(1) | 77,700 | 95,366 | ||||||||||||
Tax credit carryforwards(2) | 29,985 | 31,932 | ||||||||||||
Uncertain tax positions accrued interest and federal benefit | 1,949 | 2,200 | ||||||||||||
Stock-based compensation | 1,159 | 844 | ||||||||||||
Other | 2,170 | 2,570 | ||||||||||||
Total deferred tax assets | 210,812 | 226,242 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Property, plant and equipment | (225,271 | ) | (215,581 | ) | ||||||||||
Permits and other intangible assets | (159,223 | ) | (160,531 | ) | ||||||||||
Total deferred tax liabilities | (384,494 | ) | (376,112 | ) | ||||||||||
Total net deferred tax liability before valuation allowance | (173,682 | ) | (149,870 | ) | ||||||||||
Less valuation allowance | (29,726 | ) | (26,325 | ) | ||||||||||
Net deferred tax liabilities | $ | (203,408 | ) | $ | (176,195 | ) | ||||||||
___________________________________ | ||||||||||||||
-1 | As of December 31, 2013, the net operating loss carryforwards included (i) state net operating loss carryovers of $219.0 million which will begin to expire in 2014, (ii) federal net operating loss carryforwards of $163.0 million which will begin to expire in 2025, and (iii) foreign net operating loss carryforwards of $49.0 million which will begin to expire in 2014. | |||||||||||||
-2 | As of December 31, 2013, the foreign tax credit carryforwards of $30.0 million will expire between 2014 and 2023. | |||||||||||||
Summary of Income Tax Contingencies | ' | |||||||||||||
The changes to unrecognized tax benefits (excluding related penalties and interest) from January 1, 2011 through December 31, 2013, were as follows (in thousands): | ||||||||||||||
2013 | 2012 | 2011 | Description | |||||||||||
Unrecognized tax benefits as of January 1 | $ | 3,543 | $ | 36,217 | $ | 39,709 | ||||||||
Gross adjustments in tax positions | 210 | — | (302 | ) | Additional Canadian liabilities | |||||||||
Gross increases due to current year acquisitions | — | 2,652 | 376 | Additional U.S. and Canadian liabilities | ||||||||||
Settlements | — | — | (75 | ) | Required payments | |||||||||
Expiration of statute of limitations | (2,843 | ) | (35,328 | ) | (3,436 | ) | U.S. and Canadian | |||||||
Foreign currency translation | 394 | 2 | (55 | ) | Currency translation adjustment | |||||||||
Unrecognized tax benefits as of December 31 | $ | 1,304 | $ | 3,543 | $ | 36,217 | ||||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Reconciliation of basic and diluted earnings per share computations | ' | |||||||||||
The following are computations of basic and diluted earnings per share (in thousands except for per share amounts): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator for basic and diluted earnings per share: | ||||||||||||
Net income | $ | 95,566 | $ | 129,674 | $ | 127,252 | ||||||
Denominator: | ||||||||||||
Basic shares outstanding | 60,574 | 53,884 | 52,961 | |||||||||
Dilutive effect of equity-based compensation awards | 154 | 195 | 363 | |||||||||
Dilutive shares outstanding | 60,728 | 54,079 | 53,324 | |||||||||
Basic earnings per share | $ | 1.58 | $ | 2.41 | $ | 2.4 | ||||||
Diluted earnings per share | $ | 1.57 | $ | 2.4 | $ | 2.39 | ||||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Schedule of Comprehensive Income (Loss) | ' | ||||||||||||||||
The changes in accumulated other comprehensive (loss) income by component and related tax effects for the years ended December 31, 2013, 2012 and 2011 were as follows (in thousands): | |||||||||||||||||
Foreign Currency Translation Adjustments | Unrealized Gains (Losses) on Available-for-Sale Securities | Unfunded Pension Liability | Total | ||||||||||||||
Balance at January 1, 2011 | $ | 50,966 | $ | 459 | $ | (666 | ) | $ | 50,759 | ||||||||
Other comprehensive (loss) income before reclassifications | (18,264 | ) | 860 | (393 | ) | (17,797 | ) | ||||||||||
Amounts reclassified out of accumulated other comprehensive income | — | (1,872 | ) | — | (1,872 | ) | |||||||||||
Tax effects | — | 205 | 58 | 263 | |||||||||||||
Other comprehensive loss | (18,264 | ) | (807 | ) | (335 | ) | (19,406 | ) | |||||||||
Balance at December 31, 2011 | $ | 32,702 | $ | (348 | ) | $ | (1,001 | ) | $ | 31,353 | |||||||
Other comprehensive income (loss) before reclassifications | 17,925 | 1,185 | (885 | ) | 18,225 | ||||||||||||
Tax effects | — | (177 | ) | 231 | 54 | ||||||||||||
Other comprehensive income (loss) | 17,925 | 1,008 | (654 | ) | 18,279 | ||||||||||||
Balance at December 31, 2012 | $ | 50,627 | $ | 660 | $ | (1,655 | ) | $ | 49,632 | ||||||||
Other comprehensive (loss) income before reclassifications | (70,791 | ) | 1,452 | 482 | (68,857 | ) | |||||||||||
Tax effects | — | (208 | ) | (123 | ) | (331 | ) | ||||||||||
Other comprehensive (loss) income | (70,791 | ) | 1,244 | 359 | (69,188 | ) | |||||||||||
Balance at December 31, 2013 | $ | (20,164 | ) | $ | 1,904 | $ | (1,296 | ) | $ | (19,556 | ) | ||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
The amounts reclassified out of accumulated other comprehensive (loss) income into the consolidated statement of income, with presentation location, during the year ended December 31, 2011 were as follows (in thousands): | |||||||||||||||||
Comprehensive (Loss) Income Components | December 31, 2011 | Location | |||||||||||||||
Unrealized holding gains on available-for-sale investments | $ | 1,872 | Other income (expense) | ||||||||||||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||||||||||
The following table summarizes activity under the Plans relating to stock options: | |||||||||||||
Stock Options | Number of | Weighted Average | Weighted Average | Aggregate | |||||||||
Shares | Exercise Price | Remaining | Intrinsic Value | ||||||||||
Contractual Term | as of 12/31/13 | ||||||||||||
(in years) | (in thousands) | ||||||||||||
Outstanding at January 1, 2013 | 97,200 | $ | 15.1 | 1.96 | $ | 3,880 | |||||||
Exercised | (61,200 | ) | 6.49 | ||||||||||
Outstanding, exercisable and vested at December 31, 2013 | 36,000 | $ | 29.73 | 4.04 | $ | 1,088 | |||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ' | ||||||||||||
The following table summarizes information about restricted stock awards for the year ended December 31, 2013: | |||||||||||||
Restricted Stock | Number of | Weighted Average | |||||||||||
Shares | Grant-Date | ||||||||||||
Fair Value | |||||||||||||
Unvested at January 1, 2013 | 352,827 | $ | 50.1 | ||||||||||
Granted | 297,123 | 55.35 | |||||||||||
Vested | (72,661 | ) | 44.57 | ||||||||||
Forfeited | (74,707 | ) | 53.69 | ||||||||||
Unvested at December 31, 2013 | 502,582 | $ | 53.47 | ||||||||||
Schedule of Nonvested Performance-based Units Activity | ' | ||||||||||||
The following table summarizes information about performance stock awards for the year ended December 31, 2013: | |||||||||||||
Performance Stock | Number of | Weighted Average | |||||||||||
Shares | Grant-Date | ||||||||||||
Fair Value | |||||||||||||
Unvested at January 1, 2013 | 65,336 | $ | 66.96 | ||||||||||
Granted | 114,453 | 54.27 | |||||||||||
Forfeited | (69,928 | ) | 66.12 | ||||||||||
Unvested at December 31, 2013 | 109,861 | $ | 54.27 | ||||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Schedule of Future Minimum Lease Payments for Capital Leases and Operating Leases | ' | |||||||
The following is a summary of future minimum payments under capital and operating leases that have initial or remaining noncancelable lease terms in excess of one year at December 31, 2013 (in thousands): | ||||||||
Year | Total | Total | ||||||
Capital | Operating | |||||||
Leases | Leases | |||||||
2014 | $ | 1,472 | $ | 46,222 | ||||
2015 | 1,458 | 35,875 | ||||||
2016 | — | 27,891 | ||||||
2017 | — | 20,433 | ||||||
2018 | — | 14,571 | ||||||
Thereafter | — | 30,606 | ||||||
Total minimum lease payments | 2,930 | $ | 175,598 | |||||
Less: imputed interest at interest rates ranging from 4.0% to 16.0% | 166 | |||||||
Present value of future minimum lease payments | 2,764 | |||||||
Less: current portion of capital lease obligations | 1,329 | |||||||
Long-term capital lease obligations | $ | 1,435 | ||||||
Self-Insurance Liabilities Anticipated Payments | ' | |||||||
Anticipated payments at December 31, 2013 for each of the next five years and thereafter are as follows (in thousands): | ||||||||
Years ending December 31, | ||||||||
2014 | $ | 12,581 | ||||||
2015 | 7,549 | |||||||
2016 | 5,820 | |||||||
2017 | 2,618 | |||||||
2018 | 2,183 | |||||||
Thereafter | 2,862 | |||||||
Undiscounted self-insurance liabilities | 33,613 | |||||||
Less: Discount | 469 | |||||||
Total self-insurance liabilities (included in accrued expenses) | $ | 33,144 | ||||||
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||
Reconciliation of third party revenues to direct revenues | ' | |||||||||||||||||||||||||||
The following table reconciles third party revenues to direct revenues for the years ended December 31, 2013, 2012 and 2011 (in thousands). Third party revenue is revenue billed to outside customers by a particular segment. Direct revenue is the revenue allocated to the segment performing the provided service. The Company analyzes results of operations based on direct revenues because the Company believes that these revenues and related expenses best reflect the manner in which operations are managed. Intersegment revenues represent the sharing of third party revenues among the segments based on products and services provided by each segment as if the products and services were sold directly to the third party. The intersegment revenues are shown net. The negative intersegment revenues are due to more transfers out of customer revenues to other segments than transfers in of revenues from other segments. | ||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Technical | Oil Re-refining and Recycling | SK Environmental Services | Industrial | Oil and Gas Field | Corporate | Totals | ||||||||||||||||||||||
Services | and Field Services | Services | Items | |||||||||||||||||||||||||
Third party revenues | $ | 1,023,926 | $ | 583,567 | $ | 610,076 | $ | 908,556 | $ | 392,472 | $ | (8,941 | ) | $ | 3,509,656 | |||||||||||||
Intersegment revenues, net | 120,382 | (246,586 | ) | 160,585 | (41,751 | ) | 7,370 | — | — | |||||||||||||||||||
Corporate Items, net | 3,507 | — | 84 | 174 | (342 | ) | (3,423 | ) | — | |||||||||||||||||||
Direct revenues | $ | 1,147,815 | $ | 336,981 | $ | 770,745 | $ | 866,979 | $ | 399,500 | $ | (12,364 | ) | $ | 3,509,656 | |||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
Technical | Oil Re-refining and Recycling | SK Environmental Services | Industrial | Oil and Gas Field | Corporate | Totals | ||||||||||||||||||||||
Services | and Field Services | Services | Items | |||||||||||||||||||||||||
Third party revenues | $ | 957,764 | $ | — | $ | — | $ | 828,119 | $ | 400,549 | $ | 1,476 | $ | 2,187,908 | ||||||||||||||
Intersegment revenues, net | 31,637 | — | — | (40,930 | ) | 9,293 | — | — | ||||||||||||||||||||
Corporate Items, net | 2,295 | — | — | 64 | (489 | ) | (1,870 | ) | — | |||||||||||||||||||
Direct revenues | $ | 991,696 | $ | — | $ | — | $ | 787,253 | $ | 409,353 | $ | (394 | ) | $ | 2,187,908 | |||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||||||
Technical | Oil Re-refining and Recycling | SK Environmental Services | Industrial | Oil and Gas Field | Corporate | Totals | ||||||||||||||||||||||
Services | and Field Services (1) | Services | Items | |||||||||||||||||||||||||
Third party revenues | $ | 910,896 | $ | — | $ | — | $ | 731,626 | $ | 340,563 | $ | 1,051 | $ | 1,984,136 | ||||||||||||||
Intersegment revenues, net | 32,340 | — | — | (35,370 | ) | 3,030 | — | — | ||||||||||||||||||||
Corporate Items, net | 2,505 | — | — | (363 | ) | (401 | ) | (1,741 | ) | — | ||||||||||||||||||
Direct revenues | $ | 945,741 | $ | — | $ | — | $ | 695,893 | $ | 343,192 | $ | (690 | ) | $ | 1,984,136 | |||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||
-1 | During the year ended December 31, 2011, third party revenues for the Industrial and Field Services segment included revenues of $43.6 million associated with the oil spill response efforts in Montana. | |||||||||||||||||||||||||||
Reconciliation to consolidated statements of income to adjusted EBITDA | ' | |||||||||||||||||||||||||||
The following table presents information used by management by reported segment (in thousands). The Company does not allocate interest expense, income taxes, depreciation, amortization, accretion of environmental liabilities, other (income) expense, and loss on early extinguishment of debt to segments. | ||||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Adjusted EBITDA: | ||||||||||||||||||||||||||||
Technical Services | $ | 285,520 | $ | 249,829 | $ | 240,494 | ||||||||||||||||||||||
Oil Re-refining and Recycling | 57,314 | — | — | |||||||||||||||||||||||||
SK Environmental Services | 112,413 | — | — | |||||||||||||||||||||||||
Industrial and Field Services | 176,952 | 158,931 | 136,380 | |||||||||||||||||||||||||
Oil and Gas Field Services | 68,063 | 77,048 | 77,870 | |||||||||||||||||||||||||
Corporate Items | (190,157 | ) | (112,041 | ) | (104,736 | ) | ||||||||||||||||||||||
Total | 510,105 | 373,767 | 350,008 | |||||||||||||||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||||||||||
Pre-tax, non-cash acquisition accounting inventory adjustment | 13,559 | — | — | |||||||||||||||||||||||||
Accretion of environmental liabilities | 11,541 | 9,917 | 9,680 | |||||||||||||||||||||||||
Depreciation and amortization | 264,449 | 161,646 | 122,663 | |||||||||||||||||||||||||
Income from operations | 220,556 | 202,204 | 217,665 | |||||||||||||||||||||||||
Other (income) expense | (1,705 | ) | 802 | (6,402 | ) | |||||||||||||||||||||||
Loss on early extinguishment of debt | — | 26,385 | — | |||||||||||||||||||||||||
Interest expense, net of interest income | 78,376 | 47,287 | 39,389 | |||||||||||||||||||||||||
Income from operations before provision (benefit) for income taxes | $ | 143,885 | $ | 127,730 | $ | 184,678 | ||||||||||||||||||||||
PP&E and intangible assets by segment | ' | |||||||||||||||||||||||||||
The following table presents assets by reported segment and in the aggregate (in thousands). | ||||||||||||||||||||||||||||
December 31, 2013 | 31-Dec-12 | |||||||||||||||||||||||||||
(As Adjusted) | ||||||||||||||||||||||||||||
Property, plant and equipment, net | ||||||||||||||||||||||||||||
Technical Services | $ | 400,544 | $ | 405,447 | ||||||||||||||||||||||||
Oil Re-refining and Recycling | 211,513 | 178,210 | ||||||||||||||||||||||||||
SK Environmental Services | 239,596 | 239,993 | ||||||||||||||||||||||||||
Industrial and Field Services | 405,327 | 371,386 | ||||||||||||||||||||||||||
Oil and Gas Field Services | 237,335 | 257,985 | ||||||||||||||||||||||||||
Corporate Items | 107,855 | 80,032 | ||||||||||||||||||||||||||
Total property, plant and equipment, net | $ | 1,602,170 | $ | 1,533,053 | ||||||||||||||||||||||||
Intangible assets: | ||||||||||||||||||||||||||||
Technical Services | ||||||||||||||||||||||||||||
Goodwill | $ | 45,599 | $ | 45,991 | ||||||||||||||||||||||||
Permits and other intangibles, net | 80,302 | 86,403 | ||||||||||||||||||||||||||
Total Technical Services | 125,901 | 132,394 | ||||||||||||||||||||||||||
Oil Re-refining and Recycling | ||||||||||||||||||||||||||||
Goodwill | 171,161 | 173,158 | ||||||||||||||||||||||||||
Permits and other intangibles, net | 160,807 | 151,840 | ||||||||||||||||||||||||||
Total Oil Re-refining and Recycling Services | 331,968 | 324,998 | ||||||||||||||||||||||||||
SK Environmental Services | ||||||||||||||||||||||||||||
Goodwill | 172,308 | 174,089 | ||||||||||||||||||||||||||
Permits and other intangibles, net | 265,104 | 277,460 | ||||||||||||||||||||||||||
Total SK Environmental Services | 437,412 | 451,549 | ||||||||||||||||||||||||||
Industrial and Field Services | ||||||||||||||||||||||||||||
Goodwill | 144,385 | 146,715 | ||||||||||||||||||||||||||
Permits and other intangibles, net | 35,332 | 41,163 | ||||||||||||||||||||||||||
Total Industrial and Field Services | 179,717 | 187,878 | ||||||||||||||||||||||||||
Oil and Gas Field Services | ||||||||||||||||||||||||||||
Goodwill | 37,507 | 39,762 | ||||||||||||||||||||||||||
Permits and other intangibles, net | 28,428 | 33,178 | ||||||||||||||||||||||||||
Total Oil and Gas Field Services | 65,935 | 72,940 | ||||||||||||||||||||||||||
Total | $ | 1,140,933 | $ | 1,169,759 | ||||||||||||||||||||||||
Total assets by segment | ' | |||||||||||||||||||||||||||
The following table presents the total assets by reported segment (in thousands). | ||||||||||||||||||||||||||||
December 31, 2013 | 31-Dec-12 | |||||||||||||||||||||||||||
(As Adjusted) | ||||||||||||||||||||||||||||
Technical Services | $ | 699,675 | $ | 716,309 | ||||||||||||||||||||||||
Oil Re-Recycling and Refining | 643,256 | 636,745 | ||||||||||||||||||||||||||
SK Environmental Services | 774,401 | 815,446 | ||||||||||||||||||||||||||
Industrial and Field Services | 634,541 | 612,664 | ||||||||||||||||||||||||||
Oil and Gas Field Services | 395,805 | 348,771 | ||||||||||||||||||||||||||
Corporate Items | 806,000 | 708,151 | ||||||||||||||||||||||||||
Total | $ | 3,953,678 | $ | 3,838,086 | ||||||||||||||||||||||||
Total assets by geographical area | ' | |||||||||||||||||||||||||||
The following table presents the total assets by geographical area (in thousands). | ||||||||||||||||||||||||||||
December 31, 2013 | 31-Dec-12 | |||||||||||||||||||||||||||
(As Adjusted) | ||||||||||||||||||||||||||||
United States | $ | 2,684,686 | $ | 2,555,926 | ||||||||||||||||||||||||
Canada | 1,266,505 | 1,281,384 | ||||||||||||||||||||||||||
Other foreign | 2,487 | 776 | ||||||||||||||||||||||||||
Total | $ | 3,953,678 | $ | 3,838,086 | ||||||||||||||||||||||||
GUARANTOR_AND_NONGUARANTOR_SUB1
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Guarantor and Non-Guarantor Subsidiaries Financial Information [Abstract] | ' | |||||||||||||||||||
Schedule of condensed consolidating balance sheet | ' | |||||||||||||||||||
Following is the condensed consolidating balance sheet at December 31, 2013 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,006 | $ | 235,445 | $ | 73,622 | $ | — | $ | 310,073 | ||||||||||
Intercompany receivables | 269,580 | 2,448 | 230,224 | (502,252 | ) | — | ||||||||||||||
Accounts receivable, net | — | 387,006 | 192,388 | — | 579,394 | |||||||||||||||
Other current assets | 24,087 | 182,881 | 74,744 | — | 281,712 | |||||||||||||||
Property, plant and equipment, net | — | 945,280 | 656,890 | — | 1,602,170 | |||||||||||||||
Investments in subsidiaries | 2,683,158 | 967,186 | 144,953 | (3,795,297 | ) | — | ||||||||||||||
Intercompany debt receivable | — | 493,402 | 3,701 | (497,103 | ) | — | ||||||||||||||
Goodwill | — | 415,541 | 155,419 | — | 570,960 | |||||||||||||||
Permits and other intangibles, net | — | 458,917 | 111,056 | — | 569,973 | |||||||||||||||
Other long-term assets | 23,770 | 7,018 | 8,608 | — | 39,396 | |||||||||||||||
Total assets | $ | 3,001,601 | $ | 4,095,124 | $ | 1,651,605 | $ | (4,794,652 | ) | $ | 3,953,678 | |||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||
Current liabilities | $ | 33,626 | $ | 466,454 | $ | 139,465 | $ | — | $ | 639,545 | ||||||||||
Intercompany payables | — | 499,749 | 2,503 | (502,252 | ) | — | ||||||||||||||
Closure, post-closure and remedial liabilities, net | — | 158,298 | 31,814 | — | 190,112 | |||||||||||||||
Long-term obligations | 1,400,000 | — | — | — | 1,400,000 | |||||||||||||||
Capital lease obligations, net | — | 191 | 1,244 | — | 1,435 | |||||||||||||||
Intercompany debt payable | 3,701 | — | 493,402 | (497,103 | ) | — | ||||||||||||||
Other long-term liabilities | 88,635 | 103,125 | 55,187 | — | 246,947 | |||||||||||||||
Total liabilities | 1,525,962 | 1,227,817 | 723,615 | (999,355 | ) | 2,478,039 | ||||||||||||||
Stockholders' equity | 1,475,639 | 2,867,307 | 927,990 | (3,795,297 | ) | 1,475,639 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 3,001,601 | $ | 4,095,124 | $ | 1,651,605 | $ | (4,794,652 | ) | $ | 3,953,678 | |||||||||
Following is the condensed consolidating balance sheet at December 31, 2012 as adjusted (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 35,214 | $ | 140,683 | $ | 53,939 | $ | — | $ | 229,836 | ||||||||||
Intercompany receivables | 296,023 | 17,704 | 116,571 | (430,298 | ) | — | ||||||||||||||
Accounts receivable, net | — | 345,891 | 200,245 | — | 546,136 | |||||||||||||||
Other current assets | 38,295 | 186,640 | 94,352 | — | 319,287 | |||||||||||||||
Property, plant and equipment, net | — | 881,975 | 651,078 | — | 1,533,053 | |||||||||||||||
Investments in subsidiaries | 2,528,699 | 850,011 | 144,953 | (3,523,663 | ) | — | ||||||||||||||
Intercompany debt receivable | — | 508,067 | 3,701 | (511,768 | ) | — | ||||||||||||||
Goodwill | — | 413,362 | 166,353 | — | 579,715 | |||||||||||||||
Permits and other intangibles, net | — | 464,455 | 125,589 | — | 590,044 | |||||||||||||||
Other long-term assets | 21,141 | 9,125 | 9,749 | — | 40,015 | |||||||||||||||
Total assets | $ | 2,919,372 | $ | 3,817,913 | $ | 1,566,530 | $ | (4,465,729 | ) | $ | 3,838,086 | |||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||
Current liabilities | $ | 32,586 | $ | 417,429 | $ | 138,651 | $ | — | $ | 588,666 | ||||||||||
Intercompany payables | — | 412,594 | 17,704 | (430,298 | ) | — | ||||||||||||||
Closure, post-closure and remedial liabilities, net | — | 164,506 | 34,551 | — | 199,057 | |||||||||||||||
Long-term obligations | 1,400,000 | — | — | — | 1,400,000 | |||||||||||||||
Capital lease obligations, net | — | 301 | 2,578 | — | 2,879 | |||||||||||||||
Intercompany debt payable | 3,701 | — | 508,067 | (511,768 | ) | — | ||||||||||||||
Other long-term liabilities | 51,013 | 108,694 | 55,705 | — | 215,412 | |||||||||||||||
Total liabilities | 1,487,300 | 1,103,524 | 757,256 | (942,066 | ) | 2,406,014 | ||||||||||||||
Stockholders' equity | 1,432,072 | 2,714,389 | 809,274 | (3,523,663 | ) | 1,432,072 | ||||||||||||||
Total liabilities and stockholders' equity | $ | 2,919,372 | $ | 3,817,913 | $ | 1,566,530 | $ | (4,465,729 | ) | $ | 3,838,086 | |||||||||
Schedule of consolidating statement of income | ' | |||||||||||||||||||
Following is the consolidating statement of income for the year ended December 31, 2013 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | $ | — | $ | 1,754,356 | $ | 989,620 | $ | (14,771 | ) | $ | 2,729,205 | |||||||||
Product revenues | — | 611,548 | 173,127 | (4,224 | ) | 780,451 | ||||||||||||||
Total revenues | — | 2,365,904 | 1,162,747 | (18,995 | ) | 3,509,656 | ||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 1,187,946 | 701,273 | (14,771 | ) | 1,874,448 | ||||||||||||||
Product cost of revenues | — | 524,318 | 148,091 | (4,224 | ) | 668,185 | ||||||||||||||
Total cost of revenues | — | 1,712,264 | 849,364 | (18,995 | ) | 2,542,633 | ||||||||||||||
Selling, general and administrative expenses | 109 | 352,387 | 117,981 | — | 470,477 | |||||||||||||||
Accretion of environmental liabilities | — | 9,817 | 1,724 | — | 11,541 | |||||||||||||||
Depreciation and amortization | — | 169,629 | 94,820 | — | 264,449 | |||||||||||||||
Income from operations | (109 | ) | 121,807 | 98,858 | — | 220,556 | ||||||||||||||
Other income (expense) | — | 3,211 | (1,506 | ) | — | 1,705 | ||||||||||||||
Interest (expense) income, net | (79,017 | ) | 224 | 417 | — | (78,376 | ) | |||||||||||||
Equity in earnings of subsidiaries | 184,498 | 79,427 | — | (263,925 | ) | — | ||||||||||||||
Intercompany dividend income (expense) | — | — | 13,292 | (13,292 | ) | — | ||||||||||||||
Intercompany interest income (expense) | — | 40,304 | (40,304 | ) | — | — | ||||||||||||||
Income (loss) before provision for income taxes | 105,372 | 244,973 | 70,757 | (277,217 | ) | 143,885 | ||||||||||||||
Provision for income taxes | 9,806 | 23,113 | 15,400 | — | 48,319 | |||||||||||||||
Net income (loss) | 95,566 | 221,860 | 55,357 | (277,217 | ) | 95,566 | ||||||||||||||
Other comprehensive (loss) income | (69,188 | ) | (69,188 | ) | 39,519 | 29,669 | (69,188 | ) | ||||||||||||
Comprehensive income (loss) | $ | 26,378 | $ | 152,672 | $ | 94,876 | $ | (247,548 | ) | $ | 26,378 | |||||||||
Following is the consolidating statement of income for the year ended December 31, 2012 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | — | 1,155,993 | 927,240 | (20,073 | ) | 2,063,160 | ||||||||||||||
Product revenues | — | 87,460 | 38,500 | (1,212 | ) | 124,748 | ||||||||||||||
Total revenues | — | 1,243,453 | 965,740 | (21,285 | ) | 2,187,908 | ||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 787,228 | 672,439 | (20,073 | ) | 1,439,594 | ||||||||||||||
Product cost of revenues | — | 70,085 | 32,154 | (1,212 | ) | 101,027 | ||||||||||||||
Total cost of revenues | — | 857,313 | 704,593 | (21,285 | ) | 1,540,621 | ||||||||||||||
Selling, general and administrative expenses | 66 | 173,190 | 100,264 | — | 273,520 | |||||||||||||||
Accretion of environmental liabilities | — | 8,592 | 1,325 | — | 9,917 | |||||||||||||||
Depreciation and amortization | — | 80,154 | 81,492 | — | 161,646 | |||||||||||||||
Income from operations | (66 | ) | 124,204 | 78,066 | — | 202,204 | ||||||||||||||
Other income | — | (154 | ) | (648 | ) | — | (802 | ) | ||||||||||||
Loss on early extinguishment of debt | (26,385 | ) | — | — | — | (26,385 | ) | |||||||||||||
Interest (expense), net | (46,221 | ) | — | (1,066 | ) | — | (47,287 | ) | ||||||||||||
Equity in earnings of subsidiaries | 187,432 | 65,452 | — | (252,884 | ) | — | ||||||||||||||
Intercompany dividend income (expense) | 10,010 | — | 13,805 | (23,815 | ) | — | ||||||||||||||
Intercompany interest income (expense) | — | 41,636 | (41,636 | ) | — | — | ||||||||||||||
Income before provision for income taxes | 124,770 | 231,138 | 48,521 | (276,699 | ) | 127,730 | ||||||||||||||
(Benefit) provision for income taxes | (4,904 | ) | (8,852 | ) | 11,812 | — | (1,944 | ) | ||||||||||||
Net income | 129,674 | 239,990 | 36,709 | (276,699 | ) | 129,674 | ||||||||||||||
Other comprehensive income (loss) | 18,279 | 18,279 | 7,986 | (26,265 | ) | 18,279 | ||||||||||||||
Comprehensive income (loss) | $ | 147,953 | $ | 258,269 | $ | 44,695 | $ | (302,964 | ) | $ | 147,953 | |||||||||
Following is the consolidating statement of income for the year ended December 31, 2011 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | — | 1,055,095 | 854,306 | (26,422 | ) | 1,882,979 | ||||||||||||||
Product revenues | — | 86,840 | 15,737 | (1,420 | ) | 101,157 | ||||||||||||||
Total revenues | — | 1,141,935 | 870,043 | (27,842 | ) | 1,984,136 | ||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 720,189 | 607,596 | (26,422 | ) | 1,301,363 | ||||||||||||||
Product cost of revenues | — | 66,582 | 13,466 | (1,420 | ) | 78,628 | ||||||||||||||
Total cost of revenues | — | 786,771 | 621,062 | (27,842 | ) | 1,379,991 | ||||||||||||||
Selling, general and administrative expenses | 100 | 165,882 | 88,155 | — | 254,137 | |||||||||||||||
Accretion of environmental liabilities | — | 8,442 | 1,238 | — | 9,680 | |||||||||||||||
Depreciation and amortization | — | 58,328 | 64,335 | — | 122,663 | |||||||||||||||
Income from operations | (100 | ) | 122,512 | 95,253 | — | 217,665 | ||||||||||||||
Other income | — | 3,864 | 2,538 | — | 6,402 | |||||||||||||||
Interest (expense) income, net | (38,755 | ) | 18 | (652 | ) | — | (39,389 | ) | ||||||||||||
Equity in earnings of subsidiaries | 174,029 | 84,789 | — | (258,818 | ) | — | ||||||||||||||
Intercompany dividend income (expense) | 10,186 | — | 13,832 | (24,018 | ) | — | ||||||||||||||
Intercompany interest income (expense) | — | 37,870 | (37,870 | ) | — | — | ||||||||||||||
Income from continuing operations before provision for income taxes | 145,360 | 249,053 | 73,101 | (282,836 | ) | 184,678 | ||||||||||||||
Provision for income taxes | 18,108 | 29,341 | 9,977 | — | 57,426 | |||||||||||||||
Net income | 127,252 | 219,712 | 63,124 | (282,836 | ) | 127,252 | ||||||||||||||
Other comprehensive income (loss) | (19,406 | ) | (19,406 | ) | (8,381 | ) | 27,787 | (19,406 | ) | |||||||||||
Comprehensive income (loss) | $ | 107,846 | $ | 200,306 | $ | 54,743 | $ | (255,049 | ) | $ | 107,846 | |||||||||
Schedule of condensed consolidating statement of cash flows | ' | |||||||||||||||||||
Following is the condensed consolidating statement of cash flows for the year ended December 31, 2013 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Total | |||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net cash from operating activities | $ | (33,932 | ) | $ | 264,491 | $ | 185,280 | $ | 415,839 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | — | (145,395 | ) | (134,812 | ) | (280,207 | ) | |||||||||||||
Proceeds from sales of fixed assets | — | 1,078 | 3,621 | 4,699 | ||||||||||||||||
Acquisitions, net of cash acquired | (6,025 | ) | (57,239 | ) | — | (63,264 | ) | |||||||||||||
Additions to intangible assets including costs to obtain or renew permits | — | (5,247 | ) | (1,493 | ) | (6,740 | ) | |||||||||||||
Net cash used in investing activities | (6,025 | ) | (206,803 | ) | (132,684 | ) | (345,512 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Change in uncashed checks | — | 9,922 | 2,346 | 12,268 | ||||||||||||||||
Proceeds from exercise of stock options | 400 | — | — | 400 | ||||||||||||||||
Remittance of shares, net | (731 | ) | — | — | (731 | ) | ||||||||||||||
Excess tax benefit of stock-based compensation | 1,409 | — | — | 1,409 | ||||||||||||||||
Deferred financing costs paid | (2,504 | ) | — | — | (2,504 | ) | ||||||||||||||
Proceeds from employee stock purchase plan | 7,425 | — | — | 7,425 | ||||||||||||||||
Payments on capital leases | — | (227 | ) | (4,664 | ) | (4,891 | ) | |||||||||||||
Issuance costs related to issuances of common stock | (250 | ) | — | — | (250 | ) | ||||||||||||||
Dividends (paid)/received | — | (13,545 | ) | 13,545 | — | |||||||||||||||
Interest (payments) / received | — | 40,924 | (40,924 | ) | — | |||||||||||||||
Net cash from financing activities | 5,749 | 37,074 | (29,697 | ) | 13,126 | |||||||||||||||
Effect of exchange rate change on cash | — | — | (3,216 | ) | (3,216 | ) | ||||||||||||||
(Decrease) increase in cash and cash equivalents | (34,208 | ) | 94,762 | 19,683 | 80,237 | |||||||||||||||
Cash and cash equivalents, beginning of year | 35,214 | 140,683 | 53,939 | 229,836 | ||||||||||||||||
Cash and cash equivalents, end of year | $ | 1,006 | $ | 235,445 | $ | 73,622 | $ | 310,073 | ||||||||||||
Following is the condensed consolidating statement of cash flows for the year ended December 31, 2012 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Total | |||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net cash from operating activities | $ | (45,655 | ) | $ | 179,425 | $ | 190,595 | $ | 324,365 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | — | (117,344 | ) | (80,053 | ) | (197,397 | ) | |||||||||||||
Proceeds from sales of fixed assets | — | 3,810 | 4,315 | 8,125 | ||||||||||||||||
Acquisitions, net of cash acquired | (1,257,259 | ) | (63,351 | ) | (53,311 | ) | (1,373,921 | ) | ||||||||||||
Additions to intangible assets including costs to obtain or renew permits | — | (712 | ) | (3,334 | ) | (4,046 | ) | |||||||||||||
Purchase of marketable securities | — | — | (10,517 | ) | (10,517 | ) | ||||||||||||||
Other | — | 500 | 4,620 | 5,120 | ||||||||||||||||
Net cash used in investing activities | (1,257,259 | ) | (177,097 | ) | (138,280 | ) | (1,572,636 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Change in uncashed checks | — | (6,761 | ) | (5,309 | ) | (12,070 | ) | |||||||||||||
Proceeds from exercise of stock options | 288 | — | — | 288 | ||||||||||||||||
Remittance of shares, net | (2,912 | ) | — | — | (2,912 | ) | ||||||||||||||
Excess tax benefit of stock-based compensation | 2,556 | — | — | 2,556 | ||||||||||||||||
Deferred financing costs paid | (19,056 | ) | — | — | (19,056 | ) | ||||||||||||||
Proceeds from employee stock purchase plan | 6,196 | — | — | 6,196 | ||||||||||||||||
Payments of capital leases | — | (850 | ) | (5,749 | ) | (6,599 | ) | |||||||||||||
Proceeds from issuance of common stock, net | 369,520 | — | — | 369,520 | ||||||||||||||||
Principle payment on debt | (520,000 | ) | — | — | (520,000 | ) | ||||||||||||||
Distribution of cash earned on employee participation plan | (55 | ) | — | — | (55 | ) | ||||||||||||||
Issuance of senior unsecured notes, at par | 1,400,000 | — | — | 1,400,000 | ||||||||||||||||
Dividends (paid) / received | 10,010 | (23,815 | ) | 13,805 | — | |||||||||||||||
Interest (payments) / received | — | 41,710 | (41,710 | ) | — | |||||||||||||||
Net cash from financing activities | 1,246,547 | 10,284 | (38,963 | ) | 1,217,868 | |||||||||||||||
Effect of exchange rate change on cash | — | — | (484 | ) | (484 | ) | ||||||||||||||
(Decrease) increase in cash and cash equivalents | (56,367 | ) | 12,612 | 12,868 | (30,887 | ) | ||||||||||||||
Cash and cash equivalents, beginning of year | 91,581 | 128,071 | 41,071 | 260,723 | ||||||||||||||||
Cash and cash equivalents, end of year | $ | 35,214 | $ | 140,683 | $ | 53,939 | $ | 229,836 | ||||||||||||
Following is the condensed consolidating statement of cash flows for the year ended December 31, 2011 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Total | |||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net cash from operating activities | $ | (17,428 | ) | $ | 90,015 | $ | 106,944 | $ | 179,531 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | — | (92,531 | ) | (55,982 | ) | (148,513 | ) | |||||||||||||
Proceeds from sales of fixed assets and assets held for sale | — | 657 | 6,137 | 6,794 | ||||||||||||||||
Acquisitions, net of cash acquired | — | (50,166 | ) | (286,794 | ) | (336,960 | ) | |||||||||||||
Additions to intangible assets including costs to obtain or renew permits | — | (465 | ) | (2,462 | ) | (2,927 | ) | |||||||||||||
Proceeds from sales of marketable securities | — | — | 425 | 425 | ||||||||||||||||
Proceeds from sale of long-term investments | — | 1,000 | — | 1,000 | ||||||||||||||||
Investment in subsidiaries | (258,597 | ) | 178,884 | 79,713 | — | |||||||||||||||
Net cash used in investing activities | (258,597 | ) | 37,379 | (258,963 | ) | (480,181 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Change in uncashed checks | — | 6,558 | 3,264 | 9,822 | ||||||||||||||||
Proceeds from exercise of stock options | 1,350 | — | — | 1,350 | ||||||||||||||||
Remittance of shares, net | (4,061 | ) | — | — | (4,061 | ) | ||||||||||||||
Excess tax benefit of stock-based compensation | 3,352 | — | — | 3,352 | ||||||||||||||||
Deferred financing costs paid | (8,463 | ) | — | — | (8,463 | ) | ||||||||||||||
Proceeds from employee stock purchase plan | 3,516 | — | — | 3,516 | ||||||||||||||||
Payments of capital leases | — | (820 | ) | (7,017 | ) | (7,837 | ) | |||||||||||||
Distribution of cash earned on employee participation plan | — | — | (189 | ) | (189 | ) | ||||||||||||||
Issuance of senior secured notes, including premium | 261,250 | — | — | 261,250 | ||||||||||||||||
Dividends received / (paid) | 10,186 | (24,306 | ) | 14,120 | — | |||||||||||||||
Interest received / (payments) | — | 35,088 | (35,088 | ) | — | |||||||||||||||
Intercompany debt | — | (140,425 | ) | 140,425 | — | |||||||||||||||
Net cash from financing activities | 267,130 | (123,905 | ) | 115,515 | 258,740 | |||||||||||||||
Effect of exchange rate change on cash | — | — | 423 | 423 | ||||||||||||||||
(Decrease) increase in cash and cash equivalents | (8,895 | ) | 3,489 | (36,081 | ) | (41,487 | ) | |||||||||||||
Cash and cash equivalents, beginning of year | 100,476 | 124,582 | 77,152 | 302,210 | ||||||||||||||||
Cash and cash equivalents, end of year | $ | 91,581 | $ | 128,071 | $ | 41,071 | $ | 260,723 | ||||||||||||
QUARTERLY_DATA_UNAUDITED_Table
QUARTERLY DATA (UNAUDITED) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
QUARTERLY DATA (UNAUDITED) | ' | |||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(in thousands except per share amounts) | ||||||||||||||||
2013 | ||||||||||||||||
Revenues | $ | 862,163 | $ | 860,528 | $ | 907,535 | $ | 879,430 | ||||||||
Cost of revenues (2) | 636,024 | 614,326 | 647,119 | 645,164 | ||||||||||||
Gross profit | 226,139 | 246,202 | 260,416 | 234,266 | ||||||||||||
Income from operations | 34,828 | 53,243 | 73,608 | 58,877 | ||||||||||||
Other income (expense) | 525 | 1,655 | (150 | ) | (325 | ) | ||||||||||
Net income | 10,502 | 22,902 | 35,361 | 26,801 | ||||||||||||
Basic earnings per share | 0.17 | 0.38 | 0.58 | 0.44 | ||||||||||||
Diluted earnings per share | 0.17 | 0.38 | 0.58 | 0.44 | ||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter (1) | Quarter (1) | |||||||||||||
(in thousands except per share amounts) | ||||||||||||||||
2012 | ||||||||||||||||
Revenues | $ | 572,022 | $ | 523,118 | $ | 533,806 | $ | 558,962 | ||||||||
Cost of revenues (2) | 400,315 | 367,623 | 372,940 | 399,743 | ||||||||||||
Gross profit | 171,707 | 155,495 | 160,866 | 159,219 | ||||||||||||
Income from operations | 61,701 | 47,533 | 56,739 | 36,231 | ||||||||||||
Other expense | (299 | ) | (75 | ) | (91 | ) | (337 | ) | ||||||||
Net income | 32,015 | 23,426 | 12,359 | 61,874 | ||||||||||||
Basic earnings per share | 0.6 | 0.44 | 0.23 | 1.11 | ||||||||||||
Diluted earnings per share | 0.6 | 0.44 | 0.23 | 1.11 | ||||||||||||
______________________________________ | ||||||||||||||||
-1 | The third quarter 2012 net income and earnings per share were impacted by a $26.4 million loss on early extinguishment of debt in connection with a redemption and repurchase of the Company's $520.0 million previously outstanding senior secured notes. The fourth quarter 2012 net income and earnings per share were impacted by a decrease in unrecognized tax benefits of $52.4 million resulting from expiring statute of limitation periods related to an historical Canadian debt restructuring transaction. | |||||||||||||||
-2 | Items shown separately on the statements of income consist of (i) accretion of environmental liabilities and (ii) depreciation and amortization. |
OPERATIONS_Details
OPERATIONS (Details) | Dec. 31, 2013 | Dec. 28, 2012 |
Safety-Kleen | ||
Operations | ' | ' |
Outstanding common shares acquired (as a percent) | 100.00% | 100.00% |
SIGNIFICANT_ACCOUNTING_POLICIE3
SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES CASH, CASH EQUIVALENTS AND UNCASHED CHECKS (Details) (USD $) | Dec. 31, 2013 |
Accounting Policies [Abstract] | ' |
Bank Disbursement Account Balance | $0 |
SIGNIFICANT_ACCOUNTING_POLICIE4
SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES MARKETABLE SECURITIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Marketable securities | $12,435 | $11,778 |
SIGNIFICANT_ACCOUNTING_POLICIE5
SIGNIFICANT ACCOUNTING POLICIES CREDIT CONCENTRATION (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts Receivable | ' | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' |
Concentration Risk Major Customers Over Benchmark | 10.00% | 10.00% | ' |
Sales | ' | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' |
Concentration Risk Major Customers Over Benchmark | 10.00% | 10.00% | 10.00% |
SIGNIFICANT_ACCOUNTING_POLICIE6
SIGNIFICANT ACCOUNTING POLICIES PROPERTY, PLANT AND EQUIPMENT (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Solar equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '20 years |
Minimum | Buildings | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '30 years |
Minimum | Leasehold and building improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '2 years |
Minimum | Camp equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '12 years |
Minimum | Vehicles | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '3 years |
Minimum | Capitalized software and computer equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '3 years |
Minimum | Containers and railcars | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '15 years |
Minimum | All other equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '8 years |
Minimum | Furniture and fixtures | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '5 years |
Maximum | Buildings | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '40 years |
Maximum | Leasehold and building improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '40 years |
Maximum | Camp equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '15 years |
Maximum | Vehicles | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '12 years |
Maximum | Capitalized software and computer equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '5 years |
Maximum | Containers and railcars | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '20 years |
Maximum | All other equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '20 years |
Maximum | Furniture and fixtures | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '8 years |
Weighted Average | Leasehold and building improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life (in years) | '8 years 292 days |
SIGNIFICANT_ACCOUNTING_POLICIE7
SIGNIFICANT ACCOUNTING POLICIES GOODWILL AND INTANGIBLE ASSETS (Details) (USD $) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
reporting_unit | Minimum | Minimum | Maximum | Maximum | Oil Refining and Recycling | Oil Refining and Recycling | Oil Refining and Recycling | Oil and Gas Field Services | Oil and Gas Field Services | Technical Services, Field Services, Industrial Services and Lodging Reporting Units | |||
Permits | Other intangible assets | Permits | Other intangible assets | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Reporting Units | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Fair Value Exceeded Carrying Value | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | 10.00% | ' | 10.00% |
Goodwill | $570,960,000 | $579,715,000 | $122,392,000 | ' | ' | ' | ' | $171,161,000 | $173,158,000 | $173,200,000 | $37,507,000 | $39,762,000 | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | '5 years | '3 years | '30 years | '20 years | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense | $35,100,000 | $17,200,000 | $12,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SIGNIFICANT_ACCOUNTING_POLICIE8
SIGNIFICANT ACCOUNTING POLICIES LANDFILL ASSETS (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CubicYards | CubicYards | CubicYards | |
Landfill_Sites | |||
Expansions | |||
service_locations | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Application Approvals | '5 years | ' | ' |
Number of Expansions | 2 | ' | ' |
Number of Service Locations | 2 | ' | ' |
Percentage of Airspace Remaining | 19.10% | ' | ' |
Landfill Sites | 11 | ' | ' |
Remaining Highly Probable Airspace | 29,323,000 | ' | ' |
Permitted, But Not Highly Probable Airspace | 0 | 0 | ' |
Remaining Airspace Capacity [Roll Forward] | ' | ' | ' |
Remaining capacity, beginning of period | 29,643,000 | 27,557,000 | 28,557,000 |
Addition of highly probable airspace, net | 1,218,000 | 3,598,000 | 102,000 |
Consumed | -1,538,000 | -1,512,000 | -1,102,000 |
Remaining capacity, end of period | 29,323,000 | 29,643,000 | 27,557,000 |
Landfill Final Closure and Post-Closure Liabilities | $27.60 | $26.70 | ' |
Regulatory Post-Closure Period for Landfill | '30 years | ' | ' |
Inflation rate (as a percent) | 1.02% | ' | ' |
Non-landfill Closure and Post-Closure Liabilities | 19.5 | 17.4 | ' |
Permitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 23,735,000 | ' | ' |
Unpermitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 5,588,000 | ' | ' |
Landfill assets | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Amortization | $16.80 | $17.30 | 10.4 |
Non-commercial landfills | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Landfill Sites | 2 | ' | ' |
Minimum | ' | ' | ' |
Remaining Airspace Capacity [Roll Forward] | ' | ' | ' |
Non-landfill Closure and Post-Closure Liabilities (in years) | '10 years | ' | ' |
Maximum | ' | ' | ' |
Remaining Airspace Capacity [Roll Forward] | ' | ' | ' |
Non-landfill Closure and Post-Closure Liabilities (in years) | '30 years | ' | ' |
Altair | Texas | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Lives (Years) | '12 years | ' | ' |
Remaining Highly Probable Airspace | 752,000 | ' | ' |
Altair | Texas | Permitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 752,000 | ' | ' |
Altair | Texas | Unpermitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 0 | ' | ' |
Buttonwillow | California | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Lives (Years) | '27 years | ' | ' |
Remaining Highly Probable Airspace | 7,701,000 | ' | ' |
Buttonwillow | California | Permitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 7,701,000 | ' | ' |
Buttonwillow | California | Unpermitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 0 | ' | ' |
Deer Park | Texas | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Lives (Years) | '9 years | ' | ' |
Remaining Highly Probable Airspace | 342,000 | ' | ' |
Deer Park | Texas | Permitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 342,000 | ' | ' |
Deer Park | Texas | Unpermitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 0 | ' | ' |
Deer Trail | Colorado | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Lives (Years) | '41 years | ' | ' |
Remaining Highly Probable Airspace | 2,061,000 | ' | ' |
Deer Trail | Colorado | Permitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 2,061,000 | ' | ' |
Deer Trail | Colorado | Unpermitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 0 | ' | ' |
Grassy Mountain | Utah | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Lives (Years) | '29 years | ' | ' |
Remaining Highly Probable Airspace | 2,058,000 | ' | ' |
Grassy Mountain | Utah | Permitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 2,058,000 | ' | ' |
Grassy Mountain | Utah | Unpermitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 0 | ' | ' |
Kimball | Nebraska | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Lives (Years) | '10 years | ' | ' |
Remaining Highly Probable Airspace | 281,000 | ' | ' |
Kimball | Nebraska | Permitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 281,000 | ' | ' |
Kimball | Nebraska | Unpermitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 0 | ' | ' |
Lambton | Ontario | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Lives (Years) | '49 years | ' | ' |
Remaining Highly Probable Airspace | 4,828,000 | ' | ' |
Lambton | Ontario | Permitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 120,000 | ' | ' |
Lambton | Ontario | Unpermitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 4,708,000 | ' | ' |
Lone Mountain | Oklahoma | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Lives (Years) | '17 years | ' | ' |
Remaining Highly Probable Airspace | 2,769,000 | ' | ' |
Lone Mountain | Oklahoma | Permitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 2,769,000 | ' | ' |
Lone Mountain | Oklahoma | Unpermitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 0 | ' | ' |
Ryley | Alberta | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Lives (Years) | '11 years | ' | ' |
Remaining Highly Probable Airspace | 1,792,000 | ' | ' |
Ryley | Alberta | Permitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 912,000 | ' | ' |
Ryley | Alberta | Unpermitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 880,000 | ' | ' |
Sawyer | North Dakota | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Lives (Years) | '16 years | ' | ' |
Remaining Highly Probable Airspace | 4,007,000 | ' | ' |
Sawyer | North Dakota | Permitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 4,007,000 | ' | ' |
Sawyer | North Dakota | Unpermitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 0 | ' | ' |
Westmorland | California | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Lives (Years) | '64 years | ' | ' |
Remaining Highly Probable Airspace | 2,732,000 | ' | ' |
Westmorland | California | Permitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 2,732,000 | ' | ' |
Westmorland | California | Unpermitted | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Remaining Highly Probable Airspace | 0 | ' | ' |
SIGNIFICANT_ACCOUNTING_POLICIE9
SIGNIFICANT ACCOUNTING POLICIES REMEDIAL LIABILITIES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
sites | |||
Regulatory Liabilities [Line Items] | ' | ' | ' |
Accrual for Environmental Loss Contingencies | $172,498 | $183,346 | $135,320 |
Period of Time In Years Over Which Business Acquisitions Have Been Acquired | '12 years | ' | ' |
Superfund sites owned by third parties | 35 | ' | ' |
Superfund sites | 123 | ' | ' |
Minimum | ' | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' | ' |
Remedial Liabilities at Acquisition | 1.01% | ' | ' |
Remedial Liabilities Discounted Risk Free Interest Rate | 2.88% | ' | ' |
Maximum | ' | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' | ' |
Remedial Liabilities at Acquisition | 2.44% | ' | ' |
Remedial Liabilities Discounted Risk Free Interest Rate | 4.90% | ' | ' |
Recovered_Sheet1
SIGNIFICANT ACCOUNTING POLICIES LETTERS OF CREDIT (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Letters of Credit Outstanding, Amount | $140.30 | $132.60 |
Recovered_Sheet2
SIGNIFICANT ACCOUNTING POLICIES REVENUE RECOGNITION (Details) | 12 Months Ended |
Dec. 31, 2013 | |
segment | |
Segment Reporting Information [Line Items] | ' |
Reporting segments number | 5 |
Environmental Services | Parts Cleaning Services | Minimum | ' |
Segment Reporting Information [Line Items] | ' |
Service period | '49 days |
Environmental Services | Parts Cleaning Services | Maximum | ' |
Segment Reporting Information [Line Items] | ' |
Service period | '98 days |
Recovered_Sheet3
SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES ADVERTISING EXPENSE (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Advertising Expense | $10.80 | $5 | $3.90 |
Recovered_Sheet4
SIGNIFICANT ACCOUNTING POLICIES BUSINESS COMBINATIONS (Details) | Dec. 31, 2013 |
Accounting Policies [Abstract] | ' |
Percentage of all assets and liabilities of all business combinations | 100.00% |
BUSINESS_COMBINATIONS_2013_Acq
BUSINESS COMBINATIONS 2013 Acquisitions (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 13, 2013 | Sep. 13, 2013 | Sep. 13, 2013 |
Evergreen Oil, Inc. | Evergreen Oil, Inc. | Evergreen Oil, Inc. | Evergreen Oil, Inc. | ||||
Preliminary Allocations | Measurement Period Adjustments | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Outstanding common shares acquired (as a percent) | 100.00% | ' | ' | ' | 100.00% | ' | ' |
Business Acquisition, Cost of Acquired Entity, Transaction Costs | ' | ' | ' | $400,000 | ' | ' | ' |
Summary of recognized assets acquired and liabilities assumed | ' | ' | ' | ' | ' | ' | ' |
Inventories and supplies | ' | ' | ' | ' | 1,089,000 | 1,206,000 | -117,000 |
Prepaid and other current assets | ' | ' | ' | ' | 1,291,000 | 873,000 | 418,000 |
Property, plant and equipment | ' | ' | ' | ' | 40,563,000 | 40,563,000 | 0 |
Permits and other intangibles | ' | ' | ' | ' | 17,100,000 | 16,500,000 | 600,000 |
Deferred tax assets, less current portion | ' | ' | ' | ' | 2,368,000 | 0 | 2,368,000 |
Other assets | ' | ' | ' | ' | 3,607,000 | 3,607,000 | 0 |
Current liabilities | ' | ' | ' | ' | -6,198,000 | -6,108,000 | -90,000 |
Closure and post-closure liabilities | ' | ' | ' | ' | -659,000 | -659,000 | 0 |
Remedial liabilities, less current portion | ' | ' | ' | ' | -2,103,000 | -2,103,000 | 0 |
Other long-term liabilities | ' | ' | ' | ' | -1,139,000 | -1,139,000 | 0 |
Total identifiable net assets | ' | ' | ' | ' | 55,919,000 | 52,740,000 | 3,179,000 |
Goodwill | 570,960,000 | 579,715,000 | 122,392,000 | ' | 0 | 3,179,000 | -3,179,000 |
Total | ' | ' | ' | ' | $55,919,000 | $55,919,000 | $0 |
BUSINESS_COMBINATIONS_2012_Acq
BUSINESS COMBINATIONS 2012 Acquisitions (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 28, 2012 | Jul. 30, 2012 | Dec. 28, 2012 | Dec. 03, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 28, 2012 | Dec. 28, 2012 | Dec. 28, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Oil Refining and Recycling | Oil Refining and Recycling | Oil Refining and Recycling | Environmental Services | Environmental Services | Environmental Services | Industrial and Field Services | Industrial and Field Services | Industrial and Field Services | Senior secured notes | Safety-Kleen | Safety-Kleen | Safety-Kleen | Safety-Kleen | Safety-Kleen | Safety-Kleen | Safety-Kleen | Safety-Kleen | Other 2012 Acquisitions | Other 2012 Acquisitions | Other 2012 Acquisitions | Other 2012 Acquisitions | Other 2012 Acquisitions | ||||
Senior secured notes | Preliminary Allocations | Measurement Period Adjustments | aquisition | Preliminary Allocations | Measurement Period Adjustments | |||||||||||||||||||||
Unsecured Senior Notes 2021 | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding common shares acquired (as a percent) | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for Peak common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $305,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of acquisition-related common stock, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 369,300,000 | 369,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,900,000 | 6,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Private Placement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 589,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | ' | ' | ' | ' | ' | ' | ' |
Senior secured notes, interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.63% | ' | ' | ' | ' | ' | 5.13% | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Transaction Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,300,000 | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of recognized assets acquired and liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,387,000 | 20,270,000 | 117,000 |
Inventories and supplies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107,376,000 | ' | ' | ' | ' | ' | 102,339,000 | 5,037,000 | ' | ' | ' | ' | ' |
Other current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 155,674,000 | ' | ' | ' | ' | ' | 152,245,000 | 3,429,000 | ' | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 516,002,000 | ' | ' | ' | ' | ' | 514,712,000 | 1,290,000 | ' | ' | 51,893,000 | 51,901,000 | -8,000 |
Permits and other intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 438,627,000 | ' | ' | ' | ' | ' | 421,400,000 | 17,227,000 | ' | ' | 21,769,000 | 21,770,000 | -1,000 |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,338,000 | ' | ' | ' | ' | ' | 4,985,000 | -647,000 | ' | ' | 57,000 | 53,000 | 4,000 |
Current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -206,241,000 | ' | ' | ' | ' | ' | -192,652,000 | -13,589,000 | ' | ' | -5,299,000 | -5,277,000 | -22,000 |
Closure and post-closure liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,553,000 | ' | ' | ' | ' | ' | -15,774,000 | 8,221,000 | ' | ' | ' | ' | ' |
Remedial liabilities, less current portion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -48,301,000 | ' | ' | ' | ' | ' | -38,370,000 | -9,931,000 | ' | ' | ' | ' | ' |
Other long-term liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -119,331,000 | ' | ' | ' | ' | ' | -128,375,000 | 9,044,000 | ' | ' | -5,212,000 | -5,133,000 | -79,000 |
Total identifiable net assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 840,591,000 | ' | ' | ' | ' | ' | 820,510,000 | 20,081,000 | ' | ' | 83,595,000 | 83,584,000 | 11,000 |
Goodwill | 570,960,000 | 579,715,000 | 122,392,000 | 171,161,000 | 173,158,000 | 173,200,000 | 172,308,000 | 174,089,000 | 174,100,000 | 144,385,000 | 146,715,000 | 75,400,000 | ' | 422,693,000 | ' | ' | ' | ' | ' | 436,749,000 | -14,056,000 | ' | ' | 25,264,000 | 23,956,000 | 1,308,000 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,263,284,000 | ' | ' | ' | ' | ' | 1,257,259,000 | 6,025,000 | 108,900,000 | ' | 108,859,000 | 107,540,000 | 1,319,000 |
Business Combination, Acquired Receivables, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 137,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,200,000 | ' | ' |
Customer receivables, gross amount due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 142,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,500,000 | ' | ' |
Business Acquisition, Pro Forma Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma combined revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,529,592,000 | 3,245,637,000 | ' | ' | ' | ' | 2,268,621,000 | 2,112,297,000 | ' | ' | ' |
Pro forma combined net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,425,000 | 129,242,000 | ' | ' | ' | ' | 130,322,000 | 126,768,000 | ' | ' | ' |
Number of Businesses Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' |
Assumed debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,700,000 | ' | ' | ' | ' |
Post-closing adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' |
Acquisition related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000 | ' | ' | ' | ' |
BUSINESS_COMBINATIONS_2011_Acq
BUSINESS COMBINATIONS 2011 Acquisitions (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 28, 2012 | Jun. 10, 2011 | Dec. 31, 2011 | Jun. 10, 2011 | Jun. 10, 2011 | Jun. 10, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
USD ($) | USD ($) | USD ($) | Oil and Gas Field Services | Oil and Gas Field Services | Technical Services | Technical Services | Industrial Services | Industrial Services | Industrial Services | Peak Energy Services Ltd.'s ('Peak') | Peak Energy Services Ltd.'s ('Peak') | Peak Energy Services Ltd.'s ('Peak') | Peak Energy Services Ltd.'s ('Peak') | Peak Energy Services Ltd.'s ('Peak') | 2011 Acquisitions | 2011 Acquisitions | 2011 Acquisitions | 2011 Acquisitions | 2011 Acquisitions | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | Oil and Gas Field Services | Industrial Services | USD ($) | USD ($) | Oil and Gas Field Services | Technical Services | Industrial Services | ||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding common shares acquired (as a percent) | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding common shares of acquiree already owned by company (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $205,133,000 | ' | 200,200,000 | ' | ' | ' | ' | ' | ' | ' |
Exchange rate translation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.976 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price, cash assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumed debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,400,000 | ' | ' | ' | ' | 25,200,000 | ' | ' | ' | ' |
Fair value of common shares in acquiree | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain loss recognized in other income previously held as common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of recognized assets acquired and liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,222,000 | ' | ' | ' | ' | ' | 41,551,000 | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 151,574,000 | ' | ' | ' | ' | ' | 62,969,000 | ' | ' | ' |
Customer relationships and other intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,337,000 | ' | ' | ' | ' | ' | 23,371,000 | ' | ' | ' |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,009,000 | ' | ' | ' | ' | ' | 1,671,000 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -28,785,000 | ' | ' | ' | ' | ' | -23,148,000 | ' | ' | ' |
Asset retirement obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -103,000 | ' | ' | ' | ' | ' | -200,000 | ' | ' | ' |
Other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,341,000 | ' | ' | ' | ' | ' | -2,419,000 | ' | ' | ' |
Total identifiable net assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 176,913,000 | ' | ' | ' | ' | ' | 103,795,000 | ' | ' | ' |
Goodwill | 570,960,000 | 579,715,000 | 122,392,000 | 37,507,000 | 39,762,000 | 45,599,000 | 45,991,000 | 144,385,000 | 146,715,000 | 75,400,000 | 28,220,000 | ' | ' | 12,900,000 | 15,300,000 | ' | 38,339,000 | 13,300,000 | 11,100,000 | 13,900,000 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 205,133,000 | ' | ' | ' | ' | 142,100,000 | 142,134,000 | ' | ' | ' |
Business Combination, Acquired Receivables, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,300,000 | ' | ' | ' | ' | ' | 21,400,000 | ' | ' | ' |
Customer receivables, gross amount due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,700,000 | ' | ' | ' | ' | ' | 22,100,000 | ' | ' | ' |
Post-closing adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | ' | ' |
Acquisition related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $700,000 | ' | ' | ' | $800,000 | ' | ' | ' | ' |
INVENTORIES_AND_SUPPLIES_Detai
INVENTORIES AND SUPPLIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Oil and oil products | $59,639 | $76,791 |
Supplies and drums | 64,471 | 69,521 |
Solvent and solutions | 10,100 | 9,398 |
Other | 17,886 | 20,768 |
Total inventories and supplies | $152,096 | $176,478 |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT, AND EQUIPMENT (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $2,417,364 | $2,145,972 |
Less - accumulated depreciation and amortization | 815,194 | 612,919 |
Total property, plant and equipment, net | 1,602,170 | 1,533,053 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 99,794 | 104,379 |
Asset retirement costs (non-landfill) | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 10,938 | 10,111 |
Landfill assets | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 100,983 | 77,952 |
Buildings and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 327,956 | 359,816 |
Camp equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 187,831 | 135,827 |
Vehicles | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 425,296 | 385,172 |
Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 1,201,296 | 1,034,856 |
Furniture and fixtures | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 5,260 | 3,735 |
Construction in progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $58,010 | $34,124 |
PROPERTY_PLANT_AND_EQUIPMENT_D1
PROPERTY, PLANT, AND EQUIPMENT (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Interest Capitalization | $0.90 | $0.20 | $0.50 |
Depreciation and Amortization | $212.50 | $127.20 | $99.90 |
GOODWILL_AND_OTHER_INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Changes to goodwill | ' | ' |
Goodwill, beginning of period | $579,715 | $122,392 |
Acquired from acquisitions | 0 | 450,525 |
Increase from adjustments related to the acquisitions during the measurement period | 1,308 | 5,037 |
Foreign currency translation | -10,063 | 1,761 |
Goodwill, end of period | $570,960 | $579,715 |
GOODWILL_AND_OTHER_INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-lived intangible assets | ' | ' |
Accumulated Amortization | $119,190 | $86,143 |
Net | 569,973 | 590,044 |
Finite and Indefinite Lived Intangibles Gross | 689,163 | 676,187 |
Weighted Average Amortization Period (in years) | '12 years 69 days | '13 years 84 days |
Trademarks and trade names | ' | ' |
Finite-lived intangible assets | ' | ' |
Acquired Indefinite-lived Intangible Asset, Amount | 124,638 | 125,520 |
Permits | ' | ' |
Finite-lived intangible assets | ' | ' |
Cost | 157,327 | 149,361 |
Accumulated Amortization | 50,858 | 46,282 |
Net | 106,469 | 103,079 |
Weighted Average Amortization Period (in years) | '19 years 219 days | '21 years 9 months 18 days |
Customer and supplier relationships | ' | ' |
Finite-lived intangible assets | ' | ' |
Cost | 377,899 | 377,702 |
Accumulated Amortization | 52,814 | 27,740 |
Net | 325,085 | 349,962 |
Weighted Average Amortization Period (in years) | '12 years 22 days | '12 years 343 days |
Other intangible assets | ' | ' |
Finite-lived intangible assets | ' | ' |
Cost | 29,299 | 23,604 |
Accumulated Amortization | 15,518 | 12,121 |
Net | 13,781 | 11,483 |
Weighted Average Amortization Period (in years) | '3 years 110 days | '2 years 350 days |
Total amortizable permits and other intangible assets | ' | ' |
Finite-lived intangible assets | ' | ' |
Cost | 564,525 | 550,667 |
Accumulated Amortization | 119,190 | 86,143 |
Net | $445,335 | $464,524 |
GOODWILL_AND_OTHER_INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period (in years) | '12 years 69 days | '13 years 84 days |
Permits | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period (in years) | '19 years 219 days | '21 years 9 months 18 days |
Supplier relationships | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period (in years) | '12 years 22 days | '12 years 343 days |
Other intangible assets | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period (in years) | '3 years 110 days | '2 years 350 days |
Evergreen Oil, Inc. | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 17,100 | ' |
Weighted Average Amortization Period (in years) | '12 years 146 days | ' |
Evergreen Oil, Inc. | Permits | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 10,000 | ' |
Weighted Average Amortization Period (in years) | '25 years | ' |
Evergreen Oil, Inc. | Supplier relationships | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 6,500 | ' |
Weighted Average Amortization Period (in years) | '7 years | ' |
Evergreen Oil, Inc. | Other intangible assets | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 600 | ' |
Weighted Average Amortization Period (in years) | '12 years | ' |
GOODWILL_AND_OTHER_INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS (Details 4) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Expected amortization | ' |
2014 | $35,871 |
2015 | 34,922 |
2016 | 34,146 |
2017 | 32,658 |
2018 | 30,367 |
Thereafter | 277,371 |
Total | $445,335 |
ACCRUED_EXPENSES_Details
ACCRUED EXPENSES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Insurance | $57,993 | $48,245 |
Interest | 20,731 | 20,061 |
Accrued compensation and benefits | 60,902 | 68,311 |
Income, real estate, sales and other taxes | 38,938 | 37,570 |
Other | 58,265 | 72,167 |
Total accrued expenses | $236,829 | $246,354 |
CLOSURE_AND_POSTCLOSURE_LIABIL2
CLOSURE AND POST-CLOSURE LIABILITIES (Details) (USD $) | 7 Months Ended | 12 Months Ended | 4 Months Ended | 13 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jul. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 07, 2012 | Dec. 31, 2013 | Jul. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Senior Notes | Senior Notes | Senior Notes | Landfill Retirement Liability | Landfill Retirement Liability | Non-Landfill Retirement Liability | Non-Landfill Retirement Liability | ||||
Unsecured Senior Notes 2020 | Unsecured Senior Notes 2020 | Unsecured Senior Notes 2020 | ||||||||
Changes to post-closure liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | $34,881 | $44,047 | $34,881 | ' | ' | ' | $26,658 | $25,764 | $17,389 | $9,117 |
Liabilities assumed in Safety-Kleen acquisition | ' | 659 | 7,553 | ' | ' | ' | ' | 0 | 659 | 7,553 |
New asset retirement obligations | ' | 4,515 | 3,257 | ' | ' | ' | 4,515 | 3,257 | ' | ' |
Accretion | ' | 4,746 | 3,993 | ' | ' | ' | 3,016 | 2,897 | 1,730 | 1,096 |
Changes in estimates recorded to statement of income | ' | -362 | 1,194 | ' | ' | ' | -409 | 133 | 47 | 1,061 |
Changes in estimates recorded to balance sheet | ' | -1,516 | -3,071 | ' | ' | ' | -1,697 | -3,086 | 181 | 15 |
Expenditures | ' | -4,522 | -3,845 | ' | ' | ' | -4,175 | -2,382 | -347 | -1,463 |
Currency translation and other | ' | -482 | 85 | ' | ' | ' | -304 | 75 | -178 | 10 |
Balance at the end of the period | ' | 47,085 | 44,047 | ' | ' | ' | 27,604 | 26,658 | 19,481 | 17,389 |
Long-term Debt, Gross | ' | ' | ' | 600,000 | ' | 800,000 | ' | ' | ' | ' |
Credit-adjusted risk-free rate (as a percent) | 8.56% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Retirement Obligations Discount Rate (as a percent) | ' | ' | ' | 6.66% | 6.60% | ' | ' | ' | ' | ' |
Environmental Property Sale, Disposal or Abandonment Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | 7,017 | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | 8,607 | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | 6,860 | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | 4,526 | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | ' | 8,164 | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | ' | 259,837 | ' | ' | ' | ' | ' | ' | ' | ' |
Undiscounted closure and post-closure liabilities | ' | 295,011 | ' | ' | ' | ' | ' | ' | ' | ' |
Less: Discount at credit-adjusted risk-free rate | ' | -160,091 | ' | ' | ' | ' | ' | ' | ' | ' |
Less: Undiscounted estimated closure and post-closure liabilities relating to airspace not yet consumed | ' | -87,835 | ' | ' | ' | ' | ' | ' | ' | ' |
Present value of closure and post-closure liabilities | ' | $47,085 | $44,047 | ' | ' | ' | $27,604 | $26,658 | $19,481 | $17,389 |
REMEDIAL_LIABILITIES_Details
REMEDIAL LIABILITIES (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
sites | sites | |
Changes to remedial liabilities | ' | ' |
Balance at the beginning of the period | $183,346 | $135,320 |
Liabilities assumed in Evergreen acquisition | 2,384 | 58,673 |
Accretion | 6,795 | 5,924 |
Changes in estimates recorded to statement of income | -3,320 | -9,652 |
Expenditures | -14,894 | -7,346 |
Currency translation and other | -1,813 | 427 |
Balance at the end of the period | 172,498 | 183,346 |
Number of Sites | 2 | 3 |
Accrual for Environmental Loss Contingencies, Net [Abstract] | ' | ' |
2014 | 24,095 | ' |
2015 | 19,095 | ' |
2016 | 14,305 | ' |
2017 | 10,950 | ' |
2018 | 13,416 | ' |
Thereafter | 125,003 | ' |
Undiscounted remedial liabilities | 206,864 | ' |
Less: Discount | -34,366 | ' |
Total remedial liabilities | 172,498 | 183,346 |
Possible Increase in Total Remedial Liabilities | 23,695 | ' |
Accrual for Environmental Loss Contingencies, Threshold For Disclosure | 5.00% | ' |
% of Total | 100.00% | ' |
Reasonably Possible Additional Liabilities(1) | 23,695 | ' |
Active Landfill Facilities | ' | ' |
Changes to remedial liabilities | ' | ' |
Balance at the end of the period | 83,122 | ' |
Accrual for Environmental Loss Contingencies, Net [Abstract] | ' | ' |
Total remedial liabilities | 83,122 | ' |
% of Total | 48.20% | ' |
Reasonably Possible Additional Liabilities(1) | 10,795 | ' |
Number Of Facility By Type | 67 | ' |
Inactive Landfill Facilities | ' | ' |
Changes to remedial liabilities | ' | ' |
Balance at the end of the period | 74,227 | ' |
Accrual for Environmental Loss Contingencies, Net [Abstract] | ' | ' |
Total remedial liabilities | 74,227 | ' |
% of Total | 43.00% | ' |
Reasonably Possible Additional Liabilities(1) | 11,385 | ' |
Number Of Facility By Type | 40 | ' |
Superfund Landfill Sites Owned By Third Parties | ' | ' |
Changes to remedial liabilities | ' | ' |
Balance at the end of the period | 15,149 | ' |
Accrual for Environmental Loss Contingencies, Net [Abstract] | ' | ' |
Total remedial liabilities | 15,149 | ' |
% of Total | 8.80% | ' |
Reasonably Possible Additional Liabilities(1) | 1,515 | ' |
Number Of Facility By Type | 30 | ' |
Baton Rouge La | Closed incinerator and landfill | ' | ' |
Changes to remedial liabilities | ' | ' |
Balance at the end of the period | 29,369 | ' |
Accrual for Environmental Loss Contingencies, Net [Abstract] | ' | ' |
Total remedial liabilities | 29,369 | ' |
% of Total | 17.00% | ' |
Reasonably Possible Additional Liabilities(1) | 4,443 | ' |
Bridgeport, NJ | Closed incinerator | ' | ' |
Changes to remedial liabilities | ' | ' |
Balance at the end of the period | 19,521 | ' |
Accrual for Environmental Loss Contingencies, Net [Abstract] | ' | ' |
Total remedial liabilities | 19,521 | ' |
% of Total | 11.30% | ' |
Reasonably Possible Additional Liabilities(1) | 2,599 | ' |
Mercier Quebec | Idled incinerator and legal proceedings | ' | ' |
Changes to remedial liabilities | ' | ' |
Balance at the end of the period | 13,970 | ' |
Accrual for Environmental Loss Contingencies, Net [Abstract] | ' | ' |
Total remedial liabilities | 13,970 | ' |
% of Total | 8.10% | ' |
Reasonably Possible Additional Liabilities(1) | 1,520 | ' |
Various | Superfund Landfill Sites Owned By Third Parties | ' | ' |
Changes to remedial liabilities | ' | ' |
Balance at the end of the period | 15,149 | ' |
Accrual for Environmental Loss Contingencies, Net [Abstract] | ' | ' |
Total remedial liabilities | 15,149 | ' |
% of Total | 8.80% | ' |
Reasonably Possible Additional Liabilities(1) | 1,515 | ' |
Number Of Facility By Type | 30 | ' |
Various | All other incinerators, landfills, wastewater treatment facilities and service centers (104 facilities) | ' | ' |
Changes to remedial liabilities | ' | ' |
Balance at the end of the period | 94,489 | ' |
Accrual for Environmental Loss Contingencies, Net [Abstract] | ' | ' |
Total remedial liabilities | 94,489 | ' |
% of Total | 54.80% | ' |
Reasonably Possible Additional Liabilities(1) | 13,618 | ' |
Number Of Facility By Type | 104 | ' |
Legal and Administrative Proceedings | ' | ' |
Changes to remedial liabilities | ' | ' |
Balance at the end of the period | 34,600 | ' |
Accrual for Environmental Loss Contingencies, Net [Abstract] | ' | ' |
Total remedial liabilities | 34,600 | ' |
Reasonably Possible Additional Liabilities(1) | 3,500 | ' |
Benefit Change In Estimates | ' | ' |
Changes to remedial liabilities | ' | ' |
Number of Sites | ' | 2 |
Remedial Liabilities for Landfill Sites | ' | ' |
Changes to remedial liabilities | ' | ' |
Balance at the beginning of the period | 5,829 | 5,600 |
Liabilities assumed in Evergreen acquisition | 0 | 0 |
Accretion | 281 | 276 |
Changes in estimates recorded to statement of income | -190 | -31 |
Expenditures | -93 | -82 |
Currency translation and other | -203 | 66 |
Balance at the end of the period | 5,624 | 5,829 |
Accrual for Environmental Loss Contingencies, Net [Abstract] | ' | ' |
Total remedial liabilities | 5,624 | 5,829 |
Remedial Liabilities for Inactive Sites | ' | ' |
Changes to remedial liabilities | ' | ' |
Balance at the beginning of the period | 81,564 | 78,449 |
Liabilities assumed in Evergreen acquisition | 0 | 10,485 |
Accretion | 3,302 | 3,456 |
Changes in estimates recorded to statement of income | -2,813 | -5,978 |
Expenditures | -7,599 | -4,851 |
Currency translation and other | -192 | 3 |
Balance at the end of the period | 74,262 | 81,564 |
Accrual for Environmental Loss Contingencies, Net [Abstract] | ' | ' |
Total remedial liabilities | 74,262 | 81,564 |
Remedial Liabilities (Including Superfund) for Non-Landfill Operations | ' | ' |
Changes to remedial liabilities | ' | ' |
Balance at the beginning of the period | 95,953 | 51,271 |
Liabilities assumed in Evergreen acquisition | 2,384 | 48,188 |
Accretion | 3,212 | 2,192 |
Changes in estimates recorded to statement of income | -317 | -3,643 |
Expenditures | -7,202 | -2,413 |
Currency translation and other | -1,418 | 358 |
Balance at the end of the period | 92,612 | 95,953 |
Accrual for Environmental Loss Contingencies, Net [Abstract] | ' | ' |
Total remedial liabilities | $92,612 | $95,953 |
FINANCING_ARRANGEMENTS_Details
FINANCING ARRANGEMENTS (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 17, 2012 | Jan. 17, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 07, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 07, 2012 | Jul. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 28, 2012 | Jul. 30, 2012 | Jan. 17, 2013 | Jan. 17, 2013 | Jan. 17, 2013 | Jan. 17, 2013 | Jan. 17, 2013 | Jan. 17, 2013 | Jan. 17, 2013 | Jan. 17, 2013 | Jan. 17, 2013 | Jan. 17, 2013 | Jan. 17, 2013 | |
Clean Harbors, Inc. | Clean Harbors, Inc. | Canadian subsidiaries | LIBOR loans | Base rate loans | Senior unsecured notes | Senior unsecured notes | Senior unsecured notes | Senior unsecured notes | Senior unsecured notes | Senior unsecured notes | Senior unsecured notes | Senior secured notes | Senior secured notes | Senior secured notes | Senior secured notes | Senior secured notes | Senior secured notes | Senior secured notes | Senior secured notes | Senior secured notes | Senior secured notes | Senior secured notes | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Letters of credit | Letters of credit | Letters of credit | Previous revolving credit facility | Previous revolving credit facility | Previous revolving credit facility | |||
Unsecured Senior Notes 2020 | Unsecured Senior Notes 2020 | Unsecured Senior Notes 2020 | Unsecured Senior Notes 2020 | Unsecured Senior Notes 2021 | Unsecured Senior Notes 2021 | Unsecured Senior Notes 2021 | Unsecured Senior Notes 2020 | Unsecured Senior Notes 2020 | Unsecured Senior Notes 2020 | Unsecured Senior Notes 2020 | Unsecured Senior Notes 2021 | Unsecured Senior Notes 2021 | Unsecured Senior Notes 2021 | Secured Senior Notes 2016 | Clean Harbors, Inc. | Canadian subsidiaries | LIBOR loans | Base rate loans | Clean Harbors, Inc. | Canadian subsidiaries | LIBOR loans | Base rate loans | ||||||||||||||
Redeemable Debt Redemption Rate of 107.625 Percent | Safety-Kleen | Safety-Kleen | ||||||||||||||||||||||||||||||||||
Financing arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | $800,000,000 | $800,000,000 | ' | ' | $600,000,000 | $600,000,000 | ' | ' | ' | ' | ' | ' | $600,000,000 | $800,000,000 | ' | ' | $600,000,000 | $520,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term obligations | 1,400,000,000 | 1,400,000,000 | 1,400,000,000 | 1,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000,000 | 1,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured notes, interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.25% | ' | ' | ' | 5.13% | ' | ' | 7.63% | ' | ' | ' | ' | ' | ' | 5.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 804,200,000 | 816,000,000 | ' | ' | 601,600,000 | 623,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | ' | ' | ' | ' | ' | ' | 102.63% | ' | ' | ' | 102.56% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | ' | ' | ' | ' | ' | ' | 101.31% | ' | ' | ' | 101.28% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 and thereafter | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt Redemption With Net Proceeds from Equity offerings as Percentage of Principal Amount | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of redemption price to principle amount (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105.25% | 105.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Aggregate Principle Of Debt | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt Redemption, Price as Percentage of Principal Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | 300,000,000 | 100,000,000 | ' | ' | 325,000,000 | 250,000,000 | 75,000,000 | 250,000,000 | ' | ' |
Variable interest rate, basis | ' | ' | ' | ' | ' | 'LIBOR | 'BofA's base rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Basis Spread on Variable Rate Low End of Range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 0.75% | ' | ' | ' | ' | 1.75% | 0.50% |
Applicable margin on variable interest rate basis, high end of range (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 1.25% | ' | ' | ' | ' | 2.25% | 1.00% |
Credit Available, Subject to Percentage of Accounts Receivable | ' | ' | 85.00% | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Available, Subject to Percentage of Cash Deposited | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Borrowing Capacity | 259,700,000 | 117,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | $140,300,000 | $132,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
INCOME_TAXES_PROVISION_FOR_TAX
INCOME TAXES PROVISION FOR TAX EXPENSE (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | |
Change in Tax Benefits | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | ' | ' | ' | ' |
Domestic | $85,775,000 | $90,240,000 | $128,201,000 | ' |
Foreign | 58,110,000 | 37,490,000 | 56,477,000 | ' |
Income before provision (benefit) for income taxes | 143,885,000 | 127,730,000 | 184,678,000 | ' |
Current: | ' | ' | ' | ' |
Federal (i) | 5,264,000 | -29,401,000 | 16,285,000 | ' |
State | 5,006,000 | -10,736,000 | 6,002,000 | ' |
Foreign | 6,930,000 | 4,030,000 | -2,697,000 | ' |
Current Income Tax Expense (Benefit) | 17,200,000 | -36,107,000 | 19,590,000 | ' |
Deferred | ' | ' | ' | ' |
Federal | 20,574,000 | 23,521,000 | 22,455,000 | ' |
State | 2,074,000 | 2,865,000 | 2,710,000 | ' |
Foreign | 8,471,000 | 7,777,000 | 12,671,000 | ' |
Deferred income taxes | 31,119,000 | 34,163,000 | 37,836,000 | ' |
Net provision (benefit) for income taxes | 48,319,000 | -1,944,000 | 57,426,000 | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Unrecognized Tax Benefits, Period Increase (Decrease) | ' | ' | ' | -52,400,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 200,000 | 1,400,000 | ' | 29,300,000 |
The Company's effective tax rate (including taxes on income from discontinued operations) (as a percent) | 33.60% | -1.50% | 31.10% | ' |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ' | ' | ' | ' |
Tax expense at US statutory rate | 50,360,000 | 44,705,000 | 64,637,000 | ' |
State income taxes, net of federal benefit | 4,052,000 | 3,526,000 | 5,788,000 | ' |
Foreign rate differential | -10,478,000 | -8,607,000 | -10,229,000 | ' |
Non-deductible transaction costs | 657,000 | 2,229,000 | 416,000 | ' |
Uncertain tax position releases | -4,010,000 | -52,424,000 | -6,156,000 | ' |
Uncertain tax position interest and penalties | 457,000 | 1,658,000 | 2,240,000 | ' |
Other | 7,281,000 | 6,969,000 | 730,000 | ' |
Net provision (benefit) for income taxes | $48,319,000 | ($1,944,000) | $57,426,000 | ' |
INCOME_TAXES_DEFERRED_TAX_ASSE
INCOME TAXES DEFERRED TAX ASSET AND LIABILITIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 |
Restricted Stock | Foreign Country | ||||
Deferred tax assets: | ' | ' | ' | ' | ' |
Workers compensation accrual | $11,825,000 | $10,772,000 | ' | ' | ' |
Provision for doubtful accounts | 7,370,000 | 5,913,000 | ' | ' | ' |
Closure, post-closure and remedial liabilities | 53,302,000 | 54,941,000 | ' | ' | ' |
Accrued expenses | 19,671,000 | 19,198,000 | ' | ' | ' |
Accrued compensation | 5,681,000 | 2,506,000 | ' | ' | ' |
Net operating loss carryforwards(1) | 77,700,000 | 95,366,000 | ' | ' | ' |
Tax credit carryforwards(2) | 29,985,000 | 31,932,000 | ' | ' | ' |
Uncertain tax positions accrued interest and federal benefit | 1,949,000 | 2,200,000 | ' | ' | ' |
Stock-based compensation | 1,159,000 | 844,000 | ' | ' | ' |
Other | 2,170,000 | 2,570,000 | ' | ' | ' |
Total deferred tax assets | 210,812,000 | 226,242,000 | ' | ' | ' |
Deferred tax liabilities: | ' | ' | ' | ' | ' |
Property, plant and equipment | -225,271,000 | -215,581,000 | ' | ' | ' |
Permits and other intangible assets | -159,223,000 | -160,531,000 | ' | ' | ' |
Total deferred tax liabilities | -384,494,000 | -376,112,000 | ' | ' | ' |
Total net deferred tax liability before valuation allowance | -173,682,000 | -149,870,000 | ' | ' | ' |
Less valuation allowance | -29,726,000 | -26,325,000 | -11,500,000 | ' | ' |
Net deferred tax liabilities | -203,408,000 | -176,195,000 | ' | ' | ' |
State and local operating loss carryforwards | 219,000,000 | ' | ' | ' | ' |
Domestic operating loss carryforwards | 163,000,000 | ' | ' | ' | ' |
Operating loss carryforwards | ' | ' | ' | ' | 49,000,000 |
Foreign tax credit carryforwards | 29,985,000 | ' | ' | ' | ' |
Increase (decrease) tax benefit from stock options exercised | ' | ' | ' | 7,100,000 | ' |
Income tax benefit related to stock option exercises | ' | ' | ' | $1,400,000 | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Contingency [Line Items] | ' | ' | ' |
Undistributed Earnings of Foreign Subsidiaries | $133,900,000 | ' | ' |
Valuation allowance | 29,726,000 | 26,325,000 | 11,500,000 |
Valuation Allowance, Amount Foreign Tax Credits | 13,400,000 | 17,600,000 | 10,200,000 |
Valuation Allowance, Amount State Net Operating Loss | 7,000,000 | 1,400,000 | 1,100,000 |
Valuation Allowance, Amount Foreign Net Operating Loss | 7,500,000 | 7,300,000 | 200,000 |
Valuation Allowance, Amount, Deferred Tax Assets of Subsidiary | 1,800,000 | ' | ' |
Unrecognized tax benefits and related reserves including interest and penalties | 1,500,000 | 4,900,000 | ' |
Unrecognized tax benefits, interest | 200,000 | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $300,000 | $2,800,000 | $3,400,000 |
INCOME_TAXES_UNRECOGNIZED_TAX_
INCOME TAXES UNRECOGNIZED TAX BENEFITS (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Expiring Of Statutes of Limitations [Member] | Change in Tax Benefits | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits as of January 1 | $3,543,000 | $36,217,000 | $39,709,000 | ' | ' |
Gross adjustments in tax positions | 210,000 | 0 | -302,000 | ' | ' |
Gross increases due to current year acquisitions | 0 | 2,652,000 | 376,000 | ' | ' |
Settlements | 0 | 0 | -75,000 | ' | ' |
Expiration of statute of limitations | -2,843,000 | -35,328,000 | -3,436,000 | -100,000 | ' |
Foreign currency translation | 394,000 | 2,000 | -55,000 | ' | ' |
Unrecognized Tax Benefits as of December 31 | 1,304,000 | 3,543,000 | 36,217,000 | ' | ' |
Unrecognized Tax Benefits, Period Increase (Decrease) | ' | ' | ' | ' | -52,400,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 200,000 | 1,400,000 | ' | ' | 29,300,000 |
Expiring Statute of Limitations Related to Historical Canadian Business Combination | ' | 52,100,000 | ' | ' | ' |
Expiration of Various State Statute of Limitation | ' | 300,000 | ' | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $300,000 | $2,800,000 | $3,400,000 | ' | ' |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator for basic and diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $26,801 | $35,361 | $22,902 | $10,502 | $61,874 | $12,359 | $23,426 | $32,015 | $95,566 | $129,674 | $127,252 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 60,574 | 53,884 | 52,961 |
Dilutive effect of equity-based compensation awards | ' | ' | ' | ' | ' | ' | ' | ' | 154 | 195 | 363 |
Dilutive shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 60,728 | 54,079 | 53,324 |
Basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.58 | $2.41 | $2.40 |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.57 | $2.40 | $2.39 |
EARNINGS_PER_SHARE_ANTIDILUTIV
EARNINGS PER SHARE - ANTI-DILUTIVE SECURITIES (Details) (Performance Stock Awards) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Performance Stock Awards | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 109,861 | 65,336 |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | 0 Months Ended | |
Dec. 28, 2012 | Dec. 03, 2012 | |
Stock Issued During Period, Per Share Value, New Issues (in dollars per share) | ' | $56 |
Safety-Kleen | ' | ' |
Stock Issued During Period, Shares, Acquisitions | 6,900,000 | 6,900,000 |
Stock Issued During Period, Value, Other | ' | $900,000 |
Issuance of acquisition-related common stock, net | $369,300,000 | $369,300,000 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Increase (Decrease) in Equity | ' | ' | ' |
Beginning Balance | $49,632 | $31,353 | $50,759 |
Other comprehensive (loss) income before reclassifications | -68,857 | 18,225 | -17,797 |
Amounts reclassified out of accumulated other comprehensive income | ' | ' | -1,872 |
Tax effects | -331 | 54 | 263 |
Other comprehensive income (loss) | -69,188 | 18,279 | -19,406 |
Ending Balance | -19,556 | 49,632 | 31,353 |
Foreign Currency Translation Adjustments | ' | ' | ' |
Increase (Decrease) in Equity | ' | ' | ' |
Beginning Balance | 50,627 | 32,702 | 50,966 |
Other comprehensive (loss) income before reclassifications | -70,791 | 17,925 | -18,264 |
Amounts reclassified out of accumulated other comprehensive income | ' | ' | 0 |
Tax effects | 0 | 0 | 0 |
Other comprehensive income (loss) | -70,791 | 17,925 | -18,264 |
Ending Balance | -20,164 | 50,627 | 32,702 |
Unrealized Gains (Losses) on Available-for-Sale Securities | ' | ' | ' |
Increase (Decrease) in Equity | ' | ' | ' |
Beginning Balance | 660 | -348 | 459 |
Other comprehensive (loss) income before reclassifications | 1,452 | 1,185 | 860 |
Amounts reclassified out of accumulated other comprehensive income | ' | ' | -1,872 |
Tax effects | -208 | -177 | 205 |
Other comprehensive income (loss) | 1,244 | 1,008 | -807 |
Ending Balance | 1,904 | 660 | -348 |
Unfunded Pension Liability | ' | ' | ' |
Increase (Decrease) in Equity | ' | ' | ' |
Beginning Balance | -1,655 | -1,001 | -666 |
Other comprehensive (loss) income before reclassifications | 482 | -885 | -393 |
Amounts reclassified out of accumulated other comprehensive income | ' | ' | 0 |
Tax effects | -123 | 231 | 58 |
Other comprehensive income (loss) | 359 | -654 | -335 |
Ending Balance | ($1,296) | ($1,655) | ($1,001) |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details 2) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Other income (expense) | $1,872 |
Unrealized holding gains on available-for-sale investments | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Other income (expense) | $1,872 |
STOCKBASED_COMPENSATION_AND_EM1
STOCK-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
2000 Equity Incentive Plan | 2010 Equity Incentive Plan | Minimum | Minimum | Maximum | Maximum | ||||
Restricted Stock | Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, number (in shares) | ' | ' | ' | 36,000 | 6,000,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by share-bases Payment Award, Award vesting Period | ' | ' | ' | ' | ' | '5 years | '3 years | '10 years | '5 years |
Allocated Share-based Compensation Expense | $9 | $7.50 | $8.20 | ' | ' | ' | ' | ' | ' |
Total income tax benefit from compensation cost | $3.20 | $2.90 | $2.40 | ' | ' | ' | ' | ' | ' |
STOCKBASED_COMPENSATION_AND_EM2
STOCK-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS - STOCK OPTION AWARDS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected Forfeiture Rate Employees | 7.00% | ' | ' |
Expected Forfeiture Rate, Executives and Directors | 4.00% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Total Unrecognized Compensation Cost | $0 | ' | ' |
Stock Options, Total Intrinsic Value | 2,500,000 | 2,300,000 | 2,100,000 |
Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Stock Options, Weighted Average Exercise Price, Forfeited (in dollars per share) | $53.69 | ' | ' |
Total Unrecognized Compensation Cost | 19,600,000 | ' | ' |
Performance Stock Awards | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected Forfeiture Rate Employees | 7.00% | ' | ' |
Expected Forfeiture Rate, Executives and Directors | 4.00% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Stock Options, Weighted Average Exercise Price, Forfeited (in dollars per share) | $66.12 | ' | ' |
Total Unrecognized Compensation Cost | 0 | ' | ' |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Number of Stock Options Outstanding, beginning of period (in shares) | 97,200 | ' | ' |
Stock Options, Shares Exercised | -61,200 | ' | ' |
Number of Stock Options Outstanding and Vested, end of period (in shares) | 36,000 | 97,200 | ' |
Stock Options, Weighted Average Exercise Price, Outstanding beginning of period (in dollars per share) | $15.10 | ' | ' |
Stock Options, Weighted Average Exercise Price, Exercised (in dollars per share) | $6.49 | ' | ' |
Stock Options, Weighted Average Exercise Price, Outstanding and Vested end of period (in dollars per share) | $29.73 | $15.10 | ' |
Stock Options, Outstanding, Weighted Average Remaining Contractual Term (in years), beginning of period | '4 years 0 months 15 days | '1 year 11 months 16 days | ' |
Stock Options, Outstanding, Weighted Average Remaining Contractual Term (in years), end of period | '4 years 0 months 15 days | '1 year 11 months 16 days | ' |
Stock Options, Outstanding, Aggregate Intrinsic Value, beginning of period | 3,880,000 | ' | ' |
Stock Options, Outstanding, Aggregate Intrinsic Value, end of period | $1,088,000 | $3,880,000 | ' |
STOCKBASED_COMPENSATION_AND_EM3
STOCK-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS - RESTRICTED STOCK AWARDS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected Forfeiture Rate Employees | 7.00% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' |
Total Unrecognized Compensation Cost | $0 | ' | ' |
Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' |
Number of Shares, Unvested at beginning of period | 352,827 | ' | ' |
Number of Shares, Granted | 297,123 | ' | ' |
Number of Shares, Vested | -72,661 | ' | ' |
Number of Shares, Forfeited | -74,707 | ' | ' |
Number of Shares, Unvested at end of period | 502,582 | 352,827 | ' |
Shares, Unvested, Weighted Average Grant Date Fair Value, beginning of period (in dollars per share) | $50.10 | ' | ' |
Shares Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $55.35 | ' | ' |
Shares Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $44.57 | ' | ' |
Shares Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $53.69 | ' | ' |
Shares, Unvested, Weighted Average Grant Date Fair Value, end of period (in dollars per share) | $53.47 | $50.10 | ' |
Total Unrecognized Compensation Cost | 19,600,000 | ' | ' |
Expected to be Recognized over a Weighted Average Period | '3 years 6 months | ' | ' |
Total Fair Value, Vested in period | $4,400,000 | $3,300,000 | $3,700,000 |
Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award Vesting Period (in years) | '5 years | ' | ' |
Minimum | Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award Vesting Period (in years) | '3 years | ' | ' |
Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award Vesting Period (in years) | '10 years | ' | ' |
Maximum | Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award Vesting Period (in years) | '5 years | ' | ' |
STOCKBASED_COMPENSATION_AND_EM4
STOCK-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS - PERFORMANCE STOCK AWARDS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Recordable Workplace Injury Rate (workers per year) | ' | 100 | ' |
Expected Forfeiture Rate Employees | 7.00% | ' | ' |
Expected Forfeiture Rate, Executives and Directors | 4.00% | ' | ' |
Number of Performance Criteria | 3 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' |
Total Unrecognized Compensation Cost | $0 | ' | ' |
Performance Stock Awards | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected Forfeiture Rate Employees | 7.00% | ' | ' |
Expected Forfeiture Rate, Executives and Directors | 4.00% | ' | ' |
Performance Evaluation Stock-Based Compensation | '2 years | '2 years | '2 years |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' |
Number of Shares, Unvested at beginning of period | 65,336 | ' | ' |
Number of Shares, Granted | 114,453 | ' | ' |
Number of Shares, Forfeited | -69,928 | ' | ' |
Number of Shares, Unvested at end of period | 109,861 | 65,336 | ' |
Shares, Unvested, Weighted Average Grant Date Fair Value, beginning of period (in dollars per share) | $66.96 | ' | ' |
Shares Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $54.27 | ' | ' |
Shares Forfeited, Weighted Average Exercise Price (in dollars per share) | $66.12 | ' | ' |
Shares, Unvested, Weighted Average Grant Date Fair Value, end of period (in dollars per share) | $54.27 | $66.96 | ' |
Total Unrecognized Compensation Cost | 0 | ' | ' |
Total Fair Value, Vested in period | ' | $6,000,000 | $16,800,000 |
STOCKBASED_COMPENSATION_AND_EM5
STOCK-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS - EMPLOYEE STOCK PURCHASE PLAN (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-95 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2005 | 31-May-95 | Dec. 31, 2013 | |
persons | United States Defined Contribution Plan | United States Defined Contribution Plan | United States Defined Contribution Plan | Canadian Defined Contribution Plan | Canadian Defined Contribution Plan | Canadian Defined Contribution Plan | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | 2005 Employee Stock Purchase Plan | 2005 Employee Stock Purchase Plan | 2005 Employee Stock Purchase Plan | 2005 Employee Stock Purchase Plan | Last Day of the quarterly Offering | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Stock Purchase Plan, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' |
Quarterly Offerings of Shares | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award, Additional Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 340,780 | ' | ' | ' | ' |
Maximum Employee Subscription Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' |
Payroll Deduction to Purchase Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | 85.00% |
Discount from Market Price at Offering Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' |
Weighted Average per Share Fair Values of the Purchase Rights (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.61 | $10.29 | ' | ' | ' |
Number of active non-supervisory Canadian employees | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost | $300,000 | $300,000 | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension assets measured at fair value | 9,453,000 | 8,630,000 | ' | ' | ' | ' | ' | ' | ' | ' | 7,591,000 | 6,524,000 | 1,862,000 | 2,106,000 | ' | ' | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | 10,307,000 | 9,909,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | ' | ' | ' | ' | $8,900,000 | $4,800,000 | $3,900,000 | $3,100,000 | $2,100,000 | $1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
Oct. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 1999 | Dec. 31, 1968 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2002 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
customer | USD ($) | USD ($) | USD ($) | Legal and Administrative Proceedings | Legal and Administrative Proceedings | Ville Mercier | Ville Mercier | Ville Mercier | Ville Mercier | Ville Mercier | Superfund Proceedings | Wichita Property | Certain Other Third Party Sites | Safety-Kleen | Federal and State Enforcement Actions | Federal and State Enforcement Actions | |
claims | USD ($) | USD ($) | CAD | Municipalities | Permits | USD ($) | USD ($) | USD ($) | acre | sites | sites | USD ($) | USD ($) | ||||
sites | sites | Proceedings | Proceedings | ||||||||||||||
Proceedings | facilties | ||||||||||||||||
Legal and Administrative Proceedings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency Accrual, at Carrying Value | ' | $41,700,000 | $38,600,000 | ' | $34,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Possible increase in legal and administrative proceedings | ' | ' | ' | ' | 3,500,000 | 3,500,000 | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' |
Reserves relating to legal and administrative proceedings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,100,000 | ' |
Number of permits issued by government, for dumping organic liquid | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of neighboring municipalities filing separate legal proceedings against the Mercier Subsidiary and the Government of Quebec | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General Damages Sought | ' | ' | ' | ' | ' | ' | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Punitive Damages Sought | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued remedial liabilities | ' | 172,498,000 | 183,346,000 | 135,320,000 | 34,600,000 | ' | ' | ' | ' | 13,600,000 | 14,200,000 | ' | ' | ' | ' | ' | ' |
Loss Contingency, Claims Settled and Dismissed, Number | ' | 26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of proceedings | ' | 66 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 4 |
Number of customers filing a complaint | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Superfund Proceedings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of sites subject to proceedings under federal or state superfund laws | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 123 | ' | ' | ' | ' | ' |
Number of sites owned by the entity subject to proceedings under federal or state superfund laws | ' | 123 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Number of sites owned by third parties subject to proceedings under federal or state Superfund laws | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 121 | ' | ' | ' | ' | ' |
Third party sites requiring expenditure on remediation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' |
Number of sites for which environmental remediation expense is settled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29 | ' | ' | ' | ' | ' |
Number of sites for which environmental remediation expense is not required | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72 | ' | ' | ' | ' | ' |
Number of sites which potential liability could exceed $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16 | ' | ' | ' | ' | ' |
State-designated superfund site acquired, total acres | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400 | ' | ' | ' | ' |
Indemnification agreement with third party sites | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' |
Notices received from owners of third party sites seeking indemnification from the company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | 16 | ' | ' |
Federal and State Enforcement Actions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of proceedings | ' | 66 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 4 |
Sanctions relating to waste treatment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | $100,000 |
Imputed Interest Minimum | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Imputed Interest Rate Maximum | ' | 16.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES LEASES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Lease Terms Range Minimum | '1 year | ' | ' |
Lease Terms Range Maximum | '25 years | ' | ' |
2014 Total Capital Leases | $1,472,000 | ' | ' |
2015 Total Capital Leases | 1,458,000 | ' | ' |
2016 Total Capital Leases | 0 | ' | ' |
2017 Total Capital Leases | 0 | ' | ' |
2018 Total Capital Leases | 0 | ' | ' |
Thereafter Total Capital Leases | 0 | ' | ' |
Total minimum lease payments Total Capital Leases | 2,930,000 | ' | ' |
Less: imputed interest at interest rates ranging from 4.0% to 16.0% | 166,000 | ' | ' |
Present value of future minimum lease payments | 2,764,000 | ' | ' |
Less: current portion of capital lease obligations | 1,329,000 | 5,092,000 | ' |
Long-term capital lease obligations | 1,435,000 | 2,879,000 | ' |
2014 Total Operating Leases | 46,222,000 | ' | ' |
2015 Total Operating Leases | 35,875,000 | ' | ' |
2016 Total Operating Leases | 27,891,000 | ' | ' |
2017 Total Operating Leases | 20,433,000 | ' | ' |
2018 Total Operating Leases | 14,571,000 | ' | ' |
Thereafter Total Operating Leases | 30,606,000 | ' | ' |
Total minimum lease payments Total Operating Leases | 175,598,000 | ' | ' |
Imputed Interest Minimum | 4.00% | ' | ' |
Imputed Interest Rate Maximum | 16.00% | ' | ' |
Operating Leases, Rent Expense, Net | $124,400,000 | $102,900,000 | $86,700,000 |
COMMITMENTS_AND_CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES OTHER CONTINGENCIES (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Product Liability Contingency [Line Items] | ' | ' |
Retention for Environmental Impairment | $1,000,000 | ' |
Self-Insurance Liabilities | 33,100,000 | 35,100,000 |
Weighted average risk free discount rate for self insurance liabilities | 0.90% | 0.50% |
2014 | 12,581,000 | ' |
2015 | 7,549,000 | ' |
2016 | 5,820,000 | ' |
2017 | 2,618,000 | ' |
2018 | 2,183,000 | ' |
Thereafter | 2,862,000 | ' |
Undiscounted self-insurance liabilities | 33,613,000 | ' |
Less: Discount | 469,000 | ' |
Total self-insurance liabilities (included in accrued expenses) | 33,144,000 | ' |
Minimum | ' | ' |
Product Liability Contingency [Line Items] | ' | ' |
Deductible Health Insurance Policy | 250,000 | ' |
Maximum | ' | ' |
Product Liability Contingency [Line Items] | ' | ' |
Deductible Health Insurance Policy | 275,000 | ' |
Safety-Kleen | ' | ' |
Product Liability Contingency [Line Items] | ' | ' |
Deductible per Occurrence for Workers Compensation | 1,000,000 | ' |
Deductible per Occurrence for General Liability | 2,000,000 | ' |
Deductible per Occurrence for Vehicle Liability | $2,000,000 | ' |
SEGMENT_REPORTING_Details
SEGMENT REPORTING (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
ReportableSegments | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reporting segments number | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' |
Number of operations for which the revenues are insignificant | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Total revenues | $879,430 | $907,535 | $860,528 | $862,163 | $558,962 | $533,806 | $523,118 | $572,022 | 3,509,656 | $2,187,908 | $1,984,136 |
Adjusted EBITDA, Total | ' | ' | ' | ' | ' | ' | ' | ' | 510,105 | 373,767 | 350,008 |
Reconciliation to Consolidated Statements of Income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax, non-cash acquisition accounting inventory adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 13,559 | 0 | 0 |
Accretion of environmental liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 11,541 | 9,917 | 9,680 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 264,449 | 161,646 | 122,663 |
Income from operations | 58,877 | 73,608 | 53,243 | 34,828 | 36,231 | 56,739 | 47,533 | 61,701 | 220,556 | 202,204 | 217,665 |
Other (income) expense | 325 | 150 | -1,655 | -525 | 337 | 91 | 75 | 299 | -1,705 | 802 | -6,402 |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 26,385 | 0 |
Interest expense, net of interest income | ' | ' | ' | ' | ' | ' | ' | ' | 78,376 | 47,287 | 39,389 |
Income before provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 143,885 | 127,730 | 184,678 |
Technical Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,147,815 | 991,696 | 945,741 |
Adjusted EBITDA, Total | ' | ' | ' | ' | ' | ' | ' | ' | 285,520 | 249,829 | 240,494 |
Oil Refining and Recycling | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 336,981 | ' | ' |
Adjusted EBITDA, Total | ' | ' | ' | ' | ' | ' | ' | ' | 57,314 | ' | ' |
Environmental Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 770,745 | 0 | 0 |
Adjusted EBITDA, Total | ' | ' | ' | ' | ' | ' | ' | ' | 112,413 | 0 | 0 |
Environmental Services | Yellowstone River | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,600 |
Industrial and Field Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 866,979 | 787,253 | 695,893 |
Adjusted EBITDA, Total | ' | ' | ' | ' | ' | ' | ' | ' | 176,952 | 158,931 | 136,380 |
Oil and Gas Field Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 399,500 | 409,353 | 343,192 |
Adjusted EBITDA, Total | ' | ' | ' | ' | ' | ' | ' | ' | 68,063 | 77,048 | 77,870 |
Corporate Items | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | -12,364 | -394 | -690 |
Adjusted EBITDA, Total | ' | ' | ' | ' | ' | ' | ' | ' | -190,157 | -112,041 | -104,736 |
Operating segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,509,656 | 2,187,908 | 1,984,136 |
Operating segments | Technical Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,023,926 | 957,764 | 910,896 |
Operating segments | Oil Refining and Recycling | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 583,567 | 0 | 0 |
Operating segments | Environmental Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 610,076 | 0 | 0 |
Operating segments | Industrial and Field Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 908,556 | 828,119 | 731,626 |
Operating segments | Oil and Gas Field Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 392,472 | 400,549 | 340,563 |
Operating segments | Corporate Items | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | -8,941 | 1,476 | 1,051 |
Intersegment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intersegment | Technical Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 120,382 | 31,637 | 32,340 |
Intersegment | Oil Refining and Recycling | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | -246,586 | 0 | 0 |
Intersegment | Environmental Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 160,585 | 0 | 0 |
Intersegment | Industrial and Field Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | -41,751 | -40,930 | -35,370 |
Intersegment | Oil and Gas Field Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 7,370 | 9,293 | 3,030 |
Intersegment | Corporate Items | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Corporate Items (non-segment) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Corporate Items (non-segment) | Technical Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,507 | 2,295 | 2,505 |
Corporate Items (non-segment) | Oil Refining and Recycling | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Corporate Items (non-segment) | Environmental Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 84 | 0 | 0 |
Corporate Items (non-segment) | Industrial and Field Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 174 | 64 | -363 |
Corporate Items (non-segment) | Oil and Gas Field Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | -342 | -489 | -401 |
Corporate Items (non-segment) | Corporate Items | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | -3,423 | ($1,870) | ($1,741) |
SEGMENT_REPORTING_REVENUE_PROP
SEGMENT REPORTING - REVENUE, PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS OUTSIDE OF THE UNITED STATES (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
United States and Puerto Rico | United States and Puerto Rico | United States and Puerto Rico | United States | United States | Canada | Canada | Canada | Other International Locations | Other International Locations | Other International Locations | Technical Services | Technical Services | Technical Services | Oil Refining and Recycling | Oil Refining and Recycling | Oil Refining and Recycling | Environmental Services | Environmental Services | Environmental Services | Environmental Services | Industrial and Field Services | Industrial and Field Services | Industrial and Field Services | Industrial and Field Services | Oil and Gas Field Services | Oil and Gas Field Services | Oil and Gas Field Services | Corporate Items | Corporate Items | Corporate Items | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | Operating segments | ||||||||||||
Technical Services | Technical Services | Technical Services | Oil Refining and Recycling | Oil Refining and Recycling | Oil Refining and Recycling | Environmental Services | Environmental Services | Environmental Services | Industrial and Field Services | Industrial and Field Services | Industrial and Field Services | Oil and Gas Field Services | Oil and Gas Field Services | Oil and Gas Field Services | Corporate Items | Corporate Items | Corporate Items | ||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $879,430 | $907,535 | $860,528 | $862,163 | $558,962 | $533,806 | $523,118 | $572,022 | $3,509,656 | $2,187,908 | $1,984,136 | $2,376,200 | $1,254,200 | $1,149,400 | ' | ' | $1,125,000 | $933,000 | $833,600 | ' | ' | ' | $1,147,815 | $991,696 | $945,741 | $336,981 | ' | ' | $770,745 | $0 | $0 | ' | $866,979 | $787,253 | $695,893 | ' | $399,500 | $409,353 | $343,192 | ($12,364) | ($394) | ($690) | $3,509,656 | $2,187,908 | $1,984,136 | $1,023,926 | $957,764 | $910,896 | $583,567 | $0 | $0 | $610,076 | $0 | $0 | $908,556 | $828,119 | $731,626 | $392,472 | $400,549 | $340,563 | ($8,941) | $1,476 | $1,051 |
Segment reporting information revenue percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67.70% | 57.30% | 57.90% | ' | ' | 32.10% | 42.60% | 42.00% | 1.00% | 1.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | 1,602,170 | ' | ' | ' | 1,533,053 | ' | ' | ' | 1,602,170 | 1,533,053 | ' | ' | ' | ' | ' | ' | 652,000 | 642,100 | ' | ' | ' | ' | 400,544 | 405,447 | ' | 211,513 | 178,210 | ' | 239,596 | 239,993 | ' | ' | 405,327 | 371,386 | ' | ' | 237,335 | 257,985 | ' | 107,855 | 80,032 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Permits and other intangibles, net | 569,973 | ' | ' | ' | 590,044 | ' | ' | ' | 569,973 | 590,044 | ' | ' | ' | ' | ' | ' | 110,800 | 74,100 | ' | ' | ' | ' | 80,302 | 86,403 | ' | 160,807 | 151,840 | ' | 265,104 | 277,460 | ' | ' | 35,332 | 41,163 | ' | ' | 28,428 | 33,178 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property Plant And Equipment Net Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.70% | 41.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets Net Excluding Goodwill Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19.40% | 12.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 570,960 | ' | ' | ' | 579,715 | ' | ' | ' | 570,960 | 579,715 | 122,392 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,599 | 45,991 | ' | 171,161 | 173,158 | 173,200 | 172,308 | 174,089 | ' | 174,100 | 144,385 | 146,715 | ' | 75,400 | 37,507 | 39,762 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intangible assets and goodwill | 1,140,933 | ' | ' | ' | 1,169,759 | ' | ' | ' | 1,140,933 | 1,169,759 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,901 | 132,394 | ' | 331,968 | 324,998 | ' | 437,412 | 451,549 | ' | ' | 179,717 | 187,878 | ' | ' | 65,935 | 72,940 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | $3,953,678 | ' | ' | ' | $3,838,086 | ' | ' | ' | $3,953,678 | $3,838,086 | ' | ' | ' | ' | $2,684,686 | $2,555,926 | $1,266,505 | $1,281,384 | ' | $2,487 | $776 | ' | $699,675 | $716,309 | ' | $643,256 | $636,745 | ' | $774,401 | $815,446 | ' | ' | $634,541 | $612,664 | ' | ' | $395,805 | $348,771 | ' | $806,000 | $708,151 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
GUARANTOR_AND_NONGUARANTOR_SUB2
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES Balance Sheet (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Guarantor and Non-Guarantor Subsidiaries Financial Information [Abstract] | ' | ' | ' | ' |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100.00% | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | $310,073 | $229,836 | $260,723 | $302,210 |
Accounts receivable, net | 579,394 | 546,136 | ' | ' |
Property, plant and equipment, net | 1,602,170 | 1,533,053 | ' | ' |
Goodwill | 570,960 | 579,715 | 122,392 | ' |
Permits and other intangibles, net | 569,973 | 590,044 | ' | ' |
Other long-term assets | 1,180,329 | 1,209,774 | ' | ' |
Total assets | 3,953,678 | 3,838,086 | ' | ' |
Liabilities and Stockholders' Equity: | ' | ' | ' | ' |
Current liabilities | 639,545 | 588,666 | ' | ' |
Long-term obligations | 1,400,000 | 1,400,000 | ' | ' |
Capital lease obligations, net | 1,435 | 2,879 | ' | ' |
Other long-term liabilities | 246,947 | 215,412 | ' | ' |
Stockholders' equity | 1,475,639 | 1,432,072 | 900,987 | 780,827 |
Total liabilities and stockholders' equity | 3,953,678 | 3,838,086 | ' | ' |
Clean Harbors, Inc. | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 1,006 | 35,214 | 91,581 | 100,476 |
Intercompany receivables | 269,580 | 296,023 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Other current assets | 24,087 | 38,295 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Investments in subsidiaries | 2,683,158 | 2,528,699 | ' | ' |
Intercompany debt receivable | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Permits and other intangibles, net | 0 | 0 | ' | ' |
Other long-term assets | 23,770 | 21,141 | ' | ' |
Total assets | 3,001,601 | 2,919,372 | ' | ' |
Liabilities and Stockholders' Equity: | ' | ' | ' | ' |
Current liabilities | 33,626 | 32,586 | ' | ' |
Intercompany payables | 0 | 0 | ' | ' |
Closure, post-closure and remedial liabilities, net | 0 | 0 | ' | ' |
Long-term obligations | 1,400,000 | 1,400,000 | ' | ' |
Capital lease obligations, net | 0 | 0 | ' | ' |
Intercompany debt payable | 3,701 | 3,701 | ' | ' |
Other long-term liabilities | 88,635 | 51,013 | ' | ' |
Total liabilities | 1,525,962 | 1,487,300 | ' | ' |
Stockholders' equity | 1,475,639 | 1,432,072 | ' | ' |
Total liabilities and stockholders' equity | 3,001,601 | 2,919,372 | ' | ' |
U.S. Guarantor Subsidiaries | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 235,445 | 140,683 | 128,071 | 124,582 |
Intercompany receivables | 2,448 | 17,704 | ' | ' |
Accounts receivable, net | 387,006 | 345,891 | ' | ' |
Other current assets | 182,881 | 186,640 | ' | ' |
Property, plant and equipment, net | 945,280 | 881,975 | ' | ' |
Investments in subsidiaries | 967,186 | 850,011 | ' | ' |
Intercompany debt receivable | 493,402 | 508,067 | ' | ' |
Goodwill | 415,541 | 413,362 | ' | ' |
Permits and other intangibles, net | 458,917 | 464,455 | ' | ' |
Other long-term assets | 7,018 | 9,125 | ' | ' |
Total assets | 4,095,124 | 3,817,913 | ' | ' |
Liabilities and Stockholders' Equity: | ' | ' | ' | ' |
Current liabilities | 466,454 | 417,429 | ' | ' |
Intercompany payables | 499,749 | 412,594 | ' | ' |
Closure, post-closure and remedial liabilities, net | 158,298 | 164,506 | ' | ' |
Long-term obligations | 0 | 0 | ' | ' |
Capital lease obligations, net | 191 | 301 | ' | ' |
Intercompany debt payable | 0 | 0 | ' | ' |
Other long-term liabilities | 103,125 | 108,694 | ' | ' |
Total liabilities | 1,227,817 | 1,103,524 | ' | ' |
Stockholders' equity | 2,867,307 | 2,714,389 | ' | ' |
Total liabilities and stockholders' equity | 4,095,124 | 3,817,913 | ' | ' |
Foreign Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 73,622 | 53,939 | 41,071 | 77,152 |
Intercompany receivables | 230,224 | 116,571 | ' | ' |
Accounts receivable, net | 192,388 | 200,245 | ' | ' |
Other current assets | 74,744 | 94,352 | ' | ' |
Property, plant and equipment, net | 656,890 | 651,078 | ' | ' |
Investments in subsidiaries | 144,953 | 144,953 | ' | ' |
Intercompany debt receivable | 3,701 | 3,701 | ' | ' |
Goodwill | 155,419 | 166,353 | ' | ' |
Permits and other intangibles, net | 111,056 | 125,589 | ' | ' |
Other long-term assets | 8,608 | 9,749 | ' | ' |
Total assets | 1,651,605 | 1,566,530 | ' | ' |
Liabilities and Stockholders' Equity: | ' | ' | ' | ' |
Current liabilities | 139,465 | 138,651 | ' | ' |
Intercompany payables | 2,503 | 17,704 | ' | ' |
Closure, post-closure and remedial liabilities, net | 31,814 | 34,551 | ' | ' |
Long-term obligations | 0 | 0 | ' | ' |
Capital lease obligations, net | 1,244 | 2,578 | ' | ' |
Intercompany debt payable | 493,402 | 508,067 | ' | ' |
Other long-term liabilities | 55,187 | 55,705 | ' | ' |
Total liabilities | 723,615 | 757,256 | ' | ' |
Stockholders' equity | 927,990 | 809,274 | ' | ' |
Total liabilities and stockholders' equity | 1,651,605 | 1,566,530 | ' | ' |
Consolidating Adjustments | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Intercompany receivables | -502,252 | -430,298 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Investments in subsidiaries | -3,795,297 | -3,523,663 | ' | ' |
Intercompany debt receivable | -497,103 | -511,768 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Permits and other intangibles, net | 0 | 0 | ' | ' |
Other long-term assets | 0 | 0 | ' | ' |
Total assets | -4,794,652 | -4,465,729 | ' | ' |
Liabilities and Stockholders' Equity: | ' | ' | ' | ' |
Current liabilities | 0 | 0 | ' | ' |
Intercompany payables | -502,252 | -430,298 | ' | ' |
Closure, post-closure and remedial liabilities, net | 0 | 0 | ' | ' |
Long-term obligations | 0 | 0 | ' | ' |
Capital lease obligations, net | 0 | 0 | ' | ' |
Intercompany debt payable | -497,103 | -511,768 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Total liabilities | -999,355 | -942,066 | ' | ' |
Stockholders' equity | -3,795,297 | -3,523,663 | ' | ' |
Total liabilities and stockholders' equity | -4,794,652 | -4,465,729 | ' | ' |
Parent | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 310,073 | 229,836 | 260,723 | 302,210 |
Intercompany receivables | 0 | 0 | ' | ' |
Accounts receivable, net | 579,394 | 546,136 | ' | ' |
Other current assets | 281,712 | 319,287 | ' | ' |
Property, plant and equipment, net | 1,602,170 | 1,533,053 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Intercompany debt receivable | 0 | 0 | ' | ' |
Goodwill | 570,960 | 579,715 | ' | ' |
Permits and other intangibles, net | 569,973 | 590,044 | ' | ' |
Other long-term assets | 39,396 | 40,015 | ' | ' |
Total assets | 3,953,678 | 3,838,086 | ' | ' |
Liabilities and Stockholders' Equity: | ' | ' | ' | ' |
Current liabilities | 639,545 | 588,666 | ' | ' |
Intercompany payables | 0 | 0 | ' | ' |
Closure, post-closure and remedial liabilities, net | 190,112 | 199,057 | ' | ' |
Long-term obligations | 1,400,000 | 1,400,000 | ' | ' |
Capital lease obligations, net | 1,435 | 2,879 | ' | ' |
Intercompany debt payable | 0 | 0 | ' | ' |
Other long-term liabilities | 246,947 | 215,412 | ' | ' |
Total liabilities | 2,478,039 | 2,406,014 | ' | ' |
Stockholders' equity | 1,475,639 | 1,432,072 | ' | ' |
Total liabilities and stockholders' equity | $3,953,678 | $3,838,086 | ' | ' |
GUARANTOR_AND_NONGUARANTOR_SUB3
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES Income Statement (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidating statement of income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service revenues | ' | ' | ' | ' | ' | ' | ' | ' | $2,729,205 | $2,063,160 | $1,882,979 |
Product revenues | ' | ' | ' | ' | ' | ' | ' | ' | 780,451 | 124,748 | 101,157 |
Total revenues | 879,430 | 907,535 | 860,528 | 862,163 | 558,962 | 533,806 | 523,118 | 572,022 | 3,509,656 | 2,187,908 | 1,984,136 |
Service revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,874,448 | 1,439,594 | 1,301,363 |
Product revenues | ' | ' | ' | ' | ' | ' | ' | ' | 668,185 | 101,027 | 78,628 |
Total cost of revenues | 645,164 | 647,119 | 614,326 | 636,024 | 399,743 | 372,940 | 367,623 | 400,315 | 2,542,633 | 1,540,621 | 1,379,991 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 470,477 | 273,520 | 254,137 |
Accretion of environmental liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 11,541 | 9,917 | 9,680 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 264,449 | 161,646 | 122,663 |
Income from operations | 58,877 | 73,608 | 53,243 | 34,828 | 36,231 | 56,739 | 47,533 | 61,701 | 220,556 | 202,204 | 217,665 |
Other income (expense) | -325 | -150 | 1,655 | 525 | -337 | -91 | -75 | -299 | 1,705 | -802 | 6,402 |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -26,385 | 0 |
Interest (expense) income, net | ' | ' | ' | ' | ' | ' | ' | ' | -78,376 | -47,287 | -39,389 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Intercompany dividend income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Intercompany interest income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income before provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 143,885 | 127,730 | 184,678 |
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 48,319 | -1,944 | 57,426 |
Net income | 26,801 | 35,361 | 22,902 | 10,502 | 61,874 | 12,359 | 23,426 | 32,015 | 95,566 | 129,674 | 127,252 |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | -69,188 | 18,279 | -19,406 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 26,378 | 147,953 | 107,846 |
Clean Harbors, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidating statement of income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Product revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Service revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Product revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total cost of revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 109 | 66 | 100 |
Accretion of environmental liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | -109 | -66 | -100 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | -26,385 | ' |
Interest (expense) income, net | ' | ' | ' | ' | ' | ' | ' | ' | -79,017 | -46,221 | -38,755 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 184,498 | 187,432 | 174,029 |
Intercompany dividend income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 10,010 | 10,186 |
Intercompany interest income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income before provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 105,372 | 124,770 | 145,360 |
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 9,806 | -4,904 | 18,108 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 95,566 | 129,674 | 127,252 |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | -69,188 | 18,279 | -19,406 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 26,378 | 147,953 | 107,846 |
U.S. Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidating statement of income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,754,356 | 1,155,993 | 1,055,095 |
Product revenues | ' | ' | ' | ' | ' | ' | ' | ' | 611,548 | 87,460 | 86,840 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,365,904 | 1,243,453 | 1,141,935 |
Service revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,187,946 | 787,228 | 720,189 |
Product revenues | ' | ' | ' | ' | ' | ' | ' | ' | 524,318 | 70,085 | 66,582 |
Total cost of revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,712,264 | 857,313 | 786,771 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 352,387 | 173,190 | 165,882 |
Accretion of environmental liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 9,817 | 8,592 | 8,442 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 169,629 | 80,154 | 58,328 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 121,807 | 124,204 | 122,512 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 3,211 | -154 | 3,864 |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Interest (expense) income, net | ' | ' | ' | ' | ' | ' | ' | ' | 224 | 0 | 18 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 79,427 | 65,452 | 84,789 |
Intercompany dividend income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Intercompany interest income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 40,304 | 41,636 | 37,870 |
Income before provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 244,973 | 231,138 | 249,053 |
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 23,113 | -8,852 | 29,341 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 221,860 | 239,990 | 219,712 |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | -69,188 | 18,279 | -19,406 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 152,672 | 258,269 | 200,306 |
Foreign Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidating statement of income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service revenues | ' | ' | ' | ' | ' | ' | ' | ' | 989,620 | 927,240 | 854,306 |
Product revenues | ' | ' | ' | ' | ' | ' | ' | ' | 173,127 | 38,500 | 15,737 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,162,747 | 965,740 | 870,043 |
Service revenues | ' | ' | ' | ' | ' | ' | ' | ' | 701,273 | 672,439 | 607,596 |
Product revenues | ' | ' | ' | ' | ' | ' | ' | ' | 148,091 | 32,154 | 13,466 |
Total cost of revenues | ' | ' | ' | ' | ' | ' | ' | ' | 849,364 | 704,593 | 621,062 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 117,981 | 100,264 | 88,155 |
Accretion of environmental liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 1,724 | 1,325 | 1,238 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 94,820 | 81,492 | 64,335 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 98,858 | 78,066 | 95,253 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -1,506 | -648 | 2,538 |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Interest (expense) income, net | ' | ' | ' | ' | ' | ' | ' | ' | 417 | -1,066 | -652 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Intercompany dividend income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 13,292 | 13,805 | 13,832 |
Intercompany interest income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -40,304 | -41,636 | -37,870 |
Income before provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 70,757 | 48,521 | 73,101 |
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 15,400 | 11,812 | 9,977 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 55,357 | 36,709 | 63,124 |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 39,519 | 7,986 | -8,381 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 94,876 | 44,695 | 54,743 |
Consolidating Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidating statement of income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service revenues | ' | ' | ' | ' | ' | ' | ' | ' | -14,771 | -20,073 | -26,422 |
Product revenues | ' | ' | ' | ' | ' | ' | ' | ' | -4,224 | -1,212 | -1,420 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | -18,995 | -21,285 | -27,842 |
Service revenues | ' | ' | ' | ' | ' | ' | ' | ' | -14,771 | -20,073 | -26,422 |
Product revenues | ' | ' | ' | ' | ' | ' | ' | ' | -4,224 | -1,212 | -1,420 |
Total cost of revenues | ' | ' | ' | ' | ' | ' | ' | ' | -18,995 | -21,285 | -27,842 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Accretion of environmental liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Interest (expense) income, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -263,925 | -252,884 | -258,818 |
Intercompany dividend income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -13,292 | -23,815 | -24,018 |
Intercompany interest income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income before provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -277,217 | -276,699 | -282,836 |
Provision (benefit) for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -277,217 | -276,699 | -282,836 |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 29,669 | -26,265 | 27,787 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ($247,548) | ($302,964) | ($255,049) |
GUARANTOR_AND_NONGUARANTOR_SUB4
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed consolidating statement of cash flows | ' | ' | ' |
Net cash from operating activities | $415,839 | $324,365 | $179,531 |
Cash flows from investing activities: | ' | ' | ' |
Additions to property, plant and equipment | -280,207 | -197,397 | -148,513 |
Proceeds from sales of fixed assets | 4,699 | 8,125 | 6,794 |
Acquisitions, net of cash acquired | -63,264 | -1,373,921 | -336,960 |
Additions to intangible assets including costs to obtain or renew permits | -6,740 | -4,046 | -2,927 |
Purchase of marketable securities | 0 | -10,517 | 0 |
Proceeds from sales of marketable securities | 0 | 0 | 425 |
Proceeds from sale of long-term investments | 0 | 0 | 1,000 |
Other | 0 | 5,120 | 0 |
Net cash used in investing activities | -345,512 | -1,572,636 | -480,181 |
Cash flows from financing activities: | ' | ' | ' |
Change in uncashed checks | 12,268 | -12,070 | 9,822 |
Proceeds from exercise of stock options | 400 | 288 | 1,350 |
Remittance of shares, net | -731 | -2,912 | -4,061 |
Excess tax benefit of stock-based compensation | 1,409 | 2,556 | 3,352 |
Deferred financing costs paid | -2,504 | -19,056 | -8,463 |
Proceeds from employee stock purchase plan | 7,425 | 6,196 | 3,516 |
Payments on capital leases | -4,891 | -6,599 | -7,837 |
Issuance costs related to issuances of common stock | -250 | 0 | 0 |
Proceeds from issuance of common stock, net | 0 | 369,520 | 0 |
Principal payments on debt | 0 | -520,000 | 0 |
Distribution of cash earned on employee participation plan | 0 | -55 | -189 |
Issuance of senior unsecured notes, at par | 0 | 1,400,000 | 0 |
Issuance of senior secured notes, including premium | 0 | 0 | 261,250 |
Net cash from financing activities | 13,126 | 1,217,868 | 258,740 |
Effect of exchange rate change on cash | -3,216 | -484 | 423 |
Increase (decrease) in cash and cash equivalents | 80,237 | -30,887 | -41,487 |
Cash and cash equivalents, beginning of year | 229,836 | 260,723 | 302,210 |
Cash and cash equivalents, end of year | 310,073 | 229,836 | 260,723 |
Clean Harbors, Inc. | ' | ' | ' |
Condensed consolidating statement of cash flows | ' | ' | ' |
Net cash from operating activities | -33,932 | -45,655 | -17,428 |
Cash flows from investing activities: | ' | ' | ' |
Additions to property, plant and equipment | 0 | 0 | 0 |
Proceeds from sales of fixed assets | 0 | 0 | 0 |
Acquisitions, net of cash acquired | -6,025 | -1,257,259 | 0 |
Additions to intangible assets including costs to obtain or renew permits | 0 | 0 | 0 |
Purchase of marketable securities | ' | 0 | ' |
Proceeds from sales of marketable securities | ' | ' | 0 |
Proceeds from sale of long-term investments | ' | ' | 0 |
Other | ' | 0 | ' |
Investment in subsidiaries | ' | ' | -258,597 |
Net cash used in investing activities | -6,025 | -1,257,259 | -258,597 |
Cash flows from financing activities: | ' | ' | ' |
Change in uncashed checks | 0 | 0 | 0 |
Proceeds from exercise of stock options | 400 | 288 | 1,350 |
Remittance of shares, net | -731 | -2,912 | -4,061 |
Excess tax benefit of stock-based compensation | 1,409 | 2,556 | 3,352 |
Deferred financing costs paid | -2,504 | -19,056 | -8,463 |
Proceeds from employee stock purchase plan | 7,425 | 6,196 | 3,516 |
Payments on capital leases | 0 | 0 | 0 |
Issuance costs related to issuances of common stock | -250 | ' | ' |
Proceeds from issuance of common stock, net | ' | 369,520 | ' |
Principal payments on debt | ' | -520,000 | ' |
Distribution of cash earned on employee participation plan | ' | -55 | 0 |
Issuance of senior unsecured notes, at par | ' | 1,400,000 | ' |
Issuance of senior secured notes, including premium | ' | ' | 261,250 |
Interest (payments) / received | 0 | 10,010 | 10,186 |
Interest (payments) / received | 0 | 0 | 0 |
Intercompany debt | ' | ' | 0 |
Net cash from financing activities | 5,749 | 1,246,547 | 267,130 |
Effect of exchange rate change on cash | 0 | 0 | 0 |
Increase (decrease) in cash and cash equivalents | -34,208 | -56,367 | -8,895 |
Cash and cash equivalents, beginning of year | 35,214 | 91,581 | 100,476 |
Cash and cash equivalents, end of year | 1,006 | 35,214 | 91,581 |
U.S. Guarantor Subsidiaries | ' | ' | ' |
Condensed consolidating statement of cash flows | ' | ' | ' |
Net cash from operating activities | 264,491 | 179,425 | 90,015 |
Cash flows from investing activities: | ' | ' | ' |
Additions to property, plant and equipment | -145,395 | -117,344 | -92,531 |
Proceeds from sales of fixed assets | 1,078 | 3,810 | 657 |
Acquisitions, net of cash acquired | -57,239 | -63,351 | -50,166 |
Additions to intangible assets including costs to obtain or renew permits | -5,247 | -712 | -465 |
Purchase of marketable securities | ' | 0 | ' |
Proceeds from sales of marketable securities | ' | ' | 0 |
Proceeds from sale of long-term investments | ' | ' | 1,000 |
Other | ' | 500 | ' |
Investment in subsidiaries | ' | ' | 178,884 |
Net cash used in investing activities | -206,803 | -177,097 | 37,379 |
Cash flows from financing activities: | ' | ' | ' |
Change in uncashed checks | 9,922 | -6,761 | 6,558 |
Proceeds from exercise of stock options | 0 | 0 | 0 |
Remittance of shares, net | 0 | 0 | 0 |
Excess tax benefit of stock-based compensation | 0 | 0 | 0 |
Deferred financing costs paid | 0 | 0 | 0 |
Proceeds from employee stock purchase plan | 0 | 0 | 0 |
Payments on capital leases | -227 | -850 | -820 |
Issuance costs related to issuances of common stock | 0 | ' | ' |
Proceeds from issuance of common stock, net | ' | 0 | ' |
Principal payments on debt | ' | 0 | ' |
Distribution of cash earned on employee participation plan | ' | 0 | 0 |
Issuance of senior unsecured notes, at par | ' | 0 | ' |
Issuance of senior secured notes, including premium | ' | ' | 0 |
Interest (payments) / received | -13,545 | -23,815 | -24,306 |
Interest (payments) / received | 40,924 | 41,710 | 35,088 |
Intercompany debt | ' | ' | -140,425 |
Net cash from financing activities | 37,074 | 10,284 | -123,905 |
Effect of exchange rate change on cash | 0 | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 94,762 | 12,612 | 3,489 |
Cash and cash equivalents, beginning of year | 140,683 | 128,071 | 124,582 |
Cash and cash equivalents, end of year | 235,445 | 140,683 | 128,071 |
Foreign Non-Guarantor Subsidiaries | ' | ' | ' |
Condensed consolidating statement of cash flows | ' | ' | ' |
Net cash from operating activities | 185,280 | 190,595 | 106,944 |
Cash flows from investing activities: | ' | ' | ' |
Additions to property, plant and equipment | -134,812 | -80,053 | -55,982 |
Proceeds from sales of fixed assets | 3,621 | 4,315 | 6,137 |
Acquisitions, net of cash acquired | 0 | -53,311 | -286,794 |
Additions to intangible assets including costs to obtain or renew permits | -1,493 | -3,334 | -2,462 |
Purchase of marketable securities | ' | -10,517 | ' |
Proceeds from sales of marketable securities | ' | ' | 425 |
Proceeds from sale of long-term investments | ' | ' | 0 |
Other | ' | 4,620 | ' |
Investment in subsidiaries | ' | ' | 79,713 |
Net cash used in investing activities | -132,684 | -138,280 | -258,963 |
Cash flows from financing activities: | ' | ' | ' |
Change in uncashed checks | 2,346 | -5,309 | 3,264 |
Proceeds from exercise of stock options | 0 | 0 | 0 |
Remittance of shares, net | 0 | 0 | 0 |
Excess tax benefit of stock-based compensation | 0 | 0 | 0 |
Deferred financing costs paid | 0 | 0 | 0 |
Proceeds from employee stock purchase plan | 0 | 0 | 0 |
Payments on capital leases | -4,664 | -5,749 | -7,017 |
Issuance costs related to issuances of common stock | 0 | ' | ' |
Proceeds from issuance of common stock, net | ' | 0 | ' |
Principal payments on debt | ' | 0 | ' |
Distribution of cash earned on employee participation plan | ' | 0 | -189 |
Issuance of senior unsecured notes, at par | ' | 0 | ' |
Issuance of senior secured notes, including premium | ' | ' | 0 |
Interest (payments) / received | 13,545 | 13,805 | 14,120 |
Interest (payments) / received | -40,924 | -41,710 | -35,088 |
Intercompany debt | ' | ' | 140,425 |
Net cash from financing activities | -29,697 | -38,963 | 115,515 |
Effect of exchange rate change on cash | -3,216 | -484 | 423 |
Increase (decrease) in cash and cash equivalents | 19,683 | 12,868 | -36,081 |
Cash and cash equivalents, beginning of year | 53,939 | 41,071 | 77,152 |
Cash and cash equivalents, end of year | 73,622 | 53,939 | 41,071 |
Parent | ' | ' | ' |
Condensed consolidating statement of cash flows | ' | ' | ' |
Net cash from operating activities | 415,839 | 324,365 | 179,531 |
Cash flows from investing activities: | ' | ' | ' |
Additions to property, plant and equipment | -280,207 | -197,397 | -148,513 |
Proceeds from sales of fixed assets | 4,699 | 8,125 | 6,794 |
Acquisitions, net of cash acquired | -63,264 | -1,373,921 | -336,960 |
Additions to intangible assets including costs to obtain or renew permits | -6,740 | -4,046 | -2,927 |
Purchase of marketable securities | ' | -10,517 | ' |
Proceeds from sales of marketable securities | ' | ' | 425 |
Proceeds from sale of long-term investments | ' | ' | 1,000 |
Other | ' | 5,120 | ' |
Investment in subsidiaries | ' | ' | 0 |
Net cash used in investing activities | -345,512 | -1,572,636 | -480,181 |
Cash flows from financing activities: | ' | ' | ' |
Change in uncashed checks | 12,268 | -12,070 | 9,822 |
Proceeds from exercise of stock options | 400 | 288 | 1,350 |
Remittance of shares, net | -731 | -2,912 | -4,061 |
Excess tax benefit of stock-based compensation | 1,409 | 2,556 | 3,352 |
Deferred financing costs paid | -2,504 | -19,056 | -8,463 |
Proceeds from employee stock purchase plan | 7,425 | 6,196 | 3,516 |
Payments on capital leases | -4,891 | -6,599 | -7,837 |
Issuance costs related to issuances of common stock | -250 | ' | ' |
Proceeds from issuance of common stock, net | ' | 369,520 | ' |
Principal payments on debt | ' | -520,000 | ' |
Distribution of cash earned on employee participation plan | ' | -55 | -189 |
Issuance of senior unsecured notes, at par | ' | 1,400,000 | ' |
Issuance of senior secured notes, including premium | ' | ' | 261,250 |
Interest (payments) / received | 0 | 0 | 0 |
Interest (payments) / received | 0 | 0 | 0 |
Intercompany debt | ' | ' | 0 |
Net cash from financing activities | 13,126 | 1,217,868 | 258,740 |
Effect of exchange rate change on cash | -3,216 | -484 | 423 |
Increase (decrease) in cash and cash equivalents | 80,237 | -30,887 | -41,487 |
Cash and cash equivalents, beginning of year | 229,836 | 260,723 | 302,210 |
Cash and cash equivalents, end of year | $310,073 | $229,836 | $260,723 |
QUARTERLY_DATA_UNAUDITED_Detai
QUARTERLY DATA (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jul. 30, 2012 | |
Change in Tax Benefits | Secured Senior Notes 2016 | ||||||||||||
Senior Notes | |||||||||||||
Quarterly [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $879,430,000 | $907,535,000 | $860,528,000 | $862,163,000 | $558,962,000 | $533,806,000 | $523,118,000 | $572,022,000 | $3,509,656,000 | $2,187,908,000 | $1,984,136,000 | ' | ' |
Cost of revenues | 645,164,000 | 647,119,000 | 614,326,000 | 636,024,000 | 399,743,000 | 372,940,000 | 367,623,000 | 400,315,000 | 2,542,633,000 | 1,540,621,000 | 1,379,991,000 | ' | ' |
Gross profit | 234,266,000 | 260,416,000 | 246,202,000 | 226,139,000 | 159,219,000 | 160,866,000 | 155,495,000 | 171,707,000 | ' | ' | ' | ' | ' |
Income from operations | 58,877,000 | 73,608,000 | 53,243,000 | 34,828,000 | 36,231,000 | 56,739,000 | 47,533,000 | 61,701,000 | 220,556,000 | 202,204,000 | 217,665,000 | ' | ' |
Other income (expense) | -325,000 | -150,000 | 1,655,000 | 525,000 | -337,000 | -91,000 | -75,000 | -299,000 | 1,705,000 | -802,000 | 6,402,000 | ' | ' |
Net income | 26,801,000 | 35,361,000 | 22,902,000 | 10,502,000 | 61,874,000 | 12,359,000 | 23,426,000 | 32,015,000 | 95,566,000 | 129,674,000 | 127,252,000 | ' | ' |
Basic income per share (in dollars per share) | $0.44 | $0.58 | $0.38 | $0.17 | $1.11 | $0.23 | $0.44 | $0.60 | $1.58 | $2.41 | $2.40 | ' | ' |
Diluted income per share (in dollars per share) | $0.44 | $0.58 | $0.38 | $0.17 | $1.11 | $0.23 | $0.44 | $0.60 | $1.57 | $2.40 | $2.39 | ' | ' |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 26,385,000 | 0 | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 520,000,000 |
Unrecognized Tax Benefits, Period Increase (Decrease) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($52,400,000) | ' |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (Subsequent Event, USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Feb. 25, 2014 |
Subsequent Event | ' |
Subsequent Event [Line Items] | ' |
Stock Repurchase Program, Authorized Amount | $150 |
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Safety-Kleen | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ' | $13,800,000 | ' |
Allowance for Doubtful Accounts | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance Beginning of Period | 1,246,000 | 1,830,000 | 2,084,000 |
Additions (deductions) charged | 7,933,000 | 1,213,000 | 759,000 |
Changes to Reserves | 1,825,000 | 1,797,000 | 1,013,000 |
Balance End of Period | 7,354,000 | 1,246,000 | 1,830,000 |
Allowance for Sales Returns | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance Beginning of Period | 9,879,000 | 10,853,000 | 21,620,000 |
Additions (deductions) charged | 16,401,000 | 18,847,000 | 13,846,000 |
Changes to Reserves | 15,528,000 | 19,821,000 | 24,613,000 |
Balance End of Period | 10,752,000 | 9,879,000 | 10,853,000 |
Valuation Allowance on Deferred Tax Assets | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance Beginning of Period | 26,325,000 | 11,473,000 | 12,919,000 |
Additions (deductions) charged | -1,545,000 | -196,000 | -1,593,000 |
Changes to Reserves | 4,946,000 | 15,048,000 | 147,000 |
Balance End of Period | $29,726,000 | $26,325,000 | $11,473,000 |