DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION | 3 Months Ended | |
Mar. 31, 2014 | 5-May-14 | |
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-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 60,765,766 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $249,007 | $310,073 |
Marketable securities | 213 | 12,435 |
Accounts receivable, net of allowances aggregating $20,094 and $18,106, respectively | 566,394 | 579,394 |
Unbilled accounts receivable | 40,832 | 26,568 |
Deferred costs | 16,523 | 16,134 |
Inventories and supplies | 152,443 | 152,096 |
Prepaid expenses and other current assets | 56,677 | 41,962 |
Deferred tax assets | 32,469 | 32,517 |
Total current assets | 1,114,558 | 1,171,179 |
Property, plant and equipment, net | 1,588,286 | 1,602,170 |
Other assets: | ' | ' |
Deferred financing costs | 20,036 | 20,860 |
Goodwill | 565,062 | 570,960 |
Permits and other intangibles, net | 557,211 | 569,973 |
Other | 18,802 | 18,536 |
Total other assets | 1,161,111 | 1,180,329 |
Total assets | 3,863,955 | 3,953,678 |
Current liabilities: | ' | ' |
Current portion of capital lease obligations | 1,119 | 1,329 |
Accounts payable | 284,768 | 316,462 |
Deferred revenue | 56,469 | 55,454 |
Accrued expenses | 213,096 | 236,829 |
Current portion of closure, post-closure and remedial liabilities | 31,866 | 29,471 |
Total current liabilities | 587,318 | 639,545 |
Other liabilities: | ' | ' |
Closure and post-closure liabilities, less current portion of $7,629 and $5,884, respectively | 40,809 | 41,201 |
Remedial liabilities, less current portion of $24,237 and $23,587, respectively | 144,485 | 148,911 |
Long-term obligations | 1,400,000 | 1,400,000 |
Capital lease obligations, less current portion | 913 | 1,435 |
Deferred taxes, unrecognized tax benefits and other long-term liabilities | 244,795 | 246,947 |
Total other liabilities | 1,831,002 | 1,838,494 |
Common stock, $.01 par value: | ' | ' |
Authorized 80,000,000; shares issued and outstanding 60,717,774 and 60,672,180 shares, respectively | 607 | 607 |
Shares held under employee participation plan | -469 | -469 |
Additional paid-in capital | 900,726 | 898,165 |
Accumulated other comprehensive loss | -61,081 | -19,556 |
Accumulated earnings | 605,852 | 596,892 |
Total stockholders’ equity | 1,445,635 | 1,475,639 |
Total liabilities and stockholders’ equity | $3,863,955 | $3,953,678 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts receivable, current portion | $20,094 | $18,106 |
Closure and post-closure liabilities, current portion | 7,629 | 5,884 |
Remedial liabilities, current portion | $24,237 | $23,587 |
Common Stock, Par or Stated Value Per Share (in USD per share) | $0.01 | $0.01 |
Common Stock, Shares Authorized | 80,000,000 | 80,000,000 |
Common Stock, Shares, Issued | 60,717,774 | 60,672,180 |
Common Stock, Shares, Outstanding | 60,717,774 | 60,672,180 |
UNAUDITED_CONSOLIDATED_STATEME
UNAUDITED CONSOLIDATED STATEMENTS OF LOSS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Service revenues | $660,095 | $672,622 |
Product revenues | 186,572 | 189,541 |
Total revenues | 846,667 | 862,163 |
Cost of revenues (exclusive of items shown separately below) | ' | ' |
Service revenues | 466,799 | 468,372 |
Product revenues | 158,920 | 167,652 |
Total cost of revenues | 625,719 | 636,024 |
Selling, general and administrative expenses | 118,962 | 128,470 |
Accretion of environmental liabilities | 2,724 | 2,835 |
Depreciation and amortization | 69,356 | 60,006 |
Income from operations | 29,906 | 34,828 |
Other income | 4,178 | 525 |
Interest expense, net of interest income of $205 and $111, respectively | -19,554 | -19,873 |
Income before provision for income taxes | 14,530 | 15,480 |
Provision for income taxes | 5,570 | 4,978 |
Net income | $8,960 | $10,502 |
Earnings per share: | ' | ' |
Basic (in USD per share) | $0.15 | $0.17 |
Diluted (in USD per share) | $0.15 | $0.17 |
Shares used to compute earnings per share - Basic (in shares) | 60,720 | 60,464 |
Shares used to compute earnings per share - Diluted (in shares) | 60,861 | 60,630 |
UNAUDITED_CONSOLIDATED_STATEME1
UNAUDITED CONSOLIDATED STATEMENTS OF LOSS (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Interest income | $205 | $111 |
UNAUDITED_CONSOLIDATED_STATEME2
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income | $8,960 | $10,502 |
Other comprehensive loss: | ' | ' |
Unrealized gains (losses) on available-for-sale securities (net of taxes of $152 and $70 respectively) | 860 | -549 |
Reclassification adjustment for gains on available-for-sale securities included in net income (net of taxes of $496) | -2,812 | 0 |
Foreign currency translation adjustments | -39,573 | -23,312 |
Other comprehensive loss | -41,525 | -23,861 |
Comprehensive loss | ($32,565) | ($13,359) |
UNAUDITED_CONSOLIDATED_STATEME3
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Change in fair value of available for sale securities, tax | ($152) | $70 |
Reclassification adjustment for gains on available-for-sale securities included in net income, taxes | $496 | $0 |
UNAUDITED_CONSOLIDATED_STATEME4
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $8,960 | $10,502 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 69,356 | 60,006 |
Pre-tax, non-cash acquisition accounting inventory adjustments | 0 | 13,559 |
Allowance for doubtful accounts | 2,086 | 1,823 |
Amortization of deferred financing costs and debt discount | 824 | 846 |
Accretion of environmental liabilities | 2,724 | 2,835 |
Changes in environmental liability estimates | -821 | -58 |
Deferred income taxes | 0 | 32 |
Stock-based compensation | 2,278 | 1,887 |
Excess tax benefit of stock-based compensation | -117 | -1,227 |
Income tax benefit related to stock option exercises | 117 | 1,216 |
Other income | -4,178 | -525 |
Environmental expenditures | -4,186 | -5,291 |
Changes in assets and liabilities, net of acquisitions | ' | ' |
Accounts receivable | 3,741 | -28,726 |
Inventories and supplies | -1,709 | 13,573 |
Other current assets | -30,532 | 6,377 |
Accounts payable | -23,374 | -16,112 |
Other current and long-term liabilities | -20,573 | -21,128 |
Net cash from operating activities | 4,596 | 39,589 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -75,005 | -72,249 |
Proceeds from sales of fixed assets | 876 | 921 |
Proceeds from sales of marketable securities | 12,870 | 0 |
Acquisitions, net of cash acquired | 0 | -197 |
Additions to intangible assets, including costs to obtain or renew permits | -1,075 | -725 |
Net cash used in investing activities | -62,334 | -72,250 |
Cash flows from financing activities: | ' | ' |
Change in uncashed checks | 21 | 26,419 |
Proceeds from exercise of stock options | 0 | 397 |
Remittance of shares, net | -750 | -41 |
Repurchases of common stock | -1,225 | 0 |
Proceeds from employee stock purchase plan | 2,141 | 1,546 |
Deferred financing costs paid | 0 | -2,318 |
Payments on capital leases | -638 | -1,346 |
Issuance costs related to 2012 issuance of common stock | 0 | -250 |
Excess tax benefit of stock-based compensation | 117 | 1,227 |
Net cash from financing activities | -334 | 25,634 |
Effect of exchange rate change on cash | -2,994 | -705 |
Decrease in cash and cash equivalents | -61,066 | -7,732 |
Cash and cash equivalents, beginning of period | 310,073 | 229,836 |
Cash and cash equivalents, end of period | 249,007 | 222,104 |
Cash payments for interest and income taxes: | ' | ' |
Interest paid | 21,436 | 21,725 |
Income taxes paid | 5,389 | 3,662 |
Non-cash investing and financing activities: | ' | ' |
Property, plant and equipment accrued | 26,715 | 21,722 |
Transfer of inventory to property, plant and equipment | $0 | $11,369 |
UNAUDITED_CONSOLIDATED_STATEME5
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Shares Held Under Employee Participation Plan | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Earnings |
In Thousands, unless otherwise specified | ||||||
Balance at Dec. 31, 2013 | $1,475,639 | $607 | ($469) | $898,165 | ($19,556) | $596,892 |
Balance (in shares) at Dec. 31, 2013 | ' | 60,672 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Net income | 8,960 | ' | ' | ' | ' | 8,960 |
Other comprehensive loss | -41,525 | ' | ' | ' | -41,525 | ' |
Stock-based compensation | 2,278 | ' | ' | 2,278 | ' | ' |
Stock-based compensation (in shares) | ' | 42 | ' | ' | ' | ' |
Issuance of restricted shares, net of shares remitted | -750 | ' | ' | -750 | ' | ' |
Issuance of restricted shares, net of shares remitted (in shares) | ' | -14 | ' | ' | ' | ' |
Repurchases of common stock | -1,225 | ' | ' | -1,225 | ' | ' |
Repurchases of common stock (in shares) | ' | -25 | ' | ' | ' | ' |
Net tax benefit on exercise of stock-based awards | 117 | ' | ' | 117 | ' | ' |
Net tax benefit on exercise of stock-based awards (in shares) | ' | 0 | ' | ' | ' | ' |
Employee stock purchase plan | 2,141 | ' | ' | 2,141 | ' | ' |
Employee stock purchase plan (in shares) | ' | 43 | ' | ' | ' | ' |
Balance at Mar. 31, 2014 | $1,445,635 | $607 | ($469) | $900,726 | ($61,081) | $605,852 |
Balance (in shares) at Mar. 31, 2014 | ' | 60,718 | ' | ' | ' | ' |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | |
The accompanying consolidated interim financial statements are unaudited and include the accounts of Clean Harbors, Inc. and its subsidiaries (collectively, “Clean Harbors,” the “Company” or "we") and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and, in the opinion of management, include all adjustments which are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods presented. The results for interim periods are not necessarily indicative of results for the entire year or any other interim periods. The financial statements presented herein should be read in connection with the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
SIGNIFICANT ACCOUNTING POLICIES | ' |
SIGNIFICANT ACCOUNTING POLICIES | |
The Company's significant accounting policies are described in Note 2, "Significant Accounting Policies," in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. There have been no material changes in these policies or their application. | |
Recent Accounting Pronouncements | |
Standards implemented | |
On January 1. 2014, the Company adopted the Financial Accounting Standards Board (“FASB”) Accounting Standard Update (“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 adoption of ASU 2013-11 did not have an impact on the Company's consolidated balance sheets. | |
Standards to be implemented | |
In April 2014, FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). The amendments in ASU 2014-08 provide guidance for the recognition and disclosure of discontinued operations. ASU 2014-08 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. The Company is still evaluating the impact that ASU No. 2014-08 will have on the Company's consolidated financial statements. |
BUSINESS_COMBINATIONS
BUSINESS COMBINATIONS | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
BUSINESS COMBINATIONS | ' | |||||||||||
BUSINESS COMBINATIONS | ||||||||||||
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 final purchase price remains subject to adjustment upon finalization of Evergreen’s net working capital balance as of the closing date. 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. | ||||||||||||
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. As of March 31, 2014, the Company has 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 and related tax impacts recorded in the current period was not material to the consolidated financial statements and accordingly, the effects have not been retrospectively applied. | ||||||||||||
The following table summarizes the recognized amounts of assets acquired and liabilities assumed at September 13, 2013 (in thousands): | ||||||||||||
At acquisition date as reported at | Measurement Period Adjustments | At acquisition date as reported at | ||||||||||
31-Dec-13 | 31-Mar-14 | |||||||||||
Inventories and supplies | $ | 1,089 | $ | — | $ | 1,089 | ||||||
Prepaid and other current assets | 1,291 | — | 1,291 | |||||||||
Property, plant and equipment | 40,563 | — | 40,563 | |||||||||
Permits and other intangibles | 17,100 | — | 17,100 | |||||||||
Deferred tax assets, less current portion | 2,368 | — | 2,368 | |||||||||
Other assets | 3,607 | (37 | ) | 3,570 | ||||||||
Current liabilities | (6,198 | ) | (66 | ) | (6,264 | ) | ||||||
Closure and post-closure liabilities | (659 | ) | — | (659 | ) | |||||||
Remedial liabilities, less current portion | (2,103 | ) | 103 | (2,000 | ) | |||||||
Other long-term liabilities | (1,139 | ) | — | (1,139 | ) | |||||||
Total identifiable net assets | 55,919 | — | 55,919 | |||||||||
Goodwill | — | — | — | |||||||||
Total | $ | 55,919 | $ | — | $ | 55,919 | ||||||
MARKETABLE_SECURITIES
MARKETABLE SECURITIES | 3 Months Ended |
Mar. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ' |
Marketable Securities | ' |
MARKETABLE SECURITIES | |
The Company classifies its marketable securities as available-for-sale and, accordingly, carries such securities at fair value based upon readily available quoted market prices of the securities. Unrealized gains and losses are reported, net of tax, as a component of other comprehensive income. On March 31, 2014 and December 31, 2013, marketable securities held by the Company were recorded at $0.2 million and $12.4 million, respectively. Marketable securities are classified as Level 1 in the fair value hierarchy. | |
During the quarter ended March 31, 2014 the Company sold marketable securities and recognized a gain of $3.3 million recorded as other income in the consolidated statement of income. |
INVENTORIES_AND_SUPPLIES
INVENTORIES AND SUPPLIES | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORIES AND SUPPLIES | ' | |||||||
INVENTORIES AND SUPPLIES | ||||||||
Inventories and supplies consisted of the following (in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Oil and oil products | $ | 59,242 | $ | 59,639 | ||||
Supplies and drums | 65,882 | 64,471 | ||||||
Solvent and solutions | 9,955 | 10,100 | ||||||
Other | 17,364 | 17,886 | ||||||
Total inventories and supplies | $ | 152,443 | $ | 152,096 | ||||
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT, AND EQUIPMENT | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment consisted of the following (in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Land | $ | 99,338 | $ | 99,794 | ||||
Asset retirement costs (non-landfill) | 10,909 | 10,938 | ||||||
Landfill assets | 101,540 | 100,983 | ||||||
Buildings and improvements | 331,969 | 327,956 | ||||||
Camp equipment | 180,874 | 187,831 | ||||||
Vehicles | 432,849 | 425,296 | ||||||
Equipment | 1,220,857 | 1,201,296 | ||||||
Furniture and fixtures | 5,260 | 5,260 | ||||||
Construction in progress | 68,123 | 58,010 | ||||||
2,451,719 | 2,417,364 | |||||||
Less - accumulated depreciation and amortization | 863,433 | 815,194 | ||||||
Total property, plant and equipment, net | $ | 1,588,286 | $ | 1,602,170 | ||||
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | |||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||||||||||||
The changes to goodwill for the three months ended March 31, 2014 were as follows (in thousands): | ||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 570,960 | ||||||||||||||||||||||||||
Foreign currency translation | (5,898 | ) | ||||||||||||||||||||||||||
Balance at March 31, 2014 | $ | 565,062 | ||||||||||||||||||||||||||
The Company assesses goodwill for impairment at least on an annual basis 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. The Company conducted the annual impairment test of goodwill for all 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. | ||||||||||||||||||||||||||||
The fair value of the Oil Re-refining and Recycling reporting unit exceeded the carrying value by less than 10% at December 31, 2013. During the first quarter of fiscal 2014 the reporting unit has experienced lower than anticipated financial results primarily due to lower overall oil pricing and sales mix between base oils and higher priced blended oils. The lower sales prices reflected general economic conditions in the oil industry during these periods. The financial performance of this reporting unit, which had a goodwill balance of approximately $170.1 million at March 31, 2014, is affected by fluctuations in oil prices and sales mix. In light of the reporting units performance the Company continues to evaluate the risk of goodwill impairment and during the first quarter of 2014 has performed analysis surrounding the impact of the lower than anticipated results on the reporting unit's fair value. Based on such analysis the Company continues to conclude that the fair value of the reporting unit more likely than not exceeds its carrying value at March 31, 2014. | ||||||||||||||||||||||||||||
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 $36.3 million at March 31, 2014, was affected in the first quarter by decreased surface rentals and low rig counts. During the first quarter of 2014, due to lower than anticipated results in the Oil and Gas Field Services reporting unit, the Company performed an interim analysis of the impact of the lower than anticipated results on the reporting unit's fair value in the quarter, and concluded the fair value of the reporting unit more likely than not exceeded its carrying value at March 31, 2014. | ||||||||||||||||||||||||||||
Significant judgments are inherent in the annual impairment tests and analysis performed at interim dates and include assumptions about the amount and timing of expected future cash flows, growth rates, and the determination of appropriate discount rates. The Company believes that the assumptions used in the impairment analysis are reasonable, but variations in any of the assumptions may result in different calculations of fair values that could result in a material impairment charge. The impairment analysis performed during the year ended December 31, 2013 utilized future annual budgeted amounts. The discount rate assumptions were based on an assessment of the Company's weighted average cost of capital. Analysis performed in the first quarter of 2014 included a comparison of actual versus budgeted results and considerations as to whether the other significant assumptions utilized as of December 31, 2013 remained reasonable. | ||||||||||||||||||||||||||||
The performance of the reporting unit and risk that its fair value will reduce to a level that does not exceed its carrying value will continue to be monitored going forward. There can be no assurance that future events and performance of the Oil Re-refining and Recycling reporting unit and Oil and Gas Field Services reporting unit will not result in an impairment of goodwill. | ||||||||||||||||||||||||||||
Below is a summary of amortizable other intangible assets (in thousands): | ||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Cost | Accumulated | Net | Weighted | Cost | Accumulated | Net | Weighted | |||||||||||||||||||||
Amortization | Average | Amortization | Average | |||||||||||||||||||||||||
Remaining Amortization | Remaining Amortization | |||||||||||||||||||||||||||
Period | Period | |||||||||||||||||||||||||||
(in years) | (in years) | |||||||||||||||||||||||||||
Permits | $ | 156,502 | $ | 51,644 | $ | 104,858 | 20.8 | $ | 157,327 | $ | 50,858 | $ | 106,469 | 19.6 | ||||||||||||||
Customer and supplier relationships | 374,593 | 59,142 | 315,451 | 11.7 | 377,899 | 52,814 | 325,085 | 12.1 | ||||||||||||||||||||
Other intangible assets | 29,137 | 16,395 | 12,742 | 2.9 | 29,299 | 15,518 | 13,781 | 3.3 | ||||||||||||||||||||
Total amortizable permits and other intangible assets | 560,232 | 127,181 | 433,051 | 11.9 | 564,525 | 119,190 | 445,335 | 12.2 | ||||||||||||||||||||
Trademarks and trade names | 124,160 | — | 124,160 | Indefinite | 124,638 | — | 124,638 | Indefinite | ||||||||||||||||||||
Total permits and other intangible assets | $ | 684,392 | $ | 127,181 | $ | 557,211 | $ | 689,163 | $ | 119,190 | $ | 569,973 | ||||||||||||||||
Below is the expected future amortization of the net carrying amount of finite lived intangible assets at March 31, 2014 (in thousands): | ||||||||||||||||||||||||||||
Years Ending December 31, | Expected Amortization | |||||||||||||||||||||||||||
2014 (nine months) | $ | 26,555 | ||||||||||||||||||||||||||
2015 | 35,149 | |||||||||||||||||||||||||||
2016 | 34,362 | |||||||||||||||||||||||||||
2017 | 32,448 | |||||||||||||||||||||||||||
2018 | 29,732 | |||||||||||||||||||||||||||
Thereafter | 274,805 | |||||||||||||||||||||||||||
$ | 433,051 | |||||||||||||||||||||||||||
ACCRUED_EXPENSES
ACCRUED EXPENSES | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
ACCRUED EXPENSES | ' | |||||||
ACCRUED EXPENSES | ||||||||
Accrued expenses consisted of the following (in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Insurance | $ | 62,478 | $ | 57,993 | ||||
Interest | 17,909 | 20,731 | ||||||
Accrued compensation and benefits | 49,821 | 60,902 | ||||||
Income, real estate, sales and other taxes | 35,510 | 38,938 | ||||||
Other | 47,378 | 58,265 | ||||||
Total accrued expenses | $ | 213,096 | $ | 236,829 | ||||
CLOSURE_AND_POSTCLOSURE_LIABIL
CLOSURE AND POST-CLOSURE LIABILITIES | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
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”) for the three months ended March 31, 2014 were as follows (in thousands): | ||||||||||||
Landfill | Non-Landfill | Total | ||||||||||
Retirement | Retirement | |||||||||||
Liability | Liability | |||||||||||
Balance at January 1, 2014 | $ | 27,604 | $ | 19,481 | $ | 47,085 | ||||||
New asset retirement obligations | 921 | — | 921 | |||||||||
Accretion | 716 | 456 | 1,172 | |||||||||
Changes in estimates recorded to statement of income | — | 216 | 216 | |||||||||
Changes in estimates recorded to balance sheet | 165 | — | 165 | |||||||||
Expenditures | (576 | ) | (336 | ) | (912 | ) | ||||||
Currency translation and other | (97 | ) | (112 | ) | (209 | ) | ||||||
Balance at March 31, 2014 | $ | 28,733 | $ | 19,705 | $ | 48,438 | ||||||
All of the landfill facilities included in the above were active as of March 31, 2014. New asset retirement obligations incurred during the first three months of 2014 were discounted at the credit-adjusted risk-free rate of 6.54%. There were no significant charges (benefits) in 2014 resulting from changes in estimates for closure and post-closure liabilities. |
REMEDIAL_LIABILITIES
REMEDIAL LIABILITIES | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Environmental Remediation Obligations [Abstract] | ' | |||||||||||||||
REMEDIAL LIABILITIES | ' | |||||||||||||||
REMEDIAL LIABILITIES | ||||||||||||||||
The changes to remedial liabilities for the three months ended March 31, 2014 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, 2014 | $ | 5,624 | $ | 74,262 | $ | 92,612 | $ | 172,498 | ||||||||
Adjustments during the measurement period related to Evergreen | — | — | (125 | ) | (125 | ) | ||||||||||
Accretion | 66 | 756 | 730 | 1,552 | ||||||||||||
Changes in estimates recorded to statement of income | (126 | ) | (259 | ) | (652 | ) | (1,037 | ) | ||||||||
Expenditures | (32 | ) | (1,399 | ) | (1,843 | ) | (3,274 | ) | ||||||||
Currency translation and other | (108 | ) | (40 | ) | (744 | ) | (892 | ) | ||||||||
Balance at March 31, 2014 | $ | 5,424 | $ | 73,320 | $ | 89,978 | $ | 168,722 | ||||||||
In the three months ended March 31, 2014, the reduction in changes in estimates recorded to the statement of income was $1.0 million and primarily related to timing changes for various projects. |
FINANCING_ARRANGEMENTS
FINANCING ARRANGEMENTS | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
FINANCING ARRANGEMENTS | ' | |||||||
FINANCING ARRANGEMENTS | ||||||||
The following table is a summary of the Company’s financing arrangements (in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
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 | ||||
On July 30, 2012, the Company issued through a private placement $800.0 million aggregate principal amount of 5.25% senior unsecured notes due August 1, 2020 ("2020 Notes") with semi-annually fixed interest payments on February 1 and August 1 of each year, which commenced on February 1, 2013. At March 31, 2014 and December 31, 2013, the fair value of the Company's 2020 Notes was $811.1 million and $804.2 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. | ||||||||
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") with semi-annually fixed interest payments on June 1 and December 1 of each year, which commenced on June 1, 2013. At March 31, 2014 and December 31, 2013, the fair value of the Company's 2021 Notes was $603.2 million and $601.6 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 Company also maintains a revolving credit facility which as of March 31, 2014 and December 31, 2013 had no outstanding loan balances. At March 31, 2014, $251.1 million was available to borrow and outstanding letters of credit were $148.9 million. At December 31, 2013, $259.7 million was available to borrow and outstanding letters of credit were $140.3 million December 31, 2013. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
The Company’s effective tax rate for the three months ended March 31, 2014 was 38.3% compared to 32.2% for the same period in 2013. | |
As of March 31, 2014 and December 31, 2013, the Company had recorded $1.3 million of liabilities for unrecognized tax benefits and $0.2 million of interest, respectively. | |
Due to expiring statute of limitation periods, the Company believes that total unrecognized tax benefits will decrease by approximately $0.1 million within the next twelve months. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator for basic and diluted earnings per share: | ||||||||
Net income | $ | 8,960 | $ | 10,502 | ||||
Denominator: | ||||||||
Basic shares outstanding | 60,720 | 60,464 | ||||||
Dilutive effect of equity-based compensation awards | 141 | 166 | ||||||
Dilutive shares outstanding | 60,861 | 60,630 | ||||||
Basic earnings per share: | $ | 0.15 | $ | 0.17 | ||||
Diluted earnings per share: | $ | 0.15 | $ | 0.17 | ||||
For the three months ended March 31, 2014, the dilutive effect of all then outstanding options, restricted stock and performance awards is included in the EPS calculations above except for 101,059 outstanding performance stock awards for which the performance criteria were not attained at that time. For the three months ended March 31, 2013, the EPS calculations above include the dilutive effects of all then outstanding options, restricted stock, and performance awards except for 61,000 outstanding performance stock awards for which the performance criteria were not attained at that time. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | |||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||||||||||
The changes in accumulated other comprehensive loss by component and related tax effects for the three months ended March 31, 2014 were as follows (in thousands): | ||||||||||||||||
Foreign Currency Translation | Unrealized Gains (Losses) on Available-For-Sale Securities | Unfunded Pension Liability | Total | |||||||||||||
Balance at January 1, 2014 | $ | (20,164 | ) | $ | 1,904 | $ | (1,296 | ) | $ | (19,556 | ) | |||||
Other comprehensive loss before reclassifications | (39,573 | ) | 1,012 | — | (38,561 | ) | ||||||||||
Amounts reclassified out of accumulated other comprehensive loss | $ | — | $ | (3,308 | ) | $ | — | $ | (3,308 | ) | ||||||
Tax effects | $ | — | $ | 344 | $ | — | $ | 344 | ||||||||
Other comprehensive loss | $ | (39,573 | ) | $ | (1,952 | ) | $ | — | $ | (41,525 | ) | |||||
Balance at March 31, 2014 | $ | (59,737 | ) | $ | (48 | ) | $ | (1,296 | ) | $ | (61,081 | ) | ||||
The amounts reclassified out of accumulated other comprehensive loss into the consolidated statement of income, with presentation location during the three months ended March 31, 2014 were as follows (in thousands): | ||||||||||||||||
Comprehensive Loss Components | March 31, 2014 | Location | ||||||||||||||
Unrealized holding gains on available-for-sale investments | $ | (3,308 | ) | Other income |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2014 | |
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 March 31, 2014 and December 31, 2013, the Company had recorded reserves of $42.3 million and $41.7 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 March 31, 2014 and December 31, 2013, the Company also believed that it was reasonably possible that the amount of these potential liabilities could be as much as $3.4 million and $3.5 million more, respectively. 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 March 31, 2014, the $42.3 million of reserves consisted of (i) $33.8 million related to pending legal or administrative proceedings, including Superfund liabilities, which were included in remedial liabilities on the consolidated balance sheets, and (ii) $8.5 million primarily related to federal and state enforcement actions, which were included in accrued expenses on the consolidated balance sheets. | |
As of March 31, 2014, the principal legal and administrative proceedings in which the Company was involved, or which had been terminated during 2014, 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 March 31, 2014 and December 31, 2013, the Company had accrued $13.3 million and $13.6 million, respectively, for remedial liabilities relating to the Ville Mercier legal proceedings. | |
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-Kleen 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 March 31, 2014 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 63 proceedings (excluding cases which have been settled but not formally dismissed) as of March 31, 2014, 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 March 31, 2014. From December 31, 2013 to March 31, 2014, six product liability claims were settled or dismissed. Due to the nature of these claims and the related insurance, the Company 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 extended to June 4, 2014, and a hearing on class certification will be scheduled to occur after October 15, 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. Plaintiff’s class certification brief must be filed by May 1, 2014, with Safety-Kleen’s opposition due by June 2, 2014. Trial has been set for May 18, 2015. The Company is unable to ascertain the ultimate aggregate amount of monetary liability or financial impact, if any, with respect to these matters as of March 31, 2014, 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 124 sites which are subject to or are proposed to become subject to proceedings under federal or state Superfund laws. Of the 124 sites, two (the Wichita Facility and the BR Facility described below) involve facilities that are now owned by the Company and 122 involve third party sites to which either the Company or the prior owners of certain of the Company’s facilities shipped wastes. Of the 122 third party sites, 29 are now settled, 21 are currently requiring expenditures on remediation 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 122 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 122 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 122 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 March 31, 2014 and December 31, 2013, there were four and five 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. |
SEGMENT_REPORTING
SEGMENT REPORTING | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||
SEGMENT REPORTING | ' | |||||||||||||||||||||||||||
SEGMENT REPORTING | ||||||||||||||||||||||||||||
The Company's operations are 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, provision for income taxes and pre-tax, non-cash acquisition accounting adjustments. Also excluded is other income as it is not considered part of usual business operations. Transactions between the segments are accounted for at the Company’s estimate of fair value 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 reportable segments. | ||||||||||||||||||||||||||||
The following table reconciles third party revenues to direct revenues for the three months ended March 31, 2014 and 2013 (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 customer revenues from other segments. | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
Technical | Oil Re-refining and Recycling | SK Environmental Services | Industrial and Field | Oil and Gas Field | Corporate | Totals | ||||||||||||||||||||||
Services | Services | Services | Items | |||||||||||||||||||||||||
Third party revenues | $ | 236,781 | $ | 137,986 | $ | 152,322 | $ | 215,676 | $ | 103,751 | $ | 151 | $ | 846,667 | ||||||||||||||
Intersegment revenues, net | 37,434 | (56,213 | ) | 28,054 | (11,113 | ) | 1,838 | — | — | |||||||||||||||||||
Corporate Items, net | 399 | — | (58 | ) | 156 | 12 | (509 | ) | — | |||||||||||||||||||
Direct revenues | $ | 274,614 | $ | 81,773 | $ | 180,318 | $ | 204,719 | $ | 105,601 | $ | (358 | ) | $ | 846,667 | |||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||
Technical | Oil Re-refining and Recycling | SK Environmental Services | Industrial and Field | Oil and Gas Field | Corporate | Totals | ||||||||||||||||||||||
Services | Services | Services | Items | |||||||||||||||||||||||||
Third party revenues | $ | 233,939 | $ | 146,931 | $ | 152,955 | $ | 221,418 | $ | 116,696 | $ | (9,776 | ) | $ | 862,163 | |||||||||||||
Intersegment revenues, net | 24,419 | (56,561 | ) | 41,405 | (13,356 | ) | 4,093 | — | — | |||||||||||||||||||
Corporate Items, net | 852 | — | 84 | 138 | (151 | ) | (923 | ) | — | |||||||||||||||||||
Direct revenues | $ | 259,210 | $ | 90,370 | $ | 194,444 | $ | 208,200 | $ | 120,638 | $ | (10,699 | ) | $ | 862,163 | |||||||||||||
The following table presents information used by management for each reportable segment (in thousands). The Company does not allocate interest expense, income taxes, depreciation, amortization, accretion of environmental liabilities, pre-tax, non-cash acquisition accounting adjustments, and other income, to its segments. | ||||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Adjusted EBITDA: | ||||||||||||||||||||||||||||
Technical Services | $ | 62,177 | $ | 60,045 | ||||||||||||||||||||||||
Oil Re-refining and Recycling | 13,432 | 15,312 | ||||||||||||||||||||||||||
SK Environmental Services | 21,976 | 27,040 | ||||||||||||||||||||||||||
Industrial and Field Services | 34,141 | 36,346 | ||||||||||||||||||||||||||
Oil and Gas Field Services | 16,299 | 27,551 | ||||||||||||||||||||||||||
Corporate Items | (46,039 | ) | (55,066 | ) | ||||||||||||||||||||||||
Total | $ | 101,986 | $ | 111,228 | ||||||||||||||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||||||||||
Pre-tax, non-cash acquisition accounting inventory adjustment | — | 13,559 | ||||||||||||||||||||||||||
Accretion of environmental liabilities | 2,724 | 2,835 | ||||||||||||||||||||||||||
Depreciation and amortization | 69,356 | 60,006 | ||||||||||||||||||||||||||
Income from operations | 29,906 | 34,828 | ||||||||||||||||||||||||||
Other income | (4,178 | ) | (525 | ) | ||||||||||||||||||||||||
Interest expense, net of interest income | 19,554 | 19,873 | ||||||||||||||||||||||||||
Income before provision for income taxes | $ | 14,530 | $ | 15,480 | ||||||||||||||||||||||||
The following table presents certain assets by reportable segment and in the aggregate (in thousands): | ||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||
Technical | Oil Re-refining and Recycling | SK Environmental Services | Industrial and Field | Oil and Gas Field | Corporate | Totals | ||||||||||||||||||||||
Services | Services | Services | Items | |||||||||||||||||||||||||
Property, plant and equipment, net | $ | 401,130 | $ | 208,977 | $ | 244,984 | $ | 389,686 | $ | 238,228 | $ | 105,281 | $ | 1,588,286 | ||||||||||||||
Goodwill | 45,384 | 170,073 | 171,314 | 142,014 | 36,277 | — | 565,062 | |||||||||||||||||||||
Permits and other intangible, net | 78,405 | 157,966 | 261,894 | 32,751 | 26,195 | — | 557,211 | |||||||||||||||||||||
Total assets | $ | 701,399 | $ | 631,238 | $ | 770,402 | $ | 624,200 | $ | 386,721 | $ | 749,995 | $ | 3,863,955 | ||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Technical | Oil Re-refining and Recycling | SK Environmental Services | Industrial and Field | Oil and Gas Field | Corporate | Totals | ||||||||||||||||||||||
Services | Services | Services | Items | |||||||||||||||||||||||||
Property, plant and equipment, net | $ | 400,544 | $ | 211,513 | $ | 239,596 | $ | 405,327 | $ | 237,335 | $ | 107,855 | $ | 1,602,170 | ||||||||||||||
Goodwill | 45,599 | 171,161 | 172,308 | 144,385 | 37,507 | — | 570,960 | |||||||||||||||||||||
Permits and other intangible, net | 80,302 | 160,807 | 265,104 | 35,332 | 28,428 | — | 569,973 | |||||||||||||||||||||
Total assets | $ | 699,675 | $ | 643,256 | $ | 774,401 | $ | 634,541 | $ | 395,805 | $ | 806,000 | $ | 3,953,678 | ||||||||||||||
The following table presents total assets by geographical area (in thousands): | ||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
United States | $ | 2,652,218 | $ | 2,684,686 | ||||||||||||||||||||||||
Canada | 1,209,350 | 1,266,505 | ||||||||||||||||||||||||||
Other foreign | 2,387 | 2,487 | ||||||||||||||||||||||||||
Total | $ | 3,863,955 | $ | 3,953,678 | ||||||||||||||||||||||||
GUARANTOR_AND_NONGUARANTOR_SUB
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Guarantor and Non-Guarantor Subsidiaries Financial Information [Abstract] | ' | |||||||||||||||||||
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION | ' | |||||||||||||||||||
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION | ||||||||||||||||||||
The 2020 Notes and 2021 Notes are guaranteed by substantially all of the Company's subsidiaries organized in the United States. Each guarantor for the 2020 Notes and 2021 Notes is a wholly-owned subsidiary of the Company and its guarantee is both full and unconditional and joint and several. The 2020 Notes and 2021 Notes are 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 March 31, 2014 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,006 | $ | 200,691 | $ | 47,310 | $ | — | $ | 249,007 | ||||||||||
Intercompany receivables | 255,774 | 2,418 | 212,558 | (470,750 | ) | — | ||||||||||||||
Accounts receivable, net | — | 374,008 | 192,386 | — | 566,394 | |||||||||||||||
Other current assets | 24,087 | 201,731 | 73,339 | — | 299,157 | |||||||||||||||
Property, plant and equipment, net | — | 954,458 | 633,828 | — | 1,588,286 | |||||||||||||||
Investments in subsidiaries | 2,671,744 | 952,030 | 144,953 | (3,768,727 | ) | — | ||||||||||||||
Intercompany debt receivable | — | 475,548 | 3,701 | (479,249 | ) | — | ||||||||||||||
Goodwill | — | 415,453 | 149,609 | — | 565,062 | |||||||||||||||
Permits and other intangibles, net | — | 453,122 | 104,089 | — | 557,211 | |||||||||||||||
Other long-term assets | 22,946 | 7,263 | 8,629 | — | 38,838 | |||||||||||||||
Total assets | $ | 2,975,557 | $ | 4,036,722 | $ | 1,570,402 | $ | (4,718,726 | ) | $ | 3,863,955 | |||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||||||
Current liabilities | $ | 37,586 | $ | 424,583 | $ | 125,149 | $ | — | $ | 587,318 | ||||||||||
Intercompany payables | — | 468,281 | 2,469 | (470,750 | ) | — | ||||||||||||||
Closure, post-closure and remedial liabilities, net | — | 154,440 | 30,854 | — | 185,294 | |||||||||||||||
Long-term obligations | 1,400,000 | — | — | — | 1,400,000 | |||||||||||||||
Capital lease obligations, net | — | 152 | 761 | — | 913 | |||||||||||||||
Intercompany debt payable | 3,701 | — | 475,548 | (479,249 | ) | — | ||||||||||||||
Other long-term liabilities | 88,635 | 103,107 | 53,053 | — | 244,795 | |||||||||||||||
Total liabilities | 1,529,922 | 1,150,563 | 687,834 | (949,999 | ) | 2,418,320 | ||||||||||||||
Stockholders’ equity | 1,445,635 | 2,886,159 | 882,568 | (3,768,727 | ) | 1,445,635 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,975,557 | $ | 4,036,722 | $ | 1,570,402 | $ | (4,718,726 | ) | $ | 3,863,955 | |||||||||
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 receivables | — | 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 consolidating statement of (loss) income for the three months ended March 31, 2014 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | $ | — | $ | 443,874 | $ | 219,005 | $ | (2,784 | ) | $ | 660,095 | |||||||||
Product revenues | — | 134,875 | 52,493 | (796 | ) | 186,572 | ||||||||||||||
Total revenues | — | 578,749 | 271,498 | (3,580 | ) | 846,667 | ||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 304,641 | 164,942 | (2,784 | ) | 466,799 | ||||||||||||||
Product cost of revenues | — | 114,928 | 44,788 | (796 | ) | 158,920 | ||||||||||||||
Total cost of revenues | — | 419,569 | 209,730 | (3,580 | ) | 625,719 | ||||||||||||||
Selling, general and administrative expenses | 31 | 87,553 | 31,378 | — | 118,962 | |||||||||||||||
Accretion of environmental liabilities | — | 2,348 | 376 | — | 2,724 | |||||||||||||||
Depreciation and amortization | — | 42,732 | 26,624 | — | 69,356 | |||||||||||||||
Income from operations | (31 | ) | 26,547 | 3,390 | — | 29,906 | ||||||||||||||
Other income | — | 909 | 3,269 | — | 4,178 | |||||||||||||||
Interest (expense) income | (19,734 | ) | 230 | (50 | ) | — | (19,554 | ) | ||||||||||||
Equity in earnings of subsidiaries | 30,109 | 8,462 | — | (38,571 | ) | — | ||||||||||||||
Intercompany dividend income | — | — | 3,100 | (3,100 | ) | — | ||||||||||||||
Intercompany interest income (expense) | — | 9,384 | (9,384 | ) | — | — | ||||||||||||||
Income before provision for income taxes | 10,344 | 45,532 | 325 | (41,671 | ) | 14,530 | ||||||||||||||
Provision for income taxes | 1,384 | 4,105 | 81 | — | 5,570 | |||||||||||||||
Net income | 8,960 | 41,427 | 244 | (41,671 | ) | 8,960 | ||||||||||||||
Other comprehensive (loss) income | (41,525 | ) | (41,525 | ) | 19,682 | 21,843 | (41,525 | ) | ||||||||||||
Comprehensive (loss) income | $ | (32,565 | ) | $ | (98 | ) | $ | 19,926 | $ | (19,828 | ) | $ | (32,565 | ) | ||||||
Following is the consolidating statement of (loss) income for the three months ended March 31, 2013 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | $ | — | $ | 399,235 | $ | 281,419 | $ | (8,032 | ) | $ | 672,622 | |||||||||
Product revenues | — | 160,863 | 30,942 | (2,264 | ) | 189,541 | ||||||||||||||
Total revenues | — | 560,098 | 312,361 | (10,296 | ) | 862,163 | ||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 274,172 | 202,232 | (8,032 | ) | 468,372 | ||||||||||||||
Product cost of revenues | — | 143,641 | 26,275 | (2,264 | ) | 167,652 | ||||||||||||||
Total cost of revenues | — | 417,813 | 228,507 | (10,296 | ) | 636,024 | ||||||||||||||
Selling, general and administrative expenses | 25 | 95,561 | 32,884 | — | 128,470 | |||||||||||||||
Accretion of environmental liabilities | — | 2,400 | 435 | — | 2,835 | |||||||||||||||
Depreciation and amortization | — | 37,289 | 22,717 | — | 60,006 | |||||||||||||||
Income from operations | (25 | ) | 7,035 | 27,818 | — | 34,828 | ||||||||||||||
Other income (expense) | — | 720 | (195 | ) | — | 525 | ||||||||||||||
Interest expense | (19,800 | ) | — | (73 | ) | — | (19,873 | ) | ||||||||||||
Equity in earnings of subsidiaries | 30,221 | 21,413 | — | (51,634 | ) | — | ||||||||||||||
Intercompany dividend income | — | — | 3,645 | (3,645 | ) | — | ||||||||||||||
Intercompany interest income (expense) | — | 10,338 | (10,338 | ) | — | — | ||||||||||||||
Income before provision for income taxes | 10,396 | 39,506 | 20,857 | (55,279 | ) | 15,480 | ||||||||||||||
(Benefit) provision for income taxes | (106 | ) | (474 | ) | 5,558 | — | 4,978 | |||||||||||||
Net income | 10,502 | 39,980 | 15,299 | (55,279 | ) | 10,502 | ||||||||||||||
Other comprehensive (loss) income | (23,861 | ) | (23,861 | ) | 11,772 | 12,089 | (23,861 | ) | ||||||||||||
Comprehensive (loss) income | $ | (13,359 | ) | $ | 16,119 | $ | 27,071 | $ | (43,190 | ) | $ | (13,359 | ) | |||||||
Following is the condensed consolidating statement of cash flows for the three months ended March 31, 2014 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Total | |||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net cash from operating activities | $ | (283 | ) | $ | 2,808 | $ | 2,071 | $ | 4,596 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | — | (46,287 | ) | (28,718 | ) | (75,005 | ) | |||||||||||||
Proceeds from sales of fixed assets | — | 228 | 648 | 876 | ||||||||||||||||
Costs to obtain or renew permits | — | (111 | ) | (964 | ) | (1,075 | ) | |||||||||||||
Proceeds from sales of marketable securities | — | — | 12,870 | 12,870 | ||||||||||||||||
Net cash used in investing activities | — | (46,170 | ) | (16,164 | ) | (62,334 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Change in uncashed checks | — | 60 | (39 | ) | 21 | |||||||||||||||
Proceeds from employee stock purchase plan | 2,141 | — | — | 2,141 | ||||||||||||||||
Remittance of shares, net | (750 | ) | — | — | (750 | ) | ||||||||||||||
Repurchases of common stock | (1,225 | ) | — | — | (1,225 | ) | ||||||||||||||
Excess tax benefit of stock-based compensation | 117 | — | — | 117 | ||||||||||||||||
Payments on capital leases | — | (41 | ) | (597 | ) | (638 | ) | |||||||||||||
Dividends (paid) / received | — | (4,275 | ) | 4,275 | — | |||||||||||||||
Interest (payments) / received | — | 12,864 | (12,864 | ) | — | |||||||||||||||
Net cash from financing activities | 283 | 8,608 | (9,225 | ) | (334 | ) | ||||||||||||||
Effect of exchange rate change on cash | — | — | (2,994 | ) | (2,994 | ) | ||||||||||||||
Decrease in cash and cash equivalents | — | (34,754 | ) | (26,312 | ) | (61,066 | ) | |||||||||||||
Cash and cash equivalents, beginning of period | 1,006 | 235,445 | 73,622 | 310,073 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 1,006 | $ | 200,691 | $ | 47,310 | $ | 249,007 | ||||||||||||
Following is the condensed consolidating statement of cash flows for the three months ended March 31, 2013 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Total | |||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net cash from operating activities | $ | (32,042 | ) | $ | 33,154 | $ | 38,477 | $ | 39,589 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | — | (36,962 | ) | (35,287 | ) | (72,249 | ) | |||||||||||||
Proceeds from sale of fixed assets | — | 250 | 671 | 921 | ||||||||||||||||
Acquisitions, net of cash acquired | (197 | ) | — | — | (197 | ) | ||||||||||||||
Costs to obtain or renew permits | — | (113 | ) | (612 | ) | (725 | ) | |||||||||||||
Net cash used in investing activities | (197 | ) | (36,825 | ) | (35,228 | ) | (72,250 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Change in uncashed checks | — | 20,562 | 5,857 | 26,419 | ||||||||||||||||
Proceeds from exercise of stock options | 397 | — | — | 397 | ||||||||||||||||
Proceeds from employee stock purchase plan | 1,546 | — | — | 1,546 | ||||||||||||||||
Remittance of shares, net | (41 | ) | — | — | (41 | ) | ||||||||||||||
Excess tax benefit of stock-based compensation | 1,227 | — | — | 1,227 | ||||||||||||||||
Deferred financing costs paid | (2,318 | ) | — | — | (2,318 | ) | ||||||||||||||
Payments of capital leases | — | (80 | ) | (1,266 | ) | (1,346 | ) | |||||||||||||
Issuance costs related to 2012 issuance of common stock | (250 | ) | — | — | (250 | ) | ||||||||||||||
Dividends (paid) / received | — | (3,645 | ) | 3,645 | — | |||||||||||||||
Interest received / (payments) | — | 11,307 | (11,307 | ) | — | |||||||||||||||
Net cash from financing activities | 561 | 28,144 | (3,071 | ) | 25,634 | |||||||||||||||
Effect of exchange rate change on cash | — | — | (705 | ) | (705 | ) | ||||||||||||||
(Decrease) increase in cash and cash equivalents | (31,678 | ) | 24,473 | (527 | ) | (7,732 | ) | |||||||||||||
Cash and cash equivalents, beginning of period | 35,214 | 140,683 | 53,939 | 229,836 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 3,536 | $ | 165,156 | $ | 53,412 | $ | 222,104 | ||||||||||||
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
Standards implemented | |
On January 1. 2014, the Company adopted the Financial Accounting Standards Board (“FASB”) Accounting Standard Update (“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 adoption of ASU 2013-11 did not have an impact on the Company's consolidated balance sheets. | |
Standards to be implemented | |
In April 2014, FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). The amendments in ASU 2014-08 provide guidance for the recognition and disclosure of discontinued operations. ASU 2014-08 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. The Company is still evaluating the impact that ASU No. 2014-08 will have on the Company's consolidated financial statements. |
BUSINESS_COMBINATIONS_Tables
BUSINESS COMBINATIONS (Tables) (Evergreen Oil, Inc) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
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): | ||||||||||||
At acquisition date as reported at | Measurement Period Adjustments | At acquisition date as reported at | ||||||||||
31-Dec-13 | 31-Mar-14 | |||||||||||
Inventories and supplies | $ | 1,089 | $ | — | $ | 1,089 | ||||||
Prepaid and other current assets | 1,291 | — | 1,291 | |||||||||
Property, plant and equipment | 40,563 | — | 40,563 | |||||||||
Permits and other intangibles | 17,100 | — | 17,100 | |||||||||
Deferred tax assets, less current portion | 2,368 | — | 2,368 | |||||||||
Other assets | 3,607 | (37 | ) | 3,570 | ||||||||
Current liabilities | (6,198 | ) | (66 | ) | (6,264 | ) | ||||||
Closure and post-closure liabilities | (659 | ) | — | (659 | ) | |||||||
Remedial liabilities, less current portion | (2,103 | ) | 103 | (2,000 | ) | |||||||
Other long-term liabilities | (1,139 | ) | — | (1,139 | ) | |||||||
Total identifiable net assets | 55,919 | — | 55,919 | |||||||||
Goodwill | — | — | — | |||||||||
Total | $ | 55,919 | $ | — | $ | 55,919 | ||||||
INVENTORIES_AND_SUPPLIES_Table
INVENTORIES AND SUPPLIES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory | ' | |||||||
Inventories and supplies consisted of the following (in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Oil and oil products | $ | 59,242 | $ | 59,639 | ||||
Supplies and drums | 65,882 | 64,471 | ||||||
Solvent and solutions | 9,955 | 10,100 | ||||||
Other | 17,364 | 17,886 | ||||||
Total inventories and supplies | $ | 152,443 | $ | 152,096 | ||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT, AND EQUIPMENT (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, plant and equipment consisted of the following (in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Land | $ | 99,338 | $ | 99,794 | ||||
Asset retirement costs (non-landfill) | 10,909 | 10,938 | ||||||
Landfill assets | 101,540 | 100,983 | ||||||
Buildings and improvements | 331,969 | 327,956 | ||||||
Camp equipment | 180,874 | 187,831 | ||||||
Vehicles | 432,849 | 425,296 | ||||||
Equipment | 1,220,857 | 1,201,296 | ||||||
Furniture and fixtures | 5,260 | 5,260 | ||||||
Construction in progress | 68,123 | 58,010 | ||||||
2,451,719 | 2,417,364 | |||||||
Less - accumulated depreciation and amortization | 863,433 | 815,194 | ||||||
Total property, plant and equipment, net | $ | 1,588,286 | $ | 1,602,170 | ||||
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of changes to goodwill | ' | |||||||||||||||||||||||||||
The changes to goodwill for the three months ended March 31, 2014 were as follows (in thousands): | ||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 570,960 | ||||||||||||||||||||||||||
Foreign currency translation | (5,898 | ) | ||||||||||||||||||||||||||
Balance at March 31, 2014 | $ | 565,062 | ||||||||||||||||||||||||||
Summary of amortizable other intangible assets (finite-lived) | ' | |||||||||||||||||||||||||||
Below is a summary of amortizable other intangible assets (in thousands): | ||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Cost | Accumulated | Net | Weighted | Cost | Accumulated | Net | Weighted | |||||||||||||||||||||
Amortization | Average | Amortization | Average | |||||||||||||||||||||||||
Remaining Amortization | Remaining Amortization | |||||||||||||||||||||||||||
Period | Period | |||||||||||||||||||||||||||
(in years) | (in years) | |||||||||||||||||||||||||||
Permits | $ | 156,502 | $ | 51,644 | $ | 104,858 | 20.8 | $ | 157,327 | $ | 50,858 | $ | 106,469 | 19.6 | ||||||||||||||
Customer and supplier relationships | 374,593 | 59,142 | 315,451 | 11.7 | 377,899 | 52,814 | 325,085 | 12.1 | ||||||||||||||||||||
Other intangible assets | 29,137 | 16,395 | 12,742 | 2.9 | 29,299 | 15,518 | 13,781 | 3.3 | ||||||||||||||||||||
Total amortizable permits and other intangible assets | 560,232 | 127,181 | 433,051 | 11.9 | 564,525 | 119,190 | 445,335 | 12.2 | ||||||||||||||||||||
Trademarks and trade names | 124,160 | — | 124,160 | Indefinite | 124,638 | — | 124,638 | Indefinite | ||||||||||||||||||||
Total permits and other intangible assets | $ | 684,392 | $ | 127,181 | $ | 557,211 | $ | 689,163 | $ | 119,190 | $ | 569,973 | ||||||||||||||||
Summary of amortizable other intangible assets (indefinite-lived) | ' | |||||||||||||||||||||||||||
Below is a summary of amortizable other intangible assets (in thousands): | ||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Cost | Accumulated | Net | Weighted | Cost | Accumulated | Net | Weighted | |||||||||||||||||||||
Amortization | Average | Amortization | Average | |||||||||||||||||||||||||
Remaining Amortization | Remaining Amortization | |||||||||||||||||||||||||||
Period | Period | |||||||||||||||||||||||||||
(in years) | (in years) | |||||||||||||||||||||||||||
Permits | $ | 156,502 | $ | 51,644 | $ | 104,858 | 20.8 | $ | 157,327 | $ | 50,858 | $ | 106,469 | 19.6 | ||||||||||||||
Customer and supplier relationships | 374,593 | 59,142 | 315,451 | 11.7 | 377,899 | 52,814 | 325,085 | 12.1 | ||||||||||||||||||||
Other intangible assets | 29,137 | 16,395 | 12,742 | 2.9 | 29,299 | 15,518 | 13,781 | 3.3 | ||||||||||||||||||||
Total amortizable permits and other intangible assets | 560,232 | 127,181 | 433,051 | 11.9 | 564,525 | 119,190 | 445,335 | 12.2 | ||||||||||||||||||||
Trademarks and trade names | 124,160 | — | 124,160 | Indefinite | 124,638 | — | 124,638 | Indefinite | ||||||||||||||||||||
Total permits and other intangible assets | $ | 684,392 | $ | 127,181 | $ | 557,211 | $ | 689,163 | $ | 119,190 | $ | 569,973 | ||||||||||||||||
Schedule of expected amortization for the net carrying amount of finite lived intangible assets | ' | |||||||||||||||||||||||||||
Below is the expected future amortization of the net carrying amount of finite lived intangible assets at March 31, 2014 (in thousands): | ||||||||||||||||||||||||||||
Years Ending December 31, | Expected Amortization | |||||||||||||||||||||||||||
2014 (nine months) | $ | 26,555 | ||||||||||||||||||||||||||
2015 | 35,149 | |||||||||||||||||||||||||||
2016 | 34,362 | |||||||||||||||||||||||||||
2017 | 32,448 | |||||||||||||||||||||||||||
2018 | 29,732 | |||||||||||||||||||||||||||
Thereafter | 274,805 | |||||||||||||||||||||||||||
$ | 433,051 | |||||||||||||||||||||||||||
ACCRUED_EXPENSES_Tables
ACCRUED EXPENSES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued expenses | ' | |||||||
Accrued expenses consisted of the following (in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Insurance | $ | 62,478 | $ | 57,993 | ||||
Interest | 17,909 | 20,731 | ||||||
Accrued compensation and benefits | 49,821 | 60,902 | ||||||
Income, real estate, sales and other taxes | 35,510 | 38,938 | ||||||
Other | 47,378 | 58,265 | ||||||
Total accrued expenses | $ | 213,096 | $ | 236,829 | ||||
CLOSURE_AND_POSTCLOSURE_LIABIL1
CLOSURE AND POST-CLOSURE LIABILITIES (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
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”) for the three months ended March 31, 2014 were as follows (in thousands): | ||||||||||||
Landfill | Non-Landfill | Total | ||||||||||
Retirement | Retirement | |||||||||||
Liability | Liability | |||||||||||
Balance at January 1, 2014 | $ | 27,604 | $ | 19,481 | $ | 47,085 | ||||||
New asset retirement obligations | 921 | — | 921 | |||||||||
Accretion | 716 | 456 | 1,172 | |||||||||
Changes in estimates recorded to statement of income | — | 216 | 216 | |||||||||
Changes in estimates recorded to balance sheet | 165 | — | 165 | |||||||||
Expenditures | (576 | ) | (336 | ) | (912 | ) | ||||||
Currency translation and other | (97 | ) | (112 | ) | (209 | ) | ||||||
Balance at March 31, 2014 | $ | 28,733 | $ | 19,705 | $ | 48,438 | ||||||
REMEDIAL_LIABILITIES_Tables
REMEDIAL LIABILITIES (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Environmental Remediation Obligations [Abstract] | ' | |||||||||||||||
Changes to remedial liabilities | ' | |||||||||||||||
The changes to remedial liabilities for the three months ended March 31, 2014 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, 2014 | $ | 5,624 | $ | 74,262 | $ | 92,612 | $ | 172,498 | ||||||||
Adjustments during the measurement period related to Evergreen | — | — | (125 | ) | (125 | ) | ||||||||||
Accretion | 66 | 756 | 730 | 1,552 | ||||||||||||
Changes in estimates recorded to statement of income | (126 | ) | (259 | ) | (652 | ) | (1,037 | ) | ||||||||
Expenditures | (32 | ) | (1,399 | ) | (1,843 | ) | (3,274 | ) | ||||||||
Currency translation and other | (108 | ) | (40 | ) | (744 | ) | (892 | ) | ||||||||
Balance at March 31, 2014 | $ | 5,424 | $ | 73,320 | $ | 89,978 | $ | 168,722 | ||||||||
FINANCING_ARRANGEMENTS_Tables
FINANCING ARRANGEMENTS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Summary of the entity's financial arrangements | ' | |||||||
The following table is a summary of the Company’s financing arrangements (in thousands): | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
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 | ||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator for basic and diluted earnings per share: | ||||||||
Net income | $ | 8,960 | $ | 10,502 | ||||
Denominator: | ||||||||
Basic shares outstanding | 60,720 | 60,464 | ||||||
Dilutive effect of equity-based compensation awards | 141 | 166 | ||||||
Dilutive shares outstanding | 60,861 | 60,630 | ||||||
Basic earnings per share: | $ | 0.15 | $ | 0.17 | ||||
Diluted earnings per share: | $ | 0.15 | $ | 0.17 | ||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Schedule of accumulated other comprehensive loss | ' | |||||||||||||||
The changes in accumulated other comprehensive loss by component and related tax effects for the three months ended March 31, 2014 were as follows (in thousands): | ||||||||||||||||
Foreign Currency Translation | Unrealized Gains (Losses) on Available-For-Sale Securities | Unfunded Pension Liability | Total | |||||||||||||
Balance at January 1, 2014 | $ | (20,164 | ) | $ | 1,904 | $ | (1,296 | ) | $ | (19,556 | ) | |||||
Other comprehensive loss before reclassifications | (39,573 | ) | 1,012 | — | (38,561 | ) | ||||||||||
Amounts reclassified out of accumulated other comprehensive loss | $ | — | $ | (3,308 | ) | $ | — | $ | (3,308 | ) | ||||||
Tax effects | $ | — | $ | 344 | $ | — | $ | 344 | ||||||||
Other comprehensive loss | $ | (39,573 | ) | $ | (1,952 | ) | $ | — | $ | (41,525 | ) | |||||
Balance at March 31, 2014 | $ | (59,737 | ) | $ | (48 | ) | $ | (1,296 | ) | $ | (61,081 | ) | ||||
Summary of amounts reclassified out of accumulated other comprehensive loss | ' | |||||||||||||||
The amounts reclassified out of accumulated other comprehensive loss into the consolidated statement of income, with presentation location during the three months ended March 31, 2014 were as follows (in thousands): | ||||||||||||||||
Comprehensive Loss Components | March 31, 2014 | Location | ||||||||||||||
Unrealized holding gains on available-for-sale investments | $ | (3,308 | ) | Other income |
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||
Reconciliation of third party revenues to direct revenues | ' | |||||||||||||||||||||||||||
The following table reconciles third party revenues to direct revenues for the three months ended March 31, 2014 and 2013 (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 customer revenues from other segments. | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
Technical | Oil Re-refining and Recycling | SK Environmental Services | Industrial and Field | Oil and Gas Field | Corporate | Totals | ||||||||||||||||||||||
Services | Services | Services | Items | |||||||||||||||||||||||||
Third party revenues | $ | 236,781 | $ | 137,986 | $ | 152,322 | $ | 215,676 | $ | 103,751 | $ | 151 | $ | 846,667 | ||||||||||||||
Intersegment revenues, net | 37,434 | (56,213 | ) | 28,054 | (11,113 | ) | 1,838 | — | — | |||||||||||||||||||
Corporate Items, net | 399 | — | (58 | ) | 156 | 12 | (509 | ) | — | |||||||||||||||||||
Direct revenues | $ | 274,614 | $ | 81,773 | $ | 180,318 | $ | 204,719 | $ | 105,601 | $ | (358 | ) | $ | 846,667 | |||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||||||
Technical | Oil Re-refining and Recycling | SK Environmental Services | Industrial and Field | Oil and Gas Field | Corporate | Totals | ||||||||||||||||||||||
Services | Services | Services | Items | |||||||||||||||||||||||||
Third party revenues | $ | 233,939 | $ | 146,931 | $ | 152,955 | $ | 221,418 | $ | 116,696 | $ | (9,776 | ) | $ | 862,163 | |||||||||||||
Intersegment revenues, net | 24,419 | (56,561 | ) | 41,405 | (13,356 | ) | 4,093 | — | — | |||||||||||||||||||
Corporate Items, net | 852 | — | 84 | 138 | (151 | ) | (923 | ) | — | |||||||||||||||||||
Direct revenues | $ | 259,210 | $ | 90,370 | $ | 194,444 | $ | 208,200 | $ | 120,638 | $ | (10,699 | ) | $ | 862,163 | |||||||||||||
Reconciliation to consolidated statements of income to adjusted EBITDA | ' | |||||||||||||||||||||||||||
The following table presents information used by management for each reportable segment (in thousands). The Company does not allocate interest expense, income taxes, depreciation, amortization, accretion of environmental liabilities, pre-tax, non-cash acquisition accounting adjustments, and other income, to its segments. | ||||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Adjusted EBITDA: | ||||||||||||||||||||||||||||
Technical Services | $ | 62,177 | $ | 60,045 | ||||||||||||||||||||||||
Oil Re-refining and Recycling | 13,432 | 15,312 | ||||||||||||||||||||||||||
SK Environmental Services | 21,976 | 27,040 | ||||||||||||||||||||||||||
Industrial and Field Services | 34,141 | 36,346 | ||||||||||||||||||||||||||
Oil and Gas Field Services | 16,299 | 27,551 | ||||||||||||||||||||||||||
Corporate Items | (46,039 | ) | (55,066 | ) | ||||||||||||||||||||||||
Total | $ | 101,986 | $ | 111,228 | ||||||||||||||||||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||||||||||||||
Pre-tax, non-cash acquisition accounting inventory adjustment | — | 13,559 | ||||||||||||||||||||||||||
Accretion of environmental liabilities | 2,724 | 2,835 | ||||||||||||||||||||||||||
Depreciation and amortization | 69,356 | 60,006 | ||||||||||||||||||||||||||
Income from operations | 29,906 | 34,828 | ||||||||||||||||||||||||||
Other income | (4,178 | ) | (525 | ) | ||||||||||||||||||||||||
Interest expense, net of interest income | 19,554 | 19,873 | ||||||||||||||||||||||||||
Income before provision for income taxes | $ | 14,530 | $ | 15,480 | ||||||||||||||||||||||||
PP&E, intangible assets and total assets by segment | ' | |||||||||||||||||||||||||||
The following table presents certain assets by reportable segment and in the aggregate (in thousands): | ||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||
Technical | Oil Re-refining and Recycling | SK Environmental Services | Industrial and Field | Oil and Gas Field | Corporate | Totals | ||||||||||||||||||||||
Services | Services | Services | Items | |||||||||||||||||||||||||
Property, plant and equipment, net | $ | 401,130 | $ | 208,977 | $ | 244,984 | $ | 389,686 | $ | 238,228 | $ | 105,281 | $ | 1,588,286 | ||||||||||||||
Goodwill | 45,384 | 170,073 | 171,314 | 142,014 | 36,277 | — | 565,062 | |||||||||||||||||||||
Permits and other intangible, net | 78,405 | 157,966 | 261,894 | 32,751 | 26,195 | — | 557,211 | |||||||||||||||||||||
Total assets | $ | 701,399 | $ | 631,238 | $ | 770,402 | $ | 624,200 | $ | 386,721 | $ | 749,995 | $ | 3,863,955 | ||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Technical | Oil Re-refining and Recycling | SK Environmental Services | Industrial and Field | Oil and Gas Field | Corporate | Totals | ||||||||||||||||||||||
Services | Services | Services | Items | |||||||||||||||||||||||||
Property, plant and equipment, net | $ | 400,544 | $ | 211,513 | $ | 239,596 | $ | 405,327 | $ | 237,335 | $ | 107,855 | $ | 1,602,170 | ||||||||||||||
Goodwill | 45,599 | 171,161 | 172,308 | 144,385 | 37,507 | — | 570,960 | |||||||||||||||||||||
Permits and other intangible, net | 80,302 | 160,807 | 265,104 | 35,332 | 28,428 | — | 569,973 | |||||||||||||||||||||
Total assets | $ | 699,675 | $ | 643,256 | $ | 774,401 | $ | 634,541 | $ | 395,805 | $ | 806,000 | $ | 3,953,678 | ||||||||||||||
Total assets by geographical area | ' | |||||||||||||||||||||||||||
The following table presents total assets by geographical area (in thousands): | ||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
United States | $ | 2,652,218 | $ | 2,684,686 | ||||||||||||||||||||||||
Canada | 1,209,350 | 1,266,505 | ||||||||||||||||||||||||||
Other foreign | 2,387 | 2,487 | ||||||||||||||||||||||||||
Total | $ | 3,863,955 | $ | 3,953,678 | ||||||||||||||||||||||||
GUARANTOR_AND_NONGUARANTOR_SUB1
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Guarantor and Non-Guarantor Subsidiaries Financial Information [Abstract] | ' | |||||||||||||||||||
Schedule of condensed consolidating balance sheet | ' | |||||||||||||||||||
Following is the condensed consolidating balance sheet at March 31, 2014 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,006 | $ | 200,691 | $ | 47,310 | $ | — | $ | 249,007 | ||||||||||
Intercompany receivables | 255,774 | 2,418 | 212,558 | (470,750 | ) | — | ||||||||||||||
Accounts receivable, net | — | 374,008 | 192,386 | — | 566,394 | |||||||||||||||
Other current assets | 24,087 | 201,731 | 73,339 | — | 299,157 | |||||||||||||||
Property, plant and equipment, net | — | 954,458 | 633,828 | — | 1,588,286 | |||||||||||||||
Investments in subsidiaries | 2,671,744 | 952,030 | 144,953 | (3,768,727 | ) | — | ||||||||||||||
Intercompany debt receivable | — | 475,548 | 3,701 | (479,249 | ) | — | ||||||||||||||
Goodwill | — | 415,453 | 149,609 | — | 565,062 | |||||||||||||||
Permits and other intangibles, net | — | 453,122 | 104,089 | — | 557,211 | |||||||||||||||
Other long-term assets | 22,946 | 7,263 | 8,629 | — | 38,838 | |||||||||||||||
Total assets | $ | 2,975,557 | $ | 4,036,722 | $ | 1,570,402 | $ | (4,718,726 | ) | $ | 3,863,955 | |||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||||||
Current liabilities | $ | 37,586 | $ | 424,583 | $ | 125,149 | $ | — | $ | 587,318 | ||||||||||
Intercompany payables | — | 468,281 | 2,469 | (470,750 | ) | — | ||||||||||||||
Closure, post-closure and remedial liabilities, net | — | 154,440 | 30,854 | — | 185,294 | |||||||||||||||
Long-term obligations | 1,400,000 | — | — | — | 1,400,000 | |||||||||||||||
Capital lease obligations, net | — | 152 | 761 | — | 913 | |||||||||||||||
Intercompany debt payable | 3,701 | — | 475,548 | (479,249 | ) | — | ||||||||||||||
Other long-term liabilities | 88,635 | 103,107 | 53,053 | — | 244,795 | |||||||||||||||
Total liabilities | 1,529,922 | 1,150,563 | 687,834 | (949,999 | ) | 2,418,320 | ||||||||||||||
Stockholders’ equity | 1,445,635 | 2,886,159 | 882,568 | (3,768,727 | ) | 1,445,635 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,975,557 | $ | 4,036,722 | $ | 1,570,402 | $ | (4,718,726 | ) | $ | 3,863,955 | |||||||||
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 receivables | — | 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 | |||||||||
Schedule of consolidating statement of income | ' | |||||||||||||||||||
Following is the consolidating statement of (loss) income for the three months ended March 31, 2014 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | $ | — | $ | 443,874 | $ | 219,005 | $ | (2,784 | ) | $ | 660,095 | |||||||||
Product revenues | — | 134,875 | 52,493 | (796 | ) | 186,572 | ||||||||||||||
Total revenues | — | 578,749 | 271,498 | (3,580 | ) | 846,667 | ||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 304,641 | 164,942 | (2,784 | ) | 466,799 | ||||||||||||||
Product cost of revenues | — | 114,928 | 44,788 | (796 | ) | 158,920 | ||||||||||||||
Total cost of revenues | — | 419,569 | 209,730 | (3,580 | ) | 625,719 | ||||||||||||||
Selling, general and administrative expenses | 31 | 87,553 | 31,378 | — | 118,962 | |||||||||||||||
Accretion of environmental liabilities | — | 2,348 | 376 | — | 2,724 | |||||||||||||||
Depreciation and amortization | — | 42,732 | 26,624 | — | 69,356 | |||||||||||||||
Income from operations | (31 | ) | 26,547 | 3,390 | — | 29,906 | ||||||||||||||
Other income | — | 909 | 3,269 | — | 4,178 | |||||||||||||||
Interest (expense) income | (19,734 | ) | 230 | (50 | ) | — | (19,554 | ) | ||||||||||||
Equity in earnings of subsidiaries | 30,109 | 8,462 | — | (38,571 | ) | — | ||||||||||||||
Intercompany dividend income | — | — | 3,100 | (3,100 | ) | — | ||||||||||||||
Intercompany interest income (expense) | — | 9,384 | (9,384 | ) | — | — | ||||||||||||||
Income before provision for income taxes | 10,344 | 45,532 | 325 | (41,671 | ) | 14,530 | ||||||||||||||
Provision for income taxes | 1,384 | 4,105 | 81 | — | 5,570 | |||||||||||||||
Net income | 8,960 | 41,427 | 244 | (41,671 | ) | 8,960 | ||||||||||||||
Other comprehensive (loss) income | (41,525 | ) | (41,525 | ) | 19,682 | 21,843 | (41,525 | ) | ||||||||||||
Comprehensive (loss) income | $ | (32,565 | ) | $ | (98 | ) | $ | 19,926 | $ | (19,828 | ) | $ | (32,565 | ) | ||||||
Following is the consolidating statement of (loss) income for the three months ended March 31, 2013 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | $ | — | $ | 399,235 | $ | 281,419 | $ | (8,032 | ) | $ | 672,622 | |||||||||
Product revenues | — | 160,863 | 30,942 | (2,264 | ) | 189,541 | ||||||||||||||
Total revenues | — | 560,098 | 312,361 | (10,296 | ) | 862,163 | ||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 274,172 | 202,232 | (8,032 | ) | 468,372 | ||||||||||||||
Product cost of revenues | — | 143,641 | 26,275 | (2,264 | ) | 167,652 | ||||||||||||||
Total cost of revenues | — | 417,813 | 228,507 | (10,296 | ) | 636,024 | ||||||||||||||
Selling, general and administrative expenses | 25 | 95,561 | 32,884 | — | 128,470 | |||||||||||||||
Accretion of environmental liabilities | — | 2,400 | 435 | — | 2,835 | |||||||||||||||
Depreciation and amortization | — | 37,289 | 22,717 | — | 60,006 | |||||||||||||||
Income from operations | (25 | ) | 7,035 | 27,818 | — | 34,828 | ||||||||||||||
Other income (expense) | — | 720 | (195 | ) | — | 525 | ||||||||||||||
Interest expense | (19,800 | ) | — | (73 | ) | — | (19,873 | ) | ||||||||||||
Equity in earnings of subsidiaries | 30,221 | 21,413 | — | (51,634 | ) | — | ||||||||||||||
Intercompany dividend income | — | — | 3,645 | (3,645 | ) | — | ||||||||||||||
Intercompany interest income (expense) | — | 10,338 | (10,338 | ) | — | — | ||||||||||||||
Income before provision for income taxes | 10,396 | 39,506 | 20,857 | (55,279 | ) | 15,480 | ||||||||||||||
(Benefit) provision for income taxes | (106 | ) | (474 | ) | 5,558 | — | 4,978 | |||||||||||||
Net income | 10,502 | 39,980 | 15,299 | (55,279 | ) | 10,502 | ||||||||||||||
Other comprehensive (loss) income | (23,861 | ) | (23,861 | ) | 11,772 | 12,089 | (23,861 | ) | ||||||||||||
Comprehensive (loss) income | $ | (13,359 | ) | $ | 16,119 | $ | 27,071 | $ | (43,190 | ) | $ | (13,359 | ) | |||||||
Schedule of condensed consolidating statement of cash flows | ' | |||||||||||||||||||
Following is the condensed consolidating statement of cash flows for the three months ended March 31, 2014 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Total | |||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net cash from operating activities | $ | (283 | ) | $ | 2,808 | $ | 2,071 | $ | 4,596 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | — | (46,287 | ) | (28,718 | ) | (75,005 | ) | |||||||||||||
Proceeds from sales of fixed assets | — | 228 | 648 | 876 | ||||||||||||||||
Costs to obtain or renew permits | — | (111 | ) | (964 | ) | (1,075 | ) | |||||||||||||
Proceeds from sales of marketable securities | — | — | 12,870 | 12,870 | ||||||||||||||||
Net cash used in investing activities | — | (46,170 | ) | (16,164 | ) | (62,334 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Change in uncashed checks | — | 60 | (39 | ) | 21 | |||||||||||||||
Proceeds from employee stock purchase plan | 2,141 | — | — | 2,141 | ||||||||||||||||
Remittance of shares, net | (750 | ) | — | — | (750 | ) | ||||||||||||||
Repurchases of common stock | (1,225 | ) | — | — | (1,225 | ) | ||||||||||||||
Excess tax benefit of stock-based compensation | 117 | — | — | 117 | ||||||||||||||||
Payments on capital leases | — | (41 | ) | (597 | ) | (638 | ) | |||||||||||||
Dividends (paid) / received | — | (4,275 | ) | 4,275 | — | |||||||||||||||
Interest (payments) / received | — | 12,864 | (12,864 | ) | — | |||||||||||||||
Net cash from financing activities | 283 | 8,608 | (9,225 | ) | (334 | ) | ||||||||||||||
Effect of exchange rate change on cash | — | — | (2,994 | ) | (2,994 | ) | ||||||||||||||
Decrease in cash and cash equivalents | — | (34,754 | ) | (26,312 | ) | (61,066 | ) | |||||||||||||
Cash and cash equivalents, beginning of period | 1,006 | 235,445 | 73,622 | 310,073 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 1,006 | $ | 200,691 | $ | 47,310 | $ | 249,007 | ||||||||||||
Following is the condensed consolidating statement of cash flows for the three months ended March 31, 2013 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Total | |||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net cash from operating activities | $ | (32,042 | ) | $ | 33,154 | $ | 38,477 | $ | 39,589 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | — | (36,962 | ) | (35,287 | ) | (72,249 | ) | |||||||||||||
Proceeds from sale of fixed assets | — | 250 | 671 | 921 | ||||||||||||||||
Acquisitions, net of cash acquired | (197 | ) | — | — | (197 | ) | ||||||||||||||
Costs to obtain or renew permits | — | (113 | ) | (612 | ) | (725 | ) | |||||||||||||
Net cash used in investing activities | (197 | ) | (36,825 | ) | (35,228 | ) | (72,250 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Change in uncashed checks | — | 20,562 | 5,857 | 26,419 | ||||||||||||||||
Proceeds from exercise of stock options | 397 | — | — | 397 | ||||||||||||||||
Proceeds from employee stock purchase plan | 1,546 | — | — | 1,546 | ||||||||||||||||
Remittance of shares, net | (41 | ) | — | — | (41 | ) | ||||||||||||||
Excess tax benefit of stock-based compensation | 1,227 | — | — | 1,227 | ||||||||||||||||
Deferred financing costs paid | (2,318 | ) | — | — | (2,318 | ) | ||||||||||||||
Payments of capital leases | — | (80 | ) | (1,266 | ) | (1,346 | ) | |||||||||||||
Issuance costs related to 2012 issuance of common stock | (250 | ) | — | — | (250 | ) | ||||||||||||||
Dividends (paid) / received | — | (3,645 | ) | 3,645 | — | |||||||||||||||
Interest received / (payments) | — | 11,307 | (11,307 | ) | — | |||||||||||||||
Net cash from financing activities | 561 | 28,144 | (3,071 | ) | 25,634 | |||||||||||||||
Effect of exchange rate change on cash | — | — | (705 | ) | (705 | ) | ||||||||||||||
(Decrease) increase in cash and cash equivalents | (31,678 | ) | 24,473 | (527 | ) | (7,732 | ) | |||||||||||||
Cash and cash equivalents, beginning of period | 35,214 | 140,683 | 53,939 | 229,836 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 3,536 | $ | 165,156 | $ | 53,412 | $ | 222,104 | ||||||||||||
BUSINESS_COMBINATIONS_Evergree
BUSINESS COMBINATIONS (Evergreen Oil, Inc) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Sep. 13, 2013 | Dec. 31, 2013 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Evergreen Oil, Inc | Evergreen Oil, Inc | Preliminary Allocations | Measurement Period Adjustments | ||
Evergreen Oil, Inc | Evergreen Oil, Inc | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Outstanding common shares acquired (as a percent) | ' | ' | ' | 100.00% | ' | ' |
Summary of recognized assets acquired and liabilities assumed | ' | ' | ' | ' | ' | ' |
Inventories and supplies | ' | ' | $1,089 | ' | $1,089 | $0 |
Prepaid and other current assets | ' | ' | 1,291 | ' | 1,291 | 0 |
Property, plant and equipment | ' | ' | 40,563 | ' | 40,563 | 0 |
Permits and other intangibles | ' | ' | 17,100 | ' | 17,100 | 0 |
Deferred tax assets, less current portion | ' | ' | 2,368 | ' | 2,368 | 0 |
Other assets | ' | ' | 3,570 | ' | 3,607 | -37 |
Current liabilities | ' | ' | -6,264 | ' | -6,198 | -66 |
Closure and post-closure liabilities | ' | ' | -659 | ' | -659 | 0 |
Remedial liabilities, less current portion | ' | ' | -2,000 | ' | -2,103 | 103 |
Other long-term liabilities | ' | ' | -1,139 | ' | -1,139 | 0 |
Total identifiable net assets | ' | ' | 55,919 | ' | 55,919 | 0 |
Goodwill | 565,062 | 570,960 | 0 | ' | 0 | 0 |
Total | ' | ' | $55,919 | ' | $55,919 | $0 |
MARKETABLE_SECURITIES_Details
MARKETABLE SECURITIES (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Other Income | |||
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' |
Marketable securities | $213,000 | $12,435,000 | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' |
Gain on marketable securities | ' | ' | $3,300,000 |
INVENTORIES_AND_SUPPLIES_Detai
INVENTORIES AND SUPPLIES (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Oil and oil products | $59,242 | $59,639 |
Supplies and drums | 65,882 | 64,471 |
Solvent and solutions | 9,955 | 10,100 |
Other | 17,364 | 17,886 |
Total inventories and supplies | $152,443 | $152,096 |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT, AND EQUIPMENT (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $2,451,719 | $2,417,364 |
Less - accumulated depreciation and amortization | 863,433 | 815,194 |
Total property, plant and equipment, net | 1,588,286 | 1,602,170 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 99,338 | 99,794 |
Asset retirement costs (non-landfill) | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 10,909 | 10,938 |
Landfill assets | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 101,540 | 100,983 |
Buildings and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 331,969 | 327,956 |
Camp equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 180,874 | 187,831 |
Vehicles | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 432,849 | 425,296 |
Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 1,220,857 | 1,201,296 |
Furniture and fixtures | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 5,260 | 5,260 |
Construction in progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $68,123 | $58,010 |
GOODWILL_AND_OTHER_INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Rollforward of Goodwill) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Goodwill [Roll Forward] | ' |
Balance at January 1, 2014 | $570,960 |
Foreign currency translation | -5,898 |
Balance at March 31, 2014 | $565,062 |
GOODWILL_AND_OTHER_INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill [Line Items] | ' | ' |
Goodwill | $565,062 | $570,960 |
Oil Re-refining and Recycling | ' | ' |
Goodwill [Line Items] | ' | ' |
Percentage Fair Value Exceeded Carrying Value | ' | 10.00% |
Goodwill | 170,073 | 171,161 |
Oil and Gas Field Services | ' | ' |
Goodwill [Line Items] | ' | ' |
Percentage Fair Value Exceeded Carrying Value | ' | 10.00% |
Goodwill | $36,277 | $37,507 |
GOODWILL_AND_OTHER_INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS (Amortizable Other Intangible Assets) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Cost | $560,232 | $564,525 |
Accumulated Amortization | 127,181 | 119,190 |
Net | 433,051 | 445,335 |
Weighted Average Remaining Amortization Period (in years) | '11 years 328 days | '12 years 2 months 12 days |
Total permits and other intangible assets, Cost | 684,392 | 689,163 |
Total permits and other intangible assets, Net | 557,211 | 569,973 |
Trademarks and trade names | ' | ' |
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Indefinite-Lived Intangible Asset, Cost | 124,160 | 124,638 |
Permits | ' | ' |
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Cost | 156,502 | 157,327 |
Accumulated Amortization | 51,644 | 50,858 |
Net | 104,858 | 106,469 |
Weighted Average Remaining Amortization Period (in years) | '20 years 277 days | '19 years 7 months 6 days |
Customer and supplier relationships | ' | ' |
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Cost | 374,593 | 377,899 |
Accumulated Amortization | 59,142 | 52,814 |
Net | 315,451 | 325,085 |
Weighted Average Remaining Amortization Period (in years) | '11 years 252 days | '12 years 1 month 6 days |
Other intangible assets | ' | ' |
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Cost | 29,137 | 29,299 |
Accumulated Amortization | 16,395 | 15,518 |
Net | $12,742 | $13,781 |
Weighted Average Remaining Amortization Period (in years) | '2 years 332 days | '3 years 3 months 18 days |
GOODWILL_AND_OTHER_INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS (Expected Future Amortization) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' |
2014 (nine months) | $26,555 | ' |
2015 | 35,149 | ' |
2016 | 34,362 | ' |
2017 | 32,448 | ' |
2018 | 29,732 | ' |
Thereafter | 274,805 | ' |
Net | $433,051 | $445,335 |
ACCRUED_EXPENSES_Details
ACCRUED EXPENSES (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Insurance | $62,478 | $57,993 |
Interest | 17,909 | 20,731 |
Accrued compensation and benefits | 49,821 | 60,902 |
Income, real estate, sales and other taxes | 35,510 | 38,938 |
Other | 47,378 | 58,265 |
Total accrued expenses | $213,096 | $236,829 |
CLOSURE_AND_POSTCLOSURE_LIABIL2
CLOSURE AND POST-CLOSURE LIABILITIES (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Changes to post-closure liabilities | ' |
Balance at January 1, 2014 | $47,085 |
New asset retirement obligations | 921 |
Accretion | 1,172 |
Changes in estimates recorded to statement of income | 216 |
Changes in estimates recorded to balance sheet | 165 |
Expenditures | -912 |
Currency translation and other | -209 |
Balance at March 31, 2014 | 48,438 |
Credit-adjusted risk-free rate (as a percent) | 6.54% |
Landfill Retirement Liability | ' |
Changes to post-closure liabilities | ' |
Balance at January 1, 2014 | 27,604 |
New asset retirement obligations | 921 |
Accretion | 716 |
Changes in estimates recorded to statement of income | 0 |
Changes in estimates recorded to balance sheet | 165 |
Expenditures | -576 |
Currency translation and other | -97 |
Balance at March 31, 2014 | 28,733 |
Non-Landfill Retirement Liability | ' |
Changes to post-closure liabilities | ' |
Balance at January 1, 2014 | 19,481 |
New asset retirement obligations | 0 |
Accretion | 456 |
Changes in estimates recorded to statement of income | 216 |
Changes in estimates recorded to balance sheet | 0 |
Expenditures | -336 |
Currency translation and other | -112 |
Balance at March 31, 2014 | $19,705 |
REMEDIAL_LIABILITIES_Details
REMEDIAL LIABILITIES (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Accrual for Environmental Loss Contingencies [Roll Forward] | ' |
Balance at January 1, 2014 | $172,498 |
Adjustments during the measurement period related to Evergreen | -125 |
Accretion | 1,552 |
Changes in estimates recorded to statement of income | -1,037 |
Expenditures | -3,274 |
Currency translation and other | -892 |
Balance at March 31, 2014 | 168,722 |
Remedial Liabilities for Landfill Sites | ' |
Accrual for Environmental Loss Contingencies [Roll Forward] | ' |
Balance at January 1, 2014 | 5,624 |
Adjustments during the measurement period related to Evergreen | 0 |
Accretion | 66 |
Changes in estimates recorded to statement of income | -126 |
Expenditures | -32 |
Currency translation and other | -108 |
Balance at March 31, 2014 | 5,424 |
Remedial Liabilities for Inactive Sites | ' |
Accrual for Environmental Loss Contingencies [Roll Forward] | ' |
Balance at January 1, 2014 | 74,262 |
Adjustments during the measurement period related to Evergreen | 0 |
Accretion | 756 |
Changes in estimates recorded to statement of income | -259 |
Expenditures | -1,399 |
Currency translation and other | -40 |
Balance at March 31, 2014 | 73,320 |
Remedial Liabilities (Including Superfund) for Non-Landfill Operations | ' |
Accrual for Environmental Loss Contingencies [Roll Forward] | ' |
Balance at January 1, 2014 | 92,612 |
Adjustments during the measurement period related to Evergreen | -125 |
Accretion | 730 |
Changes in estimates recorded to statement of income | -652 |
Expenditures | -1,843 |
Currency translation and other | -744 |
Balance at March 31, 2014 | $89,978 |
FINANCING_ARRANGEMENTS_Details
FINANCING ARRANGEMENTS (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jul. 30, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 07, 2012 |
Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | |||
Unsecured Senior Notes 2020 | Unsecured Senior Notes 2020 | Unsecured Senior Notes 2020 | Unsecured Senior Notes 2021 | Unsecured Senior Notes 2021 | Unsecured Senior Notes 2021 | |||
Financing arrangements | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured notes | ' | ' | $800,000,000 | $800,000,000 | ' | $600,000,000 | $600,000,000 | ' |
Long-term obligations | 1,400,000,000 | 1,400,000,000 | ' | ' | ' | ' | ' | ' |
Senior unsecured notes principal amount | ' | ' | ' | ' | 800,000,000 | ' | ' | 600,000,000 |
Stated interest rate | ' | ' | 5.25% | 5.25% | 5.25% | 5.13% | 5.13% | 5.13% |
Long-term Debt, Fair Value | ' | ' | 811,100,000 | 804,200,000 | ' | 603,200,000 | 601,600,000 | ' |
Revolving credit facility, maximum borrowing capacity | 0 | 0 | ' | ' | ' | ' | ' | ' |
Line of credit facility available borrowing capacity | 251,100,000 | 259,700,000 | ' | ' | ' | ' | ' | ' |
Letters of credit amount outstanding | $148,900,000 | $140,300,000 | ' | ' | ' | ' | ' | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Income Tax Contingency [Line Items] | ' | ' | ' |
The Company's effective tax rate (as a percent) | 38.30% | 32.20% | ' |
Unrecognized tax benefits | $1.30 | ' | $1.30 |
Unrecognized tax benefits, interest | 0.2 | ' | 0.2 |
Foreign and State | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Amount of decrease in unrecognized tax benefits that, if realized, will impact the effective tax rate | $0.10 | ' | ' |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Numerator for basic and diluted earnings per share: | ' | ' |
Net income | $8,960 | $10,502 |
Denominator: | ' | ' |
Basic shares outstanding (in shares) | 60,720 | 60,464 |
Dilutive effect of equity-based compensation awards (in shares) | 141 | 166 |
Dilutive shares outstanding (in shares) | 60,861 | 60,630 |
Basic earnings per share (in USD per share) | $0.15 | $0.17 |
Diluted earnings per share (in USD per share) | $0.15 | $0.17 |
EARNINGS_PER_SHARE_Text_Detail
EARNINGS PER SHARE (Text) (Details) (Outstanding Stock Awards) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Outstanding Stock Awards | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Shares excluded from computation of earning per share (in shares) | 101,059 | 61,000 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Components of Other Accumulated Income, Net of Tax [Roll Forward] | ' | ' |
Beginning balance | ($19,556) | ' |
Other comprehensive loss before reclassifications | -38,561 | ' |
Amounts reclassified out of accumulated other comprehensive loss | -3,308 | ' |
Tax effects | 344 | ' |
Other comprehensive loss | -41,525 | -23,861 |
Ending balance | -61,081 | ' |
Foreign Currency Translation | ' | ' |
Components of Other Accumulated Income, Net of Tax [Roll Forward] | ' | ' |
Beginning balance | -20,164 | ' |
Other comprehensive loss before reclassifications | -39,573 | ' |
Amounts reclassified out of accumulated other comprehensive loss | 0 | ' |
Tax effects | 0 | ' |
Other comprehensive loss | -39,573 | ' |
Ending balance | -59,737 | ' |
Unrealized Gains (Losses) on Available-For-Sale Securities | ' | ' |
Components of Other Accumulated Income, Net of Tax [Roll Forward] | ' | ' |
Beginning balance | 1,904 | ' |
Other comprehensive loss before reclassifications | 1,012 | ' |
Amounts reclassified out of accumulated other comprehensive loss | -3,308 | ' |
Tax effects | 344 | ' |
Other comprehensive loss | -1,952 | ' |
Ending balance | -48 | ' |
Unfunded Pension Liability | ' | ' |
Components of Other Accumulated Income, Net of Tax [Roll Forward] | ' | ' |
Beginning balance | -1,296 | ' |
Other comprehensive loss before reclassifications | 0 | ' |
Amounts reclassified out of accumulated other comprehensive loss | 0 | ' |
Tax effects | 0 | ' |
Other comprehensive loss | 0 | ' |
Ending balance | ($1,296) | ' |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details 2) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Other income | ($3,308) |
Unrealized holding gains on available-for-sale investments | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Other income | ($3,308) |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) | 1 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||
Oct. 31, 2010 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 1999 | Dec. 31, 1968 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2002 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
customer | USD ($) | USD ($) | Legal and Administrative Proceedings | Legal and Administrative Proceedings | Ville Mercier | Ville Mercier | Ville Mercier | Ville Mercier | Ville Mercier | Superfund Proceedings | Wichita Property | Certain Other Third Party Sites | Safety-Kleen | Federal and State Enforcement Actions [Member] | Federal and State Enforcement Actions [Member] | |
claims | USD ($) | USD ($) | CAD | Municipalities | Permits | USD ($) | USD ($) | facilties | acre | sites | sites | USD ($) | USD ($) | |||
Proceedings | sites | Proceedings | Proceedings | |||||||||||||
Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reserves relating to legal and administrative proceedings | ' | $42,300,000 | $41,700,000 | $33,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Possible increase in legal and administrative proceedings | ' | ' | ' | 3,400,000 | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' |
Loss Contingency, Range of Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,500,000 | ' |
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 | ' | 168,722,000 | 172,498,000 | ' | ' | ' | ' | ' | 13,300,000 | 13,600,000 | ' | ' | ' | ' | ' | ' |
Number of pending personal injury claims allegedly resulting from the used of Safety-Kleen's products | ' | 63 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 5 |
Number of product liability claims settled or dismissed | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of customers filing a complaint | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of sites owned by third party excluded from cleanup or related liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124 | ' | ' | ' | ' | ' |
Number of sites owned by the entity subject to proceedings under federal or state superfund laws | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Notices received from owners of third party sites seeking indemnification from the company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122 | ' | ' | ' | ' | ' |
Number of sites for which environmental remediation expense is settled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29 | ' | ' | ' | ' | ' |
Third party sites requiring expenditure on remediation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21 | ' | ' | ' | ' | ' |
Number of sites not currently requiring expenditures on remediation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 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 | ' | ' |
Sanctions relating to waste treatment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 |
SEGMENT_REPORTING_Details
SEGMENT REPORTING (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
segment | ||
Segment reporting information | ' | ' |
Number of reportable segments | 5 | ' |
Number of operations for which the revenues are insignificant | 2 | ' |
Total revenues | $846,667 | $862,163 |
Adjusted EBITDA, Total | 101,986 | 111,228 |
Reconciliation to Consolidated Statements of Income: | ' | ' |
Pre-tax, non-cash acquisition accounting inventory adjustment | 0 | 13,559 |
Accretion of environmental liabilities | 2,724 | 2,835 |
Depreciation and amortization | 69,356 | 60,006 |
Income from operations | 29,906 | 34,828 |
Other income | -4,178 | -525 |
Interest expense, net of interest income | 19,554 | 19,873 |
Income before provision for income taxes | 14,530 | 15,480 |
Technical Services | ' | ' |
Segment reporting information | ' | ' |
Total revenues | 274,614 | 259,210 |
Adjusted EBITDA, Total | 62,177 | 60,045 |
Oil Re-refining and Recycling | ' | ' |
Segment reporting information | ' | ' |
Total revenues | 81,773 | 90,370 |
Adjusted EBITDA, Total | 13,432 | 15,312 |
SK Environmental Services | ' | ' |
Segment reporting information | ' | ' |
Total revenues | 180,318 | 194,444 |
Adjusted EBITDA, Total | 21,976 | 27,040 |
Industrial and Field Services | ' | ' |
Segment reporting information | ' | ' |
Total revenues | 204,719 | 208,200 |
Adjusted EBITDA, Total | 34,141 | 36,346 |
Oil and Gas Field Services | ' | ' |
Segment reporting information | ' | ' |
Total revenues | 105,601 | 120,638 |
Adjusted EBITDA, Total | 16,299 | 27,551 |
Corporate Items | ' | ' |
Segment reporting information | ' | ' |
Total revenues | -358 | -10,699 |
Adjusted EBITDA, Total | -46,039 | -55,066 |
Third party revenues | ' | ' |
Segment reporting information | ' | ' |
Total revenues | 846,667 | 862,163 |
Third party revenues | Technical Services | ' | ' |
Segment reporting information | ' | ' |
Total revenues | 236,781 | 233,939 |
Third party revenues | Oil Re-refining and Recycling | ' | ' |
Segment reporting information | ' | ' |
Total revenues | 137,986 | 146,931 |
Third party revenues | SK Environmental Services | ' | ' |
Segment reporting information | ' | ' |
Total revenues | 152,322 | 152,955 |
Third party revenues | Industrial and Field Services | ' | ' |
Segment reporting information | ' | ' |
Total revenues | 215,676 | 221,418 |
Third party revenues | Oil and Gas Field Services | ' | ' |
Segment reporting information | ' | ' |
Total revenues | 103,751 | 116,696 |
Third party revenues | Corporate Items | ' | ' |
Segment reporting information | ' | ' |
Total revenues | 151 | -9,776 |
Intersegment revenues, net | ' | ' |
Segment reporting information | ' | ' |
Total revenues | ' | ' |
Intersegment revenues, net | Technical Services | ' | ' |
Segment reporting information | ' | ' |
Total revenues | 37,434 | 24,419 |
Intersegment revenues, net | Oil Re-refining and Recycling | ' | ' |
Segment reporting information | ' | ' |
Total revenues | -56,213 | -56,561 |
Intersegment revenues, net | SK Environmental Services | ' | ' |
Segment reporting information | ' | ' |
Total revenues | 28,054 | 41,405 |
Intersegment revenues, net | Industrial and Field Services | ' | ' |
Segment reporting information | ' | ' |
Total revenues | -11,113 | -13,356 |
Intersegment revenues, net | Oil and Gas Field Services | ' | ' |
Segment reporting information | ' | ' |
Total revenues | 1,838 | 4,093 |
Intersegment revenues, net | Corporate Items | ' | ' |
Segment reporting information | ' | ' |
Total revenues | 0 | 0 |
Corporate Items, net | ' | ' |
Segment reporting information | ' | ' |
Total revenues | 0 | 0 |
Corporate Items, net | Technical Services | ' | ' |
Segment reporting information | ' | ' |
Total revenues | 399 | 852 |
Corporate Items, net | Oil Re-refining and Recycling | ' | ' |
Segment reporting information | ' | ' |
Total revenues | 0 | 0 |
Corporate Items, net | SK Environmental Services | ' | ' |
Segment reporting information | ' | ' |
Total revenues | -58 | 84 |
Corporate Items, net | Industrial and Field Services | ' | ' |
Segment reporting information | ' | ' |
Total revenues | 156 | 138 |
Corporate Items, net | Oil and Gas Field Services | ' | ' |
Segment reporting information | ' | ' |
Total revenues | 12 | -151 |
Corporate Items, net | Corporate Items | ' | ' |
Segment reporting information | ' | ' |
Total revenues | ($509) | ($923) |
SEGMENT_REPORTING_Details_2
SEGMENT REPORTING (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | $1,588,286 | $1,602,170 |
Goodwill | 565,062 | 570,960 |
Permits and other intangible, net | 557,211 | 569,973 |
Total assets | 3,863,955 | 3,953,678 |
Technical Services | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | 401,130 | 400,544 |
Goodwill | 45,384 | 45,599 |
Permits and other intangible, net | 78,405 | 80,302 |
Total assets | 701,399 | 699,675 |
Oil Re-refining and Recycling | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | 208,977 | 211,513 |
Goodwill | 170,073 | 171,161 |
Permits and other intangible, net | 157,966 | 160,807 |
Total assets | 631,238 | 643,256 |
SK Environmental Services | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | 244,984 | 239,596 |
Goodwill | 171,314 | 172,308 |
Permits and other intangible, net | 261,894 | 265,104 |
Total assets | 770,402 | 774,401 |
Industrial and Field Services | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | 389,686 | 405,327 |
Goodwill | 142,014 | 144,385 |
Permits and other intangible, net | 32,751 | 35,332 |
Total assets | 624,200 | 634,541 |
Oil and Gas Field Services | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | 238,228 | 237,335 |
Goodwill | 36,277 | 37,507 |
Permits and other intangible, net | 26,195 | 28,428 |
Total assets | 386,721 | 395,805 |
Corporate Items | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | 105,281 | 107,855 |
Goodwill | 0 | 0 |
Permits and other intangible, net | 0 | 0 |
Total assets | $749,995 | $806,000 |
SEGMENT_REPORTING_Details_3
SEGMENT REPORTING (Details 3) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total assets | $3,863,955 | $3,953,678 |
United States | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total assets | 2,652,218 | 2,684,686 |
Canada | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total assets | 1,209,350 | 1,266,505 |
Other foreign | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total assets | $2,387 | $2,487 |
GUARANTOR_AND_NONGUARANTOR_SUB2
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION (Condensed Consolidating Balance Sheets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $249,007 | $310,073 | $222,104 | $229,836 |
Intercompany receivables | 0 | 0 | ' | ' |
Accounts receivable, net | 566,394 | 579,394 | ' | ' |
Other current assets | 299,157 | 281,712 | ' | ' |
Property, plant and equipment, net | 1,588,286 | 1,602,170 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Intercompany debt receivable | 0 | 0 | ' | ' |
Goodwill | 565,062 | 570,960 | ' | ' |
Permits and other intangibles, net | 557,211 | 569,973 | ' | ' |
Other long-term assets | 38,838 | 39,396 | ' | ' |
Total assets | 3,863,955 | 3,953,678 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Current liabilities | 587,318 | 639,545 | ' | ' |
Intercompany payables | 0 | 0 | ' | ' |
Closure, post-closure and remedial liabilities, net | 185,294 | 190,112 | ' | ' |
Long-term obligations | 1,400,000 | 1,400,000 | ' | ' |
Capital lease obligations, net | 913 | 1,435 | ' | ' |
Intercompany debt payable | 0 | 0 | ' | ' |
Other long-term liabilities | 244,795 | 246,947 | ' | ' |
Total liabilities | 2,418,320 | 2,478,039 | ' | ' |
Stockholders’ equity | 1,445,635 | 1,475,639 | ' | ' |
Total liabilities and stockholders’ equity | 3,863,955 | 3,953,678 | ' | ' |
Clean Harbors, Inc. | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 1,006 | 1,006 | 3,536 | 35,214 |
Intercompany receivables | 255,774 | 269,580 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Other current assets | 24,087 | 24,087 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Investments in subsidiaries | 2,671,744 | 2,683,158 | ' | ' |
Intercompany debt receivable | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Permits and other intangibles, net | 0 | 0 | ' | ' |
Other long-term assets | 22,946 | 23,770 | ' | ' |
Total assets | 2,975,557 | 3,001,601 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Current liabilities | 37,586 | 33,626 | ' | ' |
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 | 88,635 | ' | ' |
Total liabilities | 1,529,922 | 1,525,962 | ' | ' |
Stockholders’ equity | 1,445,635 | 1,475,639 | ' | ' |
Total liabilities and stockholders’ equity | 2,975,557 | 3,001,601 | ' | ' |
U.S. Guarantor Subsidiaries | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 200,691 | 235,445 | 165,156 | 140,683 |
Intercompany receivables | 2,418 | 2,448 | ' | ' |
Accounts receivable, net | 374,008 | 387,006 | ' | ' |
Other current assets | 201,731 | 182,881 | ' | ' |
Property, plant and equipment, net | 954,458 | 945,280 | ' | ' |
Investments in subsidiaries | 952,030 | 967,186 | ' | ' |
Intercompany debt receivable | 475,548 | 493,402 | ' | ' |
Goodwill | 415,453 | 415,541 | ' | ' |
Permits and other intangibles, net | 453,122 | 458,917 | ' | ' |
Other long-term assets | 7,263 | 7,018 | ' | ' |
Total assets | 4,036,722 | 4,095,124 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Current liabilities | 424,583 | 466,454 | ' | ' |
Intercompany payables | 468,281 | 499,749 | ' | ' |
Closure, post-closure and remedial liabilities, net | 154,440 | 158,298 | ' | ' |
Long-term obligations | 0 | 0 | ' | ' |
Capital lease obligations, net | 152 | 191 | ' | ' |
Intercompany debt payable | 0 | 0 | ' | ' |
Other long-term liabilities | 103,107 | 103,125 | ' | ' |
Total liabilities | 1,150,563 | 1,227,817 | ' | ' |
Stockholders’ equity | 2,886,159 | 2,867,307 | ' | ' |
Total liabilities and stockholders’ equity | 4,036,722 | 4,095,124 | ' | ' |
Foreign Non-Guarantor Subsidiaries | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 47,310 | 73,622 | 53,412 | 53,939 |
Intercompany receivables | 212,558 | 230,224 | ' | ' |
Accounts receivable, net | 192,386 | 192,388 | ' | ' |
Other current assets | 73,339 | 74,744 | ' | ' |
Property, plant and equipment, net | 633,828 | 656,890 | ' | ' |
Investments in subsidiaries | 144,953 | 144,953 | ' | ' |
Intercompany debt receivable | 3,701 | 3,701 | ' | ' |
Goodwill | 149,609 | 155,419 | ' | ' |
Permits and other intangibles, net | 104,089 | 111,056 | ' | ' |
Other long-term assets | 8,629 | 8,608 | ' | ' |
Total assets | 1,570,402 | 1,651,605 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Current liabilities | 125,149 | 139,465 | ' | ' |
Intercompany payables | 2,469 | 2,503 | ' | ' |
Closure, post-closure and remedial liabilities, net | 30,854 | 31,814 | ' | ' |
Long-term obligations | 0 | 0 | ' | ' |
Capital lease obligations, net | 761 | 1,244 | ' | ' |
Intercompany debt payable | 475,548 | 493,402 | ' | ' |
Other long-term liabilities | 53,053 | 55,187 | ' | ' |
Total liabilities | 687,834 | 723,615 | ' | ' |
Stockholders’ equity | 882,568 | 927,990 | ' | ' |
Total liabilities and stockholders’ equity | 1,570,402 | 1,651,605 | ' | ' |
Consolidating Adjustments | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Intercompany receivables | -470,750 | -502,252 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Investments in subsidiaries | -3,768,727 | -3,795,297 | ' | ' |
Intercompany debt receivable | -479,249 | -497,103 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Permits and other intangibles, net | 0 | 0 | ' | ' |
Other long-term assets | 0 | 0 | ' | ' |
Total assets | -4,718,726 | -4,794,652 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Current liabilities | 0 | 0 | ' | ' |
Intercompany payables | -470,750 | -502,252 | ' | ' |
Closure, post-closure and remedial liabilities, net | 0 | 0 | ' | ' |
Long-term obligations | 0 | 0 | ' | ' |
Capital lease obligations, net | 0 | 0 | ' | ' |
Intercompany debt payable | -479,249 | -497,103 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Total liabilities | -949,999 | -999,355 | ' | ' |
Stockholders’ equity | -3,768,727 | -3,795,297 | ' | ' |
Total liabilities and stockholders’ equity | ($4,718,726) | ($4,794,652) | ' | ' |
GUARANTOR_AND_NONGUARANTOR_SUB3
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION (Condensed Consolidating Statements of (Loss) Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Consolidating statement of income | ' | ' |
Service revenues | $660,095 | $672,622 |
Product revenues | 186,572 | 189,541 |
Total revenues | 846,667 | 862,163 |
Service cost of revenues | 466,799 | 468,372 |
Product cost of revenues | 158,920 | 167,652 |
Total cost of revenues | 625,719 | 636,024 |
Selling, general and administrative expenses | 118,962 | 128,470 |
Accretion of environmental liabilities | 2,724 | 2,835 |
Depreciation and amortization | 69,356 | 60,006 |
Income from operations | 29,906 | 34,828 |
Other income | 4,178 | 525 |
Interest (expense) income | -19,554 | -19,873 |
Equity in earnings of subsidiaries | 0 | 0 |
Intercompany dividend income | 0 | 0 |
Intercompany interest income (expense) | 0 | 0 |
Income before provision for income taxes | 14,530 | 15,480 |
Provision for income taxes | 5,570 | 4,978 |
Net income | 8,960 | 10,502 |
Other comprehensive (loss) income | -41,525 | -23,861 |
Comprehensive (loss) income | -32,565 | -13,359 |
Clean Harbors, Inc. | ' | ' |
Consolidating statement of income | ' | ' |
Service revenues | 0 | 0 |
Product revenues | 0 | 0 |
Total revenues | 0 | 0 |
Service cost of revenues | 0 | 0 |
Product cost of revenues | 0 | 0 |
Total cost of revenues | 0 | 0 |
Selling, general and administrative expenses | 31 | 25 |
Accretion of environmental liabilities | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Income from operations | -31 | -25 |
Other income | 0 | 0 |
Interest (expense) income | -19,734 | -19,800 |
Equity in earnings of subsidiaries | 30,109 | 30,221 |
Intercompany dividend income | 0 | 0 |
Intercompany interest income (expense) | 0 | 0 |
Income before provision for income taxes | 10,344 | 10,396 |
Provision for income taxes | 1,384 | -106 |
Net income | 8,960 | 10,502 |
Other comprehensive (loss) income | -41,525 | -23,861 |
Comprehensive (loss) income | -32,565 | -13,359 |
U.S. Guarantor Subsidiaries | ' | ' |
Consolidating statement of income | ' | ' |
Service revenues | 443,874 | 399,235 |
Product revenues | 134,875 | 160,863 |
Total revenues | 578,749 | 560,098 |
Service cost of revenues | 304,641 | 274,172 |
Product cost of revenues | 114,928 | 143,641 |
Total cost of revenues | 419,569 | 417,813 |
Selling, general and administrative expenses | 87,553 | 95,561 |
Accretion of environmental liabilities | 2,348 | 2,400 |
Depreciation and amortization | 42,732 | 37,289 |
Income from operations | 26,547 | 7,035 |
Other income | 909 | 720 |
Interest (expense) income | 230 | 0 |
Equity in earnings of subsidiaries | 8,462 | 21,413 |
Intercompany dividend income | 0 | 0 |
Intercompany interest income (expense) | 9,384 | 10,338 |
Income before provision for income taxes | 45,532 | 39,506 |
Provision for income taxes | 4,105 | -474 |
Net income | 41,427 | 39,980 |
Other comprehensive (loss) income | -41,525 | -23,861 |
Comprehensive (loss) income | -98 | 16,119 |
Foreign Non-Guarantor Subsidiaries | ' | ' |
Consolidating statement of income | ' | ' |
Service revenues | 219,005 | 281,419 |
Product revenues | 52,493 | 30,942 |
Total revenues | 271,498 | 312,361 |
Service cost of revenues | 164,942 | 202,232 |
Product cost of revenues | 44,788 | 26,275 |
Total cost of revenues | 209,730 | 228,507 |
Selling, general and administrative expenses | 31,378 | 32,884 |
Accretion of environmental liabilities | 376 | 435 |
Depreciation and amortization | 26,624 | 22,717 |
Income from operations | 3,390 | 27,818 |
Other income | 3,269 | -195 |
Interest (expense) income | -50 | -73 |
Equity in earnings of subsidiaries | 0 | 0 |
Intercompany dividend income | 3,100 | 3,645 |
Intercompany interest income (expense) | -9,384 | -10,338 |
Income before provision for income taxes | 325 | 20,857 |
Provision for income taxes | 81 | 5,558 |
Net income | 244 | 15,299 |
Other comprehensive (loss) income | 19,682 | 11,772 |
Comprehensive (loss) income | 19,926 | 27,071 |
Consolidating Adjustments | ' | ' |
Consolidating statement of income | ' | ' |
Service revenues | -2,784 | -8,032 |
Product revenues | -796 | -2,264 |
Total revenues | -3,580 | -10,296 |
Service cost of revenues | -2,784 | -8,032 |
Product cost of revenues | -796 | -2,264 |
Total cost of revenues | -3,580 | -10,296 |
Selling, general and administrative expenses | 0 | 0 |
Accretion of environmental liabilities | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Income from operations | 0 | 0 |
Other income | 0 | 0 |
Interest (expense) income | 0 | 0 |
Equity in earnings of subsidiaries | -38,571 | -51,634 |
Intercompany dividend income | -3,100 | -3,645 |
Intercompany interest income (expense) | 0 | 0 |
Income before provision for income taxes | -41,671 | -55,279 |
Provision for income taxes | 0 | 0 |
Net income | -41,671 | -55,279 |
Other comprehensive (loss) income | 21,843 | 12,089 |
Comprehensive (loss) income | ($19,828) | ($43,190) |
GUARANTOR_AND_NONGUARANTOR_SUB4
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION (Condensed Consolidating Statements of Cash Flows) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed consolidating statement of cash flows | ' | ' |
Net cash from operating activities | $4,596 | $39,589 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -75,005 | -72,249 |
Proceeds from sales of fixed assets | 876 | 921 |
Acquisitions, net of cash acquired | 0 | -197 |
Costs to obtain or renew permits | -1,075 | -725 |
Proceeds from sales of marketable securities | 12,870 | 0 |
Net cash used in investing activities | -62,334 | -72,250 |
Cash flows from financing activities: | ' | ' |
Change in uncashed checks | 21 | 26,419 |
Proceeds from exercise of stock options | 0 | 397 |
Proceeds from employee stock purchase plan | 2,141 | 1,546 |
Remittance of shares, net | -750 | -41 |
Repurchases of common stock | -1,225 | 0 |
Excess tax benefit of stock-based compensation | 117 | 1,227 |
Deferred financing costs paid | 0 | -2,318 |
Payments on capital leases | -638 | -1,346 |
Issuance costs related to 2012 issuance of common stock | 0 | -250 |
Dividends (paid) / received | 0 | 0 |
Interest (payments) / received | 0 | 0 |
Net cash from financing activities | -334 | 25,634 |
Effect of exchange rate change on cash | -2,994 | -705 |
Decrease in cash and cash equivalents | -61,066 | -7,732 |
Cash and cash equivalents, beginning of period | 310,073 | 229,836 |
Cash and cash equivalents, end of period | 249,007 | 222,104 |
Clean Harbors, Inc. | ' | ' |
Condensed consolidating statement of cash flows | ' | ' |
Net cash from operating activities | -283 | -32,042 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | 0 | 0 |
Proceeds from sales of fixed assets | 0 | 0 |
Acquisitions, net of cash acquired | ' | -197 |
Costs to obtain or renew permits | 0 | 0 |
Proceeds from sales of marketable securities | 0 | ' |
Net cash used in investing activities | 0 | -197 |
Cash flows from financing activities: | ' | ' |
Change in uncashed checks | 0 | 0 |
Proceeds from exercise of stock options | ' | 397 |
Proceeds from employee stock purchase plan | 2,141 | 1,546 |
Remittance of shares, net | -750 | -41 |
Repurchases of common stock | -1,225 | ' |
Excess tax benefit of stock-based compensation | 117 | 1,227 |
Deferred financing costs paid | ' | -2,318 |
Payments on capital leases | 0 | 0 |
Issuance costs related to 2012 issuance of common stock | ' | -250 |
Dividends (paid) / received | 0 | 0 |
Interest (payments) / received | 0 | 0 |
Net cash from financing activities | 283 | 561 |
Effect of exchange rate change on cash | 0 | 0 |
Decrease in cash and cash equivalents | 0 | -31,678 |
Cash and cash equivalents, beginning of period | 1,006 | 35,214 |
Cash and cash equivalents, end of period | 1,006 | 3,536 |
U.S. Guarantor Subsidiaries | ' | ' |
Condensed consolidating statement of cash flows | ' | ' |
Net cash from operating activities | 2,808 | 33,154 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -46,287 | -36,962 |
Proceeds from sales of fixed assets | 228 | 250 |
Acquisitions, net of cash acquired | ' | 0 |
Costs to obtain or renew permits | -111 | -113 |
Proceeds from sales of marketable securities | 0 | ' |
Net cash used in investing activities | -46,170 | -36,825 |
Cash flows from financing activities: | ' | ' |
Change in uncashed checks | 60 | 20,562 |
Proceeds from exercise of stock options | ' | 0 |
Proceeds from employee stock purchase plan | 0 | 0 |
Remittance of shares, net | 0 | 0 |
Repurchases of common stock | 0 | ' |
Excess tax benefit of stock-based compensation | 0 | 0 |
Deferred financing costs paid | ' | 0 |
Payments on capital leases | -41 | -80 |
Issuance costs related to 2012 issuance of common stock | ' | 0 |
Dividends (paid) / received | -4,275 | -3,645 |
Interest (payments) / received | 12,864 | 11,307 |
Net cash from financing activities | 8,608 | 28,144 |
Effect of exchange rate change on cash | 0 | 0 |
Decrease in cash and cash equivalents | -34,754 | 24,473 |
Cash and cash equivalents, beginning of period | 235,445 | 140,683 |
Cash and cash equivalents, end of period | 200,691 | 165,156 |
Foreign Non-Guarantor Subsidiaries | ' | ' |
Condensed consolidating statement of cash flows | ' | ' |
Net cash from operating activities | 2,071 | 38,477 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -28,718 | -35,287 |
Proceeds from sales of fixed assets | 648 | 671 |
Acquisitions, net of cash acquired | ' | 0 |
Costs to obtain or renew permits | -964 | -612 |
Proceeds from sales of marketable securities | 12,870 | ' |
Net cash used in investing activities | -16,164 | -35,228 |
Cash flows from financing activities: | ' | ' |
Change in uncashed checks | -39 | 5,857 |
Proceeds from exercise of stock options | ' | 0 |
Proceeds from employee stock purchase plan | 0 | 0 |
Remittance of shares, net | 0 | 0 |
Repurchases of common stock | 0 | ' |
Excess tax benefit of stock-based compensation | 0 | 0 |
Deferred financing costs paid | ' | 0 |
Payments on capital leases | -597 | -1,266 |
Issuance costs related to 2012 issuance of common stock | ' | 0 |
Dividends (paid) / received | 4,275 | 3,645 |
Interest (payments) / received | -12,864 | -11,307 |
Net cash from financing activities | -9,225 | -3,071 |
Effect of exchange rate change on cash | -2,994 | -705 |
Decrease in cash and cash equivalents | -26,312 | -527 |
Cash and cash equivalents, beginning of period | 73,622 | 53,939 |
Cash and cash equivalents, end of period | $47,310 | $53,412 |