DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION | 9 Months Ended | |
Sep. 30, 2014 | Nov. 03, 2014 | |
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 | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 59,947,558 |
UNAUDITED_CONSOLIDATED_BALANCE
UNAUDITED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $258,021 | $310,073 |
Marketable securities | 0 | 12,435 |
Accounts receivable, net of allowances aggregating $22,791 and $18,106, respectively | 575,575 | 579,394 |
Unbilled accounts receivable | 50,050 | 26,568 |
Deferred costs | 18,676 | 16,134 |
Inventories and supplies | 170,934 | 152,096 |
Prepaid expenses and other current assets | 48,540 | 41,962 |
Deferred tax assets | 32,141 | 32,517 |
Total current assets | 1,153,937 | 1,171,179 |
Property, plant and equipment, net | 1,579,701 | 1,602,170 |
Other assets: | ' | ' |
Deferred financing costs | 18,403 | 20,860 |
Goodwill | 449,577 | 570,960 |
Permits and other intangibles, net | 541,874 | 569,973 |
Other | 17,725 | 18,536 |
Total other assets | 1,027,579 | 1,180,329 |
Total assets | 3,761,217 | 3,953,678 |
Current liabilities: | ' | ' |
Current portion of capital lease obligations | 264 | 1,329 |
Accounts payable | 251,832 | 316,462 |
Deferred revenue | 63,909 | 55,454 |
Accrued expenses | 260,123 | 236,829 |
Current portion of closure, post-closure and remedial liabilities | 32,742 | 29,471 |
Total current liabilities | 608,870 | 639,545 |
Other liabilities: | ' | ' |
Closure and post-closure liabilities, less current portion of $3,839 and $5,884, respectively | 46,287 | 41,201 |
Remedial liabilities, less current portion of $28,903 and $23,587, respectively | 133,972 | 148,911 |
Long-term obligations | 1,395,000 | 1,400,000 |
Capital lease obligations, less current portion | 733 | 1,435 |
Deferred taxes, unrecognized tax benefits and other long-term liabilities | 255,804 | 246,947 |
Total other liabilities | 1,831,796 | 1,838,494 |
Common stock, $.01 par value: | ' | ' |
Authorized 80,000,000; shares issued and outstanding 59,947,866 and 60,672,180 shares, respectively | 600 | 607 |
Shares held under employee participation plan | -469 | -469 |
Additional paid-in capital | 853,350 | 898,165 |
Accumulated other comprehensive loss | -74,117 | -19,556 |
Accumulated earnings | 541,187 | 596,892 |
Total stockholders’ equity | 1,320,551 | 1,475,639 |
Total liabilities and stockholders’ equity | $3,761,217 | $3,953,678 |
UNAUDITED_CONSOLIDATED_BALANCE1
UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Account Receivable, allowances aggregating | $22,791 | $18,106 |
Closure and post-closure liabilities, current portion | 3,839 | 5,884 |
Remedial liabilities, less current portion of $28,903 and $23,587, respectively | $28,903 | $23,587 |
Common stock, $.01 par value: | $0.01 | $0.01 |
Common stock, authorized shares | 80,000,000 | 80,000,000 |
Common stock, issued shares | 59,947,866 | 60,672,180 |
Common stock, outstanding shares | 59,947,866 | 60,672,180 |
UNAUDITED_CONSOLIDATED_STATEME
UNAUDITED CONSOLIDATED STATEMENTS OF (LOSS) INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Service revenues | $657,221 | $702,033 | $1,962,071 | $2,048,527 |
Product revenues | 194,244 | 205,502 | 594,541 | 581,699 |
Total revenues | 851,465 | 907,535 | 2,556,612 | 2,630,226 |
Cost of revenues (exclusive of items shown separately below) | ' | ' | ' | ' |
Service revenues | 440,261 | 478,434 | 1,333,443 | 1,402,409 |
Product revenues | 158,146 | 168,685 | 497,633 | 495,060 |
Total cost of revenues | 598,407 | 647,119 | 1,831,076 | 1,897,469 |
Selling, general and administrative expenses | 99,701 | 114,464 | 334,394 | 365,546 |
Accretion of environmental liabilities | 2,642 | 2,914 | 7,975 | 8,628 |
Depreciation and amortization | 70,049 | 69,430 | 205,480 | 196,904 |
Goodwill impairment charge | 123,414 | 0 | 123,414 | 0 |
(Loss) income from operations | -42,748 | 73,608 | 54,273 | 161,679 |
Other income (expense) | 613 | -150 | 4,136 | 2,030 |
Interest expense, net of interest income of $174, $96, $590 and $362, respectively | -19,494 | -19,326 | -58,430 | -58,784 |
(Loss) income before provision for income taxes | -61,629 | 54,132 | -21 | 104,925 |
Provision for income taxes | 31,708 | 18,771 | 55,684 | 36,160 |
Net (loss) income | ($93,337) | $35,361 | ($55,705) | $68,765 |
(Loss) earnings per share: | ' | ' | ' | ' |
Basic (in USD per share) | ($1.55) | $0.58 | ($0.92) | $1.14 |
Diluted (in USD per share) | ($1.55) | $0.58 | ($0.92) | $1.13 |
Shares used to compute (loss) earnings per share - Basic | 60,369 | 60,610 | 60,585 | 60,542 |
Shares used to compute (loss) earnings per share - Diluted | 60,369 | 60,760 | 60,585 | 60,692 |
UNAUDITED_CONSOLIDATED_STATEME1
UNAUDITED CONSOLIDATED STATEMENTS OF (LOSS) INCOME (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Interest income | $174 | $96 | $590 | $362 |
UNAUDITED_CONSOLIDATED_STATEME2
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net (loss) income | ($93,337) | $35,361 | ($55,705) | $68,765 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Unrealized gains on available-for-sale securities (net of taxes of $18, $153, $159 and $61 respectively) | 102 | 1,074 | 901 | 359 |
Reclassification adjustment for gains on available-for-sale securities included in net (loss) income (net of taxes of $4, $0, $508 and $0 respectively) | -23 | 0 | -2,880 | 0 |
Foreign currency translation adjustments | -49,171 | 20,731 | -52,582 | -37,921 |
Other comprehensive (loss) income | -49,092 | 21,805 | -54,561 | -37,562 |
Comprehensive (loss) income | ($142,429) | $57,166 | ($110,266) | $31,203 |
UNAUDITED_CONSOLIDATED_STATEME3
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Unrealized gains (losses) on available-for-sale securities, taxes | ($18) | ($153) | ($159) | ($61) |
Reclassification adjustment for gains on available-for-sale securities included in net (loss) income (net of taxes of $4, $0, $508 and $0 respectively) | $4 | $0 | $508 | $0 |
UNAUDITED_CONSOLIDATED_STATEME4
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net (loss) income | ($55,705) | $68,765 |
Adjustments to reconcile net (loss) income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 205,480 | 196,904 |
Goodwill impairment charge | 123,414 | 0 |
Pre-tax, non-cash acquisition accounting inventory adjustments | 0 | 13,559 |
Allowance for doubtful accounts | 6,743 | 5,281 |
Amortization of deferred financing costs and debt discount | 2,457 | 2,539 |
Accretion of environmental liabilities | 7,975 | 8,628 |
Changes in environmental liability estimates | -2,991 | -2,417 |
Deferred income taxes | 8,506 | 272 |
Stock-based compensation | 6,446 | 6,389 |
Excess tax benefit of stock-based compensation | -829 | -1,589 |
Income tax benefit related to stock option exercises | 829 | 1,579 |
Other income | -4,136 | -2,030 |
Environmental expenditures | -12,130 | -15,928 |
Changes in assets and liabilities, net of acquisitions | ' | ' |
Accounts receivable and unbilled accounts receivable | -35,708 | -88,000 |
Inventories and supplies | -20,675 | 1,710 |
Other current assets | -10,048 | 27,483 |
Accounts payable | -53,352 | 37,257 |
Other current and long-term liabilities | 29,763 | 19,712 |
Net cash from operating activities | 196,039 | 280,114 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -198,877 | -207,641 |
Proceeds from sales of fixed assets | 5,913 | 3,700 |
Proceeds from sales of marketable securities | 12,947 | 0 |
Acquisitions, net of cash acquired | -6,150 | -59,458 |
Additions to intangible assets, including costs to obtain or renew permits | -5,443 | -4,357 |
Other | 914 | -11 |
Net cash used in investing activities | -190,696 | -267,767 |
Cash flows from financing activities: | ' | ' |
Change in uncashed checks | -591 | 9,754 |
Proceeds from exercise of stock options | 0 | 399 |
Remittance of shares, net | -2,668 | -599 |
Repurchases of common stock | -48,329 | 0 |
Proceeds from employee stock purchase plan | 4,364 | 5,327 |
Deferred financing costs paid | 0 | -2,446 |
Repayment of long-term obligations | -5,000 | 0 |
Payments on capital leases | -1,682 | -4,096 |
Issuance costs related to 2012 issuance of common stock | 0 | -250 |
Excess tax benefit of stock-based compensation | 829 | 1,589 |
Net cash from financing activities | -53,077 | 9,678 |
Effect of exchange rate change on cash | -4,318 | -3,226 |
(Decrease) increase in cash and cash equivalents | -52,052 | 18,799 |
Cash and cash equivalents, beginning of period | 310,073 | 229,836 |
Cash and cash equivalents, end of period | 258,021 | 248,635 |
Cash payments for interest and income taxes: | ' | ' |
Interest paid | 58,446 | 58,084 |
Income taxes paid | 21,737 | 8,386 |
Accrual for repurchased shares | 5,464 | 0 |
Non-cash investing and financing activities: | ' | ' |
Property, plant and equipment accrued | 23,976 | 39,804 |
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 beginning of period at Dec. 31, 2013 | $1,475,639 | $607 | ($469) | $898,165 | ($19,556) | $596,892 |
Balance beginning of period (in shares) at Dec. 31, 2013 | ' | 60,672 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Net (loss) income | -55,705 | ' | ' | ' | ' | -55,705 |
Other comprehensive loss | -54,561 | ' | ' | ' | -54,561 | ' |
Stock-based compensation | 6,446 | ' | ' | 6,446 | ' | ' |
Issuance of restricted shares, net of shares remitted | -2,668 | 1 | ' | -2,669 | ' | ' |
Issuance of restricted shares, net of shares remitted | ' | 108 | ' | ' | ' | ' |
Repurchases of common stock | -53,793 | -9 | ' | -53,784 | ' | ' |
Repurchases of common stock | ' | -923 | ' | ' | ' | ' |
Net tax benefit on exercise of stock-based awards | 829 | ' | ' | 829 | ' | ' |
Employee stock purchase plan | 4,364 | 1 | ' | 4,363 | ' | ' |
Employee stock purchase plan | ' | 91 | ' | ' | ' | ' |
Balance at end of period at Sep. 30, 2014 | $1,320,551 | $600 | ($469) | $853,350 | ($74,117) | $541,187 |
Balance ending of period (in shares) at Sep. 30, 2014 | ' | 59,948 | ' | ' | ' | ' |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 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. Management has made estimates and assumptions affecting the amounts reported in the Company's consolidated interim financial statements and accompanying footnotes, actual results could differ from those estimates and judgments. 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. | |
Reclassifications | |
During the second quarter of 2014, the Company made changes to the manner in which it manages its business, makes operating decisions and assesses performance. These changes included the reassignment of certain departments among its operating segments consistent with management reporting changes as well as the identification of Lodging Services as an additional segment. Under the new structure, the Company's operations are managed in six reportable segments: Technical Services, Industrial and Field Services, Oil Re-refining and Recycling, SK Environmental Services, Lodging Services and Oil and Gas Field Services. The prior year segment information has been recast to conform to the current year presentation. See Note 17, “Segment Reporting.” | |
During the third quarter of 2014, the Company has aggregated cash flow effects of the change in unbilled receivables with the change from accounts receivable in the Unaudited Consolidated Statements of Cash Flows. Prior year amounts have been recast to conform to the current year presentation. |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 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 May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new guidance is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. | |
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 currently evaluating the impact that the above standards to be implemented will have on the Company's consolidated financial statements. |
BUSINESS_COMBINATIONS
BUSINESS COMBINATIONS | 9 Months Ended | |||||||||||
Sep. 30, 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 a final purchase price of $56.3 million in cash, net of cash acquired. Evergreen, headquartered in Irvine, California, specializes in the recovery and re-refining of used oil. 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. Financial information and results of Evergreen have been recorded in our consolidated financial statements since acquisition and are primarily included in the Oil Re-refining and Recycling segment. | ||||||||||||
Management determined the purchase price allocations based on estimates of the fair values of all tangible and intangible assets acquired and liabilities assumed. The Company believes that such information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed. The Company has finalized the purchase accounting for the acquisition of Evergreen. 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 | 30-Sep-14 | |||||||||||
Inventories and supplies | $ | 1,089 | $ | — | $ | 1,089 | ||||||
Prepaid and other current assets | 1,291 | (273 | ) | 1,018 | ||||||||
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 | (239 | ) | 3,368 | ||||||||
Current liabilities | (6,198 | ) | (552 | ) | (6,750 | ) | ||||||
Closure and post-closure liabilities | (659 | ) | — | (659 | ) | |||||||
Remedial liabilities, less current portion | (2,103 | ) | 463 | (1,640 | ) | |||||||
Deferred taxes, unrecognized tax benefits and other long-term liabilities | (1,139 | ) | (920 | ) | (2,059 | ) | ||||||
Total identifiable net assets | 55,919 | (3,889 | ) | 52,030 | ||||||||
Goodwill | — | 4,288 | 4,288 | |||||||||
Total | $ | 55,919 | $ | 399 | $ | 56,318 | ||||||
2014 Acquisitions | ||||||||||||
On May 30, 2014 the Company acquired certain assets of a privately owned U.S. company which provides carbon treatment systems and rental remediation equipment for approximately $6.2 million in cash. The purchase price is subject to customary post-closing adjustments based upon finalized working capital amounts. The acquired company has been integrated into the Technical Services segment. |
MARKETABLE_SECURITIES
MARKETABLE SECURITIES | 9 Months Ended |
Sep. 30, 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 September 30, 2014, the Company did not hold any marketable securities. On December 31, 2013, marketable securities held by the Company were recorded at $12.4 million. Those marketable securities were classified as Level 1 in the fair value hierarchy. | |
During the nine months ended September 30, 2014, the Company sold marketable securities and recognized a gain of $3.4 million recorded as other income in the consolidated statement of (loss) income. There were no realized gains or losses from the sale of marketable securities during the three and nine months ended September 30, 2013. |
INVENTORIES_AND_SUPPLIES
INVENTORIES AND SUPPLIES | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
INVENTORIES AND SUPPLIES | ' | |||||||
INVENTORIES AND SUPPLIES | ||||||||
Inventories and supplies consisted of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Oil and oil products | $ | 67,005 | $ | 59,639 | ||||
Supplies and drums | 68,765 | 64,471 | ||||||
Solvent and solutions | 9,282 | 10,100 | ||||||
Other | 25,882 | 17,886 | ||||||
Total inventories and supplies | $ | 170,934 | $ | 152,096 | ||||
As of September 30, 2014 and December 31, 2013, other inventory primarily consisted of parts washer components and lodging inventory. |
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment consisted of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Land | $ | 99,006 | $ | 99,794 | ||||
Asset retirement costs (non-landfill) | 10,899 | 10,938 | ||||||
Landfill assets | 109,114 | 100,983 | ||||||
Buildings and improvements | 330,405 | 327,956 | ||||||
Camp equipment | 178,221 | 187,831 | ||||||
Vehicles | 466,726 | 425,296 | ||||||
Equipment | 1,282,855 | 1,201,296 | ||||||
Furniture and fixtures | 5,574 | 5,260 | ||||||
Construction in progress | 62,548 | 58,010 | ||||||
2,545,348 | 2,417,364 | |||||||
Less - accumulated depreciation and amortization | 965,647 | 815,194 | ||||||
Total property, plant and equipment, net | $ | 1,579,701 | $ | 1,602,170 | ||||
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | |||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||||||||||||
The changes to goodwill for the nine months ended September 30, 2014 were as follows (in thousands): | ||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 570,960 | ||||||||||||||||||||||||||
Acquired from acquisitions | 5,018 | |||||||||||||||||||||||||||
Increase from adjustments during the measurement period related to Evergreen | 4,288 | |||||||||||||||||||||||||||
Goodwill impairment charge | (123,414 | ) | ||||||||||||||||||||||||||
Foreign currency translation | (7,275 | ) | ||||||||||||||||||||||||||
Balance at September 30, 2014 | $ | 449,577 | ||||||||||||||||||||||||||
At September 30, 2014 the total accumulated goodwill impairment charge was $123.4 million, all within the Oil Re-refining and Recycling segment. | ||||||||||||||||||||||||||||
The Company assesses goodwill for impairment on an annual basis as of December 31, or at an interim date when events or changes in the business environment would more likely than not reduce the fair value of a reporting unit below its carrying 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 value of each of the reporting units exceeded that reporting unit's respective carrying value. | ||||||||||||||||||||||||||||
During the first and second quarters of 2014, the Company considered both external and business specific circumstances impacting the Oil Re-refining and Recycling reporting unit and concluded that an interim goodwill impairment test was not necessary. However, as of September 30, 2014 and principally resulting from current decreases in the market prices of oil products sold by the reporting unit which negatively impact anticipated revenue and earnings levels, the Company concluded that an interim goodwill impairment test was required. | ||||||||||||||||||||||||||||
In performing Step I of the goodwill impairment test, the estimated fair value of the Oil Re-refining and Recycling reporting unit was determined using an income approach and was compared to the reporting unit's estimated carrying value as of September 30, 2014. Based on the results of that valuation, the carrying amount of the reporting unit, including $174.3 million of goodwill, exceeded the estimated fair value and as a result the Company performed Step II of the goodwill impairment test to determine the amount of goodwill impairment charge to be recorded. | ||||||||||||||||||||||||||||
Step II of the goodwill impairment test requires the Company to perform a theoretical purchase price allocation for the reporting unit to determine the implied fair value of goodwill and to compare the implied fair value of goodwill to the recorded amount of goodwill. The estimate of fair value requires significant judgment. Based on the results of the goodwill impairment test, the Company recognized a goodwill impairment charge of $123.4 million. | ||||||||||||||||||||||||||||
The factors contributing to the $123.4 million goodwill impairment charge principally relate to current decreases in the market prices of base and blended oil products. These factors caused us, relative to the 2013 impairment test, to lower assumptions for future revenues and profits of the business and adversely affected the estimated fair value of the reporting unit as of September 30, 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 $34.9 million at September 30, 2014, was affected in the nine months ended September 30, 2014 by pricing pressures and lower levels of overall activity in the markets and regions that the business serves. | ||||||||||||||||||||||||||||
During the interim periods of fiscal year 2014 and with respect to the Oil and Gas Field Services reporting unit, the Company has considered whether (i) the lower than anticipated results (ii) general economic and industry conditions, and (iii) reporting unit specific factors would more likely than not reduce the estimated fair values of its reporting units below their carrying values. The Company did not perform an interim test for impairment of goodwill related to the Oil and Gas Field Services reporting unit as it does not believe the factors impacting the performance of this reporting unit, through September 30, 2014, would more likely than not reduce the fair value below its carrying value. | ||||||||||||||||||||||||||||
Significant judgments and unobservable inputs categorized as level III in the fair value hierarchy are inherent in the annual impairment tests performed 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 its annual and interim date impairment tests 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 performance of the Company's reporting units will continue to be monitored. If the Company's reporting units do not achieve the financial performance that the Company expects, it is possible that an additional goodwill impairment charge may result. There can therefore be no assurance that future events will not result in an impairment of goodwill. | ||||||||||||||||||||||||||||
As a result of the goodwill impairment charge recorded by the Oil Re-refining and Recycling reporting unit during the third quarter, the Company also considered whether the reporting units' carrying values of finite-lived intangible and other long lived assets may not be entirely recoverable or whether the carrying value of certain indefinite lived intangibles were impaired. As a result of these analyses it was concluded that no impairment of intangible or other long lived assets exist. | ||||||||||||||||||||||||||||
Below is a summary of amortizable other intangible assets (in thousands): | ||||||||||||||||||||||||||||
September 30, 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 | $ | 157,408 | $ | 54,110 | $ | 103,298 | 20.1 | $ | 157,327 | $ | 50,858 | $ | 106,469 | 19.6 | ||||||||||||||
Customer and supplier relationships | 373,478 | 72,201 | 301,277 | 11.2 | 377,899 | 52,814 | 325,085 | 12.1 | ||||||||||||||||||||
Other intangible assets | 31,714 | 18,417 | 13,297 | 3 | 29,299 | 15,518 | 13,781 | 3.3 | ||||||||||||||||||||
Total amortizable permits and other intangible assets | 562,600 | 144,728 | 417,872 | 11.4 | 564,525 | 119,190 | 445,335 | 12.2 | ||||||||||||||||||||
Trademarks and trade names | 124,002 | — | 124,002 | Indefinite | 124,638 | — | 124,638 | Indefinite | ||||||||||||||||||||
Total permits and other intangible assets | $ | 686,602 | $ | 144,728 | $ | 541,874 | $ | 689,163 | $ | 119,190 | $ | 569,973 | ||||||||||||||||
Amortization expense for the three and nine months ended September 30, 2014 was $9.1 million and $27.5 million, respectively. Amortization expense for the three and nine months ended September 30, 2013 was $8.8 million and $25.9 million, respectively. | ||||||||||||||||||||||||||||
Below is the expected future amortization of the net carrying amount of finite-lived intangible assets at September 30, 2014 (in thousands): | ||||||||||||||||||||||||||||
Years Ending December 31, | Expected Amortization | |||||||||||||||||||||||||||
2014 (three months) | $ | 8,979 | ||||||||||||||||||||||||||
2015 | 35,687 | |||||||||||||||||||||||||||
2016 | 34,901 | |||||||||||||||||||||||||||
2017 | 32,923 | |||||||||||||||||||||||||||
2018 | 30,097 | |||||||||||||||||||||||||||
Thereafter | 275,285 | |||||||||||||||||||||||||||
$ | 417,872 | |||||||||||||||||||||||||||
ACCRUED_EXPENSES
ACCRUED EXPENSES | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
ACCRUED EXPENSES | ' | |||||||
ACCRUED EXPENSES | ||||||||
Accrued expenses consisted of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Insurance | $ | 65,558 | $ | 57,993 | ||||
Interest | 17,809 | 20,731 | ||||||
Accrued compensation and benefits | 59,604 | 60,902 | ||||||
Income, real estate, sales and other taxes | 67,000 | 38,938 | ||||||
Other | 50,152 | 58,265 | ||||||
Total accrued expenses | $ | 260,123 | $ | 236,829 | ||||
CLOSURE_AND_POSTCLOSURE_LIABIL
CLOSURE AND POST-CLOSURE LIABILITIES | 9 Months Ended | |||||||||||
Sep. 30, 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 nine months ended September 30, 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 | 2,676 | — | 2,676 | |||||||||
Accretion | 1,912 | 1,399 | 3,311 | |||||||||
Changes in estimates recorded to statement of income | (722 | ) | 142 | (580 | ) | |||||||
Changes in estimates recorded to balance sheet | (103 | ) | — | (103 | ) | |||||||
Expenditures | (1,568 | ) | (476 | ) | (2,044 | ) | ||||||
Currency translation and other | (137 | ) | (82 | ) | (219 | ) | ||||||
Balance at September 30, 2014 | $ | 29,662 | $ | 20,464 | $ | 50,126 | ||||||
All of the landfill facilities included in the above were active as of September 30, 2014. New asset retirement obligations incurred during the first nine 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 | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Environmental Remediation Obligations [Abstract] | ' | |||||||||||||||
REMEDIAL LIABILITIES | ' | |||||||||||||||
REMEDIAL LIABILITIES | ||||||||||||||||
The changes to remedial liabilities for the nine months ended September 30, 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 | — | — | (536 | ) | (536 | ) | ||||||||||
Accretion | 200 | 2,280 | 2,184 | 4,664 | ||||||||||||
Changes in estimates recorded to statement of income | (126 | ) | (2,385 | ) | 100 | (2,411 | ) | |||||||||
Expenditures | (82 | ) | (4,338 | ) | (5,666 | ) | (10,086 | ) | ||||||||
Currency translation and other | (146 | ) | (63 | ) | (1,045 | ) | (1,254 | ) | ||||||||
Balance at September 30, 2014 | $ | 5,470 | $ | 69,756 | $ | 87,649 | $ | 162,875 | ||||||||
In the nine months ended September 30, 2014, the reduction in changes in estimates recorded to the statement of (loss) income was $2.4 million and primarily related to estimated cost adjustments for remediation across various sites. |
FINANCING_ARRANGEMENTS
FINANCING ARRANGEMENTS | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
FINANCING ARRANGEMENTS | ' | |||||||
FINANCING ARRANGEMENTS | ||||||||
The following table is a summary of the Company’s financing arrangements (in thousands): | ||||||||
September 30, 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 | 595,000 | 600,000 | ||||||
Long-term obligations | $ | 1,395,000 | $ | 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 September 30, 2014 and December 31, 2013, the fair value of the Company's 2020 Notes was $794.9 million and $804.2 million, respectively, based on quoted market prices for the instrument and accrued interest. 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 September 30, 2014 and December 31, 2013, the fair value of the Company's 2021 Notes was $586.2 million and $601.6 million, respectively, based on quoted market prices for the instrument and accrued interest. 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 September 30, 2014 and December 31, 2013 had no outstanding loan balances. At September 30, 2014, $262.1 million was available to borrow and outstanding letters of credit were $110.4 million. At December 31, 2013, $259.7 million was available to borrow and outstanding letters of credit were $140.3 million. | ||||||||
Available credit for Parent and its domestic subsidiaries is subject to 85% of their eligible accounts receivable and 100% of their cash deposited in a controlled account with the agent. The revolving credit facility is guaranteed by all of Parent’s domestic subsidiaries and secured by substantially all of Parent’s and its domestic subsidiaries’ assets. Available credit for Parent’s Canadian subsidiaries is subject to 85% of their eligible accounts receivable and 100% of their cash deposited in a controlled account with the agent’s Canadian affiliate. The obligations of the Canadian subsidiaries under the revolving credit facility are guaranteed by all of Parent’s Canadian subsidiaries and secured by the accounts receivable of the Canadian subsidiaries, but the Canadian subsidiaries do not guarantee and are not otherwise responsible for the obligations of Parent or its domestic subsidiaries. |
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
As a result of the goodwill impairment charge recorded in the third quarter, the Company recorded an income tax benefit of $2.7 million. Absent the impact of the impairment charge on pre-tax income from operations the Company’s effective tax rate for the three and nine months ended September 30, 2014 was 55.6% and 47.3% compared to 34.7% and 34.5% for the same period in 2013. The increase in the effective rates for the three and nine months ended September 30, 2014 is due to a greater sales mix in the U.S. versus Canada and the recording of a reduction to a deferred tax asset. | |
As of September 30, 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 12 months. |
LOSS_EARNINGS_PER_SHARE
(LOSS) EARNINGS PER SHARE | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
(LOSS) 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 | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator for basic and diluted (loss) earnings per share: | ||||||||||||||||
Net (loss) income | $ | (93,337 | ) | $ | 35,361 | $ | (55,705 | ) | $ | 68,765 | ||||||
Denominator: | ||||||||||||||||
Basic shares outstanding | 60,369 | 60,610 | 60,585 | 60,542 | ||||||||||||
Dilutive effect of equity-based compensation awards | — | 150 | — | 150 | ||||||||||||
Dilutive shares outstanding | 60,369 | 60,760 | 60,585 | 60,692 | ||||||||||||
Basic (loss) earnings per share: | $ | (1.55 | ) | $ | 0.58 | $ | (0.92 | ) | $ | 1.14 | ||||||
Diluted (loss) earnings per share: | $ | (1.55 | ) | $ | 0.58 | $ | (0.92 | ) | $ | 1.13 | ||||||
As a result of the net loss reported in the three and nine months ended September 30, 2014, all outstanding restricted stock awards and performance awards totaling 624,145 were excluded from the calculation of diluted earnings per share as their inclusion would have an antidilutive effect. For the three and nine months ended September 30, 2013, the EPS calculations above included the dilutive effects of all then outstanding restricted stock awards and performance awards except for 173,000 of outstanding performance stock awards for which the performance criteria were not attained at that time. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended | |||||||||||||||
Sep. 30, 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 nine months ended September 30, 2014 were as follows (in thousands): | ||||||||||||||||
Foreign Currency Translation | Unrealized Gains 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) income before reclassifications | (52,582 | ) | 1,060 | — | (51,522 | ) | ||||||||||
Amounts reclassified out of accumulated other comprehensive loss | — | (3,388 | ) | — | (3,388 | ) | ||||||||||
Tax effects | — | 349 | — | 349 | ||||||||||||
Other comprehensive loss | $ | (52,582 | ) | $ | (1,979 | ) | $ | — | $ | (54,561 | ) | |||||
Balance at September 30, 2014 | $ | (72,746 | ) | $ | (75 | ) | $ | (1,296 | ) | $ | (74,117 | ) | ||||
The amounts reclassified out of accumulated other comprehensive loss into the consolidated statement of income, with presentation location during the nine months ended September 30, 2014, were as follows (in thousands): | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
Comprehensive Loss Components | September 30, 2014 | September 30, 2014 | Location | |||||||||||||
Unrealized gains on available-for-sale investments | $ | 27 | $ | 3,388 | Other income (expense) | |||||||||||
There were no reclassifications out of accumulated other comprehensive loss into the consolidated statement of income during the three and nine months ended September 30, 2013. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
STOCK-BASED COMPENSATION | ' | |||||||||||||
STOCK-BASED COMPENSATION | ||||||||||||||
Stock Awards | ||||||||||||||
The following table summarizes the total number and type of awards granted during the three and nine months ended September 30, 2014, as well as the related weighted-average grant-date fair values: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, 2014 | September 30, 2014 | |||||||||||||
Shares | Weighted Average | Shares | Weighted Average | |||||||||||
Grant-Date | Grant-Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||
Restricted stock awards | 5,000 | $ | 59.01 | 112,630 | $ | 61.43 | ||||||||
Performance stock awards | — | $ | — | 130,107 | $ | 62.2 | ||||||||
Total awards | 5,000 | 242,737 | ||||||||||||
Restricted stock awards issued during the three and nine months ended September 30, 2014 carry terms which are consistent with historical grants. For the performance stock awards granted during the nine months ended September 30, 2014, the Compensation Committee of the Company's Board of Directors established two-year performance targets which could potentially be achieved in either 2014 or 2015. | ||||||||||||||
Common Stock Repurchases | ||||||||||||||
On February 25, 2014, the Company's Board of Directors authorized the repurchase of up to $150 million of the Company's common stock. As of September 30, 2014, we had repurchased and retired a total of approximately 923,000 shares of our common stock for approximately $53.8 million under this program. As of September 30, 2014, an additional $96.2 million remains available for repurchase of shares under the current authorized program. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 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 September 30, 2014 and December 31, 2013, the Company had recorded reserves of $42.1 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 September 30, 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 $3.2 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 September 30, 2014, the $42.1 million of reserves consisted of (i) $32.5 million related to pending legal or administrative proceedings, including Superfund liabilities, which were included in remedial liabilities on the consolidated balance sheets, and (ii) $9.6 million primarily related to federal, state and provincial enforcement actions, which were included in accrued expenses on the consolidated balance sheets. | |
As of September 30, 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. The parties are currently attempting to negotiate a resolution and hearings on the motions have been delayed. 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 September 30, 2014 and December 31, 2013, the Company had accrued $13.1 million and $13.6 million, respectively, for remedial liabilities relating to the Ville Mercier legal proceedings. | |
Refinery Incident. In September 2014, a customer filed suit in Texas against the Company and two other contractors and their respective insurers seeking to be named as an additional insured on the Company’s and the other contractors’ liability policies for an April 2013 industrial fire that occurred at the customer’s refining facility in Texas. The Company is not a defendant in plaintiffs’ suits arising from the fire. While the Company was not performing services at the time of the fire, it had provided services previously at the work site. The Company is denying liability in the matter, and is defending the insurance action brought by the customer. Any potential liability is not currently estimable, and the Company believes it has adequate insurance coverage. The Company continues to work with all interested parties to resolve the matter. | |
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 September 30, 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 58 proceedings (excluding cases which have been settled but not formally dismissed) as of September 30, 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 September 30, 2014. From December 31, 2013 to September 30, 2014, 14 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. In 2012, similar lawsuits were filed by the same law firm in California and Missouri. It is Safety-Kleen's position that it had the right to assess fuel surcharges, that the customers were contractually obligated or otherwise consented to the charges, and that the surcharges were voluntarily paid by the customers when presented with an invoice. A class has not been certified in any of these cases, and the parties are attempting to resolve the matter through negotiations. | |
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 126 sites which are subject to or are proposed to become subject to proceedings under federal or state Superfund laws. Of the 126 sites, two (the Wichita Facility and the BR Facility described below) involve facilities that are now owned by the Company and 124 involve third party sites to which either the Company or the prior owners of certain of the Company’s facilities shipped wastes. Of the 124 third party sites, 29 are now settled, 20 are currently requiring expenditures on remediation and 75 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 13 of the 124 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 124 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 124 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 September 30, 2014 and December 31, 2013, there were five proceedings 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 | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||
SEGMENT REPORTING | ' | |||||||||||||||||||||||||||||||
SEGMENT REPORTING | ||||||||||||||||||||||||||||||||
During the second quarter of 2014, the Company made changes to the manner in which it manages its business, makes operating decisions and assesses performance. These changes included the reassignment of certain departments among its operating segments consistent with management reporting changes as well as the identification of Lodging Services as an additional segment. Under the new structure, the Company's operations are managed in six reportable segments based primarily upon the nature of the various operations and services provided: Technical Services, Industrial and Field Services which consists of the Industrial Services and Field Services operating segments, Oil Re-refining and Recycling, SK Environmental Services, Lodging Services and Oil and Gas Field Services. The prior year segment information has been recast to conform to the current year presentation. | ||||||||||||||||||||||||||||||||
The following table reconciles third party revenues to direct revenues for the three and nine months ended September 30, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2014 | For the Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||
Third party revenues | Intersegment revenues, net | Corporate Items, net | Direct revenues | Third party revenues | Intersegment revenues, net | Corporate Items, net | Direct revenues | |||||||||||||||||||||||||
Technical Services | $ | 272,478 | $ | 39,296 | $ | 1,628 | $ | 313,402 | $ | 766,057 | $ | 116,812 | $ | 2,805 | $ | 885,674 | ||||||||||||||||
Industrial and Field Services | 163,582 | (9,234 | ) | 29 | 154,377 | 510,696 | (32,039 | ) | 220 | 478,877 | ||||||||||||||||||||||
Oil Re-refining and Recycling | 140,345 | (52,606 | ) | — | 87,739 | 413,282 | (155,583 | ) | (5 | ) | 257,694 | |||||||||||||||||||||
SK Environmental Services | 170,980 | 21,212 | — | 192,192 | 503,692 | 64,476 | (58 | ) | 568,110 | |||||||||||||||||||||||
Lodging Services | 36,582 | 697 | 26 | 37,305 | 136,148 | 1,991 | 52 | 138,191 | ||||||||||||||||||||||||
Oil and Gas Field Services | 67,370 | 635 | 4 | 68,009 | 226,319 | 4,343 | (6 | ) | 230,656 | |||||||||||||||||||||||
Corporate Items | 128 | — | (1,687 | ) | (1,559 | ) | 418 | — | (3,008 | ) | (2,590 | ) | ||||||||||||||||||||
Total | $ | 851,465 | $ | — | $ | — | $ | 851,465 | $ | 2,556,612 | $ | — | $ | — | $ | 2,556,612 | ||||||||||||||||
For the Three Months Ended September 30, 2013 | For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Third party revenues | Intersegment revenues, net | Corporate Items, net | Direct revenues | Third party revenues | Intersegment revenues, net | Corporate Items, net | Direct revenues | |||||||||||||||||||||||||
Technical Services | $ | 269,465 | $ | 35,406 | $ | 964 | $ | 305,835 | $ | 759,666 | $ | 85,614 | $ | 3,155 | $ | 848,435 | ||||||||||||||||
Industrial and Field Services | 174,829 | (8,109 | ) | (72 | ) | 166,648 | 543,675 | (34,549 | ) | (178 | ) | 508,948 | ||||||||||||||||||||
Oil Re-refining and Recycling | 131,934 | (45,566 | ) | — | 86,368 | 395,026 | (143,853 | ) | — | 251,173 | ||||||||||||||||||||||
SK Environmental Services | 170,166 | 17,164 | — | 187,330 | 496,491 | 84,241 | 84 | 580,816 | ||||||||||||||||||||||||
Lodging Services | 55,571 | 812 | 145 | 56,528 | 155,586 | 2,621 | 362 | 158,569 | ||||||||||||||||||||||||
Oil and Gas Field Services | 104,981 | 293 | (114 | ) | 105,160 | 288,588 | 5,926 | (314 | ) | 294,200 | ||||||||||||||||||||||
Corporate Items | 589 | — | (923 | ) | (334 | ) | (8,806 | ) | — | (3,109 | ) | (11,915 | ) | |||||||||||||||||||
Total | $ | 907,535 | $ | — | $ | — | $ | 907,535 | $ | 2,630,226 | $ | — | $ | — | $ | 2,630,226 | ||||||||||||||||
Third party revenue is revenue billed to outside customers by a particular segment. Direct revenue is revenue allocated to the segment performing the provided service. 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. The operations not managed through the Company’s six 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 six 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 six reportable segments. Performance of the segments is evaluated on several factors, of which the primary financial measure is “Adjusted EBITDA,” which consists of net (loss) income plus accretion of environmental liabilities, depreciation and amortization, net interest expense, provision for income taxes, other non-cash charges not deemed representative of fundamental segment results and excludes other (income) expense. Transactions between the segments are accounted for at the Company’s best estimate based on similar transactions with outside customers. | ||||||||||||||||||||||||||||||||
The following table presents Adjusted EBITDA 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, other non-cash charges not deemed representative of fundamental segment results, and other (income) expense to its segments. | ||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Adjusted EBITDA: | ||||||||||||||||||||||||||||||||
Technical Services | $ | 86,928 | $ | 78,849 | $ | 233,402 | $ | 208,284 | ||||||||||||||||||||||||
Industrial and Field Services | 20,303 | 26,709 | 67,391 | 75,281 | ||||||||||||||||||||||||||||
Oil Re-refining and Recycling | 21,473 | 18,652 | 49,252 | 46,750 | ||||||||||||||||||||||||||||
SK Environmental Services | 30,853 | 23,192 | 84,985 | 84,274 | ||||||||||||||||||||||||||||
Lodging Services | 15,972 | 21,710 | 49,196 | 63,270 | ||||||||||||||||||||||||||||
Oil and Gas Field Services | 9,545 | 20,530 | 27,688 | 52,458 | ||||||||||||||||||||||||||||
Corporate Items | (31,717 | ) | (43,690 | ) | (120,772 | ) | (149,547 | ) | ||||||||||||||||||||||||
Total | $ | 153,357 | $ | 145,952 | $ | 391,142 | $ | 380,770 | ||||||||||||||||||||||||
Reconciliation to Consolidated Statements of (Loss) Income: | ||||||||||||||||||||||||||||||||
Pre-tax, non-cash acquisition accounting inventory adjustment | — | — | — | 13,559 | ||||||||||||||||||||||||||||
Accretion of environmental liabilities | 2,642 | 2,914 | 7,975 | 8,628 | ||||||||||||||||||||||||||||
Depreciation and amortization | 70,049 | 69,430 | 205,480 | 196,904 | ||||||||||||||||||||||||||||
Goodwill impairment charge | 123,414 | — | 123,414 | — | ||||||||||||||||||||||||||||
(Loss) income from operations | (42,748 | ) | 73,608 | 54,273 | 161,679 | |||||||||||||||||||||||||||
Other (income) expense | (613 | ) | 150 | (4,136 | ) | (2,030 | ) | |||||||||||||||||||||||||
Interest expense, net of interest income | 19,494 | 19,326 | 58,430 | 58,784 | ||||||||||||||||||||||||||||
(Loss) income before provision for income taxes | $ | (61,629 | ) | $ | 54,132 | $ | (21 | ) | $ | 104,925 | ||||||||||||||||||||||
The following table presents certain assets by reportable segment and in the aggregate (in thousands): | ||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||
Technical | Industrial and Field | Oil Re-refining and Recycling | SK Environmental Services | Lodging Services | Oil and Gas Field | Corporate | Totals | |||||||||||||||||||||||||
Services | Services | Services | Items | |||||||||||||||||||||||||||||
Property, plant and equipment, net | $ | 412,008 | $ | 252,159 | $ | 204,468 | $ | 242,193 | $ | 143,493 | $ | 223,822 | $ | 101,558 | $ | 1,579,701 | ||||||||||||||||
Goodwill | 50,336 | 108,514 | 51,152 | 170,986 | 33,717 | 34,872 | — | 449,577 | ||||||||||||||||||||||||
Permits and other intangible, net | 76,594 | 18,868 | 153,801 | 256,171 | 11,738 | 24,702 | — | 541,874 | ||||||||||||||||||||||||
Total assets | $ | 758,294 | $ | 409,807 | $ | 545,213 | $ | 740,109 | $ | 223,565 | $ | 377,607 | $ | 706,622 | $ | 3,761,217 | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Technical | Industrial and Field | Oil Re-refining and Recycling | SK Environmental Services | Lodging Services | Oil and Gas Field | Corporate | Totals | |||||||||||||||||||||||||
Services | Services | Services | Items | |||||||||||||||||||||||||||||
Property, plant and equipment, net | $ | 400,544 | $ | 251,826 | $ | 211,458 | $ | 239,650 | $ | 166,252 | $ | 224,585 | $ | 107,855 | $ | 1,602,170 | ||||||||||||||||
Goodwill | 45,599 | 109,873 | 171,161 | 172,309 | 35,512 | 36,506 | — | 570,960 | ||||||||||||||||||||||||
Permits and other intangible, net | 80,302 | 21,147 | 160,807 | 265,106 | 14,730 | 27,881 | — | 569,973 | ||||||||||||||||||||||||
Total assets | $ | 699,675 | $ | 410,233 | $ | 642,901 | $ | 774,756 | $ | 239,056 | $ | 381,057 | $ | 806,000 | $ | 3,953,678 | ||||||||||||||||
The following table presents total assets by geographical area (in thousands): | ||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
United States | $ | 2,580,598 | $ | 2,684,686 | ||||||||||||||||||||||||||||
Canada | 1,177,819 | 1,266,505 | ||||||||||||||||||||||||||||||
Other foreign | 2,800 | 2,487 | ||||||||||||||||||||||||||||||
Total | $ | 3,761,217 | $ | 3,953,678 | ||||||||||||||||||||||||||||
GUARANTOR_AND_NONGUARANTOR_SUB
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION | 9 Months Ended | |||||||||||||||||||
Sep. 30, 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 100% 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 September 30, 2014 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,006 | $ | 164,527 | $ | 92,488 | $ | — | $ | 258,021 | ||||||||||
Intercompany receivables | 233,872 | 2,410 | 189,823 | (426,105 | ) | — | ||||||||||||||
Accounts receivable, net | — | 411,440 | 164,135 | — | 575,575 | |||||||||||||||
Other current assets | 24,058 | 211,238 | 85,045 | — | 320,341 | |||||||||||||||
Property, plant and equipment, net | — | 968,839 | 610,862 | — | 1,579,701 | |||||||||||||||
Investments in subsidiaries | 2,607,342 | 815,030 | — | (3,422,372 | ) | — | ||||||||||||||
Intercompany debt receivable | — | 362,470 | 3,701 | (366,171 | ) | — | ||||||||||||||
Goodwill | — | 319,539 | 130,038 | — | 449,577 | |||||||||||||||
Permits and other intangibles, net | — | 441,680 | 100,194 | — | 541,874 | |||||||||||||||
Other long-term assets | 24,576 | 3,687 | 7,865 | — | 36,128 | |||||||||||||||
Total assets | $ | 2,890,854 | $ | 3,700,860 | $ | 1,384,151 | $ | (4,214,648 | ) | $ | 3,761,217 | |||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||||||
Current liabilities | $ | 79,117 | $ | 410,015 | $ | 119,738 | $ | — | $ | 608,870 | ||||||||||
Intercompany payables | — | 423,646 | 2,459 | (426,105 | ) | — | ||||||||||||||
Closure, post-closure and remedial liabilities, net | — | 150,339 | 29,920 | — | 180,259 | |||||||||||||||
Long-term obligations | 1,395,000 | — | — | — | 1,395,000 | |||||||||||||||
Capital lease obligations, net | — | 104 | 629 | — | 733 | |||||||||||||||
Intercompany debt payable | 3,701 | — | 362,470 | (366,171 | ) | — | ||||||||||||||
Other long-term liabilities | 92,485 | 109,414 | 53,905 | — | 255,804 | |||||||||||||||
Total liabilities | 1,570,303 | 1,093,518 | 569,121 | (792,276 | ) | 2,440,666 | ||||||||||||||
Stockholders’ equity | 1,320,551 | 2,607,342 | 815,030 | (3,422,372 | ) | 1,320,551 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,890,854 | $ | 3,700,860 | $ | 1,384,151 | $ | (4,214,648 | ) | $ | 3,761,217 | |||||||||
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 September 30, 2014 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | $ | — | $ | 420,809 | $ | 243,123 | $ | (6,711 | ) | $ | 657,221 | |||||||||
Product revenues | — | 170,762 | 25,465 | (1,983 | ) | 194,244 | ||||||||||||||
Total revenues | — | 591,571 | 268,588 | (8,694 | ) | 851,465 | ||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 265,980 | 180,992 | (6,711 | ) | 440,261 | ||||||||||||||
Product cost of revenues | — | 152,546 | 7,583 | (1,983 | ) | 158,146 | ||||||||||||||
Total cost of revenues | — | 418,526 | 188,575 | (8,694 | ) | 598,407 | ||||||||||||||
Selling, general and administrative expenses | 26 | 71,060 | 28,615 | — | 99,701 | |||||||||||||||
Accretion of environmental liabilities | — | 2,258 | 384 | — | 2,642 | |||||||||||||||
Depreciation and amortization | — | 44,213 | 25,836 | — | 70,049 | |||||||||||||||
Goodwill impairment charge | — | 105,466 | 17,948 | — | 123,414 | |||||||||||||||
(Loss) income from operations | (26 | ) | (49,952 | ) | 7,230 | — | (42,748 | ) | ||||||||||||
Other income (loss) | — | 1,930 | (1,317 | ) | — | 613 | ||||||||||||||
Interest (expense) income | (19,622 | ) | 77 | 51 | — | (19,494 | ) | |||||||||||||
Equity in earnings of subsidiaries, net of taxes | (105,802 | ) | (1,038 | ) | — | 106,840 | — | |||||||||||||
Intercompany interest income (expense) | — | 7,470 | (7,470 | ) | — | — | ||||||||||||||
(Loss) income before provision for income taxes | (125,450 | ) | (41,513 | ) | (1,506 | ) | 106,840 | (61,629 | ) | |||||||||||
(Benefit) provision for income taxes | (32,113 | ) | 59,711 | 4,110 | — | 31,708 | ||||||||||||||
Net (loss) income | (93,337 | ) | (101,224 | ) | (5,616 | ) | 106,840 | (93,337 | ) | |||||||||||
Other comprehensive (loss) income | (49,092 | ) | (49,092 | ) | 32,335 | 16,757 | (49,092 | ) | ||||||||||||
Comprehensive (loss) income | $ | (142,429 | ) | $ | (150,316 | ) | $ | 26,719 | $ | 123,597 | $ | (142,429 | ) | |||||||
Following is the consolidating statement of income (loss) for the three months ended September 30, 2013 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | $ | — | $ | 445,165 | $ | 256,812 | $ | 56 | $ | 702,033 | ||||||||||
Product revenues | — | 169,743 | 35,815 | (56 | ) | 205,502 | ||||||||||||||
Total revenues | — | 614,908 | 292,627 | — | 907,535 | |||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 300,859 | 177,519 | 56 | 478,434 | |||||||||||||||
Product cost of revenues | — | 139,683 | 29,058 | (56 | ) | 168,685 | ||||||||||||||
Total cost of revenues | — | 440,542 | 206,577 | — | 647,119 | |||||||||||||||
Selling, general and administrative expenses | 29 | 81,496 | 32,939 | — | 114,464 | |||||||||||||||
Accretion of environmental liabilities | — | 2,478 | 436 | — | 2,914 | |||||||||||||||
Depreciation and amortization | — | 45,533 | 23,897 | — | 69,430 | |||||||||||||||
(Loss) income from operations | (29 | ) | 44,859 | 28,778 | — | 73,608 | ||||||||||||||
Other income (expense) | — | (111 | ) | (39 | ) | — | (150 | ) | ||||||||||||
Interest (expense) income | (19,844 | ) | 137 | 381 | — | (19,326 | ) | |||||||||||||
Equity in earnings of subsidiaries, net of taxes | 58,919 | 21,064 | — | (79,983 | ) | — | ||||||||||||||
Intercompany dividend income | — | — | 3,063 | (3,063 | ) | — | ||||||||||||||
Intercompany interest income (expense) | — | 10,107 | (10,107 | ) | — | — | ||||||||||||||
Income before provision for income taxes | 39,046 | 76,056 | 22,076 | (83,046 | ) | 54,132 | ||||||||||||||
Provision for income taxes | 3,685 | 8,218 | 6,868 | — | 18,771 | |||||||||||||||
Net income | 35,361 | 67,838 | 15,208 | (83,046 | ) | 35,361 | ||||||||||||||
Other comprehensive income (loss) | 21,805 | 21,805 | (10,072 | ) | (11,733 | ) | 21,805 | |||||||||||||
Comprehensive income (loss) | $ | 57,166 | $ | 89,643 | $ | 5,136 | $ | (94,779 | ) | $ | 57,166 | |||||||||
Following is the consolidating statement of (loss) income for the nine months ended September 30, 2014 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | $ | — | $ | 1,322,825 | $ | 654,168 | $ | (14,922 | ) | $ | 1,962,071 | |||||||||
Product revenues | — | 475,429 | 123,634 | (4,522 | ) | 594,541 | ||||||||||||||
Total revenues | — | 1,798,254 | 777,802 | (19,444 | ) | 2,556,612 | ||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 871,509 | 476,856 | (14,922 | ) | 1,333,443 | ||||||||||||||
Product cost of revenues | — | 403,007 | 99,148 | (4,522 | ) | 497,633 | ||||||||||||||
Total cost of revenues | — | 1,274,516 | 576,004 | (19,444 | ) | 1,831,076 | ||||||||||||||
Selling, general and administrative expenses | 82 | 241,126 | 93,186 | — | 334,394 | |||||||||||||||
Accretion of environmental liabilities | — | 6,825 | 1,150 | — | 7,975 | |||||||||||||||
Depreciation and amortization | — | 128,234 | 77,246 | — | 205,480 | |||||||||||||||
Goodwill impairment charge | — | 105,466 | 17,948 | — | 123,414 | |||||||||||||||
(Loss) income from operations | (82 | ) | 42,087 | 12,268 | — | 54,273 | ||||||||||||||
Other income | — | 2,716 | 1,420 | — | 4,136 | |||||||||||||||
Interest (expense) income | (58,968 | ) | 523 | 15 | — | (58,430 | ) | |||||||||||||
Equity in earnings of subsidiaries, net of taxes | (21,257 | ) | 10,817 | — | 10,440 | — | ||||||||||||||
Intercompany dividend income | — | — | 6,238 | (6,238 | ) | — | ||||||||||||||
Intercompany interest income (expense) | — | 26,351 | (26,351 | ) | — | — | ||||||||||||||
(Loss) income before provision for income taxes | (80,307 | ) | 82,494 | (6,410 | ) | 4,202 | (21 | ) | ||||||||||||
(Benefit) provision for income taxes | (24,602 | ) | 77,402 | 2,884 | 55,684 | |||||||||||||||
Net (loss) income | (55,705 | ) | 5,092 | (9,294 | ) | 4,202 | (55,705 | ) | ||||||||||||
Other comprehensive (loss) income | (54,561 | ) | (54,561 | ) | 9,090 | 45,471 | (54,561 | ) | ||||||||||||
Comprehensive (loss) income | $ | (110,266 | ) | $ | (49,469 | ) | $ | (204 | ) | $ | 49,673 | $ | (110,266 | ) | ||||||
Following is the consolidating statement of income (loss) for the nine months ended September 30, 2013 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | $ | — | $ | 1,295,525 | $ | 755,856 | $ | (2,854 | ) | $ | 2,048,527 | |||||||||
Product revenues | — | 463,301 | 119,267 | (869 | ) | 581,699 | ||||||||||||||
Total revenues | — | 1,758,826 | 875,123 | (3,723 | ) | 2,630,226 | ||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 873,945 | 531,318 | (2,854 | ) | 1,402,409 | ||||||||||||||
Product cost of revenues | — | 395,891 | 100,038 | (869 | ) | 495,060 | ||||||||||||||
Total cost of revenues | — | 1,269,836 | 631,356 | (3,723 | ) | 1,897,469 | ||||||||||||||
Selling, general and administrative expenses | 84 | 266,941 | 98,521 | — | 365,546 | |||||||||||||||
Accretion of environmental liabilities | — | 7,315 | 1,313 | — | 8,628 | |||||||||||||||
Depreciation and amortization | — | 127,042 | 69,862 | — | 196,904 | |||||||||||||||
(Loss) income from operations | (84 | ) | 87,692 | 74,071 | — | 161,679 | ||||||||||||||
Other income (expense) | — | 2,858 | (828 | ) | — | 2,030 | ||||||||||||||
Interest (expense) income | (59,408 | ) | 137 | 487 | — | (58,784 | ) | |||||||||||||
Equity in earnings of subsidiaries, net of taxes | 134,246 | 57,040 | — | (191,286 | ) | — | ||||||||||||||
Intercompany dividend income | — | — | 10,031 | (10,031 | ) | — | ||||||||||||||
Intercompany interest income (expense) | — | 30,414 | (30,414 | ) | — | — | ||||||||||||||
Income before provision for income taxes | 74,754 | 178,141 | 53,347 | (201,317 | ) | 104,925 | ||||||||||||||
Provision for income taxes | 5,989 | 14,753 | 15,418 | — | 36,160 | |||||||||||||||
Net income | 68,765 | 163,388 | 37,929 | (201,317 | ) | 68,765 | ||||||||||||||
Other comprehensive (loss) income | (37,562 | ) | (37,562 | ) | 20,385 | 17,177 | (37,562 | ) | ||||||||||||
Comprehensive income (loss) | $ | 31,203 | $ | 125,826 | $ | 58,314 | $ | (184,140 | ) | $ | 31,203 | |||||||||
Following is the condensed consolidating statement of cash flows for the nine months ended September 30, 2014 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Total | |||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net cash from operating activities | $ | 50,804 | $ | 42,595 | $ | 102,640 | $ | 196,039 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | — | (133,335 | ) | (65,542 | ) | (198,877 | ) | |||||||||||||
Proceeds from sales of fixed assets | — | 3,635 | 2,278 | 5,913 | ||||||||||||||||
Acquisitions, net of cash acquired | — | (6,150 | ) | — | (6,150 | ) | ||||||||||||||
Costs to obtain or renew permits | — | (589 | ) | (4,854 | ) | (5,443 | ) | |||||||||||||
Proceeds from sales of marketable securities | — | — | 12,947 | 12,947 | ||||||||||||||||
Other | — | — | 914 | 914 | ||||||||||||||||
Net cash used in investing activities | — | (136,439 | ) | (54,257 | ) | (190,696 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Change in uncashed checks | — | 635 | (1,226 | ) | (591 | ) | ||||||||||||||
Proceeds from employee stock purchase plan | 4,364 | — | — | 4,364 | ||||||||||||||||
Remittance of shares, net | (2,668 | ) | — | — | (2,668 | ) | ||||||||||||||
Repurchases of common stock | (48,329 | ) | — | — | (48,329 | ) | ||||||||||||||
Excess tax benefit of stock-based compensation | 829 | — | — | 829 | ||||||||||||||||
Payments on capital leases | — | (130 | ) | (1,552 | ) | (1,682 | ) | |||||||||||||
Repayment of long-term obligations | (5,000 | ) | — | — | (5,000 | ) | ||||||||||||||
Dividends (paid) / received | — | (7,412 | ) | 7,412 | — | |||||||||||||||
Interest received / (payments) | — | 29,833 | (29,833 | ) | — | |||||||||||||||
Net cash from financing activities | (50,804 | ) | 22,926 | (25,199 | ) | (53,077 | ) | |||||||||||||
Effect of exchange rate change on cash | — | — | (4,318 | ) | (4,318 | ) | ||||||||||||||
(Decrease) increase in cash and cash equivalents | — | (70,918 | ) | 18,866 | (52,052 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 1,006 | 235,445 | 73,622 | 310,073 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 1,006 | $ | 164,527 | $ | 92,488 | $ | 258,021 | ||||||||||||
Following is the condensed consolidating statement of cash flows for the nine months ended September 30, 2013 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Total | |||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net cash from operating activities | $ | (38,228 | ) | $ | 176,844 | $ | 141,498 | $ | 280,114 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | — | (101,813 | ) | (105,828 | ) | (207,641 | ) | |||||||||||||
Proceeds from sale of fixed assets | — | 819 | 2,881 | 3,700 | ||||||||||||||||
Acquisitions, net of cash acquired | — | (59,458 | ) | — | (59,458 | ) | ||||||||||||||
Costs to obtain or renew permits | — | (221 | ) | (4,136 | ) | (4,357 | ) | |||||||||||||
Other | — | — | (11 | ) | (11 | ) | ||||||||||||||
Net cash used in investing activities | — | (160,673 | ) | (107,094 | ) | (267,767 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Change in uncashed checks | — | 9,427 | 327 | 9,754 | ||||||||||||||||
Proceeds from exercise of stock options | 399 | — | — | 399 | ||||||||||||||||
Proceeds from employee stock purchase plan | 5,327 | — | — | 5,327 | ||||||||||||||||
Remittance of shares, net | (599 | ) | — | — | (599 | ) | ||||||||||||||
Excess tax benefit of stock-based compensation | 1,589 | — | — | 1,589 | ||||||||||||||||
Deferred financing costs paid | (2,446 | ) | — | — | (2,446 | ) | ||||||||||||||
Payments of capital leases | — | (178 | ) | (3,918 | ) | (4,096 | ) | |||||||||||||
Issuance costs related to 2012 issuance of common stock | (250 | ) | — | — | (250 | ) | ||||||||||||||
Dividends (paid) / received | — | (10,284 | ) | 10,284 | — | |||||||||||||||
Interest received / (payments) | — | 32,107 | (32,107 | ) | — | |||||||||||||||
Net cash from financing activities | 4,020 | 31,072 | (25,414 | ) | 9,678 | |||||||||||||||
Effect of exchange rate change on cash | — | — | (3,226 | ) | (3,226 | ) | ||||||||||||||
(Decrease) increase in cash and cash equivalents | (34,208 | ) | 47,243 | 5,764 | 18,799 | |||||||||||||||
Cash and cash equivalents, beginning of period | 35,214 | 140,683 | 53,939 | 229,836 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 1,006 | $ | 187,926 | $ | 59,703 | $ | 248,635 | ||||||||||||
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 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 May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new guidance is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. | |
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 currently evaluating the impact that the above standards to be implemented will have on the Company's consolidated financial statements. |
BUSINESS_COMBINATIONS_Tables
BUSINESS COMBINATIONS (Tables) (Evergreen Oil, Inc) | 9 Months Ended | |||||||||||
Sep. 30, 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 | 30-Sep-14 | |||||||||||
Inventories and supplies | $ | 1,089 | $ | — | $ | 1,089 | ||||||
Prepaid and other current assets | 1,291 | (273 | ) | 1,018 | ||||||||
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 | (239 | ) | 3,368 | ||||||||
Current liabilities | (6,198 | ) | (552 | ) | (6,750 | ) | ||||||
Closure and post-closure liabilities | (659 | ) | — | (659 | ) | |||||||
Remedial liabilities, less current portion | (2,103 | ) | 463 | (1,640 | ) | |||||||
Deferred taxes, unrecognized tax benefits and other long-term liabilities | (1,139 | ) | (920 | ) | (2,059 | ) | ||||||
Total identifiable net assets | 55,919 | (3,889 | ) | 52,030 | ||||||||
Goodwill | — | 4,288 | 4,288 | |||||||||
Total | $ | 55,919 | $ | 399 | $ | 56,318 | ||||||
INVENTORIES_AND_SUPPLIES_Table
INVENTORIES AND SUPPLIES (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory | ' | |||||||
Inventories and supplies consisted of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Oil and oil products | $ | 67,005 | $ | 59,639 | ||||
Supplies and drums | 68,765 | 64,471 | ||||||
Solvent and solutions | 9,282 | 10,100 | ||||||
Other | 25,882 | 17,886 | ||||||
Total inventories and supplies | $ | 170,934 | $ | 152,096 | ||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, plant and equipment consisted of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Land | $ | 99,006 | $ | 99,794 | ||||
Asset retirement costs (non-landfill) | 10,899 | 10,938 | ||||||
Landfill assets | 109,114 | 100,983 | ||||||
Buildings and improvements | 330,405 | 327,956 | ||||||
Camp equipment | 178,221 | 187,831 | ||||||
Vehicles | 466,726 | 425,296 | ||||||
Equipment | 1,282,855 | 1,201,296 | ||||||
Furniture and fixtures | 5,574 | 5,260 | ||||||
Construction in progress | 62,548 | 58,010 | ||||||
2,545,348 | 2,417,364 | |||||||
Less - accumulated depreciation and amortization | 965,647 | 815,194 | ||||||
Total property, plant and equipment, net | $ | 1,579,701 | $ | 1,602,170 | ||||
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of changes to goodwill | ' | |||||||||||||||||||||||||||
The changes to goodwill for the nine months ended September 30, 2014 were as follows (in thousands): | ||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
Balance at January 1, 2014 | $ | 570,960 | ||||||||||||||||||||||||||
Acquired from acquisitions | 5,018 | |||||||||||||||||||||||||||
Increase from adjustments during the measurement period related to Evergreen | 4,288 | |||||||||||||||||||||||||||
Goodwill impairment charge | (123,414 | ) | ||||||||||||||||||||||||||
Foreign currency translation | (7,275 | ) | ||||||||||||||||||||||||||
Balance at September 30, 2014 | $ | 449,577 | ||||||||||||||||||||||||||
Summary of amortizable other intangible assets (indefinite-lived) | ' | |||||||||||||||||||||||||||
Below is a summary of amortizable other intangible assets (in thousands): | ||||||||||||||||||||||||||||
September 30, 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 | $ | 157,408 | $ | 54,110 | $ | 103,298 | 20.1 | $ | 157,327 | $ | 50,858 | $ | 106,469 | 19.6 | ||||||||||||||
Customer and supplier relationships | 373,478 | 72,201 | 301,277 | 11.2 | 377,899 | 52,814 | 325,085 | 12.1 | ||||||||||||||||||||
Other intangible assets | 31,714 | 18,417 | 13,297 | 3 | 29,299 | 15,518 | 13,781 | 3.3 | ||||||||||||||||||||
Total amortizable permits and other intangible assets | 562,600 | 144,728 | 417,872 | 11.4 | 564,525 | 119,190 | 445,335 | 12.2 | ||||||||||||||||||||
Trademarks and trade names | 124,002 | — | 124,002 | Indefinite | 124,638 | — | 124,638 | Indefinite | ||||||||||||||||||||
Total permits and other intangible assets | $ | 686,602 | $ | 144,728 | $ | 541,874 | $ | 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 September 30, 2014 (in thousands): | ||||||||||||||||||||||||||||
Years Ending December 31, | Expected Amortization | |||||||||||||||||||||||||||
2014 (three months) | $ | 8,979 | ||||||||||||||||||||||||||
2015 | 35,687 | |||||||||||||||||||||||||||
2016 | 34,901 | |||||||||||||||||||||||||||
2017 | 32,923 | |||||||||||||||||||||||||||
2018 | 30,097 | |||||||||||||||||||||||||||
Thereafter | 275,285 | |||||||||||||||||||||||||||
$ | 417,872 | |||||||||||||||||||||||||||
ACCRUED_EXPENSES_Tables
ACCRUED EXPENSES (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued expenses | ' | |||||||
Accrued expenses consisted of the following (in thousands): | ||||||||
September 30, 2014 | December 31, 2013 | |||||||
Insurance | $ | 65,558 | $ | 57,993 | ||||
Interest | 17,809 | 20,731 | ||||||
Accrued compensation and benefits | 59,604 | 60,902 | ||||||
Income, real estate, sales and other taxes | 67,000 | 38,938 | ||||||
Other | 50,152 | 58,265 | ||||||
Total accrued expenses | $ | 260,123 | $ | 236,829 | ||||
CLOSURE_AND_POSTCLOSURE_LIABIL1
CLOSURE AND POST-CLOSURE LIABILITIES (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 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 nine months ended September 30, 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 | 2,676 | — | 2,676 | |||||||||
Accretion | 1,912 | 1,399 | 3,311 | |||||||||
Changes in estimates recorded to statement of income | (722 | ) | 142 | (580 | ) | |||||||
Changes in estimates recorded to balance sheet | (103 | ) | — | (103 | ) | |||||||
Expenditures | (1,568 | ) | (476 | ) | (2,044 | ) | ||||||
Currency translation and other | (137 | ) | (82 | ) | (219 | ) | ||||||
Balance at September 30, 2014 | $ | 29,662 | $ | 20,464 | $ | 50,126 | ||||||
REMEDIAL_LIABILITIES_Tables
REMEDIAL LIABILITIES (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Environmental Remediation Obligations [Abstract] | ' | |||||||||||||||
Changes to remedial liabilities | ' | |||||||||||||||
The changes to remedial liabilities for the nine months ended September 30, 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 | — | — | (536 | ) | (536 | ) | ||||||||||
Accretion | 200 | 2,280 | 2,184 | 4,664 | ||||||||||||
Changes in estimates recorded to statement of income | (126 | ) | (2,385 | ) | 100 | (2,411 | ) | |||||||||
Expenditures | (82 | ) | (4,338 | ) | (5,666 | ) | (10,086 | ) | ||||||||
Currency translation and other | (146 | ) | (63 | ) | (1,045 | ) | (1,254 | ) | ||||||||
Balance at September 30, 2014 | $ | 5,470 | $ | 69,756 | $ | 87,649 | $ | 162,875 | ||||||||
FINANCING_ARRANGEMENTS_Tables
FINANCING ARRANGEMENTS (Tables) | 9 Months Ended | |||||||
Sep. 30, 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): | ||||||||
September 30, 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 | 595,000 | 600,000 | ||||||
Long-term obligations | $ | 1,395,000 | $ | 1,400,000 | ||||
LOSS_EARNINGS_PER_SHARE_Tables
(LOSS) EARNINGS PER SHARE (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 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 | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator for basic and diluted (loss) earnings per share: | ||||||||||||||||
Net (loss) income | $ | (93,337 | ) | $ | 35,361 | $ | (55,705 | ) | $ | 68,765 | ||||||
Denominator: | ||||||||||||||||
Basic shares outstanding | 60,369 | 60,610 | 60,585 | 60,542 | ||||||||||||
Dilutive effect of equity-based compensation awards | — | 150 | — | 150 | ||||||||||||
Dilutive shares outstanding | 60,369 | 60,760 | 60,585 | 60,692 | ||||||||||||
Basic (loss) earnings per share: | $ | (1.55 | ) | $ | 0.58 | $ | (0.92 | ) | $ | 1.14 | ||||||
Diluted (loss) earnings per share: | $ | (1.55 | ) | $ | 0.58 | $ | (0.92 | ) | $ | 1.13 | ||||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Schedule of accumulated other comprehensive loss | ' | |||||||||||||||
The changes in accumulated other comprehensive loss by component and related tax effects for the nine months ended September 30, 2014 were as follows (in thousands): | ||||||||||||||||
Foreign Currency Translation | Unrealized Gains 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) income before reclassifications | (52,582 | ) | 1,060 | — | (51,522 | ) | ||||||||||
Amounts reclassified out of accumulated other comprehensive loss | — | (3,388 | ) | — | (3,388 | ) | ||||||||||
Tax effects | — | 349 | — | 349 | ||||||||||||
Other comprehensive loss | $ | (52,582 | ) | $ | (1,979 | ) | $ | — | $ | (54,561 | ) | |||||
Balance at September 30, 2014 | $ | (72,746 | ) | $ | (75 | ) | $ | (1,296 | ) | $ | (74,117 | ) | ||||
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 nine months ended September 30, 2014, were as follows (in thousands): | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
Comprehensive Loss Components | September 30, 2014 | September 30, 2014 | Location | |||||||||||||
Unrealized gains on available-for-sale investments | $ | 27 | $ | 3,388 | Other income (expense) | |||||||||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Summary of total number, weighted-average grant-date fair value, and types of awards granted | ' | |||||||||||||
The following table summarizes the total number and type of awards granted during the three and nine months ended September 30, 2014, as well as the related weighted-average grant-date fair values: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, 2014 | September 30, 2014 | |||||||||||||
Shares | Weighted Average | Shares | Weighted Average | |||||||||||
Grant-Date | Grant-Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||
Restricted stock awards | 5,000 | $ | 59.01 | 112,630 | $ | 61.43 | ||||||||
Performance stock awards | — | $ | — | 130,107 | $ | 62.2 | ||||||||
Total awards | 5,000 | 242,737 | ||||||||||||
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 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 and nine months ended September 30, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2014 | For the Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||
Third party revenues | Intersegment revenues, net | Corporate Items, net | Direct revenues | Third party revenues | Intersegment revenues, net | Corporate Items, net | Direct revenues | |||||||||||||||||||||||||
Technical Services | $ | 272,478 | $ | 39,296 | $ | 1,628 | $ | 313,402 | $ | 766,057 | $ | 116,812 | $ | 2,805 | $ | 885,674 | ||||||||||||||||
Industrial and Field Services | 163,582 | (9,234 | ) | 29 | 154,377 | 510,696 | (32,039 | ) | 220 | 478,877 | ||||||||||||||||||||||
Oil Re-refining and Recycling | 140,345 | (52,606 | ) | — | 87,739 | 413,282 | (155,583 | ) | (5 | ) | 257,694 | |||||||||||||||||||||
SK Environmental Services | 170,980 | 21,212 | — | 192,192 | 503,692 | 64,476 | (58 | ) | 568,110 | |||||||||||||||||||||||
Lodging Services | 36,582 | 697 | 26 | 37,305 | 136,148 | 1,991 | 52 | 138,191 | ||||||||||||||||||||||||
Oil and Gas Field Services | 67,370 | 635 | 4 | 68,009 | 226,319 | 4,343 | (6 | ) | 230,656 | |||||||||||||||||||||||
Corporate Items | 128 | — | (1,687 | ) | (1,559 | ) | 418 | — | (3,008 | ) | (2,590 | ) | ||||||||||||||||||||
Total | $ | 851,465 | $ | — | $ | — | $ | 851,465 | $ | 2,556,612 | $ | — | $ | — | $ | 2,556,612 | ||||||||||||||||
For the Three Months Ended September 30, 2013 | For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
Third party revenues | Intersegment revenues, net | Corporate Items, net | Direct revenues | Third party revenues | Intersegment revenues, net | Corporate Items, net | Direct revenues | |||||||||||||||||||||||||
Technical Services | $ | 269,465 | $ | 35,406 | $ | 964 | $ | 305,835 | $ | 759,666 | $ | 85,614 | $ | 3,155 | $ | 848,435 | ||||||||||||||||
Industrial and Field Services | 174,829 | (8,109 | ) | (72 | ) | 166,648 | 543,675 | (34,549 | ) | (178 | ) | 508,948 | ||||||||||||||||||||
Oil Re-refining and Recycling | 131,934 | (45,566 | ) | — | 86,368 | 395,026 | (143,853 | ) | — | 251,173 | ||||||||||||||||||||||
SK Environmental Services | 170,166 | 17,164 | — | 187,330 | 496,491 | 84,241 | 84 | 580,816 | ||||||||||||||||||||||||
Lodging Services | 55,571 | 812 | 145 | 56,528 | 155,586 | 2,621 | 362 | 158,569 | ||||||||||||||||||||||||
Oil and Gas Field Services | 104,981 | 293 | (114 | ) | 105,160 | 288,588 | 5,926 | (314 | ) | 294,200 | ||||||||||||||||||||||
Corporate Items | 589 | — | (923 | ) | (334 | ) | (8,806 | ) | — | (3,109 | ) | (11,915 | ) | |||||||||||||||||||
Total | $ | 907,535 | $ | — | $ | — | $ | 907,535 | $ | 2,630,226 | $ | — | $ | — | $ | 2,630,226 | ||||||||||||||||
Reconciliation to consolidated statements of income to adjusted EBITDA | ' | |||||||||||||||||||||||||||||||
The following table presents Adjusted EBITDA 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, other non-cash charges not deemed representative of fundamental segment results, and other (income) expense to its segments. | ||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Adjusted EBITDA: | ||||||||||||||||||||||||||||||||
Technical Services | $ | 86,928 | $ | 78,849 | $ | 233,402 | $ | 208,284 | ||||||||||||||||||||||||
Industrial and Field Services | 20,303 | 26,709 | 67,391 | 75,281 | ||||||||||||||||||||||||||||
Oil Re-refining and Recycling | 21,473 | 18,652 | 49,252 | 46,750 | ||||||||||||||||||||||||||||
SK Environmental Services | 30,853 | 23,192 | 84,985 | 84,274 | ||||||||||||||||||||||||||||
Lodging Services | 15,972 | 21,710 | 49,196 | 63,270 | ||||||||||||||||||||||||||||
Oil and Gas Field Services | 9,545 | 20,530 | 27,688 | 52,458 | ||||||||||||||||||||||||||||
Corporate Items | (31,717 | ) | (43,690 | ) | (120,772 | ) | (149,547 | ) | ||||||||||||||||||||||||
Total | $ | 153,357 | $ | 145,952 | $ | 391,142 | $ | 380,770 | ||||||||||||||||||||||||
Reconciliation to Consolidated Statements of (Loss) Income: | ||||||||||||||||||||||||||||||||
Pre-tax, non-cash acquisition accounting inventory adjustment | — | — | — | 13,559 | ||||||||||||||||||||||||||||
Accretion of environmental liabilities | 2,642 | 2,914 | 7,975 | 8,628 | ||||||||||||||||||||||||||||
Depreciation and amortization | 70,049 | 69,430 | 205,480 | 196,904 | ||||||||||||||||||||||||||||
Goodwill impairment charge | 123,414 | — | 123,414 | — | ||||||||||||||||||||||||||||
(Loss) income from operations | (42,748 | ) | 73,608 | 54,273 | 161,679 | |||||||||||||||||||||||||||
Other (income) expense | (613 | ) | 150 | (4,136 | ) | (2,030 | ) | |||||||||||||||||||||||||
Interest expense, net of interest income | 19,494 | 19,326 | 58,430 | 58,784 | ||||||||||||||||||||||||||||
(Loss) income before provision for income taxes | $ | (61,629 | ) | $ | 54,132 | $ | (21 | ) | $ | 104,925 | ||||||||||||||||||||||
PP&E, intangible assets and total assets by segment | ' | |||||||||||||||||||||||||||||||
The following table presents certain assets by reportable segment and in the aggregate (in thousands): | ||||||||||||||||||||||||||||||||
30-Sep-14 | ||||||||||||||||||||||||||||||||
Technical | Industrial and Field | Oil Re-refining and Recycling | SK Environmental Services | Lodging Services | Oil and Gas Field | Corporate | Totals | |||||||||||||||||||||||||
Services | Services | Services | Items | |||||||||||||||||||||||||||||
Property, plant and equipment, net | $ | 412,008 | $ | 252,159 | $ | 204,468 | $ | 242,193 | $ | 143,493 | $ | 223,822 | $ | 101,558 | $ | 1,579,701 | ||||||||||||||||
Goodwill | 50,336 | 108,514 | 51,152 | 170,986 | 33,717 | 34,872 | — | 449,577 | ||||||||||||||||||||||||
Permits and other intangible, net | 76,594 | 18,868 | 153,801 | 256,171 | 11,738 | 24,702 | — | 541,874 | ||||||||||||||||||||||||
Total assets | $ | 758,294 | $ | 409,807 | $ | 545,213 | $ | 740,109 | $ | 223,565 | $ | 377,607 | $ | 706,622 | $ | 3,761,217 | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Technical | Industrial and Field | Oil Re-refining and Recycling | SK Environmental Services | Lodging Services | Oil and Gas Field | Corporate | Totals | |||||||||||||||||||||||||
Services | Services | Services | Items | |||||||||||||||||||||||||||||
Property, plant and equipment, net | $ | 400,544 | $ | 251,826 | $ | 211,458 | $ | 239,650 | $ | 166,252 | $ | 224,585 | $ | 107,855 | $ | 1,602,170 | ||||||||||||||||
Goodwill | 45,599 | 109,873 | 171,161 | 172,309 | 35,512 | 36,506 | — | 570,960 | ||||||||||||||||||||||||
Permits and other intangible, net | 80,302 | 21,147 | 160,807 | 265,106 | 14,730 | 27,881 | — | 569,973 | ||||||||||||||||||||||||
Total assets | $ | 699,675 | $ | 410,233 | $ | 642,901 | $ | 774,756 | $ | 239,056 | $ | 381,057 | $ | 806,000 | $ | 3,953,678 | ||||||||||||||||
Total assets by geographical area | ' | |||||||||||||||||||||||||||||||
The following table presents total assets by geographical area (in thousands): | ||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
United States | $ | 2,580,598 | $ | 2,684,686 | ||||||||||||||||||||||||||||
Canada | 1,177,819 | 1,266,505 | ||||||||||||||||||||||||||||||
Other foreign | 2,800 | 2,487 | ||||||||||||||||||||||||||||||
Total | $ | 3,761,217 | $ | 3,953,678 | ||||||||||||||||||||||||||||
GUARANTOR_AND_NONGUARANTOR_SUB1
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Guarantor and Non-Guarantor Subsidiaries Financial Information [Abstract] | ' | |||||||||||||||||||
Schedule of condensed consolidating balance sheet | ' | |||||||||||||||||||
Following is the condensed consolidating balance sheet at September 30, 2014 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,006 | $ | 164,527 | $ | 92,488 | $ | — | $ | 258,021 | ||||||||||
Intercompany receivables | 233,872 | 2,410 | 189,823 | (426,105 | ) | — | ||||||||||||||
Accounts receivable, net | — | 411,440 | 164,135 | — | 575,575 | |||||||||||||||
Other current assets | 24,058 | 211,238 | 85,045 | — | 320,341 | |||||||||||||||
Property, plant and equipment, net | — | 968,839 | 610,862 | — | 1,579,701 | |||||||||||||||
Investments in subsidiaries | 2,607,342 | 815,030 | — | (3,422,372 | ) | — | ||||||||||||||
Intercompany debt receivable | — | 362,470 | 3,701 | (366,171 | ) | — | ||||||||||||||
Goodwill | — | 319,539 | 130,038 | — | 449,577 | |||||||||||||||
Permits and other intangibles, net | — | 441,680 | 100,194 | — | 541,874 | |||||||||||||||
Other long-term assets | 24,576 | 3,687 | 7,865 | — | 36,128 | |||||||||||||||
Total assets | $ | 2,890,854 | $ | 3,700,860 | $ | 1,384,151 | $ | (4,214,648 | ) | $ | 3,761,217 | |||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||||||
Current liabilities | $ | 79,117 | $ | 410,015 | $ | 119,738 | $ | — | $ | 608,870 | ||||||||||
Intercompany payables | — | 423,646 | 2,459 | (426,105 | ) | — | ||||||||||||||
Closure, post-closure and remedial liabilities, net | — | 150,339 | 29,920 | — | 180,259 | |||||||||||||||
Long-term obligations | 1,395,000 | — | — | — | 1,395,000 | |||||||||||||||
Capital lease obligations, net | — | 104 | 629 | — | 733 | |||||||||||||||
Intercompany debt payable | 3,701 | — | 362,470 | (366,171 | ) | — | ||||||||||||||
Other long-term liabilities | 92,485 | 109,414 | 53,905 | — | 255,804 | |||||||||||||||
Total liabilities | 1,570,303 | 1,093,518 | 569,121 | (792,276 | ) | 2,440,666 | ||||||||||||||
Stockholders’ equity | 1,320,551 | 2,607,342 | 815,030 | (3,422,372 | ) | 1,320,551 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,890,854 | $ | 3,700,860 | $ | 1,384,151 | $ | (4,214,648 | ) | $ | 3,761,217 | |||||||||
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 September 30, 2014 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | $ | — | $ | 420,809 | $ | 243,123 | $ | (6,711 | ) | $ | 657,221 | |||||||||
Product revenues | — | 170,762 | 25,465 | (1,983 | ) | 194,244 | ||||||||||||||
Total revenues | — | 591,571 | 268,588 | (8,694 | ) | 851,465 | ||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 265,980 | 180,992 | (6,711 | ) | 440,261 | ||||||||||||||
Product cost of revenues | — | 152,546 | 7,583 | (1,983 | ) | 158,146 | ||||||||||||||
Total cost of revenues | — | 418,526 | 188,575 | (8,694 | ) | 598,407 | ||||||||||||||
Selling, general and administrative expenses | 26 | 71,060 | 28,615 | — | 99,701 | |||||||||||||||
Accretion of environmental liabilities | — | 2,258 | 384 | — | 2,642 | |||||||||||||||
Depreciation and amortization | — | 44,213 | 25,836 | — | 70,049 | |||||||||||||||
Goodwill impairment charge | — | 105,466 | 17,948 | — | 123,414 | |||||||||||||||
(Loss) income from operations | (26 | ) | (49,952 | ) | 7,230 | — | (42,748 | ) | ||||||||||||
Other income (loss) | — | 1,930 | (1,317 | ) | — | 613 | ||||||||||||||
Interest (expense) income | (19,622 | ) | 77 | 51 | — | (19,494 | ) | |||||||||||||
Equity in earnings of subsidiaries, net of taxes | (105,802 | ) | (1,038 | ) | — | 106,840 | — | |||||||||||||
Intercompany interest income (expense) | — | 7,470 | (7,470 | ) | — | — | ||||||||||||||
(Loss) income before provision for income taxes | (125,450 | ) | (41,513 | ) | (1,506 | ) | 106,840 | (61,629 | ) | |||||||||||
(Benefit) provision for income taxes | (32,113 | ) | 59,711 | 4,110 | — | 31,708 | ||||||||||||||
Net (loss) income | (93,337 | ) | (101,224 | ) | (5,616 | ) | 106,840 | (93,337 | ) | |||||||||||
Other comprehensive (loss) income | (49,092 | ) | (49,092 | ) | 32,335 | 16,757 | (49,092 | ) | ||||||||||||
Comprehensive (loss) income | $ | (142,429 | ) | $ | (150,316 | ) | $ | 26,719 | $ | 123,597 | $ | (142,429 | ) | |||||||
Following is the consolidating statement of income (loss) for the three months ended September 30, 2013 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | $ | — | $ | 445,165 | $ | 256,812 | $ | 56 | $ | 702,033 | ||||||||||
Product revenues | — | 169,743 | 35,815 | (56 | ) | 205,502 | ||||||||||||||
Total revenues | — | 614,908 | 292,627 | — | 907,535 | |||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 300,859 | 177,519 | 56 | 478,434 | |||||||||||||||
Product cost of revenues | — | 139,683 | 29,058 | (56 | ) | 168,685 | ||||||||||||||
Total cost of revenues | — | 440,542 | 206,577 | — | 647,119 | |||||||||||||||
Selling, general and administrative expenses | 29 | 81,496 | 32,939 | — | 114,464 | |||||||||||||||
Accretion of environmental liabilities | — | 2,478 | 436 | — | 2,914 | |||||||||||||||
Depreciation and amortization | — | 45,533 | 23,897 | — | 69,430 | |||||||||||||||
(Loss) income from operations | (29 | ) | 44,859 | 28,778 | — | 73,608 | ||||||||||||||
Other income (expense) | — | (111 | ) | (39 | ) | — | (150 | ) | ||||||||||||
Interest (expense) income | (19,844 | ) | 137 | 381 | — | (19,326 | ) | |||||||||||||
Equity in earnings of subsidiaries, net of taxes | 58,919 | 21,064 | — | (79,983 | ) | — | ||||||||||||||
Intercompany dividend income | — | — | 3,063 | (3,063 | ) | — | ||||||||||||||
Intercompany interest income (expense) | — | 10,107 | (10,107 | ) | — | — | ||||||||||||||
Income before provision for income taxes | 39,046 | 76,056 | 22,076 | (83,046 | ) | 54,132 | ||||||||||||||
Provision for income taxes | 3,685 | 8,218 | 6,868 | — | 18,771 | |||||||||||||||
Net income | 35,361 | 67,838 | 15,208 | (83,046 | ) | 35,361 | ||||||||||||||
Other comprehensive income (loss) | 21,805 | 21,805 | (10,072 | ) | (11,733 | ) | 21,805 | |||||||||||||
Comprehensive income (loss) | $ | 57,166 | $ | 89,643 | $ | 5,136 | $ | (94,779 | ) | $ | 57,166 | |||||||||
Following is the consolidating statement of (loss) income for the nine months ended September 30, 2014 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | $ | — | $ | 1,322,825 | $ | 654,168 | $ | (14,922 | ) | $ | 1,962,071 | |||||||||
Product revenues | — | 475,429 | 123,634 | (4,522 | ) | 594,541 | ||||||||||||||
Total revenues | — | 1,798,254 | 777,802 | (19,444 | ) | 2,556,612 | ||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 871,509 | 476,856 | (14,922 | ) | 1,333,443 | ||||||||||||||
Product cost of revenues | — | 403,007 | 99,148 | (4,522 | ) | 497,633 | ||||||||||||||
Total cost of revenues | — | 1,274,516 | 576,004 | (19,444 | ) | 1,831,076 | ||||||||||||||
Selling, general and administrative expenses | 82 | 241,126 | 93,186 | — | 334,394 | |||||||||||||||
Accretion of environmental liabilities | — | 6,825 | 1,150 | — | 7,975 | |||||||||||||||
Depreciation and amortization | — | 128,234 | 77,246 | — | 205,480 | |||||||||||||||
Goodwill impairment charge | — | 105,466 | 17,948 | — | 123,414 | |||||||||||||||
(Loss) income from operations | (82 | ) | 42,087 | 12,268 | — | 54,273 | ||||||||||||||
Other income | — | 2,716 | 1,420 | — | 4,136 | |||||||||||||||
Interest (expense) income | (58,968 | ) | 523 | 15 | — | (58,430 | ) | |||||||||||||
Equity in earnings of subsidiaries, net of taxes | (21,257 | ) | 10,817 | — | 10,440 | — | ||||||||||||||
Intercompany dividend income | — | — | 6,238 | (6,238 | ) | — | ||||||||||||||
Intercompany interest income (expense) | — | 26,351 | (26,351 | ) | — | — | ||||||||||||||
(Loss) income before provision for income taxes | (80,307 | ) | 82,494 | (6,410 | ) | 4,202 | (21 | ) | ||||||||||||
(Benefit) provision for income taxes | (24,602 | ) | 77,402 | 2,884 | 55,684 | |||||||||||||||
Net (loss) income | (55,705 | ) | 5,092 | (9,294 | ) | 4,202 | (55,705 | ) | ||||||||||||
Other comprehensive (loss) income | (54,561 | ) | (54,561 | ) | 9,090 | 45,471 | (54,561 | ) | ||||||||||||
Comprehensive (loss) income | $ | (110,266 | ) | $ | (49,469 | ) | $ | (204 | ) | $ | 49,673 | $ | (110,266 | ) | ||||||
Following is the consolidating statement of income (loss) for the nine months ended September 30, 2013 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Consolidating | Total | ||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | Adjustments | |||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | $ | — | $ | 1,295,525 | $ | 755,856 | $ | (2,854 | ) | $ | 2,048,527 | |||||||||
Product revenues | — | 463,301 | 119,267 | (869 | ) | 581,699 | ||||||||||||||
Total revenues | — | 1,758,826 | 875,123 | (3,723 | ) | 2,630,226 | ||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 873,945 | 531,318 | (2,854 | ) | 1,402,409 | ||||||||||||||
Product cost of revenues | — | 395,891 | 100,038 | (869 | ) | 495,060 | ||||||||||||||
Total cost of revenues | — | 1,269,836 | 631,356 | (3,723 | ) | 1,897,469 | ||||||||||||||
Selling, general and administrative expenses | 84 | 266,941 | 98,521 | — | 365,546 | |||||||||||||||
Accretion of environmental liabilities | — | 7,315 | 1,313 | — | 8,628 | |||||||||||||||
Depreciation and amortization | — | 127,042 | 69,862 | — | 196,904 | |||||||||||||||
(Loss) income from operations | (84 | ) | 87,692 | 74,071 | — | 161,679 | ||||||||||||||
Other income (expense) | — | 2,858 | (828 | ) | — | 2,030 | ||||||||||||||
Interest (expense) income | (59,408 | ) | 137 | 487 | — | (58,784 | ) | |||||||||||||
Equity in earnings of subsidiaries, net of taxes | 134,246 | 57,040 | — | (191,286 | ) | — | ||||||||||||||
Intercompany dividend income | — | — | 10,031 | (10,031 | ) | — | ||||||||||||||
Intercompany interest income (expense) | — | 30,414 | (30,414 | ) | — | — | ||||||||||||||
Income before provision for income taxes | 74,754 | 178,141 | 53,347 | (201,317 | ) | 104,925 | ||||||||||||||
Provision for income taxes | 5,989 | 14,753 | 15,418 | — | 36,160 | |||||||||||||||
Net income | 68,765 | 163,388 | 37,929 | (201,317 | ) | 68,765 | ||||||||||||||
Other comprehensive (loss) income | (37,562 | ) | (37,562 | ) | 20,385 | 17,177 | (37,562 | ) | ||||||||||||
Comprehensive income (loss) | $ | 31,203 | $ | 125,826 | $ | 58,314 | $ | (184,140 | ) | $ | 31,203 | |||||||||
Schedule of condensed consolidating statement of cash flows | ' | |||||||||||||||||||
Following is the condensed consolidating statement of cash flows for the nine months ended September 30, 2014 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Total | |||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net cash from operating activities | $ | 50,804 | $ | 42,595 | $ | 102,640 | $ | 196,039 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | — | (133,335 | ) | (65,542 | ) | (198,877 | ) | |||||||||||||
Proceeds from sales of fixed assets | — | 3,635 | 2,278 | 5,913 | ||||||||||||||||
Acquisitions, net of cash acquired | — | (6,150 | ) | — | (6,150 | ) | ||||||||||||||
Costs to obtain or renew permits | — | (589 | ) | (4,854 | ) | (5,443 | ) | |||||||||||||
Proceeds from sales of marketable securities | — | — | 12,947 | 12,947 | ||||||||||||||||
Other | — | — | 914 | 914 | ||||||||||||||||
Net cash used in investing activities | — | (136,439 | ) | (54,257 | ) | (190,696 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Change in uncashed checks | — | 635 | (1,226 | ) | (591 | ) | ||||||||||||||
Proceeds from employee stock purchase plan | 4,364 | — | — | 4,364 | ||||||||||||||||
Remittance of shares, net | (2,668 | ) | — | — | (2,668 | ) | ||||||||||||||
Repurchases of common stock | (48,329 | ) | — | — | (48,329 | ) | ||||||||||||||
Excess tax benefit of stock-based compensation | 829 | — | — | 829 | ||||||||||||||||
Payments on capital leases | — | (130 | ) | (1,552 | ) | (1,682 | ) | |||||||||||||
Repayment of long-term obligations | (5,000 | ) | — | — | (5,000 | ) | ||||||||||||||
Dividends (paid) / received | — | (7,412 | ) | 7,412 | — | |||||||||||||||
Interest received / (payments) | — | 29,833 | (29,833 | ) | — | |||||||||||||||
Net cash from financing activities | (50,804 | ) | 22,926 | (25,199 | ) | (53,077 | ) | |||||||||||||
Effect of exchange rate change on cash | — | — | (4,318 | ) | (4,318 | ) | ||||||||||||||
(Decrease) increase in cash and cash equivalents | — | (70,918 | ) | 18,866 | (52,052 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 1,006 | 235,445 | 73,622 | 310,073 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 1,006 | $ | 164,527 | $ | 92,488 | $ | 258,021 | ||||||||||||
Following is the condensed consolidating statement of cash flows for the nine months ended September 30, 2013 (in thousands): | ||||||||||||||||||||
Clean | U.S. Guarantor | Foreign | Total | |||||||||||||||||
Harbors, Inc. | Subsidiaries | Non-Guarantor | ||||||||||||||||||
Subsidiaries | ||||||||||||||||||||
Net cash from operating activities | $ | (38,228 | ) | $ | 176,844 | $ | 141,498 | $ | 280,114 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | — | (101,813 | ) | (105,828 | ) | (207,641 | ) | |||||||||||||
Proceeds from sale of fixed assets | — | 819 | 2,881 | 3,700 | ||||||||||||||||
Acquisitions, net of cash acquired | — | (59,458 | ) | — | (59,458 | ) | ||||||||||||||
Costs to obtain or renew permits | — | (221 | ) | (4,136 | ) | (4,357 | ) | |||||||||||||
Other | — | — | (11 | ) | (11 | ) | ||||||||||||||
Net cash used in investing activities | — | (160,673 | ) | (107,094 | ) | (267,767 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Change in uncashed checks | — | 9,427 | 327 | 9,754 | ||||||||||||||||
Proceeds from exercise of stock options | 399 | — | — | 399 | ||||||||||||||||
Proceeds from employee stock purchase plan | 5,327 | — | — | 5,327 | ||||||||||||||||
Remittance of shares, net | (599 | ) | — | — | (599 | ) | ||||||||||||||
Excess tax benefit of stock-based compensation | 1,589 | — | — | 1,589 | ||||||||||||||||
Deferred financing costs paid | (2,446 | ) | — | — | (2,446 | ) | ||||||||||||||
Payments of capital leases | — | (178 | ) | (3,918 | ) | (4,096 | ) | |||||||||||||
Issuance costs related to 2012 issuance of common stock | (250 | ) | — | — | (250 | ) | ||||||||||||||
Dividends (paid) / received | — | (10,284 | ) | 10,284 | — | |||||||||||||||
Interest received / (payments) | — | 32,107 | (32,107 | ) | — | |||||||||||||||
Net cash from financing activities | 4,020 | 31,072 | (25,414 | ) | 9,678 | |||||||||||||||
Effect of exchange rate change on cash | — | — | (3,226 | ) | (3,226 | ) | ||||||||||||||
(Decrease) increase in cash and cash equivalents | (34,208 | ) | 47,243 | 5,764 | 18,799 | |||||||||||||||
Cash and cash equivalents, beginning of period | 35,214 | 140,683 | 53,939 | 229,836 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 1,006 | $ | 187,926 | $ | 59,703 | $ | 248,635 | ||||||||||||
BUSINESS_COMBINATIONS_Evergree
BUSINESS COMBINATIONS (Evergreen Oil, Inc) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 13, 2013 | 30-May-14 | Dec. 31, 2013 | Sep. 30, 2014 |
Evergreen Oil, Inc | Evergreen Oil, Inc | Privately owned domestic company | 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 | ' | ' | $1,089,000 | ' | ' | $1,089,000 | $0 |
Prepaid and other current assets | ' | ' | 1,018,000 | ' | ' | 1,291,000 | -273,000 |
Property, plant and equipment | ' | ' | 40,563,000 | ' | ' | 40,563,000 | 0 |
Permits and other intangibles | ' | ' | 17,100,000 | ' | ' | 17,100,000 | 0 |
Deferred tax assets, less current portion | ' | ' | 0 | ' | ' | 2,368,000 | -2,368,000 |
Other assets | ' | ' | 3,368,000 | ' | ' | 3,607,000 | -239,000 |
Current liabilities | ' | ' | -6,750,000 | ' | ' | -6,198,000 | -552,000 |
Closure and post-closure liabilities | ' | ' | -659,000 | ' | ' | -659,000 | 0 |
Remedial liabilities, less current portion | ' | ' | -1,640,000 | ' | ' | -2,103,000 | 463,000 |
Deferred taxes, unrecognized tax benefits and other long-term liabilities | ' | ' | -2,059,000 | ' | ' | -1,139,000 | -920,000 |
Total identifiable net assets | ' | ' | 52,030,000 | ' | ' | 55,919,000 | -3,889,000 |
Goodwill | 449,577,000 | 570,960,000 | 4,288,000 | ' | ' | 0 | 4,288,000 |
Total | ' | ' | 56,318,000 | ' | ' | 55,919,000 | 399,000 |
Purchase price of acquisition | ' | ' | ' | ' | $6,200,000 | ' | ' |
MARKETABLE_SECURITIES_Details
MARKETABLE SECURITIES (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Other income | |||
Gain (Loss) on Investments [Line Items] | ' | ' | ' |
Marketable securities | $0 | $12,435,000 | ' |
Gain on marketable securities | ' | ' | $3,400,000 |
INVENTORIES_AND_SUPPLIES_Detai
INVENTORIES AND SUPPLIES (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Oil and oil products | $67,005 | $59,639 |
Supplies and drums | 68,765 | 64,471 |
Solvent and solutions | 9,282 | 10,100 |
Other | 25,882 | 17,886 |
Total inventories and supplies | $170,934 | $152,096 |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $2,545,348 | $2,417,364 |
Less - accumulated depreciation and amortization | 965,647 | 815,194 |
Total property, plant and equipment, net | 1,579,701 | 1,602,170 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 99,006 | 99,794 |
Asset retirement costs (non-landfill) | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 10,899 | 10,938 |
Landfill assets | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 109,114 | 100,983 |
Buildings and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 330,405 | 327,956 |
Camp equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 178,221 | 187,831 |
Vehicles | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 466,726 | 425,296 |
Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 1,282,855 | 1,201,296 |
Furniture and fixtures | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 5,574 | 5,260 |
Construction in progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $62,548 | $58,010 |
GOODWILL_AND_OTHER_INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Rollforward of Goodwill) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of year | ' | ' | $570,960 | ' |
Acquired from acquisitions | ' | ' | 5,018 | ' |
Increase from adjustments during the measurement period related to Evergreen | ' | ' | 4,288 | ' |
Goodwill impairment charge | -123,414 | 0 | -123,414 | 0 |
Foreign currency translation | ' | ' | -7,275 | ' |
Balance at end of year | $449,577 | ' | $449,577 | ' |
GOODWILL_AND_OTHER_INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS (Narrative) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | ' | ' |
Goodwill | $449,577,000 | $570,960,000 |
Oil re-refining and recycling | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, Gross | 174,300,000 | ' |
Goodwill | 51,152,000 | 171,161,000 |
Oil and gas field services | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | $34,872,000 | $36,506,000 |
GOODWILL_AND_OTHER_INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS (Amortizable Other Intangible Assets) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Cost | $562,600,000 | ' | $562,600,000 | ' | $564,525,000 |
Accumulated Amortization | 144,728,000 | ' | 144,728,000 | ' | 119,190,000 |
Net | 417,872,000 | ' | 417,872,000 | ' | 445,335,000 |
Weighted Average Remaining Amortization Period (in years) | ' | ' | '11 years 164 days | ' | '12 years 2 months 12 days |
Total permits and other intangible assets, Cost | 686,602,000 | ' | 686,602,000 | ' | 689,163,000 |
Total permits and other intangible assets, Net | 541,874,000 | ' | 541,874,000 | ' | 569,973,000 |
Amortization of intangible assets | 9,100,000 | 8,800,000 | 27,500,000 | 25,900,000 | ' |
Trademarks and trade names | ' | ' | ' | ' | ' |
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Accumulated Amortization | 0 | ' | 0 | ' | 0 |
Indefinite-lived intangible asset, cost | 124,002,000 | ' | 124,002,000 | ' | 124,638,000 |
Permits | ' | ' | ' | ' | ' |
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Cost | 157,408,000 | ' | 157,408,000 | ' | 157,327,000 |
Accumulated Amortization | 54,110,000 | ' | 54,110,000 | ' | 50,858,000 |
Net | 103,298,000 | ' | 103,298,000 | ' | 106,469,000 |
Weighted Average Remaining Amortization Period (in years) | ' | ' | '20 years 36 days | ' | '19 years 7 months 6 days |
Customer and supplier relationships | ' | ' | ' | ' | ' |
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Cost | 373,478,000 | ' | 373,478,000 | ' | 377,899,000 |
Accumulated Amortization | 72,201,000 | ' | 72,201,000 | ' | 52,814,000 |
Net | 301,277,000 | ' | 301,277,000 | ' | 325,085,000 |
Weighted Average Remaining Amortization Period (in years) | ' | ' | '11 years 80 days | ' | '12 years 1 month 6 days |
Other intangible assets | ' | ' | ' | ' | ' |
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Cost | 31,714,000 | ' | 31,714,000 | ' | 29,299,000 |
Accumulated Amortization | 18,417,000 | ' | 18,417,000 | ' | 15,518,000 |
Net | $13,297,000 | ' | $13,297,000 | ' | $13,781,000 |
Weighted Average Remaining Amortization Period (in years) | ' | ' | '2 years 347 days | ' | '3 years 3 months 18 days |
GOODWILL_AND_OTHER_INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS (Expected Future Amortization) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' |
2014 (three months) | $8,979 | ' |
2015 | 35,687 | ' |
2016 | 34,901 | ' |
2017 | 32,923 | ' |
2018 | 30,097 | ' |
Thereafter | 275,285 | ' |
Net | $417,872 | $445,335 |
ACCRUED_EXPENSES_Details
ACCRUED EXPENSES (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Insurance | $65,558 | $57,993 |
Interest | 17,809 | 20,731 |
Accrued compensation and benefits | 59,604 | 60,902 |
Income, real estate, sales and other taxes | 67,000 | 38,938 |
Other | 50,152 | 58,265 |
Total accrued expenses | $260,123 | $236,829 |
CLOSURE_AND_POSTCLOSURE_LIABIL2
CLOSURE AND POST-CLOSURE LIABILITIES (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Changes to post-closure liabilities | ' |
Balance at beginning of year | $47,085 |
New asset retirement obligations | 2,676 |
Accretion | 3,311 |
Changes in estimates recorded to statement of income | -580 |
Changes in estimates recorded to balance sheet | -103 |
Expenditures | 2,044 |
Currency translation and other | -219 |
Balance at end of year | 50,126 |
Credit-adjusted risk-free rate (as a percent) | 6.54% |
Landfill Retirement Liability | ' |
Changes to post-closure liabilities | ' |
Balance at beginning of year | 27,604 |
New asset retirement obligations | 2,676 |
Accretion | 1,912 |
Changes in estimates recorded to statement of income | -722 |
Changes in estimates recorded to balance sheet | -103 |
Expenditures | 1,568 |
Currency translation and other | -137 |
Balance at end of year | 29,662 |
Non-Landfill Retirement Liability | ' |
Changes to post-closure liabilities | ' |
Balance at beginning of year | 19,481 |
New asset retirement obligations | 0 |
Accretion | 1,399 |
Changes in estimates recorded to statement of income | 142 |
Changes in estimates recorded to balance sheet | 0 |
Expenditures | 476 |
Currency translation and other | -82 |
Balance at end of year | $20,464 |
REMEDIAL_LIABILITIES_Details
REMEDIAL LIABILITIES (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Accrual for Environmental Loss Contingencies [Roll Forward] | ' |
Balance at beginning of year | $172,498 |
Adjustments during the measurement period related to Evergreen | -536 |
Accretion | 4,664 |
Changes in estimates recorded to statement of income | -2,400 |
Expenditures | -10,086 |
Currency translation and other | -1,254 |
Balance at end of year | 162,875 |
Remedial Liabilities for Landfill Sites | ' |
Accrual for Environmental Loss Contingencies [Roll Forward] | ' |
Balance at beginning of year | 5,624 |
Adjustments during the measurement period related to Evergreen | 0 |
Accretion | 200 |
Changes in estimates recorded to statement of income | -126 |
Expenditures | -82 |
Currency translation and other | -146 |
Balance at end of year | 5,470 |
Remedial Liabilities for Inactive Sites | ' |
Accrual for Environmental Loss Contingencies [Roll Forward] | ' |
Balance at beginning of year | 74,262 |
Adjustments during the measurement period related to Evergreen | 0 |
Accretion | 2,280 |
Changes in estimates recorded to statement of income | -2,385 |
Expenditures | -4,338 |
Currency translation and other | -63 |
Balance at end of year | 69,756 |
Remedial Liabilities (Including Superfund) for Non-Landfill Operations | ' |
Accrual for Environmental Loss Contingencies [Roll Forward] | ' |
Balance at beginning of year | 92,612 |
Adjustments during the measurement period related to Evergreen | -536 |
Accretion | 2,184 |
Changes in estimates recorded to statement of income | 100 |
Expenditures | -5,666 |
Currency translation and other | -1,045 |
Balance at end of year | $87,649 |
FINANCING_ARRANGEMENTS_Details
FINANCING ARRANGEMENTS (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Jul. 30, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 07, 2012 | Sep. 30, 2014 | Sep. 30, 2014 |
Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | Unsecured debt | Parent and domestic subsidiaries | Canadian subsidiaries | |||
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 | ' | $595,000,000 | $600,000,000 | ' | ' | ' |
Long-term obligations | 1,395,000,000 | 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 | ' | ' | 794,900,000 | 804,200,000 | ' | 586,200,000 | 601,600,000 | ' | ' | ' |
Revolving credit facility, maximum borrowing capacity | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility available borrowing capacity | 262,100,000 | 259,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit amount outstanding | $110,400,000 | $140,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Credit available subject to percentage of accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | 85.00% |
Credit available subject to percentage of cash deposited | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Goodwill impairment loss, tax benefit | $2.70 | ' | ' | ' | ' |
The Company's effective tax rate (as a percent) | 55.60% | 34.70% | 47.30% | 34.50% | ' |
Unrecognized tax benefits | 1.3 | ' | 1.3 | ' | ' |
Unrecognized tax benefits, interest | ' | ' | ' | ' | 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 | ' | $0.10 | ' | ' |
LOSS_EARNINGS_PER_SHARE_Detail
(LOSS) EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator for basic and diluted (loss) earnings per share: | ' | ' | ' | ' |
Net (loss) income | ($93,337) | $35,361 | ($55,705) | $68,765 |
Denominator: | ' | ' | ' | ' |
Basic shares outstanding | 60,369 | 60,610 | 60,585 | 60,542 |
Dilutive effect of equity-based compensation awards | 0 | 150 | 0 | 150 |
Dilutive shares outstanding | 60,369 | 60,760 | 60,585 | 60,692 |
Basic earnings per share (in USD per share) | ($1.55) | $0.58 | ($0.92) | $1.14 |
Diluted earnings per share (in USD per share) | ($1.55) | $0.58 | ($0.92) | $1.13 |
LOSS_EARNINGS_PER_SHARE_Text_D
(LOSS) EARNINGS PER SHARE (Text) (Details) | 9 Months Ended | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | |
Outstanding stock awards | Restricted stock awards | Restricted stock awards | Restricted stock awards | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Shares excluded from computation of earning per share (in shares) | 624,145 | 624,145 | 173,000 | 173,000,000 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Components of Other Accumulated Income, Net of Tax [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | ($19,556) | ' |
Other comprehensive (loss) income before reclassifications | ' | ' | -51,522 | ' |
Amounts reclassified out of accumulated other comprehensive loss | ' | ' | -3,388 | ' |
Tax effects | ' | ' | 349 | ' |
Other comprehensive (loss) income | -49,092 | 21,805 | -54,561 | -37,562 |
Ending balance | -74,117 | ' | -74,117 | ' |
Foreign Currency Translation | ' | ' | ' | ' |
Components of Other Accumulated Income, Net of Tax [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | -20,164 | ' |
Other comprehensive (loss) income before reclassifications | ' | ' | -52,582 | ' |
Amounts reclassified out of accumulated other comprehensive loss | ' | ' | 0 | ' |
Tax effects | ' | ' | 0 | ' |
Other comprehensive (loss) income | ' | ' | -52,582 | ' |
Ending balance | -72,746 | ' | -72,746 | ' |
Unrealized Gains on Available-For-Sale Securities | ' | ' | ' | ' |
Components of Other Accumulated Income, Net of Tax [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | 1,904 | ' |
Other comprehensive (loss) income before reclassifications | ' | ' | 1,060 | ' |
Amounts reclassified out of accumulated other comprehensive loss | -27 | ' | -3,388 | ' |
Tax effects | ' | ' | 349 | ' |
Other comprehensive (loss) income | ' | ' | -1,979 | ' |
Ending balance | -75 | ' | -75 | ' |
Unfunded Pension Liability | ' | ' | ' | ' |
Components of Other Accumulated Income, Net of Tax [Roll Forward] | ' | ' | ' | ' |
Beginning balance | ' | ' | -1,296 | ' |
Other comprehensive (loss) income before reclassifications | ' | ' | 0 | ' |
Amounts reclassified out of accumulated other comprehensive loss | ' | ' | 0 | ' |
Tax effects | ' | ' | 0 | ' |
Other comprehensive (loss) income | ' | ' | 0 | ' |
Ending balance | ($1,296) | ' | ($1,296) | ' |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details 2) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Other income (expense) | ' | $3,388 |
Unrealized gains on available-for-sale investments | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Other income (expense) | $27 | $3,388 |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares | 5,000 | 242,737 |
Restricted stock awards | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares | 5,000 | 112,630 |
Weighted Average Grant-Date Fair Value | 59.01 | 61.43 |
Performance stock awards | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares | 0 | 130,107 |
Weighted Average Grant-Date Fair Value | 0 | 62.2 |
STOCKBASED_COMPENSATION_STOCKB
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION (Narrative) (Details) (USD $) | 9 Months Ended | |
Share data in Thousands, unless otherwise specified | Sep. 30, 2014 | Feb. 25, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock repurchase program, authorized amount | ' | $150,000,000 |
Repurchases of common stock | 53,793,000 | ' |
Stock repurchase program, remaining authorized repurchase amount | 96,200,000 | ' |
Common stock | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Repurchases of common stock (in shares) | 923 | ' |
Repurchases of common stock | 9,000 | ' |
Additional aid-in capital | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Repurchases of common stock | $53,784,000 | ' |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||||||
Oct. 31, 2010 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 1999 | Dec. 31, 1968 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2002 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
customer | USD ($) | USD ($) | Legal and Administrative Proceedings | Legal and Administrative Proceedings | Ville Mercier | Ville Mercier | Ville Mercier | Ville Mercier | Ville Mercier | Superfund Proceedings | Wichita Property | Certain Other Third Party Sites | Safety-Kleen | Federal and State Enforcement Actions | Federal and State Enforcement Actions | |
claims | USD ($) | USD ($) | CAD | Municipalities | Permits | USD ($) | USD ($) | sites | acre | sites | sites | USD ($) | USD ($) | |||
Proceedings | facilties | Proceedings | ||||||||||||||
Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recorded reserves for actual or probable liabilities | ' | $42,100,000 | $41,700,000 | $32,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,600,000 | ' |
Possible increase in legal and administrative proceedings | ' | ' | ' | 3,200,000 | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | 162,875,000 | 172,498,000 | ' | ' | ' | ' | ' | 13,100,000 | 13,600,000 | ' | ' | ' | ' | ' | ' |
Number of pending personal injury claims allegedly resulting from the used of Safety-Kleen's products | ' | 58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' |
Number of product liability claims settled or dismissed | ' | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of customers filing a complaint | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of sites owned by third party excluded from cleanup or related liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126 | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124 | ' | ' | ' | ' | ' |
Number of sites for which environmental remediation expense is settled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29 | ' | ' | ' | ' | ' |
Third party sites requiring expenditure on remediation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' |
Number of sites not currently requiring expenditures on remediation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 | ' | ' | ' | ' | ' |
Minimum potential liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | $100,000 |
Number of sites which potential liability could exceed $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | ' | ' | ' | ' | ' |
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 | ' | ' |
SEGMENT_REPORTING_Details
SEGMENT REPORTING (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | $851,465 | $907,535 | $2,556,612 | $2,630,226 |
Third party revenues | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 851,465 | 907,535 | 2,556,612 | 2,630,226 |
Intersegment revenues, net | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 0 | 0 | 0 | 0 |
Corporate Items, net | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 0 | 0 | 0 | 0 |
Direct revenues | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 851,465 | 907,535 | 2,556,612 | 2,630,226 |
Technical Services | Third party revenues | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 272,478 | 269,465 | 766,057 | 759,666 |
Technical Services | Intersegment revenues, net | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 39,296 | 35,406 | 116,812 | 85,614 |
Technical Services | Corporate Items, net | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 1,628 | 964 | 2,805 | 3,155 |
Technical Services | Direct revenues | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 313,402 | 305,835 | 885,674 | 848,435 |
Industrial and Field Services | Third party revenues | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 163,582 | 174,829 | 510,696 | 543,675 |
Industrial and Field Services | Intersegment revenues, net | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | -9,234 | -8,109 | -32,039 | -34,549 |
Industrial and Field Services | Corporate Items, net | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 29 | -72 | 220 | -178 |
Industrial and Field Services | Direct revenues | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 154,377 | 166,648 | 478,877 | 508,948 |
Oil Re-refining and Recycling | Third party revenues | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 140,345 | 131,934 | 413,282 | 395,026 |
Oil Re-refining and Recycling | Intersegment revenues, net | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | -52,606 | -45,566 | -155,583 | -143,853 |
Oil Re-refining and Recycling | Corporate Items, net | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 0 | 0 | -5 | 0 |
Oil Re-refining and Recycling | Direct revenues | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 87,739 | 86,368 | 257,694 | 251,173 |
SK Environmental Services | Third party revenues | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 170,980 | 170,166 | 503,692 | 496,491 |
SK Environmental Services | Intersegment revenues, net | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 21,212 | 17,164 | 64,476 | 84,241 |
SK Environmental Services | Corporate Items, net | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 0 | 0 | -58 | 84 |
SK Environmental Services | Direct revenues | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 192,192 | 187,330 | 568,110 | 580,816 |
Lodging Services | Third party revenues | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 36,582 | 55,571 | 136,148 | 155,586 |
Lodging Services | Intersegment revenues, net | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 697 | 812 | 1,991 | 2,621 |
Lodging Services | Corporate Items, net | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 26 | 145 | 52 | 362 |
Lodging Services | Direct revenues | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 37,305 | 56,528 | 138,191 | 158,569 |
Oil and Gas Field Services | Third party revenues | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 67,370 | 104,981 | 226,319 | 288,588 |
Oil and Gas Field Services | Intersegment revenues, net | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 635 | 293 | 4,343 | 5,926 |
Oil and Gas Field Services | Corporate Items, net | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 4 | -114 | -6 | -314 |
Oil and Gas Field Services | Direct revenues | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 68,009 | 105,160 | 230,656 | 294,200 |
Corporate Items | Third party revenues | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 128 | 589 | 418 | -8,806 |
Corporate Items | Intersegment revenues, net | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 0 | 0 | 0 | 0 |
Corporate Items | Corporate Items, net | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | -1,687 | -923 | -3,008 | -3,109 |
Corporate Items | Direct revenues | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | ($1,559) | ($334) | ($2,590) | ($11,915) |
SEGMENT_REPORTING_Details_2
SEGMENT REPORTING (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
segment | ||||
Segment reporting information | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 6 | ' |
Number of operations for which the revenues are insignificant | ' | ' | 2 | ' |
Adjusted EBITDA, Total | $153,357 | $145,952 | $391,142 | $380,770 |
Reconciliation to Consolidated Statements of (Loss) Income: | ' | ' | ' | ' |
Pre-tax, non-cash acquisition accounting inventory adjustment | 0 | 0 | 0 | 13,559 |
Accretion of environmental liabilities | 2,642 | 2,914 | 7,975 | 8,628 |
Depreciation and amortization | 70,049 | 69,430 | 205,480 | 196,904 |
Goodwill impairment charge | 123,414 | 0 | 123,414 | 0 |
(Loss) income from operations | -42,748 | 73,608 | 54,273 | 161,679 |
Other (income) expense | -613 | 150 | -4,136 | -2,030 |
Interest expense, net of interest income | 19,494 | 19,326 | 58,430 | 58,784 |
(Loss) income before provision for income taxes | -61,629 | 54,132 | -21 | 104,925 |
Technical Services | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' |
Adjusted EBITDA, Total | 86,928 | 78,849 | 233,402 | 208,284 |
Industrial and Field Services | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' |
Adjusted EBITDA, Total | 20,303 | 26,709 | 67,391 | 75,281 |
Oil Re-refining and Recycling | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' |
Adjusted EBITDA, Total | 21,473 | 18,652 | 49,252 | 46,750 |
SK Environmental Services | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' |
Adjusted EBITDA, Total | 30,853 | 23,192 | 84,985 | 84,274 |
Lodging Services | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' |
Adjusted EBITDA, Total | 15,972 | 21,710 | 49,196 | 63,270 |
Oil and Gas Field Services | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' |
Adjusted EBITDA, Total | 9,545 | 20,530 | 27,688 | 52,458 |
Corporate Items | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' |
Adjusted EBITDA, Total | ($31,717) | ($43,690) | ($120,772) | ($149,547) |
SEGMENT_REPORTING_Details_3
SEGMENT REPORTING (Details 3) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | $1,579,701 | $1,602,170 |
Goodwill | 449,577 | 570,960 |
Permits and other intangible, net | 541,874 | 569,973 |
Total assets | 3,761,217 | 3,953,678 |
Technical Services | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | 412,008 | 400,544 |
Goodwill | 50,336 | 45,599 |
Permits and other intangible, net | 76,594 | 80,302 |
Total assets | 758,294 | 699,675 |
Industrial and Field Services | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | 252,159 | 251,826 |
Goodwill | 108,514 | 109,873 |
Permits and other intangible, net | 18,868 | 21,147 |
Total assets | 409,807 | 410,233 |
Oil Re-refining and Recycling | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | 204,468 | 211,458 |
Goodwill | 51,152 | 171,161 |
Permits and other intangible, net | 153,801 | 160,807 |
Total assets | 545,213 | 642,901 |
SK Environmental Services | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | 242,193 | 239,650 |
Goodwill | 170,986 | 172,309 |
Permits and other intangible, net | 256,171 | 265,106 |
Total assets | 740,109 | 774,756 |
Lodging Services | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | 143,493 | 166,252 |
Goodwill | 33,717 | 35,512 |
Permits and other intangible, net | 11,738 | 14,730 |
Total assets | 223,565 | 239,056 |
Oil and Gas Field Services | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | 223,822 | 224,585 |
Goodwill | 34,872 | 36,506 |
Permits and other intangible, net | 24,702 | 27,881 |
Total assets | 377,607 | 381,057 |
Corporate Items | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net | 101,558 | 107,855 |
Goodwill | 0 | 0 |
Permits and other intangible, net | 0 | 0 |
Total assets | $706,622 | $806,000 |
SEGMENT_REPORTING_Details_4
SEGMENT REPORTING (Details 4) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total assets | $3,761,217 | $3,953,678 |
United States | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total assets | 2,580,598 | 2,684,686 |
Canada | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total assets | 1,177,819 | 1,266,505 |
Other foreign | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total assets | $2,800 | $2,487 |
GUARANTOR_AND_NONGUARANTOR_SUB2
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION (Condensed Consolidating Balance Sheets) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $258,021 | $310,073 | $248,635 | $229,836 |
Intercompany receivables | 0 | 0 | ' | ' |
Accounts receivable, net | 575,575 | 579,394 | ' | ' |
Other current assets | 320,341 | 281,712 | ' | ' |
Property, plant and equipment, net | 1,579,701 | 1,602,170 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Intercompany debt receivable | 0 | 0 | ' | ' |
Goodwill | 449,577 | 570,960 | ' | ' |
Permits and other intangibles, net | 541,874 | 569,973 | ' | ' |
Other long-term assets | 36,128 | 39,396 | ' | ' |
Total assets | 3,761,217 | 3,953,678 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Current liabilities | 608,870 | 639,545 | ' | ' |
Intercompany payables | 0 | 0 | ' | ' |
Closure, post-closure and remedial liabilities, net | 180,259 | 190,112 | ' | ' |
Long-term obligations | 1,395,000 | 1,400,000 | ' | ' |
Capital lease obligations, net | 733 | 1,435 | ' | ' |
Intercompany debt payable | 0 | 0 | ' | ' |
Other long-term liabilities | 255,804 | 246,947 | ' | ' |
Total liabilities | 2,440,666 | 2,478,039 | ' | ' |
Stockholders’ equity | 1,320,551 | 1,475,639 | ' | ' |
Total liabilities and stockholders’ equity | 3,761,217 | 3,953,678 | ' | ' |
Clean Harbors, Inc. | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 1,006 | 1,006 | 1,006 | 35,214 |
Intercompany receivables | 233,872 | 269,580 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Other current assets | 24,058 | 24,087 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Investments in subsidiaries | 2,607,342 | 2,683,158 | ' | ' |
Intercompany debt receivable | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Permits and other intangibles, net | 0 | 0 | ' | ' |
Other long-term assets | 24,576 | 23,770 | ' | ' |
Total assets | 2,890,854 | 3,001,601 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Current liabilities | 79,117 | 33,626 | ' | ' |
Intercompany payables | 0 | 0 | ' | ' |
Closure, post-closure and remedial liabilities, net | 0 | 0 | ' | ' |
Long-term obligations | 1,395,000 | 1,400,000 | ' | ' |
Capital lease obligations, net | 0 | 0 | ' | ' |
Intercompany debt payable | 3,701 | 3,701 | ' | ' |
Other long-term liabilities | 92,485 | 88,635 | ' | ' |
Total liabilities | 1,570,303 | 1,525,962 | ' | ' |
Stockholders’ equity | 1,320,551 | 1,475,639 | ' | ' |
Total liabilities and stockholders’ equity | 2,890,854 | 3,001,601 | ' | ' |
U.S. Guarantor Subsidiaries | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 164,527 | 235,445 | 187,926 | 140,683 |
Intercompany receivables | 2,410 | 2,448 | ' | ' |
Accounts receivable, net | 411,440 | 387,006 | ' | ' |
Other current assets | 211,238 | 182,881 | ' | ' |
Property, plant and equipment, net | 968,839 | 945,280 | ' | ' |
Investments in subsidiaries | 815,030 | 967,186 | ' | ' |
Intercompany debt receivable | 362,470 | 493,402 | ' | ' |
Goodwill | 319,539 | 415,541 | ' | ' |
Permits and other intangibles, net | 441,680 | 458,917 | ' | ' |
Other long-term assets | 3,687 | 7,018 | ' | ' |
Total assets | 3,700,860 | 4,095,124 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Current liabilities | 410,015 | 466,454 | ' | ' |
Intercompany payables | 423,646 | 499,749 | ' | ' |
Closure, post-closure and remedial liabilities, net | 150,339 | 158,298 | ' | ' |
Long-term obligations | 0 | 0 | ' | ' |
Capital lease obligations, net | 104 | 191 | ' | ' |
Intercompany debt payable | 0 | 0 | ' | ' |
Other long-term liabilities | 109,414 | 103,125 | ' | ' |
Total liabilities | 1,093,518 | 1,227,817 | ' | ' |
Stockholders’ equity | 2,607,342 | 2,867,307 | ' | ' |
Total liabilities and stockholders’ equity | 3,700,860 | 4,095,124 | ' | ' |
Foreign Non-Guarantor Subsidiaries | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 92,488 | 73,622 | 59,703 | 53,939 |
Intercompany receivables | 189,823 | 230,224 | ' | ' |
Accounts receivable, net | 164,135 | 192,388 | ' | ' |
Other current assets | 85,045 | 74,744 | ' | ' |
Property, plant and equipment, net | 610,862 | 656,890 | ' | ' |
Investments in subsidiaries | 0 | 144,953 | ' | ' |
Intercompany debt receivable | 3,701 | 3,701 | ' | ' |
Goodwill | 130,038 | 155,419 | ' | ' |
Permits and other intangibles, net | 100,194 | 111,056 | ' | ' |
Other long-term assets | 7,865 | 8,608 | ' | ' |
Total assets | 1,384,151 | 1,651,605 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Current liabilities | 119,738 | 139,465 | ' | ' |
Intercompany payables | 2,459 | 2,503 | ' | ' |
Closure, post-closure and remedial liabilities, net | 29,920 | 31,814 | ' | ' |
Long-term obligations | 0 | 0 | ' | ' |
Capital lease obligations, net | 629 | 1,244 | ' | ' |
Intercompany debt payable | 362,470 | 493,402 | ' | ' |
Other long-term liabilities | 53,905 | 55,187 | ' | ' |
Total liabilities | 569,121 | 723,615 | ' | ' |
Stockholders’ equity | 815,030 | 927,990 | ' | ' |
Total liabilities and stockholders’ equity | 1,384,151 | 1,651,605 | ' | ' |
Consolidating Adjustments | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Intercompany receivables | -426,105 | -502,252 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Investments in subsidiaries | -3,422,372 | -3,795,297 | ' | ' |
Intercompany debt receivable | -366,171 | -497,103 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Permits and other intangibles, net | 0 | 0 | ' | ' |
Other long-term assets | 0 | 0 | ' | ' |
Total assets | -4,214,648 | -4,794,652 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' | ' | ' |
Current liabilities | 0 | 0 | ' | ' |
Intercompany payables | -426,105 | -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 | -366,171 | -497,103 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Total liabilities | -792,276 | -999,355 | ' | ' |
Stockholders’ equity | -3,422,372 | -3,795,297 | ' | ' |
Total liabilities and stockholders’ equity | ($4,214,648) | ($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 | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Service revenues | $657,221 | $702,033 | $1,962,071 | $2,048,527 |
Product revenues | 194,244 | 205,502 | 594,541 | 581,699 |
Total revenues | 851,465 | 907,535 | 2,556,612 | 2,630,226 |
Cost of revenues (exclusive of items shown separately below) | ' | ' | ' | ' |
Service cost of revenues | 440,261 | 478,434 | 1,333,443 | 1,402,409 |
Product cost of revenues | 158,146 | 168,685 | 497,633 | 495,060 |
Total cost of revenues | 598,407 | 647,119 | 1,831,076 | 1,897,469 |
Selling, general and administrative expenses | 99,701 | 114,464 | 334,394 | 365,546 |
Accretion of environmental liabilities | 2,642 | 2,914 | 7,975 | 8,628 |
Depreciation and amortization | 70,049 | 69,430 | 205,480 | 196,904 |
Goodwill impairment charge | 123,414 | 0 | 123,414 | 0 |
(Loss) income from operations | -42,748 | 73,608 | 54,273 | 161,679 |
Other income (expense) | 613 | -150 | 4,136 | 2,030 |
Interest (expense) income | -19,494 | -19,326 | -58,430 | -58,784 |
Equity in earnings of subsidiaries, net of taxes | 0 | 0 | 0 | 0 |
Intercompany dividend income | ' | 0 | 0 | 0 |
Intercompany interest income (expense) | 0 | 0 | 0 | 0 |
(Loss) income before provision for income taxes | -61,629 | 54,132 | -21 | 104,925 |
(Benefit) provision for income taxes | 31,708 | 18,771 | 55,684 | 36,160 |
Net (loss) income | -93,337 | 35,361 | -55,705 | 68,765 |
Other comprehensive (loss) income | -49,092 | 21,805 | -54,561 | -37,562 |
Comprehensive (loss) income | -142,429 | 57,166 | -110,266 | 31,203 |
Clean Harbors, Inc. | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Service revenues | 0 | 0 | 0 | 0 |
Product revenues | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Cost of revenues (exclusive of items shown separately below) | ' | ' | ' | ' |
Service cost of revenues | 0 | 0 | 0 | 0 |
Product cost of revenues | 0 | 0 | 0 | 0 |
Total cost of revenues | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 26 | 29 | 82 | 84 |
Accretion of environmental liabilities | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Goodwill impairment charge | 0 | ' | 0 | ' |
(Loss) income from operations | -26 | -29 | -82 | -84 |
Other income (expense) | 0 | 0 | 0 | 0 |
Interest (expense) income | -19,622 | -19,844 | -58,968 | -59,408 |
Equity in earnings of subsidiaries, net of taxes | -105,802 | 58,919 | -21,257 | 134,246 |
Intercompany dividend income | ' | 0 | 0 | 0 |
Intercompany interest income (expense) | 0 | 0 | 0 | 0 |
(Loss) income before provision for income taxes | -125,450 | 39,046 | -80,307 | 74,754 |
(Benefit) provision for income taxes | -32,113 | 3,685 | -24,602 | 5,989 |
Net (loss) income | -93,337 | 35,361 | -55,705 | 68,765 |
Other comprehensive (loss) income | -49,092 | 21,805 | -54,561 | -37,562 |
Comprehensive (loss) income | -142,429 | 57,166 | -110,266 | 31,203 |
U.S. Guarantor Subsidiaries | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Service revenues | 420,809 | 445,165 | 1,322,825 | 1,295,525 |
Product revenues | 170,762 | 169,743 | 475,429 | 463,301 |
Total revenues | 591,571 | 614,908 | 1,798,254 | 1,758,826 |
Cost of revenues (exclusive of items shown separately below) | ' | ' | ' | ' |
Service cost of revenues | 265,980 | 300,859 | 871,509 | 873,945 |
Product cost of revenues | 152,546 | 139,683 | 403,007 | 395,891 |
Total cost of revenues | 418,526 | 440,542 | 1,274,516 | 1,269,836 |
Selling, general and administrative expenses | 71,060 | 81,496 | 241,126 | 266,941 |
Accretion of environmental liabilities | 2,258 | 2,478 | 6,825 | 7,315 |
Depreciation and amortization | 44,213 | 45,533 | 128,234 | 127,042 |
Goodwill impairment charge | 105,466 | ' | 105,466 | ' |
(Loss) income from operations | -49,952 | 44,859 | 42,087 | 87,692 |
Other income (expense) | 1,930 | -111 | 2,716 | 2,858 |
Interest (expense) income | 77 | 137 | 523 | 137 |
Equity in earnings of subsidiaries, net of taxes | -1,038 | 21,064 | 10,817 | 57,040 |
Intercompany dividend income | ' | 0 | 0 | 0 |
Intercompany interest income (expense) | 7,470 | 10,107 | 26,351 | 30,414 |
(Loss) income before provision for income taxes | -41,513 | 76,056 | 82,494 | 178,141 |
(Benefit) provision for income taxes | 59,711 | 8,218 | 77,402 | 14,753 |
Net (loss) income | -101,224 | 67,838 | 5,092 | 163,388 |
Other comprehensive (loss) income | -49,092 | 21,805 | -54,561 | -37,562 |
Comprehensive (loss) income | -150,316 | 89,643 | -49,469 | 125,826 |
Foreign Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Service revenues | 243,123 | 256,812 | 654,168 | 755,856 |
Product revenues | 25,465 | 35,815 | 123,634 | 119,267 |
Total revenues | 268,588 | 292,627 | 777,802 | 875,123 |
Cost of revenues (exclusive of items shown separately below) | ' | ' | ' | ' |
Service cost of revenues | 180,992 | 177,519 | 476,856 | 531,318 |
Product cost of revenues | 7,583 | 29,058 | 99,148 | 100,038 |
Total cost of revenues | 188,575 | 206,577 | 576,004 | 631,356 |
Selling, general and administrative expenses | 28,615 | 32,939 | 93,186 | 98,521 |
Accretion of environmental liabilities | 384 | 436 | 1,150 | 1,313 |
Depreciation and amortization | 25,836 | 23,897 | 77,246 | 69,862 |
Goodwill impairment charge | 17,948 | ' | 17,948 | ' |
(Loss) income from operations | 7,230 | 28,778 | 12,268 | 74,071 |
Other income (expense) | -1,317 | -39 | 1,420 | -828 |
Interest (expense) income | 51 | 381 | 15 | 487 |
Equity in earnings of subsidiaries, net of taxes | 0 | 0 | 0 | 0 |
Intercompany dividend income | ' | 3,063 | 6,238 | 10,031 |
Intercompany interest income (expense) | -7,470 | -10,107 | -26,351 | -30,414 |
(Loss) income before provision for income taxes | -1,506 | 22,076 | -6,410 | 53,347 |
(Benefit) provision for income taxes | 4,110 | 6,868 | 2,884 | 15,418 |
Net (loss) income | -5,616 | 15,208 | -9,294 | 37,929 |
Other comprehensive (loss) income | 32,335 | -10,072 | 9,090 | 20,385 |
Comprehensive (loss) income | 26,719 | 5,136 | -204 | 58,314 |
Consolidating Adjustments | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Service revenues | -6,711 | 56 | -14,922 | -2,854 |
Product revenues | -1,983 | -56 | -4,522 | -869 |
Total revenues | -8,694 | 0 | -19,444 | -3,723 |
Cost of revenues (exclusive of items shown separately below) | ' | ' | ' | ' |
Service cost of revenues | -6,711 | 56 | -14,922 | -2,854 |
Product cost of revenues | -1,983 | -56 | -4,522 | -869 |
Total cost of revenues | -8,694 | 0 | -19,444 | -3,723 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Accretion of environmental liabilities | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Goodwill impairment charge | 0 | ' | 0 | ' |
(Loss) income from operations | 0 | 0 | 0 | 0 |
Other income (expense) | 0 | 0 | 0 | 0 |
Interest (expense) income | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries, net of taxes | 106,840 | -79,983 | 10,440 | -191,286 |
Intercompany dividend income | ' | -3,063 | -6,238 | -10,031 |
Intercompany interest income (expense) | 0 | 0 | 0 | 0 |
(Loss) income before provision for income taxes | 106,840 | -83,046 | 4,202 | -201,317 |
(Benefit) provision for income taxes | 0 | 0 | ' | 0 |
Net (loss) income | 106,840 | -83,046 | 4,202 | -201,317 |
Other comprehensive (loss) income | 16,757 | -11,733 | 45,471 | 17,177 |
Comprehensive (loss) income | $123,597 | ($94,779) | $49,673 | ($184,140) |
GUARANTOR_AND_NONGUARANTOR_SUB4
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION (Condensed Consolidating Statements of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed consolidating statement of cash flows | ' | ' |
Net cash from operating activities | $196,039 | $280,114 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -198,877 | -207,641 |
Proceeds from sales of fixed assets | 5,913 | 3,700 |
Acquisitions, net of cash acquired | -6,150 | -59,458 |
Costs to obtain or renew permits | -5,443 | -4,357 |
Proceeds from sales of marketable securities | 12,947 | 0 |
Other | 914 | -11 |
Net cash used in investing activities | -190,696 | -267,767 |
Cash flows from financing activities: | ' | ' |
Change in uncashed checks | -591 | 9,754 |
Proceeds from exercise of stock options | 0 | 399 |
Proceeds from employee stock purchase plan | 4,364 | 5,327 |
Remittance of shares, net | -2,668 | -599 |
Repurchases of common stock | -48,329 | 0 |
Excess tax benefit of stock-based compensation | 829 | 1,589 |
Deferred financing costs paid | 0 | -2,446 |
Payments on capital leases | -1,682 | -4,096 |
Repayment of long-term obligations | -5,000 | 0 |
Issuance costs related to 2012 issuance of common stock | 0 | -250 |
Dividends (paid) / received | 0 | 0 |
Interest received / (payments) | 0 | 0 |
Net cash from financing activities | -53,077 | 9,678 |
Effect of exchange rate change on cash | -4,318 | -3,226 |
(Decrease) increase in cash and cash equivalents | -52,052 | 18,799 |
Cash and cash equivalents, beginning of period | 310,073 | 229,836 |
Cash and cash equivalents, end of period | 258,021 | 248,635 |
Clean Harbors, Inc. | ' | ' |
Condensed consolidating statement of cash flows | ' | ' |
Net cash from operating activities | 50,804 | -38,228 |
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 | 0 | 0 |
Costs to obtain or renew permits | 0 | 0 |
Proceeds from sales of marketable securities | 0 | ' |
Other | ' | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities: | ' | ' |
Change in uncashed checks | 0 | 0 |
Proceeds from exercise of stock options | ' | 399 |
Proceeds from employee stock purchase plan | 4,364 | 5,327 |
Remittance of shares, net | -2,668 | -599 |
Repurchases of common stock | -48,329 | ' |
Excess tax benefit of stock-based compensation | 829 | 1,589 |
Deferred financing costs paid | ' | -2,446 |
Payments on capital leases | 0 | 0 |
Repayment of long-term obligations | -5,000 | ' |
Issuance costs related to 2012 issuance of common stock | ' | -250 |
Dividends (paid) / received | 0 | 0 |
Interest received / (payments) | 0 | 0 |
Net cash from financing activities | -50,804 | 4,020 |
Effect of exchange rate change on cash | 0 | 0 |
(Decrease) increase in cash and cash equivalents | 0 | -34,208 |
Cash and cash equivalents, beginning of period | 1,006 | 35,214 |
Cash and cash equivalents, end of period | 1,006 | 1,006 |
U.S. Guarantor Subsidiaries | ' | ' |
Condensed consolidating statement of cash flows | ' | ' |
Net cash from operating activities | 42,595 | 176,844 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -133,335 | -101,813 |
Proceeds from sales of fixed assets | 3,635 | 819 |
Acquisitions, net of cash acquired | -6,150 | -59,458 |
Costs to obtain or renew permits | -589 | -221 |
Proceeds from sales of marketable securities | 0 | ' |
Other | ' | 0 |
Net cash used in investing activities | -136,439 | -160,673 |
Cash flows from financing activities: | ' | ' |
Change in uncashed checks | 635 | 9,427 |
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 | -130 | -178 |
Repayment of long-term obligations | 0 | ' |
Issuance costs related to 2012 issuance of common stock | ' | 0 |
Dividends (paid) / received | -7,412 | -10,284 |
Interest received / (payments) | 29,833 | 32,107 |
Net cash from financing activities | 22,926 | 31,072 |
Effect of exchange rate change on cash | 0 | 0 |
(Decrease) increase in cash and cash equivalents | -70,918 | 47,243 |
Cash and cash equivalents, beginning of period | 235,445 | 140,683 |
Cash and cash equivalents, end of period | 164,527 | 187,926 |
Foreign Non-Guarantor Subsidiaries | ' | ' |
Condensed consolidating statement of cash flows | ' | ' |
Net cash from operating activities | 102,640 | 141,498 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -65,542 | -105,828 |
Proceeds from sales of fixed assets | 2,278 | 2,881 |
Acquisitions, net of cash acquired | 0 | 0 |
Costs to obtain or renew permits | -4,854 | -4,136 |
Proceeds from sales of marketable securities | 12,947 | ' |
Other | ' | -11 |
Net cash used in investing activities | -54,257 | -107,094 |
Cash flows from financing activities: | ' | ' |
Change in uncashed checks | -1,226 | 327 |
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 | -1,552 | -3,918 |
Repayment of long-term obligations | 0 | ' |
Issuance costs related to 2012 issuance of common stock | ' | 0 |
Dividends (paid) / received | 7,412 | 10,284 |
Interest received / (payments) | -29,833 | -32,107 |
Net cash from financing activities | -25,199 | -25,414 |
Effect of exchange rate change on cash | -4,318 | -3,226 |
(Decrease) increase in cash and cash equivalents | 18,866 | 5,764 |
Cash and cash equivalents, beginning of period | 73,622 | 53,939 |
Cash and cash equivalents, end of period | $92,488 | $59,703 |