DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 29, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CLEAN HARBORS INC | |
Entity Central Index Key | 822,818 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 57,495,468 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 352,923 | $ 184,708 |
Accounts receivable, net of allowances aggregating $28,436 and $31,426, respectively | 503,749 | 496,004 |
Unbilled accounts receivable | 29,119 | 25,940 |
Deferred costs | 21,261 | 18,758 |
Inventories and supplies | 162,404 | 149,521 |
Prepaid expenses and other current assets | 49,678 | 46,265 |
Total current assets | 1,119,134 | 921,196 |
Property, plant and equipment, net | 1,594,987 | 1,532,467 |
Other assets: | ||
Deferred financing costs | 1,412 | 1,847 |
Goodwill | 461,491 | 453,105 |
Permits and other intangibles, net | 492,224 | 506,818 |
Other | 23,133 | 15,995 |
Total other assets | 978,260 | 977,765 |
Total assets | 3,692,381 | 3,431,428 |
Current liabilities: | ||
Accounts payable | 222,302 | 241,183 |
Deferred revenue | 70,263 | 61,882 |
Accrued expenses | 203,813 | 193,660 |
Current portion of closure, post-closure and remedial liabilities | 24,043 | 20,395 |
Total current liabilities | 520,421 | 517,120 |
Other liabilities: | ||
Closure and post-closure liabilities, less current portion of $8,043 and $7,229, respectively | 51,143 | 49,020 |
Remedial liabilities, less current portion of $16,000 and $13,166, respectively | 114,291 | 118,826 |
Long-term obligations | 1,631,881 | 1,382,543 |
Deferred taxes, unrecognized tax benefits and other long-term liabilities | 258,302 | 267,637 |
Total other liabilities | 2,055,617 | 1,818,026 |
Commitments and contingent liabilities | ||
Stockholders’ equity: | ||
Common Stock, $.01 par value: Authorized 80,000,000; shares issued and outstanding 57,495,095 and 57,593,201 shares, respectively | 575 | 576 |
Shares held under employee participation plan | (469) | (469) |
Additional paid-in capital | 730,709 | 738,401 |
Accumulated other comprehensive loss | (210,233) | (254,892) |
Accumulated earnings | 595,761 | 612,666 |
Total stockholders’ equity | 1,116,343 | 1,096,282 |
Total liabilities and stockholders’ equity | $ 3,692,381 | $ 3,431,428 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Account Receivable, allowances aggregating | $ 28,436 | $ 31,426 |
Closure and post-closure liabilities, current portion | 8,043 | 7,229 |
Remedial liabilities, current portion | $ 16,000 | $ 13,166 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, authorized shares (in shares) | 80,000,000 | 80,000,000 |
Common stock, issued shares (in shares) | 57,495,095 | 57,593,201 |
Common stock, outstanding shares (in shares) | 57,495,095 | 57,593,201 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues: | ||||
Service revenues | $ 584,562 | $ 801,347 | $ 1,114,793 | $ 1,397,677 |
Product revenues | 112,948 | 134,881 | 218,800 | 271,050 |
Total revenues | 697,510 | 936,228 | 1,333,593 | 1,668,727 |
Cost of revenues (exclusive of items shown separately below) | ||||
Service revenues | 388,684 | 544,870 | 762,670 | 961,260 |
Product revenues | 91,318 | 107,818 | 181,611 | 237,935 |
Total cost of revenues | 480,002 | 652,688 | 944,281 | 1,199,195 |
Selling, general and administrative expenses | 107,063 | 120,418 | 211,547 | 228,133 |
Accretion of environmental liabilities | 2,548 | 2,599 | 5,053 | 5,218 |
Depreciation and amortization | 73,393 | 67,773 | 142,295 | 136,129 |
Goodwill impairment charge | 0 | 31,992 | 0 | 31,992 |
Income (loss) from operations | 34,504 | 60,758 | 30,417 | 68,060 |
Other expense | (189) | (660) | (539) | (251) |
Interest expense, net of interest income of $225, $188, $375 and $339, respectively | (21,647) | (19,249) | (40,627) | (38,687) |
Income (loss) before provision for income taxes | 12,668 | 40,849 | (10,749) | 29,122 |
Provision for income taxes | 8,702 | 30,454 | 6,156 | 25,816 |
Net income (loss) | $ 3,966 | $ 10,395 | $ (16,905) | $ 3,306 |
Earnings (loss) per share: | ||||
Basic (in USD per share) | $ 0.07 | $ 0.18 | $ (0.29) | $ 0.06 |
Diluted (in USD per share) | $ 0.07 | $ 0.18 | $ (0.29) | $ 0.06 |
Shares used to compute earnings (loss) per share - Basic (in shares) | 57,549 | 58,590 | 57,599 | 58,732 |
Shares used to compute earnings (loss) per share - Diluted (in shares) | 57,678 | 58,710 | 57,599 | 58,832 |
UNAUDITED CONSOLIDATED STATEME5
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Interest expense | $ 225 | $ 188 | $ 375 | $ 339 |
UNAUDITED CONSOLIDATED STATEME6
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 3,966 | $ 10,395 | $ (16,905) | $ 3,306 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustments | (1,178) | 12,231 | 44,659 | (65,172) |
Other comprehensive (loss) income | (1,178) | 12,231 | 44,659 | (65,172) |
Comprehensive income (loss) | $ 2,788 | $ 22,626 | $ 27,754 | $ (61,866) |
UNAUDITED CONSOLIDATED STATEME7
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (16,905) | $ 3,306 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 142,295 | 136,129 |
Goodwill impairment charge | 0 | 31,992 |
Allowance for doubtful accounts | 3,228 | 4,536 |
Amortization of deferred financing costs and debt discount | 1,772 | 1,639 |
Accretion of environmental liabilities | 5,053 | 5,218 |
Changes in environmental liability estimates | (315) | 887 |
Deferred income taxes | (6,521) | (908) |
Stock-based compensation | 4,739 | 6,146 |
Excess tax benefit of stock-based compensation | (2) | (102) |
Net tax deficiency on stock based awards | (603) | (72) |
Other expense | 1,049 | 251 |
Environmental expenditures | (6,454) | (11,532) |
Changes in assets and liabilities, net of acquisitions | ||
Accounts receivable and unbilled accounts receivable | 993 | (133,031) |
Inventories and supplies | (1,113) | 17,694 |
Other current assets | (4,789) | (816) |
Accounts payable | (8,397) | 108,639 |
Other current and long-term liabilities | 6,021 | 23,839 |
Net cash from operating activities | 120,051 | 193,815 |
Cash flows used in investing activities: | ||
Additions to property, plant and equipment | (123,529) | (124,145) |
Proceeds from sales of fixed assets | 2,668 | 2,646 |
Acquisitions, net of cash acquired | (58,989) | (79,610) |
Additions to intangible assets, including costs to obtain or renew permits | (973) | (3,088) |
Purchases of available-for-sale securities | (598) | 0 |
Net cash used in investing activities | (181,421) | (204,197) |
Cash flows from (used in) financing activities: | ||
Change in uncashed checks | (11,022) | (22,160) |
Proceeds from exercise of stock options | 184 | 397 |
Issuance of restricted shares, net of shares remitted | (1,879) | (1,837) |
Repurchases of common stock | (10,134) | (32,203) |
Deferred financing costs paid | (2,614) | 0 |
Payments on capital leases | 0 | (471) |
Excess tax benefit of stock-based compensation | 2 | 102 |
Issuance of senior secured notes, including premium | 250,625 | 0 |
Net cash from (used in) financing activities | 225,162 | (56,172) |
Effect of exchange rate change on cash | 4,423 | (6,704) |
Increase (decrease) in cash and cash equivalents | 168,215 | (73,258) |
Cash and cash equivalents, beginning of period | 184,708 | 246,879 |
Cash and cash equivalents, end of period | 352,923 | 173,621 |
Cash payments for interest and income taxes: | ||
Interest paid | 44,275 | 37,411 |
Income taxes paid | 23,872 | 3,068 |
Non-cash investing and financing activities: | ||
Property, plant and equipment accrued | 24,187 | 34,799 |
Receivable for estimated purchase price adjustment | $ 0 | $ 2,518 |
UNAUDITED CONSOLIDATED STATEME8
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 2016 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Shares Held Under Employee Participation Plan | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Earnings |
Balance at beginning of period at Dec. 31, 2015 | $ 1,096,282 | $ 576 | $ (469) | $ 738,401 | $ (254,892) | $ 612,666 |
Balance beginning of period (in shares) at Dec. 31, 2015 | 57,593 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net income (loss) | (16,905) | (16,905) | ||||
Other comprehensive income | 44,659 | 44,659 | ||||
Stock-based compensation | 4,739 | 4,739 | ||||
Issuance of restricted shares, net of shares remitted | (1,879) | $ 1 | (1,880) | |||
Issuance of restricted shares, net of shares remitted (in shares) | 97 | |||||
Repurchases of common stock | $ (10,134) | $ (2) | (10,132) | |||
Repurchases of common stock (in shares) | (200) | (203) | ||||
Exercise of stock options (in shares) | 8 | |||||
Exercise of stock options | $ 184 | 184 | ||||
Net tax deficiency on stock based awards | (603) | (603) | ||||
Balance at end of period at Jun. 30, 2016 | $ 1,116,343 | $ 575 | $ (469) | $ 730,709 | $ (210,233) | $ 595,761 |
Balance ending of period (in shares) at Jun. 30, 2016 | 57,495 |
UNAUDITED CONSOLIDATED STATEME9
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS'S EQUITY (PARENTHETICAL) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Stockholders' Equity [Abstract] | ||
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2016 | |
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, 2015 , which includes the audited consolidated balance sheet as of December 31, 2015 from which the one presented herein was derived. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2016 | |
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, 2015 . There have been no material changes in these policies or their application. Recent Accounting Pronouncements Standards implemented In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2015-02, Consolidation (Topic 810) . The amendment provides guidance regarding amendments to the consolidation analysis. The adoption of ASU 2015-02 as of January 1, 2016 did not have an impact on the Company's consolidated financial statements. In September 2015, FASB issued ASU 2015-16, Business Combinations (Topic 805) . The amendment provides guidance to simplify the accounting for adjustments made to provisional amounts recognized in a business combination. This amendment eliminates the requirement to retrospectively account for those adjustments. ASU 2015-16 should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this update. The adoption of ASU 2015-16 as of January 1, 2016 did not have an impact on the Company's consolidated financial statements. Standards to be implemented The Company is currently evaluating the impact that the below standards to be implemented will have on the Company's consolidated financial statements. In February 2016, FASB issued ASU 2016-02, Leases (Topic 842) . The amendment increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 should be applied using a modified retrospective approach and early adoption is permitted. The amendments in this update are effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2018. In March 2016, FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606) . ASU 2016-08 reduces the potential for diversity in practice arising from inconsistent application of the principal versus agent guidance, as well as the cost and complexity of applying Topic 606 both at transition and on an ongoing basis. The effective date and transition requirements for the amendments in this update are the same as the effective date and transition requirements of Update 2014-09, Revenue from Contracts with Customers (Topic 606) . In March 2016, FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718) . The amendment simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 allows for retrospective or prospective application and early adoption is permitted. The amendments in this update are effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. In April 2016, FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606) . ASU 2016-10 reduces the potential for diversity in initial application, as well as the cost and complexity of applying Topic 606 both at transition and on an ongoing basis. The effective date and transition requirements for the amendments in this update are the same as the effective date and transition requirements of Update 2014-09, Revenue from Contracts with Customers (Topic 606) . In May 2016, FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606) . ASU 2016-12 provided narrow scope improvements and practical expedients on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. The effective date and transition requirements for the amendments in this update are the same as the effective date and transition requirements of Update 2014-09, Revenue from Contracts with Customers (Topic 606) . |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS 2016 Acquisitions During the first six months of 2016 , the Company acquired (i) an oil re-refinery facility located in Nevada from Vertex Energy, Inc. and (ii) a blending and packaging company with operations located in New Orleans and Toronto, Canada. The combined purchase price for the two acquisitions was approximately $59.0 million in cash, subject to customary post-closing adjustments . The acquisitions expand the Company's re-refinery network and blending and packaging capabilities within its Kleen Performance Products segment. The combined amount of revenue from the acquisitions included in the Company's results of operations for each of the three and six months ended June 30, 2016 was approximately $12.1 million , respectively. During the three and six months ended June 30, 2016 , the Company incurred acquisition-related costs of approximately $0.4 million and $0.5 million , respectively, in connection with the transactions which are included in selling, general and administrative expenses in the consolidated statements of income. Results of the acquired companies or assets are included within the Kleen Performance Products segment. The allocation of the purchase price was based on preliminary estimates of the fair value of assets acquired and liabilities assumed as of the acquisition dates. Given the recent timing of these transactions the Company is continuing to obtain information to complete its valuation of these accounts and the associated tax accounting. The components and preliminary allocation of the purchase price consist of the following amounts (in thousands): At Acquisition Dates Measurement Period Adjustments At Acquisition Dates As Reported Accounts receivable $ 9,186 $ — $ 9,186 Inventories and supplies 9,431 — 9,431 Prepaid and other current assets 433 — 433 Property, plant and equipment 45,781 (1,477 ) 44,304 Permits and other intangibles 1,205 900 2,105 Current liabilities (7,119 ) — (7,119 ) Deferred taxes, unrecognized tax benefits and other long-term liabilities (548 ) — (548 ) Total identifiable net assets 58,369 (577 ) 57,792 Goodwill 620 577 1,197 Total $ 58,989 $ — $ 58,989 Pro forma revenue and earnings amounts on a combined basis as if these acquisitions had been completed on January 1, 2015 are immaterial to the consolidated financial statements of the Company since that date. 2015 Acquisitions Thermo Fluids Inc. On April 11, 2015 , the Company completed the acquisition of Heckmann Environmental Services, Inc. (“HES”) and Thermo Fluids Inc. (“TFI”), a wholly-owned subsidiary of HES. The acquisition was accomplished through a purchase by Safety-Kleen, Inc., a wholly-owned subsidiary of the Company, of all of the issued and outstanding shares of HES from Nuverra Environmental Solutions, Inc. HES is a holding company that does not conduct any operations. TFI provides environmental services, including used oil recycling, used oil filter recycling, antifreeze products, parts washers and solvent recycling, and industrial waste management services, including vacuum services, remediation, lab pack and hazardous waste management. The Company acquired TFI for a purchase price of $79.3 million . The acquisition was financed with cash on hand and expands the Company’s environmental services customer base while also complimenting the SK Environmental Services network and presence in the western United States. Results of TFI since acquisition have been included within the SK Environmental Services segment. The allocation of the purchase price was based on estimates of the fair value of assets acquired and liabilities assumed as of April 11, 2015 . 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 TFI. The following table summarizes the recognized amounts of assets acquired and liabilities assumed at April 11, 2015 (in thousands): Preliminary Allocations Measurement Period Adjustments Final Allocations Accounts receivable $ 7,109 $ 192 $ 7,301 Inventories and supplies 1,791 — 1,791 Prepaid and other current assets 1,749 (1,084 ) 665 Property, plant and equipment 30,468 (2,827 ) 27,641 Permits and other intangibles 20,000 (1,900 ) 18,100 Current liabilities (5,859 ) (25 ) (5,884 ) Closure and post-closure liabilities (1,676 ) (657 ) (2,333 ) Deferred taxes, unrecognized tax benefits and other long-term liabilities (13,081 ) 3,907 (9,174 ) Total identifiable net assets 40,501 (2,394 ) 38,107 Goodwill 36,591 4,638 41,229 Total $ 77,092 $ 2,244 $ 79,336 Pro forma revenue and earnings amounts on a combined basis as if TFI had been acquired on January 1, 2015 are immaterial to the consolidated financial statements of the Company since that date. Other 2015 Acquisition In December 2015, the Company acquired certain assets and assumed certain defined liabilities of a privately owned company for approximately $14.7 million in cash. That company specializes in the collection and recycling of used oil filters and was a service provider to the SK Environmental Services segment prior to the acquisition. The acquired assets have been integrated into the SK Environmental Services segment. In connection with this acquisition a preliminary goodwill amount of $ 7.4 million was recognized. |
INVENTORIES AND SUPPLIES
INVENTORIES AND SUPPLIES | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
INVENTORIES AND SUPPLIES | INVENTORIES AND SUPPLIES Inventories and supplies consisted of the following (in thousands): June 30, 2016 December 31, 2015 Oil and oil products $ 46,671 $ 33,603 Supplies and drums 78,168 78,132 Solvent and solutions 8,756 8,868 Modular camp accommodations 15,298 15,126 Other 13,511 13,792 Total inventories and supplies $ 162,404 $ 149,521 As of June 30, 2016 and December 31, 2015 , other inventories consisted primarily of cleaning fluids, such as absorbents and wipers, and automotive fluids, such as windshield washer fluid and antifreeze. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following (in thousands): June 30, 2016 December 31, 2015 Land $ 104,533 $ 100,582 Asset retirement costs (non-landfill) 12,187 12,434 Landfill assets 144,540 136,624 Buildings and improvements 354,470 344,209 Camp equipment 158,394 149,361 Vehicles 538,170 500,619 Equipment 1,414,946 1,328,915 Furniture and fixtures 5,528 5,337 Construction in progress 146,199 113,657 2,878,967 2,691,738 Less - accumulated depreciation and amortization 1,283,980 1,159,271 Total property, plant and equipment, net $ 1,594,987 $ 1,532,467 Interest in the amount of $1.3 million and $2.5 million was capitalized to fixed assets during the three and six months ended June 30, 2016 , respectively. Interest in the amount of $0.4 million and $0.6 million was capitalized to fixed assets during the three and six months ended June 30, 2015 , respectively. Depreciation expense, inclusive of landfill amortization was $63.5 million and $122.8 million for the three and six months ended June 30, 2016 , respectively. Depreciation expense, inclusive of landfill amortization was $58.9 million and $116.3 million for the three and six months ended June 30, 2015 , respectively. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The changes in goodwill for the six months ended June 30, 2016 were as follows (in thousands): Technical Services Industrial & Field Services Kleen Performance Products SK Environmental Services Lodging Services Oil and Gas Field Services Totals Balance at January 1, 2016 $ 49,267 $ 105,286 $ 49,755 $ 216,589 $ 32,208 $ — $ 453,105 Acquired from acquisitions — — 1,197 — — — 1,197 Measurement period adjustment from prior acquisitions — — — 2,095 — — 2,095 Foreign currency translation and other (579 ) 1,319 157 2,140 2,057 — 5,094 Balance at June 30, 2016 $ 48,688 $ 106,605 $ 51,109 $ 220,824 $ 34,265 $ — $ 461,491 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, 2015 and determined that no adjustment to the carrying value of goodwill for any reporting units was necessary because the fair value of each of the reporting units exceeded that reporting unit's respective carrying value. The Company's next annual impairment assessment will be performed as of December 31, 2016 unless indicators arise that would require the Company to re-evaluate at an earlier date. As of June 30, 2016 and December 31, 2015 , the Company's finite-lived and indefinite-lived intangible assets consisted of the following (in thousands): June 30, 2016 December 31, 2015 Cost Accumulated Net Weighted Cost Accumulated Net Weighted Permits $ 162,611 $ 64,533 $ 98,078 20.7 $ 161,396 $ 61,142 $ 100,254 19.0 Customer and supplier relationships 379,236 115,500 263,736 9.5 374,866 99,463 275,403 10.1 Other intangible assets 33,984 26,517 7,467 1.2 31,416 22,581 8,835 1.5 Total amortizable permits and other intangible assets 575,831 206,550 369,281 9.3 567,678 183,186 384,492 10.0 Trademarks and trade names 122,943 — 122,943 Indefinite 122,326 — 122,326 Indefinite Total permits and other intangible assets $ 698,774 $ 206,550 $ 492,224 $ 690,004 $ 183,186 $ 506,818 Amortization expense of permits and other intangible assets was $9.9 million and $19.5 million for the three and six months ended June 30, 2016 , respectively. Amortization expense of permits and other intangible assets was $8.8 million and $19.8 million for the three and six months ended June 30, 2015 , respectively. The expected amortization of the net carrying amount of finite-lived intangible assets at June 30, 2016 was as follows (in thousands): Years Ending December 31, Expected Amortization 2016 (six months) $ 19,941 2017 35,033 2018 31,795 2019 28,897 2020 26,277 Thereafter 227,338 $ 369,281 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 6 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following at June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 December 31, 2015 Insurance $ 57,273 $ 55,899 Interest 21,587 20,500 Accrued compensation and benefits 50,275 35,646 Income, real estate, sales and other taxes 39,623 37,095 Other 35,055 44,520 $ 203,813 $ 193,660 |
CLOSURE AND POST-CLOSURE LIABIL
CLOSURE AND POST-CLOSURE LIABILITIES | 6 Months Ended |
Jun. 30, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
CLOSURE AND POST-CLOSURE LIABILITIES | CLOSURE AND POST-CLOSURE LIABILITIES The changes to closure and post-closure liabilities (also referred to as “asset retirement obligations”) from January 1, 2016 through June 30, 2016 were as follows (in thousands): Landfill Non-Landfill Total Balance at January 1, 2016 $ 32,023 $ 24,226 $ 56,249 Adjustments during the measurement period related to acquisitions — 657 657 New asset retirement obligations 1,263 — 1,263 Accretion 1,384 1,150 2,534 Changes in estimates recorded to statement of operations (597 ) (91 ) (688 ) Expenditures (475 ) (570 ) (1,045 ) Currency translation and other 152 64 216 Balance at June 30, 2016 $ 33,750 $ 25,436 $ 59,186 All of the landfill facilities included in the above were active as of June 30, 2016 . There were no significant charges (benefits) in 2016 resulting from changes in estimates for closure and post-closure liabilities. New asset retirement obligations incurred during the first six months of 2016 were discounted at the credit-adjusted risk-free rate of 6.23% . |
REMEDIAL LIABILITIES
REMEDIAL LIABILITIES | 6 Months Ended |
Jun. 30, 2016 | |
Environmental Remediation Obligations [Abstract] | |
REMEDIAL LIABILITIES | REMEDIAL LIABILITIES The changes to remedial liabilities for the six months ended June 30, 2016 were as follows (in thousands): Remedial Liabilities for Landfill Sites Remedial Liabilities for Inactive Sites Remedial Liabilities (Including Superfund) for Non-Landfill Operations Total Balance at January 1, 2016 $ 2,327 $ 63,613 $ 66,052 $ 131,992 Accretion 54 1,364 1,101 2,519 Changes in estimates recorded to statement of operations 70 (116 ) 419 373 Expenditures (61 ) (2,092 ) (3,256 ) (5,409 ) Currency translation and other — 52 764 816 Balance at June 30, 2016 $ 2,390 $ 62,821 $ 65,080 $ 130,291 In the six months ended June 30, 2016 there were no significant charges (benefits) resulting from changes in estimates for remedial liabilities. |
FINANCING ARRANGEMENTS
FINANCING ARRANGEMENTS | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
FINANCING ARRANGEMENTS | FINANCING ARRANGEMENTS The following table is a summary of the Company’s financing arrangements (in thousands): June 30, 2016 December 31, 2015 Senior unsecured notes, at 5.25%, due August 1, 2020 ("2020 Notes") $ 800,000 $ 800,000 Senior unsecured notes, at 5.125%, due June 1, 2021 ("2021 Notes") 845,000 595,000 Long-term obligations, at par $ 1,645,000 $ 1,395,000 Unamortized debt issuance costs and premium, net (13,119 ) (12,457 ) Long-term obligations, at carrying value $ 1,631,881 $ 1,382,543 At June 30, 2016 and December 31, 2015 , the fair value of the Company's 2020 Notes was $819.0 million and $812.0 million , respectively, based on quoted market prices for the instrument. The fair value of the 2020 Notes is considered a Level 2 measure according to the fair value hierarchy. On March 14, 2016, the Company issued through a private placement $ 250.0 million aggregate principal amount as additional notes under the indenture pursuant to which the Company previously issued on December 7, 2012, through a private placement $ 600.0 million aggregate principal amount of 2021 Notes. Interest payments are paid semi-annually on June 1 and December 1 of each year. At June 30, 2016 and December 31, 2015 , the fair value of the Company's 2021 Notes was $859.8 million and $599.5 million , respectively, based on quoted market prices for the instrument. 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 June 30, 2016 and December 31, 2015 had no outstanding loan balances. At June 30, 2016 , $190.0 million was available to borrow and outstanding letters of credit were $140.5 million . At December 31, 2015 , $178.5 million was available to borrow and outstanding letters of credit were $144.6 million . The revolving credit facility is guaranteed by all of Clean Harbors, Inc.'s ("Parent's") domestic subsidiaries and secured by substantially all of the Parent’s and its domestic subsidiaries’ assets. Available credit for Parent and its domestic subsidiaries is limited to 85% of their eligible accounts receivable and 100% of their cash deposited in a controlled account with the agent. Available credit for Parent’s Canadian subsidiaries is limited 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. |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) PER SHARE The following are computations of basic and diluted loss per share (in thousands except for per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Numerator for basic and diluted earnings per share: Net income (loss) $ 3,966 $ 10,395 $ (16,905 ) $ 3,306 Denominator: Basic shares outstanding 57,549 58,590 57,599 58,732 Dilutive effect of equity-based compensation awards 129 120 — 100 Dilutive shares outstanding 57,678 58,710 57,599 58,832 Basic earnings (loss) per share: $ 0.07 $ 0.18 $ (0.29 ) $ 0.06 Diluted earnings (loss) per share: $ 0.07 $ 0.18 $ (0.29 ) $ 0.06 For the three months ended June 30, 2016 and 2015 , the dilutive effect of all then outstanding options, restricted stock and performance awards is included in the EPS calculations above except for 348,197 and 196,180 , respectively, of outstanding performance stock awards for which the performance criteria were not attained at that time and 9,537 and 11,075 , respectively, of restricted stock awards which were antidilutive at that time. As a result of the net loss reported for the six months ended June 30, 2016 , all then outstanding stock options, restricted stock awards and performance awards totaling 886,685 were excluded from the calculation of diluted earnings (loss) per share as their inclusion would have an antidilutive effect. For the six months ended June 30, 2015 , the dilutive effect of all then outstanding options, restricted stock and performance awards is included in the EPS calculations above except for 196,180 of outstanding performance stock awards for which the performance criteria were not attained at that time and 38,171 of restricted stock awards which were antidilutive at that time. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 6 Months Ended |
Jun. 30, 2016 | |
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 six months ended June 30, 2016 were as follows (in thousands): Foreign Currency Translation Unfunded Pension Liability Total Balance at January 1, 2016 $ (252,939 ) $ (1,953 ) $ (254,892 ) Other comprehensive income before reclassifications 44,659 — 44,659 Other comprehensive income $ 44,659 $ — $ 44,659 Balance at June 30, 2016 $ (208,280 ) $ (1,953 ) $ (210,233 ) There were no reclassifications out of accumulated other comprehensive loss during the three and six months ended June 30, 2016 and 2015 . |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Total stock-based compensation cost charged to selling, general and administrative expenses for the three and six months ended June 30, 2016 was $2.6 million and $4.7 million , respectively. Total stock-based compensation cost charged to selling, general and administrative expenses for the three and six months ended June 30, 2015 was $4.3 million and $6.1 million , respectively. The total income tax benefit recognized in the consolidated statements of operations from stock-based compensation was $0.8 million and $1.4 million for the three and six months ended June 30, 2016 , respectively. The total income tax benefit recognized in the consolidated statements of operations from stock-based compensation was $0.6 million and $1.1 million for the three and six months ended June 30, 2015 , respectively. Restricted Stock Awards The following information relates to restricted stock awards that have been granted to employees and directors under the Company's equity incentive plans (the "Plans"). The restricted stock awards are not transferable until vested and the restrictions generally lapse upon the achievement of continued employment over a three -to- five -year period or service as a director until the following annual meeting of shareholders. The fair value of each restricted stock grant is based on the closing price of the Company's common stock on the date of grant and is amortized to expense over its vesting period. The following table summarizes information about restricted stock awards for the six months ended June 30, 2016 : Restricted Stock Number of Shares Weighted Average Grant-Date Fair Value Balance at January 1, 2016 362,618 $ 55.79 Granted 299,967 $ 51.02 Vested (128,895 ) $ 55.18 Forfeited (16,785 ) $ 57.22 Balance at June 30, 2016 516,905 $ 53.12 As of June 30, 2016 , there was $23.2 million of total unrecognized compensation cost arising from restricted stock awards under the Company's Plans. This cost is expected to be recognized over a weighted average period of 3.1 years. The total fair value of restricted stock vested during the three and six months ended June 30, 2016 was $2.3 million and $6.1 million , respectively. The total fair value of restricted stock vested during the three and six months ended June 30, 2015 was $3.0 million and $6.2 million , respectively. Performance Stock Awards The following information relates to performance stock awards that have been granted to employees under the Company's Plans. Performance stock awards are subject to performance criteria established by the compensation committee of the Company's board of directors prior to or at the date of grant. The vesting of the performance stock awards is based on achieving such targets typically based on revenue, Adjusted EBITDA margin, return on invested capital percentage and Total Recordable Incident Rate. In addition, performance stock awards include continued service conditions. The fair value of each performance stock award is based on the closing price of the Company's common stock on the date of grant and is amortized to expense over the service period if achievement of performance measures is considered probable. The following table summarizes information about performance stock awards for the six months ended June 30, 2016 : Performance Stock Number of Shares Weighted Average Grant-Date Fair Value Balance at January 1, 2016 187,274 $ 57.13 Granted 204,602 $ 54.30 Vested (8,420 ) $ 61.90 Forfeited (13,676 ) $ 57.23 Balance at June 30, 2016 369,780 $ 55.45 As of June 30, 2016 , there was $0.6 million of total unrecognized compensation cost arising from unvested performance stock awards deemed probable of vesting under the Company's Plans. No performance awards vested during the three months ended June 30, 2016 . The total fair value of performance awards vested during the six months ended June 30, 2016 was $0.4 million . The total fair value of performance awards vested during the six months ended June 30, 2015 was $0.3 million . No performance awards vested during the three months ended June 30, 2015 . Common Stock Repurchases On March 13, 2015, the Company's board of directors authorized the repurchase of up to $300 million of the Company's common stock. During the three and six months ended June 30, 2016 , the Company repurchased and retired a total of 0.1 million shares and 0.2 million shares, respectively, of the Company's common stock for a total cost of $5.1 million and $10.1 million , respectively. During the three and six months ended June 30, 2015, the Company repurchased and retired a total of 0.3 million shares and 0.6 million shares, respectively, of the Company's common stock for a total cost of $16.1 million and $32.2 million , respectively. Through June 30, 2016 , the Company has repurchased and retired a total of 3.6 million shares of the Company's common stock for a total cost of $187.8 million under this program. As of June 30, 2016 , an additional $112.2 million remains available for repurchase of shares under the current authorized program. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 and December 31, 2015 , the Company had recorded reserves of $21.1 million and $21.9 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 June 30, 2016 and December 31, 2015 , the Company also believed that it was reasonably possible that the amount of these potential liabilities could be as much as $1.8 million and $1.9 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 June 30, 2016 and December 31, 2015 , the $21.1 million and $21.9 million , respectively, of reserves consisted of (i) $18.7 million and $18.9 million , respectively, related to pending legal or administrative proceedings, including Superfund liabilities, which were included in remedial liabilities on the consolidated balance sheets, and (ii) $2.4 million and $3.0 million , respectively, primarily related to federal, state and provincial enforcement actions, which were included in accrued expenses on the consolidated balance sheets. As of June 30, 2016 , the principal legal and administrative proceedings in which the Company was involved, or which had been terminated during 2016 , 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 Company has accrued for costs expected to be incurred relative to the resolution of this matter and believes this matter will not have a future material effect on its financial position or results of operations. Safety-Kleen Legal Proceedings. On December 28, 2012, the Company acquired Safety-Kleen, Inc. ("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 June 30, 2016 were as follows: Product Liability Cases. Safety-Kleen has been named as a defendant in various lawsuits that are currently pending in various courts and jurisdictions throughout the United States, including approximately 62 proceedings (excluding cases which have been settled but not formally dismissed) as of June 30, 2016 , 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 product liability 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 also 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 June 30, 2016 . From January 1, 2016 to June 30, 2016 , 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. 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 129 sites which are subject to or are proposed to become subject to proceedings under federal or state Superfund laws. Of the 129 sites, two (the Wichita Facility and the BR Facility described below) involve facilities that are now owned by the Company and 127 involve third party sites to which either the Company or the prior owners of certain of the Company’s facilities shipped wastes. Of the 127 third party sites, 32 are now settled, 15 are currently requiring expenditures on remediation and 80 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 described below, Clean Harbors believes its potential liability could exceed $100,000 at 11 of the 127 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. The Company filed suit against the earlier owner in July of 2015 to recover costs incurred during the cleanup of the property. 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, 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 127 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 six 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 17 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 17 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 127 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 June 30, 2016 and December 31, 2015 , there were four and six proceedings, respectively, for which the Company reasonably believed that the sanctions could equal or exceed $100,000 . The Company believes that the fines or other penalties in these or any of the other regulatory proceedings will, individually or in the aggregate, not have a material effect on its financial condition, results of operations or cash flows. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company records a tax provision or benefit on an interim basis using an estimated annual effective tax rate. This rate is applied to the current period ordinary income or loss to determine the income tax provision or benefit allocated to the interim period. Losses from jurisdictions for which no benefit can be recognized and the income tax effects of unusual or infrequent items are excluded from the estimated annual effective tax rate and are recognized in the impacted interim period. The estimated annual effective tax rate may be significantly impacted by projected earnings mix by tax jurisdiction. Adjustments to the estimated annual effective income tax rate are recognized in the period when such estimates are revised. The Company's effective tax rate for the three and six months ended June 30, 2016 was 68.7% and (57.3)% compared to 74.6% and 88.6% for the same periods in 2015. The variations in the effective income tax rates for the three and six months ended June 30, 2016 as compared to more customary relationships between pre-tax income and the provision for income taxes was primarily due to not recognizing income tax benefits from current operating losses related to certain Canadian entities. Such variations in the three and six month periods ended June 30, 2015 were due to the lack of any tax benefit associated with the goodwill impairment charge recorded in the second quarter of 2015. As of June 30, 2016 and December 31, 2015 , the Company had recorded $2.1 million of liabilities for unrecognized tax benefits and $0.4 million of interest, respectively. Due to expiring statute of limitation periods, the Company believes that total unrecognized tax benefits will decrease by approximately $0.5 million within the next 12 months. This is the result of a pre-acquisition audit settlement for one of the Company's foreign entities. |
SEGMENT REPORTING
SEGMENT REPORTING | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING Segment reporting is prepared on the same basis that the Company's chief executive officer, who is the Company's chief operating decision maker, manages the business, makes operating decisions and assesses performance. As of June 30, 2016 , the Company's operations were 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, Kleen Performance Products, SK Environmental Services, Lodging Services and Oil and Gas Field Services. Third party revenue is revenue billed to outside customers by a particular segment. Direct revenue is revenue allocated to the segment providing the product or 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 certain operations for which the revenues are insignificant and not allocated to the segments for internal reporting purposes. 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 income (loss) 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 expense. Transactions between the segments are accounted for at the Company’s best estimate based on similar transactions with outside customers. The following table reconciles third party revenues to direct revenues for the three and six months ended June 30, 2016 and 2015 (in thousands): For the Three Months Ended June 30, 2016 For the Three Months Ended June 30, 2015 Third party revenues Intersegment revenues, net Corporate Items, net Direct revenues Third party revenues Intersegment revenues, net Corporate Items, net Direct revenues Technical Services $ 229,130 $ 35,578 $ 667 $ 265,375 $ 248,025 $ 38,314 $ 1,083 $ 287,422 Industrial and Field Services 153,851 (9,055 ) (286 ) 144,510 353,329 (11,230 ) (401 ) 341,698 Kleen Performance Products 86,711 (7,600 ) — 79,111 99,104 (21,428 ) (1 ) 77,675 SK Environmental Services 191,004 (21,492 ) 1 169,513 175,876 (8,802 ) 3 167,077 Lodging Services 16,418 137 14 16,569 21,171 992 80 22,243 Oil and Gas Field Services 19,232 2,432 48 21,712 38,617 2,154 40 40,811 Corporate Items 1,164 — (444 ) 720 106 — (804 ) (698 ) Total $ 697,510 $ — $ — $ 697,510 $ 936,228 $ — $ — $ 936,228 For the Six Months Ended June 30, 2016 For the Six Months Ended June 30, 2015 Third party revenues Intersegment revenues, net Corporate Items, net Direct revenues Third party revenues Intersegment revenues, net Corporate Items, net Direct revenues Technical Services $ 448,235 $ 70,422 $ 1,055 $ 519,712 $ 488,350 $ 73,218 $ 2,380 $ 563,948 Industrial and Field Services 275,428 (16,521 ) (303 ) 258,604 500,197 (17,791 ) (323 ) 482,083 Kleen Performance Products 154,254 (17,007 ) (1 ) 137,246 195,911 (39,685 ) (2 ) 156,224 SK Environmental Services 370,422 (40,606 ) 368 330,184 336,560 (20,384 ) 3 316,179 Lodging Services 32,063 401 35 32,499 55,275 1,156 97 56,528 Oil and Gas Field Services 51,248 3,311 135 54,694 92,204 3,486 49 95,739 Corporate Items 1,943 — (1,289 ) 654 230 — (2,204 ) (1,974 ) Total $ 1,333,593 $ — $ — $ 1,333,593 $ 1,668,727 $ — $ — $ 1,668,727 The following table presents Adjusted EBITDA information used by management by reported segment (in thousands). The Company does not allocate interest expense, income taxes, depreciation, amortization, accretion of environmental liabilities, other non-cash charges not deemed representative of fundamental segment results, and other expense (income) to its segments. For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Adjusted EBITDA: Technical Services $ 68,891 $ 76,808 $ 129,289 $ 140,209 Industrial and Field Services 19,946 73,081 22,064 83,390 Kleen Performance Products 9,995 15,824 14,555 11,348 SK Environmental Services 45,239 41,195 80,734 68,444 Lodging Services 3,022 3,852 4,041 10,762 Oil and Gas Field Services (4,207 ) (2,182 ) (5,601 ) (779 ) Corporate Items (32,441 ) (45,456 ) (67,317 ) (71,975 ) Total $ 110,445 $ 163,122 $ 177,765 $ 241,399 Reconciliation to Consolidated Statements of Operations: Accretion of environmental liabilities 2,548 2,599 5,053 5,218 Depreciation and amortization 73,393 67,773 142,295 136,129 Goodwill impairment charge — 31,992 — 31,992 Income from operations 34,504 60,758 30,417 68,060 Other expense 189 660 539 251 Interest expense, net of interest income 21,647 19,249 40,627 38,687 Income (loss) before provision for income taxes $ 12,668 $ 40,849 $ (10,749 ) $ 29,122 The following table presents certain assets by reportable segment and in the aggregate (in thousands): June 30, 2016 Technical Industrial and Field Kleen Performance Products SK Environmental Services Lodging Services Oil and Gas Field Corporate Totals Property, plant and equipment, net $ 507,996 $ 231,334 $ 211,082 $ 302,260 $ 104,386 $ 146,423 $ 91,506 $ 1,594,987 Goodwill 48,688 106,605 51,109 220,824 34,265 — — 461,491 Permits and other intangibles, net 69,683 13,587 139,867 251,087 6,495 11,505 — 492,224 Total assets $ 823,881 $ 375,796 $ 520,943 $ 852,082 $ 181,031 $ 235,775 $ 702,873 $ 3,692,381 December 31, 2015 Technical Industrial and Field Kleen Performance Products SK Environmental Services Lodging Services Oil and Gas Field Corporate Totals Property, plant and equipment, net $ 483,425 $ 237,660 $ 193,855 $ 264,539 $ 105,208 $ 156,286 $ 91,494 $ 1,532,467 Goodwill 49,267 105,286 49,755 216,589 32,208 — — 453,105 Permits and other intangibles, net 73,601 14,649 140,410 256,251 7,045 14,862 — 506,818 Total assets $ 800,060 $ 368,858 $ 492,483 $ 805,488 $ 181,357 $ 244,210 $ 538,972 $ 3,431,428 The following table presents total assets by geographical area (in thousands): June 30, 2016 December 31, 2015 United States $ 2,837,201 $ 2,575,746 Canada 850,355 851,949 Other foreign 4,825 3,733 Total $ 3,692,381 $ 3,431,428 |
GUARANTOR AND NON-GUARANTOR SUB
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION | 6 Months Ended |
Jun. 30, 2016 | |
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 the 2021 Notes are guaranteed by substantially all of the Company's subsidiaries organized in the United States (the "U.S. Guarantor Subsidiaries"). Each U.S. Guarantor Subsidiary is a 100% owned subsidiary of Clean Harbors, Inc. ("Parent") and its guarantee is both full and unconditional and joint and several. The guarantees, are however, subject to customary release provisions under which, in particular, the guarantee of any U.S. Guarantor Subsidiary will be released if we sell such subsidiary to an unrelated third party in accordance with the terms of the indenture which governs the notes. The 2020 Notes and the 2021 Notes are not guaranteed by Parent's Canadian or other foreign subsidiaries (the "Foreign Non-Guarantor Subsidiaries"). The following presents supplemental condensed consolidating financial information for Parent, the U.S. Guarantor Subsidiaries and the Foreign Non-Guarantor Subsidiaries, respectively. As discussed further in Note 10, “Financing Arrangements,” to our consolidated financial statements included herein, on March 14, 2016, Parent issued through a private placement, $ 250.0 million aggregate principal amount as additional notes under the 2021 Notes. In connection with this offering the proceeds were then transferred to the US Guarantor Subsidiaries and are reflected as an investment of Parent in the U.S. Guarantor Subsidiaries for the period ending June 30, 2016. Following is the condensed consolidating balance sheet at June 30, 2016 (in thousands): Clean Harbors, Inc. U.S. Guarantor Subsidiaries Foreign Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets: Cash and cash equivalents $ 51,291 $ 224,493 $ 77,139 $ — $ 352,923 Intercompany receivables 181,741 302,354 30,741 (514,836 ) — Accounts receivable, net — 407,601 96,148 — 503,749 Other current assets 378 198,612 63,472 — 262,462 Property, plant and equipment, net — 1,138,285 456,702 — 1,594,987 Investments in subsidiaries 2,833,394 514,708 — (3,348,102 ) — Intercompany debt receivable — 277,623 3,701 (281,324 ) — Goodwill — 369,978 91,513 — 461,491 Permits and other intangibles, net — 423,932 68,292 — 492,224 Other long-term assets 1,412 9,559 13,574 — 24,545 Total assets $ 3,068,216 $ 3,867,145 $ 901,282 $ (4,144,262 ) $ 3,692,381 Liabilities and Stockholders’ Equity: Current liabilities $ 21,852 $ 427,367 $ 71,202 $ — $ 520,421 Intercompany payables 294,439 217,430 2,967 (514,836 ) — Closure, post-closure and remedial liabilities, net — 150,182 15,252 — 165,434 Long-term obligations 1,631,881 — — — 1,631,881 Intercompany debt payable 3,701 — 277,623 (281,324 ) — Other long-term liabilities — 238,772 19,530 — 258,302 Total liabilities 1,951,873 1,033,751 386,574 (796,160 ) 2,576,038 Stockholders’ equity 1,116,343 2,833,394 514,708 (3,348,102 ) 1,116,343 Total liabilities and stockholders’ equity $ 3,068,216 $ 3,867,145 $ 901,282 $ (4,144,262 ) $ 3,692,381 Following is the condensed consolidating balance sheet at December 31, 2015 (in thousands): Clean Harbors, Inc. U.S. Guarantor Subsidiaries Foreign Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets: Cash and cash equivalents $ 11,017 $ 83,479 $ 90,212 $ — $ 184,708 Intercompany receivables 164,709 213,243 39,804 (417,756 ) — Accounts receivables, net — 404,580 91,424 — 496,004 Other current assets — 179,969 60,515 — 240,484 Property, plant and equipment, net — 1,082,466 450,001 — 1,532,467 Investments in subsidiaries 2,547,307 522,067 — (3,069,374 ) — Intercompany debt receivable — 260,957 3,701 (264,658 ) — Goodwill — 367,306 85,799 — 453,105 Permits and other intangibles, net — 435,080 71,738 — 506,818 Other long-term assets 1,068 10,274 6,500 — 17,842 Total assets $ 2,724,101 $ 3,559,421 $ 899,694 $ (3,751,788 ) $ 3,431,428 Liabilities and Stockholders’ Equity: Current liabilities $ 20,813 $ 424,588 $ 71,719 $ — $ 517,120 Intercompany payables 220,762 195,287 1,707 (417,756 ) — Closure, post-closure and remedial liabilities, net — 153,190 14,656 — 167,846 Long-term obligations 1,382,543 — — — 1,382,543 Intercompany debt payable 3,701 — 260,957 (264,658 ) — Other long-term liabilities — 239,049 28,588 — 267,637 Total liabilities 1,627,819 1,012,114 377,627 (682,414 ) 2,335,146 Stockholders’ equity 1,096,282 2,547,307 522,067 (3,069,374 ) 1,096,282 Total liabilities and stockholders’ equity $ 2,724,101 $ 3,559,421 $ 899,694 $ (3,751,788 ) $ 3,431,428 Following is the consolidating statement of operations for the three months ended June 30, 2016 (in thousands): Clean Harbors, Inc. U.S. Guarantor Subsidiaries Foreign Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues Service revenues $ — $ 456,013 $ 139,413 $ (10,864 ) $ 584,562 Product revenues — 95,648 19,391 (2,091 ) 112,948 Total revenues — 551,661 158,804 (12,955 ) 697,510 Cost of revenues (exclusive of items shown separately below) Service cost of revenues (587 ) 292,343 107,792 (10,864 ) 388,684 Product cost of revenues — 79,108 14,301 (2,091 ) 91,318 Total cost of revenues (587 ) 371,451 122,093 (12,955 ) 480,002 Selling, general and administrative expenses 37 83,882 23,144 — 107,063 Accretion of environmental liabilities — 2,313 235 — 2,548 Depreciation and amortization — 50,696 22,697 — 73,393 Income (loss) from operations 550 43,319 (9,365 ) — 34,504 Other expense (income) — 400 (589 ) — (189 ) Interest (expense) income (22,962 ) 1,284 31 — (21,647 ) Equity in earnings of subsidiaries, net of taxes 17,413 (9,195 ) — (8,218 ) — Intercompany interest income (expense) — 5,497 (5,497 ) — — (Loss) income before (benefit) provision for income taxes (4,999 ) 41,305 (15,420 ) (8,218 ) 12,668 (Benefit) provision for income taxes (8,965 ) 23,892 (6,225 ) — 8,702 Net income (loss) 3,966 17,413 (9,195 ) (8,218 ) 3,966 Other comprehensive loss (1,178 ) (1,178 ) (597 ) 1,775 (1,178 ) Comprehensive income (loss) $ 2,788 $ 16,235 $ (9,792 ) $ (6,443 ) $ 2,788 Following is the consolidating statement of operations for the three months ended June 30, 2015 (in thousands): Clean Harbors, Inc. U.S. Guarantor Subsidiaries Foreign Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues Service revenues $ — $ 628,408 $ 190,657 $ (17,718 ) $ 801,347 Product revenues — 115,335 22,444 (2,898 ) 134,881 Total revenues — 743,743 213,101 (20,616 ) 936,228 Cost of revenues (exclusive of items shown separately below) Service cost of revenues — 415,111 147,477 (17,718 ) 544,870 Product cost of revenues — 98,258 12,458 (2,898 ) 107,818 Total cost of revenues — 513,369 159,935 (20,616 ) 652,688 Selling, general and administrative expenses 25 93,677 26,716 — 120,418 Accretion of environmental liabilities — 2,287 312 — 2,599 Depreciation and amortization — 44,602 23,171 — 67,773 Goodwill impairment charge — 4,164 27,828 — 31,992 (Loss) income from operations (25 ) 85,644 (24,861 ) — 60,758 Other income (expense) — 168 (828 ) — (660 ) Interest (expense) income (19,652 ) 324 79 — (19,249 ) Equity in earnings of subsidiaries, net of taxes 22,201 (29,550 ) — 7,349 — Intercompany interest income (expense) — 6,036 (6,036 ) — — Income (loss) before (benefit) provision for income taxes 2,524 62,622 (31,646 ) 7,349 40,849 (Benefit) provision for income taxes (7,871 ) 40,421 (2,096 ) — 30,454 Net income (loss) 10,395 22,201 (29,550 ) 7,349 10,395 Other comprehensive income 12,231 12,231 8,061 (20,292 ) 12,231 Comprehensive income (loss) $ 22,626 $ 34,432 $ (21,489 ) $ (12,943 ) $ 22,626 Following is the consolidating statement of operations for the six months ended June 30, 2016 (in thousands): Clean Harbors, Inc. U.S. Guarantor Subsidiaries Foreign Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues Service revenues $ — $ 884,490 $ 253,436 $ (23,133 ) $ 1,114,793 Product revenues — 185,236 38,104 (4,540 ) 218,800 Total revenues — 1,069,726 291,540 (27,673 ) 1,333,593 Cost of revenues (exclusive of items shown separately below) Service cost of revenues (587 ) 575,307 211,083 (23,133 ) 762,670 Product cost of revenues — 158,462 27,689 (4,540 ) 181,611 Total cost of revenues (587 ) 733,769 238,772 (27,673 ) 944,281 Selling, general and administrative expenses 61 164,537 46,949 — 211,547 Accretion of environmental liabilities — 4,603 450 — 5,053 Depreciation and amortization — 99,391 42,904 — 142,295 Income (loss) from operations 526 67,426 (37,535 ) — 30,417 Other income (expense) — 312 (851 ) — (539 ) Interest (expense) income (43,105 ) 2,395 83 — (40,627 ) Equity in earnings of subsidiaries, net of taxes 8,642 (35,690 ) — 27,048 — Intercompany interest income (expense) — 10,656 (10,656 ) — — (Loss) income before (benefit) provision for income taxes (33,937 ) 45,099 (48,959 ) 27,048 (10,749 ) (Benefit) provision for income taxes (17,032 ) 36,457 (13,269 ) — 6,156 Net (loss) income (16,905 ) 8,642 (35,690 ) 27,048 (16,905 ) Other comprehensive gain 44,659 44,659 28,330 (72,989 ) 44,659 Comprehensive gain (loss) $ 27,754 $ 53,301 $ (7,360 ) $ (45,941 ) $ 27,754 Following is the consolidating statement of operations for the six months ended June 30, 2015 (in thousands): Clean Harbors, Inc. U.S. Guarantor Subsidiaries Foreign Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues Service revenues $ — $ 1,046,925 $ 384,110 $ (33,358 ) $ 1,397,677 Product revenues — 231,871 45,648 (6,469 ) 271,050 Total revenues — 1,278,796 429,758 (39,827 ) 1,668,727 Cost of revenues (exclusive of items shown separately below) Service cost of revenues — 692,713 301,905 (33,358 ) 961,260 Product cost of revenues — 213,544 30,860 (6,469 ) 237,935 Total cost of revenues — 906,257 332,765 (39,827 ) 1,199,195 Selling, general and administrative expenses 50 174,661 53,422 — 228,133 Accretion of environmental liabilities — 4,593 625 — 5,218 Depreciation and amortization — 90,403 45,726 — 136,129 Goodwill impairment charge — 4,164 27,828 — 31,992 (Loss) income from operations (50 ) 98,718 (30,608 ) — 68,060 Other income (expense) — 279 (530 ) — (251 ) Interest (expense) income (39,291 ) 502 102 — (38,687 ) Equity in earnings of subsidiaries, net of taxes 26,910 (36,579 ) — 9,669 — Intercompany interest income (expense) — 12,013 (12,013 ) — — (Loss) income before (benefit) provision for income taxes (12,431 ) 74,933 (43,049 ) 9,669 29,122 (Benefit) provision for income taxes (15,737 ) 48,023 (6,470 ) — 25,816 Net income (loss) 3,306 26,910 (36,579 ) 9,669 3,306 Other comprehensive loss (65,172 ) (65,172 ) (42,574 ) 107,746 (65,172 ) Comprehensive loss $ (61,866 ) $ (38,262 ) $ (79,153 ) $ 117,415 $ (61,866 ) Following is the condensed consolidating statement of cash flows for the six months ended June 30, 2016 (in thousands): Clean Harbors, Inc. U.S. Guarantor Subsidiaries Foreign Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash from (used in) operating activities $ 42,990 $ 65,860 $ 11,201 $ — $ 120,051 Cash flows used in investing activities: Additions to property, plant and equipment — (105,175 ) (18,354 ) — (123,529 ) Proceeds from sales of fixed assets — 694 1,974 — 2,668 Acquisitions, net of cash acquired — (48,989 ) (10,000 ) — (58,989 ) Costs to obtain or renew permits — (908 ) (65 ) — (973 ) Purchase of available-for-sale securities (102 ) — (496 ) — (598 ) Investment in subsidiaries (250,625 ) — — 250,625 — Intercompany — (11,827 ) — 11,827 — Net cash used in investing activities (250,727 ) (166,205 ) (26,941 ) 262,452 (181,421 ) Cash flows from (used in) financing activities: Change in uncashed checks — (9,266 ) (1,756 ) — (11,022 ) Exercise of stock options 184 — — — 184 Issuance of restricted shares, net of shares remitted (1,879 ) — — — (1,879 ) Repurchases of common stock (10,134 ) — — — (10,134 ) Excess tax benefit of stock-based compensation 2 — — — 2 Deferred financing costs paid (2,614 ) — — — (2,614 ) Issuance of senior secured notes, including premium 250,625 250,625 — (250,625 ) 250,625 Intercompany 11,827 — — (11,827 ) — Net cash from (used in) financing activities 248,011 241,359 (1,756 ) (262,452 ) 225,162 Effect of exchange rate change on cash — — 4,423 — 4,423 Increase (decrease) in cash and cash equivalents 40,274 141,014 (13,073 ) — 168,215 Cash and cash equivalents, beginning of period 11,017 83,479 90,212 — 184,708 Cash and cash equivalents, end of period $ 51,291 $ 224,493 $ 77,139 $ — $ 352,923 Following is the condensed consolidating statement of cash flows for the six months ended June 30, 2015 (in thousands): Clean Harbors, Inc. U.S. Guarantor Subsidiaries Foreign Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash from operating activities $ 4,913 $ 158,241 $ 30,661 $ — $ 193,815 Cash flows used in investing activities: Additions to property, plant and equipment — (104,068 ) (20,077 ) — (124,145 ) Proceeds from sale of fixed assets — 368 2,278 — 2,646 Acquisitions, net of cash acquired — (79,610 ) — — (79,610 ) Costs to obtain or renew permits — (4 ) (3,084 ) — (3,088 ) Intercompany — (31,830 ) — 31,830 — Net cash used in investing activities — (215,144 ) (20,883 ) 31,830 (204,197 ) Cash flows used in financing activities: Change in uncashed checks — (16,474 ) (5,686 ) — (22,160 ) Proceeds from exercise of stock options 397 — — — 397 Issuance of restricted shares, net of shares remitted (1,837 ) — — — (1,837 ) Repurchases of common stock (32,203 ) — — — (32,203 ) Excess tax benefit of stock-based compensation 102 — — — 102 Payments of capital leases — (193 ) (278 ) — (471 ) Intercompany 31,830 — — (31,830 ) — Net cash used in financing activities (1,711 ) (16,667 ) (5,964 ) (31,830 ) (56,172 ) Effect of exchange rate change on cash — — (6,704 ) — (6,704 ) Decrease in cash and cash equivalents 3,202 (73,570 ) (2,890 ) — (73,258 ) Cash and cash equivalents, beginning of period 1,006 154,147 91,726 — 246,879 Cash and cash equivalents, end of period $ 4,208 $ 80,577 $ 88,836 $ — $ 173,621 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS During July 2016, the Company completed two acquisitions as follows: i. A privately owned company with operations primarily in the northwest region of the United States which specializes in recycling and waste management as well as operating an oil re-refinery. This site operates with a Part B permit and will be integrated across the Technical Services, Industrial and Field Services, Kleen Performance Products and SK Environmental Services segments of Clean Harbors. ii. A privately owned operating facility located in southern California which will expand the Company’s capabilities for the storage and handling of used oils and other waste. This site operates with a Part B permit and will be integrated into the SK Environmental segment of Clean Harbors. These acquisitions expand the Company's geographic footprint and presence on the west coast of the United States while also increasing capabilities across its waste network and supporting growth initiatives in the SK Environmental and Kleen Performance Products segments. The aggregate purchase price of these acquisitions was approximately $101.0 million paid in cash and subject to customary post-closing adjustments. During July 2016, the Company also entered into purchase and sale agreements for three potential acquisitions for an aggregate purchase price of approximately $50.0 million . These acquisitions are expected to be completed in August of 2016. These acquisitions will be integrated across the Kleen Performance Products and SK Environmental Services segments of Clean Harbors. On August 2, 2016 the Company entered into an agreement to sell a non-core line of business within its Industrial and Field Services segment. Proceeds are expected to be approximately $50.0 million with the sale expected to be completed during the third quarter of 2016. |
SIGNIFICANT ACCOUNTING POLICI28
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Standards implemented In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2015-02, Consolidation (Topic 810) . The amendment provides guidance regarding amendments to the consolidation analysis. The adoption of ASU 2015-02 as of January 1, 2016 did not have an impact on the Company's consolidated financial statements. In September 2015, FASB issued ASU 2015-16, Business Combinations (Topic 805) . The amendment provides guidance to simplify the accounting for adjustments made to provisional amounts recognized in a business combination. This amendment eliminates the requirement to retrospectively account for those adjustments. ASU 2015-16 should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this update. The adoption of ASU 2015-16 as of January 1, 2016 did not have an impact on the Company's consolidated financial statements. Standards to be implemented The Company is currently evaluating the impact that the below standards to be implemented will have on the Company's consolidated financial statements. In February 2016, FASB issued ASU 2016-02, Leases (Topic 842) . The amendment increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 should be applied using a modified retrospective approach and early adoption is permitted. The amendments in this update are effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2018. In March 2016, FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606) . ASU 2016-08 reduces the potential for diversity in practice arising from inconsistent application of the principal versus agent guidance, as well as the cost and complexity of applying Topic 606 both at transition and on an ongoing basis. The effective date and transition requirements for the amendments in this update are the same as the effective date and transition requirements of Update 2014-09, Revenue from Contracts with Customers (Topic 606) . In March 2016, FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718) . The amendment simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 allows for retrospective or prospective application and early adoption is permitted. The amendments in this update are effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. In April 2016, FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606) . ASU 2016-10 reduces the potential for diversity in initial application, as well as the cost and complexity of applying Topic 606 both at transition and on an ongoing basis. The effective date and transition requirements for the amendments in this update are the same as the effective date and transition requirements of Update 2014-09, Revenue from Contracts with Customers (Topic 606) . In May 2016, FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606) . ASU 2016-12 provided narrow scope improvements and practical expedients on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. The effective date and transition requirements for the amendments in this update are the same as the effective date and transition requirements of Update 2014-09, Revenue from Contracts with Customers (Topic 606) . |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the recognized amounts of assets acquired and liabilities assumed at April 11, 2015 (in thousands): Preliminary Allocations Measurement Period Adjustments Final Allocations Accounts receivable $ 7,109 $ 192 $ 7,301 Inventories and supplies 1,791 — 1,791 Prepaid and other current assets 1,749 (1,084 ) 665 Property, plant and equipment 30,468 (2,827 ) 27,641 Permits and other intangibles 20,000 (1,900 ) 18,100 Current liabilities (5,859 ) (25 ) (5,884 ) Closure and post-closure liabilities (1,676 ) (657 ) (2,333 ) Deferred taxes, unrecognized tax benefits and other long-term liabilities (13,081 ) 3,907 (9,174 ) Total identifiable net assets 40,501 (2,394 ) 38,107 Goodwill 36,591 4,638 41,229 Total $ 77,092 $ 2,244 $ 79,336 The components and preliminary allocation of the purchase price consist of the following amounts (in thousands): At Acquisition Dates Measurement Period Adjustments At Acquisition Dates As Reported Accounts receivable $ 9,186 $ — $ 9,186 Inventories and supplies 9,431 — 9,431 Prepaid and other current assets 433 — 433 Property, plant and equipment 45,781 (1,477 ) 44,304 Permits and other intangibles 1,205 900 2,105 Current liabilities (7,119 ) — (7,119 ) Deferred taxes, unrecognized tax benefits and other long-term liabilities (548 ) — (548 ) Total identifiable net assets 58,369 (577 ) 57,792 Goodwill 620 577 1,197 Total $ 58,989 $ — $ 58,989 |
INVENTORIES AND SUPPLIES (Table
INVENTORIES AND SUPPLIES (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories and supplies consisted of the following (in thousands): June 30, 2016 December 31, 2015 Oil and oil products $ 46,671 $ 33,603 Supplies and drums 78,168 78,132 Solvent and solutions 8,756 8,868 Modular camp accommodations 15,298 15,126 Other 13,511 13,792 Total inventories and supplies $ 162,404 $ 149,521 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consisted of the following (in thousands): June 30, 2016 December 31, 2015 Land $ 104,533 $ 100,582 Asset retirement costs (non-landfill) 12,187 12,434 Landfill assets 144,540 136,624 Buildings and improvements 354,470 344,209 Camp equipment 158,394 149,361 Vehicles 538,170 500,619 Equipment 1,414,946 1,328,915 Furniture and fixtures 5,528 5,337 Construction in progress 146,199 113,657 2,878,967 2,691,738 Less - accumulated depreciation and amortization 1,283,980 1,159,271 Total property, plant and equipment, net $ 1,594,987 $ 1,532,467 |
GOODWILL AND OTHER INTANGIBLE32
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes to goodwill | The changes in goodwill for the six months ended June 30, 2016 were as follows (in thousands): Technical Services Industrial & Field Services Kleen Performance Products SK Environmental Services Lodging Services Oil and Gas Field Services Totals Balance at January 1, 2016 $ 49,267 $ 105,286 $ 49,755 $ 216,589 $ 32,208 $ — $ 453,105 Acquired from acquisitions — — 1,197 — — — 1,197 Measurement period adjustment from prior acquisitions — — — 2,095 — — 2,095 Foreign currency translation and other (579 ) 1,319 157 2,140 2,057 — 5,094 Balance at June 30, 2016 $ 48,688 $ 106,605 $ 51,109 $ 220,824 $ 34,265 $ — $ 461,491 |
Summary of amortizable other intangible assets | As of June 30, 2016 and December 31, 2015 , the Company's finite-lived and indefinite-lived intangible assets consisted of the following (in thousands): June 30, 2016 December 31, 2015 Cost Accumulated Net Weighted Cost Accumulated Net Weighted Permits $ 162,611 $ 64,533 $ 98,078 20.7 $ 161,396 $ 61,142 $ 100,254 19.0 Customer and supplier relationships 379,236 115,500 263,736 9.5 374,866 99,463 275,403 10.1 Other intangible assets 33,984 26,517 7,467 1.2 31,416 22,581 8,835 1.5 Total amortizable permits and other intangible assets 575,831 206,550 369,281 9.3 567,678 183,186 384,492 10.0 Trademarks and trade names 122,943 — 122,943 Indefinite 122,326 — 122,326 Indefinite Total permits and other intangible assets $ 698,774 $ 206,550 $ 492,224 $ 690,004 $ 183,186 $ 506,818 |
Schedule of expected amortization for the net carrying amount of finite lived intangible assets | The expected amortization of the net carrying amount of finite-lived intangible assets at June 30, 2016 was as follows (in thousands): Years Ending December 31, Expected Amortization 2016 (six months) $ 19,941 2017 35,033 2018 31,795 2019 28,897 2020 26,277 Thereafter 227,338 $ 369,281 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
Accrued expenses | Accrued expenses consisted of the following at June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 December 31, 2015 Insurance $ 57,273 $ 55,899 Interest 21,587 20,500 Accrued compensation and benefits 50,275 35,646 Income, real estate, sales and other taxes 39,623 37,095 Other 35,055 44,520 $ 203,813 $ 193,660 |
CLOSURE AND POST-CLOSURE LIAB34
CLOSURE AND POST-CLOSURE LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of closure and post-closure liabilities | The changes to closure and post-closure liabilities (also referred to as “asset retirement obligations”) from January 1, 2016 through June 30, 2016 were as follows (in thousands): Landfill Non-Landfill Total Balance at January 1, 2016 $ 32,023 $ 24,226 $ 56,249 Adjustments during the measurement period related to acquisitions — 657 657 New asset retirement obligations 1,263 — 1,263 Accretion 1,384 1,150 2,534 Changes in estimates recorded to statement of operations (597 ) (91 ) (688 ) Expenditures (475 ) (570 ) (1,045 ) Currency translation and other 152 64 216 Balance at June 30, 2016 $ 33,750 $ 25,436 $ 59,186 |
REMEDIAL LIABILITIES (Tables)
REMEDIAL LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Environmental Remediation Obligations [Abstract] | |
Changes to remedial liabilities | The changes to remedial liabilities for the six months ended June 30, 2016 were as follows (in thousands): Remedial Liabilities for Landfill Sites Remedial Liabilities for Inactive Sites Remedial Liabilities (Including Superfund) for Non-Landfill Operations Total Balance at January 1, 2016 $ 2,327 $ 63,613 $ 66,052 $ 131,992 Accretion 54 1,364 1,101 2,519 Changes in estimates recorded to statement of operations 70 (116 ) 419 373 Expenditures (61 ) (2,092 ) (3,256 ) (5,409 ) Currency translation and other — 52 764 816 Balance at June 30, 2016 $ 2,390 $ 62,821 $ 65,080 $ 130,291 |
FINANCING ARRANGEMENTS (Tables)
FINANCING ARRANGEMENTS (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Summary of the entity's financial arrangements | The following table is a summary of the Company’s financing arrangements (in thousands): June 30, 2016 December 31, 2015 Senior unsecured notes, at 5.25%, due August 1, 2020 ("2020 Notes") $ 800,000 $ 800,000 Senior unsecured notes, at 5.125%, due June 1, 2021 ("2021 Notes") 845,000 595,000 Long-term obligations, at par $ 1,645,000 $ 1,395,000 Unamortized debt issuance costs and premium, net (13,119 ) (12,457 ) Long-term obligations, at carrying value $ 1,631,881 $ 1,382,543 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of basic and diluted earnings per share computations | The following are computations of basic and diluted loss per share (in thousands except for per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Numerator for basic and diluted earnings per share: Net income (loss) $ 3,966 $ 10,395 $ (16,905 ) $ 3,306 Denominator: Basic shares outstanding 57,549 58,590 57,599 58,732 Dilutive effect of equity-based compensation awards 129 120 — 100 Dilutive shares outstanding 57,678 58,710 57,599 58,832 Basic earnings (loss) per share: $ 0.07 $ 0.18 $ (0.29 ) $ 0.06 Diluted earnings (loss) per share: $ 0.07 $ 0.18 $ (0.29 ) $ 0.06 |
ACCUMULATED OTHER COMPREHENSI38
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive loss | The changes in accumulated other comprehensive loss by component and related tax effects for the six months ended June 30, 2016 were as follows (in thousands): Foreign Currency Translation Unfunded Pension Liability Total Balance at January 1, 2016 $ (252,939 ) $ (1,953 ) $ (254,892 ) Other comprehensive income before reclassifications 44,659 — 44,659 Other comprehensive income $ 44,659 $ — $ 44,659 Balance at June 30, 2016 $ (208,280 ) $ (1,953 ) $ (210,233 ) |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 information about restricted stock awards for the six months ended June 30, 2016 : Restricted Stock Number of Shares Weighted Average Grant-Date Fair Value Balance at January 1, 2016 362,618 $ 55.79 Granted 299,967 $ 51.02 Vested (128,895 ) $ 55.18 Forfeited (16,785 ) $ 57.22 Balance at June 30, 2016 516,905 $ 53.12 |
Summary of performance stock awards | The following table summarizes information about performance stock awards for the six months ended June 30, 2016 : Performance Stock Number of Shares Weighted Average Grant-Date Fair Value Balance at January 1, 2016 187,274 $ 57.13 Granted 204,602 $ 54.30 Vested (8,420 ) $ 61.90 Forfeited (13,676 ) $ 57.23 Balance at June 30, 2016 369,780 $ 55.45 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 six months ended June 30, 2016 and 2015 (in thousands): For the Three Months Ended June 30, 2016 For the Three Months Ended June 30, 2015 Third party revenues Intersegment revenues, net Corporate Items, net Direct revenues Third party revenues Intersegment revenues, net Corporate Items, net Direct revenues Technical Services $ 229,130 $ 35,578 $ 667 $ 265,375 $ 248,025 $ 38,314 $ 1,083 $ 287,422 Industrial and Field Services 153,851 (9,055 ) (286 ) 144,510 353,329 (11,230 ) (401 ) 341,698 Kleen Performance Products 86,711 (7,600 ) — 79,111 99,104 (21,428 ) (1 ) 77,675 SK Environmental Services 191,004 (21,492 ) 1 169,513 175,876 (8,802 ) 3 167,077 Lodging Services 16,418 137 14 16,569 21,171 992 80 22,243 Oil and Gas Field Services 19,232 2,432 48 21,712 38,617 2,154 40 40,811 Corporate Items 1,164 — (444 ) 720 106 — (804 ) (698 ) Total $ 697,510 $ — $ — $ 697,510 $ 936,228 $ — $ — $ 936,228 For the Six Months Ended June 30, 2016 For the Six Months Ended June 30, 2015 Third party revenues Intersegment revenues, net Corporate Items, net Direct revenues Third party revenues Intersegment revenues, net Corporate Items, net Direct revenues Technical Services $ 448,235 $ 70,422 $ 1,055 $ 519,712 $ 488,350 $ 73,218 $ 2,380 $ 563,948 Industrial and Field Services 275,428 (16,521 ) (303 ) 258,604 500,197 (17,791 ) (323 ) 482,083 Kleen Performance Products 154,254 (17,007 ) (1 ) 137,246 195,911 (39,685 ) (2 ) 156,224 SK Environmental Services 370,422 (40,606 ) 368 330,184 336,560 (20,384 ) 3 316,179 Lodging Services 32,063 401 35 32,499 55,275 1,156 97 56,528 Oil and Gas Field Services 51,248 3,311 135 54,694 92,204 3,486 49 95,739 Corporate Items 1,943 — (1,289 ) 654 230 — (2,204 ) (1,974 ) Total $ 1,333,593 $ — $ — $ 1,333,593 $ 1,668,727 $ — $ — $ 1,668,727 |
Reconciliation to consolidated statements of income to adjusted EBITDA | The following table presents Adjusted EBITDA information used by management by reported segment (in thousands). The Company does not allocate interest expense, income taxes, depreciation, amortization, accretion of environmental liabilities, other non-cash charges not deemed representative of fundamental segment results, and other expense (income) to its segments. For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 Adjusted EBITDA: Technical Services $ 68,891 $ 76,808 $ 129,289 $ 140,209 Industrial and Field Services 19,946 73,081 22,064 83,390 Kleen Performance Products 9,995 15,824 14,555 11,348 SK Environmental Services 45,239 41,195 80,734 68,444 Lodging Services 3,022 3,852 4,041 10,762 Oil and Gas Field Services (4,207 ) (2,182 ) (5,601 ) (779 ) Corporate Items (32,441 ) (45,456 ) (67,317 ) (71,975 ) Total $ 110,445 $ 163,122 $ 177,765 $ 241,399 Reconciliation to Consolidated Statements of Operations: Accretion of environmental liabilities 2,548 2,599 5,053 5,218 Depreciation and amortization 73,393 67,773 142,295 136,129 Goodwill impairment charge — 31,992 — 31,992 Income from operations 34,504 60,758 30,417 68,060 Other expense 189 660 539 251 Interest expense, net of interest income 21,647 19,249 40,627 38,687 Income (loss) before provision for income taxes $ 12,668 $ 40,849 $ (10,749 ) $ 29,122 |
PP&E, intangible assets and total assets by segment | The following table presents certain assets by reportable segment and in the aggregate (in thousands): June 30, 2016 Technical Industrial and Field Kleen Performance Products SK Environmental Services Lodging Services Oil and Gas Field Corporate Totals Property, plant and equipment, net $ 507,996 $ 231,334 $ 211,082 $ 302,260 $ 104,386 $ 146,423 $ 91,506 $ 1,594,987 Goodwill 48,688 106,605 51,109 220,824 34,265 — — 461,491 Permits and other intangibles, net 69,683 13,587 139,867 251,087 6,495 11,505 — 492,224 Total assets $ 823,881 $ 375,796 $ 520,943 $ 852,082 $ 181,031 $ 235,775 $ 702,873 $ 3,692,381 December 31, 2015 Technical Industrial and Field Kleen Performance Products SK Environmental Services Lodging Services Oil and Gas Field Corporate Totals Property, plant and equipment, net $ 483,425 $ 237,660 $ 193,855 $ 264,539 $ 105,208 $ 156,286 $ 91,494 $ 1,532,467 Goodwill 49,267 105,286 49,755 216,589 32,208 — — 453,105 Permits and other intangibles, net 73,601 14,649 140,410 256,251 7,045 14,862 — 506,818 Total assets $ 800,060 $ 368,858 $ 492,483 $ 805,488 $ 181,357 $ 244,210 $ 538,972 $ 3,431,428 |
Total assets by geographical area | The following table presents total assets by geographical area (in thousands): June 30, 2016 December 31, 2015 United States $ 2,837,201 $ 2,575,746 Canada 850,355 851,949 Other foreign 4,825 3,733 Total $ 3,692,381 $ 3,431,428 |
GUARANTOR AND NON-GUARANTOR S41
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Guarantor and Non-Guarantor Subsidiaries Financial Information [Abstract] | |
Schedule of condensed consolidating balance sheet | Following is the condensed consolidating balance sheet at June 30, 2016 (in thousands): Clean Harbors, Inc. U.S. Guarantor Subsidiaries Foreign Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets: Cash and cash equivalents $ 51,291 $ 224,493 $ 77,139 $ — $ 352,923 Intercompany receivables 181,741 302,354 30,741 (514,836 ) — Accounts receivable, net — 407,601 96,148 — 503,749 Other current assets 378 198,612 63,472 — 262,462 Property, plant and equipment, net — 1,138,285 456,702 — 1,594,987 Investments in subsidiaries 2,833,394 514,708 — (3,348,102 ) — Intercompany debt receivable — 277,623 3,701 (281,324 ) — Goodwill — 369,978 91,513 — 461,491 Permits and other intangibles, net — 423,932 68,292 — 492,224 Other long-term assets 1,412 9,559 13,574 — 24,545 Total assets $ 3,068,216 $ 3,867,145 $ 901,282 $ (4,144,262 ) $ 3,692,381 Liabilities and Stockholders’ Equity: Current liabilities $ 21,852 $ 427,367 $ 71,202 $ — $ 520,421 Intercompany payables 294,439 217,430 2,967 (514,836 ) — Closure, post-closure and remedial liabilities, net — 150,182 15,252 — 165,434 Long-term obligations 1,631,881 — — — 1,631,881 Intercompany debt payable 3,701 — 277,623 (281,324 ) — Other long-term liabilities — 238,772 19,530 — 258,302 Total liabilities 1,951,873 1,033,751 386,574 (796,160 ) 2,576,038 Stockholders’ equity 1,116,343 2,833,394 514,708 (3,348,102 ) 1,116,343 Total liabilities and stockholders’ equity $ 3,068,216 $ 3,867,145 $ 901,282 $ (4,144,262 ) $ 3,692,381 Following is the condensed consolidating balance sheet at December 31, 2015 (in thousands): Clean Harbors, Inc. U.S. Guarantor Subsidiaries Foreign Non-Guarantor Subsidiaries Consolidating Adjustments Total Assets: Cash and cash equivalents $ 11,017 $ 83,479 $ 90,212 $ — $ 184,708 Intercompany receivables 164,709 213,243 39,804 (417,756 ) — Accounts receivables, net — 404,580 91,424 — 496,004 Other current assets — 179,969 60,515 — 240,484 Property, plant and equipment, net — 1,082,466 450,001 — 1,532,467 Investments in subsidiaries 2,547,307 522,067 — (3,069,374 ) — Intercompany debt receivable — 260,957 3,701 (264,658 ) — Goodwill — 367,306 85,799 — 453,105 Permits and other intangibles, net — 435,080 71,738 — 506,818 Other long-term assets 1,068 10,274 6,500 — 17,842 Total assets $ 2,724,101 $ 3,559,421 $ 899,694 $ (3,751,788 ) $ 3,431,428 Liabilities and Stockholders’ Equity: Current liabilities $ 20,813 $ 424,588 $ 71,719 $ — $ 517,120 Intercompany payables 220,762 195,287 1,707 (417,756 ) — Closure, post-closure and remedial liabilities, net — 153,190 14,656 — 167,846 Long-term obligations 1,382,543 — — — 1,382,543 Intercompany debt payable 3,701 — 260,957 (264,658 ) — Other long-term liabilities — 239,049 28,588 — 267,637 Total liabilities 1,627,819 1,012,114 377,627 (682,414 ) 2,335,146 Stockholders’ equity 1,096,282 2,547,307 522,067 (3,069,374 ) 1,096,282 Total liabilities and stockholders’ equity $ 2,724,101 $ 3,559,421 $ 899,694 $ (3,751,788 ) $ 3,431,428 |
Schedule of condensed consolidating statement of income | Following is the consolidating statement of operations for the three months ended June 30, 2016 (in thousands): Clean Harbors, Inc. U.S. Guarantor Subsidiaries Foreign Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues Service revenues $ — $ 456,013 $ 139,413 $ (10,864 ) $ 584,562 Product revenues — 95,648 19,391 (2,091 ) 112,948 Total revenues — 551,661 158,804 (12,955 ) 697,510 Cost of revenues (exclusive of items shown separately below) Service cost of revenues (587 ) 292,343 107,792 (10,864 ) 388,684 Product cost of revenues — 79,108 14,301 (2,091 ) 91,318 Total cost of revenues (587 ) 371,451 122,093 (12,955 ) 480,002 Selling, general and administrative expenses 37 83,882 23,144 — 107,063 Accretion of environmental liabilities — 2,313 235 — 2,548 Depreciation and amortization — 50,696 22,697 — 73,393 Income (loss) from operations 550 43,319 (9,365 ) — 34,504 Other expense (income) — 400 (589 ) — (189 ) Interest (expense) income (22,962 ) 1,284 31 — (21,647 ) Equity in earnings of subsidiaries, net of taxes 17,413 (9,195 ) — (8,218 ) — Intercompany interest income (expense) — 5,497 (5,497 ) — — (Loss) income before (benefit) provision for income taxes (4,999 ) 41,305 (15,420 ) (8,218 ) 12,668 (Benefit) provision for income taxes (8,965 ) 23,892 (6,225 ) — 8,702 Net income (loss) 3,966 17,413 (9,195 ) (8,218 ) 3,966 Other comprehensive loss (1,178 ) (1,178 ) (597 ) 1,775 (1,178 ) Comprehensive income (loss) $ 2,788 $ 16,235 $ (9,792 ) $ (6,443 ) $ 2,788 Following is the consolidating statement of operations for the three months ended June 30, 2015 (in thousands): Clean Harbors, Inc. U.S. Guarantor Subsidiaries Foreign Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues Service revenues $ — $ 628,408 $ 190,657 $ (17,718 ) $ 801,347 Product revenues — 115,335 22,444 (2,898 ) 134,881 Total revenues — 743,743 213,101 (20,616 ) 936,228 Cost of revenues (exclusive of items shown separately below) Service cost of revenues — 415,111 147,477 (17,718 ) 544,870 Product cost of revenues — 98,258 12,458 (2,898 ) 107,818 Total cost of revenues — 513,369 159,935 (20,616 ) 652,688 Selling, general and administrative expenses 25 93,677 26,716 — 120,418 Accretion of environmental liabilities — 2,287 312 — 2,599 Depreciation and amortization — 44,602 23,171 — 67,773 Goodwill impairment charge — 4,164 27,828 — 31,992 (Loss) income from operations (25 ) 85,644 (24,861 ) — 60,758 Other income (expense) — 168 (828 ) — (660 ) Interest (expense) income (19,652 ) 324 79 — (19,249 ) Equity in earnings of subsidiaries, net of taxes 22,201 (29,550 ) — 7,349 — Intercompany interest income (expense) — 6,036 (6,036 ) — — Income (loss) before (benefit) provision for income taxes 2,524 62,622 (31,646 ) 7,349 40,849 (Benefit) provision for income taxes (7,871 ) 40,421 (2,096 ) — 30,454 Net income (loss) 10,395 22,201 (29,550 ) 7,349 10,395 Other comprehensive income 12,231 12,231 8,061 (20,292 ) 12,231 Comprehensive income (loss) $ 22,626 $ 34,432 $ (21,489 ) $ (12,943 ) $ 22,626 Following is the consolidating statement of operations for the six months ended June 30, 2016 (in thousands): Clean Harbors, Inc. U.S. Guarantor Subsidiaries Foreign Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues Service revenues $ — $ 884,490 $ 253,436 $ (23,133 ) $ 1,114,793 Product revenues — 185,236 38,104 (4,540 ) 218,800 Total revenues — 1,069,726 291,540 (27,673 ) 1,333,593 Cost of revenues (exclusive of items shown separately below) Service cost of revenues (587 ) 575,307 211,083 (23,133 ) 762,670 Product cost of revenues — 158,462 27,689 (4,540 ) 181,611 Total cost of revenues (587 ) 733,769 238,772 (27,673 ) 944,281 Selling, general and administrative expenses 61 164,537 46,949 — 211,547 Accretion of environmental liabilities — 4,603 450 — 5,053 Depreciation and amortization — 99,391 42,904 — 142,295 Income (loss) from operations 526 67,426 (37,535 ) — 30,417 Other income (expense) — 312 (851 ) — (539 ) Interest (expense) income (43,105 ) 2,395 83 — (40,627 ) Equity in earnings of subsidiaries, net of taxes 8,642 (35,690 ) — 27,048 — Intercompany interest income (expense) — 10,656 (10,656 ) — — (Loss) income before (benefit) provision for income taxes (33,937 ) 45,099 (48,959 ) 27,048 (10,749 ) (Benefit) provision for income taxes (17,032 ) 36,457 (13,269 ) — 6,156 Net (loss) income (16,905 ) 8,642 (35,690 ) 27,048 (16,905 ) Other comprehensive gain 44,659 44,659 28,330 (72,989 ) 44,659 Comprehensive gain (loss) $ 27,754 $ 53,301 $ (7,360 ) $ (45,941 ) $ 27,754 Following is the consolidating statement of operations for the six months ended June 30, 2015 (in thousands): Clean Harbors, Inc. U.S. Guarantor Subsidiaries Foreign Non-Guarantor Subsidiaries Consolidating Adjustments Total Revenues Service revenues $ — $ 1,046,925 $ 384,110 $ (33,358 ) $ 1,397,677 Product revenues — 231,871 45,648 (6,469 ) 271,050 Total revenues — 1,278,796 429,758 (39,827 ) 1,668,727 Cost of revenues (exclusive of items shown separately below) Service cost of revenues — 692,713 301,905 (33,358 ) 961,260 Product cost of revenues — 213,544 30,860 (6,469 ) 237,935 Total cost of revenues — 906,257 332,765 (39,827 ) 1,199,195 Selling, general and administrative expenses 50 174,661 53,422 — 228,133 Accretion of environmental liabilities — 4,593 625 — 5,218 Depreciation and amortization — 90,403 45,726 — 136,129 Goodwill impairment charge — 4,164 27,828 — 31,992 (Loss) income from operations (50 ) 98,718 (30,608 ) — 68,060 Other income (expense) — 279 (530 ) — (251 ) Interest (expense) income (39,291 ) 502 102 — (38,687 ) Equity in earnings of subsidiaries, net of taxes 26,910 (36,579 ) — 9,669 — Intercompany interest income (expense) — 12,013 (12,013 ) — — (Loss) income before (benefit) provision for income taxes (12,431 ) 74,933 (43,049 ) 9,669 29,122 (Benefit) provision for income taxes (15,737 ) 48,023 (6,470 ) — 25,816 Net income (loss) 3,306 26,910 (36,579 ) 9,669 3,306 Other comprehensive loss (65,172 ) (65,172 ) (42,574 ) 107,746 (65,172 ) Comprehensive loss $ (61,866 ) $ (38,262 ) $ (79,153 ) $ 117,415 $ (61,866 ) |
Schedule of condensed consolidating statement of cash flows | Following is the condensed consolidating statement of cash flows for the six months ended June 30, 2016 (in thousands): Clean Harbors, Inc. U.S. Guarantor Subsidiaries Foreign Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash from (used in) operating activities $ 42,990 $ 65,860 $ 11,201 $ — $ 120,051 Cash flows used in investing activities: Additions to property, plant and equipment — (105,175 ) (18,354 ) — (123,529 ) Proceeds from sales of fixed assets — 694 1,974 — 2,668 Acquisitions, net of cash acquired — (48,989 ) (10,000 ) — (58,989 ) Costs to obtain or renew permits — (908 ) (65 ) — (973 ) Purchase of available-for-sale securities (102 ) — (496 ) — (598 ) Investment in subsidiaries (250,625 ) — — 250,625 — Intercompany — (11,827 ) — 11,827 — Net cash used in investing activities (250,727 ) (166,205 ) (26,941 ) 262,452 (181,421 ) Cash flows from (used in) financing activities: Change in uncashed checks — (9,266 ) (1,756 ) — (11,022 ) Exercise of stock options 184 — — — 184 Issuance of restricted shares, net of shares remitted (1,879 ) — — — (1,879 ) Repurchases of common stock (10,134 ) — — — (10,134 ) Excess tax benefit of stock-based compensation 2 — — — 2 Deferred financing costs paid (2,614 ) — — — (2,614 ) Issuance of senior secured notes, including premium 250,625 250,625 — (250,625 ) 250,625 Intercompany 11,827 — — (11,827 ) — Net cash from (used in) financing activities 248,011 241,359 (1,756 ) (262,452 ) 225,162 Effect of exchange rate change on cash — — 4,423 — 4,423 Increase (decrease) in cash and cash equivalents 40,274 141,014 (13,073 ) — 168,215 Cash and cash equivalents, beginning of period 11,017 83,479 90,212 — 184,708 Cash and cash equivalents, end of period $ 51,291 $ 224,493 $ 77,139 $ — $ 352,923 Following is the condensed consolidating statement of cash flows for the six months ended June 30, 2015 (in thousands): Clean Harbors, Inc. U.S. Guarantor Subsidiaries Foreign Non-Guarantor Subsidiaries Consolidating Adjustments Total Net cash from operating activities $ 4,913 $ 158,241 $ 30,661 $ — $ 193,815 Cash flows used in investing activities: Additions to property, plant and equipment — (104,068 ) (20,077 ) — (124,145 ) Proceeds from sale of fixed assets — 368 2,278 — 2,646 Acquisitions, net of cash acquired — (79,610 ) — — (79,610 ) Costs to obtain or renew permits — (4 ) (3,084 ) — (3,088 ) Intercompany — (31,830 ) — 31,830 — Net cash used in investing activities — (215,144 ) (20,883 ) 31,830 (204,197 ) Cash flows used in financing activities: Change in uncashed checks — (16,474 ) (5,686 ) — (22,160 ) Proceeds from exercise of stock options 397 — — — 397 Issuance of restricted shares, net of shares remitted (1,837 ) — — — (1,837 ) Repurchases of common stock (32,203 ) — — — (32,203 ) Excess tax benefit of stock-based compensation 102 — — — 102 Payments of capital leases — (193 ) (278 ) — (471 ) Intercompany 31,830 — — (31,830 ) — Net cash used in financing activities (1,711 ) (16,667 ) (5,964 ) (31,830 ) (56,172 ) Effect of exchange rate change on cash — — (6,704 ) — (6,704 ) Decrease in cash and cash equivalents 3,202 (73,570 ) (2,890 ) — (73,258 ) Cash and cash equivalents, beginning of period 1,006 154,147 91,726 — 246,879 Cash and cash equivalents, end of period $ 4,208 $ 80,577 $ 88,836 $ — $ 173,621 |
BUSINESS COMBINATIONS (Narrativ
BUSINESS COMBINATIONS (Narrative) (Details) $ in Thousands | Apr. 11, 2015USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2016USD ($)aquisition |
Business Acquisition [Line Items] | ||||
Goodwill, acquired during period | $ 1,197 | |||
2016 Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Number of acquisitions | aquisition | 2 | |||
Purchase price | $ 59,000 | |||
Revenue from acquisitions | $ 12,100 | 12,100 | ||
Acquisition-related costs | $ 400 | $ 500 | ||
Thermo Fluids Inc. | ||||
Business Acquisition [Line Items] | ||||
Purchase price | $ 79,300 | |||
Privately Owned Domestic Company | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire business | $ 14,700 | |||
Goodwill, acquired during period | $ 7,400 |
BUSINESS COMBINATIONS (Assets A
BUSINESS COMBINATIONS (Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | 6 Months Ended | 15 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Apr. 11, 2015 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 461,491 | $ 461,491 | $ 453,105 | |
2016 Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | 9,186 | 9,186 | ||
Measurement period adjustments, accounts receivable | 0 | |||
Inventories and supplies | 9,431 | 9,431 | ||
Measurement period adjustment, inventories and supplies | 0 | |||
Prepaid and other current assets | 433 | 433 | ||
Measurement period adjustment, prepaid and other current assets | 0 | |||
Property, plant and equipment | 44,304 | 44,304 | ||
Measurement period adjustments, property, plant and equipment | (1,477) | |||
Permits and other intangibles | 2,105 | 2,105 | ||
Measurement period adjustments, permits and other intangibles | 900 | |||
Current liabilities | (7,119) | (7,119) | ||
Measurement period adjustments, current liabilities | 0 | |||
Deferred taxes, unrecognized tax benefits and other long-term liabilities | (548) | (548) | ||
Measurement period adjustments, deferred taxes, unrecognized tax benefits and other long-term liabilities | 0 | |||
Total identifiable net assets | 57,792 | 57,792 | ||
Measurement period adjustments, total identifiable net assets | (577) | |||
Goodwill | 1,197 | 1,197 | ||
Measurement period adjustments, goodwill | 577 | |||
Total | 58,989 | 58,989 | ||
Measurement period adjustments, total | 0 | |||
Thermo Fluids Inc. | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | 7,301 | 7,301 | ||
Measurement period adjustments, accounts receivable | 192 | |||
Inventories and supplies | 1,791 | 1,791 | ||
Measurement period adjustment, inventories and supplies | 0 | |||
Prepaid and other current assets | 665 | 665 | ||
Measurement period adjustment, prepaid and other current assets | (1,084) | |||
Property, plant and equipment | 27,641 | 27,641 | ||
Measurement period adjustments, property, plant and equipment | (2,827) | |||
Permits and other intangibles | 18,100 | 18,100 | ||
Measurement period adjustments, permits and other intangibles | (1,900) | |||
Current liabilities | (5,884) | (5,884) | ||
Measurement period adjustments, current liabilities | (25) | |||
Closure and post-closure liabilities | (2,333) | (2,333) | ||
Measurement period adjustments, closure and post-closure liabilities | (657) | |||
Deferred taxes, unrecognized tax benefits and other long-term liabilities | (9,174) | (9,174) | ||
Measurement period adjustments, deferred taxes, unrecognized tax benefits and other long-term liabilities | 3,907 | |||
Total identifiable net assets | 38,107 | 38,107 | ||
Measurement period adjustments, total identifiable net assets | (2,394) | |||
Goodwill | 41,229 | 41,229 | ||
Measurement period adjustments, goodwill | 4,638 | |||
Total | 79,336 | 79,336 | ||
Measurement period adjustments, total | 2,244 | |||
At Acquisition Dates | 2016 Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | 9,186 | 9,186 | ||
Inventories and supplies | 9,431 | 9,431 | ||
Prepaid and other current assets | 433 | 433 | ||
Property, plant and equipment | 45,781 | 45,781 | ||
Permits and other intangibles | 1,205 | 1,205 | ||
Current liabilities | (7,119) | (7,119) | ||
Deferred taxes, unrecognized tax benefits and other long-term liabilities | (548) | (548) | ||
Total identifiable net assets | 58,369 | 58,369 | ||
Goodwill | 620 | 620 | ||
Total | $ 58,989 | $ 58,989 | ||
At Acquisition Dates | Thermo Fluids Inc. | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | $ 7,109 | |||
Inventories and supplies | 1,791 | |||
Prepaid and other current assets | 1,749 | |||
Property, plant and equipment | 30,468 | |||
Permits and other intangibles | 20,000 | |||
Current liabilities | (5,859) | |||
Closure and post-closure liabilities | (1,676) | |||
Deferred taxes, unrecognized tax benefits and other long-term liabilities | (13,081) | |||
Total identifiable net assets | 40,501 | |||
Goodwill | 36,591 | |||
Total | $ 77,092 |
INVENTORIES AND SUPPLIES (Detai
INVENTORIES AND SUPPLIES (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Oil and oil products | $ 46,671 | $ 33,603 |
Supplies and drums | 78,168 | 78,132 |
Solvent and solutions | 8,756 | 8,868 |
Modular camp accommodations | 15,298 | 15,126 |
Other | 13,511 | 13,792 |
Total inventories and supplies | $ 162,404 | $ 149,521 |
PROPERTY, PLANT AND EQUIPMENT45
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||||
Total property, plant and equipment, gross | $ 2,878,967 | $ 2,878,967 | $ 2,691,738 | ||
Less - accumulated depreciation and amortization | 1,283,980 | 1,283,980 | 1,159,271 | ||
Total property, plant and equipment, net | 1,594,987 | 1,594,987 | 1,532,467 | ||
Interest costs capitalized adjustment | 1,300 | $ 400 | 2,500 | $ 600 | |
Depreciation inclusive of amortization | 63,500 | $ 58,900 | 122,800 | $ 116,300 | |
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property, plant and equipment, gross | 104,533 | 104,533 | 100,582 | ||
Asset retirement costs (non-landfill) | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property, plant and equipment, gross | 12,187 | 12,187 | 12,434 | ||
Landfill assets | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property, plant and equipment, gross | 144,540 | 144,540 | 136,624 | ||
Buildings and improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property, plant and equipment, gross | 354,470 | 354,470 | 344,209 | ||
Camp equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property, plant and equipment, gross | 158,394 | 158,394 | 149,361 | ||
Vehicles | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property, plant and equipment, gross | 538,170 | 538,170 | 500,619 | ||
Equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property, plant and equipment, gross | 1,414,946 | 1,414,946 | 1,328,915 | ||
Furniture and fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property, plant and equipment, gross | 5,528 | 5,528 | 5,337 | ||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property, plant and equipment, gross | $ 146,199 | $ 146,199 | $ 113,657 |
GOODWILL AND OTHER INTANGIBLE46
GOODWILL AND OTHER INTANGIBLE ASSETS (Rollforward of Goodwill) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Goodwill [Roll Forward] | |
Balance at beginning of year | $ 453,105 |
Acquired from acquisitions | 1,197 |
Measurement period adjustment from prior acquisitions | 2,095 |
Foreign currency translation and other | 5,094 |
Balance at end of year | 461,491 |
Technical Services | |
Goodwill [Roll Forward] | |
Balance at beginning of year | 49,267 |
Balance at end of year | 48,688 |
Industrial and Field Services | |
Goodwill [Roll Forward] | |
Balance at beginning of year | 105,286 |
Balance at end of year | 106,605 |
Kleen Performance Products | |
Goodwill [Roll Forward] | |
Balance at beginning of year | 49,755 |
Balance at end of year | 51,109 |
SK Environmental Services | |
Goodwill [Roll Forward] | |
Balance at beginning of year | 216,589 |
Balance at end of year | 220,824 |
Lodging Services | |
Goodwill [Roll Forward] | |
Balance at beginning of year | 32,208 |
Balance at end of year | 34,265 |
Oil and Gas Field Services | |
Goodwill [Roll Forward] | |
Balance at beginning of year | 0 |
Balance at end of year | 0 |
Operating Segments | Technical Services | |
Goodwill [Roll Forward] | |
Balance at beginning of year | 49,267 |
Acquired from acquisitions | 0 |
Measurement period adjustment from prior acquisitions | 0 |
Foreign currency translation and other | (579) |
Balance at end of year | 48,688 |
Operating Segments | Industrial and Field Services | |
Goodwill [Roll Forward] | |
Balance at beginning of year | 105,286 |
Acquired from acquisitions | 0 |
Measurement period adjustment from prior acquisitions | 0 |
Foreign currency translation and other | 1,319 |
Balance at end of year | 106,605 |
Operating Segments | Kleen Performance Products | |
Goodwill [Roll Forward] | |
Balance at beginning of year | 49,755 |
Acquired from acquisitions | 1,197 |
Measurement period adjustment from prior acquisitions | 0 |
Foreign currency translation and other | 157 |
Balance at end of year | 51,109 |
Operating Segments | SK Environmental Services | |
Goodwill [Roll Forward] | |
Balance at beginning of year | 216,589 |
Acquired from acquisitions | 0 |
Measurement period adjustment from prior acquisitions | 2,095 |
Foreign currency translation and other | 2,140 |
Balance at end of year | 220,824 |
Operating Segments | Lodging Services | |
Goodwill [Roll Forward] | |
Balance at beginning of year | 32,208 |
Acquired from acquisitions | 0 |
Measurement period adjustment from prior acquisitions | 0 |
Foreign currency translation and other | 2,057 |
Balance at end of year | 34,265 |
Operating Segments | Oil and Gas Field Services | |
Goodwill [Roll Forward] | |
Balance at beginning of year | 0 |
Acquired from acquisitions | 0 |
Measurement period adjustment from prior acquisitions | 0 |
Foreign currency translation and other | 0 |
Balance at end of year | $ 0 |
GOODWILL AND OTHER INTANGIBLE47
GOODWILL AND OTHER INTANGIBLE ASSETS (Amortizable Other Intangible Assets) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ||
Cost | $ 575,831 | $ 567,678 |
Accumulated Amortization | 206,550 | 183,186 |
Net | $ 369,281 | $ 384,492 |
Weighted Average Remaining Amortization Period (in years) | 9 years 3 months 4 days | 10 years |
Total permits and other intangible assets, Cost | $ 698,774 | $ 690,004 |
Total permits and other intangible assets, Net | 492,224 | 506,818 |
Trademarks and trade names | ||
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ||
Trademarks and trade names | 122,943 | 122,326 |
Permits | ||
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ||
Cost | 162,611 | 161,396 |
Accumulated Amortization | 64,533 | 61,142 |
Net | $ 98,078 | $ 100,254 |
Weighted Average Remaining Amortization Period (in years) | 20 years 7 months 50 days | 19 years |
Customer and supplier relationships | ||
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ||
Cost | $ 379,236 | $ 374,866 |
Accumulated Amortization | 115,500 | 99,463 |
Net | $ 263,736 | $ 275,403 |
Weighted Average Remaining Amortization Period (in years) | 9 years 6 months | 10 years 30 days |
Other intangible assets | ||
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ||
Cost | $ 33,984 | $ 31,416 |
Accumulated Amortization | 26,517 | 22,581 |
Net | $ 7,467 | $ 8,835 |
Weighted Average Remaining Amortization Period (in years) | 1 year 2 months | 1 year 6 months |
GOODWILL AND OTHER INTANGIBLE48
GOODWILL AND OTHER INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of permits and other intangible assets | $ 9.9 | $ 8.8 | $ 19.5 | $ 19.8 |
GOODWILL AND OTHER INTANGIBLE49
GOODWILL AND OTHER INTANGIBLE ASSETS (Expected Future Amortization) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2016 (six months) | $ 19,941 | |
2,017 | 35,033 | |
2,018 | 31,795 | |
2,019 | 28,897 | |
2,020 | 26,277 | |
Thereafter | 227,338 | |
Net | $ 369,281 | $ 384,492 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Insurance | $ 57,273 | $ 55,899 |
Interest | 21,587 | 20,500 |
Accrued compensation and benefits | 50,275 | 35,646 |
Income, real estate, sales and other taxes | 39,623 | 37,095 |
Other | 35,055 | 44,520 |
Total accrued expenses | $ 203,813 | $ 193,660 |
CLOSURE AND POST-CLOSURE LIAB51
CLOSURE AND POST-CLOSURE LIABILITIES (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Changes to post-closure liabilities | |
Balance at January 1, 2016 | $ 56,249 |
Adjustments during the measurement period related to acquisitions | 657 |
New asset retirement obligations | 1,263 |
Accretion | 2,534 |
Changes in estimates recorded to statement of operations | (688) |
Expenditures | (1,045) |
Currency translation and other | 216 |
Balance at June 30, 2016 | $ 59,186 |
Credit-adjusted risk-free rate (as a percent) | 6.23% |
Landfill Retirement Liability | |
Changes to post-closure liabilities | |
Balance at January 1, 2016 | $ 32,023 |
Adjustments during the measurement period related to acquisitions | 0 |
New asset retirement obligations | 1,263 |
Accretion | 1,384 |
Changes in estimates recorded to statement of operations | (597) |
Expenditures | (475) |
Currency translation and other | 152 |
Balance at June 30, 2016 | 33,750 |
Non-Landfill Retirement Liability | |
Changes to post-closure liabilities | |
Balance at January 1, 2016 | 24,226 |
Adjustments during the measurement period related to acquisitions | 657 |
New asset retirement obligations | 0 |
Accretion | 1,150 |
Changes in estimates recorded to statement of operations | (91) |
Expenditures | (570) |
Currency translation and other | 64 |
Balance at June 30, 2016 | $ 25,436 |
REMEDIAL LIABILITIES (Details)
REMEDIAL LIABILITIES (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Accrual for Environmental Loss Contingencies [Roll Forward] | |
Balance at beginning of year | $ 131,992 |
Accretion | 2,519 |
Changes in estimates recorded to statement of operations | 373 |
Expenditures | (5,409) |
Currency translation and other | 816 |
Balance at end of year | 130,291 |
Remedial Liabilities for Landfill Sites | |
Accrual for Environmental Loss Contingencies [Roll Forward] | |
Balance at beginning of year | 2,327 |
Accretion | 54 |
Changes in estimates recorded to statement of operations | 70 |
Expenditures | (61) |
Currency translation and other | 0 |
Balance at end of year | 2,390 |
Remedial Liabilities for Inactive Sites | |
Accrual for Environmental Loss Contingencies [Roll Forward] | |
Balance at beginning of year | 63,613 |
Accretion | 1,364 |
Changes in estimates recorded to statement of operations | (116) |
Expenditures | (2,092) |
Currency translation and other | 52 |
Balance at end of year | 62,821 |
Remedial Liabilities (Including Superfund) for Non-Landfill Operations | |
Accrual for Environmental Loss Contingencies [Roll Forward] | |
Balance at beginning of year | 66,052 |
Accretion | 1,101 |
Changes in estimates recorded to statement of operations | 419 |
Expenditures | (3,256) |
Currency translation and other | 764 |
Balance at end of year | $ 65,080 |
FINANCING ARRANGEMENTS (Details
FINANCING ARRANGEMENTS (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 14, 2016 | Dec. 31, 2015 | Dec. 07, 2012 | |
Financing arrangements | ||||
Long-term obligations, at par | $ 1,645,000,000 | $ 1,395,000,000 | ||
Unamortized debt issuance costs and premium, net | (13,119,000) | (12,457,000) | ||
Long-term obligations, at carrying value | 1,631,881,000 | 1,382,543,000 | ||
Revolving credit facility, amount outstanding | 0 | 0 | ||
Line of credit facility available borrowing capacity | 190,000,000 | 178,500,000 | ||
Letters of credit amount outstanding | $ 140,500,000 | 144,600,000 | ||
Parent and domestic subsidiaries | ||||
Financing arrangements | ||||
Credit available subject to percentage of accounts receivable | 85.00% | |||
Credit available subject to percentage of cash deposited | 100.00% | |||
Canadian subsidiaries | ||||
Financing arrangements | ||||
Credit available subject to percentage of accounts receivable | 85.00% | |||
Credit available subject to percentage of cash deposited | 100.00% | |||
Unsecured debt | Senior unsecured notes, at 5.25%, due August 1, 2020 (2020 Notes) | ||||
Financing arrangements | ||||
Long-term obligations, at par | $ 800,000,000 | $ 800,000,000 | ||
Stated interest rate | 5.25% | 5.25% | ||
Fair value | $ 819,000,000 | $ 812,000,000 | ||
Unsecured debt | Senior unsecured notes, at 5.125%, due June 1, 2021 (2021 Notes) | ||||
Financing arrangements | ||||
Long-term obligations, at par | $ 845,000,000 | $ 595,000,000 | ||
Stated interest rate | 5.125% | 5.125% | ||
Fair value | $ 859,800,000 | $ 599,500,000 | ||
Issuance of debt | $ 250,000,000 | $ 250,000,000 | $ 600,000,000 |
EARNINGS (LOSS) PER SHARE (Comp
EARNINGS (LOSS) PER SHARE (Computation of Basic and Diluted Earnings Per Share)(Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Numerator for basic and diluted earnings per share: | ||||
Net income (loss) | $ 3,966 | $ 10,395 | $ (16,905) | $ 3,306 |
Denominator: | ||||
Basic shares outstanding (in shares) | 57,549 | 58,590 | 57,599 | 58,732 |
Dilutive effect of equity-based compensation awards (in shares) | 129 | 120 | 0 | 100 |
Dilutive shares outstanding (in shares) | 57,678 | 58,710 | 57,599 | 58,832 |
Basic earnings (loss) per share (in USD per share) | $ 0.07 | $ 0.18 | $ (0.29) | $ 0.06 |
Diluted earnings (loss) per share (in USD per share) | $ 0.07 | $ 0.18 | $ (0.29) | $ 0.06 |
EARNINGS (LOSS) PER SHARE (Narr
EARNINGS (LOSS) PER SHARE (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Performance stock awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from computation of earning per share (in shares) | 348,197 | 196,180 | 196,180 | |
Restricted Stock Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from computation of earning per share (in shares) | 9,537 | 11,075 | 38,171 | |
Stock Options, Restricted Stock Awards, and Performance Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from computation of earning per share (in shares) | 886,685 |
ACCUMULATED OTHER COMPREHENSI56
ACCUMULATED OTHER COMPREHENSIVE LOSS (Changes in Accumulated Other Comprehensive Loss by Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Components of Other Accumulated Income, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 1,096,282 | |||
Other comprehensive income | $ (1,178) | $ 12,231 | 44,659 | $ (65,172) |
Balance at end of period | 1,116,343 | 1,116,343 | ||
Foreign Currency Translation | ||||
Components of Other Accumulated Income, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (252,939) | |||
Other comprehensive income before reclassifications | 44,659 | |||
Other comprehensive income | 44,659 | |||
Balance at end of period | (208,280) | (208,280) | ||
Unfunded Pension Liability | ||||
Components of Other Accumulated Income, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (1,953) | |||
Other comprehensive income before reclassifications | 0 | |||
Other comprehensive income | 0 | |||
Balance at end of period | (1,953) | (1,953) | ||
Total | ||||
Components of Other Accumulated Income, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (254,892) | |||
Other comprehensive income before reclassifications | 44,659 | |||
Other comprehensive income | 44,659 | |||
Balance at end of period | $ (210,233) | $ (210,233) |
ACCUMULATED OTHER COMPREHENSI57
ACCUMULATED OTHER COMPREHENSIVE LOSS (Amount Reclassified Out of Accumulated Other Comprehensive Loss) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Equity [Abstract] | ||||
Reclassifications out of accumulated other comprehensive income | $ 0 | $ 0 | $ 0 | $ 0 |
STOCK-BASED COMPENSATION (Narra
STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | 16 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Mar. 13, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation | $ 2,600,000 | $ 4,300,000 | $ 4,700,000 | $ 6,100,000 | ||
Income tax benefit | $ 800,000 | $ 600,000 | $ 1,400,000 | $ 1,100,000 | ||
Share repurchase program shares authorized | $ 300,000,000 | |||||
Repurchases of common stock (in shares) | 100 | 300 | 200 | 600 | 3,600 | |
Repurchases of common stock | $ 5,100,000 | $ 16,100,000 | $ 10,134,000 | $ 32,200,000 | $ 187,800,000 | |
Stock repurchase program, remaining authorized repurchase amount | 112,200,000 | $ 112,200,000 | 112,200,000 | |||
Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Repurchases of common stock (in shares) | 203 | |||||
Repurchases of common stock | $ 2,000 | |||||
Restricted stock awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | 23,200,000 | $ 23,200,000 | 23,200,000 | |||
Period for recognition | 3 years 51 days | |||||
Fair value restricted stock | 2,300,000 | 3,000,000 | $ 6,100,000 | 6,200,000 | ||
Performance stock awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | 600,000 | 600,000 | $ 600,000 | |||
Fair value restricted stock | $ 0 | $ 0 | $ 400,000 | $ 300,000 | ||
Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restriction period | 3 years | |||||
Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restriction period | 5 years |
STOCK-BASED COMPENSATION (Restr
STOCK-BASED COMPENSATION (Restricted Stock) (Details) - Restricted stock awards | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of shares beginning balance (in shares) | shares | 362,618 |
Number of shares, granted (in shares) | shares | 299,967 |
Number of shares, vested (in shares) | shares | (128,895) |
Number of shares, forfeited (in shares) | shares | (16,785) |
Number of shares ending balance (in shares) | shares | 516,905 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted average grant-date fair value beginning of period (in USD per share) | $ / shares | $ 55.79 |
Weighted average grant-date fair value, granted (in USD per share) | $ / shares | 51.02 |
Weighted average grant-date fair value, vested (in USD per share) | $ / shares | 55.18 |
Weighted average grant-date fair value, forfeited (in USD per share) | $ / shares | 57.22 |
Weighted average grant-date fair value end of period (in USD per share) | $ / shares | $ 53.12 |
STOCK-BASED COMPENSATION (Perfo
STOCK-BASED COMPENSATION (Performance Stock Awards (Details) - Performance stock awards | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of shares beginning balance (in shares) | shares | 187,274 |
Number of shares, granted (in shares) | shares | 204,602 |
Number of shares, vested (in shares) | shares | (8,420) |
Number of shares, forfeited (in shares) | shares | (13,676) |
Number of shares ending balance (in shares) | shares | 369,780 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted average grant-date fair value beginning of period (in USD per share) | $ / shares | $ 57.13 |
Weighted average grant-date fair value, granted (in USD per share) | $ / shares | 54.30 |
Weighted average grant-date fair value, vested (in USD per share) | $ / shares | 61.90 |
Weighted average grant-date fair value, forfeited (in USD per share) | $ / shares | 57.23 |
Weighted average grant-date fair value end of period (in USD per share) | $ / shares | $ 55.45 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) CAD in Millions | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2016USD ($)sitefacilityproceedingclaim | Dec. 31, 2012CAD | Dec. 31, 2002a | Dec. 31, 1999municipality | Dec. 31, 1968permit | Dec. 31, 2015USD ($)proceeding | |
Contingencies [Line Items] | ||||||
Recorded reserves for actual or probable liabilities | $ | $ 21,100,000 | $ 21,900,000 | ||||
Number of pending personal injury claims allegedly resulting from the used of Safety-Kleen's products | proceeding | 62 | |||||
Number of product liability claims settled or dismissed | claim | 14 | |||||
Legal and Administrative Proceedings | ||||||
Contingencies [Line Items] | ||||||
Recorded reserves for actual or probable liabilities | $ | $ 18,700,000 | 18,900,000 | ||||
Possible increase in legal and administrative proceedings | $ | $ 1,800,000 | 1,900,000 | ||||
Ville Mercier | ||||||
Contingencies [Line Items] | ||||||
Number of permits issued by government, for dumping organic liquid | permit | 2 | |||||
Number of neighboring municipalities filing separate legal proceedings against the Mercier Subsidiary and the Government of Quebec | municipality | 3 | |||||
General damages sought | CAD | CAD 2.9 | |||||
Punitive damages sought | CAD | CAD 10 | |||||
Superfund Proceedings | ||||||
Contingencies [Line Items] | ||||||
Number of sites owned by third party excluded from cleanup or related liabilities | 129 | |||||
Number of sites owned by the entity subject to proceedings under federal or state superfund laws | facility | 2 | |||||
Notices received from owners of third party sites seeking indemnification from the company | 127 | |||||
Number of sites for which environmental remediation expense is settled | 32 | |||||
Third party sites requiring expenditure on remediation | 15 | |||||
Number of sites not currently requiring expenditures on remediation | 80 | |||||
Number of sites which potential liability could exceed $100,000 | 11 | |||||
Notices received from owners of third party sites seeking indemnification from the company | 17 | |||||
Superfund Proceedings | Minimum | ||||||
Contingencies [Line Items] | ||||||
Minimum potential liability | $ | $ 100,000 | |||||
Wichita Property | ||||||
Contingencies [Line Items] | ||||||
State-designated superfund site acquired, total acres | a | 1,400 | |||||
ChemWaste | ||||||
Contingencies [Line Items] | ||||||
Indemnification agreement with third party sites | 11 | |||||
Kleen Performance Products | ||||||
Contingencies [Line Items] | ||||||
Notices received from owners of third party sites seeking indemnification from the company | 6 | |||||
Federal and State Enforcement Actions | ||||||
Contingencies [Line Items] | ||||||
Recorded reserves for actual or probable liabilities | $ | $ 2,400,000 | $ 3,000,000 | ||||
Number of pending personal injury claims allegedly resulting from the used of Safety-Kleen's products | proceeding | 4 | 6 | ||||
Federal and State Enforcement Actions | Minimum | ||||||
Contingencies [Line Items] | ||||||
Minimum potential liability | $ | $ 100,000 | $ 100,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||
Effective tax rates | 68.70% | 74.60% | (57.30%) | 88.60% | |
Unrecognized tax benefits | $ 2.1 | $ 2.1 | $ 2.1 | ||
Interest on unrecognized tax benefits | 0.4 | 0.4 | $ 0.4 | ||
Decrease in unrecognized tax benefits expected in next 12 months | $ 0.5 | $ 0.5 |
SEGMENT REPORTING (Narrative) (
SEGMENT REPORTING (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2016segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 6 |
SEGMENT REPORTING (Third Party
SEGMENT REPORTING (Third Party Revenues to Direct Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 697,510 | $ 936,228 | $ 1,333,593 | $ 1,668,727 |
Third party revenues | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 697,510 | 936,228 | 1,333,593 | 1,668,727 |
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 | 697,510 | 936,228 | 1,333,593 | 1,668,727 |
Technical Services | Third party revenues | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 229,130 | 248,025 | 448,235 | 488,350 |
Technical Services | Intersegment revenues, net | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 35,578 | 38,314 | 70,422 | 73,218 |
Technical Services | Corporate Items, net | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 667 | 1,083 | 1,055 | 2,380 |
Technical Services | Direct revenues | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 265,375 | 287,422 | 519,712 | 563,948 |
Industrial and Field Services | Third party revenues | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 153,851 | 353,329 | 275,428 | 500,197 |
Industrial and Field Services | Intersegment revenues, net | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | (9,055) | (11,230) | (16,521) | (17,791) |
Industrial and Field Services | Corporate Items, net | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | (286) | (401) | (303) | (323) |
Industrial and Field Services | Direct revenues | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 144,510 | 341,698 | 258,604 | 482,083 |
Kleen Performance Products | Third party revenues | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 86,711 | 99,104 | 154,254 | 195,911 |
Kleen Performance Products | Intersegment revenues, net | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | (7,600) | (21,428) | (17,007) | (39,685) |
Kleen Performance Products | Corporate Items, net | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | (1) | (1) | (2) |
Kleen Performance Products | Direct revenues | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 79,111 | 77,675 | 137,246 | 156,224 |
SK Environmental Services | Third party revenues | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 191,004 | 175,876 | 370,422 | 336,560 |
SK Environmental Services | Intersegment revenues, net | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | (21,492) | (8,802) | (40,606) | (20,384) |
SK Environmental Services | Corporate Items, net | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1 | 3 | 368 | 3 |
SK Environmental Services | Direct revenues | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 169,513 | 167,077 | 330,184 | 316,179 |
Lodging Services | Third party revenues | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 16,418 | 21,171 | 32,063 | 55,275 |
Lodging Services | Intersegment revenues, net | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 137 | 992 | 401 | 1,156 |
Lodging Services | Corporate Items, net | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 14 | 80 | 35 | 97 |
Lodging Services | Direct revenues | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 16,569 | 22,243 | 32,499 | 56,528 |
Oil and Gas Field Services | Third party revenues | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 19,232 | 38,617 | 51,248 | 92,204 |
Oil and Gas Field Services | Intersegment revenues, net | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 2,432 | 2,154 | 3,311 | 3,486 |
Oil and Gas Field Services | Corporate Items, net | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 48 | 40 | 135 | 49 |
Oil and Gas Field Services | Direct revenues | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 21,712 | 40,811 | 54,694 | 95,739 |
Corporate Items | Third party revenues | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,164 | 106 | 1,943 | 230 |
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 | (444) | (804) | (1,289) | (2,204) |
Corporate Items | Direct revenues | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 720 | $ (698) | $ 654 | $ (1,974) |
SEGMENT REPORTING (Adjusted EBI
SEGMENT REPORTING (Adjusted EBITDA Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | $ 110,445 | $ 163,122 | $ 177,765 | $ 241,399 |
Reconciliation to Consolidated Statements of Operations: | ||||
Accretion of environmental liabilities | 2,548 | 2,599 | 5,053 | 5,218 |
Depreciation and amortization | 73,393 | 67,773 | 142,295 | 136,129 |
Goodwill impairment charge | 0 | 31,992 | 0 | 31,992 |
Income (loss) from operations | 34,504 | 60,758 | 30,417 | 68,060 |
Other expense | 189 | 660 | 539 | 251 |
Interest expense, net of interest income | 21,647 | 19,249 | 40,627 | 38,687 |
Income (loss) before provision for income taxes | 12,668 | 40,849 | (10,749) | 29,122 |
Technical Services | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | 68,891 | 76,808 | 129,289 | 140,209 |
Industrial and Field Services | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | 19,946 | 73,081 | 22,064 | 83,390 |
Kleen Performance Products | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | 9,995 | 15,824 | 14,555 | 11,348 |
SK Environmental Services | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | 45,239 | 41,195 | 80,734 | 68,444 |
Lodging Services | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | 3,022 | 3,852 | 4,041 | 10,762 |
Oil and Gas Field Services | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | (4,207) | (2,182) | (5,601) | (779) |
Corporate Items | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | $ (32,441) | $ (45,456) | $ (67,317) | $ (71,975) |
SEGMENT REPORTING (Assets by Re
SEGMENT REPORTING (Assets by Reportable Segment) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | $ 1,594,987 | $ 1,532,467 |
Goodwill | 461,491 | 453,105 |
Permits and other intangibles, net | 492,224 | 506,818 |
Total assets | 3,692,381 | 3,431,428 |
Technical Services | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 507,996 | 483,425 |
Goodwill | 48,688 | 49,267 |
Permits and other intangibles, net | 69,683 | 73,601 |
Total assets | 823,881 | 800,060 |
Industrial and Field Services | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 231,334 | 237,660 |
Goodwill | 106,605 | 105,286 |
Permits and other intangibles, net | 13,587 | 14,649 |
Total assets | 375,796 | 368,858 |
Kleen Performance Products | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 211,082 | 193,855 |
Goodwill | 51,109 | 49,755 |
Permits and other intangibles, net | 139,867 | 140,410 |
Total assets | 520,943 | 492,483 |
SK Environmental Services | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 302,260 | 264,539 |
Goodwill | 220,824 | 216,589 |
Permits and other intangibles, net | 251,087 | 256,251 |
Total assets | 852,082 | 805,488 |
Lodging Services | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 104,386 | 105,208 |
Goodwill | 34,265 | 32,208 |
Permits and other intangibles, net | 6,495 | 7,045 |
Total assets | 181,031 | 181,357 |
Oil and Gas Field Services | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 146,423 | 156,286 |
Goodwill | 0 | 0 |
Permits and other intangibles, net | 11,505 | 14,862 |
Total assets | 235,775 | 244,210 |
Corporate Items | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 91,506 | 91,494 |
Goodwill | 0 | 0 |
Permits and other intangibles, net | 0 | 0 |
Total assets | $ 702,873 | $ 538,972 |
SEGMENT REPORTING (Total Assets
SEGMENT REPORTING (Total Assets by Geographical Area) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | $ 3,692,381 | $ 3,431,428 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | 2,837,201 | 2,575,746 |
Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | 850,355 | 851,949 |
Other foreign | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | $ 4,825 | $ 3,733 |
GUARANTOR AND NON-GUARANTOR S68
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION (Narrative) (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2016 | Mar. 14, 2016 | Dec. 07, 2012 | |
Guarantor and Non-Guarantor Subsidiaries Financial Information [Abstract] | |||
Subsidiary or equity method investee, cumulative percentage ownership after all transactions | 100.00% | ||
Senior unsecured notes, at 5.125%, due June 1, 2021 (2021 Notes) | Unsecured debt | |||
Debt Instrument [Line Items] | |||
Issuance of debt | $ 250,000,000 | $ 250,000,000 | $ 600,000,000 |
GUARANTOR AND NON-GUARANTOR S69
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||||
Cash and cash equivalents | $ 352,923 | $ 184,708 | $ 173,621 | $ 246,879 |
Intercompany receivables | 0 | 0 | ||
Accounts receivable, net | 503,749 | 496,004 | ||
Other current assets | 262,462 | 240,484 | ||
Property, plant and equipment, net | 1,594,987 | 1,532,467 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany debt receivable | 0 | 0 | ||
Goodwill | 461,491 | 453,105 | ||
Permits and other intangibles, net | 492,224 | 506,818 | ||
Other long-term assets | 24,545 | 17,842 | ||
Total assets | 3,692,381 | 3,431,428 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities | 520,421 | 517,120 | ||
Intercompany payables | 0 | 0 | ||
Closure, post-closure and remedial liabilities, net | 165,434 | 167,846 | ||
Long-term obligations | 1,631,881 | 1,382,543 | ||
Intercompany debt payable | 0 | 0 | ||
Other long-term liabilities | 258,302 | 267,637 | ||
Total liabilities | 2,576,038 | 2,335,146 | ||
Stockholders’ equity | 1,116,343 | 1,096,282 | ||
Total liabilities and stockholders’ equity | 3,692,381 | 3,431,428 | ||
Reportable Legal Entities | Clean Harbors, Inc. | ||||
ASSETS | ||||
Cash and cash equivalents | 51,291 | 11,017 | 4,208 | 1,006 |
Intercompany receivables | 181,741 | 164,709 | ||
Accounts receivable, net | 0 | 0 | ||
Other current assets | 378 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Investments in subsidiaries | 2,833,394 | 2,547,307 | ||
Intercompany debt receivable | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Permits and other intangibles, net | 0 | 0 | ||
Other long-term assets | 1,412 | 1,068 | ||
Total assets | 3,068,216 | 2,724,101 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities | 21,852 | 20,813 | ||
Intercompany payables | 294,439 | 220,762 | ||
Closure, post-closure and remedial liabilities, net | 0 | 0 | ||
Long-term obligations | 1,631,881 | 1,382,543 | ||
Intercompany debt payable | 3,701 | 3,701 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | 1,951,873 | 1,627,819 | ||
Stockholders’ equity | 1,116,343 | 1,096,282 | ||
Total liabilities and stockholders’ equity | 3,068,216 | 2,724,101 | ||
Reportable Legal Entities | U.S. Guarantor Subsidiaries | ||||
ASSETS | ||||
Cash and cash equivalents | 224,493 | 83,479 | 80,577 | 154,147 |
Intercompany receivables | 302,354 | 213,243 | ||
Accounts receivable, net | 407,601 | 404,580 | ||
Other current assets | 198,612 | 179,969 | ||
Property, plant and equipment, net | 1,138,285 | 1,082,466 | ||
Investments in subsidiaries | 514,708 | 522,067 | ||
Intercompany debt receivable | 277,623 | 260,957 | ||
Goodwill | 369,978 | 367,306 | ||
Permits and other intangibles, net | 423,932 | 435,080 | ||
Other long-term assets | 9,559 | 10,274 | ||
Total assets | 3,867,145 | 3,559,421 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities | 427,367 | 424,588 | ||
Intercompany payables | 217,430 | 195,287 | ||
Closure, post-closure and remedial liabilities, net | 150,182 | 153,190 | ||
Long-term obligations | 0 | 0 | ||
Intercompany debt payable | 0 | 0 | ||
Other long-term liabilities | 238,772 | 239,049 | ||
Total liabilities | 1,033,751 | 1,012,114 | ||
Stockholders’ equity | 2,833,394 | 2,547,307 | ||
Total liabilities and stockholders’ equity | 3,867,145 | 3,559,421 | ||
Reportable Legal Entities | Foreign Non-Guarantor Subsidiaries | ||||
ASSETS | ||||
Cash and cash equivalents | 77,139 | 90,212 | 88,836 | 91,726 |
Intercompany receivables | 30,741 | 39,804 | ||
Accounts receivable, net | 96,148 | 91,424 | ||
Other current assets | 63,472 | 60,515 | ||
Property, plant and equipment, net | 456,702 | 450,001 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany debt receivable | 3,701 | 3,701 | ||
Goodwill | 91,513 | 85,799 | ||
Permits and other intangibles, net | 68,292 | 71,738 | ||
Other long-term assets | 13,574 | 6,500 | ||
Total assets | 901,282 | 899,694 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities | 71,202 | 71,719 | ||
Intercompany payables | 2,967 | 1,707 | ||
Closure, post-closure and remedial liabilities, net | 15,252 | 14,656 | ||
Long-term obligations | 0 | 0 | ||
Intercompany debt payable | 277,623 | 260,957 | ||
Other long-term liabilities | 19,530 | 28,588 | ||
Total liabilities | 386,574 | 377,627 | ||
Stockholders’ equity | 514,708 | 522,067 | ||
Total liabilities and stockholders’ equity | 901,282 | 899,694 | ||
Consolidating Adjustments | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Intercompany receivables | (514,836) | (417,756) | ||
Accounts receivable, net | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Investments in subsidiaries | (3,348,102) | (3,069,374) | ||
Intercompany debt receivable | (281,324) | (264,658) | ||
Goodwill | 0 | 0 | ||
Permits and other intangibles, net | 0 | 0 | ||
Other long-term assets | 0 | 0 | ||
Total assets | (4,144,262) | (3,751,788) | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities | 0 | 0 | ||
Intercompany payables | (514,836) | (417,756) | ||
Closure, post-closure and remedial liabilities, net | 0 | 0 | ||
Long-term obligations | 0 | 0 | ||
Intercompany debt payable | (281,324) | (264,658) | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | (796,160) | (682,414) | ||
Stockholders’ equity | (3,348,102) | (3,069,374) | ||
Total liabilities and stockholders’ equity | $ (4,144,262) | $ (3,751,788) |
GUARANTOR AND NON-GUARANTOR S70
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION (Consolidating Statement of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues: | ||||
Service revenues | $ 584,562 | $ 801,347 | $ 1,114,793 | $ 1,397,677 |
Product revenues | 112,948 | 134,881 | 218,800 | 271,050 |
Total revenues | 697,510 | 936,228 | 1,333,593 | 1,668,727 |
Cost of revenues (exclusive of items shown separately below) | ||||
Service cost of revenues | 388,684 | 544,870 | 762,670 | 961,260 |
Product cost of revenues | 91,318 | 107,818 | 181,611 | 237,935 |
Total cost of revenues | 480,002 | 652,688 | 944,281 | 1,199,195 |
Selling, general and administrative expenses | 107,063 | 120,418 | 211,547 | 228,133 |
Accretion of environmental liabilities | 2,548 | 2,599 | 5,053 | 5,218 |
Depreciation and amortization | 73,393 | 67,773 | 142,295 | 136,129 |
Goodwill impairment charge | 0 | 31,992 | 0 | 31,992 |
Income (loss) from operations | 34,504 | 60,758 | 30,417 | 68,060 |
Other income (expense) | (189) | (660) | (539) | (251) |
Interest (expense) income | (21,647) | (19,249) | (40,627) | (38,687) |
Equity in earnings of subsidiaries, net of taxes | 0 | 0 | 0 | 0 |
Intercompany interest income (expense) | 0 | 0 | 0 | 0 |
Income (loss) before provision for income taxes | 12,668 | 40,849 | (10,749) | 29,122 |
(Benefit) provision for income taxes | 8,702 | 30,454 | 6,156 | 25,816 |
Net income (loss) | 3,966 | 10,395 | (16,905) | 3,306 |
Other comprehensive (loss) income | (1,178) | 12,231 | 44,659 | (65,172) |
Comprehensive income (loss) | 2,788 | 22,626 | 27,754 | (61,866) |
Reportable Legal Entities | 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 | (587) | 0 | (587) | 0 |
Product cost of revenues | 0 | 0 | 0 | 0 |
Total cost of revenues | (587) | 0 | (587) | 0 |
Selling, general and administrative expenses | 37 | 25 | 61 | 50 |
Accretion of environmental liabilities | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Goodwill impairment charge | 0 | 0 | ||
Income (loss) from operations | 550 | (25) | 526 | (50) |
Other income (expense) | 0 | 0 | 0 | 0 |
Interest (expense) income | (22,962) | (19,652) | (43,105) | (39,291) |
Equity in earnings of subsidiaries, net of taxes | 17,413 | 22,201 | 8,642 | 26,910 |
Intercompany interest income (expense) | 0 | 0 | 0 | 0 |
Income (loss) before provision for income taxes | (4,999) | 2,524 | (33,937) | (12,431) |
(Benefit) provision for income taxes | (8,965) | (7,871) | (17,032) | (15,737) |
Net income (loss) | 3,966 | 10,395 | (16,905) | 3,306 |
Other comprehensive (loss) income | (1,178) | 12,231 | 44,659 | (65,172) |
Comprehensive income (loss) | 2,788 | 22,626 | 27,754 | (61,866) |
Reportable Legal Entities | U.S. Guarantor Subsidiaries | ||||
Revenues: | ||||
Service revenues | 456,013 | 628,408 | 884,490 | 1,046,925 |
Product revenues | 95,648 | 115,335 | 185,236 | 231,871 |
Total revenues | 551,661 | 743,743 | 1,069,726 | 1,278,796 |
Cost of revenues (exclusive of items shown separately below) | ||||
Service cost of revenues | 292,343 | 415,111 | 575,307 | 692,713 |
Product cost of revenues | 79,108 | 98,258 | 158,462 | 213,544 |
Total cost of revenues | 371,451 | 513,369 | 733,769 | 906,257 |
Selling, general and administrative expenses | 83,882 | 93,677 | 164,537 | 174,661 |
Accretion of environmental liabilities | 2,313 | 2,287 | 4,603 | 4,593 |
Depreciation and amortization | 50,696 | 44,602 | 99,391 | 90,403 |
Goodwill impairment charge | 4,164 | 4,164 | ||
Income (loss) from operations | 43,319 | 85,644 | 67,426 | 98,718 |
Other income (expense) | 400 | 168 | 312 | 279 |
Interest (expense) income | 1,284 | 324 | 2,395 | 502 |
Equity in earnings of subsidiaries, net of taxes | (9,195) | (29,550) | (35,690) | (36,579) |
Intercompany interest income (expense) | 5,497 | 6,036 | 10,656 | 12,013 |
Income (loss) before provision for income taxes | 41,305 | 62,622 | 45,099 | 74,933 |
(Benefit) provision for income taxes | 23,892 | 40,421 | 36,457 | 48,023 |
Net income (loss) | 17,413 | 22,201 | 8,642 | 26,910 |
Other comprehensive (loss) income | (1,178) | 12,231 | 44,659 | (65,172) |
Comprehensive income (loss) | 16,235 | 34,432 | 53,301 | (38,262) |
Reportable Legal Entities | Foreign Non-Guarantor Subsidiaries | ||||
Revenues: | ||||
Service revenues | 139,413 | 190,657 | 253,436 | 384,110 |
Product revenues | 19,391 | 22,444 | 38,104 | 45,648 |
Total revenues | 158,804 | 213,101 | 291,540 | 429,758 |
Cost of revenues (exclusive of items shown separately below) | ||||
Service cost of revenues | 107,792 | 147,477 | 211,083 | 301,905 |
Product cost of revenues | 14,301 | 12,458 | 27,689 | 30,860 |
Total cost of revenues | 122,093 | 159,935 | 238,772 | 332,765 |
Selling, general and administrative expenses | 23,144 | 26,716 | 46,949 | 53,422 |
Accretion of environmental liabilities | 235 | 312 | 450 | 625 |
Depreciation and amortization | 22,697 | 23,171 | 42,904 | 45,726 |
Goodwill impairment charge | 27,828 | 27,828 | ||
Income (loss) from operations | (9,365) | (24,861) | (37,535) | (30,608) |
Other income (expense) | (589) | (828) | (851) | (530) |
Interest (expense) income | 31 | 79 | 83 | 102 |
Equity in earnings of subsidiaries, net of taxes | 0 | 0 | 0 | 0 |
Intercompany interest income (expense) | (5,497) | (6,036) | (10,656) | (12,013) |
Income (loss) before provision for income taxes | (15,420) | (31,646) | (48,959) | (43,049) |
(Benefit) provision for income taxes | (6,225) | (2,096) | (13,269) | (6,470) |
Net income (loss) | (9,195) | (29,550) | (35,690) | (36,579) |
Other comprehensive (loss) income | (597) | 8,061 | 28,330 | (42,574) |
Comprehensive income (loss) | (9,792) | (21,489) | (7,360) | (79,153) |
Consolidating Adjustments | ||||
Revenues: | ||||
Service revenues | (10,864) | (17,718) | (23,133) | (33,358) |
Product revenues | (2,091) | (2,898) | (4,540) | (6,469) |
Total revenues | (12,955) | (20,616) | (27,673) | (39,827) |
Cost of revenues (exclusive of items shown separately below) | ||||
Service cost of revenues | (10,864) | (17,718) | (23,133) | (33,358) |
Product cost of revenues | (2,091) | (2,898) | (4,540) | (6,469) |
Total cost of revenues | (12,955) | (20,616) | (27,673) | (39,827) |
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 | ||
Income (loss) 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 | (8,218) | 7,349 | 27,048 | 9,669 |
Intercompany interest income (expense) | 0 | 0 | 0 | 0 |
Income (loss) before provision for income taxes | (8,218) | 7,349 | 27,048 | 9,669 |
(Benefit) provision for income taxes | 0 | 0 | 0 | 0 |
Net income (loss) | (8,218) | 7,349 | 27,048 | 9,669 |
Other comprehensive (loss) income | 1,775 | (20,292) | (72,989) | 107,746 |
Comprehensive income (loss) | $ (6,443) | $ (12,943) | $ (45,941) | $ 117,415 |
GUARANTOR AND NON-GUARANTOR S71
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION (Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed consolidating statement of cash flows | ||
Net cash from (used in) operating activities | $ 120,051 | $ 193,815 |
Cash flows used in investing activities: | ||
Additions to property, plant and equipment | (123,529) | (124,145) |
Proceeds from sales of fixed assets | 2,668 | 2,646 |
Acquisitions, net of cash acquired | (58,989) | (79,610) |
Costs to obtain or renew permits | (973) | (3,088) |
Purchases of available-for-sale securities | (598) | 0 |
Investment in subsidiaries | 0 | |
Intercompany | 0 | 0 |
Net cash used in investing activities | (181,421) | (204,197) |
Cash flows from (used in) financing activities: | ||
Change in uncashed checks | (11,022) | (22,160) |
Exercise of stock options | 184 | 397 |
Issuance of restricted shares, net of shares remitted | (1,879) | (1,837) |
Repurchases of common stock | (10,134) | (32,203) |
Excess tax benefit of stock-based compensation | 2 | 102 |
Deferred financing costs paid | (2,614) | 0 |
Payments of capital leases | 0 | (471) |
Issuance of senior secured notes, including premium | 250,625 | |
Intercompany | 0 | 0 |
Net cash from (used in) financing activities | 225,162 | (56,172) |
Effect of exchange rate change on cash | 4,423 | (6,704) |
Increase (decrease) in cash and cash equivalents | 168,215 | (73,258) |
Cash and cash equivalents, beginning of period | 184,708 | 246,879 |
Cash and cash equivalents, end of period | 352,923 | 173,621 |
Consolidating Adjustments | ||
Condensed consolidating statement of cash flows | ||
Net cash from (used in) operating activities | 0 | 0 |
Cash flows used in 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 |
Purchases of available-for-sale securities | 0 | |
Investment in subsidiaries | 250,625 | |
Intercompany | 11,827 | 31,830 |
Net cash used in investing activities | 262,452 | 31,830 |
Cash flows from (used in) financing activities: | ||
Change in uncashed checks | 0 | 0 |
Exercise of stock options | 0 | 0 |
Issuance of restricted shares, net of shares remitted | 0 | 0 |
Repurchases of common stock | 0 | 0 |
Excess tax benefit of stock-based compensation | 0 | 0 |
Deferred financing costs paid | 0 | |
Payments of capital leases | 0 | |
Issuance of senior secured notes, including premium | (250,625) | |
Intercompany | (11,827) | (31,830) |
Net cash from (used in) financing activities | (262,452) | (31,830) |
Effect of exchange rate change on cash | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Clean Harbors, Inc. | Reportable Legal Entities | ||
Condensed consolidating statement of cash flows | ||
Net cash from (used in) operating activities | 42,990 | 4,913 |
Cash flows used in 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 |
Purchases of available-for-sale securities | (102) | |
Investment in subsidiaries | (250,625) | |
Intercompany | 0 | 0 |
Net cash used in investing activities | (250,727) | 0 |
Cash flows from (used in) financing activities: | ||
Change in uncashed checks | 0 | 0 |
Exercise of stock options | 184 | 397 |
Issuance of restricted shares, net of shares remitted | (1,879) | (1,837) |
Repurchases of common stock | (10,134) | (32,203) |
Excess tax benefit of stock-based compensation | 2 | 102 |
Deferred financing costs paid | (2,614) | |
Payments of capital leases | 0 | |
Issuance of senior secured notes, including premium | 250,625 | |
Intercompany | 11,827 | 31,830 |
Net cash from (used in) financing activities | 248,011 | (1,711) |
Effect of exchange rate change on cash | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 40,274 | 3,202 |
Cash and cash equivalents, beginning of period | 11,017 | 1,006 |
Cash and cash equivalents, end of period | 51,291 | 4,208 |
U.S. Guarantor Subsidiaries | Reportable Legal Entities | ||
Condensed consolidating statement of cash flows | ||
Net cash from (used in) operating activities | 65,860 | 158,241 |
Cash flows used in investing activities: | ||
Additions to property, plant and equipment | (105,175) | (104,068) |
Proceeds from sales of fixed assets | 694 | 368 |
Acquisitions, net of cash acquired | (48,989) | (79,610) |
Costs to obtain or renew permits | (908) | (4) |
Purchases of available-for-sale securities | 0 | |
Investment in subsidiaries | 0 | |
Intercompany | (11,827) | (31,830) |
Net cash used in investing activities | (166,205) | (215,144) |
Cash flows from (used in) financing activities: | ||
Change in uncashed checks | (9,266) | (16,474) |
Exercise of stock options | 0 | 0 |
Issuance of restricted shares, net of shares remitted | 0 | 0 |
Repurchases of common stock | 0 | 0 |
Excess tax benefit of stock-based compensation | 0 | 0 |
Deferred financing costs paid | 0 | |
Payments of capital leases | (193) | |
Issuance of senior secured notes, including premium | 250,625 | |
Intercompany | 0 | 0 |
Net cash from (used in) financing activities | 241,359 | (16,667) |
Effect of exchange rate change on cash | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 141,014 | (73,570) |
Cash and cash equivalents, beginning of period | 83,479 | 154,147 |
Cash and cash equivalents, end of period | 224,493 | 80,577 |
Foreign Non-Guarantor Subsidiaries | Reportable Legal Entities | ||
Condensed consolidating statement of cash flows | ||
Net cash from (used in) operating activities | 11,201 | 30,661 |
Cash flows used in investing activities: | ||
Additions to property, plant and equipment | (18,354) | (20,077) |
Proceeds from sales of fixed assets | 1,974 | 2,278 |
Acquisitions, net of cash acquired | (10,000) | 0 |
Costs to obtain or renew permits | (65) | (3,084) |
Purchases of available-for-sale securities | (496) | |
Investment in subsidiaries | 0 | |
Intercompany | 0 | 0 |
Net cash used in investing activities | (26,941) | (20,883) |
Cash flows from (used in) financing activities: | ||
Change in uncashed checks | (1,756) | (5,686) |
Exercise of stock options | 0 | 0 |
Issuance of restricted shares, net of shares remitted | 0 | 0 |
Repurchases of common stock | 0 | 0 |
Excess tax benefit of stock-based compensation | 0 | 0 |
Deferred financing costs paid | 0 | |
Payments of capital leases | (278) | |
Issuance of senior secured notes, including premium | 0 | |
Intercompany | 0 | 0 |
Net cash from (used in) financing activities | (1,756) | (5,964) |
Effect of exchange rate change on cash | 4,423 | (6,704) |
Increase (decrease) in cash and cash equivalents | (13,073) | (2,890) |
Cash and cash equivalents, beginning of period | 90,212 | 91,726 |
Cash and cash equivalents, end of period | $ 77,139 | $ 88,836 |
SUBSEQUENT EVENTS Narrative (De
SUBSEQUENT EVENTS Narrative (Details) - Subsequent Event $ in Millions | 1 Months Ended | 3 Months Ended | |
Aug. 31, 2016USD ($)aquisition | Jul. 31, 2016USD ($)aquisition | Sep. 30, 2016USD ($) | |
Subsequent Event [Line Items] | |||
Number of acquisitions | aquisition | 2 | ||
Payments to acquire business | $ | $ 101 | ||
Forecast | |||
Subsequent Event [Line Items] | |||
Number of acquisitions | aquisition | 3 | ||
Purchase price | $ | $ 50 | $ 50 |