ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the fiscal year ended December 31, 2015 | ||
OR | ||
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to . |
Massachusetts (State or other jurisdiction of incorporation or organization) | 04-2997780 (IRS Employer Identification No.) | |
42 Longwater Drive, Norwell, MA (Address of principal executive offices) | 02061-9149 (Zip Code) | |
Registrant's telephone number: (781) 792-5000 |
Title of each class: | Name of each exchange on which registered: | |
Common Stock, $.01 par value | New York Stock Exchange |
Large accelerated filer ý | Accelerated filer o | Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
Page No | ||
• | Technical Services — provides a broad range of hazardous material management services including the packaging, collection, transportation, treatment and disposal of hazardous and non-hazardous waste at our incineration, landfill, wastewater and other treatment facilities. |
• | Industrial and Field Services — provides industrial and specialty services such as high-pressure and chemical cleaning, catalyst handling, decoking and material processing to refineries, chemical plants, oil sands facilities, pulp and paper mills, and other industrial facilities. Also provides a wide variety of environmental cleanup services on customer sites or other locations on a scheduled or emergency response basis including tank cleaning, decontamination, remediation, and spill cleanup. |
• | Kleen Performance Products (formerly Oil Re-refining and Recycling) — processes used oil into high quality base and blended lubricating oils which are then sold to third party customers, and provides recycling of oil in excess of our current re-refining capacity into recycled fuel oil which is then sold to third parties. Processing into base and blended lubricating oils takes place in our three owned and operated re-refineries and recycling of oil into recycled fuel oil takes place in one of our used oil terminals. |
• | SK Environmental Services — consists of Safety-Kleen's branches and provides a broad range of environmental services such as parts cleaning, containerized waste services, used oil collection, and other complementary products and services, including vacuum services, allied products and other environmental services. |
• | Lodging Services — provides lodges and remote workforce accommodation facilities throughout Western Canada. These include both client and open lodges, operator camps, and drill camps. Also included within the segment are manufacturing of modular units and wastewater processing plants, operating services and parts. |
• | Oil and Gas Field Services — provides fluid handling, fluid hauling, production servicing, surface rentals, seismic services, and directional boring services to the energy sector serving oil and gas exploration and production, and power generation. |
• | Expand Service Offerings and Geographic Coverage—We believe our Technical, Industrial and Field Services, and SK Environmental segments have a competitive advantage, particularly in areas where we maintain service locations at or near a treatment, storage and disposal facility, or "TSDF." By opening additional service locations in close proximity to our TSDFs, we believe that we can, with minimal capital expenditures, increase our market share within the Industrial and Field Services segment. We believe this will drive additional waste to our existing facilities, thereby increasing utilization and enhancing overall profitability. |
• | Cross-Sell Across Segments—We believe the breadth of our service offerings allows us to provide additional services to existing customers. In particular, we believe we can provide industrial and field services to customers that traditionally have only used our technical services and technical services to customers that use our industrial services or oil and gas field services. At the same time, we see a variety of cross-selling opportunities between our Technical, Industrial and Field Services offerings and SK Environmental Services’ 200,000 customers. Evidencing this strategy, we have been successfully cross selling the services of Safety-Kleen, Inc. ("Safety-Kleen"), since our acquisition of Safety-Kleen in December 2012, such as parts washers, Allied products and recycling services, to legacy Clean |
• | Capture Large-Scale Projects—We provide turnkey offsite transportation and landfill or incineration disposal services for soil and other contaminated media generated from remediation activities. We also assist remediation contractors and project managers with support services including groundwater disposal, investigation derived waste disposal, rolloff container management, and many other related services. We believe this will drive incremental waste volume to our existing facilities, thereby increasing utilization and enhancing overall profitability. |
• | Expand Throughput Capacity of Existing Waste Facilities—We operate an extensive network of hazardous waste management facilities and have made substantial investments in these facilities, which provide us with significant operating leverage as volumes increase. In addition, there are opportunities to expand waste handling capacity at these facilities by modifying the terms of the existing permits and by adding equipment and new technology. Through selected permit modifications, we can expand the range of treatment services offered to our customers without the large capital investment necessary to acquire or build new waste management facilities. |
• | Pursue Selective Acquisitions—We actively pursue accretive acquisitions in certain services or market sectors where we believe the acquisitions can enhance and expand our business, such as the oil collection and refinery markets. We believe that we can expand existing services, especially in our non-disposal services, through strategic acquisitions in order to generate incremental revenues from existing and new customers and to obtain greater market share. |
• | Execute Strategic Mergers and Divestitures—To complement our acquisition strategy and our focus on internal growth, we regularly review and evaluate our existing operations to determine whether our business model should change through the merger or divestiture of certain businesses. Accordingly, from time to time, we may merge or divest certain non-core businesses and reallocate our resources to businesses that better align with our long-term strategic direction. |
• | Focus on Cost, Pricing and Productivity Initiatives—We continually seek to increase efficiency and to reduce costs in our business through enhanced technology, process efficiencies and stringent expense management. For instance, in 2014, we successfully executed a significant cost reduction program that included headcount reductions, branch consolidations, reduction in third-party rentals, greater internalization of maintenance costs, procurement and supply chain improvements and lowering reliance on outside transportation. |
• | Leading Provider of Environmental, Energy and Industrial Services—We are one of the largest providers of environmental, energy and industrial services and the largest operator of non-nuclear hazardous waste treatment facilities in North America. We provide multi-faceted and low cost services to a broad mix of customers. We attract and better serve our customers because of our capabilities and the size, scale and geographic location of our assets, which allow us to serve multiple locations. Based on latest industry data, we service approximately 65% of North America's commercial hazardous incineration volume and 24% of North America's hazardous landfill volume. |
• | Largest collector and recycler of used motor oil— As the largest re-refiner and recycler of used oil in the world, we returned approximately 160 million gallons of new re-refined oil, lubricants and byproducts back into the marketplace. In 2015, our re-refining process eliminated over one million metric tons of greenhouse gas ("GHG"), which is the equivalent of growing more than 32 million trees for 10 years in an urban environment, or taking over 200,000 passenger cars off the road for one year. |
• | Large and Diversified Customer Base—Our customers range from Fortune 500 companies to midsize and small public and private entities that span multiple industries and business types, including governmental entities. This diversification limits our credit exposure to any one customer and potential cyclicality to any one industry. As a percentage of our 2015 revenues, the top ten industries we serviced totaled approximately 71% and included government (13%), chemical (12%), refineries and oil sands (11%), general manufacturing (9%), automotive (6%), base oil, blenders and packagers (6%), utilities (4%), oil gas production (4%), oil gas exploration (3%) and energy and consulting (3%). |
• | Stable and Recurring Revenue Base—We have long-standing relationships with our customers. Our diversified customer base also provides stable and recurring revenues as a majority of our revenues are derived from previously served customers with recurring needs for our services. In addition, switching costs for many of our customers are high. This is due to many customers' desire to audit disposal facilities prior to their qualification as approved sites and to limit the number of facilities to which their hazardous wastes are shipped in order to reduce their potential liability under United States and Canadian environmental regulations. We have been selected as an approved vendor by large and small generators of waste because we possess comprehensive collection, recycling, treatment, transportation, disposal, and waste tracking capabilities and have the expertise necessary to comply with applicable environmental laws and regulations. Those customers that have selected us as an approved vendor typically continue to use our services on a recurring basis. |
• | Comprehensive Service Capabilities—Our comprehensive service offerings allow us to act as a full-service provider to our customers. Our full-service orientation creates incremental revenue growth as customers seek to minimize the number of outside vendors and demand "one-stop shop" service providers. |
• | Integrated Network of Assets—We believe we operate, in the aggregate, the largest number of hazardous waste incinerators, landfills, treatment facilities and TSDFs in North America. Our broad service network enables us to effectively handle a waste stream from origin through disposal and to efficiently direct and internalize our waste streams to reduce costs. As our processing of wastes increases, our size allows us to increase our profit margins as we can internalize a greater volume of waste in our incinerators, landfills and other disposal facilities. |
• | Regulatory Compliance—We continue to make capital investments in our facilities to ensure that they are in compliance with current federal, state, provincial and local regulations. Companies that rely on in-house disposal may find the current regulatory requirements to be too capital intensive or complicated, and may choose to outsource many of their hazardous waste disposal needs. |
• | Effective Cost Management—Our significant scale allows us to maintain low costs through standardized compliance procedures, significant purchasing power, research and development capabilities and our ability to efficiently utilize logistics and transportation to economically direct waste streams to the most efficient facility. We also have the ability to transport and process with internal resources the substantial majority of all hazardous waste that we manage for our customers. |
• | Proven and Experienced Management Team—Our executive management team provides depth and continuity. Our 13 executive officers collectively have approximately 252 years of experience in the environmental, energy and industrial services industries. Our chief executive officer founded our Company in 1980, and the average experience of the 12 other members of the executive management team is approximately 18 years. |
• | Ontario—Environmental Protection Act; |
• | Quebec—Environmental Quality Act; |
• | Alberta—Environmental Protection and Enhancement Act; and |
• | British Columbia—Waste Management Act. |
• | Canadian Environmental Protection Act (1999) ("CEPA 99"), and |
• | Transportation of Dangerous Goods Act. |
• | adversely impact our ability to obtain additional financing in the future for working capital, capital expenditures, acquisitions or other general corporate purposes or to repurchase the notes from holders upon any change of control; |
• | require us to dedicate a substantial portion of our cash flow to the payment of interest on our debt and fees on our letters of credit, which reduces the availability of our cash flow to fund working capital, capital expenditures, acquisitions and other general corporate purposes; |
• | subject us to the risk of increased sensitivity to interest rate increases based upon variable interest rates, including borrowings (if any) under our revolving credit facility; |
• | increase the possibility of an event of default under the financial and operating covenants contained in our debt instruments; and |
• | limit our ability to adjust to rapidly changing market conditions, reduce our ability to withstand competitive pressures and make us more vulnerable to a downturn in general economic conditions of our business than our competitors with less debt. |
• | incur or guarantee additional indebtedness (including, for this purpose, reimbursement obligations under letters of credit) or issue preferred stock; |
• | pay dividends or make other distributions to our stockholders; |
• | purchase or redeem capital stock or subordinated indebtedness; |
• | make investments; |
• | create liens; |
• | incur restrictions on the ability of our restricted subsidiaries to pay dividends or make other payments to us; |
• | sell assets, including capital stock of our subsidiaries; |
• | consolidate or merge with or into other companies or transfer all or substantially all of our assets; and |
• | engage in transactions with affiliates. |
# of Incinerators | Practical Capacity (Tons) | Utilization Rate Year Ended December 31, 2015 | ||||||
Arkansas | 2 | 95,072 | 80.5 | % | ||||
Nebraska | 1 | 58,808 | 79.2 | % | ||||
Utah | 1 | 66,815 | 83.0 | % | ||||
Texas | 3 | 165,500 | 94.6 | % | ||||
Ontario, Canada | 1 | 105,526 | 105.9 | % | ||||
8 | 491,721 | 90.9 | % |
2015 | 2014 | ||||||||||||||
High | Low | High | Low | ||||||||||||
First Quarter | $ | 58.44 | $ | 44.70 | $ | 60.47 | $ | 44.95 | |||||||
Second Quarter | $ | 59.29 | $ | 50.65 | $ | 64.30 | $ | 52.02 | |||||||
Third Quarter | $ | 54.31 | $ | 43.00 | $ | 65.53 | $ | 53.66 | |||||||
Fourth Quarter | $ | 48.05 | $ | 39.89 | $ | 53.84 | $ | 43.05 |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share (2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (3) | |||||||||
October 1, 2015 through October 31, 2015 | 78,903 | $ | 45.07 | 78,398 | $ | 122,311,562 | |||||||
November 1, 2015 through November 30, 2015 | 421 | $ | 46.49 | — | $ | 122,311,562 | |||||||
December 1, 2015 through December 31, 2015 | 2,161 | $ | 41.44 | — | $ | 122,311,562 | |||||||
Total | 81,485 | $ | 44.98 | 78,398 | $ | 122,311,562 |
(1) | Includes 3,087 shares withheld by us from employees to satisfy employee tax obligations upon vesting of restricted stock units granted to our employees under our long-term equity incentive programs. |
(2) | The average price paid per share of common stock repurchased under our stock repurchase program includes the commissions paid to the brokers. |
(3) | On March 13, 2015, our board of directors increased the size of our current share repurchase program from up to $150 million to up to $300 million. We intend to fund the repurchases through available cash resources. The stock repurchase program authorizes us to purchase our common stock on the open market from time to time. The stock repurchases will be made in a manner that complies with applicable U.S. securities laws. The number of shares purchased and the timing of the purchases will depend on a number of factors, including share price, cash required for future business plans, trading volume and other conditions. We have no obligation to repurchase stock under this program and may suspend or terminate the repurchase program at any time. |
For the Year Ended December 31, | |||||||||||||||||||
(in thousands except per share amounts) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||
Income Statement Data: | |||||||||||||||||||
Total revenues | $ | 3,275,137 | $ | 3,401,636 | $ | 3,509,656 | $ | 2,187,908 | $ | 1,984,136 | |||||||||
Net income (loss) (1) | $ | 44,102 | $ | (28,328 | ) | $ | 95,566 | $ | 129,674 | $ | 127,252 | ||||||||
Earnings (loss) per share: (1)(2) | |||||||||||||||||||
Basic | $ | 0.76 | $ | (0.47 | ) | $ | 1.58 | $ | 2.41 | $ | 2.40 | ||||||||
Diluted | $ | 0.76 | $ | (0.47 | ) | $ | 1.57 | $ | 2.40 | $ | 2.39 | ||||||||
Other Financial Data: | |||||||||||||||||||
Adjusted EBITDA (3) | $ | 504,167 | $ | 521,919 | $ | 510,105 | $ | 373,767 | $ | 350,008 |
At December 31, | |||||||||||||||||||
(in thousands) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||
Balance Sheet Data: | |||||||||||||||||||
Total assets (4) | $ | 3,431,428 | $ | 3,689,423 | $ | 3,936,430 | $ | 3,819,338 | $ | 2,076,089 | |||||||||
Long-term obligations (including current portion) (4) | 1,382,543 | 1,380,681 | 1,385,516 | 1,389,223 | 529,174 | ||||||||||||||
Stockholders' equity (2) | 1,096,282 | 1,262,871 | 1,475,639 | 1,432,072 | 900,987 |
(1) | The 2015 results include a $32.0 million goodwill impairment charge in our Oil and Gas Field Services reporting unit and the 2014 results include a $123.4 million goodwill impairment charge in our Kleen Performance Products reporting unit. In 2015 and 2014, we recorded an income tax benefit of $2.0 million and $2.7 million, respectively, as a result of the goodwill impairment charge. See Note 6, "Goodwill and Other Intangible Assets," to our consolidated financial statements included in Item 8 of this report for additional information regarding those goodwill impairment charges. The 2012 results include a $26.4 million loss on early extinguishment of debt in connection with a redemption and repurchase of our $520.0 million previously outstanding senior secured notes and a benefit for income taxes of $1.9 million primarily due to a decrease in unrecognized tax benefits of $52.4 million (net of interest and penalties of $29.3 million) resulting from expiring statute of limitation periods related to a historical Canadian debt restructuring transaction. |
(2) | We issued 6.9 million shares of our common stock in December 2012 upon the closing of a public offering for aggregate net proceeds of $369.3 million. |
(3) | See "Adjusted EBITDA" under Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," of this report for a discussion of Adjusted EBITDA. |
(4) | As a result of the adoption of a new accounting pronouncement issued in 2015 and discussed further in Note 2 under item 8, "Financial Statements and Supplementary Data" under the heading Recent Accounting Pronouncements, total assets and long-term obligations previously reported in prior period financial statements have been reclassified in accordance with the adopted pronouncements. |
• | Technical Services - Technical Services segment results are predicated upon the demand by our customers for waste services directly attributable to waste volumes generated by them and the existence of project work contracted by the Technical Services segment and/or other segments of Clean Harbors whereby waste handling and/or disposal is required. In managing the business and evaluating performance, management tracks the volumes of waste handled and disposed of through our owned incinerators and landfills as well as the utilization of such incinerators. Levels of activity and ultimate performance associated with this segment can be impacted by inherent seasonality in the business and weather conditions, market conditions and overall levels of industrial activity, efficiency of our operations, competition and market pricing of our services and the management of our related operating costs. |
• | Industrial and Field Services - Industrial and Field Services segment results are impacted by the demand for planned and unplanned industrial related cleaning and maintenance services at customer sites and the requirement for environmental cleanup services on a scheduled or emergency basis, including response to national events such as major oil spills, natural disasters or other events where immediate and specialized services are pertinent. Management considers the number of plant sites where services are contracted and expected site turnaround schedules to be indicators of the businesses’ performance along with the existence of local or national events. |
• | Kleen Performance Products - Kleen Performance Products results are significantly impacted by the overall market pricing and product mix associated with base and blended oil products and more specifically the published prices of Group II base oils, which historically have seen correlation with overall crude oil prices which experienced significant declines for much of 2014 and into 2015. Costs associated with used oils, which are raw materials associated with the segment’s products, can also be volatile as was the case for much of 2014 and into 2015 when such costs were disconnected from market pricing of the based and blended oil products sold by the segment. Given the impact of these falling prices, we are now charging disposal rates in order to mitigate the market-derived pressure on our margins and avoid further deterioration in the existing spread. |
• | SK Environmental Services - SK Environmental Services segment results are significantly impacted by the number of parts washers serviced by the business and the ability to attract small quantity waste producers as customers and integrate them into the Clean Harbors waste network. Performance is also predicated upon the segment management’s ability to manage related costs associated with transportation and the servicing of customers and successfully managing costs associated with the collection of used oils which are then transferred to the Kleen Performance Products segment. |
• | Lodging Services - Lodging Services segment results are dependent upon levels of construction and maintenance activity associated with the oil and related industries in the Oil Sands and other regions of Western Canada in which our camps and lodges operate and demand for our modular unit production. Levels of overall activity in these regions drive the demand and related pricing for lodging and camp accommodations and related services. To mitigate the decrease in demand experienced in this business we have targeted more non-traditional markets such as schools and hospitals to offer our modular unit accommodations and related services. Given that segment |
• | Oil and Gas Field Services - Oil and Gas Field Services segment results are significantly impacted by overall levels of oil and gas related exploration, drilling activity and production in North America. The levels of such exploration, drilling activity and production are largely dependent upon the number of oil rigs in operation as well as global and North American oil prices on which such activity levels are strongly predicated. Since the third quarter of 2014 crude oil prices have declined approximately 62%. This recent oil price volatility and future price uncertainty has resulted in lower activity levels which are negatively impacting the business’ results. The majority of the segment's operations are in Canada, and therefore the impacts of US to Canadian dollar foreign currency translation also significantly impacts the segment’s results. |
Summary of Operations (in thousands) | |||||||||||||||||||||||||
Year Ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
Third Party Revenues(1): | |||||||||||||||||||||||||
Technical Services | $ | 991,410 | $ | 1,043,267 | $ | 1,023,926 | $ | (51,857 | ) | (5.0 | )% | $ | 19,341 | 1.9 | % | ||||||||||
Industrial and Field Services | 957,337 | 681,779 | 708,523 | 275,558 | 40.4 | (26,744 | ) | (3.8 | ) | ||||||||||||||||
Kleen Performance Products | 386,824 | 533,587 | 528,636 | (146,763 | ) | (27.5 | ) | 4,951 | 100.0 | ||||||||||||||||
SK Environmental Services | 674,102 | 667,320 | 665,008 | 6,782 | 1.0 | 2,312 | 100.0 | ||||||||||||||||||
Lodging Services | 89,060 | 172,218 | 208,545 | (83,158 | ) | (48.3 | ) | (36,327 | ) | (17.4 | ) | ||||||||||||||
Oil and Gas Field Services | 175,946 | 303,189 | 383,959 | (127,243 | ) | (42.0 | ) | (80,770 | ) | (21.0 | ) | ||||||||||||||
Corporate Items(2) | 458 | 276 | (8,941 | ) | 182 | (65.9 | ) | 9,217 | (103.1 | ) | |||||||||||||||
Total | $ | 3,275,137 | $ | 3,401,636 | $ | 3,509,656 | $ | (126,499 | ) | (3.7 | )% | $ | (108,020 | ) | (3.1 | )% | |||||||||
Direct Revenues(1): | |||||||||||||||||||||||||
Technical Services | $ | 1,139,080 | $ | 1,205,383 | $ | 1,147,815 | $ | (66,303 | ) | (5.5 | )% | $ | 57,568 | 5.0 | % | ||||||||||
Industrial and Field Services | 923,599 | 639,369 | 663,589 | 284,230 | 44.5 | (24,220 | ) | (3.6 | ) | ||||||||||||||||
Kleen Performance Products | 306,825 | 331,723 | 335,627 | (24,898 | ) | (7.5 | ) | (3,904 | ) | (1.2 | ) | ||||||||||||||
SK Environmental Services | 634,864 | 747,739 | 772,099 | (112,875 | ) | (15.1 | ) | (24,360 | ) | (3.2 | ) | ||||||||||||||
Lodging Services | 91,713 | 174,732 | 212,385 | (83,019 | ) | (47.5 | ) | (37,653 | ) | (17.7 | ) | ||||||||||||||
Oil and Gas Field Services | 181,780 | 308,270 | 390,505 | (126,490 | ) | (41.0 | ) | (82,235 | ) | (21.1 | ) | ||||||||||||||
Corporate Items(2) | (2,724 | ) | (5,580 | ) | (12,364 | ) | 2,856 | 51.2 | 6,784 | 54.9 | |||||||||||||||
Total | 3,275,137 | 3,401,636 | 3,509,656 | (126,499 | ) | (3.7 | ) | (108,020 | ) | (3.1 | ) | ||||||||||||||
Cost of Revenues(3): | |||||||||||||||||||||||||
Technical Services | 769,625 | 791,824 | 779,472 | (22,199 | ) | (2.8 | ) | 12,352 | 1.6 | ||||||||||||||||
Industrial and Field Services | 706,093 | 499,423 | 513,519 | 206,670 | 41.4 | (14,096 | ) | (2.7 | ) | ||||||||||||||||
Kleen Performance Products | 258,653 | 264,437 | 259,905 | (5,784 | ) | (2.2 | ) | 4,532 | 100.0 | ||||||||||||||||
SK Environmental Services | 390,664 | 524,280 | 551,129 | (133,616 | ) | (25.5 | ) | (26,849 | ) | 100.0 | |||||||||||||||
Lodging Services | 70,331 | 108,066 | 127,259 | (37,735 | ) | (34.9 | ) | (19,193 | ) | (15.1 | ) | ||||||||||||||
Oil and Gas Field Services | 160,840 | 244,642 | 295,659 | (83,802 | ) | (34.3 | ) | (51,017 | ) | (17.3 | ) | ||||||||||||||
Corporate Items(2) | 600 | 9,124 | 15,690 | (8,524 | ) | (93.4 | ) | (6,566 | ) | (41.8 | ) | ||||||||||||||
Total | 2,356,806 | 2,441,796 | 2,542,633 | (84,990 | ) | (3.5 | ) | (100,837 | ) | (4.0 | ) | ||||||||||||||
Selling, General and Administrative Expenses: | |||||||||||||||||||||||||
Technical Services | 77,718 | 85,429 | 82,823 | (7,711 | ) | (9.0 | ) | 2,606 | 3.1 | ||||||||||||||||
Industrial and Field Services | 60,006 | 52,355 | 53,266 | 7,651 | 14.6 | (911 | ) | (1.7 | ) | ||||||||||||||||
Kleen Performance Products | 15,983 | 15,725 | 18,719 | 258 | 1.6 | (2,994 | ) | 100.0 | |||||||||||||||||
SK Environmental Services | 104,127 | 109,473 | 108,248 | (5,346 | ) | (4.9 | ) | 1,225 | 100.0 | ||||||||||||||||
Lodging Services | 4,904 | 5,228 | 4,768 | (324 | ) | (6.2 | ) | 460 | 9.6 | ||||||||||||||||
Oil and Gas Field Services | 21,767 | 23,514 | 26,991 | (1,747 | ) | (7.4 | ) | (3,477 | ) | (12.9 | ) | ||||||||||||||
Corporate Items | 129,659 | 146,197 | 175,662 | (16,538 | ) | (11.3 | ) | (29,465 | ) | (16.8 | ) | ||||||||||||||
Total | 414,164 | 437,921 | 470,477 | (23,757 | ) | (5.4 | ) | (32,556 | ) | (6.9 | ) | ||||||||||||||
Adjusted EBITDA | |||||||||||||||||||||||||
Technical Services | 291,737 | 328,130 | 285,520 | (36,393 | ) | (11.1 | ) | 42,610 | 14.9 | ||||||||||||||||
Industrial and Field Services | 157,500 | 87,591 | 96,804 | 69,909 | 79.8 | (9,213 | ) | (9.5 | ) | ||||||||||||||||
Kleen Performance Products | 32,189 | 51,561 | 57,003 | (19,372 | ) | (37.6 | ) | (5,442 | ) | 100.0 | |||||||||||||||
SK Environmental Services | 140,073 | 113,986 | 112,722 | 26,087 | 22.9 | 1,264 | 100.0 | ||||||||||||||||||
Lodging Services | 16,478 | 61,438 | 80,358 | (44,960 | ) | (73.2 | ) | (18,920 | ) | (23.5 | ) | ||||||||||||||
Oil and Gas Field Services | (827 | ) | 40,114 | 67,855 | (40,941 | ) | (102.1 | ) | (27,741 | ) | (40.9 | ) | |||||||||||||
Corporate Items | (132,983 | ) | (160,901 | ) | (190,157 | ) | 27,918 | 17.4 | 29,256 | 15.4 | |||||||||||||||
Total | $ | 504,167 | $ | 521,919 | $ | 510,105 | $ | (17,752 | ) | (3.4 | )% | $ | 11,814 | 2.3 | % |
(1) | Third party revenue is revenue billed to outside customers by a particular segment. Direct revenue is revenue allocated to the segment performing the provided service. |
(2) | Corporate Items revenues and costs of revenues for the year ended December 31, 2013 includes purchase price measurement period adjustments. |
(3) | Cost of revenue is shown exclusive of items presented separately on the statements of income, which consist of (i) accretion of environmental liabilities and (ii) depreciation and amortization. |
For the years ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
Direct revenues | $ | 1,139,080 | $ | 1,205,383 | $ | 1,147,815 | $ | (66,303 | ) | (5.5 | )% | $ | 57,568 | 5.0 | % |
For the years ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
Direct revenues | $ | 923,599 | $ | 639,369 | $ | 663,589 | $ | 284,230 | 44.5 | % | $ | (24,220 | ) | (3.6 | )% |
For the years ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
Direct revenues | $ | 306,825 | $ | 331,723 | $ | 335,627 | $ | (24,898 | ) | (7.5 | )% | $ | (3,904 | ) | (1.2 | )% |
For the years ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
Direct revenues | $ | 634,864 | $ | 747,739 | $ | 772,099 | $ | (112,875 | ) | (15.1 | )% | $ | (24,360 | ) | (3.2 | )% |
For the years ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
Direct revenues | $ | 91,713 | $ | 174,732 | $ | 212,385 | $ | (83,019 | ) | (47.5 | )% | $ | (37,653 | ) | (17.7 | )% |
For the years ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
Direct revenues | $ | 181,780 | $ | 308,270 | $ | 390,505 | $ | (126,490 | ) | (41.0 | )% | $ | (82,235 | ) | (21.1 | )% |
For the years ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
Cost of revenues | $ | 769,625 | $ | 791,824 | $ | 779,472 | $ | (22,199 | ) | (2.8 | )% | $ | 12,352 | 1.6 | % | ||||||||||
As a % of Direct Revenue | 67.6 | % | 65.7 | % | 67.9 | % | 1.9 | % | (2.2 | )% |
For the years ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
Cost of revenues | $ | 706,093 | $ | 499,423 | $ | 513,519 | $ | 206,670 | 41.4 | % | $ | (14,096 | ) | (2.7 | )% | ||||||||||
As a % of Direct Revenue | 76.5 | % | 78.1 | % | 77.4 | % | (1.6 | )% | 0.7 | % |
For the years ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
Cost of revenues | $ | 258,653 | $ | 264,437 | $ | 259,905 | $ | (5,784 | ) | (2.2 | )% | $ | 4,532 | 1.7 | % | ||||||||||
As a % of Direct Revenue | 84.3 | % | 79.7 | % | 77.4 | % | 4.6 | % | 2.3 | % |
For the years ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
Cost of revenues | $ | 390,664 | $ | 524,280 | $ | 551,129 | $ | (133,616 | ) | (25.5 | )% | $ | (26,849 | ) | (4.9 | )% | |||||||||
As a % of Direct Revenue | 61.5 | % | 70.1 | % | 71.4 | % | (8.6 | )% | (1.3 | )% |
For the years ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
Cost of revenues | $ | 70,331 | $ | 108,066 | $ | 127,259 | $ | (37,735 | ) | (34.9 | )% | $ | (19,193 | ) | (15.1 | )% | |||||||||
As a % of Direct Revenue | 76.7 | % | 61.8 | % | 59.9 | % | 14.9 | % | 1.9 | % |
For the years ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
Cost of revenues | $ | 160,840 | $ | 244,642 | $ | 295,659 | $ | (83,802 | ) | (34.3 | )% | $ | (51,017 | ) | (17.3 | )% | |||||||||
As a % of Direct Revenue | 88.5 | % | 79.4 | % | 75.7 | % | 9.1 | % | 3.7 | % |
For the years ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
Cost of revenues | $ | 600 | $ | 9,124 | $ | 15,690 | $ | (8,524 | ) | (93.4 | )% | $ | (6,566 | ) | (41.8 | )% |
For the years ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
SG&A | $ | 77,718 | $ | 85,429 | $ | 82,823 | $ | (7,711 | ) | (9.0 | )% | $ | 2,606 | 3.1 | % | ||||||||||
As a % of Direct Revenue | 6.8 | % | 7.1 | % | 7.2 | % | (0.3 | )% | (0.1 | )% |
For the years ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
SG&A | $ | 60,006 | $ | 52,355 | $ | 53,266 | $ | 7,651 | 14.6 | % | $ | (911 | ) | (1.7 | )% | ||||||||||
As a % of Direct Revenue | 6.5 | % | 8.2 | % | 8.0 | % | (1.7 | )% | 0.2 | % |
For the years ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
SG&A | $ | 15,983 | $ | 15,725 | $ | 18,719 | $ | 258 | 1.6 | % | $ | (2,994 | ) | (16.0 | )% | ||||||||||
As a % of Direct Revenue | 5.2 | % | 4.7 | % | 5.6 | % | 0.5 | % | (0.9 | )% |
For the years ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
SG&A | $ | 104,127 | $ | 109,473 | $ | 108,248 | $ | (5,346 | ) | (4.9 | )% | $ | 1,225 | 1.1 | % | ||||||||||
As a % of Direct Revenue | 16.4 | % | 14.6 | % | 14.0 | % | 1.8 | % | 0.6 | % |
For the years ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
SG&A | $ | 4,904 | $ | 5,228 | $ | 4,768 | $ | (324 | ) | (6.2 | )% | $ | 460 | 9.6 | % | ||||||||||
As a % of Direct Revenue | 5.3 | % | 3.0 | % | 2.2 | % | 2.3 | % | 0.8 | % |
For the years ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
SG&A | $ | 21,767 | $ | 23,514 | $ | 26,991 | $ | (1,747 | ) | (7.4 | )% | $ | (3,477 | ) | (12.9 | )% | |||||||||
As a % of Direct Revenue | 12.0 | % | 7.6 | % | 6.9 | % | 4.4 | % | 0.7 | % |
For the years ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | |||||||||||||||||||
SG&A | $ | 129,659 | $ | 146,197 | $ | 175,662 | $ | (16,538 | ) | (11.3 | )% | $ | (29,465 | ) | (16.8 | )% |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net income (loss) | $ | 44,102 | $ | (28,328 | ) | $ | 95,566 | ||||
Accretion of environmental liabilities | 10,402 | 10,612 | 11,541 | ||||||||
Depreciation and amortization | 274,194 | 276,083 | 264,449 | ||||||||
Goodwill impairment charge | 31,992 | 123,414 | — | ||||||||
Other expense (income) | 1,380 | (4,380 | ) | (1,705 | ) | ||||||
Interest expense, net | 76,553 | 77,668 | 78,376 | ||||||||
Pre-tax, non-cash acquisition accounting inventory adjustments | — | — | 13,559 | ||||||||
Provision for income taxes | 65,544 | 66,850 | 48,319 | ||||||||
Adjusted EBITDA | $ | 504,167 | $ | 521,919 | $ | 510,105 |
Year Ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
(in thousands) | 2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | ||||||||||||||||||
Depreciation of fixed assets and landfill amortization | $ | 233,998 | $ | 239,410 | $ | 229,392 | $ | (5,412 | ) | (2.3 | )% | $ | 10,018 | 4.4 | % | ||||||||||
Permits and other intangibles amortization | 40,196 | 36,673 | 35,057 | 3,523 | 9.6 | % | 1,616 | 4.6 | % | ||||||||||||||||
Total depreciation and amortization | $ | 274,194 | $ | 276,083 | $ | 264,449 | $ | (1,889 | ) | (0.7 | )% | $ | 11,634 | 4.4 | % |
Year Ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
(in thousands) | 2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | ||||||||||||||||||
Goodwill impairment charge | $ | 31,992 | $ | 123,414 | $ | — | $ | (91,422 | ) | 100.0 | % | $ | 123,414 | — | % |
Year Ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
(in thousands) | 2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | ||||||||||||||||||
Other (expense) income | $ | (1,380 | ) | $ | 4,380 | $ | 1,705 | $ | (5,760 | ) | (131.5 | )% | $ | 2,675 | (156.9 | )% |
Year Ended December 31, | 2015 over 2014 | 2014 over 2013 | |||||||||||||||||||||||
(in thousands) | 2015 | 2014 | 2013 | $ Change | % Change | $ Change | % Change | ||||||||||||||||||
Provision for income taxes | $ | 65,544 | $ | 66,850 | $ | 48,319 | $ | (1,306 | ) | (2.0 | )% | $ | 18,531 | 38.4 | % |
For the years ended December 31, | |||||||||||
(in thousands) | 2015 | 2014 | 2013 | ||||||||
Net cash from operating activities | $ | 396,383 | $ | 297,366 | $ | 415,839 | |||||
Net cash used in investing activities | (350,642 | ) | (258,294 | ) | (345,512 | ) | |||||
Net cash (used in) from financing activities | (90,179 | ) | (93,945 | ) | 13,126 |
As of December 31, | 2015 over 2014 | |||||||||||||
(in thousands) | 2015 | 2014 | $ Change | % Change | ||||||||||
Closure and post-closure liabilities | $ | 56,249 | $ | 50,701 | $ | 5,548 | 10.9 | % | ||||||
Remedial liabilities | 131,992 | 155,121 | (23,129 | ) | (14.9 | )% | ||||||||
Total environmental liabilities | $ | 188,241 | $ | 205,822 | $ | (17,581 | ) | (8.5 | )% |
Payments Due by Period | |||||||||||||||||||
Contractual Obligations | Total | Less than 1 year | 1-3 years | 4-5 years | After 5 years | ||||||||||||||
Closure, post-closure and remedial liabilities | $ | 457,791 | $ | 21,685 | $ | 47,973 | $ | 31,652 | $ | 356,481 | |||||||||
Long-term obligations, at par | 1,395,000 | — | — | 800,000 | 595,000 | ||||||||||||||
Interest on long-term obligations | 357,676 | 72,494 | 144,988 | 127,488 | 12,706 | ||||||||||||||
Operating leases | 142,978 | 37,064 | 51,124 | 30,403 | 24,387 | ||||||||||||||
Total contractual obligations | $ | 2,353,445 | $ | 131,243 | $ | 244,085 | $ | 989,543 | $ | 988,574 |
Payments Due by Period | |||||||||||||||||||
Other Commercial Commitments | Total | Less than 1 year | 1-3 years | 4-5 years | After 5 years | ||||||||||||||
Standby letters of credit | $ | 144,573 | $ | 144,573 | $ | — | $ | — | $ | — |
• | Personnel are actively working to obtain the permit or permit modifications (land use, state and federal) necessary for expansion of an existing landfill, and progress is being made on the project. |
• | Management expects to submit the application within the next year and to receive all necessary approvals to accept waste within the next five years. |
• | At the time the expansion is included in management's estimate of the landfill's useful economic life, it is probable that the required approvals will be received within the normal application and processing time periods for approvals in the jurisdiction in which the landfill is located. |
• | Our Company or other owner of the landfill has a legal right to use or obtain the right to use the land associated with the expansion plan. |
• | There are no significant known political, technical, legal or business restrictions or other issues that could impair the success of such expansion. |
• | A financial feasibility analysis has been completed and the results demonstrate that the expansion will have a positive financial and operational impact such that management is committed to pursuing the expansion. |
• | Additional airspace and related additional costs, including permitting, final closure and post-closure costs, have been estimated based on the conceptual design of the proposed expansion. |
• | The second quarter is the period of time where greater levels of communication with customers and the receipt of bids and proposals for project work take place and provide management with more clarity into levels of activity and other economic and business indicators for the latter half of the fiscal year and on into the first quarter of the following year. During the quarter ended June 30, 2015, it became apparent that oil and gas exploration and production activity would continue to be lower than historical periods and lower than previously anticipated by our Company. This was evidenced by reduced volume in bid and proposal requests from customers and communications indicating the reduction in customer budgets in these areas as well as lower than anticipated pricing for our services. |
• | Market and industry reports which management looks to in projecting business conditions and establishing forecast information evidenced more pessimistic views in the near term. The continued depressed price of oil without any upward momentum since December 2014, as well as declining and expected continued decline in rig count for the remainder of 2015, resulted in lower estimates of industry activity in the second half of 2015 and early 2016. |
• | In recognition of lower than anticipated business results and less optimistic market indicators, management significantly lowered its 2015 forecasts relative to the Oil and Gas Field Services reporting unit. |
Scheduled Maturity Dates | 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | Total | ||||||||||||||||||||
Senior unsecured notes due 2020 | $ | — | $ | — | $ | — | $ | — | $ | 800,000 | $ | — | $ | 800,000 | |||||||||||||
Senior unsecured notes due 2021 | — | — | — | — | — | 595,000 | 595,000 | ||||||||||||||||||||
Long term obligations, at par | $ | — | $ | — | $ | — | $ | — | $ | 800,000 | $ | 595,000 | $ | 1,395,000 | |||||||||||||
Weighted average interest rate on fixed rate borrowings | 5.2 | % |
As of December 31, | |||||||
2015 | 2014 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 184,708 | $ | 246,879 | |||
Accounts receivable, net of allowances aggregating $31,426 and $25,661, respectively | 496,004 | 557,131 | |||||
Unbilled accounts receivable | 25,940 | 40,775 | |||||
Deferred costs | 18,758 | 19,018 | |||||
Inventories and supplies | 149,521 | 168,663 | |||||
Prepaid expenses and other current assets | 46,265 | 57,435 | |||||
Deferred tax assets | — | 36,532 | |||||
Total current assets | 921,196 | 1,126,433 | |||||
Property, plant and equipment, net | 1,532,467 | 1,558,834 | |||||
Other assets: | |||||||
Deferred financing costs | 1,847 | 2,725 | |||||
Goodwill | 453,105 | 452,669 | |||||
Permits and other intangibles, net | 506,818 | 530,080 | |||||
Other | 15,995 | 18,682 | |||||
Total other assets | 977,765 | 1,004,156 | |||||
Total assets | $ | 3,431,428 | $ | 3,689,423 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Current portion of capital lease obligations | $ | — | $ | 536 | |||
Accounts payable | 241,183 | 267,329 | |||||
Deferred revenue | 61,882 | 62,966 | |||||
Accrued expenses | 193,660 | 219,549 | |||||
Current portion of closure, post-closure and remedial liabilities | 20,395 | 22,091 | |||||
Total current liabilities | 517,120 | 572,471 | |||||
Other liabilities: | |||||||
Closure and post-closure liabilities, less current portion of $7,229 and $4,999, respectively | 49,020 | 45,702 | |||||
Remedial liabilities, less current portion of $13,166 and $17,092, respectively | 118,826 | 138,029 | |||||
Long-term obligations | 1,382,543 | 1,380,145 | |||||
Deferred taxes, unrecognized tax benefits and other long-term liabilities | 267,637 | 290,205 | |||||
Total other liabilities | 1,818,026 | 1,854,081 | |||||
Commitments and contingent liabilities (See Note 16) | |||||||
Stockholders' equity: | |||||||
Common stock, $.01 par value: | |||||||
Authorized 80,000,000 shares; issued and outstanding 57,593,201 and 58,903,482 shares, respectively | 576 | 589 | |||||
Shares held under employee participation plan | (469 | ) | (469 | ) | |||
Additional paid-in capital | 738,401 | 805,029 | |||||
Accumulated other comprehensive loss | (254,892 | ) | (110,842 | ) | |||
Accumulated earnings | 612,666 | 568,564 | |||||
Total stockholders' equity | 1,096,282 | 1,262,871 | |||||
Total liabilities and stockholders' equity | $ | 3,431,428 | $ | 3,689,423 |
For the years ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Revenues: | |||||||||||
Service revenues | $ | 2,744,272 | $ | 2,639,796 | $ | 2,729,205 | |||||
Product revenues | 530,865 | 761,840 | 780,451 | ||||||||
Total revenues | 3,275,137 | 3,401,636 | 3,509,656 | ||||||||
Cost of revenues: (exclusive of items shown separately below) | |||||||||||
Service revenues | 1,898,907 | 1,790,377 | 1,874,448 | ||||||||
Product revenues | 457,899 | 651,419 | 668,185 | ||||||||
Total cost of revenues | 2,356,806 | 2,441,796 | 2,542,633 | ||||||||
Selling, general and administrative expenses | 414,164 | 437,921 | 470,477 | ||||||||
Accretion of environmental liabilities | 10,402 | 10,612 | 11,541 | ||||||||
Depreciation and amortization | 274,194 | 276,083 | 264,449 | ||||||||
Goodwill impairment charge | 31,992 | 123,414 | — | ||||||||
Income from operations | 187,579 | 111,810 | 220,556 | ||||||||
Other (expense) income | (1,380 | ) | 4,380 | 1,705 | |||||||
Interest expense, net of interest income of $626, $819, and $507, respectively | (76,553 | ) | (77,668 | ) | (78,376 | ) | |||||
Income before provision for income taxes | 109,646 | 38,522 | 143,885 | ||||||||
Provision for income taxes | 65,544 | 66,850 | 48,319 | ||||||||
Net income (loss) | $ | 44,102 | $ | (28,328 | ) | $ | 95,566 | ||||
Earnings (loss) per share: | |||||||||||
Basic | $ | 0.76 | $ | (0.47 | ) | $ | 1.58 | ||||
Diluted | $ | 0.76 | $ | (0.47 | ) | $ | 1.57 | ||||
Shares used to compute earnings (loss) per share — Basic | 58,324 | 60,311 | 60,574 | ||||||||
Shares used to compute earnings (loss) per share — Diluted | 58,434 | 60,311 | 60,728 |
For the years ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net income (loss) | $ | 44,102 | $ | (28,328 | ) | $ | 95,566 | ||||
Other comprehensive loss: | |||||||||||
Unrealized gains on available-for-sale securities (net of taxes of $0, $183 and $208, respectively) | — | 976 | 1,244 | ||||||||
Reclassification adjustment for gains on available-for-sale securities included in net income (net of taxes of $508) | — | (2,880 | ) | — | |||||||
Foreign currency translation adjustments | (144,050 | ) | (88,725 | ) | (70,791 | ) | |||||
Unfunded pension liability (net of taxes of $7, $248 and $123, respectively) | — | (657 | ) | 359 | |||||||
Other comprehensive loss | (144,050 | ) | (91,286 | ) | (69,188 | ) | |||||
Comprehensive (loss) income | $ | (99,948 | ) | $ | (119,614 | ) | $ | 26,378 |
For the years ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | 44,102 | $ | (28,328 | ) | $ | 95,566 | ||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Depreciation and amortization | 274,194 | 276,083 | 264,449 | ||||||||
Goodwill impairment charge | 31,992 | 123,414 | — | ||||||||
Pre-tax, non-cash acquisition accounting inventory adjustments | — | — | 13,559 | ||||||||
Allowance for doubtful accounts | 4,793 | 8,917 | 7,933 | ||||||||
Amortization of deferred financing costs and debt discount | 3,280 | 3,289 | 3,301 | ||||||||
Accretion of environmental liabilities | 10,402 | 10,612 | 11,541 | ||||||||
Changes in environmental liability estimates | (11,345 | ) | (3,367 | ) | (3,682 | ) | |||||
Deferred income taxes | 1,930 | 32,320 | 31,119 | ||||||||
Other expense (income) | 1,380 | (4,380 | ) | (1,705 | ) | ||||||
Stock-based compensation | 8,550 | 8,800 | 8,946 | ||||||||
Excess tax benefit of stock-based compensation | (71 | ) | (878 | ) | (1,409 | ) | |||||
Net tax benefit on stock-based awards | (82 | ) | 816 | 1,399 | |||||||
Environmental expenditures | (20,130 | ) | (20,245 | ) | (19,416 | ) | |||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable and unbilled accounts receivables | 55,271 | (14,342 | ) | (54,213 | ) | ||||||
Inventories and supplies | 14,059 | (21,339 | ) | (1,144 | ) | ||||||
Other current assets | 48,760 | (19,030 | ) | 20,857 | |||||||
Accounts payable | (16,299 | ) | (52,026 | ) | 37,117 | ||||||
Other current and long-term liabilities | (54,403 | ) | (2,950 | ) | 1,621 | ||||||
Net cash from operating activities | 396,383 | 297,366 | 415,839 | ||||||||
Cash flows used in investing activities: | |||||||||||
Additions to property, plant and equipment | (257,196 | ) | (257,613 | ) | (280,207 | ) | |||||
Proceeds from sales of fixed assets | 6,195 | 8,164 | 4,699 | ||||||||
Acquisitions, net of cash acquired | (94,345 | ) | (16,187 | ) | (63,264 | ) | |||||
Additions to intangible assets including costs to obtain or renew permits | (5,296 | ) | (6,519 | ) | (6,740 | ) | |||||
Proceeds from sales of investments | — | 13,861 | — | ||||||||
Other | — | — | — | ||||||||
Net cash used in investing activities | (350,642 | ) | (258,294 | ) | (345,512 | ) | |||||
Cash flows (used in) from financing activities: | |||||||||||
Change in uncashed checks | (14,630 | ) | 15,069 | 12,268 | |||||||
Proceeds from exercise of stock options | 397 | — | 400 | ||||||||
Remittance of shares, net | (2,159 | ) | (2,793 | ) | (731 | ) | |||||
Repurchases of common stock | (73,347 | ) | (104,341 | ) | — | ||||||
Excess tax benefit of stock-based compensation | 71 | 878 | 1,409 | ||||||||
Deferred financing costs paid | — | — | (2,504 | ) | |||||||
Repayment of long-term obligations | — | (5,000 | ) | — | |||||||
Proceeds from employee stock purchase plan | — | 4,364 | 7,425 | ||||||||
Payments on capital leases | (511 | ) | (2,122 | ) | (4,891 | ) | |||||
Issuance costs related to issuances of common stock | — | — | (250 | ) | |||||||
Net cash (used in) from financing activities | (90,179 | ) | (93,945 | ) | 13,126 | ||||||
Effect of exchange rate change on cash | (17,733 | ) | (8,321 | ) | (3,216 | ) | |||||
(Decrease) increase in cash and cash equivalents | (62,171 | ) | (63,194 | ) | 80,237 | ||||||
Cash and cash equivalents, beginning of year | 246,879 | 310,073 | 229,836 | ||||||||
Cash and cash equivalents, end of year | $ | 184,708 | $ | 246,879 | $ | 310,073 | |||||
Supplemental information: | |||||||||||
Cash payments for interest and income taxes: | |||||||||||
Interest paid | $ | 73,926 | $ | 75,408 | $ | 75,627 | |||||
Income taxes paid (received) | 52,970 | 42,022 | (8,162 | ) | |||||||
Non-cash investing and financing activities: | |||||||||||
Property, plant and equipment accrued | 32,677 | 23,563 | 33,214 | ||||||||
Transfer of inventory to property, plant and equipment | — | 1,324 | 11,369 | ||||||||
Accrued business combination adjustments | — | 355 | — | ||||||||
Receivable for estimated purchase price adjustment | 1,000 | — | — |
Common Stock | Shares Held Under Employee Participation Plan | Additional Paid-in Capital | Accumulated Other Comprehensive Income (loss) | Total Stockholders' Equity | ||||||||||||||||||||||
Number of Shares | $0.01 Par Value | Accumulated Earnings | ||||||||||||||||||||||||
Balance at January 1, 2013 | 60,385 | $ | 604 | $ | (469 | ) | $ | 880,979 | $ | 49,632 | $ | 501,326 | $ | 1,432,072 | ||||||||||||
Net income | — | — | — | — | — | 95,566 | 95,566 | |||||||||||||||||||
Other comprehensive income | — | — | — | — | (69,188 | ) | — | (69,188 | ) | |||||||||||||||||
Stock-based compensation | 74 | — | — | 8,946 | — | — | 8,946 | |||||||||||||||||||
Issuance of restricted shares, net of shares remitted | (19 | ) | — | — | (731 | ) | — | — | (731 | ) | ||||||||||||||||
Issuance of common stock, net of issuance cost | — | — | — | (250 | ) | — | — | (250 | ) | |||||||||||||||||
Exercise of stock options | 61 | 3 | — | 397 | — | — | 400 | |||||||||||||||||||
Net tax benefit on stock-based awards | — | — | — | 1,399 | — | — | 1,399 | |||||||||||||||||||
Employee stock purchase plan | 171 | — | — | 7,425 | — | — | 7,425 | |||||||||||||||||||
Balance at December 31, 2013 | 60,672 | $ | 607 | $ | (469 | ) | $ | 898,165 | $ | (19,556 | ) | $ | 596,892 | $ | 1,475,639 | |||||||||||
Net loss | — | — | — | — | — | (28,328 | ) | (28,328 | ) | |||||||||||||||||
Other comprehensive loss | — | — | — | — | (91,286 | ) | — | (91,286 | ) | |||||||||||||||||
Stock-based compensation | — | — | — | 8,800 | — | — | 8,800 | |||||||||||||||||||
Issuance of restricted shares, net of shares remitted | 113 | 1 | — | (2,794 | ) | — | — | (2,793 | ) | |||||||||||||||||
Repurchases of common stock | (1,973 | ) | (20 | ) | — | (104,321 | ) | — | — | (104,341 | ) | |||||||||||||||
Net tax benefit on stock-based awards | — | — | — | 816 | — | — | 816 | |||||||||||||||||||
Employee stock purchase plan | 91 | 1 | — | 4,363 | — | — | 4,364 | |||||||||||||||||||
Balance at December 31, 2014 | 58,903 | $ | 589 | $ | (469 | ) | $ | 805,029 | $ | (110,842 | ) | $ | 568,564 | $ | 1,262,871 | |||||||||||
Net income | — | — | — | — | — | 44,102 | 44,102 | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | (144,050 | ) | — | (144,050 | ) | |||||||||||||||||
Stock-based compensation | — | — | — | 8,550 | — | — | 8,550 | |||||||||||||||||||
Issuance of restricted shares, net of shares remitted | 100 | 1 | — | (2,160 | ) | — | — | (2,159 | ) | |||||||||||||||||
Exercise of stock options | 12 | — | — | 397 | — | — | 397 | |||||||||||||||||||
Repurchases of common stock | (1,422 | ) | (14 | ) | — | (73,333 | ) | — | — | (73,347 | ) | |||||||||||||||
Net tax benefit on stock-based awards | — | — | — | (82 | ) | — | — | (82 | ) | |||||||||||||||||
Balance at December 31, 2015 | 57,593 | $ | 576 | $ | (469 | ) | $ | 738,401 | $ | (254,892 | ) | $ | 612,666 | $ | 1,096,282 |
Asset Classification | Estimated Useful Life | |
Buildings and building improvements | ||
Buildings | 30–40 years | |
Leasehold and building improvements | 2–40 years | |
Camp equipment | 8–15 years | |
Vehicles | 3–12 years | |
Equipment | ||
Capitalized software and computer equipment | 3–5 years | |
Solar equipment | 20 years | |
Containers and railcars | 15–20 years | |
All other equipment | 8–20 years | |
Furniture and fixtures | 5–8 years |
• | Personnel are actively working to obtain the permit or permit modifications (land use, state, provincial and federal) necessary for expansion of an existing landfill, and progress is being made on the project. |
• | Management expects to submit the application within the next year and to receive all necessary approvals to accept waste within the next 5 years. |
• | At the time the expansion is included in the Company's estimate of the landfill's useful economic life, it is probable that the required approvals will be received within the normal application and processing time periods for approvals in the jurisdiction in which the landfill is located. |
• | The Company or other owner of the landfill has a legal right to use or obtain the right to use the land associated with the expansion plan. |
• | There are no significant known political, technical, legal or business restrictions or issues that could impair the success of such expansion. |
• | A financial feasibility analysis has been completed and the results demonstrate that the expansion will have a positive financial and operational impact such that management is committed to pursuing the expansion. |
• | Additional airspace and related additional costs, including permitting, final closure and post-closure costs, have been estimated based on the conceptual design of the proposed expansion. |
Remaining Lives (Years) | Remaining Highly Probable Airspace (cubic yards) (in thousands) | ||||||||||||
Facility Name | Location | Permitted | Unpermitted | Total | |||||||||
Altair | Texas | 6 | 686 | — | 686 | ||||||||
Buttonwillow | California | 20 | 7,023 | — | 7,023 | ||||||||
Deer Park | Texas | 7 | 268 | — | 268 | ||||||||
Deer Trail | Colorado | 28 | 1,932 | — | 1,932 | ||||||||
Grassy Mountain | Utah | 20 | 1,839 | — | 1,839 | ||||||||
Kimball | Nebraska | 9 | 243 | — | 243 | ||||||||
Lambton | Ontario | 37 | 5,062 | — | 5,062 | ||||||||
Lone Mountain | Oklahoma | 32 | 4,809 | — | 4,809 | ||||||||
Ryley | Alberta | 9 | 608 | 880 | 1,488 | ||||||||
Sawyer | North Dakota | 45 | 3,704 | — | 3,704 | ||||||||
Westmorland | California | 64 | 2,732 | — | 2,732 | ||||||||
28,906 | 880 | 29,786 |
2015 | 2014 | 2013 | ||||||
Remaining capacity at January 1, | 30,544 | 29,323 | 29,643 | |||||
Addition of highly probable airspace, net | 516 | 2,809 | 1,218 | |||||
Consumed | (1,274 | ) | (1,588 | ) | (1,538 | ) | ||
Remaining capacity at December 31, | 29,786 | 30,544 | 29,323 |
• | Remedial liabilities assumed relating to acquisitions are and will continue to be inflated using the inflation rates at the time of each acquisition (ranging from 1.01% to 2.57%) until the expected time of payment, then discounted at the risk-free interest rate at the time of such acquisition (ranging from 2.88% to 5.99%). |
• | Remedial liabilities incurred subsequent to the acquisitions and remedial liabilities of the Company that existed prior to the acquisitions have been and will continue to be recorded at the estimated current value of the liabilities, which is usually neither increased for inflation nor reduced for discounting. |
At acquisition date April 11, 2015 | Measurement Period Adjustments | At acquisition date as reported at December 31, 2015 | |||||||||
Accounts Receivable | $ | 7,109 | $ | 476 | $ | 7,585 | |||||
Inventories and supplies | 1,791 | — | 1,791 | ||||||||
Prepaid expenses and other current assets | 1,749 | (1,084 | ) | 665 | |||||||
Property, plant and equipment | 30,468 | (1,606 | ) | 28,862 | |||||||
Permits and other intangibles | 20,000 | (1,900 | ) | 18,100 | |||||||
Current liabilities | (5,859 | ) | 14 | (5,845 | ) | ||||||
Closure and post-closure liabilities | (1,676 | ) | — | (1,676 | ) | ||||||
Deferred taxes, unrecognized tax benefits and other long-term liabilities | (13,081 | ) | 3,051 | (10,030 | ) | ||||||
Total identifiable net assets | 40,501 | (1,049 | ) | 39,452 | |||||||
Goodwill | 36,591 | 2,543 | 39,134 | ||||||||
Total | $ | 77,092 | $ | 1,494 | $ | 78,586 |
Preliminary Allocations | Measurement Period Adjustments | Final Allocations | |||||||||
Inventories and supplies | $ | 1,089 | $ | — | $ | 1,089 | |||||
Prepaid expense and other current assets | 1,291 | (273 | ) | 1,018 | |||||||
Property, plant and equipment | 40,563 | — | 40,563 | ||||||||
Permits and other intangibles | 17,100 | — | 17,100 | ||||||||
Deferred tax assets, less current portion | 2,368 | (2,368 | ) | — | |||||||
Other assets | 3,607 | (239 | ) | 3,368 | |||||||
Current liabilities | (6,198 | ) | (552 | ) | (6,750 | ) | |||||
Closure and post-closure liabilities | (659 | ) | — | (659 | ) | ||||||
Remedial liabilities, less current portion | (2,103 | ) | 463 | (1,640 | ) | ||||||
Other long-term liabilities | (1,139 | ) | (920 | ) | (2,059 | ) | |||||
Total identifiable net assets | 55,919 | (3,889 | ) | 52,030 | |||||||
Goodwill | — | 4,288 | 4,288 | ||||||||
Total | $ | 55,919 | $ | 399 | $ | 56,318 |
December 31, 2015 | December 31, 2014 | ||||||
Oil and oil products | $ | 33,603 | $ | 62,111 | |||
Supplies and drums | 78,132 | 68,547 | |||||
Solvent and solutions | 8,868 | 9,355 | |||||
Modular camp accommodations | 15,126 | 15,776 | |||||
Other | 13,792 | 12,874 | |||||
Total inventories and supplies | $ | 149,521 | $ | 168,663 |
December 31, 2015 | December 31, 2014 | ||||||
Land | $ | 100,582 | $ | 98,507 | |||
Asset retirement costs (non-landfill) | 12,434 | 10,871 | |||||
Landfill assets | 136,624 | 110,984 | |||||
Buildings and improvements | 344,209 | 338,242 | |||||
Camp equipment | 149,361 | 180,575 | |||||
Vehicles | 500,619 | 471,615 | |||||
Equipment | 1,328,915 | 1,302,424 | |||||
Furniture and fixtures | 5,337 | 5,517 | |||||
Construction in progress | 113,657 | 45,605 | |||||
2,691,738 | 2,564,340 | ||||||
Less - accumulated depreciation and amortization | 1,159,271 | 1,005,506 | |||||
Total property, plant and equipment, net | $ | 1,532,467 | $ | 1,558,834 |
Technical Services | Industrial and Field Services | Kleen Performance Products | SK Environmental Services | Lodging Services | Oil and Gas Field Services | Totals | |||||||||||||||||||||
Balance at January 1, 2014 | $ | 45,599 | $ | 109,873 | $ | 171,161 | $ | 172,309 | $ | 35,512 | $ | 36,506 | $ | 570,960 | |||||||||||||
Acquired from acquisitions | 5,018 | — | — | — | 2,383 | — | 7,401 | ||||||||||||||||||||
Measurement period adjustments | — | — | 4,288 | — | — | — | 4,288 | ||||||||||||||||||||
Goodwill impairment charge | — | — | (123,414 | ) | — | — | — | (123,414 | ) | ||||||||||||||||||
Foreign currency translation and other | (525 | ) | (659 | ) | (1,152 | ) | 1,564 | (3,032 | ) | (2,762 | ) | (6,566 | ) | ||||||||||||||
Balance at December 31, 2014 | $ | 50,092 | $ | 109,214 | $ | 50,883 | $ | 173,873 | $ | 34,863 | $ | 33,744 | $ | 452,669 | |||||||||||||
Acquired from acquisitions | — | — | — | 46,539 | — | — | 46,539 | ||||||||||||||||||||
Measurement period adjustments | — | — | — | — | 3,574 | — | 3,574 | ||||||||||||||||||||
Goodwill impairment charge | — | — | — | — | — | (31,992 | ) | (31,992 | ) | ||||||||||||||||||
Foreign currency translation and other | (825 | ) | (3,928 | ) | (1,128 | ) | (3,823 | ) | (6,229 | ) | (1,752 | ) | (17,685 | ) | |||||||||||||
Balance at December 31, 2015 | $ | 49,267 | $ | 105,286 | $ | 49,755 | $ | 216,589 | $ | 32,208 | $ | — | $ | 453,105 |
• | The second quarter is the period of time where greater levels of communication with customers and the receipt of bids and proposals for project work take place and provide management with more clarity into levels of activity and other economic and business indicators for the latter half of the fiscal year and on into the first quarter of the following year. During the quarter ended June 30, 2015, it became apparent that oil and gas exploration and production activity would continue to be lower than historical periods and lower than previously anticipated by the Company. This was evidenced by reduced volume in bid and proposal requests from customers and communications indicating the reduction in customer budgets in these areas as well as lower than anticipated pricing for our services. |
• | Market and industry reports which management looks to in projecting business conditions and establishing forecast information evidenced more pessimistic views in the near term. The continued depressed price of oil without any upward momentum since December 2014, as well as declining and expected continued decline in rig count for the remainder of 2015, resulted in lower estimates of industry activity in the second half of 2015 and early 2016. |
• | In recognition of lower than anticipated business results and less optimistic market indicators, management significantly lowered its 2015 forecasts relative to the Oil and Gas Field Services reporting unit. |
December 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||
Cost | Accumulated Amortization | Net | Weighted Average Amortization Period (in years) | Cost | Accumulated Amortization | Net | Weighted Average Amortization Period (in years) | ||||||||||||||||||||
Permits | $ | 161,396 | $ | 61,142 | $ | 100,254 | 19.0 | $ | 156,692 | $ | 55,318 | $ | 101,374 | 19.0 | |||||||||||||
Customer and supplier relationships | 374,866 | 99,463 | 275,403 | 10.1 | 370,373 | 77,697 | 292,676 | 11.0 | |||||||||||||||||||
Other intangible assets | 31,416 | 22,581 | 8,835 | 1.5 | 31,540 | 19,074 | 12,466 | 3.2 | |||||||||||||||||||
Total amortizable permits and other intangible assets | 567,678 | 183,186 | 384,492 | 10.0 | 558,605 | 152,089 | 406,516 | 11.4 | |||||||||||||||||||
Trademarks and trade names | 122,326 | — | 122,326 | Indefinite | 123,564 | — | 123,564 | Indefinite | |||||||||||||||||||
Total permits and other intangible assets | $ | 690,004 | $ | 183,186 | $ | 506,818 | $ | 682,169 | $ | 152,089 | $ | 530,080 |
Years Ending December 31, | Expected Amortization | ||
2016 | $ | 37,902 | |
2017 | 33,081 | ||
2018 | 30,450 | ||
2019 | 27,926 | ||
2020 | 25,539 | ||
Thereafter | 229,594 | ||
$ | 384,492 |
December 31, 2015 | December 31, 2014 | ||||||
Insurance | $ | 55,899 | $ | 58,931 | |||
Interest | 20,500 | 20,527 | |||||
Accrued compensation and benefits | 35,646 | 59,006 | |||||
Income, real estate, sales and other taxes | 37,095 | 38,297 | |||||
Other | 44,520 | 42,788 | |||||
$ | 193,660 | $ | 219,549 |
Landfill Retirement Liability | Non-Landfill Retirement Liability | Total | |||||||||
Balance at January 1, 2014 | $ | 27,604 | $ | 19,481 | $ | 47,085 | |||||
New asset retirement obligations | 3,595 | — | 3,595 | ||||||||
Accretion | 2,583 | 1,875 | 4,458 | ||||||||
Changes in estimates recorded to statement of income | (722 | ) | 73 | (649 | ) | ||||||
Changes in estimates recorded to balance sheet | (1,304 | ) | — | (1,304 | ) | ||||||
Expenditures | (1,580 | ) | (546 | ) | (2,126 | ) | |||||
Currency translation and other | (244 | ) | (114 | ) | (358 | ) | |||||
Balance at December 31, 2014 | 29,932 | 20,769 | 50,701 | ||||||||
Liabilities assumed in TFI acquisition | — | 1,676 | 1,676 | ||||||||
New asset retirement obligations | 3,151 | — | 3,151 | ||||||||
Accretion | 2,516 | 2,122 | 4,638 | ||||||||
Changes in estimates recorded to statement of income (loss) | (162 | ) | 205 | 43 | |||||||
Changes in estimates recorded to balance sheet | 2,942 | — | 2,942 | ||||||||
Expenditures | (5,946 | ) | (177 | ) | (6,123 | ) | |||||
Currency translation and other | (410 | ) | (369 | ) | (779 | ) | |||||
Balance at December 31, 2015 | $ | 32,023 | $ | 24,226 | $ | 56,249 |
Year ending December 31, | |||
2016 | $ | 8,160 | |
2017 | 9,061 | ||
2018 | 9,001 | ||
2019 | 7,621 | ||
2020 | 3,442 | ||
Thereafter | 262,365 | ||
Undiscounted closure and post-closure liabilities | 299,650 | ||
Less: Discount at credit-adjusted risk-free rate | (156,145 | ) | |
Less: Undiscounted estimated closure and post-closure liabilities relating to airspace not yet consumed | (87,256 | ) | |
Present value of closure and post-closure liabilities | $ | 56,249 |
Remedial Liabilities for Landfill Sites | Remedial Liabilities for Inactive Sites | Remedial Liabilities (Including Superfund) for Non-Landfill Operations | Total | ||||||||||||
Balance at January 1, 2014 | $ | 5,624 | $ | 74,262 | $ | 92,612 | $ | 172,498 | |||||||
Adjustments during the measurement period related to Evergreen | — | — | (536 | ) | (536 | ) | |||||||||
Accretion | 266 | 2,975 | 2,913 | 6,154 | |||||||||||
Changes in estimates recorded to statement of income (loss) | (113 | ) | (2,645 | ) | 40 | (2,718 | ) | ||||||||
Expenditures | (109 | ) | (5,940 | ) | (12,070 | ) | (18,119 | ) | |||||||
Currency translation and other | (248 | ) | (124 | ) | (1,786 | ) | (2,158 | ) | |||||||
Balance at December 31, 2014 | 5,420 | 68,528 | 81,173 | 155,121 | |||||||||||
Accretion | 218 | 2,924 | 2,622 | 5,764 | |||||||||||
Changes in estimates recorded to statement of income (loss) | (2,841 | ) | (2,927 | ) | (5,620 | ) | (11,388 | ) | |||||||
Expenditures | (137 | ) | (4,779 | ) | (9,091 | ) | (14,007 | ) | |||||||
Currency translation and other | (333 | ) | (133 | ) | (3,032 | ) | (3,498 | ) | |||||||
Balance at December 31, 2015 | $ | 2,327 | $ | 63,613 | $ | 66,052 | $ | 131,992 |
Year ending December 31, | |||
2016 | $ | 13,525 | |
2017 | 14,004 | ||
2018 | 15,907 | ||
2019 | 10,626 | ||
2020 | 9,963 | ||
Thereafter | 94,116 | ||
Undiscounted remedial liabilities | 158,141 | ||
Less: Discount | (26,149 | ) | |
Total remedial liabilities | $ | 131,992 |
Type of Facility or Site | Remedial Liability | % of Total | Reasonably Possible Additional Liabilities(1) | |||||||
Facilities now used in active conduct of the Company's business (47 facilities) | $ | 59,022 | 44.7 | % | $ | 12,157 | ||||
Inactive facilities not now used in active conduct of the Company's business but most of which were acquired because the assumption of remedial liabilities for such facilities was part of the purchase price for the CSD assets (40 facilities) | 63,613 | 48.2 | 10,543 | |||||||
Superfund sites owned by third parties (17 sites) | 9,357 | 7.1 | 936 | |||||||
Total | $ | 131,992 | 100.0 | % | $ | 23,636 |
(1) | Amounts represent the high end of the range of management's best estimate of the reasonably possible additional liabilities. |
Location | Type of Facility or Site | Remedial Liability | % of Total | Reasonably Possible Additional Liabilities(1) | ||||||||
Baton Rouge, LA(2) | Closed incinerator and landfill | $ | 23,572 | 17.9 | % | $ | 3,931 | |||||
Bridgeport, NJ | Closed incinerator | 18,623 | 14.1 | 2,568 | ||||||||
Mercier, Quebec(2) | Idled incinerator and legal proceedings | 9,012 | 6.8 | 947 | ||||||||
Linden, NJ | Operating solvent recycling center | 8,069 | 6.1 | 867 | ||||||||
Various(2) | All other incinerators, landfills, wastewater treatment facilities and service centers (83 facilities) | 63,359 | 48.0 | 14,387 | ||||||||
Various(2) | Superfund sites (each representing less than 5% of total liabilities) owned by third parties (17 sites) | 9,357 | 7.1 | 936 | ||||||||
Total | $ | 131,992 | 100.0 | % | $ | 23,636 |
(1) | Amounts represent the high end of the range of management's best estimate of the reasonably possible additional liabilities. |
(2) | $18.9 million of the $132.0 million remedial liabilities and $1.9 million of the $23.6 million reasonably possible additional liabilities include estimates of remediation liabilities related to the legal and administrative proceedings discussed in Note 16, "Commitments and Contingencies," as well as other such estimated remedial liabilities. |
December 31, 2015 | December 31, 2014 | ||||||
Senior unsecured notes, at 5.25%, due August 1, 2020 | $ | 800,000 | $ | 800,000 | |||
Senior unsecured notes, at 5.125%, due June 1, 2021 | 595,000 | 595,000 | |||||
Long-term obligations, at par | $ | 1,395,000 | $ | 1,395,000 | |||
Unamortized debt issuance costs | $ | (12,457 | ) | $ | (14,855 | ) | |
Long-term obligations, at carrying value | $ | 1,382,543 | $ | 1,380,145 |
Year | Percentage | ||
2016 | 102.625 | % | |
2017 | 101.313 | % | |
2018 and thereafter | 100.000 | % |
Year | Percentage | ||
2016 | 102.563 | % | |
2017 | 101.281 | % | |
2018 and thereafter | 100.000 | % |
For the Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Domestic | $ | 164,105 | $ | 44,737 | $ | 85,775 | |||||
Foreign | (54,459 | ) | (6,215 | ) | 58,110 | ||||||
Total | $ | 109,646 | $ | 38,522 | $ | 143,885 |
For the Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Current: | |||||||||||
Federal | $ | 46,775 | $ | 17,184 | $ | 5,264 | |||||
State | 11,120 | 6,918 | 5,006 | ||||||||
Foreign | 5,719 | 10,428 | 6,930 | ||||||||
63,614 | 34,530 | 17,200 | |||||||||
Deferred | |||||||||||
Federal | 12,254 | 33,858 | 20,574 | ||||||||
State | 2,766 | 1,840 | 2,074 | ||||||||
Foreign | (13,090 | ) | (3,378 | ) | 8,471 | ||||||
1,930 | 32,320 | 31,119 | |||||||||
Provision for income taxes | $ | 65,544 | $ | 66,850 | $ | 48,319 |
For the Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Tax expense at US statutory rate | $ | 38,376 | $ | 13,483 | $ | 50,360 | |||||
State income taxes, net of federal benefit | 8,449 | 7,429 | 4,052 | ||||||||
Foreign rate differential | 3,951 | (2,916 | ) | (10,478 | ) | ||||||
Non-deductible transaction costs | — | — | 657 | ||||||||
Uncertain tax position releases | — | — | (4,010 | ) | |||||||
Uncertain tax position interest and penalties | 32 | 2,217 | 457 | ||||||||
Goodwill impairment | 10,974 | 44,273 | — | ||||||||
Other | 3,762 | 2,364 | 7,281 | ||||||||
Provision for income taxes | $ | 65,544 | $ | 66,850 | $ | 48,319 |
2015 | 2014 | ||||||
Deferred tax assets: | |||||||
Workers compensation and other claims related accruals | $ | 15,316 | $ | 15,904 | |||
Provision for doubtful accounts | 12,654 | 8,921 | |||||
Closure, post-closure and remedial liabilities | 37,407 | 43,640 | |||||
Accrued expenses | 12,455 | 13,451 | |||||
Accrued compensation | 5,425 | 12,094 | |||||
Net operating loss carryforwards(1) | 41,191 | 46,740 | |||||
Tax credit carryforwards(2) | 25,040 | 29,347 | |||||
Uncertain tax positions accrued interest and federal benefit | 1,219 | 1,953 | |||||
Stock-based compensation | 615 | 489 | |||||
Other | 7,421 | 3,622 | |||||
Total deferred tax assets | 158,743 | 176,161 | |||||
Deferred tax liabilities: | |||||||
Property, plant and equipment | (221,969 | ) | (232,106 | ) | |||
Permits and other intangible assets | (159,698 | ) | (155,326 | ) | |||
Total deferred tax liabilities | (381,667 | ) | (387,432 | ) | |||
Total net deferred tax liability before valuation allowance | (222,924 | ) | (211,271 | ) | |||
Less valuation allowance | (30,916 | ) | (29,061 | ) | |||
Net deferred tax liabilities | $ | (253,840 | ) | $ | (240,332 | ) |
(1) | As of December 31, 2015, the net operating loss carryforwards included (i) state net operating loss carryovers of $63.1 million which will begin to expire in 2016, (ii) federal net operating loss carryforwards of $72.0 million which will begin to expire in 2025, and (iii) foreign net operating loss carryforwards of $49.7 million which will begin to expire in 2016. |
(2) | As of December 31, 2015, the foreign tax credit carryforwards of $25.0 million will expire between 2016 and 2024. |
2015 | 2014 | 2013 | |||||||||
Unrecognized tax benefits as of January 1 | $ | 2,537 | $ | 1,304 | $ | 3,543 | |||||
Additions to current year tax positions | — | 904 | 210 | ||||||||
Additions to prior year tax positions | — | 419 | — | ||||||||
Settlements | (217 | ) | — | — | |||||||
Statute expiration | — | — | (2,843 | ) | |||||||
Foreign currency translation | (256 | ) | (90 | ) | 394 | ||||||
Unrecognized tax benefits as of December 31 | $ | 2,064 | $ | 2,537 | $ | 1,304 |
Years Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Numerator for basic and diluted earnings (loss) per share: | |||||||||||
Net income (loss) | $ | 44,102 | $ | (28,328 | ) | $ | 95,566 | ||||
Denominator: | |||||||||||
Weighted basic shares outstanding | 58,324 | 60,311 | 60,574 | ||||||||
Dilutive effect of equity-based compensation awards | 110 | — | 154 | ||||||||
Weighted dilutive shares outstanding | 58,434 | 60,311 | 60,728 | ||||||||
Basic earnings (loss) per share | $ | 0.76 | $ | (0.47 | ) | $ | 1.58 | ||||
Diluted earnings (loss) per share | $ | 0.76 | $ | (0.47 | ) | $ | 1.57 |
Foreign Currency Translation Adjustments | Unrealized Gains (Losses) on Available-for-Sale Securities | Unfunded Pension Liability | Total | ||||||||||||
Balance at January 1, 2013 | $ | 50,627 | $ | 660 | $ | (1,655 | ) | $ | 49,632 | ||||||
Other comprehensive (loss) income before reclassifications | (70,791 | ) | 1,452 | 482 | (68,857 | ) | |||||||||
Amounts reclassified out of accumulated other comprehensive loss | — | — | — | — | |||||||||||
Tax effects | — | (208 | ) | (123 | ) | (331 | ) | ||||||||
Other comprehensive (loss) income | (70,791 | ) | 1,244 | 359 | (69,188 | ) | |||||||||
Balance at December 31, 2013 | $ | (20,164 | ) | $ | 1,904 | $ | (1,296 | ) | $ | (19,556 | ) | ||||
Other comprehensive (loss) income before reclassifications | (88,725 | ) | 1,159 | (905 | ) | (88,471 | ) | ||||||||
Amounts reclassified out of accumulated other comprehensive loss | — | (3,388 | ) | — | (3,388 | ) | |||||||||
Tax effects | — | 325 | 248 | 573 | |||||||||||
Other comprehensive loss | (88,725 | ) | (1,904 | ) | (657 | ) | (91,286 | ) | |||||||
Balance at December 31, 2014 | $ | (108,889 | ) | $ | — | $ | (1,953 | ) | $ | (110,842 | ) | ||||
Other comprehensive loss before reclassifications | (144,050 | ) | — | (7 | ) | (144,057 | ) | ||||||||
Amounts reclassified out of accumulated other comprehensive loss | — | — | — | — | |||||||||||
Tax effects | — | — | 7 | 7 | |||||||||||
Other comprehensive loss | (144,050 | ) | — | — | (144,050 | ) | |||||||||
Balance at December 31, 2015 | $ | (252,939 | ) | $ | — | $ | (1,953 | ) | $ | (254,892 | ) |
Comprehensive Loss Components | December 31, 2014 | Location | ||||
Unrealized holding gains on available-for-sale investments | $ | 3,388 | Other (expense) income |
Restricted Stock | Number of Shares | Weighted Average Grant-Date Fair Value | ||||
Unvested at January 1, 2015 | 383,021 | $ | 56.51 | |||
Granted | 153,934 | 54.16 | ||||
Vested | (128,989 | ) | 55.75 | |||
Forfeited | (45,348 | ) | 56.46 | |||
Unvested at December 31, 2015 | 362,618 | $ | 55.79 |
Performance Stock | Number of Shares | Weighted Average Grant-Date Fair Value | ||||
Unvested at January 1, 2015 | 143,875 | $ | 60.94 | |||
Granted | 168,186 | 56.40 | ||||
Vested | (11,656 | ) | 54.28 | |||
Forfeited | (113,131 | ) | 61.18 | |||
Unvested at December 31, 2015 | 187,274 | $ | 57.13 |
Year | Total Operating Leases | ||
2016 | $ | 37,064 | |
2017 | 29,198 | ||
2018 | 21,926 | ||
2019 | 17,997 | ||
2020 | 12,406 | ||
Thereafter | 24,387 | ||
Total minimum lease payments | $ | 142,978 |
Years ending December 31, | |||
2016 | $ | 14,735 | |
2017 | 7,383 | ||
2018 | 4,948 | ||
2019 | 3,539 | ||
2020 | 1,829 | ||
Thereafter | 3,109 | ||
Undiscounted self-insurance liabilities | 35,543 | ||
Less: Discount | 732 | ||
Total self-insurance liabilities (included in accrued expenses) | $ | 34,811 |
For the Year Ended December 31, 2015 | |||||||||||||||||||||||||||||||
Technical Services | Industrial and Field Services | Kleen Performance Products | SK Environmental Services | Lodging Services | Oil and Gas Field Services | Corporate Items | Totals | ||||||||||||||||||||||||
Third party revenues | $ | 991,410 | $ | 957,337 | $ | 386,824 | $ | 674,102 | $ | 89,060 | $ | 175,946 | $ | 458 | $ | 3,275,137 | |||||||||||||||
Intersegment revenues, net | 144,084 | (32,982 | ) | (79,991 | ) | (39,241 | ) | 2,496 | 5,634 | — | — | ||||||||||||||||||||
Corporate Items, net | 3,586 | (756 | ) | (8 | ) | 3 | 157 | 200 | (3,182 | ) | — | ||||||||||||||||||||
Direct revenues | $ | 1,139,080 | $ | 923,599 | $ | 306,825 | $ | 634,864 | $ | 91,713 | $ | 181,780 | $ | (2,724 | ) | $ | 3,275,137 |
For the Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||
Technical Services | Industrial and Field Services | Kleen Performance Products | SK Environmental Services | Lodging Services | Oil and Gas Field Services | Corporate Items | Totals | ||||||||||||||||||||||||
Third party revenues | $ | 1,043,267 | $ | 681,779 | $ | 533,587 | $ | 667,320 | $ | 172,218 | $ | 303,189 | $ | 276 | $ | 3,401,636 | |||||||||||||||
Intersegment revenues, net | 156,543 | (42,681 | ) | (201,859 | ) | 80,477 | 2,434 | 5,086 | — | — | |||||||||||||||||||||
Corporate Items, net | 5,573 | 271 | (5 | ) | (58 | ) | 80 | (5 | ) | (5,856 | ) | — | |||||||||||||||||||
Direct revenues | $ | 1,205,383 | $ | 639,369 | $ | 331,723 | $ | 747,739 | $ | 174,732 | $ | 308,270 | $ | (5,580 | ) | $ | 3,401,636 |
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||
Technical Services | Industrial and Field Services | Kleen Performance Products | SK Environmental Services | Lodging Services | Oil and Gas Field Services | Corporate Items | Totals | ||||||||||||||||||||||||
Third party revenues | $ | 1,023,926 | $ | 708,523 | $ | 528,636 | $ | 665,008 | $ | 208,545 | $ | 383,959 | $ | (8,941 | ) | $ | 3,509,656 | ||||||||||||||
Intersegment revenues, net | 120,382 | (44,717 | ) | (193,009 | ) | 107,007 | 3,450 | 6,887 | — | — | |||||||||||||||||||||
Corporate Items, net | 3,507 | (217 | ) | — | 84 | 390 | (341 | ) | (3,423 | ) | — | ||||||||||||||||||||
Direct revenues | $ | 1,147,815 | $ | 663,589 | $ | 335,627 | $ | 772,099 | $ | 212,385 | $ | 390,505 | $ | (12,364 | ) | $ | 3,509,656 |
For the Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Adjusted EBITDA: | |||||||||||
Technical Services | $ | 291,737 | $ | 328,130 | $ | 285,520 | |||||
Industrial and Field Services | 157,500 | 87,591 | 96,804 | ||||||||
Kleen Performance Products | 32,189 | 51,561 | 57,003 | ||||||||
SK Environmental Services | 140,073 | 113,986 | 112,722 | ||||||||
Lodging Services | 16,478 | 61,438 | 80,358 | ||||||||
Oil and Gas Field Services | (827 | ) | 40,114 | 67,855 | |||||||
Corporate Items | (132,983 | ) | (160,901 | ) | (190,157 | ) | |||||
Total | 504,167 | 521,919 | 510,105 | ||||||||
Reconciliation to Consolidated Statements of Income (Loss): | |||||||||||
Pre-tax, non-cash acquisition accounting inventory adjustment | — | — | 13,559 | ||||||||
Accretion of environmental liabilities | 10,402 | 10,612 | 11,541 | ||||||||
Depreciation and amortization | 274,194 | 276,083 | 264,449 | ||||||||
Goodwill impairment charge | 31,992 | 123,414 | — | ||||||||
Income from operations | 187,579 | 111,810 | 220,556 | ||||||||
Other expense (income) | 1,380 | (4,380 | ) | (1,705 | ) | ||||||
Interest expense, net of interest income | 76,553 | 77,668 | 78,376 | ||||||||
Income from operations before provision for income taxes | $ | 109,646 | $ | 38,522 | $ | 143,885 |
December 31, 2015 | December 31, 2014 | ||||||
Property, plant and equipment, net | |||||||
Technical Services | $ | 483,425 | $ | 412,323 | |||
Industrial and Field Services | 237,660 | 245,115 | |||||
Kleen Performance Products | 193,855 | 201,451 | |||||
SK Environmental Services | 264,539 | 240,078 | |||||
Lodging Services | 105,208 | 141,965 | |||||
Oil and Gas Field Services | 156,286 | 215,574 | |||||
Corporate Items | 91,494 | 102,328 | |||||
Total property, plant and equipment, net | $ | 1,532,467 | $ | 1,558,834 | |||
Goodwill and Permits and other intangibles, net | |||||||
Technical Services | |||||||
Goodwill | $ | 49,267 | $ | 50,092 | |||
Permits and other intangibles, net | 73,601 | 74,870 | |||||
Total Technical Services | 122,868 | 124,962 | |||||
Industrial and Field Services | |||||||
Goodwill | 105,286 | 109,214 | |||||
Permits and other intangibles, net | 14,649 | 17,801 | |||||
Total Industrial and Field Services | 119,935 | 127,015 | |||||
Kleen Performance Products | |||||||
Goodwill | 49,755 | 50,883 | |||||
Permits and other intangibles, net | 140,410 | 151,041 | |||||
Total Kleen Performance Products | 190,165 | 201,924 | |||||
SK Environmental Services | |||||||
Goodwill | 216,589 | 173,873 | |||||
Permits and other intangibles, net | 256,251 | 252,897 | |||||
Total SK Environmental Services | 472,840 | 426,770 | |||||
Lodging Services | |||||||
Goodwill | 32,208 | 34,863 | |||||
Permits and other intangibles, net | 7,045 | 10,744 | |||||
Total Lodging Services | 39,253 | 45,607 | |||||
Oil and Gas Field Services | |||||||
Goodwill | — | 33,744 | |||||
Permits and other intangibles, net | 14,862 | 22,727 | |||||
Total Oil and Gas Field Services | 14,862 | 56,471 | |||||
Total | $ | 959,923 | $ | 982,749 |
December 31, 2015 | December 31, 2014 | December 31, 2013 | |||||||||
Technical Services | $ | 800,060 | $ | 756,169 | $ | 699,675 | |||||
Industrial and Field Services | 368,858 | 392,652 | 410,233 | ||||||||
Kleen Performance Products | 492,483 | 538,921 | 642,901 | ||||||||
SK Environmental Services | 805,488 | 731,072 | 774,756 | ||||||||
Lodging Services | 181,357 | 231,782 | 239,056 | ||||||||
Oil and Gas Field Services | 244,210 | 361,223 | 381,057 | ||||||||
Corporate Items | 538,972 | 677,604 | 788,752 | ||||||||
Total | $ | 3,431,428 | $ | 3,689,423 | $ | 3,936,430 |
December 31, 2015 | December 31, 2014 | December 31, 2013 | |||||||||
United States | $ | 2,575,746 | $ | 2,557,639 | $ | 2,667,438 | |||||
Canada | 851,949 | 1,128,458 | 1,266,505 | ||||||||
Other foreign | 3,733 | 3,326 | 2,487 | ||||||||
Total | $ | 3,431,428 | $ | 3,689,423 | $ | 3,936,430 |
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 receivable, 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 | ||||||||||||||
Capital lease obligations, net | — | — | — | — | — | ||||||||||||||
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 |
Clean Harbors, Inc. | U.S. Guarantor Subsidiaries | Foreign Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||
Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 1,006 | $ | 154,147 | $ | 91,726 | $ | — | $ | 246,879 | |||||||||
Intercompany receivables | 133,219 | 156,920 | 39,724 | (329,863 | ) | — | |||||||||||||
Accounts receivable, net | — | 414,205 | 142,926 | — | 557,131 | ||||||||||||||
Other current assets | — | 241,232 | 81,191 | — | 322,423 | ||||||||||||||
Property, plant and equipment, net | — | 970,757 | 588,077 | — | 1,558,834 | ||||||||||||||
Investments in subsidiaries | 2,694,727 | 663,191 | — | (3,357,918 | ) | — | |||||||||||||
Intercompany debt receivable | — | 327,634 | 3,701 | (331,335 | ) | — | |||||||||||||
Goodwill | — | 324,930 | 127,739 | — | 452,669 | ||||||||||||||
Permits and other intangibles, net | — | 435,906 | 94,174 | — | 530,080 | ||||||||||||||
Other long-term assets | 1,946 | 12,959 | 6,502 | — | 21,407 | ||||||||||||||
Total assets | $ | 2,830,898 | $ | 3,701,881 | $ | 1,175,760 | $ | (4,019,116 | ) | $ | 3,689,423 | ||||||||
Liabilities and Stockholders' Equity: | |||||||||||||||||||
Current liabilities | $ | 20,820 | $ | 444,059 | $ | 107,592 | $ | — | $ | 572,471 | |||||||||
Intercompany payables | 163,361 | 164,231 | 2,271 | (329,863 | ) | — | |||||||||||||
Closure, post-closure and remedial liabilities, net | — | 158,622 | 25,109 | — | 183,731 | ||||||||||||||
Long-term obligations | 1,380,145 | — | — | — | 1,380,145 | ||||||||||||||
Capital lease obligations, net | — | — | — | — | — | ||||||||||||||
Intercompany debt payable | 3,701 | — | 327,634 | (331,335 | ) | — | |||||||||||||
Other long-term liabilities | — | 240,242 | 49,963 | — | 290,205 | ||||||||||||||
Total liabilities | 1,568,027 | 1,007,154 | 512,569 | (661,198 | ) | 2,426,552 | |||||||||||||
Stockholders' equity | 1,262,871 | 2,694,727 | 663,191 | (3,357,918 | ) | 1,262,871 | |||||||||||||
Total liabilities and stockholders' equity | $ | 2,830,898 | $ | 3,701,881 | $ | 1,175,760 | $ | (4,019,116 | ) | $ | 3,689,423 |
Clean Harbors, Inc. | U.S. Guarantor Subsidiaries | Foreign Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||
Revenues | |||||||||||||||||||
Service revenues | $ | — | $ | 2,111,086 | $ | 692,216 | $ | (59,030 | ) | $ | 2,744,272 | ||||||||
Product revenues | — | 458,314 | 83,970 | (11,419 | ) | 530,865 | |||||||||||||
Total revenues | — | 2,569,400 | 776,186 | (70,449 | ) | 3,275,137 | |||||||||||||
Cost of revenues (exclusive of items shown separately below) | |||||||||||||||||||
Service cost of revenues | 5 | 1,415,435 | 542,497 | (59,030 | ) | 1,898,907 | |||||||||||||
Product cost of revenues | — | 410,128 | 59,190 | (11,419 | ) | 457,899 | |||||||||||||
Total cost of revenues | 5 | 1,825,563 | 601,687 | (70,449 | ) | 2,356,806 | |||||||||||||
Selling, general and administrative expenses | 101 | 329,069 | 84,994 | — | 414,164 | ||||||||||||||
Accretion of environmental liabilities | — | 9,209 | 1,193 | — | 10,402 | ||||||||||||||
Depreciation and amortization | — | 184,017 | 90,177 | — | 274,194 | ||||||||||||||
Goodwill impairment charge | — | 4,164 | 27,828 | — | 31,992 | ||||||||||||||
(Loss) income from operations | (106 | ) | 217,378 | (29,693 | ) | — | 187,579 | ||||||||||||
Other income (loss) | — | 491 | (1,871 | ) | — | (1,380 | ) | ||||||||||||
Interest (expense) income, net | (78,621 | ) | 1,860 | 208 | — | (76,553 | ) | ||||||||||||
Equity in earnings of subsidiaries, net of tax | 91,339 | (47,141 | ) | — | (44,198 | ) | — | ||||||||||||
Intercompany interest income (expense) | — | 23,156 | (23,156 | ) | — | — | |||||||||||||
Income before (benefit) provision for income taxes | 12,612 | 195,744 | (54,512 | ) | (44,198 | ) | 109,646 | ||||||||||||
(Benefit) provision for income taxes | (31,490 | ) | 104,405 | (7,371 | ) | — | 65,544 | ||||||||||||
Net income (loss) | 44,102 | 91,339 | (47,141 | ) | (44,198 | ) | 44,102 | ||||||||||||
Other comprehensive loss | (144,050 | ) | (144,050 | ) | (93,983 | ) | 238,033 | (144,050 | ) | ||||||||||
Comprehensive loss | $ | (99,948 | ) | $ | (52,711 | ) | $ | (141,124 | ) | $ | 193,835 | $ | (99,948 | ) |
Clean Harbors, Inc. | U.S. Guarantor Subsidiaries | Foreign Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||
Revenues | |||||||||||||||||||
Service revenues | — | 1,786,695 | 876,085 | (22,984 | ) | 2,639,796 | |||||||||||||
Product revenues | — | 619,802 | 148,671 | (6,633 | ) | 761,840 | |||||||||||||
Total revenues | — | 2,406,497 | 1,024,756 | (29,617 | ) | 3,401,636 | |||||||||||||
Cost of revenues (exclusive of items shown separately below) | |||||||||||||||||||
Service cost of revenues | — | 1,172,181 | 641,180 | (22,984 | ) | 1,790,377 | |||||||||||||
Product cost of revenues | — | 538,671 | 119,381 | (6,633 | ) | 651,419 | |||||||||||||
Total cost of revenues | — | 1,710,852 | 760,561 | (29,617 | ) | 2,441,796 | |||||||||||||
Selling, general and administrative expenses | 114 | 321,069 | 116,738 | — | 437,921 | ||||||||||||||
Accretion of environmental liabilities | — | 9,240 | 1,372 | — | 10,612 | ||||||||||||||
Depreciation and amortization | — | 173,447 | 102,636 | — | 276,083 | ||||||||||||||
Goodwill impairment charge | — | 105,466 | 17,948 | — | 123,414 | ||||||||||||||
(Loss) income from operations | (114 | ) | 86,423 | 25,501 | — | 111,810 | |||||||||||||
Other income | — | 3,369 | 1,011 | — | 4,380 | ||||||||||||||
Interest (expense) income, net | (78,570 | ) | 800 | 102 | — | (77,668 | ) | ||||||||||||
Equity in earnings of subsidiaries, net of tax | 18,882 | (9,031 | ) | — | (9,851 | ) | — | ||||||||||||
Intercompany dividend income | — | — | 6,238 | (6,238 | ) | — | |||||||||||||
Intercompany interest income (expense) | — | 28,596 | (28,596 | ) | — | — | |||||||||||||
Income before (benefit) provision for income taxes | (59,802 | ) | 110,157 | 4,256 | (16,089 | ) | 38,522 | ||||||||||||
(Benefit) provision for income taxes | (31,474 | ) | 91,275 | 7,049 | — | 66,850 | |||||||||||||
Net (loss) income | (28,328 | ) | 18,882 | (2,793 | ) | (16,089 | ) | (28,328 | ) | ||||||||||
Other comprehensive loss | (91,286 | ) | (91,286 | ) | (37,157 | ) | 128,443 | (91,286 | ) | ||||||||||
Comprehensive loss | $ | (119,614 | ) | $ | (72,404 | ) | $ | (39,950 | ) | $ | 112,354 | $ | (119,614 | ) |
Clean Harbors, Inc. | U.S. Guarantor Subsidiaries | Foreign Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||
Revenues | |||||||||||||||||||
Service revenues | — | 1,757,663 | 984,122 | (12,580 | ) | 2,729,205 | |||||||||||||
Product revenues | — | 611,548 | 172,500 | (3,597 | ) | 780,451 | |||||||||||||
Total revenues | — | 2,369,211 | 1,156,622 | (16,177 | ) | 3,509,656 | |||||||||||||
Cost of revenues (exclusive of items shown separately below) | |||||||||||||||||||
Service cost of revenues | — | 1,190,419 | 696,609 | (12,580 | ) | 1,874,448 | |||||||||||||
Product cost of revenues | — | 524,318 | 147,464 | (3,597 | ) | 668,185 | |||||||||||||
Total cost of revenues | — | 1,714,737 | 844,073 | (16,177 | ) | 2,542,633 | |||||||||||||
Selling, general and administrative expenses | 109 | 353,215 | 117,153 | — | 470,477 | ||||||||||||||
Accretion of environmental liabilities | — | 9,935 | 1,606 | — | 11,541 | ||||||||||||||
Depreciation and amortization | — | 170,041 | 94,408 | — | 264,449 | ||||||||||||||
(Loss) income from operations | (109 | ) | 121,283 | 99,382 | — | 220,556 | |||||||||||||
Other income | — | 1,655 | 50 | — | 1,705 | ||||||||||||||
Loss on early extinguishment of debt | — | — | — | — | — | ||||||||||||||
Interest (expense) income, net | (79,017 | ) | 236 | 405 | — | (78,376 | ) | ||||||||||||
Equity in earnings of subsidiaries, net of tax | 143,042 | 42,741 | — | (185,783 | ) | — | |||||||||||||
Intercompany dividend income (expense) | — | — | 13,292 | (13,292 | ) | — | |||||||||||||
Intercompany interest income (expense) | — | 41,695 | (41,695 | ) | — | — | |||||||||||||
Income before (benefit) provision for income taxes | 63,916 | 207,610 | 71,434 | (199,075 | ) | 143,885 | |||||||||||||
(Benefit) provision for income taxes | (31,650 | ) | 64,568 | 15,401 | — | 48,319 | |||||||||||||
Net income | 95,566 | 143,042 | 56,033 | (199,075 | ) | 95,566 | |||||||||||||
Other comprehensive (loss) income | (69,188 | ) | (69,188 | ) | 39,519 | 29,669 | (69,188 | ) | |||||||||||
Comprehensive income | $ | 26,378 | $ | 73,854 | $ | 95,552 | $ | (169,406 | ) | $ | 26,378 |
Clean Harbors, Inc. | U.S. Guarantor Subsidiaries | Foreign Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||
Net cash from operating activities | $ | 9,543 | $ | 314,585 | $ | 72,255 | — | $ | 396,383 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||
Additions to property, plant and equipment | — | (220,789 | ) | (36,407 | ) | — | (257,196 | ) | ||||||||||
Proceeds from sales of fixed assets | — | 1,447 | 4,748 | — | 6,195 | |||||||||||||
Acquisitions, net of cash acquired | — | (94,345 | ) | — | — | (94,345 | ) | |||||||||||
Additions to intangible assets including costs to obtain or renew permits | — | — | (5,296 | ) | — | (5,296 | ) | |||||||||||
Intercompany | — | (75,506 | ) | — | 75,506 | — | ||||||||||||
Intercompany debt | — | 14,272 | — | (14,272 | ) | — | ||||||||||||
Net cash used in investing activities | — | (374,921 | ) | (36,955 | ) | 61,234 | (350,642 | ) | ||||||||||
Cash flows from (used in) financing activities: | ||||||||||||||||||
Change in uncashed checks | — | (10,129 | ) | (4,501 | ) | — | (14,630 | ) | ||||||||||
Proceeds from exercise of stock options | 397 | — | — | — | 397 | |||||||||||||
Remittance of shares, net | (2,159 | ) | — | — | — | (2,159 | ) | |||||||||||
Excess tax benefit of stock-based compensation | 71 | — | — | — | 71 | |||||||||||||
Repurchases of common stock | (73,347 | ) | — | — | — | (73,347 | ) | |||||||||||
Payments on capital leases | — | (203 | ) | (308 | ) | — | (511 | ) | ||||||||||
Intercompany | 75,506 | — | — | (75,506 | ) | — | ||||||||||||
Intercompany debt | — | — | (14,272 | ) | 14,272 | — | ||||||||||||
Net cash from (used in) financing activities | 468 | (10,332 | ) | (19,081 | ) | (61,234 | ) | (90,179 | ) | |||||||||
Effect of exchange rate change on cash | — | — | (17,733 | ) | — | (17,733 | ) | |||||||||||
Increase (decrease) in cash and cash equivalents | 10,011 | (70,668 | ) | (1,514 | ) | — | (62,171 | ) | ||||||||||
Cash and cash equivalents, beginning of year | 1,006 | 154,147 | 91,726 | — | 246,879 | |||||||||||||
Cash and cash equivalents, end of year | $ | 11,017 | $ | 83,479 | $ | 90,212 | — | $ | 184,708 |
Clean Harbors, Inc. | U.S. Guarantor Subsidiaries | Foreign Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||
Net cash from operating activities | $ | (5,242 | ) | $ | 70,761 | $ | 250,433 | (18,586 | ) | $ | 297,366 | ||||||||
Cash flows from investing activities: | |||||||||||||||||||
Additions to property, plant and equipment | — | (172,525 | ) | (85,088 | ) | — | (257,613 | ) | |||||||||||
Proceeds from sales of fixed assets | — | 3,956 | 4,208 | — | 8,164 | ||||||||||||||
Acquisitions, net of cash acquired | — | (6,550 | ) | (9,637 | ) | — | (16,187 | ) | |||||||||||
Additions to intangible assets, including costs to obtain or renew permits | — | (623 | ) | (5,896 | ) | — | (6,519 | ) | |||||||||||
Intercompany | — | (112,134 | ) | — | 112,134 | — | |||||||||||||
Intercompany debt | — | 143,467 | — | (143,467 | ) | — | |||||||||||||
Proceeds from sale of long-term investments | — | — | 13,861 | — | 13,861 | ||||||||||||||
Net cash used in investing activities | — | (144,409 | ) | (82,552 | ) | (31,333 | ) | (258,294 | ) | ||||||||||
Cash flows from (used in) financing activities: | |||||||||||||||||||
Change in uncashed checks | — | 11,046 | 4,023 | — | 15,069 | ||||||||||||||
Remittance of shares, net | (2,793 | ) | — | — | — | (2,793 | ) | ||||||||||||
Repurchases of common stock | (104,341 | ) | — | — | — | (104,341 | ) | ||||||||||||
Proceeds from employee stock purchase plan | 4,364 | — | — | — | 4,364 | ||||||||||||||
Payments on capital leases | — | (170 | ) | (1,952 | ) | — | (2,122 | ) | |||||||||||
Repayments of long-term obligations | (5,000 | ) | — | — | — | (5,000 | ) | ||||||||||||
Excess tax benefit of stock-based compensation | 878 | — | — | — | 878 | ||||||||||||||
Dividends paid | — | (18,586 | ) | — | 18,586 | — | |||||||||||||
Intercompany | 112,134 | — | — | (112,134 | ) | — | |||||||||||||
Intercompany debt | — | — | (143,467 | ) | 143,467 | — | |||||||||||||
Net cash from (used in) financing activities | 5,242 | (7,710 | ) | (141,396 | ) | 49,919 | (93,945 | ) | |||||||||||
Effect of exchange rate change on cash | — | — | (8,321 | ) | — | (8,321 | ) | ||||||||||||
(Decrease) increase in cash and cash equivalents | — | (81,358 | ) | 18,164 | — | (63,194 | ) | ||||||||||||
Cash and cash equivalents, beginning of year | 1,006 | 235,505 | 73,562 | — | 310,073 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 1,006 | $ | 154,147 | $ | 91,726 | $ | — | $ | 246,879 |
Clean Harbors, Inc. | U.S. Guarantor Subsidiaries | Foreign Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||
Net cash from operating activities | $ | (33,932 | ) | $ | 277,445 | $ | 185,686 | (13,360 | ) | $ | 415,839 | ||||||||
Cash flows from investing activities: | |||||||||||||||||||
Additions to property, plant and equipment | — | (145,075 | ) | (135,132 | ) | — | (280,207 | ) | |||||||||||
Proceeds from sales of fixed assets and assets held for sale | — | 1,078 | 3,621 | — | 4,699 | ||||||||||||||
Acquisitions, net of cash acquired | (6,025 | ) | (57,239 | ) | — | — | (63,264 | ) | |||||||||||
Additions to intangible assets including costs to obtain or renew permits | — | (5,247 | ) | (1,493 | ) | — | (6,740 | ) | |||||||||||
Intercompany debt | — | 27,525 | — | (27,525 | ) | — | |||||||||||||
Net cash used in investing activities | (6,025 | ) | (178,958 | ) | (133,004 | ) | (27,525 | ) | (345,512 | ) | |||||||||
Cash flows from (used in) financing activities: | |||||||||||||||||||
Change in uncashed checks | — | 9,922 | 2,346 | — | 12,268 | ||||||||||||||
Proceeds from employee stock purchase plan | 7,425 | — | — | — | 7,425 | ||||||||||||||
Proceeds from exercise of stock options | 400 | — | — | — | 400 | ||||||||||||||
Remittance of shares, net | (731 | ) | — | — | — | (731 | ) | ||||||||||||
Excess tax benefit of stock-based compensation | 1,409 | — | — | — | 1,409 | ||||||||||||||
Deferred financing costs paid | (2,504 | ) | — | — | — | (2,504 | ) | ||||||||||||
Payments of capital leases | — | (227 | ) | (4,664 | ) | — | (4,891 | ) | |||||||||||
Issuance costs related to issuance of common stock | (250 | ) | — | — | — | (250 | ) | ||||||||||||
Dividends paid | — | (13,360 | ) | — | 13,360 | — | |||||||||||||
Intercompany debt | — | — | (27,525 | ) | 27,525 | — | |||||||||||||
Net cash from (used in) financing activities | 5,749 | (3,665 | ) | (29,843 | ) | 40,885 | 13,126 | ||||||||||||
Effect of exchange rate change on cash | — | — | (3,216 | ) | — | (3,216 | ) | ||||||||||||
(Decrease) increase in cash and cash equivalents | (34,208 | ) | 94,822 | 19,623 | — | 80,237 | |||||||||||||
Cash and cash equivalents, beginning of year | 35,214 | 140,683 | 53,939 | — | 229,836 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 1,006 | $ | 235,505 | $ | 73,562 | $ | — | $ | 310,073 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
(in thousands except per share amounts) | |||||||||||||||
2015 | |||||||||||||||
Revenues | $ | 732,499 | $ | 936,228 | $ | 893,366 | $ | 713,044 | |||||||
Cost of revenues (1) | 546,507 | 652,688 | 634,646 | 522,965 | |||||||||||
Income from operations (4) | 7,302 | 60,758 | 93,970 | 25,549 | |||||||||||
Other income (expense) | 409 | (660 | ) | (139 | ) | (990 | ) | ||||||||
Net (loss) income | (7,089 | ) | 10,395 | 40,228 | 568 | ||||||||||
Basic (loss) earnings per share (2) | (0.12 | ) | 0.18 | 0.69 | 0.01 | ||||||||||
Diluted (loss) earnings per share (2) | (0.12 | ) | 0.18 | 0.69 | 0.01 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter(3) | ||||||||||||
(in thousands except per share amounts) | |||||||||||||||
2014 | |||||||||||||||
Revenues | $ | 846,667 | $ | 858,480 | $ | 851,465 | $ | 845,024 | |||||||
Cost of revenues (1) | 625,719 | 606,950 | 598,407 | 610,720 | |||||||||||
Income (loss) from operations (4) | 29,906 | 67,115 | (42,748 | ) | 57,537 | ||||||||||
Other income (expense) | 4,178 | (655 | ) | 613 | 244 | ||||||||||
Net income (loss) | 8,960 | 28,672 | (93,337 | ) | 27,377 | ||||||||||
Basic earnings (loss) per share (2) | 0.15 | 0.47 | (1.55 | ) | 0.46 | ||||||||||
Diluted earnings (loss) per share (2) | 0.15 | 0.47 | (1.55 | ) | 0.46 |
(1) | Items shown separately on the statements of income consist of (i) accretion of environmental liabilities and (ii) depreciation and amortization. |
(2) | (Loss) earnings per share are computed independently for each of the quarters presented. Accordingly, the quarterly basic and diluted (loss) earnings per share may not equal the total computed for the year. |
(3) | In the fourth quarter of 2014 an adjustment was recorded to correct income tax expense that was recorded in the third quarter of 2014 resulting in a benefit of approximately $5.4 million in the fourth quarter. |
(4) | The second quarter of 2015 results include a $32.0 million goodwill impairment charge in our Oil and Gas Field Services reporting unit and the third quarter of 2014 results include a $123.4 million goodwill impairment charge in our Kleen Performance Products reporting unit. |
Allowance for Doubtful Accounts | Balance Beginning of Period | Additions Charged to Operating Expense | Deductions from Reserves(a) | Balance End of Period | |||||||||||
2013 | $ | 1,246 | $ | 7,933 | $ | 1,825 | $ | 7,354 | |||||||
2014 | $ | 7,354 | $ | 8,917 | $ | 2,795 | $ | 13,476 | |||||||
2015 | $ | 13,476 | $ | 4,793 | $ | 3,075 | $ | 15,194 |
(a) | Amounts deemed uncollectible, net of recoveries. |
Revenue Allowance(b) | Balance Beginning of Period | Additions Charged to Revenue | Deductions from Reserves | Balance End of Period | |||||||||||
2013 | $ | 9,879 | $ | 16,401 | $ | 15,528 | $ | 10,752 | |||||||
2014 | $ | 10,752 | $ | 20,237 | $ | 18,804 | $ | 12,185 | |||||||
2015 | $ | 12,185 | $ | 28,312 | $ | 24,265 | $ | 16,232 |
(b) | Due to the nature of the Company's business and the invoices that result from the services provided, customers may withhold payments and attempt to renegotiate amounts invoiced. In addition, for some of the services provided, the Company's invoices are based on quotes that can either generate credits or debits when the actual revenue amount is known. Based on industry knowledge and historical trends, the Company records a revenue allowance accordingly. This practice causes the volume of activity flowing through the revenue allowance during the year to be higher than the balance at the end of the year. Increases in overall sales volumes and the expansion of the customer base in recent years have also increased the volume of additions and deductions to the allowance during the year, as well as increased the amount of the allowance at the end of the year. The revenue allowance is intended to cover the net amount of revenue adjustments that may need to be credited to customers' accounts in future periods. Management determines the appropriate total revenue allowance by evaluating the following factors on a customer-by-customer basis as well as on a consolidated level: trends in adjustments to previously billed amounts, existing economic conditions and other information as deemed applicable. Revenue allowance estimates can differ materially from the actual adjustments, but historically the revenue allowance has been sufficient to cover the net amount of the reserve adjustments issued in subsequent reporting periods. |
Valuation Allowance on Deferred Tax Assets | Balance Beginning of Period | Additions (Deductions) Charged to (from) Income Tax Expense | Other Changes to Reserves | Balance End of Period | |||||||||||
2013 | $ | 26,325 | $ | (1,545 | ) | $ | 4,946 | $ | 29,726 | ||||||
2014 | $ | 29,726 | $ | (1,812 | ) | $ | 1,147 | $ | 29,061 | ||||||
2015 | $ | 29,061 | $ | 2,274 | $ | (419 | ) | $ | 30,916 |
Plan Category | Number of securities to be issued upon exercise of outstanding options and rights(a) | Weighted average exercise price of outstanding options and rights(b) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))(c) | ||||||
Equity compensation plans approved by security holders(1) | 24,000 | $ | 28.05 | 4,986,477 |
(1) | Includes: (i) the Company's 2000 Stock Incentive Plan which expired in 2010, but under which there were on December 31, 2015 outstanding options for an aggregate of 24,000 shares; and (ii) the Company's 2010 Stock Incentive Plan (the "2010 Plan") under which there were on December 31, 2015 no outstanding options but 4,986,477 shares were available for grant of future options, stock appreciation rights, restricted stock awards, restricted stock units and certain other forms of equity incentives. See Note 15, "Stock-Based Compensation and Employee Benefit Plans," to the Company's consolidated financial statements included in Item 8, "Financial Statements and Supplementary Data," in this report. |
Page | |||
1. | Financial Statements: | ||
2. | Financial Statement Schedule: | ||
3. | Exhibits: |
CLEAN HARBORS, INC. | |||
By: | /s/ ALAN S. MCKIM | ||
Alan S. McKim Chief Executive Officer |
Signature | Title | Date | ||
/s/ ALAN S. MCKIM | Chairman of the Board of Directors and Chief Executive Officer | February 25, 2016 | ||
Alan S. McKim | ||||
/s/ MICHAEL L. BATTLES | Executive Vice President and Chief Financial Officer | February 25, 2016 | ||
Michael L. Battles | ||||
/s/ ERIC J. DUGAS | Vice President, Corporate Controller and Chief Accounting Officer | February 25, 2016 | ||
Eric J. Dugas | ||||
* | Vice Chairman of the Board of Directors and President | February 25, 2016 | ||
James M. Rutledge | ||||
* | Director | February 25, 2016 | ||
Gene Banucci | ||||
* | Director | February 25, 2016 | ||
John P. DeVillars | ||||
* | Director | February 25, 2016 | ||
Edward G. Galante | ||||
* | Director | February 25, 2016 | ||
Rod Marlin | ||||
* | Director | February 25, 2016 | ||
Daniel J. McCarthy | ||||
* | Director | February 25, 2016 | ||
John T. Preston | ||||
* | Director | February 25, 2016 | ||
Andrea Robertson | ||||
* | Director | February 25, 2016 | ||
Thomas J. Shields | ||||
* | Director | February 25, 2016 | ||
John R. Welch |
*By: | /s/ ALAN S. MCKIM | ||
Alan S. McKim Attorney-in-Fact |
Item No. | Description | Location | ||||
2.1 | Acquisition Agreement by and between Safety-Kleen Services, Inc., as Seller, and Clean Harbors, Inc., as Purchaser, dated as of February 22, 2002 | (1 | ) | |||
2.2 | First Amendment to Acquisition Agreement by and between Safety-Kleen Services, Inc., as Seller, and Clean Harbors, Inc., as Purchaser, dated as of March 8, 2002 | (2 | ) | |||
2.3 | Second Amendment to Acquisition Agreement by and between Safety-Kleen Services, Inc. as Seller, and Clean Harbors, Inc. as Purchaser, dated as of April 30, 2002 | (3 | ) | |||
2.4 | Third Amendment to Acquisition Agreement by and between Safety-Kleen Services, Inc., as Seller, and Clean Harbors, Inc., as Purchaser, dated as of September 6, 2002 | (4 | ) | |||
2.5 | Fourth Amendment to Acquisition Agreement by and between Safety-Kleen Services, Inc., as Seller and Clean Harbors, Inc., as Purchaser, dated as of July 14, 2003 | (5 | ) | |||
2.6 | Agreement and Plan of Merger dated as of October 26, 2012 among Safety-Kleen, Inc., Clean Harbors, Inc., and CH Merger Sub, Inc. | (6 | ) | |||
3.1A | Restated Articles of Organization of Clean Harbors, Inc. | (7 | ) | |||
3.1B | Articles of Amendment [as filed on May 9, 2011] to Restated Articles of Organization of Clean Harbors | (8 | ) | |||
3.4D | Amended and Restated By-Laws of Clean Harbors, Inc. | (9 | ) | |||
4.33E-1 | Fourth Amended and Restated Credit Agreement dated as of January 17, 2013 among Clean Harbors, Inc., as the U.S. Borrower, Clean Harbors Industrial Services Canada, Inc., as the Canadian Borrower, Bank of America, N.A., as Administrative Agent, and the Lenders party thereto | (10 | ) | |||
4.33F | Guarantee (U.S. Domiciled Loan Parties-U.S. Facility Obligations) dated as of May 31, 2011 executed by the U.S. Domiciled Subsidiaries of Clean Harbors, Inc. named therein in favor of Bank of America, N.A., as Agent for itself and the other U.S. Facility Secured Parties | (11 | ) | |||
4.33G | Guarantee (Canadian Domiciled Loan Parties-Canadian Facility Obligations) dated as of May 31, 2011 executed by the Canadian Domiciled Subsidiaries of Clean Harbors, Inc. named therein in favor of Bank of America, N.A., as Agent for itself and the other Canadian Facility Secured Parties | (11 | ) | |||
4.33H | Guarantee (U.S. Domiciled Loan Parties-Canadian Facility Obligations) dated as of May 31, 2011 executed by Clean Harbors, Inc. and the U.S. Domiciled Subsidiaries of Clean Harbors, Inc. named therein in favor of Bank of America, N.A., as Agent for itself and the other Canadian Facility Secured Parties | (11 | ) | |||
4.33I | Security Agreement (U.S. Domiciled Loan Parties) dated as of January 17, 2013 among Clean Harbors, Inc. , as the U.S. Borrower and a Grantor, the subsidiaries of Clean Harbors, Inc. listed on Annex A thereto or that thereafter become a party thereto as Grantors, and Bank of America, N.A., as Agent | (10 | ) | |||
4.33J | Security Agreement (Canadian Domiciled Loan Parties) dated as of May 31, 2011 among Clean Harbors Industrial Services Canada, Inc., as the Canadian Borrower and a Grantor, the Canadian subsidiaries of Clean Harbors, Inc. listed on Annex A thereto or that thereafter become a party thereto as Grantors, and Bank of America, N.A., as Agent | (11 | ) | |||
4.40 | Indenture dated as of July 30, 2012, among Clean Harbors, Inc., as Issuer, the Guarantors listed on the signature pages thereto, and U.S. Bank National Association, as Trustee | (12 | ) | |||
4.42 | Indenture dated as of December 7, 2012, among Clean Harbors, Inc., as Issuer, the subsidiaries of Clean Harbors, Inc. named therein as Guarantors, and U.S. Bank National Association, as Trustee | (13 | ) | |||
10.43* | Key Employee Retention Plan | (14 | ) | |||
10.43A* | Form of Severance Agreement under Key Employee Retention Plan with Confidentiality and Non-Competition Agreement | (15 | ) | |||
10.45 | Bill of Sale and Assignment dated as of September 10, 2002 by Safety-Kleen Services, Inc. and its Subsidiaries named therein, as Sellers, and Clean Harbors, Inc., as Purchaser, and its Subsidiaries named therein, as Purchasing Subs | (4 | ) | |||
10.46 | Assumption Agreement made as of September 10, 2002 by Clean Harbors, Inc. in favor of Safety-Kleen Services, Inc. and its Subsidiaries named therein | (4 | ) | |||
10.50* | Accepted offer letter, severance agreement, and relocation package and agreement, effective August 1, 2005, between the Company and James M. Rutledge | (16 | ) |
Item No. | Description | Location | ||||
10.52B* | Clean Harbors, Inc. Management Incentive Plan [as amended and restated on March 5, 2012] | (17 | ) | |||
10.53* | Clean Harbors, Inc. Annual CEO Incentive Bonus Plan | (18 | ) | |||
10.54* | Clean Harbors, Inc. 2010 Stock Incentive Plan [as amended on May 10, 2010] | (19 | ) | |||
10.54A* | Revised form of Restricted Stock Award Agreement [Non-Employee Director] [for use under 2010 Stock Incentive Plan] | (15 | ) | |||
10.54B* | Revised form of Restricted Stock Award Agreement [Employee] [for use under Clean Harbors, Inc. 2010 Stock Incentive Plan] | (15 | ) | |||
10.54C* | Revised form of Performance-Based Restricted Stock Award Agreement [for use under Clean Harbors, Inc. 2010 Stock Incentive Plan] | (15 | ) | |||
10.54D* | Amendment to Section 8 and 10(i) of the Company’s 2010 Stock Incentive Plan | (20 | ) | |||
10.55* | Clean Harbors, Inc. 2014 CEO Annual Incentive Plan | (21 | ) | |||
10.55A* | Amendment to Section 6(m) of Clean Harbors, Inc. 2014 Annual CEO Incentive Plan | (22 | ) | |||
10.56* | Mike Battles accepted offer letter effective as of January 6, 2016 | (23 | ) | |||
21 | Subsidiaries | Filed herewith | ||||
23 | Consent of Independent Registered Public Accounting Firm | Filed herewith | ||||
24 | Power of Attorney | Filed herewith | ||||
31.1 | Rule 13a-14a/15d-14(a) Certification of the CEO Alan S. McKim | Filed herewith | ||||
31.2 | Rule 13a-14a/15d-14(a) Certification of the CFO Michael L. Battles | Filed herewith | ||||
32 | Section 1350 Certifications | Filed herewith | ||||
101 | The following materials from the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Cash Flows, (v) Consolidated Statements of Stockholders' Equity, and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text | (24 | ) |
(*) | A “management contract or compensatory plan or arrangement” filed as an exhibit to this report pursuant to Item 15(f) of Form 10-K. |
(1) | Incorporated by reference to the similarly numbered exhibit to the Company's Form 8-K Report filed on February 28, 2002. |
(2) | Incorporated by reference to the similarly numbered exhibit to the Company's Form 10-K Annual Report for the Year ended December 31, 2001. |
(3) | Incorporated by reference to the similarly numbered exhibit to the Company's Form 10-Q Quarterly Report for the Quarterly Period ended March 31, 2002. |
(4) | Incorporated by reference to the similarly numbered exhibit to the Company's Form 8-K Report filed on September 25, 2002. |
(5) | Incorporated by reference to the similarly numbered exhibit to the Company's Form 10-Q Quarterly Report for the Quarterly Period ended June 30, 2003. |
(6) | Incorporated by reference to the similarly numbered exhibit to the Company's Form 8-K Report filed on October 31, 2012. |
(7) | Incorporated by reference to the similarly numbered exhibit to the Company's Form 8-K Report filed on May 19, 2005. |
(8) | Incorporated by reference to the similarly numbered exhibit to the Company's Form 8-K Report filed on May 12, 2011. |
(9) | Incorporated by reference to the similarly numbered exhibit to the Company's Form 8-K Report filed on December 22, 2014. |
(10) | Incorporated by reference to the similarly numbered exhibit to the Company's Form 8-K Report filed on January 18, 2013. |
(11) | Incorporated by reference to the similarly numbered exhibit to the Company's Form 8-K Report filed on June 3, 2011. |
(12) | Incorporated by reference to the similarly numbered exhibit to the Company's Report on Form 8-K filed on July 30, 2012. |
(13) | Incorporated by reference to the similarly numbered exhibit to the Company's Form 8-K Report filed on December 10, 2012. |
(14) | Incorporated by reference to the similarly numbered exhibit to the Company's Form 10-Q Quarterly Report for the Quarterly Period ended March 31, 1999. |
(15) | Incorporated by reference to the similarly numbered exhibit to the Company's Form 10-K Annual Report for the Year ended December 31, 2010. |
(16) | Incorporated by reference to the similarly numbered exhibit to the Company's Form 8-K Report filed on August 1, 2005. |
(17) | Incorporated by reference to Appendix A to the Company's definitive proxy statement for its 2012 annual meeting of shareholders filed on March 23, 2012. |
(18) | Incorporated by reference to the similarly numbered exhibit to the Company's Form 8-K Report filed on May 14, 2009. |
(19) | Incorporated by reference to the similarly numbered exhibit to the Company's Form 8-K Report filed on May 14, 2010. |
(20) | Incorporated by reference to Appendix B to the Company’s definitive Proxy Statement filed on March 22, 2013. |
(21) | Incorporated by reference by Appendix A to the Company’s definitive Proxy Statement filed on March 22, 2013. |
(22) | Incorporated by reference to Appendix A to the Company's definitive Proxy Statement for its 2014 annual meeting of shareholders filed on April 29, 2014. |
(23) | Incorporated by reference to the similarly numbered exhibit to the Company's Form 8-K Report filed on January 11, 2016. |
(24) | These interactive data files are furnished herewith and deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. |
Subsidiary | Jurisdiction of Organization |
510127 NB Inc.* | New Brunswick |
677244 NB Inc.* | New Brunswick |
Altair Disposal Services, LLC | Delaware |
ARC Advanced Reactors and Columns, LLC | Delaware |
Baton Rouge Disposal, LLC | Delaware |
BCT Structures, ULC* | Alberta |
Bridgeport Disposal, LLC | Delaware |
Cat Tech International, Ltd.* | Bahamas |
CH Canada GP, Inc.* | Ontario |
CH Canada Holdings Corp.* | Nova Scotia |
CH International Holdings, LLC | Delaware |
Clean Harbors (Mexico), Inc. | Delaware |
Clean Harbors Andover, LLC | Delaware |
Clean Harbors Antioch, LLC | Delaware |
Clean Harbors Aragonite, LLC | Delaware |
Clean Harbors Arizona, LLC | Delaware |
Clean Harbors Baton Rouge, LLC | Delaware |
Clean Harbors BDT, LLC | Delaware |
Clean Harbors Buttonwillow, LLC | Delaware |
Clean Harbors Canada LP* | Ontario |
Clean Harbors Canada, Inc.* | New Brunswick |
Clean Harbors Caribe, Inc.* | Puerto Rico |
Clean Harbors Catalyst Services Trinidad Limited* | Trinidad |
Clean Harbors Catalyst Services, LLC | Delaware |
Clean Harbors Catalyst Services LP* | Alberta |
Clean Harbors Catalyst Services Ltd.* | Nova Scotia |
Clean Harbors Chattanooga, LLC | Delaware |
Clean Harbors Clive, LLC | Delaware |
Clean Harbors Coffeyville, LLC | Delaware |
Clean Harbors Colfax, LLC | Delaware |
Clean Harbors Deer Park, LLC | Delaware |
Clean Harbors Deer Trail, LLC | Delaware |
Clean Harbors Development, LLC | Delaware |
Clean Harbors Directional Boring Services, ULC* | Alberta |
Clean Harbors Directional Boring Services LP* | Alberta |
Clean Harbors Disposal Services, Inc. | Delaware |
Clean Harbors El Dorado, LLC | Delaware |
Clean Harbors Energy and Industrial Services Corp.* | Alberta |
Clean Harbors Energy and Industrial Services LP* | Alberta |
Clean Harbors Energy and Industrial Western Ltd.* | Alberta |
Clean Harbors Energy Services ULC* | Alberta |
Clean Harbors Environmental Services, Inc. | Massachusetts |
Clean Harbors Exploration Services, Inc. | Nevada |
Clean Harbors Exploration Services, ULC* | Alberta |
Clean Harbors Exploration Services LP* | Alberta |
Clean Harbors Florida, LLC | Delaware |
Clean Harbors Grassy Mountain, LLC | Delaware |
Clean Harbors Industrial Services Canada, Inc.* | Alberta |
Clean Harbors Industrial Services, Inc. | Delaware |
Clean Harbors Kansas, LLC | Delaware |
Clean Harbors Kingston Facility Corporation | Massachusetts |
Clean Harbors LaPorte, LLC | Delaware |
Clean Harbors Laurel, LLC | Delaware |
Clean Harbors Lodging Services LP* | Alberta |
Clean Harbors Lodging Services, ULC* | Alberta |
Clean Harbors Lone Mountain, LLC | Delaware |
Clean Harbors Lone Star Corp. | Delaware |
Clean Harbors Los Angeles, LLC | Delaware |
Clean Harbors Mercier, Inc. | Quebec |
Clean Harbors of Baltimore, Inc. | Delaware |
Clean Harbors of Braintree, Inc. | Massachusetts |
Clean Harbors of Connecticut, Inc. | Delaware |
Clean Harbors Pecatonica, LLC | Delaware |
Clean Harbors PPM, LLC | Delaware |
Clean Harbors Production Services, ULC* | Alberta |
Clean Harbors Quebec, Inc.* | Quebec |
Clean Harbors Recycling Services of Chicago, LLC | Delaware |
Clean Harbors Recycling Services of Ohio LLC | Delaware |
Clean Harbors Reidsville, LLC | Delaware |
Clean Harbors San Jose, LLC | Delaware |
Clean Harbors San Leon, Inc. | Delaware |
Clean Harbors Services, Inc. | Massachusetts |
Clean Harbors Surface Rentals, ULC* | Alberta |
Clean Harbors Surface Rentals Partnership* | Alberta |
Clean Harbors Surface Rentals USA, Inc. | Delaware |
Clean Harbors Tennessee, LLC | Delaware |
Clean Harbors Westmorland, LLC | Delaware |
Clean Harbors White Castle, LLC | Delaware |
Clean Harbors Wilmington, LLC | Delaware |
Crowley Disposal, LLC | Delaware |
CTVI Inc.* | Virgin Islands |
Disposal Properties, LLC | Delaware |
Environnement Services Et Machinerie E.S.M. Inc.* | Quebec |
EnviroSORT Inc. | Alberta |
Grizzco Camp Services, ULC* | British Columbia |
GSX Disposal, LLC | Delaware |
Heckmann Environmental Services, Inc. | Delaware |
Hilliard Disposal, LLC | Delaware |
JL Filtration Inc.* | Alberta |
JL Filtration Operating Limited Partnership* | Alberta |
Laidlaw Environmental Services de Mexico S.A. de C.V.* | Mexico |
Murphy's Waste Oil Service, Inc. | Massachusetts |
Plaquemine Remediation Services, LLC | Delaware |
Roebuck Disposal, LLC | Delaware |
Safety-Kleen de Mexico, S. de R.L. de C.V.* | Mexico |
Safety-Kleen Canada Inc.* | New Brunswick |
Safety-Kleen Envirosystems Company | California |
Safety-Kleen Envirosystems Company of Puerto Rico, Inc. | Indiana |
Safety-Kleen, Inc. | Delaware |
Safety-Kleen International, Inc. | Delaware |
Safety-Kleen International Asia Investment Company Limited* | Hong Kong |
Safety-Kleen of California, Inc. | California |
Safety-Kleen Systems, Inc. | Wisconsin |
Sanitherm, ULC* | Alberta |
Sanitherm USA, Inc. | Delaware |
Sawyer Disposal Services, LLC | Delaware |
Service Chemical, LLC | Delaware |
SK Holding Company, Inc. | Delaware |
SK D'Incineration Inc.* | Quebec |
SK Servicios Ambientales Administrativos, S. de R.L. de C.V.* | Mexico |
Spring Grove Resource Recovery, Inc. | Delaware |
The Solvents Recovery Service of New Jersey, Inc. | New Jersey |
Thermo Fluids Inc. | Delaware |
Tri-vax Enterprises Ltd.* | Alberta |
Tulsa Disposal, LLC | Delaware |
Versant Energy Services, Inc. | Delaware |
Versant Energy Services, LP* | Alberta |
/s/ Deloitte & Touche LLP | |
Boston, Massachusetts | |
February 25, 2016 |
Signature | |
/s/ JAMES M. RUTLEDGE | |
/s/ GENE BANUCCI | |
/s/ JOHN P. DEVILLARS | |
/s/ EDWARD G. GALANTE | |
/s/ ROD MARLIN | |
/s/ DANIEL J. MCCARTHY | |
/s/ JOHN T. PRESTON | |
/s/ ANDREA ROBERTSON | |
/s/ THOMAS J. SHIELDS | |
/s/ JOHN R. WELCH |
/s/ Alan S. McKim | |
Alan S. McKim | |
Chief Executive Officer |
/s/ Michael L. Battles | |
Michael L. Battles | |
Executive Vice President and Chief Financial Officer |
Date: | February 25, 2016 | By: | /s/ ALAN S. MCKIM |
Alan S. McKim | |||
Chief Executive Officer | |||
Date: | February 25, 2016 | By: | /s/ MICHAEL L. BATTLES |
Michael L. Battles | |||
Executive Vice President and Chief Financial Officer | |||
!?B5K5OY]K8Z%-K.I2+\HA8A0H_B90IZ$]<@ @ZI::
M5\+?!_V?3X-1U^]T&VMK"UVCS)E,,9; 56B 1MZIYLBA#MR O(YKN;C1C<:!)X?*1C3
MI-.:S:;>=X)79C9C&-N3G=UXQWH XE_B!XBTG3KQ=8BTNXOFT>VU&S:WBDAC
M62:3RO*<%V+!7*'<"N03P.M=5X7UK4[S5MN;^''_)+/"G_8%L_P#T0E=)7-_#C_DEGA3_ + MG_Z(2@#I****
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M ,JST\&12L'U._N;M_=L#]
*9]=T74["
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MWB5F. !DD\ 8H VZ*** "BBB@ HHHH **** "BN+\?3ZYH^E7>MZ9K\D#P"
M-;'2H[6)DO)BP BF?\('I'_/YX@_\*/4/_C]'_"!Z1_S^>(/_"CU#_X_7%:KXD\0Z0U]
MHUMXEDU&2.XTAH]5:WM_,1;J?RY(]J((R-J;URN<2=3P:V;74]:LO&T%KJ.L
MWEQ8R7OV*&1([26VF(MRVR39MFCN"R.Q('E@8 R, &Y_P ('I'_ #^>(/\
MPH]0_P#C]'_"!Z1_S^>(/_"CU#_X_1\1_P#DEGBO_L"WG_HAZXNU\1>((]5G
MG&LR?8K/Q#9:4FG_ &>'RVAFA@W9;9OR&E+ AAZ'(X !VG_"!Z1_S^>(/_"C
MU#_X_1_P@>D?\_GB#_PH]0_^/UG>%M6U#5=0&IZAKZ0I
Document and Entity Information Document - USD ($) $ in Billions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Feb. 19, 2016 |
Jun. 30, 2015 |
|
Document and Entity Information [Abstract] | |||
Entity Registrant Name | CLEAN HARBORS INC | ||
Entity Central Index Key | 0000822818 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 57,604,283 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2.9 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Account Receivable, allowances aggregating | $ 31,426 | $ 25,661 |
Closure and post-closure liabilities, current portion | 7,229 | 4,999 |
Remedial liabilities, current portion | $ 13,166 | $ 17,092 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 80,000,000 | 80,000,000 |
Common stock, issued shares | 57,593,201 | 58,903,482 |
Common stock, outstanding shares | 57,593,201 | 58,903,482 |
CONSOLIDATED STATEMENTS OF (LOSS) INCOME - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Revenues: | |||||||||||
Service revenues | $ 2,744,272 | $ 2,639,796 | $ 2,729,205 | ||||||||
Product revenues | 530,865 | 761,840 | 780,451 | ||||||||
Total revenues | $ 713,044 | $ 893,366 | $ 936,228 | $ 732,499 | $ 845,024 | $ 851,465 | $ 858,480 | $ 846,667 | 3,275,137 | 3,401,636 | 3,509,656 |
Cost of revenues: (exclusive of items shown separately below) | |||||||||||
Service revenues | 1,898,907 | 1,790,377 | 1,874,448 | ||||||||
Product revenues | 457,899 | 651,419 | 668,185 | ||||||||
Total cost of revenues | 522,965 | 634,646 | 652,688 | 546,507 | 610,720 | 598,407 | 606,950 | 625,719 | 2,356,806 | 2,441,796 | 2,542,633 |
Selling, general and administrative expenses | 414,164 | 437,921 | 470,477 | ||||||||
Accretion of environmental liabilities | 10,402 | 10,612 | 11,541 | ||||||||
Depreciation and amortization | 274,194 | 276,083 | 264,449 | ||||||||
Goodwill impairment charge | 31,992 | 123,414 | 0 | ||||||||
(Loss) income from operations | 25,549 | 93,970 | 60,758 | 7,302 | 57,537 | (42,748) | 67,115 | 29,906 | 187,579 | 111,810 | 220,556 |
Other (expense) income | (990) | (139) | (660) | 409 | 244 | 613 | (655) | 4,178 | (1,380) | 4,380 | 1,705 |
Interest expense, net of interest income of $626, $819, and $507, respectively | (76,553) | (77,668) | (78,376) | ||||||||
Income before provision for income taxes | 109,646 | 38,522 | 143,885 | ||||||||
Provision for income taxes | 65,544 | 66,850 | 48,319 | ||||||||
Net income (loss) | $ 568 | $ 40,228 | $ 10,395 | $ (7,089) | $ 27,377 | $ (93,337) | $ 28,672 | $ 8,960 | $ 44,102 | $ (28,328) | $ 95,566 |
Earnings (loss) per share: | |||||||||||
Basic (in dollars per share) | $ 0.01 | $ 0.69 | $ 0.18 | $ (0.12) | $ 0.46 | $ (1.55) | $ 0.47 | $ 0.15 | $ 0.76 | $ (0.47) | $ 1.58 |
Diluted (in dollars per share) | $ 0.01 | $ 0.69 | $ 0.18 | $ (0.12) | $ 0.46 | $ (1.55) | $ 0.47 | $ 0.15 | $ 0.76 | $ (0.47) | $ 1.57 |
Shares used to compute earnings (loss) per share — Basic | 58,324 | 60,311 | 60,574 | ||||||||
Shares used to compute earnings (loss) per share — Diluted | 58,434 | 60,311 | 60,728 |
CONSOLIDATED STATEMENTS OF (LOSS) INCOME (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Statement [Abstract] | |||
Interest expense, interest income | $ 626 | $ 819 | $ 507 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 44,102 | $ (28,328) | $ 95,566 |
Other comprehensive loss: | |||
Unrealized gains on available-for-sale securities (net of taxes of $0, $183 and $208, respectively) | 0 | 976 | 1,244 |
Reclassification adjustment for gains on available-for-sale securities included in net income (net of taxes of $508) | 0 | (2,880) | 0 |
Foreign currency translation adjustments | (144,050) | (88,725) | (70,791) |
Unfunded pension liability (net of taxes of $7, $248 and $123, respectively) | 0 | (657) | 359 |
Other comprehensive loss | (144,050) | (91,286) | (69,188) |
Comprehensive (loss) income | $ (99,948) | $ (119,614) | $ 26,378 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Statement of Comprehensive Income [Abstract] | |||
Unrealized gains on available-for-sale securities, taxes | $ 0 | $ 183 | $ 208 |
Reclassification adjustment for gains on available-for-sale securities included in net income, taxes | 0 | 508 | 0 |
Unfunded pension liability, taxes | $ 7 | $ 248 | $ 123 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (PARENTHETICAL) - $ / shares |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|
Statement of Stockholders' Equity [Abstract] | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
OPERATIONS |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Operations | OPERATIONS Clean Harbors, Inc., through its subsidiaries (collectively, the "Company"), is a leading provider of environmental, energy and industrial services throughout North America. |
SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated financial statements of the Company reflect the application of certain significant accounting policies as described below: Principles of Consolidation The accompanying consolidated statements include the accounts of Clean Harbors, Inc. and its majority-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions, which are evaluated on an ongoing basis, that affect the amounts reported in the Company's consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable at the time under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and disclosure, if any, of contingent assets and liabilities and reported amounts of revenues and expenses. Actual results could differ from those estimates and judgments. Reclassifications As a result of the adoption of new accounting pronouncements issued in 2015 and discussed further in Note 2 under the heading Recent Accounting Pronouncements, certain balance sheets amounts previously reported in prior period financial statements have been reclassified in accordance with the implemented standards. Fair Value Valuation Hierarchy The Company defines fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 utilizes quoted market prices in markets that are not active, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. Level 3 inputs are unobservable inputs for the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. The Company's financial instruments consist of cash and cash equivalents, accounts and unbilled receivable, accounts payable and accrued liabilities and long-term debt obligations. Due to the short-term nature of these instruments, with the exception of long-term debt obligations, their estimated fair value approximates carrying value. Senior unsecured notes are recorded at par. Cash, Cash Equivalents and Uncashed Checks Cash and cash equivalents consist primarily of cash on deposit, money market accounts or short-term investments with original maturities of three months or less. The fair value of our cash equivalents is considered a Level 1 measure according to the fair value hierarchy and is adjusted to fair value based on quoted market prices. The Company's cash management program with its revolving credit lender allows for the maintenance of a zero balance in the U.S. bank disbursement accounts that are used to issue vendor and payroll checks. The program can result in checks outstanding in excess of bank balances in the disbursement accounts. When checks are presented to the bank for payment, cash deposits in amounts sufficient to fund the (2) SIGNIFICANT ACCOUNTING POLICIES (Continued) checks are made, at the Company's discretion, either from funds provided by other accounts or under the terms of the Company's revolving credit facility. Therefore, until checks are presented for payment, there is no right of offset by the bank and the Company continues to have control over cash relating to both released as well as unreleased checks. Checks that have been written to vendors or employees but have not yet been presented for payment at the Company's bank are classified as uncashed checks as part of accounts payable and added back to cash balances. Marketable Securities The Company has classified its marketable securities as available-for-sale and, accordingly, carries such securities at fair value. Unrealized gains and losses are reported, net of tax, as a component of other comprehensive income. Allowances for Doubtful Accounts On a regular basis, the Company evaluates its accounts receivable and establishes the allowance for doubtful accounts based on an evaluation of historical collection trends, customer concentration, customer credit ratings, current economic trends and changes in customer payment patterns. Past-due receivable balances are written-off when the Company's internal collection efforts have been deemed unsuccessful in collecting the outstanding balance due. Credit Concentration Concentration of credit risks in accounts receivable is limited due to the large number of customers comprising the Company's customer base throughout North America. The Company maintains policies over credit extension that include credit evaluations, credit limits and collection monitoring procedures on a customer-by-customer basis. However, the Company generally does not require collateral before services are performed. As of December 31, 2015 and 2014, no individual customer accounted for more than 10% of accounts receivable. During each of the years ended December 31, 2015, 2014 and 2013, no individual customer accounted for more than 10% of total revenues. Unbilled Receivables The Company recognizes unbilled accounts receivable for service and disposal transactions rendered but not invoiced to the customer by the end of the period. Deferred Costs Relating to Deferred Revenue Commissions and other incremental direct costs, primarily costs of materials, relating to deferred revenue from the Company’s parts cleaning services, containerized waste services and vacuum services are capitalized and deferred. The deferred costs are included in current assets in the consolidated balance sheet and charged to expense when the related revenues are recognized. Inventories and Supplies Inventories are stated at the lower of cost or market. The cost of oil and oil products is principally determined on a first-in, first-out ("FIFO") basis. The cost of supplies and drums, solvent and solution and other inventories is determined on a FIFO or a weighted average cost basis. Costs for oil and oil products, solvent and repair parts include purchase costs, fleet and fuel costs, direct labor, transportation costs and production related costs. The Company continually reviews its inventories for obsolete or unsalable items and adjusts its carrying value to reflect estimated realizable values. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist primarily of prepayments for various services, refundable deposits, and income taxes receivable. Property, Plant and Equipment (excluding landfill assets) Property, plant and equipment are stated at cost and include amounts capitalized under capital lease obligations. Expenditures for major renewals and improvements which extend the life or usefulness of the asset are capitalized. Items of an ordinary repair or maintenance nature are charged directly to operating expense as incurred. During the construction and development period of an asset, the costs incurred, including applicable interest costs, are classified as construction-in-progress. (2) SIGNIFICANT ACCOUNTING POLICIES (Continued) The Company depreciates and amortizes the cost of these assets, using the straight-line method as follows:
Leasehold and building improvements have a weighted average life of 10.2 years. Camp equipment consists of industrial lodging facilities that are utilized to provide lodging services to downstream oil and gas companies in Western Canada. Solar equipment consists of a solar array that is used to provide electric power for a continuously operating groundwater decontamination pump and treatment system at a closed and capped landfill located in New Jersey. The Company recognizes an impairment in the carrying value of long-lived assets when the expected future undiscounted cash flows derived from the assets, or group of assets, are less than their carrying value. For the years ended December 31, 2015, 2014 and 2013, the Company did not record impairment charges related to long-lived assets. The Company will continue to assess all of its long-lived assets for impairment as necessary. Goodwill Goodwill is comprised of the purchase price of business acquisitions in excess of the fair value assigned at acquisition to the net tangible and identifiable intangible assets acquired. Goodwill is not amortized but is reviewed for impairment annually as of December 31, or when events or changes in the business environment indicate that the carrying value of the reporting unit may exceed its fair value, by comparing the fair value of each reporting unit to its carrying value, including goodwill. If the fair value is less than the carrying amount, a Step II goodwill impairment test is performed to determine if goodwill is impaired. The loss, if any, is measured as the excess of the carrying value of the goodwill over the implied value of the goodwill. See Note 6, "Goodwill and Other Intangible Assets," for additional information related to the Company's goodwill impairment tests and the goodwill impairment charges recorded in 2015 and 2014. Permits and other intangibles Permits and intangible assets, such as legal fees, site surveys, engineering costs and other expenditures are recorded as cost. Other intangible assets consist primarily of customer and supplier relationships, trademarks and trade names, and non-compete agreements. Permits relating to landfills are amortized on a units-of-consumption basis. All other permits are amortized over periods ranging from 5 to 30 years on a straight-line basis. Other intangible assets are amortized on a straight-line basis over their respective useful lives, which range from 2 to 20 years. Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying value may not be entirely recoverable. When such factors and circumstances exist, management compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amounts. The impairment loss, if any, is measured as the excess of the carrying amount over the fair value of the asset or group of assets. (2) SIGNIFICANT ACCOUNTING POLICIES (Continued) Indefinite-lived intangible assets are not amortized but are reviewed for impairment annually as of December 31, or when events or changes in the business environment indicate that the carrying value may be impaired. If the fair value of the asset is less than the carrying amount, the Company performs a quantitative test to determine the fair value. The impairment loss, if any, is measured as the excess of the carrying value of the asset over its fair value. The fair value of the indefinite-lived intangible assets exceeded their carrying values at December 31, 2015 and 2014. Leases The Company leases rolling stock, rail cars, equipment, real estate and office equipment under operating leases. Certain real estate leases contain rent holidays and rent escalation clauses. Most of the Company's real estate lease agreements include renewal periods at the Company's option. For its operating leases, the Company recognizes rent holiday periods and scheduled rent increases on a straight-line basis over the lease term beginning with the date the Company takes possession of the leased assets. Landfill Accounting The Company amortizes landfill improvements, and certain landfill-related permits over their estimated useful lives. The units-of-consumption method is used to amortize land, landfill cell construction, asset retirement costs and remaining landfill cells and sites. The Company also utilizes the units-of-consumption method to record closure and post-closure obligations for landfill cells and sites. Under the units-of-consumption method, the Company includes future estimated construction and asset retirement costs, as well as costs incurred to date, in the amortization base of the landfill assets. Additionally, where appropriate, as described below, the Company includes probable expansion airspace that has yet to be permitted in the calculation of the total remaining useful life of the landfill. If it is determined that expansion capacity should no longer be considered in calculating the recoverability of a landfill asset, the Company may be required to recognize an asset impairment or incur significantly higher amortization expense. If at any time the Company makes the decision to abandon the expansion effort, the capitalized costs related to the expansion effort are expensed immediately. Landfill assets—Landfill assets include the costs of landfill site acquisition, permits and cell construction incurred to date. These amounts are recorded at cost, which includes capitalized interest as applicable. Landfill assets, net of amortization, are combined with management's estimate of the costs required to complete construction of the landfill to determine the amount to be amortized over the remaining estimated useful economic life of a site. Amortization of landfill assets is recorded on a units-of-consumption basis, such that the landfill assets should be completely amortized at the date the landfill ceases accepting waste. Amortization totaled $11.2 million, $14.1 million and $16.8 million for the years ended December 31, 2015, 2014 and 2013, respectively. Changes in estimated costs to complete construction are applied prospectively to the amortization rate. Landfill capacity—Landfill capacity, which is the basis for the amortization of landfill assets and for the accrual of final closure and post-closure obligations, represents total permitted airspace plus unpermitted airspace that management believes is probable of ultimately being permitted based on established criteria. The Company applies the following criteria for evaluating the probability of obtaining a permit for future expansion airspace at existing sites, which provides management a basis to evaluate the likelihood of success of unpermitted expansions:
(2) SIGNIFICANT ACCOUNTING POLICIES (Continued)
As of December 31, 2015, there was one unpermitted expansion at one location included in the Company's landfill accounting model, which represented 3.0% of the Company's remaining airspace at that date. If actual expansion airspace is significantly different from the Company's estimate of expansion airspace, the amortization rates used for the units-of-consumption method would change, therefore impacting the Company's profitability. If the Company determines that there is less actual expansion airspace at a landfill, this would increase amortization expense recorded and decrease profitability, while if the Company determines a landfill has more actual expansion airspace, amortization expense would decrease and profitability would increase. As of December 31, 2015, the Company had 11 active landfill sites (including the Company's two non-commercial landfills), which have estimated remaining lives (based on anticipated waste volumes and remaining highly probable airspace) as follows:
At December 31, 2015 and 2014, the Company had no cubic yards of permitted, but not highly probable, airspace. The following table presents the remaining highly probable airspace from January 1, 2013 through December 31, 2015 (in thousands of cubic yards):
Amortization of cell construction costs and accrual of cell closure obligations—Landfills are typically comprised of a number of cells, which are constructed within a defined acreage (or footprint). The cells are typically discrete units, which require both separate construction and separate capping and closure procedures. Cell construction costs are the costs required to excavate and construct the landfill cell. These costs are typically amortized on a units-of-consumption basis, such that they are completely amortized when the specific cell ceases accepting waste. In some instances, the Company has landfills that are engineered and constructed as "progressive trenches." In progressive trench landfills, a number of contiguous cells form a progressive trench. In those instances, the Company amortizes cell construction costs over the airspace within the entire trench, such that the cell construction costs will be fully amortized at the end of the trench useful life. (2) SIGNIFICANT ACCOUNTING POLICIES (Continued) The design and construction of a landfill does not create a landfill asset retirement obligation. Rather, the asset retirement obligation for cell closure (the cost associated with capping each cell) is incurred in relatively small increments as waste is placed in the landfill. Therefore, the cost required to construct the cell cap is capitalized as an asset retirement cost and a liability of an equal amount is established, based on the discounted cash flow associated with each capping event, as airspace is consumed. Spending for cell capping is reflected as environmental expenditures within operating activities in the statement of cash flows. Landfill final closure and post-closure liabilities—The balance of landfill final closure and post-closure liabilities at December 31, 2015 and 2014 was $32.0 million and $29.9 million, respectively. The Company has material financial commitments for the costs associated with requirements of the Environmental Protection Agency ("EPA") and the comparable regulatory agency in Canada for landfill final closure and post-closure activities. In the United States, the landfill final closure and post-closure requirements are established under the standards of the EPA, and are implemented and applied on a state-by-state basis. The Company develops estimates for the cost of these activities based on an evaluation of site-specific facts and circumstances, including the Company's interpretation of current regulatory requirements and proposed regulatory changes. Such estimates may change in the future due to various circumstances including, but not limited to, permit modifications, changes in legislation or regulations, technological changes and results of environmental studies. Final closure costs are the costs incurred after the site ceases to accept waste, but before the landfill is certified as closed by the applicable state regulatory agency. These costs generally include the costs required to cap the final cell of the landfill (if not included in cell closure), the costs required to dismantle certain structures for landfills and other landfill improvements, and regulation-mandated groundwater monitoring, and leachate management. Post-closure costs involve the maintenance and monitoring of a landfill site that has been certified closed by the applicable regulatory agency. These costs generally include groundwater monitoring and leachate management. Regulatory post-closure periods are generally 30 years after landfill closure. Final closure and post-closure obligations are accrued on a units-of-consumption basis, such that the present value of the final closure and post-closure obligations are fully accrued at the date the landfill discontinues accepting waste. Cell closure, final closure and post closure costs (also referred to as "asset retirement obligations") are calculated by estimating the total obligation in current dollars, adjusted for inflation (1.02% during 2015 and 2014) and discounted at the Company's credit-adjusted risk-free interest rate (5.99% and 6.54% during 2015 and 2014, respectively.) Non-Landfill Closure and Post-Closure Liabilities Non-landfill closure costs include costs required to dismantle and decontaminate certain structures and other costs incurred during the closure process. Post-closure costs, if required, include associated maintenance and monitoring costs as required by the closure permit. Post-closure periods are performance-based and are not generally specified in terms of years in the closure permit, but generally range from 10 to 30 years or more. The Company records its non-landfill closure and post-closure liability by: (i) estimating the current cost of closing a non-landfill facility and the post-closure care of that facility, if required, based upon the closure plan that the Company is required to follow under its operating permit, or in the event the facility operates with a permit that does not contain a closure plan, based upon legally enforceable closure commitments made by the Company to various governmental agencies; (ii) using probability scenarios as to when in the future operations may cease; (iii) inflating the current cost of closing the non-landfill facility on a probability weighted basis using the inflation rate to the time of closing under each probability scenario; and (iv) discounting the future value of each closing scenario back to the present using the credit-adjusted risk-free interest rate. Non-landfill closure and post-closure obligations arise when the Company commences operations. The balance of non-landfill closure and post-closure liabilities at December 31, 2015 and 2014 was $24.2 million and $20.8 million, respectively. Management bases estimates for non-landfill closure and post-closure liabilities on its interpretation of existing permit and regulatory requirements for closure and post-closure maintenance and monitoring. The Company's cost estimates are calculated using internal sources as well as input from third party experts. Management uses probability scenarios to estimate when future operations will cease and inflates the current cost of closing the non-landfill facility on a probability weighted basis using the appropriate inflation rate and then discounting the future value to arrive at an estimated present value of closure and post-closure costs. The estimates for non-landfill closure and post-closure liabilities are inherently uncertain due to the possibility that permit and regulatory requirements will change in the future, impacting the estimation of total costs and the timing of the expenditures. Management reviews non-landfill closure and post-closure liabilities for changes to key assumptions that would impact the amount of the recorded liabilities. Changes that would prompt management to revise a liability estimate include changes in legal requirements that impact the Company's expected closure plan or scope of work, in (2) SIGNIFICANT ACCOUNTING POLICIES (Continued) the market price of a significant cost item, in the probability scenarios as to when future operations at a location might cease, or in the expected timing of the cost expenditures. Changes in estimates for non-landfill closure and post-closure events immediately impact the required liability and the value of the corresponding asset. If a change is made to a fully-consumed asset, the adjustment is charged immediately to expense. When a change in estimate relates to an asset that has not been fully consumed, the adjustment to the asset is recognized in income prospectively as a component of amortization. Historically, material changes to non-landfill closure and post-closure estimates have been infrequent. Remedial Liabilities The balance of remedial liabilities at December 31, 2015 and 2014 was $132.0 million and $155.1 million, respectively. Remedial liabilities, including Superfund liabilities, include the costs of removal or containment of contaminated material, treatment of potentially contaminated groundwater and maintenance and monitoring costs necessary to comply with regulatory requirements. Most of the Company's remedial liabilities relate to the active and inactive hazardous waste treatment and disposal facilities which the Company acquired in the last 14 years and 35 Superfund sites owned by third parties for which the Company agreed to indemnify certain remedial liabilities owed or potentially owed to governmental entities by the sellers of certain assets (the "CSD assets") which the Company acquired in 2002. The Company performed extensive due diligence to estimate accurately the aggregate liability for remedial liabilities to which the Company became potentially liable as a result of the acquisitions. The Company's estimate of remedial liabilities involved an analysis of such factors as: (i) the nature and extent of environmental contamination (if any); (ii) the terms of applicable permits and agreements with regulatory authorities as to cleanup procedures and whether modifications to such permits and agreements will likely need to be negotiated; (iii) the cost of performing anticipated cleanup activities based upon current technology; and (iv) in the case of Superfund and other sites where other parties will also be responsible for a portion of the cleanup costs, the likely allocation of such costs and the ability of such other parties to pay their share. Remedial liabilities and on-going operations are reviewed quarterly and adjustments are made as necessary. The Company periodically evaluates potential remedial liabilities at sites that it owns or operates or to which the Company or the sellers of the CSD assets (or the respective predecessors of the Company or such sellers) transported or disposed of waste, including 128 Superfund sites as of December 31, 2015. The Company periodically reviews and evaluates sites requiring remediation, including Superfund sites, giving consideration to the nature (i.e., owner, operator, arranger, transporter or generator) and the extent (i.e., amount and nature of waste hauled to the location, number of years of site operations or other relevant factors) of the Company's (or such sellers') alleged connection with the site, the extent (if any) to which the Company believes it may have an obligation to indemnify cleanup costs in connection with the site, the regulatory context surrounding the site, the accuracy and strength of evidence connecting the Company (or such sellers) to the location, the number, connection and financial ability of other named and unnamed potentially responsible parties ("PRPs") and the nature and estimated cost of the likely remedy. Where the Company concludes that it is probable that a liability has been incurred and an amount can be estimated, a provision is made, based upon management's judgment and prior experience, of such estimated liability. Remedial liabilities are inherently difficult to estimate. Estimating remedial liabilities requires that the existing environmental contamination be understood. There are risks that the actual quantities of contaminants differ from the results of the site investigation, and that contaminants exist that have not been identified by the site investigation. In addition, the amount of remedial liabilities recorded is dependent on the remedial method selected. There is a risk that funds will be expended on a remedial solution that is not successful, which could result in the additional incremental costs of an alternative solution. Such estimates, which are subject to change, are subsequently revised if and when additional or new information becomes available. Remedial liabilities are discounted only when the timing of the payments is estimable and the amounts are determinable. Management's experience has been that the timing of payments for remedial liabilities is not usually estimable, and therefore the amounts of remedial liabilities are not generally discounted. In the case of remedial liabilities assumed in connection with acquisitions, acquired liabilities are recorded under purchase accounting at fair value. Accordingly, as of the respective acquisition dates, the Company recorded the remedial liabilities assumed as part of acquisitions at their fair value, which were calculated by inflating costs in current dollars using an estimate of future inflation rates as of the respective acquisition dates until the expected time of payment, and then discounting the amount of the payments to their present value using a risk-free discount rate as of the acquisition dates. Discounts were and will be applied to the environmental liabilities as follows: (2) SIGNIFICANT ACCOUNTING POLICIES (Continued)
Foreign Currency During the year ended December 31, 2015 and 2014, the Company had operations in Canada, and to a much lesser extent, Mexico and Trinidad. Assets and liabilities are translated to U.S. dollars at the exchange rate in effect at the balance sheet date and revenue and expenses at the average exchange rate for the period. Gains and losses from the translation of the consolidated financial statements of foreign subsidiaries into U.S. dollars are included in stockholders' equity as a component of accumulated other comprehensive income. Gains and losses resulting from foreign currency transactions are recognized in the consolidated statements of income. Recorded balances that are denominated in a currency other than the functional currency are remeasured to the functional currency using the exchange rate at the balance sheet date and gains or losses are recorded in the statements of income. Revenue Recognition and Deferred Revenue During 2015, the Company provided environmental, energy, lodging and industrial services through six segments: Technical Services, Industrial and Field Services, Kleen Performance Products, SK Environmental Services, Lodging Services, and Oil and Gas Field Services. The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collection is reasonably assured. Revenue is recognized net of estimated allowances. Revenue is generated by short-term projects, most of which are governed by master service agreements that are long-term in nature. The master service agreements are typically entered into with the Company's larger customers and outline the pricing and legal frameworks for such arrangements. Due to the nature of the Company's business and the invoices that result from the services provided, customers may withhold payments and attempt to renegotiate amounts invoiced. Accordingly, management establishes a revenue allowance to cover the estimated amounts of revenue that may need to be credited to customers' accounts in future periods. The Company records a provision for revenue allowances based on specific review of particular customers, historical trends and other relevant information. Technical Services revenue is generated from fees charged for hazardous material management and disposal services including onsite environmental management services, collection and transportation, packaging, recycling, treatment and disposal of hazardous and non-hazardous waste. Services are provided based on purchase orders or agreements with the customer and include prices based upon units of volume of waste, and transportation and other fees. Collection and transportation, and packaging revenues are recognized when the transported waste is received at the disposal facility. Revenues for treatment and disposal of hazardous waste are recognized upon completion of wastewater treatment, final disposition in a landfill or incineration of the waste, all at Company-owned sites, or when the waste is shipped to a third party for processing and disposal. Revenues from recycled oil and recycled catalyst are recognized upon shipment to the customer. Revenue for all other Technical Services is recognized when services are rendered. The Company, at the request of a customer, periodically enters into bundled arrangements for the collection and transportation and disposal of waste. The Company accounts for such arrangements as multiple-element arrangements with separate units of accounting. The Company measures and allocates the consideration from the arrangement to the separate units, based on evidence of the estimated selling price for each deliverable. Revenues from waste that is not yet completely processed and disposed and the related costs are deferred. The revenue is recognized and the deferred costs are expensed when the related services are completed. Industrial Services provides industrial and specialty services, such as high-pressure and chemical cleaning, catalyst handling, decoking and pigging to refineries, chemical plants, oil sands facilities, pulp and paper mills, and other industrial facilities. These services are provided based on purchase orders or agreements with the customer and include prices based upon daily, hourly or job rates for equipment, materials and personnel. Revenues are recognized over the term of the agreements or as services are performed. Field Services provides cleanup services on customer sites or other locations on a scheduled or (2) SIGNIFICANT ACCOUNTING POLICIES (Continued) emergency response basis. The Company's services are provided based on purchase orders or agreements with the customer and include prices based upon daily, hourly or job rates for equipment, materials and personnel. Revenues are recorded as services are performed. Revenue is recognized on contracts with retainage when services have been rendered and collectability is reasonably assured. Kleen Performance Products revenue is generated from re-refining used oil to produce high quality base and blended lubricating oils, and recycling used oil collected in excess of the Company's re-refining capacity into recycled fuel oil. The high quality base and blended lubricating oils are sold to third-party distributors, retailers, government agencies, fleets, railroads and industrial customers. The recycled fuel oil is sold to asphalt plants, industrial plants, blenders, pulp and paper companies, vacuum gas oil producers and marine diesel oil producers. Revenue is recognized upon the transfer of title. SK Environmental Services revenue is generated from providing parts cleaning services, containerized waste services, oil collection services and other complementary products and services. Revenue is recognized when products are delivered and services are performed. Parts cleaning services generally consist of placing a specially designed parts washer at a customer's premises and then, on a recurring basis, delivering clean solvent or aqueous-based washing fluid, cleaning and servicing the parts washer and removing the used solvent or aqueous fluid. The Company also services customer-owned parts washers. Revenue from parts cleaning services is recognized over the service interval. Service intervals represent the actual amount of time between service visits to a particular parts cleaning customer. Average service intervals vary from seven to 14 weeks depending on several factors, such as customer accommodation, types of machines serviced and frequency of use. Containerized waste services consist of profiling, collecting, transporting and recycling or disposing of a wide variety of hazardous and non-hazardous wastes. Collection and transportation, and packaging revenues are recognized when the transported waste is received at the disposal facility. Revenues for treatment and disposal of the waste is recognized upon disposal, or when the waste is shipped to a third party for processing and disposal. Other complementary products and services include vacuum services, sale of allied supply products and other environmental services. Lodging Services provides accommodation services, along with catering and hospitality primarily in remote areas of Western Canada. In addition, within Lodging Services is a manufacturing unit that provides construction of modular buildings including modular camp accommodations and wastewater solutions. Revenue for lodging and related services is recognized in the period each room is used by the customer based on the related lodging agreements. Revenue for manufacturing services is recognized based on contracted terms resulting in either a percentage of completion methodology or upon transfer of ownership of completed units. Oil and Gas Field Services provides fluid handling, fluid hauling, production servicing, surface rentals, seismic services, and directional boring services to the energy sector serving oil and gas exploration and production and power generation. These services are provided based on purchase orders or agreements with the customer and include prices based upon daily, hourly or job rates for equipment, materials and personnel. Revenues for such services are recognized over the term of the agreements or as services are performed. Oil and Gas Field Services also provides equipment rentals to support drill sites. Revenue from rentals is recognized ratably over the rental period. For all periods presented, amounts billed to customers related to shipping and handling are classified as revenue and the Company's shipping and handling costs are included in costs of revenues. In the course of the Company's operations, it collects sales tax from its customers and recognizes a current liability which is then relieved when the taxes are remitted to the appropriate governmental authorities. The Company excludes the sales tax collected from its revenues. Advertising Expense Advertising costs are expensed as incurred. Advertising expense was approximately $15.0 million in 2015, $11.3 million in 2014 and $10.8 million in 2013. Stock-Based Compensation Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which generally represents the vesting period, and includes an estimate of awards that will be forfeited. In addition, the Company issues awards with performance targets which are recognized as expense over the requisite service period when management believes it is probable those targets will be achieved. The fair value of the (2) SIGNIFICANT ACCOUNTING POLICIES (Continued) Company's grants of restricted stock are based on the quoted market price for the Company's common stock on the respective dates of grant. The fair value of stock options is calculated using the Black-Scholes option-pricing model. Compensation expense is based on the number of awards expected to vest. Forfeitures estimated when recognizing compensation expense are adjusted when actual forfeitures differ from the estimate. Income Taxes There are two major components of income tax expense, current and deferred. Current income tax expense approximates cash to be paid or refunded for taxes for the applicable period. Deferred tax expense or benefit is the result of changes between deferred tax assets and liabilities. Deferred tax assets and liabilities are determined based upon the temporary differences between the financial statement basis and tax basis of assets and liabilities as well as from net operating loss and tax credit carryforwards as measured by the enacted tax rates, which will be in effect when these differences reverse. The Company evaluates the recoverability of future tax deductions and credits and a valuation allowance is established by tax jurisdiction when, based on an evaluation of objective verifiable evidence, it is more likely than not that some portion or all of deferred tax assets will not be realized. The Company recognizes and measures a tax benefit from uncertain tax positions when it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company recognizes a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company adjusts these liabilities when its judgment changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate or future recognition of an unrecognized benefit. These differences will be reflected as increases or decreases to income tax expense in the period in which they are determined. The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the consolidated statements of income. Accrued interest and penalties are included within deferred taxes, unrecognized tax benefits and other long-term liabilities line in the consolidated balance sheet. Earnings (Loss) per Share ("EPS") Basic EPS is calculated by dividing income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS gives effect to all potentially dilutive common shares that were outstanding during the period. Business Combinations For all business combinations, the Company records 100% of all assets and liabilities of the acquired business, including goodwill, at their estimated fair values. Acquisition-related costs are expensed in the period in which the costs are incurred and the services are received. Recent Accounting Pronouncements Standards implemented In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). The amendments in ASU 2014-08 provide guidance for the recognition and disclosure of discontinued operations. The adoption of ASU 2014-08 did not have an impact on the Company's consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03). ASU 2015-03 requires that debt issuance costs related to a recognized liability in the balance sheet be presented as a direct deduction to that liability rather than as an asset. Final guidance on this standard, issued as ASU 2015-15 in August 2015, includes an SEC staff announcement that the SEC staff will not object to an entity presenting the cost of securing a revolving line of credit as an asset, regardless of whether a balance is outstanding. The Company elected to early adopt this new standard beginning December 31, 2015 and retrospectively reclassified $14.9 million of debt issuance costs associated with the Company's long-term obligations as of December 31, 2014 from other assets to long-term obligations. This reclassification only affected presentation and therefore did not have an impact on the Company’s results (2) SIGNIFICANT ACCOUNTING POLICIES (Continued) of operations. Costs associated with securing the Company’s revolving credit facility remained presented as Deferred financing costs within the Other assets section of the consolidated balance sheets for all periods presented. In November 2015, FASB issued ASU 2015-17, Income Taxes (Topic 740). The amendment provides guidance to simplify the presentation of deferred taxes by requiring that deferred liabilities and assets be classified as noncurrent in a classified balance sheet. The Company elected to early adopt this new standard beginning December 31, 2015 and prospectively applied ASU 2015-17, therefore deferred tax balances presented for periods prior to December 31, 2015 have not been recast in connection with the implementation of this standard. The adoption of this standard only affects the classification of deferred tax amounts and has no impact on the Company’s results of operations. Standards to be implemented In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. In August 2015, FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 for all entities by one year. This new guidance is currently effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810). The amendment provides guidance regarding amendments to the consolidation analysis. The amendments in this update are currently effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2015. In January 2016, FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10). The amendment provides guidance to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. The amendment in this update is effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. The Company is currently evaluating the impact that the above standards to be implemented will have on the Company's consolidated financial statements. In July 2015, FASB issued ASU 2015-11, Inventory (Topic 330). The amendment provides guidance regarding the measurement of inventory. Entities should measure inventory within the scope of this update at the lower of cost and net realizable value. The amendments in this update are currently effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Adoption is not expected to have a material 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. The amendment in this update is currently effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2015. Adoption is not expected to have a material impact on the Company's consolidated financial statements. |
BUSINESS COMBINATIONS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS 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 (3) BUSINESS COMBINATIONS (Continued) management. The Company acquired TFI for an estimated preliminary purchase price of $78.6 million inclusive of current estimates of and subject to certain closing and post-closing adjustments relating to working capital and other assumed liabilities. 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. The amount of revenue from TFI included in the Company's results of operations for the year ended December 31, 2015 was $33.8 million. During the year ended December 31, 2015, the Company incurred acquisition-related costs of approximately $0.6 million in connection with the transaction which are primarily included in selling, general and administrative expenses in the consolidated statements of income. Results of TFI since acquisition have been included within the SK Environmental Services segment. The allocation of the purchase price was based on preliminary estimates of the fair value of assets acquired and liabilities assumed as of April 11, 2015, as 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):
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 Acquisitions 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 company has been integrated into the SK Environmental Services segment. In connection with this acquisition a preliminary goodwill amount of $7.4 million was recognized. 2014 Acquisitions In 2014, the Company acquired the assets of two privately owned companies for approximately $16.1 million in cash, net of cash acquired. The acquired companies have been integrated into the Technical Services and Lodging Services segments. 2013 Acquisitions Evergreen On September 13, 2013, the Company acquired all of the outstanding shares of Evergreen Oil, Inc. (“Evergreen”) for a final purchase price of $56.3 million in cash, net of cash acquired. Evergreen, headquartered in Irvine, California, specializes in the recovery and re-refining of used oil. Evergreen owns and operates one of the only oil re-refining operations in the Western United States and also offers other ancillary environmental services, including parts cleaning and containerized waste services, vacuum services and hazardous waste management services. The acquisition of Evergreen enables the Company to further penetrate the small quantity waste generator market and further expand its oil re-refining, oil recycling and waste treatment capabilities. Financial information and results of Evergreen have been recorded in the Company's consolidated financial statements since acquisition and are primarily included in the Kleen Performance Products segment. (3) BUSINESS COMBINATIONS (Continued) Management determined the purchase price allocations based on estimates of the fair values of all tangible and intangible assets acquired and liabilities assumed. The Company believes that such information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed. The Company finalized the purchase accounting for the acquisition of Evergreen. The impact of the purchase price measurement period adjustments and related tax impacts recorded in the current period was not material to the consolidated financial statements and accordingly the effects have not been retrospectively applied. The following table summarizes the recognized amounts of assets acquired and liabilities assumed at September 13, 2013 (in thousands):
|
INVENTORIES AND SUPPLIES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES AND SUPPLIES | INVENTORIES AND SUPPLIES Inventories and supplies consisted of the following (in thousands):
As of December 31, 2015 and 2014, 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 |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY, PLANT, AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following (in thousands):
Interest in the amount of $2.0 million, $0.5 million and $0.9 million was capitalized to fixed assets during the years ended December 31, 2015, 2014 and 2013, respectively. Depreciation expense, inclusive of landfill amortization was $234.0 million, $239.4 million and $229.4 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
GOODWILL AND OTHER INTANGIBLE ASSETS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The changes in goodwill for the years ended December 31, 2015 and 2014 were as follows (in thousands):
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. During the second quarter of 2015, certain events and changes in circumstances arose which led management of the Company to conclude that the fair value of the Oil and Gas Field Services reporting unit may be less than its carrying value and therefore an interim impairment test was conducted relative to goodwill recorded by the Oil and Gas Field Services reporting unit. The primary events and changes in circumstances which led to this conclusion were: (6) GOODWILL AND OTHER INTANGIBLE ASSETS (Continued)
In performing Step I of this interim goodwill impairment test, the estimated fair value of the Oil and Gas Field Services reporting unit was determined using an income approach based upon discounted cash flows and was compared to the reporting unit's carrying value as of June 30, 2015. Based on the results of that valuation, the carrying amount of the reporting unit, including $32.0 million of goodwill, exceeded its estimated fair value and as a result the Company performed Step II of the goodwill impairment test to determine the amount of goodwill impairment charge to be recorded. Step II of the goodwill impairment test required the Company to perform a theoretical purchase price allocation for the reporting unit to determine the implied fair value of goodwill and to compare the implied fair value of goodwill to the recorded amount. The estimates of the fair values of intangible assets identified in performing this theoretical purchase price allocation and resulting implied fair value of goodwill required significant judgment. Based on the results of this goodwill impairment test the implied value of goodwill was $0 and as such the Company recognized a goodwill impairment charge equal to the recorded amount of goodwill of $32.0 million as of June 30, 2015. The factors contributing to the $32.0 million goodwill impairment charge principally related to events and changes in circumstances discussed above which had negative impacts on the Company’s prospective financial information utilized in its discounted cash flow model prepared in connection with the interim impairment test. The projected lower levels of activity and pricing in the latter half of the year which became evident during the second quarter decreased the reporting unit’s anticipated future cash flows for 2015 as compared to those estimated previously. These factors also provided evidence of a longer than expected overall recovery from current industry lows which negatively impacted the estimated levels of cash flows in future periods that were assumed in the cash flow models utilized in the interim impairment test. These factors adversely affected the estimated fair value of the reporting unit as of June 30, 2015 and ultimately led to the recognition of the goodwill impairment charge. During the third quarter of 2014 the Company recorded a goodwill impairment charge of $123.4 million related to goodwill associated with the Kleen Performance Products segment. In performing Step I of this goodwill impairment test, the estimated fair value of the Oil Re-refining and Recycling reporting unit was determined using an income approach based upon discounted cash flows and was compared to the reporting unit's carrying value as of September 30, 2014. Based on the results of that valuation, the carrying amount of the reporting unit, including $174.3 million of goodwill, exceeded its estimated fair value and as a result the Company performed Step II of the goodwill impairment test to determine the amount of goodwill impairment charge to be recorded. Step II of the goodwill impairment test required the Company to perform a theoretical purchase price allocation for the reporting unit to determine the implied fair value of goodwill and to compare the implied fair value of goodwill to the recorded amount. The estimates of the fair values of intangible assets identified in performing this theoretical purchase price allocation and resulting implied fair value of goodwill required significant judgment. Based on the results of this goodwill impairment test, the Company recognized a goodwill impairment charge for the Oil Re-refining and Recycling segment of $123.4 million as of September 30, 2014. (6) GOODWILL AND OTHER INTANGIBLE ASSETS (Continued) The factors contributing to this goodwill impairment charge principally related to decreases in market prices of oil products sold by the Kleen Performance Products business which took place during the third quarter of 2014. These decreasing market prices negatively impacted the profitability of the Oil Re-refining and Recycling segment and further resulted in lower assumptions for future revenues and profits of the business. These factors adversely affected the estimated fair value of the reporting unit as of September 30, 2014 and ultimately led to the recognition of the goodwill impairment charge. The Company conducted its annual impairment test of goodwill for all of the Company's reporting units as of December 31, 2015 and determined that no adjustment to the carrying value of goodwill for any reporting unit was necessary because the fair values of the reporting units exceeded their respective carrying values. The fair value of all reporting units was determined using an income approach based upon estimates of future discounted cash flows. The resulting estimates of fair value were validated through the consideration of other factors such as the fair value of comparable companies to the reporting units and a reconciliation of the sum of all estimated fair values of the reporting units to the Company’s overall market capitalization. In all cases except for the Company's Kleen Performance Products reporting unit, the estimated fair values of the reporting units significantly exceeded their carrying values. Significant judgments and unobservable inputs categorized as Level III in the fair value hierarchy are inherent in the impairment tests performed and include assumptions about the amount and timing of expected future cash flows, growth rates, and the determination of appropriate discount rates. The Company believes that the assumptions used in its annual and any interim date impairment tests are reasonable, but variations in any of the assumptions may result in different calculations of fair values and impairment charges. The impacts of any adverse business and market conditions which impact the overall performance of the Company's reporting units will continue to be monitored. If the Company's reporting units do not achieve the financial performance that the Company expects, it is possible that additional goodwill impairment charges may result. There can therefore be no assurance that future events will not result in an impairment of goodwill. At December 31, 2015, the total accumulated goodwill impairment charge was $155.4 million, of which $32.0 million was recorded during the year ended December 31, 2015 within the Oil and Gas Field Services segment and $123.4 million was recorded in the Kleen Performance Products segment during the year ended December 31, 2014. As of December 31, 2015 and 2014, the Company's finite-lived and indefinite lived intangible assets consisted of the following (in thousands):
(6) GOODWILL AND OTHER INTANGIBLE ASSETS (Continued) As of December 31, 2015, the Oil and Gas Field Services segment group had property, plant and equipment, net of $156.3 million, other intangible assets of $14.9 million consisting of customer and supplier relationships of $8.2 million and other intangible assets of $6.7 million. Based on analyses performed during 2015 which were conducted based upon the same circumstances which triggered the goodwill impairment charge recorded, sufficient undiscounted cash flows are expected to be generated over these assets' remaining lives to recover the carrying values and thus no impairment exists. If expectations of future cash flows were to decrease in the future as a result of worse than expected or prolonged periods of depressed activity in the Oil and Gas Field Services marketplace, future impairments may exist. Amortization expense of permits and other intangible assets for the years ended December 31, 2015, 2014 and 2013 were $40.2 million, $36.7 million and $35.1 million, respectively. The expected amortization of the net carrying amount of finite-lived intangible assets at December 31, 2015 is as follows(in thousands):
|
ACCRUED EXPENSES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following at December 31 (in thousands):
|
CLOSURE AND POST-CLOSURE LIABILITIES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CLOSURE AND POST-CLOSURE LIABILITIES | changes to closure and post-closure liabilities (also referred to as "asset retirement obligations") from January 1, 2014 through December 31, 2015 were as follows (in thousands):
All of the landfill facilities included in the above table were active as of December 31, 2015 and 2014. There were no significant charges (benefits) in 2015 and 2014 resulting from changes in estimates for closure and post-closure liabilities. New asset retirement obligations incurred during 2015 and 2014 were discounted at the credit-adjusted risk-free rate of 5.99% and 6.54%, respectively. Anticipated payments (based on current estimated costs and anticipated timing of necessary regulatory approvals to commence work on closure and post-closure activities) for each of the next five years and thereafter are as follows (in thousands):
|
REMEDIAL LIABILITIES |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Remediation Obligations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REMEDIAL LIABILITIES | REMEDIAL LIABILITIES The changes to remedial liabilities from January 1, 2014 through December 31, 2015 were as follows (in thousands):
In 2015, the net reduction in the Company's remedial liabilities from changes in estimates recorded to the statement of income (loss) was $11.4 million and primarily related to reductions in the estimates for remedial activities at four locations. Events which occurred during 2015 and resulted in the changes in estimates were attributable to favorable outcomes from negotiations amongst potentially responsible parties which the Company participates in of $3.8 million, the results of work performed by external third party consultants who were engaged to aid the Company in estimating future remedial activity costs at certain sites of $4.7 million and the result of receiving Provincial approval for a planned expansion of one of the Company's landfills in Canada which as a result will remediate the Company's previously recognized obligations of $2.5 million. In 2014, the reduction in changes in estimates recorded to the statement of income (loss) was primarily related to estimated cost adjustments for remediation across various sites. Anticipated payments at December 31, 2015 (based on current estimated costs and anticipated timing of necessary regulatory approvals to commence work on remedial activities) for each of the next five years and thereafter were as follows (in thousands):
Based on currently available facts and legal interpretations, existing technology, and presently enacted laws and regulations, the Company estimates that its aggregate liabilities as of December 31, 2015 for future remediation relating to all of its owned or leased facilities and the Superfund sites for which the Company has current or potential future liability is approximately $132.0 million. The Company also estimates that it is reasonably possible that the amount of such total liabilities could be as much as $23.6 million more. Future changes in either available technology or applicable laws or regulations could (9) REMEDIAL LIABILITIES (Continued) affect such estimates of remedial liabilities. Since the Company's satisfaction of the liabilities will occur over many years, the Company cannot now reasonably predict the nature or extent of future changes in either available technology or applicable laws or regulations and the impact that those changes, if any, might have on the current estimates of remedial liabilities. The following tables show, respectively, (i) the amounts of such estimated liabilities associated with the types of facilities and sites involved and (ii) the amounts of such estimated liabilities associated with each facility or site which represents at least 5% of the total and with all other facilities and sites as a group and as of December 31, 2015. Estimates Based on Type of Facility or Site (in thousands):
Estimates Based on Amount of Potential Liability (in thousands):
Revisions to remediation reserve requirements may result in upward or downward adjustments to income from operations in any given period. The Company believes that its extensive experience in the environmental services business, as well as its involvement with a large number of sites, provides a reasonable basis for estimating its aggregate liability. It is possible, however, that technological, regulatory or enforcement developments, the results of environmental studies, or other factors could necessitate the recording of additional liabilities or the revision of currently recorded liabilities that could be material. The impact of such future events cannot be estimated at the current time. |
FINANCING ARRANGEMENTS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCING ARRANGEMENTS | FINANCING ARRANGEMENTS The following table is a summary of the Company's financing arrangements (in thousands):
Senior Unsecured Notes, at 5.25%, due August 1, 2020. On July 30, 2012, the Company issued through a private placement $800.0 million aggregate principal amount of 5.25% senior unsecured notes due August 1, 2020 ("2020 Notes") with semi-annually fixed interest payments on February 1 and August 1 of each year, which commenced on February 1, 2013. On November 16, 2012, the Company completed an exchange offer for the unregistered 2020 Notes originally issued in the private placement for an equivalent amount of 2020 Notes the Company had registered under the Securities Act of 1933, as amended (the "Securities Act"), pursuant to a registration statement which became effective in October 2012. At December 31, 2015 and December 31, 2014, the fair value of the Company's 2020 Notes was $812.0 million and $804.0 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. The Company may redeem some or all of the 2020 Notes at any time on or after August 1, 2016 upon proper notice, at the following redemption prices plus unpaid interest:
At any time, or from time to time, prior to August 1, 2016, the Company may also redeem some or all of the 2020 Notes at a redemption price of 100% of the principal amount plus a make-whole premium and any accrued and unpaid interest. The 2020 Notes and the related indenture contain various customary non-financial covenants and are guaranteed by substantially all of the Company's current and future domestic restricted subsidiaries. The 2020 Notes are the Company's and the guarantors' senior unsecured obligations ranking equally with the Company's and the guarantors' existing and future senior unsecured obligations and senior to any future indebtedness that is expressly subordinated to the 2020 Notes and the guarantees. The 2020 Notes and the guarantees rank effectively junior in right of payment to the Company's and the guarantors' secured indebtedness (including loans and reimbursement obligations in respect of outstanding letters of credit) under the Company's revolving credit facility and capital lease obligations to the extent of the value of the assets securing such secured indebtedness. The 2020 Notes are not guaranteed by the Company's Canadian or other foreign subsidiaries, and the 2020 Notes are structurally subordinated to all indebtedness and other liabilities, including trade payables, of the Company's subsidiaries that are not guarantors of the 2020 Notes. Senior Unsecured Notes, at 5.125%, due June 1, 2021. On December 7, 2012, the Company issued through a private placement $600.0 million aggregate principal amount of 5.125% senior unsecured notes due 2021 ("2021 Notes"). The Company used the net proceeds from such private placement to fund a portion of the purchase price to acquire Safety-Kleen. On May 21, 2013, the Company completed an exchange offer for the unregistered 2021 Notes originally issued in the private placement for an equivalent amount of 2021 Notes the Company had registered under the Securities Act pursuant to a registration statement which became effective in April 2013. The Company repurchased $5.0 million principal amount of the 2021 Notes during 2014. At December 31, 2015 and 2014, the fair value of the Company's 2021 Notes was $599.5 million and $595.0 million, respectively, based on quoted market prices or other available market data. The fair value of the 2021 Notes is considered a Level 2 measure according to the fair value hierarchy. (10) FINANCING ARRANGEMENTS (Continued) The principal terms of the 2021 Notes are as follows: The 2021 Notes will mature on June 1, 2021. The notes bear interest at a rate of 5.125% per annum. Interest is payable semi-annually on June 1 and December 1 of each year. The Company may redeem some or all of the 2021 Notes at any time on or after December 1, 2016 upon proper notice, at the following redemption prices plus unpaid interest: .
At any time, or from time to time, prior to December 1, 2016, the Company may redeem some or all of the 2021 Notes at a price equal to 100% of the principal amount plus a make-whole premium and accrued and unpaid interest. The 2021 Notes and the related indenture contain various customary non-financial covenants and are guaranteed by substantially all the Company's current and future domestic restricted subsidiaries. The 2021 Notes are the Company's and the guarantors' senior unsecured obligations ranking equally with the Company's and the guarantors' existing and future senior unsecured obligations and senior to any future indebtedness that is expressly subordinated to the 2021 Notes and the guarantees. The 2021 Notes are effectively subordinated to all of the Company's and the Company's subsidiaries secured indebtedness under the Company's revolving credit facility and capital lease obligations to the extent of the value of the assets securing such secured indebtedness. The 2021 Notes are not guaranteed by the Company's existing and future Canadian or other foreign subsidiaries, and the 2021 Notes are structurally subordinated to all indebtedness and other liabilities, including trade payables, of the Company's subsidiaries that are not guarantors of the 2021 Notes. Revolving Credit Facility. On January 17, 2013, the Company entered into an amendment and restatement of the previously existing revolving credit facility with Bank of America, N.A. (“BofA”), as agent for the lenders under the facility. The principal terms of the facility are: (i) the maximum amount of borrowings and letters of credit which the Company may obtain under the facility is $400.0 million (with a $325.0 million sub-limit for letters of credit); (ii) of such $400.0 million maximum amount, $300.0 million (with a $250.0 million sub-limit for letters of credit) is available for Clean Harbors, Inc. ("Parent") and its domestic subsidiaries and $100.0 million (with a $75.0 million sub-limit for letters of credit) is available for Parent's Canadian subsidiaries; (iii) the interest rate on borrowings under the facility, in the case of LIBOR loans, is LIBOR plus an applicable margin ranging (depending primarily on the Company's fixed charge coverage ratio for the most recently completed four fiscal quarters) from 1.50% to 2.00% per annum, and, in the case of base rate loans, BofA's base rate plus an applicable margin ranging from 0.50% to 1.00% per annum, and with such reduced applicable margin for LIBOR loans also to be the annual fee for outstanding letters of credit; and (iv) the term of the facility will expire on January 17, 2018. The revolving credit facility is guaranteed by all of Parent’s domestic subsidiaries and secured by substantially all of Parent’s and its domestic subsidiaries’ assets. Available credit for Parent 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 substantially all of the assets 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. The Company utilizes letters of credit primarily as security for financial assurance which it has been required to provide to regulatory bodies for its hazardous waste facilities and which would be called only in the event that the Company fails to satisfy closure, post-closure and other obligations under the permits issued by those regulatory bodies for such licensed facilities. At December 31, 2015 and 2014, the revolving credit facility had no outstanding loan balances, $178.5 million and (10) FINANCING ARRANGEMENTS (Continued) $238.4 million, respectively, available to borrow and $144.6 million and $134.5 million, respectively, of letters of credit outstanding. |
INCOME TAXES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES The domestic and foreign components of income before provision for income taxes were as follows (in thousands):
The provision for income taxes consisted of the following (in thousands):
The Company's effective tax rate for fiscal years 2015, 2014 and 2013 was 59.8%, 173.5% and 33.6%, respectively. The effective income tax rate varied from the amount computed using the statutory federal income tax rate as follows (in thousands):
(11) INCOME TAXES (Continued) The components of the total net deferred tax assets and liabilities at December 31, 2015 and 2014 were as follows (in thousands):
The Company does not accrue U.S. tax for foreign earnings that it considers to be permanently reinvested outside the United States. Consequently, the Company has not provided any U.S. tax on the unremitted earnings of its foreign subsidiaries. As of December 31, 2015, the amount of earnings for which no repatriation tax has been provided was $212.7 million. It is not practicable to estimate the amount of additional tax that might be payable on those earnings if repatriated. A valuation allowance is required to be established when, based on an evaluation of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Accordingly, as of December 31, 2015 and 2014, the Company had a valuation allowance of $30.9 million and $29.1 million, respectively. The total allowance as of December 31, 2015 consisted of $18.7 million of foreign tax credits, $4.1 million of state net operating loss carryforwards, $6.8 million of foreign net operating loss carryforwards and $1.3 million for the deferred tax assets of a Canadian subsidiary. The allowance as of December 31, 2014 consisted of $16.5 million of foreign tax credits, $3.9 million of state net operating loss carryforwards and $6.7 million of foreign net operating loss carryforwards and $2.0 million for the deferred tax assets of a Canadian subsidiary. The Company's policy is to recognize interest and penalties related to income tax matters as a component of income tax expense. The liability for unrecognized tax benefits at December 31, 2015 included accrued interest of $0.4 million. Interest expense that is recorded as a tax expense against the liability for unrecognized tax benefits for the years ended December 31, 2015, 2014 and 2013 included interest and penalties of $0.1 million, $0.3 million and $0.3 million, respectively. (11) INCOME TAXES (Continued) The changes to unrecognized tax benefits (excluding related penalties and interest) from January 1, 2013 through December 31, 2015, were as follows (in thousands):
At December 31, 2015, 2014 and 2013, the Company had recorded $2.1 million, $2.5 million and $1.3 million, respectively, of unrecognized tax benefits that if recognized would affect the annual effective tax rate. The Company recognizes interest, and penalties if applicable, related to unrecognized tax benefits as a component of income tax expense. The Company had approximately $0.4 million, $0.4 million and $0.2 million for the payment of interest accrued at December 31, 2015, 2014 and 2013, respectively. The Company files U.S. federal income tax returns as well as income tax returns in various states and foreign jurisdictions. The Company may be subject to examination by the Internal Revenue Service (the "IRS") for calendar years 2012 through 2014. Additionally, any net operating losses that were generated in prior years and utilized in these years may also be subject to examination by the IRS. The Company may also be subject to examinations by state and local revenue authorities for calendar years 2011 through 2014. The Company is currently not under examination by the IRS. The Company has ongoing U.S. state and local jurisdictional audits, as well as Canadian federal and provincial audits, all of which the Company believes will not result in material liabilities. Due to expiring statute of limitation periods and the resolution of tax audits, the Company believes that total unrecognized tax benefits will decrease by approximately $0.5 million within the next 12 months. |
EARNINGS (LOSS) PER SHARE |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) PER SHARE The following are computations of basic and diluted earnings (loss) per share (in thousands except for per share amounts):
For the year ended December 31, 2015, the dilutive effect of all then outstanding stock options, restricted stock awards and performance awards is included in the EPS calculations above except for 154,577 of outstanding performance stock awards for which the performance criteria were not attained at that time and 31,656 restricted stock awards which were excluded from the calculation of diluted earnings per share as their inclusion would have an antidilutive effect. As a result of the net loss (12) EARNINGS (LOSS) PER SHARE (Continued) reported for the year ended December 31, 2014, all outstanding stock options, restricted stock awards and performance awards totaling 562,896 were excluded from the calculation of diluted earnings per share as their inclusion would have an antidilutive effect. For the year ended December 31, 2013, the dilutive effect of all then outstanding stock options, restricted stock awards and performance awards is included in the EPS calculations above except for 109,861 outstanding performance stock awards, respectively, for which the performance criteria were not attained at that time. |
STOCKHOLDERS' EQUITY |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY On March 13, 2015, the Company's board of directors increased the size of the Company’s current share repurchase program from $150 million to $300 million. The Company has funded and intends to continue to fund the repurchases through available cash resources. The repurchase program authorizes the Company to purchase the Company's common stock on the open market from time to time. The share repurchases have been and will be made in a manner that complies with applicable U.S. securities laws. The number of shares purchased and the timing of the purchases will depend on a number of factors, including share price, cash required for future business plans, trading volume and other conditions. The Company has no obligation to repurchase stock under this program and may suspend or terminate the repurchase program at any time. As of December 31, 2015, the Company had repurchased and retired a total of approximately 3.4 million shares of its common stock for approximately $177.7 million under this program. As of December 31, 2015, an additional $122.3 million remained available for repurchase of shares under this program. |
ACCUMULATED OTHER COMPREHENSIVE LOSS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 years ended December 31, 2015, 2014 and 2013 were as follows (in thousands):
There were no reclassifications out of accumulated other comprehensive loss during the years ended December 31, 2013 and 2015. The amounts reclassified out of accumulated other comprehensive loss into the consolidated statement of income (loss), with presentation location, during the year ended December 31, 2014 were as follows (in thousands):
|
STOCK-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS | STOCK-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS Stock-Based Compensation In 2000, the Company adopted a stock incentive plan (the "2000 Plan"), which provided for awards in the form of incentive stock options, non-qualified stock options, restricted stock awards, performance stock awards and common stock awards. The 2000 Plan expired on April 15, 2010, but as of December 31, 2015, 24,000 options remained outstanding under this plan. These options are fully vested with a weighted average exercise price of $28.05 and will remain outstanding until they are either exercised or expire in accordance with their terms. In 2010, the Company adopted an equity incentive plan (the "2010 Plan"), which provides for awards of up to 6,000,000 shares of common stock (subject to certain anti-dilution adjustments) in the form of (i) stock options, (ii) stock appreciation rights, (iii) restricted stock, (iv) restricted stock units, and (v) certain other stock-based awards. The Company ceased issuing stock options in 2008, and all awards issued to date under the 2010 Plan have been in the form of restricted stock awards and performance stock awards as described below. As of December 31, 2015 and 2014, the Company had the following types of stock-based compensation awards outstanding under the 2000 Plan and the 2010 Plan (collectively, the "Plans"): stock options, restricted stock awards and performance stock awards. The stock options generally become exercisable up to five years from the date of grant, subject to certain employment requirements, and terminate 10 years from the date of grant. The restricted stock awards generally vest over three to five years subject to continued employment. The performance stock awards vest depending on the satisfaction of certain performance criteria and continued service conditions as described below. Total stock-based compensation cost charged to selling, general and administrative expenses for the years ended December 31, 2015, 2014 and 2013 was $8.6 million, $8.8 million and $9.0 million, respectively. The total income tax benefit recognized in the consolidated statements of income from stock-based compensation was $2.3 million, $1.9 million and $3.2 million for the years ended December 31, 2015, 2014 and 2013, respectively. The expected per annum forfeiture rates used to calculate compensation expense were 6% for all employees. Restricted Stock Awards The following information relates to restricted stock awards that have been granted to employees and directors under the Company's Plans. The restricted stock awards are not transferable until vested and the restrictions generally lapse upon the achievement of continued employment over a three-to-five-year period or service as a director until the following annual meeting of shareholders. The fair value of each restricted stock grant is based on the closing price of the Company's common stock on the date of grant and is amortized to expense over its vesting period. The following table summarizes information about restricted stock awards for the year ended December 31, 2015:
As of December 31, 2015, there was $11.5 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 2015, 2014 and 2013 was $6.9 million, $9.4 million and $4.4 million, respectively. Performance Stock Awards The following information relates to performance stock awards that have been granted to employees under the Company's Plans. The compensation committee of the Company's board of directors established two-year performance targets which could potentially be achieved in the year granted or one year thereafter. 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 (15) STOCK-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS (Continued) the performance stock awards is based on achieving such targets typically based on revenue, Adjusted EBITDA margin, Return on Invested Capital ("ROIC") 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 then considered probable. The expected forfeiture rate used to calculate compensation expense was 6% for all employees. As of December 31, 2015, management determined that none of the performance criteria were achieved with respect to the performance stock awards granted in 2015 and as a result no stock-based compensation expense was recorded. For the performance stock awards granted in 2014, management determined that one of the four performance criteria was achieved and as a result the Company recognized stock based compensation on 25% of the original award, or $1.0 million, within selling, general and administrative expenses. These awards will vest over the remaining requisite service condition. The following table summarizes information about performance stock awards for the year ended December 31, 2015:
As of December 31, 2015, there was $0.6 million of total unrecognized compensation cost arising from non-vested compensation related to performance stock awards then deemed probable of vesting under the Company's Plans. The total fair value of performance awards vested during 2015 was $0.6 million. During 2014 and 2013 no performance awards vested. Common Stock Awards In the years ended December 31, 2015 and 2014, the Company did not issue any shares of common stock without restrictions under the Company's Plans. Employee Benefit Plans As of December 31, 2015, the Company has responsibility for a defined benefit plan that covered 15 active non-supervisory Canadian employees. For each of the years ended December 31, 2015, 2014 and 2013, net periodic pension cost was $0.3 million. At December 31, 2015, the fair value of the Company's plan assets was $8.4 million. The fair value of $6.6 million of these plan assets was considered a Level 1 measure and the fair value of $1.8 million of these plan assets was considered a Level 2 measure, according to the fair value hierarchy. At December 31, 2014, the fair value of the Company's plan assets was $9.4 million. The fair value of $7.5 million of these plan assets was considered a Level 1 measure and the fair value of $1.9 million of these plan assets was considered a Level 2 measure, according to the fair value hierarchy. As of December 31, 2015 and 2014, the projected benefit obligation was $10.0 million and $11.2 million, respectively. The Company also has a profit-sharing plan under Section 401(k) of the Internal Revenue Code covering substantially all U.S. employees and a Canadian registered retired savings plan covering all Canadian employees. Both plans allow employees to make contributions up to a specified percentage of their compensation. The Company makes discretionary partial matching contributions established annually by the Board of Directors. The Company expensed $9.2 million, $12.0 million, and $8.9 million for the years ended December 31, 2015, 2014 and 2013, respectively, related to the U.S. plan and $3.0 million, $3.4 million and $3.1 million for the years ended December 31, 2015, 2014 and 2013, respectively, related to the Canadian plan. |
COMMITMENTS AND CONTINGENCIES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal and Administrative Proceedings The Company and its subsidiaries are subject to legal proceedings and claims arising in the ordinary course of business. Actions filed against the Company arise from commercial and employment-related claims including alleged class actions related to sales practices and wage and hour claims. The plaintiffs in these actions may be seeking damages or injunctive relief or both. These actions are in various jurisdictions and stages of proceedings, and some are covered in part by insurance. In addition, the Company’s waste management services operations are regulated by federal, state, provincial and local laws enacted to regulate discharge of materials into the environment, remediation of contaminated soil and groundwater or otherwise protect the environment. This ongoing regulation results in the Company frequently becoming a party to legal or administrative proceedings involving all levels of governmental authorities and other interested parties. The issues involved in such proceedings generally relate to alleged violations of existing permits and licenses or alleged responsibility under federal or state Superfund laws to remediate contamination at properties owned either by the Company or by other parties (“third party sites”) to which either the Company or the prior owners of certain of the Company’s facilities shipped wastes. At December 31, 2015 and December 31, 2014, the Company had recorded reserves of $21.9 million and $33.6 million, respectively, in the Company's financial statements for actual or probable liabilities related to the legal and administrative proceedings in which the Company was then involved, the principal of which are described below. At December 31, 2015 and December 31, 2014, the Company also believed that it was reasonably possible that the amount of these potential liabilities could be as much as $1.9 million and $2.9 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 December 31, 2015 and December 31, 2014, the $21.9 million and $33.6 million, respectively, of reserves consisted of (i) $18.9 million and $27.7 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) $3.0 million and $5.9 million, respectively, primarily related to federal, state and provincial enforcement actions, which were included in accrued expenses on the consolidated balance sheets. As of December 31, 2015, the principal legal and administrative proceedings in which the Company was involved, or which had been terminated during 2015, 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 future material effect on its financial position or results of operations. Refinery Incident. In September 2014, a customer filed suit against the Company and two other contractors and their respective insurers seeking to be named as an additional insured on the Company’s and the other contractors’ liability policies for an April 2013 industrial fire that occurred at the customer’s refining facility. As of December 31, 2015 the Company and its insurers have resolved the dispute relating to the customer’s additional insured status and the customer has agreed to indemnify the Company from any additional losses relating to the matter. The Company believes that this matter is currently resolved and will not have any 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 (16) COMMITMENTS AND CONTINGENCIES (Continued) “Superfund Proceedings,” the principal such legal proceedings involving Safety-Kleen which were outstanding as of December 31, 2015 were as follows: Product Liability Cases. Safety-Kleen is named as a defendant in various lawsuits that are currently pending in various courts and jurisdictions throughout the United States, including approximately 58 proceedings (excluding cases which have been settled but not formally dismissed) as of December 31, 2015, wherein persons claim personal injury resulting from the use of Safety-Kleen's parts cleaning equipment or cleaning products. These proceedings typically involve allegations that the solvent used in Safety-Kleen's parts cleaning equipment contains contaminants and/or that Safety-Kleen's recycling process does not effectively remove the contaminants that become entrained in the solvent during their use. In addition, certain claimants assert that Safety-Kleen failed to warn adequately the product user of potential risks, including an historic failure to warn that solvent contains trace amounts of toxic or hazardous substances such as benzene. Safety-Kleen maintains insurance that it believes will provide coverage for these claims (over amounts accrued for self-insured retentions and deductibles in certain limited cases), except for punitive damages to the extent not insurable under state law or excluded from insurance coverage. Safety-Kleen believes that these claims lack merit and has historically vigorously defended, and intends to continue to vigorously defend, itself and the safety of its products against all of these claims. Such matters are subject to many uncertainties and outcomes are not predictable with assurance. Consequently, Safety-Kleen is unable to ascertain the ultimate aggregate amount of monetary liability or financial impact with respect to these matters as of December 31, 2015. From January 1, 2015 to December 31, 2015, 30 product liability claims were settled or dismissed. Due to the nature of these claims and the related insurance, the Company did not incur any expense as Safety-Kleen's insurance provided coverage in full for all such claims. Safety-Kleen may be named in similar, additional lawsuits in the future, including claims for which insurance coverage may not be available. Fee Class Action Claims. In October 2010, two customers filed a complaint, individually and on behalf of all similarly situated customers in the State of Alabama, alleging that Safety-Kleen improperly assessed fuel surcharges and extended area service fees. In 2012, similar lawsuits were filed by the same law firm in California and Missouri. On January 15, 2015, the Company reached a tentative settlement of the pending class action lawsuits, which were broadened to include similar claims on behalf of customers in Florida, West Virginia and Arkansas. The settlement was approved by the court in a fairness hearing in June 2015. The settlement amount paid to class claimants was not material. The matter has been dismissed. 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 128 sites which are subject to or are proposed to become subject to proceedings under federal or state Superfund laws. Of the 128 sites, two (the Wichita Facility and the BR Facility described below) involve facilities that are now owned by the Company and 126 involve third party sites to which either the Company or the prior owners of certain of the Company’s facilities shipped wastes. Of the 126 third party sites, 32 are now settled, 16 are currently requiring expenditures on remediation and 78 are not currently requiring expenditures on remediation. In connection with each site, the Company has estimated the extent, if any, to which it may be subject, either directly or as a result of any indemnification obligations, for cleanup and remediation costs, related legal and consulting costs associated with PRP investigations, settlements, and related legal and administrative proceedings. The amount of such actual and potential liability is inherently difficult to estimate because of, among other relevant factors, uncertainties as to the legal liability (if any) of the Company or the prior owners of certain of the Company's facilities to contribute a portion of the cleanup costs, the assumptions that must be made in calculating the estimated cost and timing of remediation, the identification of other PRPs and their respective capability and obligation to contribute to remediation efforts, and the existence and legal standing of indemnification agreements (if any) with prior owners, which may either benefit the Company or subject the Company to potential indemnification obligations. In addition to the Wichita Property and the BR Facility, Clean Harbors believes its potential liability could exceed $100,000 at 10 of the 126 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 (16) COMMITMENTS AND CONTINGENCIES (Continued) 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 126 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 126 third party sites discussed above. Federal, State and Provincial Enforcement Actions From time to time, the Company pays fines or penalties in regulatory proceedings relating primarily to waste treatment, storage or disposal facilities. As of December 31, 2015 and 2014, there were six and four proceedings, respectively, for which the Company reasonably believed that the sanctions could equal or exceed $100,000. The Company believes that the fines or other penalties in these or any of the other regulatory proceedings will, individually or in the aggregate, not have a material effect on its financial condition, results of operations or cash flows. Leases The Company leases facilities, service centers and personal property under certain operating leases. Some of these lease agreements contain an escalation clause for increased taxes and operating expenses and are renewable at the option of the Company. Lease terms range from 1 to 20 years. The following is a summary of future minimum payments under operating leases that have initial or remaining noncancelable lease terms in excess of one year at December 31, 2015 (in thousands):
During the years ended December 31, 2015, 2014 and 2013, rent expense including short-term rentals was approximately $135.5 million, $129.6 million, and $124.4 million, respectively. (16) COMMITMENTS AND CONTINGENCIES (Continued) Other Contingencies Under the Company's insurance programs, coverage is obtained for catastrophic exposures, as well as those risks required to be insured by law or contract. The Company's policy is to retain a significant portion of certain expected losses related primarily to workers' compensation, health insurance, comprehensive general, environmental impairment and vehicle liability. Provisions for losses expected under these programs are recorded based upon the Company's estimates of the aggregate liability for claims. The deductible per participant per year for the health insurance policy is $0.3 million. The deductible per occurrence for workers' compensation is $1.0 million, general liability is $2.0 million and vehicle liability is $2.0 million. The retention per claim for the environmental impairment policy is $1.0 million. At December 31, 2015 and 2014, the Company had accrued $34.8 million and $34.0 million, respectively, for its self-insurance liabilities (exclusive of health insurance) using a risk-free discount rate of 1.29% and 1.28%, respectively. Actual expenditures in future periods can differ materially from accruals based on estimates. Anticipated payments at December 31, 2015 for each of the next five years and thereafter are as follows (in thousands):
|
SEGMENT REPORTING |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. The Company's operations are managed in six reportable segments based primarily upon the nature of the various operations and services provided: Technical Services, Industrial and Field Services which consists of the Industrial Services and Field Services operating segments, 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 two different operations for which the revenues are insignificant. Corporate Items cost of revenues represents certain central services that are not allocated to the six segments for internal reporting purposes. Corporate Items selling, general and administrative expenses include typical corporate items such as legal, accounting and other items of a general corporate nature that are not allocated to the Company’s six reportable segments. Performance of the segments is evaluated on several factors, of which the primary financial measure is “Adjusted EBITDA,” which consists of net income (loss) plus accretion of environmental liabilities, depreciation and amortization, net interest expense, provision for income taxes, other non-cash charges (including goodwill impairment charge) not deemed representative of fundamental segment results and excludes other expense (income). Transactions between the segments are accounted for at the Company’s best estimate based on similar transactions with outside customers. (17) SEGMENT REPORTING (Continued) The following table reconciles third party revenues to direct revenues for the years ended December 31, 2015, 2014 and 2013 (in thousands).
(17) SEGMENT REPORTING (Continued) 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.
Revenue, property, plant and equipment and intangible assets outside of the United States For the year ended December 31, 2015, the Company generated $2,576.2 million or 78.7% of revenues in the United States and Puerto Rico, $695.0 million or 21.2% of revenues in Canada, and less than 1.0% of revenues in other international locations. For the year ended December 31, 2014, the Company generated $2,414.6 million or 71.0% of revenues in the United States and Puerto Rico, $982.1 million or 28.9% of revenues in Canada, and less than 1.0% of revenues in other international locations. For the year ended December 31, 2013, the Company generated $2,376.2 million or 67.7% of revenues in the United States and Puerto Rico, $1,125.0 million or 32.1% of revenues in Canada, and less than 1.0% of revenues in other international locations. As of December 31, 2015, the Company had property, plant and equipment, net of depreciation and amortization of $1,532.5 million, and permits and other intangible assets of $506.8 million. Of these totals, $449.3 million or 29.3% of property, plant and equipment and $71.7 million or 14.2% of permits and other intangible assets were in Canada, with the balance being in the United States and Puerto Rico (except for insignificant assets in other foreign countries). As of December 31, 2014, the Company had property, plant and equipment, net of depreciation and amortization of $1,558.8 million, and permits and other intangible assets of $530.1 million. Of these totals, $587.4 million or 37.7% of property, plant and equipment and $94.2 million or 17.8% of permits and other intangible assets were in Canada, with the balance being in the United States and Puerto Rico (except for insignificant assets in other foreign countries). (17) SEGMENT REPORTING (Continued) The following table presents assets by reported segment and in the aggregate (in thousands).
(17) SEGMENT REPORTING (Continued) The following table presents the total assets by reported segment (in thousands).
The following table presents the total assets by geographical area (in thousands).
|
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor and Non-Guarantor Subsidiaries Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES | GUARANTOR AND NON-GUARANTOR SUBSIDIARIES The 2020 Notes and the 2021 Notes are guaranteed by substantially all of the Company’s subsidiaries organized in the United States. Each guarantor for the 2020 Notes and the 2021 Notes is a 100% owned subsidiary of Clean Harbors, Inc. 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 of our domestic restricted subsidiaries 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 the Company’s Canadian or other foreign subsidiaries. The following supplemental condensed consolidating financial information for the parent company, the guarantor subsidiaries and the non-guarantor subsidiaries respectively, is presented in conformity with the requirements of Rule 3-10 of SEC Regulation S-X (“Rule 3-10”). (18) GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Continued) Following is the condensed consolidating balance sheet at December 31, 2015 (in thousands):
(18) GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Continued) Following is the condensed consolidating balance sheet at December 31, 2014 (in thousands):
(18) GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Continued) Following is the consolidating statement of income (loss) for the year ended December 31, 2015 (in thousands):
(18) GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Continued) Following is the consolidating statement of (loss) income for the year ended December 31, 2014 (in thousands):
(18) GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Continued) Following is the consolidating statement of income for the year ended December 31, 2013 (in thousands):
(18) GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Continued) Following is the condensed consolidating statement of cash flows for the year ended December 31, 2015 (in thousands):
(18) GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Continued) Following is the condensed consolidating statement of cash flows for the year ended December 31, 2014 (in thousands):
(18) GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Continued) Following is the condensed consolidating statement of cash flows for the year ended December 31, 2013 (in thousands):
|
QUARTERLY DATA (UNAUDITED) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
QUARTERLY DATA (UNAUDITED) | QUARTERLY DATA (UNAUDITED)
______________________________________
|
SUBSEQUENT EVENTS |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On February 3, 2016, the Company purchased a re-refinery facility located in Nevada from Vertex Energy, Inc. for a purchase price of $35.0 million in cash, subject to customary post-closing adjustments. The acquired re-refinery facility further expands the Company's re-refinery network within its Kleen Performance Products segment. |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS For the Three Years Ended December 31, 2015 (in thousands)
________________________________________
________________________________________
|
SIGNIFICANT ACCOUNTING POLICIES (Policies) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principles of Consolidation | Principles of Consolidation The accompanying consolidated statements include the accounts of Clean Harbors, Inc. and its majority-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions, which are evaluated on an ongoing basis, that affect the amounts reported in the Company's consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable at the time under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and disclosure, if any, of contingent assets and liabilities and reported amounts of revenues and expenses. Actual results could differ from those estimates and judgments. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications | Reclassifications As a result of the adoption of new accounting pronouncements issued in 2015 and discussed further in Note 2 under the heading Recent Accounting Pronouncements, certain balance sheets amounts previously reported in prior period financial statements have been reclassified in accordance with the implemented standards. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Valuation Hierarchy | Fair Value Valuation Hierarchy The Company defines fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 utilizes quoted market prices in markets that are not active, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. Level 3 inputs are unobservable inputs for the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. The Company's financial instruments consist of cash and cash equivalents, accounts and unbilled receivable, accounts payable and accrued liabilities and long-term debt obligations. Due to the short-term nature of these instruments, with the exception of long-term debt obligations, their estimated fair value approximates carrying value. Senior unsecured notes are recorded at par. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Uncashed Checks | Cash, Cash Equivalents and Uncashed Checks Cash and cash equivalents consist primarily of cash on deposit, money market accounts or short-term investments with original maturities of three months or less. The fair value of our cash equivalents is considered a Level 1 measure according to the fair value hierarchy and is adjusted to fair value based on quoted market prices. The Company's cash management program with its revolving credit lender allows for the maintenance of a zero balance in the U.S. bank disbursement accounts that are used to issue vendor and payroll checks. The program can result in checks outstanding in excess of bank balances in the disbursement accounts. When checks are presented to the bank for payment, cash deposits in amounts sufficient to fund the (2) SIGNIFICANT ACCOUNTING POLICIES (Continued) checks are made, at the Company's discretion, either from funds provided by other accounts or under the terms of the Company's revolving credit facility. Therefore, until checks are presented for payment, there is no right of offset by the bank and the Company continues to have control over cash relating to both released as well as unreleased checks. Checks that have been written to vendors or employees but have not yet been presented for payment at the Company's bank are classified as uncashed checks as part of accounts payable and added back to cash balances. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | Marketable Securities The Company has classified its marketable securities as available-for-sale and, accordingly, carries such securities at fair value. Unrealized gains and losses are reported, net of tax, as a component of other comprehensive income. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowances for Doubtful Accounts | Allowances for Doubtful Accounts On a regular basis, the Company evaluates its accounts receivable and establishes the allowance for doubtful accounts based on an evaluation of historical collection trends, customer concentration, customer credit ratings, current economic trends and changes in customer payment patterns. Past-due receivable balances are written-off when the Company's internal collection efforts have been deemed unsuccessful in collecting the outstanding balance due. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Concentration | Credit Concentration Concentration of credit risks in accounts receivable is limited due to the large number of customers comprising the Company's customer base throughout North America. The Company maintains policies over credit extension that include credit evaluations, credit limits and collection monitoring procedures on a customer-by-customer basis. However, the Company generally does not require collateral before services are performed. As of December 31, 2015 and 2014, no individual customer accounted for more than 10% of accounts receivable. During each of the years ended December 31, 2015, 2014 and 2013, no individual customer accounted for more than 10% of total revenues. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unbilled Receivables | Unbilled Receivables The Company recognizes unbilled accounts receivable for service and disposal transactions rendered but not invoiced to the customer by the end of the period. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs Relating to Deferred Revenue | Deferred Costs Relating to Deferred Revenue Commissions and other incremental direct costs, primarily costs of materials, relating to deferred revenue from the Company’s parts cleaning services, containerized waste services and vacuum services are capitalized and deferred. The deferred costs are included in current assets in the consolidated balance sheet and charged to expense when the related revenues are recognized. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories and Supplies | Inventories and Supplies Inventories are stated at the lower of cost or market. The cost of oil and oil products is principally determined on a first-in, first-out ("FIFO") basis. The cost of supplies and drums, solvent and solution and other inventories is determined on a FIFO or a weighted average cost basis. Costs for oil and oil products, solvent and repair parts include purchase costs, fleet and fuel costs, direct labor, transportation costs and production related costs. The Company continually reviews its inventories for obsolete or unsalable items and adjusts its carrying value to reflect estimated realizable values. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist primarily of prepayments for various services, refundable deposits, and income taxes receivable. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment (excluding landfill assets) | Property, Plant and Equipment (excluding landfill assets) Property, plant and equipment are stated at cost and include amounts capitalized under capital lease obligations. Expenditures for major renewals and improvements which extend the life or usefulness of the asset are capitalized. Items of an ordinary repair or maintenance nature are charged directly to operating expense as incurred. During the construction and development period of an asset, the costs incurred, including applicable interest costs, are classified as construction-in-progress. (2) SIGNIFICANT ACCOUNTING POLICIES (Continued) The Company depreciates and amortizes the cost of these assets, using the straight-line method as follows:
Leasehold and building improvements have a weighted average life of 10.2 years. Camp equipment consists of industrial lodging facilities that are utilized to provide lodging services to downstream oil and gas companies in Western Canada. Solar equipment consists of a solar array that is used to provide electric power for a continuously operating groundwater decontamination pump and treatment system at a closed and capped landfill located in New Jersey. The Company recognizes an impairment in the carrying value of long-lived assets when the expected future undiscounted cash flows derived from the assets, or group of assets, are less than their carrying value. For the years ended December 31, 2015, 2014 and 2013, the Company did not record impairment charges related to long-lived assets. The Company will continue to assess all of its long-lived assets for impairment as necessary. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill Goodwill is comprised of the purchase price of business acquisitions in excess of the fair value assigned at acquisition to the net tangible and identifiable intangible assets acquired. Goodwill is not amortized but is reviewed for impairment annually as of December 31, or when events or changes in the business environment indicate that the carrying value of the reporting unit may exceed its fair value, by comparing the fair value of each reporting unit to its carrying value, including goodwill. If the fair value is less than the carrying amount, a Step II goodwill impairment test is performed to determine if goodwill is impaired. The loss, if any, is measured as the excess of the carrying value of the goodwill over the implied value of the goodwill. See Note 6, "Goodwill and Other Intangible Assets," for additional information related to the Company's goodwill impairment tests and the goodwill impairment charges recorded in 2015 and 2014. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Permits and Other Intangibles | Permits and other intangibles Permits and intangible assets, such as legal fees, site surveys, engineering costs and other expenditures are recorded as cost. Other intangible assets consist primarily of customer and supplier relationships, trademarks and trade names, and non-compete agreements. Permits relating to landfills are amortized on a units-of-consumption basis. All other permits are amortized over periods ranging from 5 to 30 years on a straight-line basis. Other intangible assets are amortized on a straight-line basis over their respective useful lives, which range from 2 to 20 years. Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying value may not be entirely recoverable. When such factors and circumstances exist, management compares the projected undiscounted future cash flows associated with the related asset or group of assets over their estimated useful lives against their respective carrying amounts. The impairment loss, if any, is measured as the excess of the carrying amount over the fair value of the asset or group of assets. (2) SIGNIFICANT ACCOUNTING POLICIES (Continued) Indefinite-lived intangible assets are not amortized but are reviewed for impairment annually as of December 31, or when events or changes in the business environment indicate that the carrying value may be impaired. If the fair value of the asset is less than the carrying amount, the Company performs a quantitative test to determine the fair value. The impairment loss, if any, is measured as the excess of the carrying value of the asset over its fair value. The fair value of the indefinite-lived intangible assets exceeded their carrying values at December 31, 2015 and 2014. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company leases rolling stock, rail cars, equipment, real estate and office equipment under operating leases. Certain real estate leases contain rent holidays and rent escalation clauses. Most of the Company's real estate lease agreements include renewal periods at the Company's option. For its operating leases, the Company recognizes rent holiday periods and scheduled rent increases on a straight-line basis over the lease term beginning with the date the Company takes possession of the leased assets. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Landfill Accounting | Landfill Accounting The Company amortizes landfill improvements, and certain landfill-related permits over their estimated useful lives. The units-of-consumption method is used to amortize land, landfill cell construction, asset retirement costs and remaining landfill cells and sites. The Company also utilizes the units-of-consumption method to record closure and post-closure obligations for landfill cells and sites. Under the units-of-consumption method, the Company includes future estimated construction and asset retirement costs, as well as costs incurred to date, in the amortization base of the landfill assets. Additionally, where appropriate, as described below, the Company includes probable expansion airspace that has yet to be permitted in the calculation of the total remaining useful life of the landfill. If it is determined that expansion capacity should no longer be considered in calculating the recoverability of a landfill asset, the Company may be required to recognize an asset impairment or incur significantly higher amortization expense. If at any time the Company makes the decision to abandon the expansion effort, the capitalized costs related to the expansion effort are expensed immediately. Landfill assets—Landfill assets include the costs of landfill site acquisition, permits and cell construction incurred to date. These amounts are recorded at cost, which includes capitalized interest as applicable. Landfill assets, net of amortization, are combined with management's estimate of the costs required to complete construction of the landfill to determine the amount to be amortized over the remaining estimated useful economic life of a site. Amortization of landfill assets is recorded on a units-of-consumption basis, such that the landfill assets should be completely amortized at the date the landfill ceases accepting waste. Amortization totaled $11.2 million, $14.1 million and $16.8 million for the years ended December 31, 2015, 2014 and 2013, respectively. Changes in estimated costs to complete construction are applied prospectively to the amortization rate. Landfill capacity—Landfill capacity, which is the basis for the amortization of landfill assets and for the accrual of final closure and post-closure obligations, represents total permitted airspace plus unpermitted airspace that management believes is probable of ultimately being permitted based on established criteria. The Company applies the following criteria for evaluating the probability of obtaining a permit for future expansion airspace at existing sites, which provides management a basis to evaluate the likelihood of success of unpermitted expansions:
(2) SIGNIFICANT ACCOUNTING POLICIES (Continued)
As of December 31, 2015, there was one unpermitted expansion at one location included in the Company's landfill accounting model, which represented 3.0% of the Company's remaining airspace at that date. If actual expansion airspace is significantly different from the Company's estimate of expansion airspace, the amortization rates used for the units-of-consumption method would change, therefore impacting the Company's profitability. If the Company determines that there is less actual expansion airspace at a landfill, this would increase amortization expense recorded and decrease profitability, while if the Company determines a landfill has more actual expansion airspace, amortization expense would decrease and profitability would increase. As of December 31, 2015, the Company had 11 active landfill sites (including the Company's two non-commercial landfills), which have estimated remaining lives (based on anticipated waste volumes and remaining highly probable airspace) as follows:
At December 31, 2015 and 2014, the Company had no cubic yards of permitted, but not highly probable, airspace. The following table presents the remaining highly probable airspace from January 1, 2013 through December 31, 2015 (in thousands of cubic yards):
Amortization of cell construction costs and accrual of cell closure obligations—Landfills are typically comprised of a number of cells, which are constructed within a defined acreage (or footprint). The cells are typically discrete units, which require both separate construction and separate capping and closure procedures. Cell construction costs are the costs required to excavate and construct the landfill cell. These costs are typically amortized on a units-of-consumption basis, such that they are completely amortized when the specific cell ceases accepting waste. In some instances, the Company has landfills that are engineered and constructed as "progressive trenches." In progressive trench landfills, a number of contiguous cells form a progressive trench. In those instances, the Company amortizes cell construction costs over the airspace within the entire trench, such that the cell construction costs will be fully amortized at the end of the trench useful life. (2) SIGNIFICANT ACCOUNTING POLICIES (Continued) The design and construction of a landfill does not create a landfill asset retirement obligation. Rather, the asset retirement obligation for cell closure (the cost associated with capping each cell) is incurred in relatively small increments as waste is placed in the landfill. Therefore, the cost required to construct the cell cap is capitalized as an asset retirement cost and a liability of an equal amount is established, based on the discounted cash flow associated with each capping event, as airspace is consumed. Spending for cell capping is reflected as environmental expenditures within operating activities in the statement of cash flows. Landfill final closure and post-closure liabilities—The balance of landfill final closure and post-closure liabilities at December 31, 2015 and 2014 was $32.0 million and $29.9 million, respectively. The Company has material financial commitments for the costs associated with requirements of the Environmental Protection Agency ("EPA") and the comparable regulatory agency in Canada for landfill final closure and post-closure activities. In the United States, the landfill final closure and post-closure requirements are established under the standards of the EPA, and are implemented and applied on a state-by-state basis. The Company develops estimates for the cost of these activities based on an evaluation of site-specific facts and circumstances, including the Company's interpretation of current regulatory requirements and proposed regulatory changes. Such estimates may change in the future due to various circumstances including, but not limited to, permit modifications, changes in legislation or regulations, technological changes and results of environmental studies. Final closure costs are the costs incurred after the site ceases to accept waste, but before the landfill is certified as closed by the applicable state regulatory agency. These costs generally include the costs required to cap the final cell of the landfill (if not included in cell closure), the costs required to dismantle certain structures for landfills and other landfill improvements, and regulation-mandated groundwater monitoring, and leachate management. Post-closure costs involve the maintenance and monitoring of a landfill site that has been certified closed by the applicable regulatory agency. These costs generally include groundwater monitoring and leachate management. Regulatory post-closure periods are generally 30 years after landfill closure. Final closure and post-closure obligations are accrued on a units-of-consumption basis, such that the present value of the final closure and post-closure obligations are fully accrued at the date the landfill discontinues accepting waste. Cell closure, final closure and post closure costs (also referred to as "asset retirement obligations") are calculated by estimating the total obligation in current dollars, adjusted for inflation (1.02% during 2015 and 2014) and discounted at the Company's credit-adjusted risk-free interest rate (5.99% and 6.54% during 2015 and 2014, respectively.) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Landfill Closure and Post-Closure Liabilities | Non-Landfill Closure and Post-Closure Liabilities Non-landfill closure costs include costs required to dismantle and decontaminate certain structures and other costs incurred during the closure process. Post-closure costs, if required, include associated maintenance and monitoring costs as required by the closure permit. Post-closure periods are performance-based and are not generally specified in terms of years in the closure permit, but generally range from 10 to 30 years or more. The Company records its non-landfill closure and post-closure liability by: (i) estimating the current cost of closing a non-landfill facility and the post-closure care of that facility, if required, based upon the closure plan that the Company is required to follow under its operating permit, or in the event the facility operates with a permit that does not contain a closure plan, based upon legally enforceable closure commitments made by the Company to various governmental agencies; (ii) using probability scenarios as to when in the future operations may cease; (iii) inflating the current cost of closing the non-landfill facility on a probability weighted basis using the inflation rate to the time of closing under each probability scenario; and (iv) discounting the future value of each closing scenario back to the present using the credit-adjusted risk-free interest rate. Non-landfill closure and post-closure obligations arise when the Company commences operations. The balance of non-landfill closure and post-closure liabilities at December 31, 2015 and 2014 was $24.2 million and $20.8 million, respectively. Management bases estimates for non-landfill closure and post-closure liabilities on its interpretation of existing permit and regulatory requirements for closure and post-closure maintenance and monitoring. The Company's cost estimates are calculated using internal sources as well as input from third party experts. Management uses probability scenarios to estimate when future operations will cease and inflates the current cost of closing the non-landfill facility on a probability weighted basis using the appropriate inflation rate and then discounting the future value to arrive at an estimated present value of closure and post-closure costs. The estimates for non-landfill closure and post-closure liabilities are inherently uncertain due to the possibility that permit and regulatory requirements will change in the future, impacting the estimation of total costs and the timing of the expenditures. Management reviews non-landfill closure and post-closure liabilities for changes to key assumptions that would impact the amount of the recorded liabilities. Changes that would prompt management to revise a liability estimate include changes in legal requirements that impact the Company's expected closure plan or scope of work, in (2) SIGNIFICANT ACCOUNTING POLICIES (Continued) the market price of a significant cost item, in the probability scenarios as to when future operations at a location might cease, or in the expected timing of the cost expenditures. Changes in estimates for non-landfill closure and post-closure events immediately impact the required liability and the value of the corresponding asset. If a change is made to a fully-consumed asset, the adjustment is charged immediately to expense. When a change in estimate relates to an asset that has not been fully consumed, the adjustment to the asset is recognized in income prospectively as a component of amortization. Historically, material changes to non-landfill closure and post-closure estimates have been infrequent. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remedial Liabilities | Remedial Liabilities The balance of remedial liabilities at December 31, 2015 and 2014 was $132.0 million and $155.1 million, respectively. Remedial liabilities, including Superfund liabilities, include the costs of removal or containment of contaminated material, treatment of potentially contaminated groundwater and maintenance and monitoring costs necessary to comply with regulatory requirements. Most of the Company's remedial liabilities relate to the active and inactive hazardous waste treatment and disposal facilities which the Company acquired in the last 14 years and 35 Superfund sites owned by third parties for which the Company agreed to indemnify certain remedial liabilities owed or potentially owed to governmental entities by the sellers of certain assets (the "CSD assets") which the Company acquired in 2002. The Company performed extensive due diligence to estimate accurately the aggregate liability for remedial liabilities to which the Company became potentially liable as a result of the acquisitions. The Company's estimate of remedial liabilities involved an analysis of such factors as: (i) the nature and extent of environmental contamination (if any); (ii) the terms of applicable permits and agreements with regulatory authorities as to cleanup procedures and whether modifications to such permits and agreements will likely need to be negotiated; (iii) the cost of performing anticipated cleanup activities based upon current technology; and (iv) in the case of Superfund and other sites where other parties will also be responsible for a portion of the cleanup costs, the likely allocation of such costs and the ability of such other parties to pay their share. Remedial liabilities and on-going operations are reviewed quarterly and adjustments are made as necessary. The Company periodically evaluates potential remedial liabilities at sites that it owns or operates or to which the Company or the sellers of the CSD assets (or the respective predecessors of the Company or such sellers) transported or disposed of waste, including 128 Superfund sites as of December 31, 2015. The Company periodically reviews and evaluates sites requiring remediation, including Superfund sites, giving consideration to the nature (i.e., owner, operator, arranger, transporter or generator) and the extent (i.e., amount and nature of waste hauled to the location, number of years of site operations or other relevant factors) of the Company's (or such sellers') alleged connection with the site, the extent (if any) to which the Company believes it may have an obligation to indemnify cleanup costs in connection with the site, the regulatory context surrounding the site, the accuracy and strength of evidence connecting the Company (or such sellers) to the location, the number, connection and financial ability of other named and unnamed potentially responsible parties ("PRPs") and the nature and estimated cost of the likely remedy. Where the Company concludes that it is probable that a liability has been incurred and an amount can be estimated, a provision is made, based upon management's judgment and prior experience, of such estimated liability. Remedial liabilities are inherently difficult to estimate. Estimating remedial liabilities requires that the existing environmental contamination be understood. There are risks that the actual quantities of contaminants differ from the results of the site investigation, and that contaminants exist that have not been identified by the site investigation. In addition, the amount of remedial liabilities recorded is dependent on the remedial method selected. There is a risk that funds will be expended on a remedial solution that is not successful, which could result in the additional incremental costs of an alternative solution. Such estimates, which are subject to change, are subsequently revised if and when additional or new information becomes available. Remedial liabilities are discounted only when the timing of the payments is estimable and the amounts are determinable. Management's experience has been that the timing of payments for remedial liabilities is not usually estimable, and therefore the amounts of remedial liabilities are not generally discounted. In the case of remedial liabilities assumed in connection with acquisitions, acquired liabilities are recorded under purchase accounting at fair value. Accordingly, as of the respective acquisition dates, the Company recorded the remedial liabilities assumed as part of acquisitions at their fair value, which were calculated by inflating costs in current dollars using an estimate of future inflation rates as of the respective acquisition dates until the expected time of payment, and then discounting the amount of the payments to their present value using a risk-free discount rate as of the acquisition dates. Discounts were and will be applied to the environmental liabilities as follows: (2) SIGNIFICANT ACCOUNTING POLICIES (Continued)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency | Foreign Currency During the year ended December 31, 2015 and 2014, the Company had operations in Canada, and to a much lesser extent, Mexico and Trinidad. Assets and liabilities are translated to U.S. dollars at the exchange rate in effect at the balance sheet date and revenue and expenses at the average exchange rate for the period. Gains and losses from the translation of the consolidated financial statements of foreign subsidiaries into U.S. dollars are included in stockholders' equity as a component of accumulated other comprehensive income. Gains and losses resulting from foreign currency transactions are recognized in the consolidated statements of income. Recorded balances that are denominated in a currency other than the functional currency are remeasured to the functional currency using the exchange rate at the balance sheet date and gains or losses are recorded in the statements of income. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition and Deferred Revenue | Revenue Recognition and Deferred Revenue During 2015, the Company provided environmental, energy, lodging and industrial services through six segments: Technical Services, Industrial and Field Services, Kleen Performance Products, SK Environmental Services, Lodging Services, and Oil and Gas Field Services. The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collection is reasonably assured. Revenue is recognized net of estimated allowances. Revenue is generated by short-term projects, most of which are governed by master service agreements that are long-term in nature. The master service agreements are typically entered into with the Company's larger customers and outline the pricing and legal frameworks for such arrangements. Due to the nature of the Company's business and the invoices that result from the services provided, customers may withhold payments and attempt to renegotiate amounts invoiced. Accordingly, management establishes a revenue allowance to cover the estimated amounts of revenue that may need to be credited to customers' accounts in future periods. The Company records a provision for revenue allowances based on specific review of particular customers, historical trends and other relevant information. Technical Services revenue is generated from fees charged for hazardous material management and disposal services including onsite environmental management services, collection and transportation, packaging, recycling, treatment and disposal of hazardous and non-hazardous waste. Services are provided based on purchase orders or agreements with the customer and include prices based upon units of volume of waste, and transportation and other fees. Collection and transportation, and packaging revenues are recognized when the transported waste is received at the disposal facility. Revenues for treatment and disposal of hazardous waste are recognized upon completion of wastewater treatment, final disposition in a landfill or incineration of the waste, all at Company-owned sites, or when the waste is shipped to a third party for processing and disposal. Revenues from recycled oil and recycled catalyst are recognized upon shipment to the customer. Revenue for all other Technical Services is recognized when services are rendered. The Company, at the request of a customer, periodically enters into bundled arrangements for the collection and transportation and disposal of waste. The Company accounts for such arrangements as multiple-element arrangements with separate units of accounting. The Company measures and allocates the consideration from the arrangement to the separate units, based on evidence of the estimated selling price for each deliverable. Revenues from waste that is not yet completely processed and disposed and the related costs are deferred. The revenue is recognized and the deferred costs are expensed when the related services are completed. Industrial Services provides industrial and specialty services, such as high-pressure and chemical cleaning, catalyst handling, decoking and pigging to refineries, chemical plants, oil sands facilities, pulp and paper mills, and other industrial facilities. These services are provided based on purchase orders or agreements with the customer and include prices based upon daily, hourly or job rates for equipment, materials and personnel. Revenues are recognized over the term of the agreements or as services are performed. Field Services provides cleanup services on customer sites or other locations on a scheduled or (2) SIGNIFICANT ACCOUNTING POLICIES (Continued) emergency response basis. The Company's services are provided based on purchase orders or agreements with the customer and include prices based upon daily, hourly or job rates for equipment, materials and personnel. Revenues are recorded as services are performed. Revenue is recognized on contracts with retainage when services have been rendered and collectability is reasonably assured. Kleen Performance Products revenue is generated from re-refining used oil to produce high quality base and blended lubricating oils, and recycling used oil collected in excess of the Company's re-refining capacity into recycled fuel oil. The high quality base and blended lubricating oils are sold to third-party distributors, retailers, government agencies, fleets, railroads and industrial customers. The recycled fuel oil is sold to asphalt plants, industrial plants, blenders, pulp and paper companies, vacuum gas oil producers and marine diesel oil producers. Revenue is recognized upon the transfer of title. SK Environmental Services revenue is generated from providing parts cleaning services, containerized waste services, oil collection services and other complementary products and services. Revenue is recognized when products are delivered and services are performed. Parts cleaning services generally consist of placing a specially designed parts washer at a customer's premises and then, on a recurring basis, delivering clean solvent or aqueous-based washing fluid, cleaning and servicing the parts washer and removing the used solvent or aqueous fluid. The Company also services customer-owned parts washers. Revenue from parts cleaning services is recognized over the service interval. Service intervals represent the actual amount of time between service visits to a particular parts cleaning customer. Average service intervals vary from seven to 14 weeks depending on several factors, such as customer accommodation, types of machines serviced and frequency of use. Containerized waste services consist of profiling, collecting, transporting and recycling or disposing of a wide variety of hazardous and non-hazardous wastes. Collection and transportation, and packaging revenues are recognized when the transported waste is received at the disposal facility. Revenues for treatment and disposal of the waste is recognized upon disposal, or when the waste is shipped to a third party for processing and disposal. Other complementary products and services include vacuum services, sale of allied supply products and other environmental services. Lodging Services provides accommodation services, along with catering and hospitality primarily in remote areas of Western Canada. In addition, within Lodging Services is a manufacturing unit that provides construction of modular buildings including modular camp accommodations and wastewater solutions. Revenue for lodging and related services is recognized in the period each room is used by the customer based on the related lodging agreements. Revenue for manufacturing services is recognized based on contracted terms resulting in either a percentage of completion methodology or upon transfer of ownership of completed units. Oil and Gas Field Services provides fluid handling, fluid hauling, production servicing, surface rentals, seismic services, and directional boring services to the energy sector serving oil and gas exploration and production and power generation. These services are provided based on purchase orders or agreements with the customer and include prices based upon daily, hourly or job rates for equipment, materials and personnel. Revenues for such services are recognized over the term of the agreements or as services are performed. Oil and Gas Field Services also provides equipment rentals to support drill sites. Revenue from rentals is recognized ratably over the rental period. For all periods presented, amounts billed to customers related to shipping and handling are classified as revenue and the Company's shipping and handling costs are included in costs of revenues. In the course of the Company's operations, it collects sales tax from its customers and recognizes a current liability which is then relieved when the taxes are remitted to the appropriate governmental authorities. The Company excludes the sales tax collected from its revenues. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising Expense | Advertising Expense Advertising costs are expensed as incurred. Advertising expense was approximately $15.0 million in 2015, $11.3 million in 2014 and $10.8 million in 2013. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which generally represents the vesting period, and includes an estimate of awards that will be forfeited. In addition, the Company issues awards with performance targets which are recognized as expense over the requisite service period when management believes it is probable those targets will be achieved. The fair value of the (2) SIGNIFICANT ACCOUNTING POLICIES (Continued) Company's grants of restricted stock are based on the quoted market price for the Company's common stock on the respective dates of grant. The fair value of stock options is calculated using the Black-Scholes option-pricing model. Compensation expense is based on the number of awards expected to vest. Forfeitures estimated when recognizing compensation expense are adjusted when actual forfeitures differ from the estimate. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes There are two major components of income tax expense, current and deferred. Current income tax expense approximates cash to be paid or refunded for taxes for the applicable period. Deferred tax expense or benefit is the result of changes between deferred tax assets and liabilities. Deferred tax assets and liabilities are determined based upon the temporary differences between the financial statement basis and tax basis of assets and liabilities as well as from net operating loss and tax credit carryforwards as measured by the enacted tax rates, which will be in effect when these differences reverse. The Company evaluates the recoverability of future tax deductions and credits and a valuation allowance is established by tax jurisdiction when, based on an evaluation of objective verifiable evidence, it is more likely than not that some portion or all of deferred tax assets will not be realized. The Company recognizes and measures a tax benefit from uncertain tax positions when it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company recognizes a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company adjusts these liabilities when its judgment changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate or future recognition of an unrecognized benefit. These differences will be reflected as increases or decreases to income tax expense in the period in which they are determined. The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the consolidated statements of income. Accrued interest and penalties are included within deferred taxes, unrecognized tax benefits and other long-term liabilities line in the consolidated balance sheet. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) per Share | Earnings (Loss) per Share ("EPS") Basic EPS is calculated by dividing income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS gives effect to all potentially dilutive common shares that were outstanding during the period. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Business Combinations For all business combinations, the Company records 100% of all assets and liabilities of the acquired business, including goodwill, at their estimated fair values. Acquisition-related costs are expensed in the period in which the costs are incurred and the services are received. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements | Recent Accounting Pronouncements Standards implemented In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360). The amendments in ASU 2014-08 provide guidance for the recognition and disclosure of discontinued operations. The adoption of ASU 2014-08 did not have an impact on the Company's consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03). ASU 2015-03 requires that debt issuance costs related to a recognized liability in the balance sheet be presented as a direct deduction to that liability rather than as an asset. Final guidance on this standard, issued as ASU 2015-15 in August 2015, includes an SEC staff announcement that the SEC staff will not object to an entity presenting the cost of securing a revolving line of credit as an asset, regardless of whether a balance is outstanding. The Company elected to early adopt this new standard beginning December 31, 2015 and retrospectively reclassified $14.9 million of debt issuance costs associated with the Company's long-term obligations as of December 31, 2014 from other assets to long-term obligations. This reclassification only affected presentation and therefore did not have an impact on the Company’s results (2) SIGNIFICANT ACCOUNTING POLICIES (Continued) of operations. Costs associated with securing the Company’s revolving credit facility remained presented as Deferred financing costs within the Other assets section of the consolidated balance sheets for all periods presented. In November 2015, FASB issued ASU 2015-17, Income Taxes (Topic 740). The amendment provides guidance to simplify the presentation of deferred taxes by requiring that deferred liabilities and assets be classified as noncurrent in a classified balance sheet. The Company elected to early adopt this new standard beginning December 31, 2015 and prospectively applied ASU 2015-17, therefore deferred tax balances presented for periods prior to December 31, 2015 have not been recast in connection with the implementation of this standard. The adoption of this standard only affects the classification of deferred tax amounts and has no impact on the Company’s results of operations. Standards to be implemented In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. In August 2015, FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 for all entities by one year. This new guidance is currently effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810). The amendment provides guidance regarding amendments to the consolidation analysis. The amendments in this update are currently effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2015. In January 2016, FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10). The amendment provides guidance to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. The amendment in this update is effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. The Company is currently evaluating the impact that the above standards to be implemented will have on the Company's consolidated financial statements. In July 2015, FASB issued ASU 2015-11, Inventory (Topic 330). The amendment provides guidance regarding the measurement of inventory. Entities should measure inventory within the scope of this update at the lower of cost and net realizable value. The amendments in this update are currently effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Adoption is not expected to have a material 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. The amendment in this update is currently effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2015. Adoption is not expected to have a material impact on the Company's consolidated financial statements. |
SIGNIFICANT ACCOUNTING POLICIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of asset classification and estimated useful life | The Company depreciates and amortizes the cost of these assets, using the straight-line method as follows:
Property, plant and equipment consisted of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Plant and Equipment, Landfill Assets | As of December 31, 2015, the Company had 11 active landfill sites (including the Company's two non-commercial landfills), which have estimated remaining lives (based on anticipated waste volumes and remaining highly probable airspace) as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remaining Highly Probable Airspace | The following table presents the remaining highly probable airspace from January 1, 2013 through December 31, 2015 (in thousands of cubic yards):
|
BUSINESS COMBINATIONS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thermo Fluids Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of recognized amounts of identifiable assets acquired and liabilities assumed | The components and preliminary allocation of the purchase price consist of the following amounts (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Evergreen Oil, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of recognized amounts of identifiable assets acquired and liabilities assumed | The following table summarizes the recognized amounts of assets acquired and liabilities assumed at September 13, 2013 (in thousands):
|
INVENTORIES AND SUPPLIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | Inventories and supplies consisted of the following (in thousands):
|
PROPERTY, PLANT, AND EQUIPMENT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | The Company depreciates and amortizes the cost of these assets, using the straight-line method as follows:
Property, plant and equipment consisted of the following (in thousands):
|
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes to Goodwill | The changes in goodwill for the years ended December 31, 2015 and 2014 were as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class | As of December 31, 2015 and 2014, the Company's finite-lived and indefinite lived intangible assets consisted of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Indefinite-Lived Intangible Assets | As of December 31, 2015 and 2014, the Company's finite-lived and indefinite lived intangible assets consisted of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Expected Amortization for the Net Carrying Amount of Finite Lived Intangible Assets | The expected amortization of the net carrying amount of finite-lived intangible assets at December 31, 2015 is as follows(in thousands):
|
ACCRUED EXPENSES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses | Accrued expenses consisted of the following at December 31 (in thousands):
|
CLOSURE AND POST-CLOSURE LIABILITIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2014 through December 31, 2015 were as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Expected Payments Related to Asset Retirement Obligations | Anticipated payments (based on current estimated costs and anticipated timing of necessary regulatory approvals to commence work on closure and post-closure activities) for each of the next five years and thereafter are as follows (in thousands):
|
REMEDIAL LIABILITIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Remediation Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes to Remedial Liabilities | The changes to remedial liabilities from January 1, 2014 through December 31, 2015 were as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remedial Liabilities Anticipated Payments for Each of the Next Five Years | Anticipated payments at December 31, 2015 (based on current estimated costs and anticipated timing of necessary regulatory approvals to commence work on remedial activities) for each of the next five years and thereafter were as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Exit Costs by Cost | The following tables show, respectively, (i) the amounts of such estimated liabilities associated with the types of facilities and sites involved and (ii) the amounts of such estimated liabilities associated with each facility or site which represents at least 5% of the total and with all other facilities and sites as a group and as of December 31, 2015. Estimates Based on Type of Facility or Site (in thousands):
Estimates Based on Amount of Potential Liability (in thousands):
|
FINANCING ARRANGEMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing arrangements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of The Entity's Financial Arrangements | The following table is a summary of the Company's financing arrangements (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior unsecured notes, at 5.25%, due August 1, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing arrangements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Redemption Prices Expressed as Percentages of the Principal Amount | The Company may redeem some or all of the 2020 Notes at any time on or after August 1, 2016 upon proper notice, at the following redemption prices plus unpaid interest:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior unsecured notes, at 5.125%, due June 1, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing arrangements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Redemption Prices Expressed as Percentages of the Principal Amount | The Company may redeem some or all of the 2021 Notes at any time on or after December 1, 2016 upon proper notice, at the following redemption prices plus unpaid interest: .
|
INCOME TAXES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | The domestic and foreign components of income before provision for income taxes were as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes consisted of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | The effective income tax rate varied from the amount computed using the statutory federal income tax rate as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities | The components of the total net deferred tax assets and liabilities at December 31, 2015 and 2014 were as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Income Tax Contingencies | The changes to unrecognized tax benefits (excluding related penalties and interest) from January 1, 2013 through December 31, 2015, were as follows (in thousands):
|
EARNING (LOSS) PER SHARE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Basic and Diluted Earnings Per Share Computations | The following are computations of basic and diluted earnings (loss) per share (in thousands except for per share amounts):
|
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Comprehensive Income (Loss) | The changes in accumulated other comprehensive loss by component and related tax effects for the years ended December 31, 2015, 2014 and 2013 were as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The amounts reclassified out of accumulated other comprehensive loss into the consolidated statement of income (loss), with presentation location, during the year ended December 31, 2014 were as follows (in thousands):
|
STOCK-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table summarizes information about restricted stock awards for the year ended December 31, 2015:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nonvested Performance-based Units Activity | The following table summarizes information about performance stock awards for the year ended December 31, 2015:
|
COMMITMENTS AND CONTINGENCIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Lease Payments for Capital Leases and Operating Leases | The following is a summary of future minimum payments under operating leases that have initial or remaining noncancelable lease terms in excess of one year at December 31, 2015 (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||
Self-Insurance Liabilities Anticipated Payments | Anticipated payments at December 31, 2015 for each of the next five years and thereafter are as follows (in thousands):
|
SEGMENT REPORTING (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Third Party Revenues to Direct Revenues | The following table reconciles third party revenues to direct revenues for the years ended December 31, 2015, 2014 and 2013 (in thousands).
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PP&E and Intangible Assets by Segment | The following table presents assets by reported segment and in the aggregate (in thousands).
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets by Segment | The following table presents the total assets by reported segment (in thousands).
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets by Geographical Area | The following table presents the total assets by geographical area (in thousands).
|
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor and Non-Guarantor Subsidiaries Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheet | Following is the condensed consolidating balance sheet at December 31, 2015 (in thousands):
(18) GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Continued) Following is the condensed consolidating balance sheet at December 31, 2014 (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Consolidating Statement of Income | Following is the consolidating statement of income (loss) for the year ended December 31, 2015 (in thousands):
(18) GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Continued) Following is the consolidating statement of (loss) income for the year ended December 31, 2014 (in thousands):
(18) GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Continued) Following is the consolidating statement of income for the year ended December 31, 2013 (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Cash Flows | Following is the condensed consolidating statement of cash flows for the year ended December 31, 2015 (in thousands):
(18) GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Continued) Following is the condensed consolidating statement of cash flows for the year ended December 31, 2014 (in thousands):
(18) GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Continued) Following is the condensed consolidating statement of cash flows for the year ended December 31, 2013 (in thousands):
|
QUARTERLY DATA (UNAUDITED) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Data (Unaudited) |
______________________________________
|
SIGNIFICANT ACCOUNTING POLICIES (Cash, Cash Equivalents and Uncashed Checks) (Details) |
Dec. 31, 2015
USD ($)
|
---|---|
Accounting Policies [Abstract] | |
Bank disbursement account balance | $ 0 |
SIGNIFICANT ACCOUNTING POLICIES (Credit Concentration) (Details) - customer |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Accounts receivable | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Concentration risk benchmark | 10.00% | 10.00% | |
Concentration risk number of major customers over benchmark | 0 | 0 | |
Sales | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Concentration risk benchmark | 10.00% | 10.00% | 10.00% |
Concentration risk number of major customers over benchmark | 0 | 0 | 0 |
SIGNIFICANT ACCOUNTING POLICIES (Goodwill and Intangible Assets) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Minimum | Permits | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 5 years |
Minimum | Other intangible assets | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 2 years |
Maximum | Permits | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 30 years |
Maximum | Other intangible assets | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 20 years |
SIGNIFICANT ACCOUNTING POLICIES (Remedial Liabilities) (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
site
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Regulatory Liabilities [Line Items] | |||
Accrual for environmental loss contingencies | $ | $ 131,992 | $ 155,121 | $ 172,498 |
Period of time in years over which business acquisitions have been acquired | 14 years | ||
Superfund sites owned by third parties | 35 | ||
Superfund sites | 128 | ||
Minimum | |||
Regulatory Liabilities [Line Items] | |||
Remedial liabilities at acquisition | 1.01% | ||
Remedial liabilities discounted risk free interest rate | 2.88% | ||
Maximum | |||
Regulatory Liabilities [Line Items] | |||
Remedial liabilities at acquisition | 2.57% | ||
Remedial liabilities discounted risk free interest rate | 5.99% |
SIGNIFICANT ACCOUNTING POLICIES (Revenue Recognition and Deferred Revenue) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015
segment
| |
Accounting Policies [Abstract] | |
Reporting segments number | 6 |
SIGNIFICANT ACCOUNTING POLICIES (Advertising Expense) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Accounting Policies [Abstract] | |||
Advertising expense | $ 15.0 | $ 11.3 | $ 10.8 |
SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Unamortized debt issuance costs | $ 12,457 | $ 14,855 |
New Accounting Pronouncement, Early Adoption, Effect | Long-term Debt | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Unamortized debt issuance costs | 14,900 | |
New Accounting Pronouncement, Early Adoption, Effect | Other Assets | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Unamortized debt issuance costs | $ (14,900) |
BUSINESS COMBINATIONS (2015 Acquisitions Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Apr. 11, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Business Acquisition [Line Items] | |||
Goodwill, acquired during period | $ 46,539 | $ 7,401 | |
Thermo Fluids Inc. | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 78,600 | ||
Revenue of acquiree since acquisition date | 33,800 | ||
Acquisition related costs | 600 | ||
Privately Owned Domestic Company | |||
Business Acquisition [Line Items] | |||
Payments to acquire businesses, gross | 14,700 | $ 16,100 | |
Goodwill, acquired during period | $ 7,400 |
BUSINESS COMBINATIONS (2014 Acquistions) (Details) - Privately Owned Domestic Company $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
business
|
|
Business Acquisition [Line Items] | ||
Payments to acquire businesses, gross | $ | $ 14.7 | $ 16.1 |
Number of businesses acquired | business | 2 |
BUSINESS COMBINATIONS (2013 Acquisitions Narrative) (Details) $ in Thousands |
Sep. 13, 2013
USD ($)
|
---|---|
Evergreen Oil, Inc. | |
Business Acquisition [Line Items] | |
Purchase price | $ 56,318 |
INVENTORIES AND SUPPLIES (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Oil and oil products | $ 33,603 | $ 62,111 |
Supplies and drums | 78,132 | 68,547 |
Solvent and solutions | 8,868 | 9,355 |
Modular camp accommodations | 15,126 | 15,776 |
Other | 13,792 | 12,874 |
Total inventories and supplies | $ 149,521 | $ 168,663 |
GOODWILL AND OTHER INTANGIBLE ASSETS (Expected Amortization) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Expected amortization | |
2016 | $ 37,902 |
2017 | 33,081 |
2018 | 30,450 |
2019 | 27,926 |
2020 | 25,539 |
Thereafter | 229,594 |
Net | $ 384,492 |
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Payables and Accruals [Abstract] | ||
Insurance | $ 55,899 | $ 58,931 |
Interest | 20,500 | 20,527 |
Accrued compensation and benefits | 35,646 | 59,006 |
Income, real estate, sales and other taxes | 37,095 | 38,297 |
Other | 44,520 | 42,788 |
Total accrued expenses | $ 193,660 | $ 219,549 |
CLOSURE AND POST-CLOSURE LIABILITIES (Anticipated Payments) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|
Environmental Property Sale, Disposal or Abandonment Costs | |||
2016 | $ 8,160 | ||
2017 | 9,061 | ||
2018 | 9,001 | ||
2019 | 7,621 | ||
2020 | 3,442 | ||
Thereafter | 262,365 | ||
Undiscounted closure and post-closure liabilities | 299,650 | ||
Less: Discount at credit-adjusted risk-free rate | (156,145) | ||
Less: Undiscounted estimated closure and post-closure liabilities relating to airspace not yet consumed | (87,256) | ||
Present value of closure and post-closure liabilities | $ 56,249 | $ 50,701 | $ 47,085 |
REMEDIAL LIABILITIES (Additional Information) (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
site
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Environmental Remediation Obligations [Abstract] | |||
Changes in estimates recorded to statement of income (loss) | $ 11,388 | $ 2,718 | |
Changes in remediation liabilities due to change in estimates of amounts recoverable from a third party | 3,800 | ||
Changes in remediation liabilities due to revisions from third party consultants | 4,700 | ||
Changes in remediation liabilities due to provincial approval for planned expansion | $ 2,500 | ||
Site contingency, number of sites for remedial activities | site | 4 | ||
Accrued remedial liabilities | $ 131,992 | $ 155,121 | $ 172,498 |
Possible increase in total remedial liabilities | $ 23,600 | ||
Accrual for environmental loss contingencies, threshold for disclosure (as a percent) | 5.00% |
REMEDIAL LIABILITIES (Anticipated Payments) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|
Accrual for Environmental Loss Contingencies, Net [Abstract] | |||
2016 | $ 13,525 | ||
2017 | 14,004 | ||
2018 | 15,907 | ||
2019 | 10,626 | ||
2020 | 9,963 | ||
Thereafter | 94,116 | ||
Undiscounted remedial liabilities | 158,141 | ||
Less: Discount | (26,149) | ||
Total remedial liabilities | $ 131,992 | $ 155,121 | $ 172,498 |
FINANCING ARRANGEMENTS Schedule of Long Term Debt (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term obligations, at par | $ 1,395,000 | $ 1,395,000 |
Unamortized debt issuance costs | (12,457) | (14,855) |
Long-term obligations, at carrying value | 1,382,543 | 1,380,145 |
Senior secured notes | Senior unsecured notes, at 5.25%, due August 1, 2020 | ||
Debt Instrument [Line Items] | ||
Long-term obligations, at par | 800,000 | 800,000 |
Senior secured notes | Senior unsecured notes, at 5.125%, due June 1, 2021 | ||
Debt Instrument [Line Items] | ||
Long-term obligations, at par | $ 595,000 | $ 595,000 |
FINANCING ARRANGEMENTS Schedule of Long Term Debt Redemption Price (Details) - Senior secured notes |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Senior unsecured notes, at 5.125%, due June 1, 2021 | |
Debt Instrument [Line Items] | |
2016 | 102.563% |
2017 | 101.281% |
2018 and thereafter | 100.00% |
Senior unsecured notes, at 5.25%, due August 1, 2020 | |
Debt Instrument [Line Items] | |
2016 | 102.625% |
2017 | 101.313% |
2018 and thereafter | 100.00% |
INCOME TAXES (Additional Information) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Undistributed earnings of foreign subsidiaries | $ 212,700 | ||
Valuation allowance | 30,916 | $ 29,061 | |
Valuation allowance, amount foreign tax credits | 18,700 | 16,500 | |
Valuation allowance, amount state net operating loss | 4,100 | 3,900 | |
Valuation allowance, amount foreign net operating loss | 6,800 | 6,700 | |
Valuation allowance, amount, deferred tax assets of Canadian subsidiary | 1,300 | 2,000 | |
Unrecognized tax benefits, interest | 400 | ||
Unrecognized tax benefits, income tax penalties and interest expense | $ 100 | $ 300 | $ 300 |
INCOME TAXES (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Unrecognized tax benefits at beginning of year | $ 2,537 | $ 1,304 | $ 3,543 | |
Additions to current year tax positions | 0 | 904 | 210 | |
Additions to prior year tax positions | $ 5,400 | 0 | 419 | 0 |
Settlements | (217) | 0 | 0 | |
Statute expiration | 0 | 0 | (2,843) | |
Foreign currency translation | (256) | (90) | 394 | |
Unrecognized tax benefits at end of year | 2,537 | 2,064 | 2,537 | 1,304 |
Unrecognizd tax benefits that would impact effective tax rate | 2,500 | 2,100 | 2,500 | 1,300 |
Unrecognized tax benefits, income tax penalties and interest accrued | $ 400 | 400 | $ 400 | $ 200 |
Expiring of statutes of limitations | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Statute expiration | $ (500) |
EARNING (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Numerator for basic and diluted earnings (loss) per share: | |||||||||||
Net income (loss) | $ 568 | $ 40,228 | $ 10,395 | $ (7,089) | $ 27,377 | $ (93,337) | $ 28,672 | $ 8,960 | $ 44,102 | $ (28,328) | $ 95,566 |
Denominator: | |||||||||||
Weighted basic shares outstanding | 58,324 | 60,311 | 60,574 | ||||||||
Dilutive effect of equity-based compensation awards | 110 | 0 | 154 | ||||||||
Weighted dilutive shares outstanding | 58,434 | 60,311 | 60,728 | ||||||||
Basic earnings per share: | |||||||||||
Basic earnings per share (in dollars per share) | $ 0.76 | $ (0.47) | $ 1.58 | ||||||||
Diluted earnings per share: | |||||||||||
Diluted earnings per share (in dollars per share) | $ 0.76 | $ (0.47) | $ 1.57 |
EARNING (LOSS) PER SHARE (Anti-Dilutive Securities) (Details) - shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Performance stock awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 154,577 | 562,896 | 109,861 |
Restricted stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 31,656 |
STOCKHOLDERS' EQUITY (Details) - USD ($) shares in Thousands |
10 Months Ended | 12 Months Ended | 22 Months Ended | |||
---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Mar. 13, 2015 |
Mar. 12, 2015 |
|
Class of Stock [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 150,000,000 | |||||
Repurchases of common stock | $ 73,347,000 | $ 104,341,000 | ||||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 300,000,000 | |||||
Repurchased of common stock (in shares) | 3,400 | 1,422 | 1,973 | |||
Repurchases of common stock | $ 14,000 | $ 20,000 | $ 177,700,000 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 122,300,000 | $ 122,300,000 | $ 122,300,000 |
ACCUMULATED OTHER COMPREHENSIVE LOSS (Reclassification out of AOCI) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other (expense) income | $ 0 | $ 3,388 | $ 0 |
Unrealized holding gains on available-for-sale investments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other (expense) income | $ 0 | $ 3,388 | $ 0 |
COMMITMENTS AND CONTINGENCIES (Federal, State and Provincial Enforcement Actions) (Details) - Federal and State enforcement actions |
Dec. 31, 2015
USD ($)
proceeding
|
Dec. 31, 2014
proceeding
|
---|---|---|
Federal and State Enforcement Actions | ||
Number of proceedings | proceeding | 6 | 4 |
Sanctions relating to waste treatment | $ | $ 100,000,000 |
COMMITMENTS AND CONTINGENCIES (Leases) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Commitments and Contingencies Disclosure [Abstract] | |||
Lease terms range minimum | 1 year | ||
Lease terms range maximum | 20 years | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2016 | $ 37,064 | ||
2017 | 29,198 | ||
2018 | 21,926 | ||
2019 | 17,997 | ||
2020 | 12,406 | ||
Thereafter | 24,387 | ||
Total minimum lease payments | $ 142,978 | ||
Imputed interest minimum | 4.00% | ||
Imputed interest rate maximum | 16.00% | ||
Operating leases, rent expense, net | $ 135,500 | $ 129,600 | $ 124,400 |
COMMITMENTS AND CONTINGENCIES (Other Contingencies) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Product Liability Contingency [Line Items] | ||
Retention for environmental impairment | $ 1,000 | |
Self-insurance liabilities | $ 34,800 | $ 34,000 |
Weighted average risk free discount rate for self insurance liabilities | 1.29% | 1.28% |
Self Insurance Losses Expected [Abstract] | ||
2016 | $ 14,735 | |
2017 | 7,383 | |
2018 | 4,948 | |
2019 | 3,539 | |
2020 | 1,829 | |
Thereafter | 3,109 | |
Undiscounted self-insurance liabilities | 35,543 | |
Less: Discount | 732 | |
Total self-insurance liabilities (included in accrued expenses) | 34,811 | |
Minimum | ||
Product Liability Contingency [Line Items] | ||
Deductible health insurance policy | 300 | |
Safety-Kleen | ||
Product Liability Contingency [Line Items] | ||
Deductible per occurrence for workers compensation | 1,000 | |
Deductible per occurrence for general liability | 2,000 | |
Deductible per occurrence for vehicle liability | $ 2,000 |
SEGMENT REPORTING (Details 2) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Total revenues | $ 713,044 | $ 893,366 | $ 936,228 | $ 732,499 | $ 845,024 | $ 851,465 | $ 858,480 | $ 846,667 | $ 3,275,137 | $ 3,401,636 | $ 3,509,656 |
Property, plant and equipment, net | 1,532,467 | 1,558,834 | 1,532,467 | 1,558,834 | |||||||
Goodwill | 453,105 | 452,669 | 453,105 | 452,669 | 570,960 | ||||||
Permits and other intangibles, net | 506,818 | 530,080 | 506,818 | 530,080 | |||||||
Total intangible assets and goodwill | 959,923 | 982,749 | 959,923 | 982,749 | |||||||
Assets | 3,431,428 | 3,689,423 | 3,431,428 | 3,689,423 | 3,936,430 | ||||||
United States and Puerto Rico | |||||||||||
Total revenues | $ 2,576,200 | $ 2,414,600 | $ 2,376,200 | ||||||||
Segment reporting information revenue percent | 78.70% | 71.00% | 67.70% | ||||||||
United States | |||||||||||
Assets | $ 2,575,746 | $ 2,557,639 | $ 2,575,746 | $ 2,557,639 | $ 2,667,438 | ||||||
Canada | |||||||||||
Total revenues | $ 695,000 | $ 982,100 | $ 1,125,000 | ||||||||
Segment reporting information revenue percent | 21.20% | 28.90% | 32.10% | ||||||||
Property plant and equipment net percent | 29.30% | 37.70% | 29.30% | 37.70% | |||||||
Intangible assets net excluding goodwill percent | 14.20% | 17.80% | 14.20% | 17.80% | |||||||
Property, plant and equipment, net | $ 449,300 | $ 587,400 | $ 449,300 | $ 587,400 | |||||||
Permits and other intangibles, net | 71,700 | 94,200 | 71,700 | 94,200 | |||||||
Assets | 851,949 | 1,128,458 | $ 851,949 | $ 1,128,458 | $ 1,266,505 | ||||||
Other foreign | |||||||||||
Segment reporting information revenue percent | 1.00% | 1.00% | 1.00% | ||||||||
Assets | 3,733 | 3,326 | $ 3,733 | $ 3,326 | $ 2,487 | ||||||
Technical Services | |||||||||||
Total revenues | 1,139,080 | 1,205,383 | 1,147,815 | ||||||||
Property, plant and equipment, net | 483,425 | 412,323 | 483,425 | 412,323 | |||||||
Goodwill | 49,267 | 50,092 | 49,267 | 50,092 | 45,599 | ||||||
Permits and other intangibles, net | 73,601 | 74,870 | 73,601 | 74,870 | |||||||
Total intangible assets and goodwill | 122,868 | 124,962 | 122,868 | 124,962 | |||||||
Assets | 800,060 | 756,169 | 800,060 | 756,169 | 699,675 | ||||||
Industrial and Field Services | |||||||||||
Total revenues | 923,599 | 639,369 | 663,589 | ||||||||
Property, plant and equipment, net | 237,660 | 245,115 | 237,660 | 245,115 | |||||||
Goodwill | 105,286 | 109,214 | 105,286 | 109,214 | 109,873 | ||||||
Permits and other intangibles, net | 14,649 | 17,801 | 14,649 | 17,801 | |||||||
Total intangible assets and goodwill | 119,935 | 127,015 | 119,935 | 127,015 | |||||||
Assets | 368,858 | 392,652 | 368,858 | 392,652 | 410,233 | ||||||
Kleen Performance Products | |||||||||||
Total revenues | 306,825 | 331,723 | 335,627 | ||||||||
Property, plant and equipment, net | 193,855 | 201,451 | 193,855 | 201,451 | |||||||
Goodwill | 49,755 | 50,883 | 49,755 | 50,883 | 171,161 | ||||||
Permits and other intangibles, net | 140,410 | 151,041 | 140,410 | 151,041 | |||||||
Total intangible assets and goodwill | 190,165 | 201,924 | 190,165 | 201,924 | |||||||
Assets | 492,483 | 538,921 | 492,483 | 538,921 | 642,901 | ||||||
SK Environmental Services | |||||||||||
Total revenues | 634,864 | 747,739 | 772,099 | ||||||||
Property, plant and equipment, net | 264,539 | 240,078 | 264,539 | 240,078 | |||||||
Goodwill | 216,589 | 173,873 | 216,589 | 173,873 | 172,309 | ||||||
Permits and other intangibles, net | 256,251 | 252,897 | 256,251 | 252,897 | |||||||
Total intangible assets and goodwill | 472,840 | 426,770 | 472,840 | 426,770 | |||||||
Assets | 805,488 | 731,072 | 805,488 | 731,072 | 774,756 | ||||||
Lodging Services | |||||||||||
Total revenues | 91,713 | 174,732 | 212,385 | ||||||||
Property, plant and equipment, net | 105,208 | 141,965 | 105,208 | 141,965 | |||||||
Goodwill | 32,208 | 34,863 | 32,208 | 34,863 | 35,512 | ||||||
Permits and other intangibles, net | 7,045 | 10,744 | 7,045 | 10,744 | |||||||
Total intangible assets and goodwill | 39,253 | 45,607 | 39,253 | 45,607 | |||||||
Assets | 181,357 | 231,782 | 181,357 | 231,782 | 239,056 | ||||||
Oil and Gas Field Services | |||||||||||
Total revenues | 181,780 | 308,270 | 390,505 | ||||||||
Property, plant and equipment, net | 156,286 | 215,574 | 156,286 | 215,574 | |||||||
Goodwill | 0 | 33,744 | 0 | 33,744 | 36,506 | ||||||
Permits and other intangibles, net | 14,862 | 22,727 | 14,862 | 22,727 | |||||||
Total intangible assets and goodwill | 14,862 | 56,471 | 14,862 | 56,471 | |||||||
Assets | 244,210 | 361,223 | 244,210 | 361,223 | 381,057 | ||||||
Corporate Items | |||||||||||
Total revenues | (2,724) | (5,580) | (12,364) | ||||||||
Property, plant and equipment, net | 91,494 | 102,328 | 91,494 | 102,328 | |||||||
Assets | $ 538,972 | $ 677,604 | $ 538,972 | $ 677,604 | $ 788,752 |
QUARTERLY DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 713,044 | $ 893,366 | $ 936,228 | $ 732,499 | $ 845,024 | $ 851,465 | $ 858,480 | $ 846,667 | $ 3,275,137 | $ 3,401,636 | $ 3,509,656 |
Cost of revenues | 522,965 | 634,646 | 652,688 | 546,507 | 610,720 | 598,407 | 606,950 | 625,719 | 2,356,806 | 2,441,796 | 2,542,633 |
Income from operations | 25,549 | 93,970 | 60,758 | 7,302 | 57,537 | (42,748) | 67,115 | 29,906 | 187,579 | 111,810 | 220,556 |
Other (expense) income | (990) | (139) | (660) | 409 | 244 | 613 | (655) | 4,178 | (1,380) | 4,380 | 1,705 |
Net income (loss) | $ 568 | $ 40,228 | $ 10,395 | $ (7,089) | $ 27,377 | $ (93,337) | $ 28,672 | $ 8,960 | $ 44,102 | $ (28,328) | $ 95,566 |
Basic (loss) earnings per share (in dollars per share) | $ 0.01 | $ 0.69 | $ 0.18 | $ (0.12) | $ 0.46 | $ (1.55) | $ 0.47 | $ 0.15 | $ 0.76 | $ (0.47) | $ 1.58 |
Diluted (loss) earnings per share (in dollars per share) | $ 0.01 | $ 0.69 | $ 0.18 | $ (0.12) | $ 0.46 | $ (1.55) | $ 0.47 | $ 0.15 | $ 0.76 | $ (0.47) | $ 1.57 |
Additions to prior year tax positions | $ 5,400 | $ 0 | $ 419 | $ 0 | |||||||
Goodwill [Line Items] | |||||||||||
Goodwill impairment charge | 31,992 | 123,414 | 0 | ||||||||
Oil and Gas Field Services | |||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | 181,780 | 308,270 | $ 390,505 | ||||||||
Goodwill [Line Items] | |||||||||||
Goodwill impairment charge | $ 31,992 | $ 0 | |||||||||
Kleen Performance Products | |||||||||||
Goodwill [Line Items] | |||||||||||
Goodwill impairment charge | $ (123,400) |
SUBSEQUENT EVENTS Subsequent Events (Details) $ in Millions |
Feb. 03, 2016
USD ($)
|
---|---|
Nevada Re-refinery Facility | Subsequent Event | |
Subsequent Event [Line Items] | |
Payments to acquire businesses, gross | $ 35.0 |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Allowance for Doubtful Accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance beginning of period | $ 13,476 | $ 7,354 | $ 1,246 |
Additions (deductions) charged | 4,793 | 8,917 | 7,933 |
Changes to Reserves | 3,075 | 2,795 | 1,825 |
Balance end of period | 15,194 | 13,476 | 7,354 |
Revenue Allowance | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance beginning of period | 12,185 | 10,752 | 9,879 |
Additions (deductions) charged | 28,312 | 20,237 | 16,401 |
Changes to Reserves | 24,265 | 18,804 | 15,528 |
Balance end of period | 16,232 | 12,185 | 10,752 |
Valuation Allowance on Deferred Tax Assets | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance beginning of period | 29,061 | 29,726 | 26,325 |
Additions (deductions) charged | 2,274 | (1,812) | (1,545) |
Changes to Reserves | (419) | 1,147 | 4,946 |
Balance end of period | $ 30,916 | $ 29,061 | $ 29,726 |
A[:V?\&Q\H2")$DAP$B6A2M073MQN4; &PO [F(#TH='Y)$;@ZLH_*>'UFOO^RXZ*C20[%/Y%$PNK6DKDT0
M 'G2T::/Z\K./8FZXB?5-CU[$I$\=1T5?Y>LY>=%#./+Q'.S/R@SD=15,O&V
M3<=ZV? ^$FRWB!_APQI:B$7\:MA9SOJ1,?_"^:L9_-@N8F \L)9ME)&@NGEC
M*]:V1DFO_&<4O:YIB//^1?V;#5?;?Z&2K7C[N]FJ@W8+XFC+=O34JF=^_L[&
M(CN.&MM+_1YB05[RZ4..KH^] VO6W/PQ<"1EJ8@$8"F@@P_Y20CH3T2L"?
M$O!(P XA&4*QB5A31>M*\',DAMT[4G-(X /6J=Z829M9^TVG0NK9MQI"5"5O
M1FC$+ <,FF,F1*+5IR50:(DE\NC. BL?D8*/D+4/(4781!J,,[7\]$.<:5@
M!P6P%LZ#G+! T#@OD
M08'<#QIF3M #)I_Y=/9NY2/*(G>B]3$0X1M>BZ#7(N#56659?.G51^C-(>YI
M_$SG@U42M$H"5@O'*O&-0(Q!YAH.X @ID+-+ZP"L $5YXX]E61GV:LIZJ+"!@-O2K6S@/[,< I80$?<8AW!Y"0FYX?U&
M48:^=P1<[]"O(V598N):#^!T)O)9)1B]^T"4IX5K/9E=+1T3>WM'RVC#3[TR
M%7HV.[T#'I&YFISYI7D?V"OK*E-71[IG/ZG8-[V,7KC2%Y^]GG:<*Z9=@GM=
MU [Z!3,-6K93IEOHOACN]&&@^/'R1)G>2?4_4$L#!!0 ( !1]64@Q9,R[
M#0( L& 8 >&PO=V]R:W-H965T >=+NM#B!+80V V!SHF"S6=N>5EHG(B>CW;@_@9W!^8.
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MSO/.FO7EHK0;WY^.N_/FM+%TNO!N_[%/=MFL6_P%4$L#!!0 ( !1]64@9
MR%:1 P( +0& 9 >&PO=V]R:W-H965T 'E=T]3;PK3@ BKHNL.__=%45MFU2"+TVY'6RR
MO=ZD=E>WE\OFNNP/S?N;NCA]_ =P_2-B_3]02P,$% @ %'U92.7Z\B5"
M! @!@ !D !X;"]W;W)K 78:'/,:S>QN0#9+T P
M#(54MU#D$_K>KP5*H:+U*I6PMJY-["9 =@QP@L\QV8[M :QIW9GJ%C#K#=/-
M,>W5I&[9J$!R*D=U2Y"GJB4HH9H%:&H_ ;)10<(+$4QM8&7G0,$Y@$[6"%T/
MK_+*T14M8*#:>:#[78Z96-F)KJ/L'2AX!] "BKS:>ZVIXPF4TTBG2Z!T;"9V
M0B@;!Z(@FE;/$;I9@XD!*II3=YB I:H%K+7SJW)UJUMV*Q3 ENHP69JP>43SPQ,>'/XG'C$M!_7P4]8%T#-!ZP%UOK8X- \D3HLPD$
M7."%-&$# KNVD _XUP#=7[((-+Y" 9<.N,B+)I\<#@R!$H.;V #-N=A]))U%
MQEIQ3 B4$]S%A.WLEM:[2#J+C+7B;! H'+B+">#]>$T $*X)P,VM"1P6 J2%
M964"T%E$AK*P(0[=D4MCC:LV/Q.#T$B(]DXFU$8"<7R>-N1MA3"7BJY68#
M-+=4 2(2C[L8H,)P8KT2=G 2#WC8 ,T*MA$A OZH$>4'$T^)<& 0"@SN7&3[
MNZ481 5X 9MM::P7IP2AE.#N1;:I6WIM1%I& ""SER;>9PA' Z%HX!9&]Z,!
M($]H$=N8(']JV^&$() 0EG/1_82XCZ0 &0UJ+!>'!(&02.1$$]BK*?H?7H4=
MD] +M^55Z(T["22?.(11PM^W(18&P81N;-,$WKAMRP*OR/S?&L0DGK6E;,J/
M)RQ+XE20*!6X9O0PO@@F HJ+@)\PK@,4!N4+Y
M"K S)_B1YQI@TB4GF1OD+9Z2^6YQB]QYRW_AN .8#[RO3=&$Z*0J9B@VZ16?
MN#G@0MP!,FM,9H2MI.0@&I5?QD=&8
.D$_)350 :?3'*U<&KM&[V&*NL D;4DVB FY-"2$:T,66)52.!
MY([$* Y]?XL9J;F7)L[W+M-$M)K6'-XE4BUC1/X[ A7=P0N\F^.C+BMM'3A-
M\,C+:P9
[=3@&'UOKITLUUO,HQL*H_/\SI[U"] U!+ P04 " 4?5E(P01#
^]L'67YI^1M02P,$% @ %'U92 -FJ+V@ 0
ML0, !D !X;"]W;W)K
)%WHH$?PC;2
M.')&'UXV];]&]!"D9#=[2MKP?V9#0>WC\4LXVW&D1L-C=_T@\R\M_@!02P,$
M% @ %'U92#>/.;.@ 0 L0, !D !X;"]W;W)K
87WYMCDOH4@$-MO0)UPP6>@',OY(S?%\U/
M2T_9/:FE9:#4B/7W:GOH3W.R)^Q"5+X:^PYX+:ESU4F:[K, 7+S1C3A.&K#";
M!8&=^F)!8A8G\A^=Q.E9-&$6Z-F:GOV("VRC ML@L/W6XO:FQ1@FCYOD49,\
M(G!_8Q+#/-R8X-7!"=!MN)\&56J0X36LJLL3.))P\%_PLNAI"\]4MTP:=%;6
M79]PR(U2%ER4],YEZ=PC718<&NNG#VZNIWL[+:SJKZ]P^2LH_P%02P,$%
M @ %'U92"4?8E"N 0 %@0 !D !X;"]W;W)K8'9D[B,H'0]UASQDU+GHM=X=#0:]>:,&<9PS;8+(509WZFH+%4IS9
M?W06I^^B#G>!OMO2\SPND$<%\B"0_U/BXUV)$
,4D(H]371,?WH"UT_PA2B*5T_XK4:!5'DYC^0B5 (XWFI
M(0PUFM+VH]OON:.2H1&,1IK2]J/;;3\@\>\+D&>_9$+GCVY#$4C<;8&A&\Q%
MFM+Z(]3Z$^P] ,M\I3!A.-*4UA_QO0X=A^3V)( ,!'L"9##8%U=;F;DM7[L]
MX6JV+MX.=;LC>'7VLN_\*-NM4.?\D[A/SKO'G].LEL?TU?Z=EJ_[0S5[*>JZ
MR+OMT&U1U+:Q&7QK5GQGT\WE(+/;NOT:-M_+\Q[R^: NCA];XI=]^=7_4$L#
M!!0 ( !1]64B:6KX7V0, 42 9 >&PO=V]R:W-H965T
Y7EJ 1W$VC6'"8-7&G@>T6]5231(@$:8*& 7@IH
M_
R@6*[LH QE/9>(IR@)#
M4" (VJ@5+M[\.WN!\2;NP9L X.)D+V"@XDGLH:W >!/WX$VXX"(6V6Y<4>R9
M5\+SG^(];!,NM>QU^Z%D;@1#3=P#-8%H%<>V%X0^Z9LR&&GB'J0) "OAK!6D
MXMR#-(&1)NY!VB2:[7\DD8U\))LM\=%0>'-B4NKZ,)PD-<'6G*NV/YNX>7L]
MK7JF_L3%>K_FCYOQS.F]F=7RE!WTMZP^Y%43O)BV->5PZK(WIM6=2_:I&[6C
MSG;7AT+OV_XV[N[K\>1I?&C-Z>T@[7J:M_H#4$L#!!0 ( !1]64C%H&9'
M4P( -T' 9 >&PO=V]R:W-H965T
%(9CEB&8];C&?( NF>3: _\DU ]"07AH\A@.6^;#
M5G,(.(; EE,2^OP,?'_Z)-4<;GH,0:D[#H4JX91D""4YW,^83S^1)L%*./P8
M\AG*(8\GT7RFW$[N58IGQXES?C3?\^98U&WT:CMW,AG.#P=K.^-2DB?'N),[
M,=X?2G/H^MO$W3?C&6I\Z.SY=B2\GTLW?P%02P,$% @ %'U92!:PA"EJ
M @ 2@@ !D !X;"]W;W)K