GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION

The 2020 Notes and the 2021 Notes are guaranteed by substantially all of the Company's subsidiaries organized in the United States. 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 presents supplemental condensed consolidating financial information for the parent company, the guarantor subsidiaries and the non-guarantor subsidiaries, respectively.

As discussed further in Note 10, “Financing Arrangements,” to our consolidated financial statements included herein, during the three months ended March 31, 2016, the Parent Company issued through a private placement $250.0 million aggregate principal amount as additional notes under the 2021 Notes. In connection with this offering the proceeds were then transferred to the US Guarantor Subsidiaries and are reflected as an investment to the Parent Company in the US Guarantor subsidiaries for the period ending March 31, 2016.

Following is the condensed consolidating balance sheet at March 31, 2016 (in thousands):



	Clean Harbors, Inc.		U.S. Guarantor Subsidiaries		Foreign Non-Guarantor Subsidiaries		Consolidating Adjustments			Total
Assets:
Cash and cash equivalents	$	56,028	$	219,856	$	79,461	$	—		$	355,345
Intercompany receivables	172,776		283,034		38,065		(493,875		)	—
Accounts receivable, net	—		380,873		77,428		—			458,301
Other current assets	—		185,171		64,804		—			249,975
Property, plant and equipment, net	—		1,129,262		467,610		—			1,596,872
Investments in subsidiaries	2,832,086		524,500		—		(3,356,586		)	—
Intercompany debt receivable	—		278,018		3,701		(281,719		)	—
Goodwill	—		369,400		91,242		—			460,642
Permits and other intangibles, net	—		429,388		73,144		—			502,532
Other long-term assets	1,626		9,457		6,925		—			18,008
Total assets	$	3,062,516	$	3,808,959	$	902,380	$	(4,132,180	)	$	3,641,675
Liabilities and Stockholders’ Equity:
Current liabilities	$	22,124	$	382,100	$	61,286	$	—		$	465,510
Intercompany payables	288,515		203,542		1,818		(493,875		)	—
Closure, post-closure and remedial liabilities, net	—		152,767		15,205		—			167,972
Long-term obligations	1,631,603		—		—		—			1,631,603
Intercompany debt payable	3,701		—		278,018		(281,719		)	—
Other long-term liabilities	—		238,464		21,553		—			260,017
Total liabilities	1,945,943		976,873		377,880		(775,594		)	2,525,102
Stockholders’ equity	1,116,573		2,832,086		524,500		(3,356,586		)	1,116,573
Total liabilities and stockholders’ equity	$	3,062,516	$	3,808,959	$	902,380	$	(4,132,180	)	$	3,641,675

Following is the condensed consolidating balance sheet at December 31, 2015 (in thousands):



	Clean Harbors, Inc.		U.S. Guarantor Subsidiaries		Foreign Non-Guarantor Subsidiaries		Consolidating Adjustments			Total
Assets:
Cash and cash equivalents	$	11,017	$	83,479	$	90,212	$	—		$	184,708
Intercompany receivables	164,709		213,243		39,804		(417,756		)	—
Accounts receivables	—		404,580		91,424		—			496,004
Other current assets	—		179,969		60,515		—			240,484
Property, plant and equipment, net	—		1,082,466		450,001		—			1,532,467
Investments in subsidiaries	2,547,307		522,067		—		(3,069,374		)	—
Intercompany debt receivable	—		260,957		3,701		(264,658		)	—
Goodwill	—		367,306		85,799		—			453,105
Permits and other intangibles, net	—		435,080		71,738		—			506,818
Other long-term assets	1,068		10,274		6,500		—			17,842
Total assets	$	2,724,101	$	3,559,421	$	899,694	$	(3,751,788	)	$	3,431,428
Liabilities and Stockholders’ Equity:
Current liabilities	$	20,813	$	424,588	$	71,719	$	—		$	517,120
Intercompany payables	220,762		195,287		1,707		(417,756		)	—
Closure, post-closure and remedial liabilities, net	—		153,190		14,656		—			167,846
Long-term obligations	1,382,543		—		—		—			1,382,543
Intercompany debt payable	3,701		—		260,957		(264,658		)	—
Other long-term liabilities	—		239,049		28,588		—			267,637
Total liabilities	1,627,819		1,012,114		377,627		(682,414		)	2,335,146
Stockholders’ equity	1,096,282		2,547,307		522,067		(3,069,374		)	1,096,282
Total liabilities and stockholders’ equity	$	2,724,101	$	3,559,421	$	899,694	$	(3,751,788	)	$	3,431,428

Following is the consolidating statement of operations for the three months ended March 31, 2016 (in thousands):



	Clean Harbors, Inc.			U.S. Guarantor Subsidiaries			Foreign Non-Guarantor Subsidiaries			Consolidating Adjustments			Total
Revenues
Service revenues	$	—		$	428,477		$	114,023		$	(12,269	)	$	530,231
Product revenues	—			89,588			18,713			(2,449		)	105,852
Total revenues	—			518,065			132,736			(14,718		)	636,083
Cost of revenues (exclusive of items shown separately below)
Service cost of revenues	—			282,964			103,291			(12,269		)	373,986
Product cost of revenues	—			79,354			13,388			(2,449		)	90,293
Total cost of revenues	—			362,318			116,679			(14,718		)	464,279
Selling, general and administrative expenses	24			80,655			23,805			—			104,484
Accretion of environmental liabilities	—			2,290			215			—			2,505
Depreciation and amortization	—			48,695			20,207			—			68,902
(Loss) income from operations	(24		)	24,107			(28,170		)	—			(4,087		)
Other expense	—			(88		)	(262		)	—			(350		)
Interest (expense) income	(20,143		)	1,111			52			—			(18,980		)
Equity in earnings of subsidiaries, net of taxes	(8,771		)	(26,495		)	—			35,266			—
Intercompany interest income (expense)	—			5,159			(5,159		)	—			—
(Loss) income before (benefit) provision for income taxes	(28,938		)	3,794			(33,539		)	35,266			(23,417		)
(Benefit) provision for income taxes	(8,067		)	12,565			(7,044		)	—			(2,546		)
Net loss	(20,871		)	(8,771		)	(26,495		)	35,266			(20,871		)
Other comprehensive income	45,837			45,837			28,927			(74,764		)	45,837
Comprehensive income	$	24,966		$	37,066		$	2,432		$	(39,498	)	$	24,966

Following is the consolidating statement of operations for the three months ended March 31, 2015 (in thousands):



	Clean Harbors, Inc.			U.S. Guarantor Subsidiaries			Foreign Non-Guarantor Subsidiaries			Consolidating Adjustments			Total
Revenues
Service revenues	$	—		$	418,517		$	193,453		$	(15,640	)	$	596,330
Product revenues	—			116,536			23,204			(3,571		)	136,169
Total revenues	—			535,053			216,657			(19,211		)	732,499
Cost of revenues (exclusive of items shown separately below)
Service cost of revenues	—			277,602			154,428			(15,640		)	416,390
Product cost of revenues	—			115,286			18,402			(3,571		)	130,117
Total cost of revenues	—			392,888			172,830			(19,211		)	546,507
Selling, general and administrative expenses	25			80,984			26,706			—			107,715
Accretion of environmental liabilities	—			2,306			313			—			2,619
Depreciation and amortization	—			45,801			22,555			—			68,356
(Loss) income from operations	(25		)	13,074			(5,747		)	—			7,302
Other income (expense)	—			111			298			—			409
Interest (expense) income	(19,639		)	178			23			—			(19,438		)
Equity in earnings of subsidiaries, net of taxes	4,709			(7,029		)	—			2,320			—
Intercompany interest income (expense)	—			5,977			(5,977		)	—			—
(Loss) income before (benefit) provision for income taxes	(14,955		)	12,311			(11,403		)	2,320			(11,727		)
(Benefit) provision for income taxes	(7,866		)	7,602			(4,374		)	—			(4,638		)
Net (loss) income	(7,089		)	4,709			(7,029		)	2,320			(7,089		)
Other comprehensive loss	(77,403		)	(77,403		)	(50,635		)	128,038			(77,403		)
Comprehensive loss	$	(84,492	)	$	(72,694	)	$	(57,664	)	$	130,358		$	(84,492	)

Following is the condensed consolidating statement of cash flows for the three months ended March 31, 2016 (in thousands):



	Clean Harbors, Inc.			U.S. Guarantor Subsidiaries			Foreign Non-Guarantor Subsidiaries			Consolidating Adjustments			Total
Net cash from (used in) operating activities	$	47,201		$	(3,361	)	$	(4,551	)	$	—		$	39,289
Cash flows used in investing activities:
Additions to property, plant and equipment	—			(64,754		)	(11,027		)	—			(75,781		)
Proceeds from sales of fixed assets	—			277			996			—			1,273
Acquisitions, net of cash acquired	—			(34,993		)	—			—			(34,993		)
Costs to obtain or renew permits	—			(465		)	(47		)	—			(512		)
Investment in subsidiaries	(250,625		)	—			—			250,625			—
Intercompany	—			(6,423		)	—			6,423			—
Net cash used in investing activities	(250,625		)	(106,358		)	(10,078		)	257,048			(110,013		)

Cash flows from (used in) financing activities:
Change in uncashed checks	—			(4,529		)	(689		)	—			(5,218		)
Issuance of restricted shares, net of shares remitted	(1,425		)	—			—			—			(1,425		)
Repurchases of common stock	(4,998		)	—			—			—			(4,998		)
Deferred financing costs paid	(2,190		)	—			—			—			(2,190		)
Issuance of senior secured notes, including premium	250,625			250,625			—			(250,625		)	250,625
Intercompany	6,423			—			—			(6,423		)	—
Net cash from (used in) financing activities	248,435			246,096			(689		)	(257,048		)	236,794
Effect of exchange rate change on cash	—			—			4,567			—			4,567
Increase (decrease) in cash and cash equivalents	45,011			136,377			(10,751		)	—			170,637
Cash and cash equivalents, beginning of period	11,017			83,479			90,212			—			184,708
Cash and cash equivalents, end of period	$	56,028		$	219,856		$	79,461		$	—		$	355,345

Following is the condensed consolidating statement of cash flows for the three months ended March 31, 2015 (in thousands):



	Clean Harbors, Inc.			U.S. Guarantor Subsidiaries			Foreign Non-Guarantor Subsidiaries			Consolidating Adjustments			Total
Net cash (used in) from operating activities	$	(8,032	)	$	85,311		$	7,498		$	—		$	84,777
Cash flows used in investing activities:
Additions to property, plant and equipment	—			(37,670		)	(15,279		)	—			(52,949		)
Proceeds from sale of fixed assets	—			113			647			—			760
Costs to obtain or renew permits	—			—			(1,171		)	—			(1,171		)
Intercompany	—			(108,435		)	—			108,435			—
Net cash used in investing activities	—			(145,992		)	(15,803		)	108,435			(53,360		)

Cash flows from (used in) financing activities:
Change in uncashed checks	—			(14,694		)	(5,574		)	—			(20,268		)
Issuance of restricted shares, net of shares remitted	(1,154		)	—			—			—			(1,154		)
Repurchases of common stock	(15,379		)	—			—			—			(15,379		)
Excess tax benefit of stock-based compensation	5			—			—			—			5
Payments of capital leases	—			(164		)	(234		)	—			(398		)
Intercompany	108,435			—			—			(108,435		)	—
Net cash from (used in) financing activities	91,907			(14,858		)	(5,808		)	(108,435		)	(37,194		)
Effect of exchange rate change on cash	—			—			(7,363		)	—			(7,363		)
Decrease in cash and cash equivalents	83,875			(75,539		)	(21,476		)	—			(13,140		)
Cash and cash equivalents, beginning of period	1,006			154,147			91,726			—			246,879
Cash and cash equivalents, end of period	$	84,881		$	78,608		$	70,250		$	—		$	233,739