GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION

The 2020 Notes and the 2021 Notes (collectively, the "Notes") are guaranteed by substantially all of the Company’s subsidiaries organized in the United States. Each guarantor for the 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 domestic restricted subsidiary will be released if the Company sells such subsidiary to an unrelated third party in accordance with the terms of the indentures which govern the Notes. The Notes are not guaranteed by the Company’s subsidiaries organized outside the United States. 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”).

Following is the condensed consolidating balance sheet at March 31, 2017 (in thousands):



	Clean Harbors, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Total
Assets:
Cash and cash equivalents	$	51,726	$	139,160	$	106,480	$	—		$	297,366
Intercompany receivables	209,410		396,286		40,235		(645,931		)	—
Accounts receivable, net	—		400,764		79,280		—			480,044
Other current assets	1,033		235,715		59,592		(11,979		)	284,361
Property, plant and equipment, net	—		1,214,176		395,314		—			1,609,490
Investments in subsidiaries	2,849,584		563,331		—		(3,412,915		)	—
Intercompany debt receivable	—		87,215		24,701		(111,916		)	—
Goodwill	—		417,224		52,636		—			469,860
Permits and other intangibles, net	—		429,311		61,641		—			490,952
Other long-term assets	2,421		7,661		4,566		(1,068		)	13,580
Total assets	$	3,114,174	$	3,890,843	$	824,445	$	(4,183,809	)	$	3,645,653
Liabilities and Stockholders’ Equity:
Current liabilities	$	22,063	$	356,914	$	121,583	$	(11,979	)	$	488,581
Intercompany payables	390,812		245,871		9,248		(645,931		)	—
Closure, post-closure and remedial liabilities, net	—		148,992		16,397		—			165,389
Long-term obligations	1,633,968		—		—		—			1,633,968
Intercompany debt payable	3,701		21,000		87,215		(111,916		)	—
Other long-term liabilities	—		276,118		19,035		(1,068		)	294,085
Total liabilities	2,050,544		1,048,895		253,478		(770,894		)	2,582,023
Stockholders’ equity	1,063,630		2,841,948		570,967		(3,412,915		)	1,063,630
Total liabilities and stockholders’ equity	$	3,114,174	$	3,890,843	$	824,445	$	(4,183,809	)	$	3,645,653

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



	Clean Harbors, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Adjustments			Total
Assets:
Cash and cash equivalents	$	51,417	$	155,943	$	99,637	$	—		$	306,997
Intercompany receivables	200,337		354,836		49,055		(604,228		)	—
Accounts receivables, net	—		417,029		79,197		—			496,226
Other current assets	3,096		234,408		69,257		(17,113		)	289,648
Property, plant and equipment, net	—		1,211,210		400,617		—			1,611,827
Investments in subsidiaries	2,851,571		580,124		—		(3,431,695		)	—
Intercompany debt receivable	—		86,409		24,701		(111,110		)	—
Goodwill	—		412,638		52,516		—			465,154
Permits and other intangibles, net	—		435,594		63,127		—			498,721
Other long-term assets	2,446		7,582		4,387		(1,068		)	13,347
Total assets	$	3,108,867	$	3,895,773	$	842,494	$	(4,165,214	)	$	3,681,920
Liabilities and Stockholders’ Equity:
Current liabilities	$	21,805	$	366,831	$	133,145	$	(17,113	)	$	504,668
Intercompany payables	365,848		237,058		1,322		(604,228		)	—
Closure, post-closure and remedial liabilities, net	—		150,682		15,640		—			166,322
Long-term obligations	1,633,272		—		—		—			1,633,272
Intercompany debt payable	3,701		21,000		86,409		(111,110		)	—
Other long-term liabilities	—		275,649		18,836		(1,068		)	293,417
Total liabilities	2,024,626		1,051,220		255,352		(733,519		)	2,597,679
Stockholders’ equity	1,084,241		2,844,553		587,142		(3,431,695		)	1,084,241
Total liabilities and stockholders’ equity	$	3,108,867	$	3,895,773	$	842,494	$	(4,165,214	)	$	3,681,920

Following is the consolidating statement of operations for the three months ended March 31, 2017 (in thousands):



	Clean Harbors, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Total
Revenues
Service revenues	$	—		$	443,305		$	131,071		$	(14,162	)	$	560,214
Product revenues	—			116,650			15,331			(3,254		)	128,727
Total revenues	—			559,955			146,402			(17,416		)	688,941
Cost of revenues (exclusive of items shown separately below)
Service cost of revenues	—			294,145			111,104			(14,162		)	391,087
Product cost of revenues	—			96,505			12,247			(3,254		)	105,498
Total cost of revenues	—			390,650			123,351			(17,416		)	496,585
Selling, general and administrative expenses	24			92,171			20,026			—			112,221
Accretion of environmental liabilities	—			2,055			235			—			2,290
Depreciation and amortization	—			51,900			20,512			—			72,412
(Loss) income from operations	(24		)	23,179			(17,722		)	—			5,433
Other expense	(146		)	(1,389		)	(14		)	—			(1,549		)
Interest (expense) income	(22,659		)	119			(36		)	—			(22,576		)
Equity in earnings of subsidiaries, net of taxes	(7,637		)	(21,824		)	—			29,461			—
Intercompany interest income (expense)	—			1,297			(1,297		)	—			—
(Loss) income before (benefit) provision for income taxes	(30,466		)	1,382			(19,069		)	29,461			(18,692		)
(Benefit) provision for income taxes	(9,073		)	9,637			2,137			—			2,701
Net loss	(21,393		)	(8,255		)	(21,206		)	29,461			(21,393		)
Other comprehensive income	6,051			6,051			5,032			(11,083		)	6,051
Comprehensive loss	$	(15,342	)	$	(2,204	)	$	(16,174	)	$	18,378		$	(15,342	)

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



	Clean Harbors, Inc.			Guarantor Subsidiaries			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 condensed consolidating statement of cash flows for the three months ended March 31, 2017 (in thousands):



	Clean Harbors, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Total
Net cash (used in) from operating activities	$	(1,663	)	$	41,144		$	17,638		$	—		$	57,119
Cash flows from (used in) investing activities:
Additions to property, plant and equipment	—			(33,136		)	(9,326		)	—			(42,462		)
Proceeds from sales of fixed assets	—			664			366			—			1,030
Acquisitions, net of cash acquired	—			(11,946		)	—			—			(11,946		)
Proceeds on sale of business	1,837			—			181			—			2,018
Costs to obtain or renew permits	—			(573		)	(178		)	—			(751		)
Proceeds from sale of investments	243			—			—			—			243
Intercompany	—			(7,771		)	—			7,771			—
Net cash from (used in) investing activities	2,080			(52,762		)	(8,957		)	7,771			(51,868		)

Cash flows used in financing activities:
Change in uncashed checks	—			(5,165		)	(2,392		)	—			(7,557		)
Proceeds from exercise of stock options	46			—			—			—			46
Issuance of restricted shares, net of shares remitted	(1,021		)	—			—			—			(1,021		)
Repurchases of common stock	(6,796		)	—			—			—			(6,796		)
Deferred financing costs paid	(108		)	—			—			—			(108		)
Intercompany	7,771			—			—			(7,771		)	—
Net cash used in financing activities	(108		)	(5,165		)	(2,392		)	(7,771		)	(15,436		)
Effect of exchange rate change on cash	—			—			554			—			554
Increase (decrease) in cash and cash equivalents	309			(16,783		)	6,843			—			(9,631		)
Cash and cash equivalents, beginning of period	51,417			155,943			99,637			—			306,997
Cash and cash equivalents, end of period	$	51,726		$	139,160		$	106,480		$	—		$	297,366

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



	Clean Harbors, Inc.			Guarantor Subsidiaries			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		)
Intercompany	—			(6,423		)	—			6,423			—
Investment in subsidiaries	(250,625		)	—			—			250,625			—
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