GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION

The 2020 Notes and 2021 Notes are guaranteed by substantially all of the Company's subsidiaries organized in the United States. Each guarantor for the 2020 Notes and 2021 Notes is a wholly-owned subsidiary of the Company and its guarantee is both full and unconditional and joint and several. The 2020 Notes and 2021 Notes are not guaranteed by the Company’s Canadian or other foreign subsidiaries. The following presents supplemental condensed consolidating financial information for the parent company, the guarantor subsidiaries and the non-guarantor subsidiaries, respectively.

Following is the condensed consolidating balance sheet at March 31, 2013 (in thousands):



	Clean Harbors, Inc.		U.S. Guarantor Subsidiaries		Foreign Non-Guarantor Subsidiaries		Consolidating Adjustments			Total
Assets:
Cash and cash equivalents	$	3,536	$	165,156	$	53,412	$	—		$	222,104
Intercompany receivables	306,330		1,857		175,993		(484,180		)	—
Other current assets	12,143		558,912		280,423		—			851,478
Property, plant and equipment, net	—		890,852		658,954		—			1,549,806
Investments in subsidiaries	2,561,127		885,889		144,954		(3,591,970		)	—
Intercompany debt receivable	—		516,002		3,701		(519,703		)	—
Other long-term assets	22,577		870,915		286,498		—			1,179,990
Total assets	$	2,905,713	$	3,889,583	$	1,603,935	$	(4,595,853	)	$	3,803,378
Liabilities and Stockholders’ Equity:
Current liabilities	$	27,526	$	399,657	$	136,862	$	—		$	564,045
Intercompany payables	—		482,259		1,921		(484,180		)	—
Closure, post-closure and remedial liabilities, net	—		163,696		34,650		—			198,346
Long-term obligations	1,400,000		—		—		—			1,400,000
Capital lease obligations, net	—		190		1,964		—			2,154
Intercompany debt payable	3,701		—		516,002		(519,703		)	—
Other long-term liabilities	51,018		121,628		42,719		—			215,365
Total liabilities	1,482,245		1,167,430		734,118		(1,003,883		)	2,379,910
Stockholders’ equity	1,423,468		2,722,153		869,817		(3,591,970		)	1,423,468
Total liabilities and stockholders’ equity	$	2,905,713	$	3,889,583	$	1,603,935	$	(4,595,853	)	$	3,803,378

Following is the condensed consolidating balance sheet at December 31, 2012 (in thousands):



	Clean Harbors, Inc.		U.S. Guarantor Subsidiaries		Foreign Non-Guarantor Subsidiaries		Consolidating Adjustments			Total
Assets:
Cash and cash equivalents	$	35,214	$	140,683	$	53,939	$	—		$	229,836
Intercompany receivables	296,023		17,704		116,571		(430,298		)	—
Other current assets	38,295		526,354		292,308		—			856,957
Property, plant and equipment, net	—		886,032		645,731		—			1,531,763
Investments in subsidiaries	2,528,699		850,011		144,953		(3,523,663		)	—
Intercompany debt receivable	—		508,067		3,701		(511,768		)	—
Other long-term assets	21,141		896,991		289,118		—			1,207,250
Total assets	$	2,919,372	$	3,825,842	$	1,546,321	$	(4,465,729	)	$	3,825,806
Liabilities and Stockholders’ Equity:
Current liabilities	$	32,586	$	402,990	$	133,476	$	—		$	569,052
Intercompany payables	—		412,594		17,704		(430,298		)	—
Closure, post-closure and remedial liabilities, net	—		161,175		36,172		—			197,347
Long-term obligations	1,400,000		—		—		—			1,400,000
Capital lease obligations, net	—		301		2,578		—			2,879
Intercompany debt payable	3,701		—		508,067		(511,768		)	—
Other long-term liabilities	51,013		134,393		39,050		—			224,456
Total liabilities	1,487,300		1,111,453		737,047		(942,066		)	2,393,734
Stockholders’ equity	1,432,072		2,714,389		809,274		(3,523,663		)	1,432,072
Total liabilities and stockholders’ equity	$	2,919,372	$	3,825,842	$	1,546,321	$	(4,465,729	)	$	3,825,806

Following is the consolidating statement of income (loss) for the three months ended March 31, 2013 (in thousands):



	Clean Harbors, Inc.			U.S. Guarantor Subsidiaries			Foreign Non-Guarantor Subsidiaries			Consolidating Adjustments			Total

Revenues
Service revenues	$	—		$	399,235		$	281,419		$	(8,032	)	$	672,622
Product revenues	—			160,863			30,942			(2,264		)	189,541
Total revenues	—			560,098			312,361			(10,296		)	862,163
Cost of revenues (exclusive of items shown separately below)
Service cost of revenues	—			274,172			202,232			(8,032		)	468,372
Product cost of revenues	—			143,641			26,275			(2,264		)	167,652
Total cost of revenues	—			417,813			228,507			(10,296		)	636,024
Selling, general and administrative expenses	25			95,561			32,884			—			128,470
Accretion of environmental liabilities	—			2,400			435			—			2,835
Depreciation and amortization	—			37,289			22,717			—			60,006
Income from operations	(25		)	7,035			27,818			—			34,828
Other income (expense)	—			720			(195		)	—			525
Interest (expense) income	(19,800		)	—			(73		)	—			(19,873		)
Equity in earnings of subsidiaries	30,221			21,413			—			(51,634		)	—
Intercompany dividend income (expense)	—			—			3,645			(3,645		)	—
Intercompany interest income (expense)	—			10,338			(10,338		)	—			—
Income before provision for income taxes	10,396			39,506			20,857			(55,279		)	15,480
Provision for income taxes	(106		)	(474		)	5,558			—			4,978
Net income	10,502			39,980			15,299			(55,279		)	10,502
Other comprehensive (loss) income	(23,861		)	(23,861		)	11,772			12,089			(23,861		)
Comprehensive (loss) income	$	(13,359	)	$	16,119		$	27,071		$	(43,190	)	$	(13,359	)

Following is the consolidating statement of income (loss) for the three months ended March 31, 2012 (in thousands):



	Clean Harbors, Inc.			U.S. Guarantor Subsidiaries			Foreign Non-Guarantor Subsidiaries			Consolidating Adjustments			Total

Revenues
Service revenues	$	—		$	269,395		$	269,814		$	(4,898	)	$	534,311
Product revenues	—			22,142			15,915			(346		)	37,711
Total revenues	—			291,537			285,729			(5,244		)	572,022
Cost of revenues (exclusive of items shown separately below)
Service cost of revenues	—			182,730			191,293			(4,898		)	369,125
Product cost of revenues	—			18,470			13,066			(346		)	31,190
Total cost of revenues	—			201,200			204,359			(5,244		)	400,315
Selling, general and administrative expenses	80			44,912			25,767			—			70,759
Accretion of environmental liabilities	—			2,096			320			—			2,416
Depreciation and amortization	—			16,636			20,195			—			36,831
Income from operations	(80		)	26,693			35,088			—			61,701
Other (expense) income	—			(450		)	151			—			(299		)
Interest expense	(10,706		)	(201		)	(365		)	—			(11,272		)
Equity in earnings of subsidiaries	36,465			25,996			—			(62,461		)	—
Intercompany dividend income (expense)	10,010			—			3,526			(13,536		)	—
Intercompany interest income (expense)	—			10,345			(10,345		)	—			—
Income before provision for income taxes	35,689			62,383			28,055			(75,997		)	50,130
Provision for income taxes	3,674			5,722			8,719			—			18,115
Net income	32,015			56,661			19,336			(75,997		)	32,015
Other comprehensive income (loss)	15,180			15,180			6,284			(21,464		)	15,180
Comprehensive income (loss)	$	47,195		$	71,841		$	25,620		$	(97,461	)	$	47,195

Following is the condensed consolidating statement of cash flows for the three months ended March 31, 2013 (in thousands):



	Clean Harbors, Inc.			U.S. Guarantor Subsidiaries			Foreign Non-Guarantor Subsidiaries			Total

Net cash from operating activities	$	(32,042	)	$	33,154		$	38,477		$	39,589
Cash flows from investing activities:
Additions to property, plant and equipment	—			(36,962		)	(35,287		)	(72,249		)
Proceeds from sales of fixed assets	—			250			671			921
Acquisitions, net of cash acquired	(197		)	—			—			(197		)
Costs to obtain or renew permits	—			(113		)	(612		)	(725		)
Net cash from investing activities	(197		)	(36,825		)	(35,228		)	(72,250		)

Cash flows from financing activities:
Change in uncashed checks	—			20,562			5,857			26,419
Proceeds from exercise of stock options	397			—			—			397
Proceeds from employee stock purchase plan	1,546			—			—			1,546
Remittance of shares, net	(41		)	—			—			(41		)
Excess tax benefit of stock-based compensation	1,227			—			—			1,227
Deferred financing costs paid	(2,318		)	—			—			(2,318		)
Payments on capital leases	—			(80		)	(1,266		)	(1,346		)
Issuance costs related to 2012 issuance of common stock	(250		)							(250		)
Dividends (paid) / received	—			(3,645		)	3,645			—
Interest (payments) / received	—			11,307			(11,307		)	—
Net cash from financing activities	561			28,144			(3,071		)	25,634
Effect of exchange rate change on cash	—			—			(705		)	(705		)
(Decrease) increase in cash and cash equivalents	(31,678		)	24,473			(527		)	(7,732		)
Cash and cash equivalents, beginning of period	35,214			140,683			53,939			229,836
Cash and cash equivalents, end of period	$	3,536		$	165,156		$	53,412		$	222,104

Following is the condensed consolidating statement of cash flows for the three months ended March 31, 2012 (in thousands):



	Clean Harbors, Inc.			U.S. Guarantor Subsidiaries			Foreign Non-Guarantor Subsidiaries			Total

Net cash from operating activities	$	(18,010	)	$	10,827		$	36,736		$	29,553
Cash flows from investing activities:
Additions to property, plant and equipment	—			(14,678		)	(12,983		)	(27,661		)
Proceeds from sale of fixed assets	—			146			279			425
Acquisitions, net of cash acquired	—			(2,276		)	(6,475		)	(8,751		)
Costs to obtain or renew permits	—			(106		)	(319		)	(425		)
Purchase of available for sale securities	—			—			(4,468		)	(4,468		)
Other				603			4,517			5,120
Net cash from investing activities	—			(16,311		)	(19,449		)	(35,760		)

Cash flows from financing activities:
Change in uncashed checks	—			(7,125		)	(6,451		)	(13,576		)
Proceeds from exercise of stock options	30			—			—			30
Proceeds from employee stock purchase plan	1,238			—			—			1,238
Excess tax benefit of stock-based compensation	713			—			—			713
Payments of capital leases	—			(361		)	(1,805		)	(2,166		)
Distribution of cash earned on employee participation plan	(38		)	—			—			(38		)
Dividends (paid) / received	10,010			(13,428		)	3,418			—
Interest (payments) / received	—			16,783			(16,783		)	—
Net cash from financing activities	11,953			(4,131		)	(21,621		)	(13,799		)
Effect of exchange rate change on cash	—			—			810			810
Decrease in cash and cash equivalents	(6,057		)	(9,615		)	(3,524		)	(19,196		)
Cash and cash equivalents, beginning of period	91,581			128,071			41,071			260,723
Cash and cash equivalents, end of period	$	85,524		$	118,456		$	37,547		$	241,527