x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2013 | |
OR | |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Massachusetts | 04-2997780 | |
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) | |
42 Longwater Drive, Norwell, MA | 02061-9149 | |
(Address of Principal Executive Offices) | (Zip Code) |
Large accelerated filer x | Accelerated filer o | |
Non-accelerated filer o | Smaller reporting company o | |
(Do not check if a smaller reporting company) |
Common Stock, $.01 par value | 60,605,065 | |
(Class) | (Outstanding as of Aug 5, 2013) |
Page No. | |
PART I: FINANCIAL INFORMATION | |
ITEM 1: Unaudited Financial Statements | |
June 30, 2013 | December 31, 2012 | |||||||
ASSETS | (unaudited) | |||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 263,478 | $ | 229,836 | ||||
Marketable securities | 10,339 | 11,778 | ||||||
Accounts receivable, net of allowances aggregating $14,759 and $11,125, respectively | 549,909 | 541,423 | ||||||
Unbilled accounts receivable | 34,277 | 27,072 | ||||||
Deferred costs | 17,255 | 6,888 | ||||||
Prepaid expenses and other current assets | 53,471 | 75,778 | ||||||
Inventories and supplies | 155,538 | 171,441 | ||||||
Deferred tax assets | 20,924 | 22,577 | ||||||
Total current assets | 1,105,191 | 1,086,793 | ||||||
Property, plant and equipment, net | 1,554,972 | 1,531,763 | ||||||
Other assets: | ||||||||
Long-term investments | 4,352 | 4,354 | ||||||
Deferred financing costs | 22,410 | 21,657 | ||||||
Goodwill | 575,275 | 593,771 | ||||||
Permits and other intangibles, net | 555,422 | 572,817 | ||||||
Other | 14,491 | 14,651 | ||||||
Total other assets | 1,171,950 | 1,207,250 | ||||||
Total assets | $ | 3,832,113 | $ | 3,825,806 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Current portion of capital lease obligations | $ | 2,923 | $ | 5,092 | ||||
Accounts payable | 273,058 | 256,468 | ||||||
Deferred revenue | 63,374 | 50,942 | ||||||
Accrued expenses | 242,362 | 232,429 | ||||||
Current portion of closure, post-closure and remedial liabilities | 22,470 | 24,121 | ||||||
Total current liabilities | 604,187 | 569,052 | ||||||
Other liabilities: | ||||||||
Closure and post-closure liabilities, less current portion of $5,732 and $8,791, respectively | 40,896 | 45,457 | ||||||
Remedial liabilities, less current portion of $16,738 and $15,330, respectively | 154,983 | 151,890 | ||||||
Long-term obligations | 1,400,000 | 1,400,000 | ||||||
Capital lease obligations, less current portion | 2,140 | 2,879 | ||||||
Deferred taxes, unrecognized tax benefits and other long-term liabilities | 215,187 | 224,456 | ||||||
Total other liabilities | 1,813,206 | 1,824,682 | ||||||
Stockholders’ equity: | ||||||||
Common stock, $.01 par value: | ||||||||
Authorized 80,000,000; shares issued and outstanding 60,550,064 and 60,385,453 shares, respectively | 606 | 604 | ||||||
Shares held under employee participation plan | (469 | ) | (469 | ) | ||||
Additional paid-in capital | 889,588 | 880,979 | ||||||
Accumulated other comprehensive (loss) income | (9,735 | ) | 49,632 | |||||
Accumulated earnings | 534,730 | 501,326 | ||||||
Total stockholders’ equity | 1,414,720 | 1,432,072 | ||||||
Total liabilities and stockholders’ equity | $ | 3,832,113 | $ | 3,825,806 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues: | ||||||||||||||||
Service revenues | $ | 673,872 | $ | 485,728 | $ | 1,346,494 | $ | 1,020,039 | ||||||||
Product revenues | 186,656 | 37,390 | 376,197 | 75,101 | ||||||||||||
Total revenues | 860,528 | 523,118 | 1,722,691 | 1,095,140 | ||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||
Service revenues | 455,603 | 338,291 | 923,975 | 707,416 | ||||||||||||
Product revenues | 158,723 | 29,332 | 326,375 | 60,522 | ||||||||||||
Total cost of revenues | 614,326 | 367,623 | 1,250,350 | 767,938 | ||||||||||||
Selling, general and administrative expenses | 122,612 | 66,794 | 251,082 | 137,553 | ||||||||||||
Accretion of environmental liabilities | 2,879 | 2,505 | 5,714 | 4,921 | ||||||||||||
Depreciation and amortization | 67,468 | 38,663 | 127,474 | 75,494 | ||||||||||||
Income from operations | 53,243 | 47,533 | 88,071 | 109,234 | ||||||||||||
Other income (expense) | 1,655 | (75 | ) | 2,180 | (374 | ) | ||||||||||
Interest expense, net of interest income of $155 and $266 for the quarter and year-to-date ended 2013 and $215 and $402 for the quarter and year-to-date ended 2012, respectively | (19,585 | ) | (10,968 | ) | (39,458 | ) | (22,240 | ) | ||||||||
Income before provision for income taxes | 35,313 | 36,490 | 50,793 | 86,620 | ||||||||||||
Provision for income taxes | 12,411 | 13,064 | 17,389 | 31,179 | ||||||||||||
Net income | $ | 22,902 | $ | 23,426 | $ | 33,404 | $ | 55,441 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.38 | $ | 0.44 | $ | 0.55 | $ | 1.04 | ||||||||
Diluted | $ | 0.38 | $ | 0.44 | $ | 0.55 | $ | 1.04 | ||||||||
Weighted average common shares outstanding - basic | 60,550 | 53,308 | 60,507 | 53,268 | ||||||||||||
Weighted average common shares outstanding - diluted | 60,687 | 53,505 | 60,658 | 53,497 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income | $ | 22,902 | $ | 23,426 | $ | 33,404 | $ | 55,441 | ||||||||
Other comprehensive loss: | ||||||||||||||||
Unrealized losses on available-for-sale securities (net of taxes of $22 and $92 for the quarter and year-to-date 2013 and $43 and $83 for the quarter and year-to date 2012, respectively) | (166 | ) | (947 | ) | (715 | ) | (584 | ) | ||||||||
Foreign currency translation adjustments | (35,340 | ) | (16,510 | ) | (58,652 | ) | (1,693 | ) | ||||||||
Other comprehensive loss | (35,506 | ) | (17,457 | ) | (59,367 | ) | (2,277 | ) | ||||||||
Comprehensive (loss) income | $ | (12,604 | ) | $ | 5,969 | $ | (25,963 | ) | $ | 53,164 |
Six Months Ended | ||||||||
June 30, | ||||||||
2013 | 2012 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 33,404 | $ | 55,441 | ||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||
Depreciation and amortization | 127,474 | 75,494 | ||||||
Pre-tax, non-cash acquisition accounting adjustments | 13,559 | — | ||||||
Allowance for doubtful accounts | 3,618 | 405 | ||||||
Amortization of deferred financing costs and debt discount | 1,692 | 753 | ||||||
Accretion of environmental liabilities | 5,714 | 4,921 | ||||||
Changes in environmental liability estimates | (393 | ) | (3,095 | ) | ||||
Deferred income taxes | (8 | ) | (510 | ) | ||||
Stock-based compensation | 3,924 | 3,616 | ||||||
Excess tax benefit of stock-based compensation | (1,326 | ) | (1,122 | ) | ||||
Income tax benefit related to stock option exercises | 1,316 | 1,121 | ||||||
Other expense (income) | (2,180 | ) | 374 | |||||
Environmental expenditures | (9,793 | ) | (3,787 | ) | ||||
Changes in assets and liabilities, net of acquisitions | ||||||||
Accounts receivable | (20,783 | ) | 54,117 | |||||
Inventories and supplies | 1,128 | (1,540 | ) | |||||
Other current assets | 5,027 | 17,197 | ||||||
Accounts payable | (33,426 | ) | (16,904 | ) | ||||
Other current and long-term liabilities | 8,665 | (10,707 | ) | |||||
Net cash from operating activities | 137,612 | 175,774 | ||||||
Cash flows from investing activities: | ||||||||
Additions to property, plant and equipment | (141,466 | ) | (82,971 | ) | ||||
Proceeds from sales of fixed assets | 2,194 | 3,886 | ||||||
Acquisitions, net of cash acquired | — | (43,039 | ) | |||||
Additions to intangible assets, including costs to obtain or renew permits | (2,169 | ) | (953 | ) | ||||
Purchase of marketable securities | — | (10,517 | ) | |||||
Other | — | 5,120 | ||||||
Net cash used in investing activities | (141,441 | ) | (128,474 | ) | ||||
Cash flows from financing activities: | ||||||||
Change in uncashed checks | 40,356 | (9,496 | ) | |||||
Proceeds from exercise of stock options | 399 | 98 | ||||||
Remittance of shares, net | (169 | ) | (1,216 | ) | ||||
Proceeds from employee stock purchase plan | 3,391 | 3,130 | ||||||
Deferred financing costs paid | (2,446 | ) | (21 | ) | ||||
Payments on capital leases | (2,588 | ) | (3,833 | ) | ||||
Issuance costs related to 2012 issuance of common stock | (250 | ) | — | |||||
Distribution of cash earned on employee participation plan | — | (38 | ) | |||||
Excess tax benefit of stock-based compensation | 1,326 | 1,122 | ||||||
Net cash from financing activities | 40,019 | (10,254 | ) | |||||
Effect of exchange rate change on cash | (2,548 | ) | (1,011 | ) | ||||
Increase in cash and cash equivalents | 33,642 | 36,035 | ||||||
Cash and cash equivalents, beginning of period | 229,836 | 260,723 | ||||||
Cash and cash equivalents, end of period | $ | 263,478 | $ | 296,758 | ||||
Supplemental information: | ||||||||
Cash payments for interest and income taxes: | ||||||||
Interest paid | $ | 36,841 | $ | 21,812 | ||||
Income taxes paid | 7,275 | 4,219 | ||||||
Non-cash investing and financing activities: | ||||||||
Property, plant and equipment accrued | 38,650 | 26,885 | ||||||
Transfer of inventory to property, plant and equipment | 11,369 | — |
Common Stock | Shares Held Under Employee Participation Plan | Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||||||||
Number of Shares | $ 0.01 Par Value | Additional Paid-in Capital | Accumulated Earnings | Total Stockholders’ Equity | ||||||||||||||||||||||
Balance at January 1, 2013 | 60,385 | $ | 604 | $ | (469 | ) | $ | 880,979 | $ | 49,632 | $ | 501,326 | $ | 1,432,072 | ||||||||||||
Net income | — | — | — | — | — | 33,404 | 33,404 | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | (59,367 | ) | — | (59,367 | ) | |||||||||||||||||
Stock-based compensation | 33 | — | — | 3,924 | — | — | 3,924 | |||||||||||||||||||
Issuance of restricted shares, net of shares remitted | (7 | ) | — | — | (169 | ) | — | — | (169 | ) | ||||||||||||||||
Issuance costs related to 2012 issuance of common stock | — | — | — | (250 | ) | — | — | (250 | ) | |||||||||||||||||
Exercise of stock options | 61 | 2 | — | 397 | — | — | 399 | |||||||||||||||||||
Net tax benefit on exercise of stock-based awards | — | — | — | 1,316 | — | — | 1,316 | |||||||||||||||||||
Employee stock purchase plan | 78 | — | — | 3,391 | — | — | 3,391 | |||||||||||||||||||
Balance at June 30, 2013 | 60,550 | $ | 606 | $ | (469 | ) | $ | 889,588 | $ | (9,735 | ) | $ | 534,730 | $ | 1,414,720 |
At December 28, 2012 | Year-to-Date Measurement Period Adjustments | At Acquisition Date (As Adjusted) | |||||||||
Inventories and supplies | $ | 102,339 | $ | 6,537 | $ | 108,876 | |||||
Other current assets (i) | 152,245 | (419 | ) | 151,826 | |||||||
Property, plant and equipment | 514,712 | 779 | 515,491 | ||||||||
Permits and other intangibles | 421,400 | 4,577 | 425,977 | ||||||||
Other assets | 4,985 | (1,111 | ) | 3,874 | |||||||
Current liabilities | (192,652 | ) | (6,564 | ) | (199,216 | ) | |||||
Closure and post-closure liabilities, less current portion | (15,774 | ) | 8,221 | (7,553 | ) | ||||||
Remedial liabilities, less current portion | (38,370 | ) | (8,146 | ) | (46,516 | ) | |||||
Deferred taxes, unrecognized tax benefits and other long-term liabilities | (128,375 | ) | 7,384 | (120,991 | ) | ||||||
Total identifiable net assets | 820,510 | 11,258 | 831,768 | ||||||||
Goodwill (ii) | 436,749 | (11,258 | ) | 425,491 | |||||||
Total | $ | 1,257,259 | $ | — | $ | 1,257,259 |
(i) | The fair value of the assets acquired includes customer receivables with a preliminary aggregate fair value of $133.9 million. Combined gross amounts due were $143.9 million. |
(ii) | Goodwill represents the excess of the fair value of the net assets acquired over the purchase price. Goodwill of $210.1 million, $144.6 million, $68.7 million, and $2.1 million has been recorded on a preliminary basis in the Oil Re-refining and Recycling, SK Environmental Services, Industrial and Field Services and Technical Services segments, respectively. None of the goodwill related to this acquisition will be deductible for tax purposes. |
For the Three Months Ended | For the Six Months Ended | ||||||
June 30, 2012 | June 30, 2012 | ||||||
Pro forma combined revenues | $ | 956,265 | $ | 1,839,649 | |||
Pro forma combined net income | $ | 45,875 | $ | 77,066 |
At Acquisition Dates | Year-to-Date Measurement Period Adjustments | At Acquisition Dates (As Adjusted) | |||||||||
Current assets (i) | $ | 20,270 | $ | 221 | $ | 20,491 | |||||
Property, plant and equipment | 51,901 | (8 | ) | 51,893 | |||||||
Customer relationships and other intangibles | 21,770 | — | 21,770 | ||||||||
Other assets | 53 | 4 | 57 | ||||||||
Current liabilities | (5,277 | ) | (41 | ) | (5,318 | ) | |||||
Other liabilities | (5,133 | ) | (73 | ) | (5,206 | ) | |||||
Total identifiable net assets | 83,584 | 103 | 83,687 | ||||||||
Goodwill (ii) | 23,956 | 445 | 24,401 | ||||||||
Total | $ | 107,540 | $ | 548 | $ | 108,088 |
(i) | The preliminary fair value of the financial assets acquired included customer receivables with an aggregate fair value of $13.2 million. Combined gross amounts due were $13.5 million. |
(ii) | Goodwill represents the excess of the fair value of the net assets acquired over the purchase price attributed to expected operating and cross selling synergies. The goodwill has been assigned to the Industrial and Field Services segment and will not be deductible for tax purposes. |
For the Three Months Ended | For the Six Months Ended | ||||||
June 30, 2012 | June 30, 2012 | ||||||
Pro forma combined revenues | $ | 545,371 | $ | 1,152,853 | |||
Pro forma combined net income | $ | 24,271 | $ | 60,369 |
June 30, 2013 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at June 30, 2013 | |||||||||||||
Assets: | ||||||||||||||||
Auction rate securities (i) | $ | — | $ | — | $ | 4,352 | $ | 4,352 | ||||||||
Derivative instruments (ii) | $ | — | $ | 626 | $ | — | $ | 626 | ||||||||
Marketable securities (iii) | $ | 10,339 | $ | — | $ | — | $ | 10,339 | ||||||||
Liabilities: | ||||||||||||||||
Derivative instruments (ii) | $ | — | $ | 39 | $ | — | $ | 39 |
December 31, 2012 | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at December 31, 2012 | |||||||||||||
Assets: | ||||||||||||||||
Auction rate securities (i) | $ | — | $ | — | $ | 4,354 | $ | 4,354 | ||||||||
Derivative instruments (ii) | $ | — | $ | 165 | $ | — | $ | 165 | ||||||||
Marketable securities (iii) | $ | 11,778 | $ | — | $ | — | $ | 11,778 | ||||||||
Liabilities: | ||||||||||||||||
Derivative instruments (ii) | $ | — | $ | 1,242 | $ | — | $ | 1,242 |
(i) | The auction rate securities are classified as available-for-sale and the fair value of these securities was estimated utilizing a probability discounted cash flow analysis. As of June 30, 2013, all of the Company's auction rate securities continue to have AAA underlying ratings. The Company attributes the $0.3 million decline in the fair value of the securities from the original cost basis to external liquidity issues rather than credit issues. The Company assessed the decline in value to be temporary because it does not intend to sell and it is more likely than not that the Company will not have to sell the securities before their maturity. During the six months ended June 30, 2013 and 2012, the Company recorded an unrealized pre-tax loss of less than $0.1 million and a pre-tax gain of $0.1 million, respectively, on its auction rate securities. |
(ii) | The fair value of derivatives is recorded based on the present value of cash flows using a crude oil forward rate curve. |
(iii) | The fair value of marketable securities is recorded based on quoted market prices and changes in fair value were included in other comprehensive income. |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Balance at beginning of period | $ | 4,354 | $ | 4,245 | $ | 4,354 | $ | 4,245 | ||||||||
Unrealized (loss) gain included in other comprehensive income | (2 | ) | 81 | (2 | ) | 81 | ||||||||||
Balance at June 30, | $ | 4,352 | $ | 4,326 | $ | 4,352 | $ | 4,326 |
Financial Institution | Trade Date | Start Date | End Date | Barrels of oil per Month | Commodity | Floor | Cap | Upfront Costs | Fair Value as of June 30, 2013 | ||||||||||||||||
JP Morgan | 9/11/2012 | 11/1/2013 | 11/30/2013 | 148,810 | Brent | $ | 75.00 | $ | 137.50 | — | $ | 23 | |||||||||||||
JP Morgan | 12/7/2012 | 2/1/2014 | 2/28/2014 | 148,810 | Brent | 75.00 | 124.70 | — | 25 | ||||||||||||||||
JP Morgan | 3/7/2013 | 5/1/2014 | 5/31/2014 | 148,810 | Brent | 75.00 | 125.75 | — | 71 | ||||||||||||||||
JP Morgan | 5/6/2013 | 7/1/2014 | 7/31/2014 | 148,810 | Brent | 75.00 | 122.00 | — | 56 | ||||||||||||||||
Bank of America | 5/3/2012 | 7/1/2013 | 7/31/2013 | 148,810 | Brent | 75.00 | 141.25 | — | — | ||||||||||||||||
Bank of America | 8/3/2012 | 10/1/2013 | 10/31/2013 | 148,810 | Brent | 75.00 | 130.00 | — | 7 | ||||||||||||||||
Bank of America | 10/4/2012 | 12/1/2013 | 12/31/2013 | 148,810 | Brent | 75.00 | 127.50 | — | 23 | ||||||||||||||||
Bank of America | 11/9/2012 | 1/1/2014 | 1/31/2014 | 148,810 | Brent | 75.00 | 130.00 | — | 49 | ||||||||||||||||
Bank of America | 1/8/2013 | 3/1/2014 | 3/31/2014 | 148,810 | Brent | 75.00 | 129.00 | — | 74 | ||||||||||||||||
Bank of America | 2/7/2013 | 4/1/2014 | 4/30/2014 | 148,810 | Brent | 75.00 | 134.70 | — | 118 | ||||||||||||||||
Bank of America | 4/2/2013 | 6/1/2014 | 6/30/2014 | 148,810 | Brent | 75.00 | 130.00 | — | 125 | ||||||||||||||||
Bank of America | 6/10/2013 | 8/1/2014 | 8/29/2014 | 148,810 | Brent | 75.00 | 120.65 | — | 55 | ||||||||||||||||
Total derivative instrument asset | $ | 626 | |||||||||||||||||||||||
Bank of America | 12/28/2012 | 9/1/2013 | 9/30/2013 | 148,810 | Brent | $ | 75.00 | $ | 117.80 | — | 26 | ||||||||||||||
Bank of America | 12/28/2012 | 8/1/2013 | 8/31/2013 | 148,810 | Brent | 75.00 | 116.25 | — | 13 | ||||||||||||||||
Total derivative instrument liability | $ | 39 |
June 30, | December 31, | ||||||
2013 | 2012 | ||||||
Oil and oil products | $ | 64,569 | $ | 77,735 | |||
Supplies and drums | 61,256 | 63,540 | |||||
Solvent and solutions | 12,528 | 9,398 | |||||
Other | 17,185 | 20,768 | |||||
Total inventories and supplies | $ | 155,538 | $ | 171,441 |
June 30, | December 31, | ||||||
2013 | 2012 | ||||||
Land | $ | 92,910 | $ | 106,037 | |||
Asset retirement costs (non-landfill) | 10,077 | 10,450 | |||||
Landfill assets | 86,942 | 77,952 | |||||
Buildings and improvements | 315,298 | 329,617 | |||||
Camp equipment | 131,939 | 135,827 | |||||
Vehicles | 397,789 | 385,172 | |||||
Equipment | 1,099,151 | 1,061,090 | |||||
Furniture and fixtures | 5,050 | 6,757 | |||||
Construction in progress | 113,508 | 31,780 | |||||
2,252,664 | 2,144,682 | ||||||
Less - accumulated depreciation and amortization | 697,692 | 612,919 | |||||
Total property, plant and equipment, net | $ | 1,554,972 | $ | 1,531,763 |
2013 | ||||
Balance at January 1, 2013 | $ | 593,771 | ||
Decrease from adjustments during the measurement period related to acquisitions | (10,813 | ) | ||
Foreign currency translation | (7,683 | ) | ||
Balance at June 30, 2013 | $ | 575,275 |
June 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||
Cost | Accumulated Amortization | Net | Weighted Average Amortization Period (in years) | Cost | Accumulated Amortization | Net | Weighted Average Amortization Period (in years) | |||||||||||||||||||||
Permits | $ | 146,572 | $ | 48,095 | $ | 98,477 | 18.1 | $ | 148,661 | $ | 46,282 | $ | 102,379 | 21.8 | ||||||||||||||
Customer and supplier relationships | 368,699 | 39,659 | 329,040 | 13.0 | 372,751 | 27,739 | 345,012 | 13.2 | ||||||||||||||||||||
Other intangible assets | 25,843 | 13,434 | 12,409 | 3.4 | 22,027 | 12,121 | 9,906 | 3.6 | ||||||||||||||||||||
Total amortizable permits and other intangible assets | 541,114 | 101,188 | 439,926 | 12.8 | 543,439 | 86,142 | 457,297 | 13.6 | ||||||||||||||||||||
Trademarks and trade names | 115,496 | — | 115,496 | Indefinite | 115,520 | — | 115,520 | Indefinite | ||||||||||||||||||||
Total permits and other intangible assets | $ | 656,610 | $ | 101,188 | $ | 555,422 | $ | 658,959 | $ | 86,142 | $ | 572,817 |
Safety-Kleen Total Amount Assigned | Safety-Kleen Weighted Average Amortization Period (in years) | Other 2012 Acquisitions Total Amount Assigned | Other 2012 Acquisitions Weighted Average Amortization Period (in years) | ||||||||
Permits | $ | 37,300 | 29.5 | $ | 4,100 | 2.5 | |||||
Customer and supplier relationships | 270,474 | 17.3 | 17,575 | 7.5 | |||||||
Other intangible assets | 1,563 | 2.2 | 850 | 4.3 | |||||||
Total amortizable permits and other intangible assets | 309,337 | 17.7 | 22,525 | 5.3 | |||||||
Trademarks and trade names | 113,800 | Indefinite | — | ||||||||
Total permits and other intangible assets | $ | 423,137 | $ | 22,525 |
Years Ending December 31, | Expected Amortization | |||
2013 (six months) | $ | 18,400 | ||
2014 | 36,220 | |||
2015 | 35,253 | |||
2016 | 34,471 | |||
2017 | 33,085 | |||
Thereafter | 282,497 | |||
$ | 439,926 |
June 30, 2013 | December 31, 2012 | |||||||
Insurance | $ | 54,671 | $ | 48,243 | ||||
Interest | 20,734 | 20,061 | ||||||
Accrued disposal costs | 1,668 | 1,835 | ||||||
Accrued compensation and benefits | 64,205 | 70,250 | ||||||
Income, real estate, sales and other taxes | 44,307 | 35,640 | ||||||
Other | 56,777 | 56,400 | ||||||
$ | 242,362 | $ | 232,429 |
Landfill Retirement Liability | Non-Landfill Retirement Liability | Total | ||||||||||
Balance at January 1, 2013 | $ | 26,658 | $ | 27,590 | $ | 54,248 | ||||||
Adjustments during the measurement period related to acquisitions | — | (10,201 | ) | (10,201 | ) | |||||||
New asset retirement obligations | 1,937 | — | 1,937 | |||||||||
Accretion | 1,488 | 843 | 2,331 | |||||||||
Changes in estimates recorded to statement of income | (16 | ) | 135 | 119 | ||||||||
Changes in estimates recorded to balance sheet | 364 | — | 364 | |||||||||
Expenditures | (1,604 | ) | (261 | ) | (1,865 | ) | ||||||
Currency translation and other | (245 | ) | (60 | ) | (305 | ) | ||||||
Balance at June 30, 2013 | $ | 28,582 | $ | 18,046 | $ | 46,628 |
Remedial Liabilities for Landfill Sites | Remedial Liabilities for Inactive Sites | Remedial Liabilities (Including Superfund) for Non-Landfill Operations | Total | |||||||||||||
Balance at January 1, 2013 | $ | 5,829 | $ | 71,079 | $ | 90,312 | $ | 167,220 | ||||||||
Adjustments during the measurement period related to acquisitions | — | 8,581 | 2,473 | 11,054 | ||||||||||||
Accretion | 140 | 1,660 | 1,583 | 3,383 | ||||||||||||
Changes in estimates recorded to statement of income | (21 | ) | (156 | ) | (335 | ) | (512 | ) | ||||||||
Expenditures | (44 | ) | (4,200 | ) | (3,684 | ) | (7,928 | ) | ||||||||
Currency translation and other | (169 | ) | (84 | ) | (1,243 | ) | (1,496 | ) | ||||||||
Balance at June 30, 2013 | $ | 5,735 | $ | 76,880 | $ | 89,106 | $ | 171,721 |
June 30, 2013 | December 31, 2012 | |||||||
Senior unsecured notes, at 5.25%, due August 1, 2020 | $ | 800,000 | $ | 800,000 | ||||
Senior unsecured notes, at 5.125%, due June 1, 2021 | 600,000 | 600,000 | ||||||
Revolving credit facility, due January 17, 2018 | — | — | ||||||
Long-term obligations | $ | 1,400,000 | $ | 1,400,000 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator for basic and diluted earnings per share: | ||||||||||||||||
Net income | $ | 22,902 | $ | 23,426 | $ | 33,404 | $ | 55,441 | ||||||||
Denominator: | ||||||||||||||||
Basic shares outstanding | 60,550 | 53,308 | 60,507 | 53,268 | ||||||||||||
Dilutive effect of equity-based compensation awards | 137 | 197 | 151 | 229 | ||||||||||||
Dilutive shares outstanding | 60,687 | 53,505 | 60,658 | 53,497 | ||||||||||||
Basic earnings per share: | $ | 0.38 | $ | 0.44 | $ | 0.55 | $ | 1.04 | ||||||||
Diluted earnings per share: | $ | 0.38 | $ | 0.44 | $ | 0.55 | $ | 1.04 |
For the Three Months Ended | For the Three Months Ended | |||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | |||||||||||||||||||||||
Gross | Tax Effect | Net of Tax | Gross | Tax Effect | Net of Tax | |||||||||||||||||||
Foreign currency translation | $ | (35,340 | ) | $ | — | $ | (35,340 | ) | $ | (16,510 | ) | $ | — | $ | (16,510 | ) | ||||||||
Unrealized gain (loss) on available-for-sale securities | (188 | ) | 22 | (166 | ) | (990 | ) | 43 | (947 | ) | ||||||||||||||
Other comprehensive (loss) income | $ | (35,528 | ) | $ | 22 | $ | (35,506 | ) | $ | (17,500 | ) | $ | 43 | $ | (17,457 | ) |
For the Six Months Ended | For the Six Months Ended | |||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | |||||||||||||||||||||||
Gross | Tax Effect | Net of Tax | Gross | Tax Effect | Net of Tax | |||||||||||||||||||
Foreign currency translation | $ | (58,652 | ) | $ | — | $ | (58,652 | ) | $ | (1,693 | ) | $ | — | $ | (1,693 | ) | ||||||||
Unrealized gain (loss) on available-for-sale securities | (807 | ) | 92 | (715 | ) | (667 | ) | 83 | (584 | ) | ||||||||||||||
Other comprehensive (loss) income | $ | (59,459 | ) | $ | 92 | $ | (59,367 | ) | $ | (2,360 | ) | $ | 83 | $ | (2,277 | ) |
Foreign Currency Translation | Unrealized Gain (Loss) on Available-For-Sale Securities | Unfunded Pension Liability | Total | ||||||||||||
Balance at January 1, 2013 | $ | 50,627 | $ | 660 | $ | (1,655 | ) | $ | 49,632 | ||||||
Other comprehensive loss, net of tax | (58,652 | ) | (715 | ) | — | (59,367 | ) | ||||||||
Balance at June 30, 2013 | $ | (8,025 | ) | $ | (55 | ) | $ | (1,655 | ) | $ | (9,735 | ) |
Three Months Ended | Six Months Ended | |||||||||||||
June 30, 2013 | June 30, 2013 | |||||||||||||
Shares | Weighted Average Grant-Date Fair Value | Shares | Weighted Average Grant-Date Fair Value | |||||||||||
Restricted stock awards | 108,642 | $ | 54.80 | 259,992 | $ | 55.15 | ||||||||
Performance stock awards | 112,985 | $ | 54.26 | 112,985 | $ | 54.26 | ||||||||
Total awards | 221,627 | 372,977 |
For the Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||
Technical Services | Oil Re-refining and Recycling | SK Environmental Services | Industrial and Field Services | Oil and Gas Field Services | Corporate Items | Totals | ||||||||||||||||||||||
Third party revenues | $ | 256,262 | $ | 139,695 | $ | 149,835 | $ | 244,495 | $ | 69,860 | $ | 381 | $ | 860,528 | ||||||||||||||
Intersegment revenues, net | 25,789 | (64,574 | ) | 48,520 | (11,638 | ) | 1,903 | — | — | |||||||||||||||||||
Corporate Items, net | 1,339 | — | — | (27 | ) | (49 | ) | (1,263 | ) | — | ||||||||||||||||||
Direct revenues | $ | 283,390 | $ | 75,121 | $ | 198,355 | $ | 232,830 | $ | 71,714 | $ | (882 | ) | $ | 860,528 |
For the Three Months Ended June 30, 2012 | ||||||||||||||||||||||||||||
Technical Services | Oil Re-refining and Recycling | SK Environmental Services | Industrial and Field Services | Oil and Gas Field Services | Corporate Items | Totals | ||||||||||||||||||||||
Third party revenues | $ | 243,321 | $ | — | $ | — | $ | 202,618 | $ | 76,849 | $ | 330 | $ | 523,118 | ||||||||||||||
Intersegment revenues, net | 8,217 | — | — | (11,148 | ) | 2,931 | — | — | ||||||||||||||||||||
Corporate Items, net | 648 | — | — | (64 | ) | (62 | ) | (522 | ) | — | ||||||||||||||||||
Direct revenues | $ | 252,186 | $ | — | $ | — | $ | 191,406 | $ | 79,718 | $ | (192 | ) | $ | 523,118 |
For the Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||
Technical Services | Oil Re-refining and Recycling | SK Environmental Services | Industrial and Field Services | Oil and Gas Field Services | Corporate Items | Totals | ||||||||||||||||||||||
Third party revenues | $ | 490,201 | $ | 286,626 | $ | 302,790 | $ | 465,913 | $ | 186,556 | $ | (9,395 | ) | $ | 1,722,691 | |||||||||||||
Intersegment revenues, net | 50,208 | (121,135 | ) | 89,925 | (24,994 | ) | 5,996 | — | — | |||||||||||||||||||
Corporate Items, net | 2,191 | — | 84 | 111 | (200 | ) | (2,186 | ) | — | |||||||||||||||||||
Direct revenues | $ | 542,600 | $ | 165,491 | $ | 392,799 | $ | 441,030 | $ | 192,352 | $ | (11,581 | ) | $ | 1,722,691 |
For the Six Months Ended June 30, 2012 | ||||||||||||||||||||||||||||
Technical Services | Oil Re-refining and Recycling | SK Environmental Services | Industrial and Field Services | Oil and Gas Field Services | Corporate Items | Totals | ||||||||||||||||||||||
Third party revenues | $ | 464,958 | $ | — | $ | — | $ | 405,397 | $ | 223,754 | $ | 1,031 | $ | 1,095,140 | ||||||||||||||
Intersegment revenues, net | 17,284 | — | — | (22,369 | ) | 5,085 | — | — | ||||||||||||||||||||
Corporate Items, net | 1,140 | — | — | (52 | ) | (293 | ) | (795 | ) | — | ||||||||||||||||||
Direct revenues | $ | 483,382 | $ | — | $ | — | $ | 382,976 | $ | 228,546 | $ | 236 | $ | 1,095,140 |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Adjusted EBITDA: | ||||||||||||||||
Technical Services | $ | 69,390 | $ | 68,521 | $ | 129,435 | $ | 120,432 | ||||||||
Oil Re-refining and Recycling | 12,657 | — | 27,969 | — | ||||||||||||
SK Environmental Services | 34,171 | — | 61,211 | — | ||||||||||||
Industrial and Field Services | 54,196 | 40,558 | 90,542 | 74,636 | ||||||||||||
Oil and Gas Field Services | 3,967 | 7,971 | 31,518 | 48,167 | ||||||||||||
Corporate Items | (50,791 | ) | (28,349 | ) | (105,857 | ) | (53,586 | ) | ||||||||
Total | $ | 123,590 | $ | 88,701 | $ | 234,818 | $ | 189,649 | ||||||||
Reconciliation to Consolidated Statements of Income: | ||||||||||||||||
Pre-tax, non-cash acquisition accounting adjustments | $ | — | $ | — | $ | 13,559 | $ | — | ||||||||
Accretion of environmental liabilities | 2,879 | 2,505 | 5,714 | 4,921 | ||||||||||||
Depreciation and amortization | 67,468 | 38,663 | 127,474 | 75,494 | ||||||||||||
Income from operations | 53,243 | 47,533 | 88,071 | 109,234 | ||||||||||||
Other (income) expense | (1,655 | ) | 75 | (2,180 | ) | 374 | ||||||||||
Interest expense, net of interest income | 19,585 | 10,968 | 39,458 | 22,240 | ||||||||||||
Income before provision for income taxes | $ | 35,313 | $ | 36,490 | $ | 50,793 | $ | 86,620 |
June 30, 2013 | December 31, 2012 | |||||||
Property, plant and equipment, net | ||||||||
Technical Services | $ | 393,412 | $ | 402,260 | ||||
Oil Re-refining and Recycling | 219,719 | 224,289 | ||||||
SK Environmental Services | 201,639 | 195,172 | ||||||
Industrial and Field Services | 389,097 | 371,335 | ||||||
Oil and Gas Field Services | 240,259 | 257,985 | ||||||
Corporate Items | 110,846 | 80,722 | ||||||
Total property, plant and equipment, net | $ | 1,554,972 | $ | 1,531,763 | ||||
Intangible assets: | ||||||||
Technical Services | ||||||||
Goodwill | $ | 47,756 | $ | 48,157 | ||||
Permits and other intangibles, net | 82,610 | 85,842 | ||||||
Total Technical Services | 130,366 | 133,999 | ||||||
Oil Re-refining and Recycling | ||||||||
Goodwill | 208,543 | 215,704 | ||||||
Permits and other intangibles, net | 218,600 | 222,182 | ||||||
Total Oil Re-refining and Recycling | 427,143 | 437,886 | ||||||
SK Environmental Services | ||||||||
Goodwill | 143,494 | 148,422 | ||||||
Permits and other intangibles, net | 187,400 | 190,472 | ||||||
Total SK Environmental Services | 330,894 | 338,894 | ||||||
Industrial and Field Services | ||||||||
Goodwill | 137,606 | 141,726 | ||||||
Permits and other intangibles, net | 37,587 | 41,143 | ||||||
Total Industrial and Field Services | 175,193 | 182,869 | ||||||
Oil and Gas Field Services | ||||||||
Goodwill | 37,876 | 39,762 | ||||||
Permits and other intangibles, net | 29,225 | 33,178 | ||||||
Total Oil and Gas Field Services | 67,101 | 72,940 | ||||||
Total | $ | 1,130,697 | $ | 1,166,588 |
June 30, 2013 | December 31, 2012 | |||||||
Technical Services | $ | 697,293 | $ | 714,777 | ||||
Oil Re-refining and Recycling | 749,788 | 797,650 | ||||||
SK Environmental Services | 687,374 | 647,746 | ||||||
Industrial and Field Services | 615,332 | 607,654 | ||||||
Oil and Gas Field Services | 314,292 | 348,771 | ||||||
Corporate Items | 768,034 | 709,208 | ||||||
Total | $ | 3,832,113 | $ | 3,825,806 |
June 30, 2013 | December 31, 2012 | |||||||
United States | $ | 2,611,158 | $ | 2,564,609 | ||||
Canada | 1,217,786 | 1,260,421 | ||||||
Other foreign | 3,169 | 776 | ||||||
Total | $ | 3,832,113 | $ | 3,825,806 |
Clean Harbors, Inc. | U.S. Guarantor Subsidiaries | Foreign Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,006 | $ | 214,427 | $ | 48,045 | $ | — | $ | 263,478 | ||||||||||
Intercompany receivables | 264,860 | 2,872 | 234,576 | (502,308 | ) | — | ||||||||||||||
Other current assets | 12,144 | 573,520 | 256,049 | — | 841,713 | |||||||||||||||
Property, plant and equipment, net | — | 903,619 | 651,353 | — | 1,554,972 | |||||||||||||||
Investments in subsidiaries | 2,608,979 | 920,014 | 144,953 | (3,673,946 | ) | — | ||||||||||||||
Intercompany debt receivable | — | 503,110 | 3,701 | (506,811 | ) | — | ||||||||||||||
Other long-term assets | 21,685 | 878,799 | 271,466 | — | 1,171,950 | |||||||||||||||
Total assets | $ | 2,908,674 | $ | 3,996,361 | $ | 1,610,143 | $ | (4,683,065 | ) | $ | 3,832,113 | |||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||||||
Current liabilities | $ | 39,230 | $ | 445,011 | $ | 119,946 | $ | — | $ | 604,187 | ||||||||||
Intercompany payables | — | 499,376 | 2,932 | (502,308 | ) | — | ||||||||||||||
Closure, post-closure and remedial liabilities, net | — | 163,144 | 32,735 | — | 195,879 | |||||||||||||||
Long-term obligations | 1,400,000 | — | — | — | 1,400,000 | |||||||||||||||
Capital lease obligations, net | — | 153 | 1,987 | — | 2,140 | |||||||||||||||
Intercompany debt payable | 3,701 | — | 503,110 | (506,811 | ) | — | ||||||||||||||
Other long-term liabilities | 51,023 | 123,113 | 41,051 | — | 215,187 | |||||||||||||||
Total liabilities | 1,493,954 | 1,230,797 | 701,761 | (1,009,119 | ) | 2,417,393 | ||||||||||||||
Stockholders’ equity | 1,414,720 | 2,765,564 | 908,382 | (3,673,946 | ) | 1,414,720 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,908,674 | $ | 3,996,361 | $ | 1,610,143 | $ | (4,683,065 | ) | $ | 3,832,113 |
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 |
Clean Harbors, Inc. | U.S. Guarantor Subsidiaries | Foreign Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | $ | — | $ | 497,731 | $ | 171,019 | $ | 5,122 | $ | 673,872 | ||||||||||
Product revenues | — | 89,740 | 95,465 | 1,451 | 186,656 | |||||||||||||||
Total revenues | — | 587,471 | 266,484 | 6,573 | 860,528 | |||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 341,768 | 108,713 | 5,122 | 455,603 | |||||||||||||||
Product cost of revenues | — | 73,712 | 83,560 | 1,451 | 158,723 | |||||||||||||||
Total cost of revenues | — | 415,480 | 192,273 | 6,573 | 614,326 | |||||||||||||||
Selling, general and administrative expenses | 30 | 89,884 | 32,698 | — | 122,612 | |||||||||||||||
Accretion of environmental liabilities | — | 2,437 | 442 | — | 2,879 | |||||||||||||||
Depreciation and amortization | — | 44,220 | 23,248 | — | 67,468 | |||||||||||||||
Income from operations | (30 | ) | 35,450 | 17,823 | — | 53,243 | ||||||||||||||
Other income (expense) | — | 2,249 | (594 | ) | — | 1,655 | ||||||||||||||
Interest (expense) income | (19,764 | ) | — | 179 | — | (19,585 | ) | |||||||||||||
Equity in earnings of subsidiaries | 45,106 | 14,563 | — | (59,669 | ) | — | ||||||||||||||
Intercompany dividend income (expense) | — | — | 3,323 | (3,323 | ) | — | ||||||||||||||
Intercompany interest income (expense) | — | 9,969 | (9,969 | ) | — | — | ||||||||||||||
Income before provision for income taxes | 25,312 | 62,231 | 10,762 | (62,992 | ) | 35,313 | ||||||||||||||
Provision for income taxes | 2,410 | 7,009 | 2,992 | — | 12,411 | |||||||||||||||
Net income | 22,902 | 55,222 | 7,770 | (62,992 | ) | 22,902 | ||||||||||||||
Other comprehensive (loss) income | (35,506 | ) | (35,506 | ) | 18,685 | 16,821 | (35,506 | ) | ||||||||||||
Comprehensive (loss) income | $ | (12,604 | ) | $ | 19,716 | $ | 26,455 | $ | (46,171 | ) | $ | (12,604 | ) |
Clean Harbors, Inc. | U.S. Guarantor Subsidiaries | Foreign Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | $ | — | $ | 294,377 | $ | 196,409 | $ | (5,058 | ) | $ | 485,728 | |||||||||
Product revenues | — | 19,365 | 18,412 | (387 | ) | 37,390 | ||||||||||||||
Total revenues | — | 313,742 | 214,821 | (5,445 | ) | 523,118 | ||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 196,868 | 146,481 | (5,058 | ) | 338,291 | ||||||||||||||
Product cost of revenues | — | 13,887 | 15,832 | (387 | ) | 29,332 | ||||||||||||||
Total cost of revenues | — | 210,755 | 162,313 | (5,445 | ) | 367,623 | ||||||||||||||
Selling, general and administrative expenses | (62 | ) | 41,445 | 25,411 | — | 66,794 | ||||||||||||||
Accretion of environmental liabilities | — | 2,184 | 321 | — | 2,505 | |||||||||||||||
Depreciation and amortization | — | 19,154 | 19,509 | — | 38,663 | |||||||||||||||
Income from operations | 62 | 40,204 | 7,267 | — | 47,533 | |||||||||||||||
Other (expense) income | — | 125 | (200 | ) | — | (75 | ) | |||||||||||||
Interest expense | (10,726 | ) | 21 | (263 | ) | — | (10,968 | ) | ||||||||||||
Equity in earnings of subsidiaries | 38,461 | 7,371 | — | (45,832 | ) | — | ||||||||||||||
Intercompany dividend income (expense) | — | — | 3,389 | (3,389 | ) | — | ||||||||||||||
Intercompany interest income (expense) | — | 10,259 | (10,259 | ) | — | — | ||||||||||||||
Income before provision for income taxes | 27,797 | 57,980 | (66 | ) | (49,221 | ) | 36,490 | |||||||||||||
Provision for income taxes | 4,371 | 9,920 | (1,227 | ) | — | 13,064 | ||||||||||||||
Net income | 23,426 | 48,060 | 1,161 | (49,221 | ) | 23,426 | ||||||||||||||
Other comprehensive income (loss) | (17,457 | ) | (17,457 | ) | (7,956 | ) | 25,413 | (17,457 | ) | |||||||||||
Comprehensive income (loss) | $ | 5,969 | $ | 30,603 | $ | (6,795 | ) | $ | (23,808 | ) | $ | 5,969 |
Clean Harbors, Inc. | U.S. Guarantor Subsidiaries | Foreign Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | $ | — | $ | 896,966 | $ | 452,438 | $ | (2,910 | ) | $ | 1,346,494 | |||||||||
Product revenues | — | 250,603 | 126,407 | (813 | ) | 376,197 | ||||||||||||||
Total revenues | — | 1,147,569 | 578,845 | (3,723 | ) | 1,722,691 | ||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 615,940 | 310,945 | (2,910 | ) | 923,975 | ||||||||||||||
Product cost of revenues | — | 217,353 | 109,835 | (813 | ) | 326,375 | ||||||||||||||
Total cost of revenues | — | 833,293 | 420,780 | (3,723 | ) | 1,250,350 | ||||||||||||||
Selling, general and administrative expenses | 55 | 185,445 | 65,582 | — | 251,082 | |||||||||||||||
Accretion of environmental liabilities | — | 4,837 | 877 | — | 5,714 | |||||||||||||||
Depreciation and amortization | — | 81,509 | 45,965 | — | 127,474 | |||||||||||||||
Income from operations | (55 | ) | 42,485 | 45,641 | — | 88,071 | ||||||||||||||
Other income (expense) | — | 2,969 | (789 | ) | — | 2,180 | ||||||||||||||
Interest (expense) income | (39,564 | ) | — | 106 | — | (39,458 | ) | |||||||||||||
Equity in earnings of subsidiaries | 75,327 | 35,976 | — | (111,303 | ) | — | ||||||||||||||
Intercompany dividend income (expense) | — | — | 6,968 | (6,968 | ) | — | ||||||||||||||
Intercompany interest income (expense) | — | 20,307 | (20,307 | ) | — | — | ||||||||||||||
Income before provision for income taxes | 35,708 | 101,737 | 31,619 | (118,271 | ) | 50,793 | ||||||||||||||
Provision for income taxes | 2,304 | 6,535 | 8,550 | — | 17,389 | |||||||||||||||
Net income | 33,404 | 95,202 | 23,069 | (118,271 | ) | 33,404 | ||||||||||||||
Other comprehensive (loss) income | (59,367 | ) | (59,367 | ) | 30,457 | 28,910 | (59,367 | ) | ||||||||||||
Comprehensive (loss) income | $ | (25,963 | ) | $ | 35,835 | $ | 53,526 | $ | (89,361 | ) | $ | (25,963 | ) |
Clean Harbors, Inc. | U.S. Guarantor Subsidiaries | Foreign Non-Guarantor Subsidiaries | Consolidating Adjustments | Total | ||||||||||||||||
Revenues | ||||||||||||||||||||
Service revenues | $ | — | $ | 563,772 | $ | 466,223 | $ | (9,956 | ) | $ | 1,020,039 | |||||||||
Product revenues | — | 41,507 | 34,327 | (733 | ) | 75,101 | ||||||||||||||
Total revenues | — | 605,279 | 500,550 | (10,689 | ) | 1,095,140 | ||||||||||||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||||||||||
Service cost of revenues | — | 379,598 | 337,774 | (9,956 | ) | 707,416 | ||||||||||||||
Product cost of revenues | — | 32,357 | 28,898 | (733 | ) | 60,522 | ||||||||||||||
Total cost of revenues | — | 411,955 | 366,672 | (10,689 | ) | 767,938 | ||||||||||||||
Selling, general and administrative expenses | 18 | 86,357 | 51,178 | — | 137,553 | |||||||||||||||
Accretion of environmental liabilities | — | 4,280 | 641 | — | 4,921 | |||||||||||||||
Depreciation and amortization | — | 35,790 | 39,704 | — | 75,494 | |||||||||||||||
Income from operations | (18 | ) | 66,897 | 42,355 | — | 109,234 | ||||||||||||||
Other (expense) income | — | (325 | ) | (49 | ) | — | (374 | ) | ||||||||||||
Interest expense | (21,432 | ) | (180 | ) | (628 | ) | — | (22,240 | ) | |||||||||||
Equity in earnings of subsidiaries | 74,926 | 33,367 | — | (108,293 | ) | — | ||||||||||||||
Intercompany dividend income (expense) | 10,010 | — | 6,915 | (16,925 | ) | — | ||||||||||||||
Intercompany interest income (expense) | — | 20,604 | (20,604 | ) | — | — | ||||||||||||||
Income before provision for income taxes | 63,486 | 120,363 | 27,989 | (125,218 | ) | 86,620 | ||||||||||||||
Provision for income taxes | 8,045 | 15,642 | 7,492 | — | 31,179 | |||||||||||||||
Net income | 55,441 | 104,721 | 20,497 | (125,218 | ) | 55,441 | ||||||||||||||
Other comprehensive income (loss) | (2,277 | ) | (2,277 | ) | (1,672 | ) | 3,949 | (2,277 | ) | |||||||||||
Comprehensive income (loss) | $ | 53,164 | $ | 102,444 | $ | 18,825 | $ | (121,269 | ) | $ | 53,164 |
Clean Harbors, Inc. | U.S. Guarantor Subsidiaries | Foreign Non-Guarantor Subsidiaries | Total | |||||||||||||
Net cash from operating activities | $ | (36,459 | ) | $ | 84,226 | $ | 89,845 | $ | 137,612 | |||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to property, plant and equipment | — | (62,818 | ) | (78,648 | ) | (141,466 | ) | |||||||||
Proceeds from sales of fixed assets | — | 803 | 1,391 | 2,194 | ||||||||||||
Acquisitions, net of cash acquired | — | — | — | — | ||||||||||||
Costs to obtain or renew permits | — | (212 | ) | (1,957 | ) | (2,169 | ) | |||||||||
Net cash from investing activities | — | (62,227 | ) | (79,214 | ) | (141,441 | ) | |||||||||
Cash flows from financing activities: | ||||||||||||||||
Change in uncashed checks | — | 37,118 | 3,238 | 40,356 | ||||||||||||
Proceeds from exercise of stock options | 399 | — | — | 399 | ||||||||||||
Proceeds from employee stock purchase plan | 3,391 | — | — | 3,391 | ||||||||||||
Remittance of shares, net | (169 | ) | — | — | (169 | ) | ||||||||||
Excess tax benefit of stock-based compensation | 1,326 | — | — | 1,326 | ||||||||||||
Deferred financing costs paid | (2,446 | ) | — | — | (2,446 | ) | ||||||||||
Payments on capital leases | — | (164 | ) | (2,424 | ) | (2,588 | ) | |||||||||
Issuance costs related to 2012 issuance of common stock | (250 | ) | (250 | ) | ||||||||||||
Dividends (paid) / received | — | (6,989 | ) | 6,989 | — | |||||||||||
Interest (payments) / received | — | 21,780 | (21,780 | ) | — | |||||||||||
Net cash from financing activities | 2,251 | 51,745 | (13,977 | ) | 40,019 | |||||||||||
Effect of exchange rate change on cash | — | — | (2,548 | ) | (2,548 | ) | ||||||||||
(Decrease) increase in cash and cash equivalents | (34,208 | ) | 73,744 | (5,894 | ) | 33,642 | ||||||||||
Cash and cash equivalents, beginning of period | 35,214 | 140,683 | 53,939 | 229,836 | ||||||||||||
Cash and cash equivalents, end of period | $ | 1,006 | $ | 214,427 | $ | 48,045 | $ | 263,478 |
Clean Harbors, Inc. | U.S. Guarantor Subsidiaries | Foreign Non-Guarantor Subsidiaries | Total | |||||||||||||
Net cash from operating activities | $ | (9,706 | ) | $ | 48,387 | $ | 137,093 | $ | 175,774 | |||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to property, plant and equipment | — | (47,808 | ) | (35,163 | ) | (82,971 | ) | |||||||||
Proceeds from sale of fixed assets | — | 3,344 | 542 | 3,886 | ||||||||||||
Acquisitions, net of cash acquired | — | (2,276 | ) | (40,763 | ) | (43,039 | ) | |||||||||
Costs to obtain or renew permits | — | (262 | ) | (691 | ) | (953 | ) | |||||||||
Purchase of available for sale securities | — | — | (10,517 | ) | (10,517 | ) | ||||||||||
Other | 603 | 4,517 | 5,120 | |||||||||||||
Net cash from investing activities | — | (46,399 | ) | (82,075 | ) | (128,474 | ) | |||||||||
Cash flows from financing activities: | ||||||||||||||||
Change in uncashed checks | — | (4,167 | ) | (5,329 | ) | (9,496 | ) | |||||||||
Proceeds from exercise of stock options | 98 | — | — | 98 | ||||||||||||
Proceeds from employee stock purchase plan | 3,130 | — | — | 3,130 | ||||||||||||
Remittance of shares, net | (1,216 | ) | — | — | (1,216 | ) | ||||||||||
Excess tax benefit of stock-based compensation | 1,122 | — | — | 1,122 | ||||||||||||
Deferred financing costs paid | (21 | ) | — | — | (21 | ) | ||||||||||
Payments of capital leases | — | (573 | ) | (3,260 | ) | (3,833 | ) | |||||||||
Distribution of cash earned on employee participation plan | (38 | ) | — | — | (38 | ) | ||||||||||
Dividends (paid) / received | 10,010 | (23,622 | ) | 13,612 | — | |||||||||||
Interest (payments) / received | — | 36,785 | (36,785 | ) | — | |||||||||||
Net cash from financing activities | 13,085 | 8,423 | (31,762 | ) | (10,254 | ) | ||||||||||
Effect of exchange rate change on cash | — | — | (1,011 | ) | (1,011 | ) | ||||||||||
Increase in cash and cash equivalents | 3,379 | 10,411 | 22,245 | 36,035 | ||||||||||||
Cash and cash equivalents, beginning of period | 91,581 | 128,071 | 41,071 | 260,723 | ||||||||||||
Cash and cash equivalents, end of period | $ | 94,960 | $ | 138,482 | $ | 63,316 | $ | 296,758 |
• | 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 Company owned incineration, landfill, wastewater, and other treatment facilities. |
• | 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 provide recycling of oil in excess of Safety-Kleen's 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 the Company's two owned and operated re-refineries and recycling of oil into recycled fuel oil takes place in one of the Company's used oil terminals. |
• | SK Environmental Services — provides a broad range of environmental services, such as parts cleaning, containerized waste services, oil collection, and other complementary products and services, including vacuum services, allied products and other environmental services. |
• | Industrial and Field Services — provides industrial and specialty services, such as high-pressure and chemical cleaning, catalyst handling, decoking, material processing, and industrial lodging services 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. |
• | Oil & 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, production, and power generation. |
Percentage of Total Revenues | ||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Revenues | ||||||||||||
Services revenues | 78.3 | % | 92.9 | % | 78.2 | % | 93.1 | % | ||||
Product revenues | 21.7 | 7.1 | 21.8 | 6.9 | ||||||||
Total revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | |||||
Cost of revenues (exclusive of items shown separately below) | ||||||||||||
Services cost of revenues | 52.9 | 64.7 | 53.6 | 64.6 | ||||||||
Product cost of revenues | 18.5 | 5.6 | 19.0 | 5.5 | ||||||||
Total cost of revenues | 71.4 | 70.3 | 72.6 | 70.1 | ||||||||
Selling, general and administrative expenses | 14.2 | 12.8 | 14.6 | 12.6 | ||||||||
Accretion of environmental liabilities | 0.3 | 0.5 | 0.3 | 0.5 | ||||||||
Depreciation and amortization | 7.8 | 7.4 | 7.4 | 6.9 | ||||||||
Income from operations | 6.3 | 9.0 | 5.1 | 9.9 | ||||||||
Other income (expense) | 0.2 | — | 0.1 | — | ||||||||
Interest expense, net of interest income | (2.3 | ) | (2.1 | ) | (2.3 | ) | (2.0 | ) | ||||
Income before provision for income taxes | 4.2 | 6.9 | 2.9 | 7.9 | ||||||||
Provision for income taxes | 1.4 | 2.5 | 1.0 | 2.8 | ||||||||
Net income | 2.8 | % | 4.4 | % | 1.9 | % | 5.1 | % |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income | $ | 22,902 | $ | 23,426 | $ | 33,404 | $ | 55,441 | ||||||||
Accretion of environmental liabilities | 2,879 | 2,505 | 5,714 | 4,921 | ||||||||||||
Depreciation and amortization | 67,468 | 38,663 | 127,474 | 75,494 | ||||||||||||
Other (income) expense | (1,655 | ) | 75 | (2,180 | ) | 374 | ||||||||||
Interest expense, net | 19,585 | 10,968 | 39,458 | 22,240 | ||||||||||||
Pre-tax, non-cash acquisition accounting adjustments | — | — | 13,559 | — | ||||||||||||
Provision for income taxes | 12,411 | 13,064 | 17,389 | 31,179 | ||||||||||||
Adjusted EBITDA | $ | 123,590 | $ | 88,701 | $ | 234,818 | $ | 189,649 |
For the Six Months Ended | ||||||||
June 30, | ||||||||
2013 | 2012 | |||||||
Adjusted EBITDA | $ | 234,818 | $ | 189,649 | ||||
Interest expense, net | (39,458 | ) | (22,240 | ) | ||||
Provision for income taxes | (17,389 | ) | (31,179 | ) | ||||
Allowance for doubtful accounts | 3,618 | 405 | ||||||
Amortization of deferred financing costs and debt discount | 1,692 | 753 | ||||||
Change in environmental liability estimates | (393 | ) | (3,095 | ) | ||||
Deferred income taxes | (8 | ) | (510 | ) | ||||
Stock-based compensation | 3,924 | 3,616 | ||||||
Excess tax benefit of stock-based compensation | (1,326 | ) | (1,122 | ) | ||||
Income tax benefits related to stock option exercises | 1,316 | 1,121 | ||||||
Environmental expenditures | (9,793 | ) | (3,787 | ) | ||||
Changes in assets and liabilities, net of acquisitions: | ||||||||
Accounts receivable | (20,783 | ) | 54,117 | |||||
Inventories | 1,128 | (1,540 | ) | |||||
Other current assets | 5,027 | 17,197 | ||||||
Accounts payable | (33,426 | ) | (16,904 | ) | ||||
Other current and long-term liabilities | 8,665 | (10,707 | ) | |||||
Net cash from operating activities | $ | 137,612 | $ | 175,774 |
Summary of Operations (in thousands) | |||||||||||||||
For the Three Months Ended June 30, | |||||||||||||||
2013 | 2012 | $ Change | % Change | ||||||||||||
Third Party Revenues: | |||||||||||||||
Technical Services | $ | 256,262 | $ | 243,321 | $ | 12,941 | 5.3 | % | |||||||
Oil Re-refining and Recycling | 139,695 | — | 139,695 | — | |||||||||||
SK Environmental Services | 149,835 | — | 149,835 | — | |||||||||||
Industrial and Field Services | 244,495 | 202,618 | 41,877 | 20.7 | |||||||||||
Oil and Gas Field Services | 69,860 | 76,849 | (6,989 | ) | (9.1 | ) | |||||||||
Corporate Items | 381 | 330 | 51 | 15.5 | |||||||||||
Total | $ | 860,528 | $ | 523,118 | $ | 337,410 | 64.5 | % | |||||||
Direct Revenues: | |||||||||||||||
Technical Services | $ | 283,390 | $ | 252,186 | $ | 31,204 | 12.4 | % | |||||||
Oil Re-refining and Recycling | 75,121 | — | 75,121 | — | |||||||||||
SK Environmental Services | 198,355 | — | 198,355 | — | |||||||||||
Industrial and Field Services | 232,830 | 191,406 | 41,424 | 21.6 | |||||||||||
Oil and Gas Field Services | 71,714 | 79,718 | (8,004 | ) | (10.0 | ) | |||||||||
Corporate Items | (882 | ) | (192 | ) | (690 | ) | 359.4 | ||||||||
Total | 860,528 | 523,118 | 337,410 | 64.5 | |||||||||||
Cost of Revenues (exclusive of items shown separately) (1): | |||||||||||||||
Technical Services | 192,072 | 163,706 | 28,366 | 17.3 | |||||||||||
Oil Re-refining and Recycling | 58,138 | 58,138 | — | ||||||||||||
SK Environmental Services | 137,642 | — | 137,642 | — | |||||||||||
Industrial and Field Services | 163,295 | 136,341 | 26,954 | 19.8 | |||||||||||
Oil and Gas Field Services | 61,202 | 64,254 | (3,052 | ) | (4.7 | ) | |||||||||
Corporate Items | 1,977 | 3,322 | (1,345 | ) | (40.5 | ) | |||||||||
Total | 614,326 | 367,623 | 246,703 | 67.1 | |||||||||||
Selling, General & Administrative Expenses: | |||||||||||||||
Technical Services | 21,928 | 19,959 | 1,969 | 9.9 | |||||||||||
Oil Re-refining and Recycling | 4,326 | — | 4,326 | — | |||||||||||
SK Environmental Services | 26,542 | — | 26,542 | — | |||||||||||
Industrial and Field Services | 15,339 | 14,507 | 832 | 5.7 | |||||||||||
Oil and Gas Field Services | 6,545 | 7,493 | (948 | ) | (12.7 | ) | |||||||||
Corporate Items | 47,932 | 24,835 | 23,097 | 93.0 | |||||||||||
Total | 122,612 | 66,794 | 55,818 | 83.6 | |||||||||||
Adjusted EBITDA: | |||||||||||||||
Technical Services | 69,390 | 68,521 | 869 | 1.3 | |||||||||||
Oil Re-refining and Recycling | 12,657 | — | 12,657 | — | |||||||||||
SK Environmental Services | 34,171 | — | 34,171 | — | |||||||||||
Industrial and Field Services | 54,196 | 40,558 | 13,638 | 33.6 | |||||||||||
Oil and Gas Field Services | 3,967 | 7,971 | (4,004 | ) | (50.2 | ) | |||||||||
Corporate Items | (50,791 | ) | (28,349 | ) | (22,442 | ) | 79.2 | ||||||||
Total | $ | 123,590 | $ | 88,701 | $ | 34,889 | 39.3 | % |
For the Three Months Ended | ||||||||
June 30, | ||||||||
2013 | 2012 | |||||||
Depreciation of fixed assets | $ | 54,337 | $ | 30,913 | ||||
Landfill and other amortization | 13,131 | 7,750 | ||||||
Total depreciation and amortization | $ | 67,468 | $ | 38,663 |
For the Three Months Ended | ||||||||
June 30, | ||||||||
2013 | 2012 | |||||||
Interest expense | $ | 19,740 | $ | 11,183 | ||||
Interest income | (155 | ) | (215 | ) | ||||
Interest expense, net | $ | 19,585 | $ | 10,968 |
Summary of Operations (in thousands) | |||||||||||||||
For the Six Months Ended June 30, | |||||||||||||||
2013 | 2012 | $ Change | % Change | ||||||||||||
Third Party Revenues: | |||||||||||||||
Technical Services | $ | 490,201 | $ | 464,958 | $ | 25,243 | 5.4 | % | |||||||
Oil Re-refining and Recycling | 286,626 | — | 286,626 | — | |||||||||||
SK Environmental Services | 302,790 | — | 302,790 | — | |||||||||||
Industrial and Field Services | 465,913 | 405,397 | 60,516 | 14.9 | |||||||||||
Oil and Gas Field Services | 186,556 | 223,754 | (37,198 | ) | (16.6 | ) | |||||||||
Corporate Items (1) | (9,395 | ) | 1,031 | (10,426 | ) | (1,011.3 | ) | ||||||||
Total | $ | 1,722,691 | $ | 1,095,140 | $ | 627,551 | 57.3 | % | |||||||
Direct Revenues: | |||||||||||||||
Technical Services | $ | 542,600 | $ | 483,382 | $ | 59,218 | 12.3 | % | |||||||
Oil Re-refining and Recycling | 165,491 | — | 165,491 | — | |||||||||||
SK Environmental Services | 392,799 | — | 392,799 | — | |||||||||||
Industrial and Field Services | 441,030 | 382,976 | 58,054 | 15.2 | |||||||||||
Oil and Gas Field Services | 192,352 | 228,546 | (36,194 | ) | (15.8 | ) | |||||||||
Corporate Items (1) | (11,581 | ) | 236 | (11,817 | ) | (5,007.2 | ) | ||||||||
Total | 1,722,691 | 1,095,140 | 627,551 | 57.3 | |||||||||||
Cost of Revenues (exclusive of items shown separately) (2): | |||||||||||||||
Technical Services | 370,765 | 320,118 | 50,647 | 15.8 | |||||||||||
Oil Re-refining and Recycling | 126,588 | — | 126,588 | — | |||||||||||
SK Environmental Services | 276,688 | — | 276,688 | — | |||||||||||
Industrial and Field Services | 319,124 | 278,907 | 40,217 | 14.4 | |||||||||||
Oil and Gas Field Services | 146,112 | 163,923 | (17,811 | ) | (10.9 | ) | |||||||||
Corporate Items (1) | 11,073 | 4,990 | 6,083 | 121.9 | |||||||||||
Total | 1,250,350 | 767,938 | 482,412 | 62.8 | |||||||||||
Selling, General & Administrative Expenses: | |||||||||||||||
Technical Services | 42,400 | 42,832 | (432 | ) | (1.0 | ) | |||||||||
Oil Re-refining and Recycling | 10,934 | — | 10,934 | — | |||||||||||
SK Environmental Services | 54,900 | — | 54,900 | — | |||||||||||
Industrial and Field Services | 31,364 | 29,433 | 1,931 | 6.6 | |||||||||||
Oil and Gas Field Services | 14,722 | 16,456 | (1,734 | ) | (10.5 | ) | |||||||||
Corporate Items | 96,762 | 48,832 | 47,930 | 98.2 | |||||||||||
Total | 251,082 | 137,553 | 113,529 | 82.5 | |||||||||||
Adjusted EBITDA: | |||||||||||||||
Technical Services | 129,435 | 120,432 | 9,003 | 7.5 | |||||||||||
Oil Re-refining and Recycling | 27,969 | — | 27,969 | — | |||||||||||
SK Environmental Services | 61,211 | — | 61,211 | — | |||||||||||
Industrial and Field Services | 90,542 | 74,636 | 15,906 | 21.3 | |||||||||||
Oil and Gas Field Services | 31,518 | 48,167 | (16,649 | ) | (34.6 | ) | |||||||||
Corporate Items | (105,857 | ) | (53,586 | ) | (52,271 | ) | 97.5 | ||||||||
Total | $ | 234,818 | $ | 189,649 | $ | 45,169 | 23.8 | % |
For the Six Months Ended | ||||||||
June 30, | ||||||||
2013 | 2012 | |||||||
Depreciation of fixed assets | $ | 102,905 | $ | 60,711 | ||||
Landfill and other amortization | 24,569 | 14,783 | ||||||
Total depreciation and amortization | $ | 127,474 | $ | 75,494 |
For the Six Months Ended | ||||||||
June 30, | ||||||||
2013 | 2012 | |||||||
Interest expense | $ | 39,724 | $ | 22,642 | ||||
Interest income | (266 | ) | (402 | ) | ||||
Interest expense, net | $ | 39,458 | $ | 22,240 |
Six Months Remaining | ||||||||||||||||||||||||||||
Scheduled Maturity Dates | 2013 | 2014 | 2015 | 2016 | 2017 | Thereafter | Total | |||||||||||||||||||||
Senior unsecured notes due 2020 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 800,000 | $ | 800,000 | ||||||||||||||
Senior unsecured notes due 2021 | — | — | — | — | — | 600,000 | 600,000 | |||||||||||||||||||||
Capital lease obligations | 2,401 | 2,315 | 347 | — | — | — | 5,063 | |||||||||||||||||||||
$ | 2,401 | $ | 2,315 | $ | 347 | $ | — | $ | — | $ | 1,400,000 | $ | 1,405,063 | |||||||||||||||
Weighted average interest rate on fixed rate borrowings | 5.2 | % | 5.2 | % | 5.2 | % | 5.2 | % | 5.2 | % | 5.2 | % |
Item No. | Description | Location | ||
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 James M. Rutledge | Filed herewith | ||
32 | Section 1350 Certifications | Filed herewith | ||
101 | Interactive Data Files Pursuant to Rule 405 of Regulation S-T: Financial statements from the quarterly report on Form 10-Q of Clean Harbors, Inc. for the quarter ended March 31, 2013, formatted in XBRL: (i) Consolidated Balance Sheets, (ii) Unaudited Consolidated Statements of Income, (iii) Unaudited Consolidated Statements of Comprehensive (Loss) Income, (iv) Unaudited Consolidated Statements of Cash Flows, (v) Unaudited Consolidated Statements of Stockholders’ Equity, and (vi) Notes to Unaudited Consolidated Financial Statements. | * |
* | These interactive data files are furnished 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. |
CLEAN HARBORS, INC. | |||
Registrant | |||
By: | /s/ ALAN S. MCKIM | ||
Alan S. McKim | |||
Chairman and Chief Executive Officer | |||
Date: | August 7, 2013 | ||
By: | /s/ JAMES M. RUTLEDGE | ||
James M. Rutledge | |||
Vice Chairman, President and Chief Financial Officer | |||
Date: | August 7, 2013 |
/s/ Alan S. McKim | |
Alan S. McKim | |
Chairman and Chief Executive Officer |
/s/ James M. Rutledge | |
James M. Rutledge | |
Vice Chairman, President and Chief Financial Officer |
By: | /s/ ALAN S. MCKIM | ||
Alan S. McKim | |||
Chairman and Chief Executive Officer | |||
Date: | August 7, 2013 | ||
By: | /s/ JAMES M. RUTLEDGE | ||
James M. Rutledge | |||
Vice Chairman, President and Chief Financial Officer | |||
Date: | August 7, 2013 |
ACCRUED EXPENSES
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses [ABSTRACT] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following (in thousands):
|
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Revenues: | ||||
Service revenues | $ 673,872 | $ 485,728 | $ 1,346,494 | $ 1,020,039 |
Product revenues | 186,656 | 37,390 | 376,197 | 75,101 |
Total revenues | 860,528 | 523,118 | 1,722,691 | 1,095,140 |
Cost of revenues (exclusive of items shown separately below) | ||||
Service revenues | 455,603 | 338,291 | 923,975 | 707,416 |
Product revenues | 158,723 | 29,332 | 326,375 | 60,522 |
Total cost of revenues | 614,326 | 367,623 | 1,250,350 | 767,938 |
Selling, general and administrative expenses | 122,612 | 66,794 | 251,082 | 137,553 |
Accretion of environmental liabilities | 2,879 | 2,505 | 5,714 | 4,921 |
Depreciation and amortization | 67,468 | 38,663 | 127,474 | 75,494 |
Income from operations | 53,243 | 47,533 | 88,071 | 109,234 |
Other income (expense) | 1,655 | (75) | 2,180 | (374) |
Interest expense, net of interest income of $155 and $266 for the quarter and year-to-date ended 2013 and $215 and $402 for the quarter and year-to-date ended 2012, respectively | (19,585) | (10,968) | (39,458) | (22,240) |
Income before provision for income taxes | 35,313 | 36,490 | 50,793 | 86,620 |
Provision for income taxes | 12,411 | 13,064 | 17,389 | 31,179 |
Net income | $ 22,902 | $ 23,426 | $ 33,404 | $ 55,441 |
Earnings per share: | ||||
Basic | $ 0.38 | $ 0.44 | $ 0.55 | $ 1.04 |
Diluted | $ 0.38 | $ 0.44 | $ 0.55 | $ 1.04 |
Weighted average common shares outstanding - basic | 60,550 | 53,308 | 60,507 | 53,268 |
Weighted average common shares outstanding - diluted | 60,687 | 53,505 | 60,658 | 53,497 |
BASIS OF PRESENTATION
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying consolidated interim financial statements are unaudited and include the accounts of Clean Harbors, Inc. and its subsidiaries (collectively, “Clean Harbors” or the “Company”) and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and, in the opinion of management, include all adjustments which are of a normal recurring nature, necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods presented. The results for interim periods are not necessarily indicative of results for the entire year or any other interim periods. The financial statements presented herein should be read in connection with the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. During the first quarter of 2013, the Company adjusted its operating segments to integrate the business activities of Safety-Kleen, Inc. and its subsidiaries (collectively, “Safety-Kleen”) acquired in December 2012, and to incorporate other changes made in 2013 to the manner in which the Company manages its business, makes operating decisions and assesses its performance. Under the new structure, the Company's operations are managed in five reportable segments: Technical Services, Oil Re-refining and Recycling, SK Environmental Services, Industrial and Field Services and Oil and Gas Field Services. The prior year segment information has been recast to conform to the current year presentation. See Note 17, “Segment Reporting.” |
STOCK-BASED COMPENSATION
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The following table summarizes the total number and type of awards granted during the three and six months ended June 30, 2013, as well as the related weighted-average grant-date fair values:
|
ACCRUED EXPENSES (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Accrued Expenses [ABSTRACT] | ||
Insurance | $ 54,671 | $ 48,243 |
Interest | 20,734 | 20,061 |
Accrued disposal costs | 1,668 | 1,835 |
Accrued compensation and benefits | 64,205 | 70,250 |
Income, real estate, sales and other taxes | 44,307 | 35,640 |
Other | 56,777 | 56,400 |
Total accrued expenses | $ 242,362 | $ 232,429 |
CLOSURE AND POST-CLOSURE LIABILITIES
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CLOSURE AND POST-CLOSURE LIABILITIES | CLOSURE AND POST-CLOSURE LIABILITIES The changes to closure and post-closure liabilities (also referred to as “asset retirement obligations”) for the six months ended June 30, 2013 were as follows (in thousands):
All of the landfill facilities included in the above were active as of June 30, 2013. New asset retirement obligations incurred during the first six months of 2013 were discounted at the credit-adjusted risk-free rate of 6.60%. There were no significant charges (benefits) in 2013 resulting from changes in estimates for closure and post-closure liabilities. |
FAIR VALUE MEASUREMENTS (Details) (USD $)
|
3 Months Ended | 6 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||||||||||||
Auction rate securities | $ 4,352,000 | $ 4,352,000 | $ 4,354,000 | |||||||||||
Marketable securities | 10,339,000 | 10,339,000 | 11,778,000 | |||||||||||
Temporary decline in fair value of securities | 300,000 | 300,000 | ||||||||||||
Changes in the entity's auction rate securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ||||||||||||||
Unrealized gain (loss) included in other comprehensive income - less than $0.1m for six months ended 2013 | (100,000) | 100,000 | ||||||||||||
Fair Value, Measurements, Recurring [Member] | Total
|
||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||||||||||||
Auction rate securities | 4,352,000 | [1] | 4,352,000 | [1] | 4,354,000 | [1] | ||||||||
Derivative Assets | 626,000 | [2] | 626,000 | [2] | 165,000 | [2] | ||||||||
Marketable securities | 10,339,000 | [3] | 10,339,000 | [3] | 11,778,000 | [3] | ||||||||
Derivative Liabilities | 39,000 | [2] | 39,000 | [2] | 1,242,000 | [2] | ||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
|
||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||||||||||||
Auction rate securities | [1] | [1] | [1] | |||||||||||
Derivative Assets | [2] | [2] | 0 | [2] | ||||||||||
Marketable securities | 10,339,000 | [3] | 10,339,000 | [3] | 11,778,000 | [3] | ||||||||
Derivative Liabilities | 0 | [2] | 0 | [2] | 0 | [2] | ||||||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
|
||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||||||||||||
Auction rate securities | [1] | [1] | [1] | |||||||||||
Derivative Assets | 626,000 | [2] | 626,000 | [2] | 165,000 | [2] | ||||||||
Marketable securities | [3] | [3] | [3] | |||||||||||
Derivative Liabilities | 39,000 | [2] | 39,000 | [2] | 1,242,000 | [2] | ||||||||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
|
||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||||||||||||
Auction rate securities | 4,352,000 | [1] | 4,352,000 | [1] | 4,354,000 | [1] | ||||||||
Derivative Assets | 0 | [2] | 0 | [2] | 0 | [2] | ||||||||
Marketable securities | [3] | [3] | [3] | |||||||||||
Derivative Liabilities | 0 | [2] | 0 | [2] | 0 | [2] | ||||||||
Changes in the entity's auction rate securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ||||||||||||||
Balance at the beginning of the period | 4,354,000 | 4,245,000 | 4,354,000 | 4,245,000 | ||||||||||
Unrealized gain (loss) included in other comprehensive income - less than $0.1m for six months ended 2013 | (2,000) | 81,000 | (2,000) | 81,000 | ||||||||||
Balance at the end of the period | 4,352,000 | 4,326,000 | 4,352,000 | 4,326,000 | ||||||||||
Unsecured Debt [Member] | Unsecured Senior Notes 2020 [Member]
|
||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||||||||||||
Long-term Debt, Fair Value | 797,000,000 | 797,000,000 | 816,000,000 | |||||||||||
Unsecured Debt [Member] | Unsecured Senior Notes 2021 [Member]
|
||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||||||||||||
Long-term Debt, Fair Value | $ 594,000,000 | $ 594,000,000 | $ 623,500,000 | |||||||||||
|
EARNINGS PER SHARE (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of basic and diluted earnings per share computations | The following are computations of basic and diluted earnings per share (in thousands except for per share amounts):
|
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor and Non-Guarantor Subsidiaries Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION | GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION The 2020 Notes and 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 June 30, 2013 (in thousands):
Following is the condensed consolidating balance sheet at December 31, 2012 (in thousands):
Following is the consolidating statement of income (loss) for the three months ended June 30, 2013 (in thousands):
Following is the consolidating statement of income (loss) for the three months ended June 30, 2012 (in thousands):
Following is the consolidating statement of income (loss) for the six months ended June 30, 2013 (in thousands):
Following is the consolidating statement of income (loss) for the six months ended June 30, 2012 (in thousands):
Following is the condensed consolidating statement of cash flows for the six months ended June 30, 2013 (in thousands):
Following is the condensed consolidating statement of cash flows for the six months ended June 30, 2012 (in thousands):
|
SEGMENT REPORTING
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT REPORTING | SEGMENT REPORTING During the first quarter of 2013, the Company adjusted its operating segments to integrate the business activities of Safety-Kleen, acquired in December 2012, and to incorporate other changes made in 2013 to the manner in which the Company manages its business, makes operating decisions and assesses its performance. The Company's operations are now managed in five reportable segments: Technical Services, Oil Re-refining and Recycling, SK Environmental Services, Industrial and Field Services and Oil and Gas Field Services. The prior year segment information has been recast to conform to the current year presentation. Performance of the segments is evaluated on several factors, of which the primary financial measure is “Adjusted EBITDA,” which consists of net income plus accretion of environmental liabilities, depreciation and amortization, net interest expense, provision for income taxes and pre-tax, non-cash acquisition accounting adjustments. Also excluded are loss on early extinguishment of debt, other income (expense) and income from discontinued operations, net of tax as these amounts are not considered part of usual business operations. Transactions between the segments are accounted for at the Company’s estimate of fair value based on similar transactions with outside customers. The operations not managed through the Company’s five 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 five 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 five reportable segments. Corporate Items revenues for the six months ended June 30, 2013 includes a one-time, non-cash reduction of approximately $10.2 million due to the impact of acquisition accounting adjustments on Safety-Kleen's historical deferred revenue balance at December 28, 2012. The revenue amounts of the five reportable segments for the six months ended June 30, 2013 exclude such adjustments to maintain comparability with future operating results and reflect how the Company manages the business. The following table reconciles third party revenues to direct revenues for the three and six months ended June 30, 2013 and 2012 (in thousands). Third party revenue is revenue billed to outside customers by a particular segment. Direct revenue is the revenue allocated to the segment performing the provided service. The Company analyzes results of operations based on direct revenues because the Company believes that these revenues and related expenses best reflect the manner in which operations are managed. 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 following table presents information used by management by reportable segment (in thousands). The Company does not allocate interest expense, income taxes, depreciation, amortization, accretion of environmental liabilities, pre-tax, non-cash acquisition accounting adjustments, and other (income) expense, to its segments.
The following table presents assets by reportable segment and in the aggregate (in thousands):
The following table presents total assets by reportable segment (in thousands):
The following table presents total assets by geographical area (in thousands):
|
ACCRUED EXPENSES (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses [ABSTRACT] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses | Accrued expenses consisted of the following (in thousands):
|
STOCK-BASED COMPENSATION (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the total number, weighted average grant-date fair value, and types of awards granted | The following table summarizes the total number and type of awards granted during the three and six months ended June 30, 2013, as well as the related weighted-average grant-date fair values:
|
FAIR VALUE MEASUREMENTS (Derivative Financial Instruments) (Details) (Cashless Collar Contract [Member], USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Jun. 10, 2013
bbl
|
May 06, 2013
bbl
|
Apr. 02, 2013
bbl
|
Mar. 07, 2013
bbl
|
Feb. 07, 2013
bbl
|
Jan. 08, 2013
bbl
|
Dec. 07, 2012
bbl
|
Nov. 09, 2012
bbl
|
Oct. 04, 2012
bbl
|
Sep. 11, 2012
bbl
|
Aug. 03, 2012
bbl
|
May 03, 2012
bbl
|
Dec. 28, 2012
Cap $117.80 [Member]
bbl
|
Dec. 28, 2012
Cap $116.25 [Member]
bbl
|
Jun. 30, 2013
Trade Date September 11, 2012 [Member]
|
Jun. 30, 2013
Trade Date December 7, 2012 [Member]
|
Jun. 30, 2013
Trade Date, March 7, 2013 [Member]
|
Jun. 30, 2013
Trade Date, May 6, 2013 [Member]
|
Jun. 30, 2013
Trade Date May 3, 2012 [Member]
|
Jun. 30, 2013
Trade Date August 3, 2012 [Member]
|
Jun. 30, 2013
Trade Date October 4, 2012 [Member]
|
Jun. 30, 2013
Trade Date November 9, 2012 [Member]
|
Jun. 30, 2013
Trade Date January 8, 2013 [Member]
|
Jun. 30, 2013
Trade Date, February 7, 2012 [Member]
|
Jun. 30, 2013
Trade Date, April 2, 2013 [Member]
|
Jun. 30, 2013
Trade Date, June 10, 2013 [Member]
|
Jun. 30, 2013
Trade Date, December 28, 2012 [Member]
Cap $117.80 [Member]
|
Jun. 30, 2013
Trade Date, December 28, 2012 [Member]
Cap $116.25 [Member]
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Derivative [Line Items] | |||||||||||||||||||||||||||||
Barrels of oil per Month | 148,810 | 148,810 | 148,810 | 148,810 | 148,810 | 148,810 | 148,810 | 148,810 | 148,810 | 148,810 | 148,810 | 148,810 | 148,810 | 148,810 | |||||||||||||||
Floor | 75.00 | 75.00 | 75.00 | 75.00 | 75.00 | 75.00 | 75.00 | 75.00 | 75.00 | 75.00 | 75.00 | 75.00 | 75.00 | 75.00 | |||||||||||||||
Cap | 120.65 | 122.00 | 130.00 | 125.75 | 134.70 | 129.00 | 124.70 | 130.00 | 127.50 | 137.50 | 130.00 | 141.25 | 117.80 | 116.25 | |||||||||||||||
Assets, Fair Value | $ 626 | $ 23 | $ 25 | $ 71 | $ 56 | $ 0 | $ 7 | $ 23 | $ 49 | $ 74 | $ 118 | $ 125 | $ 55 | ||||||||||||||||
Liabilities, Fair Value | $ 39 | $ 26 | $ 13 |
INVENTORIES AND SUPPLIES (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | Inventories and supplies consisted of the following (in thousands):
|
STOCK-BASED COMPENSATION (Details) (USD $)
|
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2013
|
Jun. 30, 2013
|
|
Awards granted | ||
Number of Shares | 221,627 | 372,977 |
Restricted stock awards
|
||
Awards granted | ||
Number of Shares | 108,642 | 259,992 |
Weighted-Average Grant-Date Fair Value (in USD per share) | $ 54.80 | $ 55.15 |
Performance stock awards
|
||
Awards granted | ||
Number of Shares | 112,985 | 112,985 |
Weighted-Average Grant-Date Fair Value (in USD per share) | $ 54.26 | $ 54.26 |
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign currency translation, Gross | $ (35,340) | $ (16,510) | $ (58,652) | $ (1,693) |
Foreign currency translation, Tax Effect | 0 | 0 | 0 | 0 |
Foreign currency translation, Net of Tax | (35,340) | (16,510) | (58,652) | (1,693) |
Unrealized gain (loss) on available-for-sale securities, Gross | (188) | (990) | (807) | (667) |
Unrealized gain (loss) on available-for-sale securities, Tax Effect | 22 | 43 | 92 | 83 |
Unrealized gain (loss) on available-for-sale securities, Net of Tax | (166) | (947) | (715) | (584) |
Other comprehensive (loss) income, Gross | (35,528) | (17,500) | (59,459) | (2,360) |
Other comprehensive (loss) income, Tax Effect | (22) | (43) | (92) | (83) |
Other comprehensive loss | (35,506) | (17,457) | (59,367) | (2,277) |
Components of Other Accumulated Income, Net of Tax [Roll Forward] | ||||
Beginning balance | 49,632 | |||
Other comprehensive loss, net of tax | (35,506) | (17,457) | (59,367) | (2,277) |
Ending balance | (9,735) | (9,735) | ||
Foreign Currency Translation [Member]
|
||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive loss | (58,652) | |||
Components of Other Accumulated Income, Net of Tax [Roll Forward] | ||||
Beginning balance | 50,627 | |||
Other comprehensive loss, net of tax | (58,652) | |||
Ending balance | (8,025) | (8,025) | ||
Unrealized Gain (Loss) on Available-For-Sale Securities [Member]
|
||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive loss | (715) | |||
Components of Other Accumulated Income, Net of Tax [Roll Forward] | ||||
Beginning balance | 660 | |||
Other comprehensive loss, net of tax | (715) | |||
Ending balance | (55) | (55) | ||
Unfunded Pension Liability [Member]
|
||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive loss | 0 | |||
Components of Other Accumulated Income, Net of Tax [Roll Forward] | ||||
Beginning balance | (1,655) | |||
Other comprehensive loss, net of tax | 0 | |||
Ending balance | $ (1,655) | $ (1,655) |
BASIS OF PRESENTATION (Details)
|
6 Months Ended |
---|---|
Jun. 30, 2013
segment
|
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 5 |
GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION (Condensed Consolidating Statements of Cash Flows) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Condensed consolidating statement of cash flows | ||
Net cash from operating activities | $ 137,612 | $ 175,774 |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (141,466) | (82,971) |
Proceeds from slales of fixed assets | 2,194 | 3,886 |
Acquisitions, net of cash acquired | 0 | (43,039) |
Costs to obtain or renew permits | (2,169) | (953) |
Purchase of marketable securities | 0 | (10,517) |
Other | 0 | 5,120 |
Net cash used in investing activities | (141,441) | (128,474) |
Cash flows from financing activities: | ||
Change in uncashed checks | 40,356 | (9,496) |
Proceeds from exercise of stock options | 399 | 98 |
Proceeds from employee stock purchase plan | 3,391 | 3,130 |
Remittance of shares, net | (169) | (1,216) |
Excess tax benefit of stock-based compensation | 1,326 | 1,122 |
Deferred financing costs paid | (2,446) | (21) |
Payments on capital leases | (2,588) | (3,833) |
Issuance costs related to 2012 issuance of common stock | (250) | 0 |
Distribution of cash earned on employee participation plan | 0 | (38) |
Dividends (paid) / received | 0 | 0 |
Interest (payments) / received | 0 | 0 |
Net cash from financing activities | 40,019 | (10,254) |
Effect of exchange rate change on cash | (2,548) | (1,011) |
Increase in cash and cash equivalents | 33,642 | 36,035 |
Cash and cash equivalents, beginning of period | 229,836 | 260,723 |
Cash and cash equivalents, end of period | 263,478 | 296,758 |
Clean Harbors, Inc.
|
||
Condensed consolidating statement of cash flows | ||
Net cash from operating activities | (36,459) | (9,706) |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | 0 | 0 |
Proceeds from slales of fixed assets | 0 | 0 |
Acquisitions, net of cash acquired | 0 | 0 |
Costs to obtain or renew permits | 0 | 0 |
Purchase of marketable securities | 0 | |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Change in uncashed checks | 0 | 0 |
Proceeds from exercise of stock options | 399 | 98 |
Proceeds from employee stock purchase plan | 3,391 | 3,130 |
Remittance of shares, net | (169) | (1,216) |
Excess tax benefit of stock-based compensation | 1,326 | 1,122 |
Deferred financing costs paid | (2,446) | (21) |
Payments on capital leases | 0 | 0 |
Issuance costs related to 2012 issuance of common stock | (250) | |
Distribution of cash earned on employee participation plan | (38) | |
Dividends (paid) / received | 0 | 10,010 |
Interest (payments) / received | 0 | 0 |
Net cash from financing activities | 2,251 | 13,085 |
Effect of exchange rate change on cash | 0 | 0 |
Increase in cash and cash equivalents | (34,208) | 3,379 |
Cash and cash equivalents, beginning of period | 35,214 | 91,581 |
Cash and cash equivalents, end of period | 1,006 | 94,960 |
U.S. Guarantor Subsidiaries
|
||
Condensed consolidating statement of cash flows | ||
Net cash from operating activities | 84,226 | 48,387 |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (62,818) | (47,808) |
Proceeds from slales of fixed assets | 803 | 3,344 |
Acquisitions, net of cash acquired | 0 | (2,276) |
Costs to obtain or renew permits | (212) | (262) |
Purchase of marketable securities | 0 | |
Other | 603 | |
Net cash used in investing activities | (62,227) | (46,399) |
Cash flows from financing activities: | ||
Change in uncashed checks | 37,118 | (4,167) |
Proceeds from exercise of stock options | 0 | 0 |
Proceeds from employee stock purchase plan | 0 | 0 |
Remittance of shares, net | 0 | 0 |
Excess tax benefit of stock-based compensation | 0 | 0 |
Deferred financing costs paid | 0 | 0 |
Payments on capital leases | (164) | (573) |
Distribution of cash earned on employee participation plan | 0 | |
Dividends (paid) / received | (6,989) | (23,622) |
Interest (payments) / received | 21,780 | 36,785 |
Net cash from financing activities | 51,745 | 8,423 |
Effect of exchange rate change on cash | 0 | 0 |
Increase in cash and cash equivalents | 73,744 | 10,411 |
Cash and cash equivalents, beginning of period | 140,683 | 128,071 |
Cash and cash equivalents, end of period | 214,427 | 138,482 |
Foreign Non-Guarantor Subsidiaries
|
||
Condensed consolidating statement of cash flows | ||
Net cash from operating activities | 89,845 | 137,093 |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (78,648) | (35,163) |
Proceeds from slales of fixed assets | 1,391 | 542 |
Acquisitions, net of cash acquired | 0 | (40,763) |
Costs to obtain or renew permits | (1,957) | (691) |
Purchase of marketable securities | (10,517) | |
Other | 4,517 | |
Net cash used in investing activities | (79,214) | (82,075) |
Cash flows from financing activities: | ||
Change in uncashed checks | 3,238 | (5,329) |
Proceeds from exercise of stock options | 0 | 0 |
Proceeds from employee stock purchase plan | 0 | 0 |
Remittance of shares, net | 0 | 0 |
Excess tax benefit of stock-based compensation | 0 | 0 |
Deferred financing costs paid | 0 | 0 |
Payments on capital leases | (2,424) | (3,260) |
Distribution of cash earned on employee participation plan | 0 | |
Dividends (paid) / received | 6,989 | 13,612 |
Interest (payments) / received | (21,780) | (36,785) |
Net cash from financing activities | (13,977) | (31,762) |
Effect of exchange rate change on cash | (2,548) | (1,011) |
Increase in cash and cash equivalents | (5,894) | 22,245 |
Cash and cash equivalents, beginning of period | 53,939 | 41,071 |
Cash and cash equivalents, end of period | $ 48,045 | $ 63,316 |
JKPH#P:R_VS\0MS5ME2*X
M"M1M27":<(#R)LH??8]0K,;CWWWB$25\=68G(B1V&%FFJ0$M(8G.#[#J1O1&
M7>EU,V+[R''F7=>5OX83Y"1 F2\_"21B_:K?24;DJI%F.983F[%E^7YH,Z/4F;A'A:*IK1,QR'2UT/3>&/V>JN/[`C3_/,2',]D[$P4B.C7K]GZTYK_704N#S[R>$8NUVB^JO9?=GWLMUC
MH6J;+`3YL8W8MX,PB.IEA\&^E\WUYFE+-G06!(;KA$$8ZI'FZ9;C5TL.6:AO
M6;*E,L&$&
!X,8>P^#WI=,+OPK(O+=IZ6?_UTG@VR
M;F\\^CF)?L(99&)TTQ^G8>_FPZMT976A6'>8S,4P'5-1S.]?#T?CT_*'_O^S
M=[6];1O9^OL%[G\0@@)W%TBR\_Y2;`O,:Z^Q;9)-T@7NIX*6:)N[$NDE):?N
MK[]G2%&633F6%4EVND42Q)(I:LYSWIYS9H:S/`P6'.OUYV/;\N>__F71O#K/
MLLMO3;+*F_-FWZYLTH/*NMM_!.CLM!K_Z_O__J_1Z*\/?O+'F]&<]&8]A@'!
M;=[G9]^]\$GHOY/_^^A?C$`C(."T^>[%*_IB5$R^>Q'!_5\9K+'P3#N,$7?1
M.FNL8T1;C(WP4;X8+
Y0HI=:\56-4`=S$>0H(IRO#DP
M9?-<*PYYR)4$)_F#3+&\C=9Z;6EF!B>!4U940R<\K0/,BBPS#>4ZBY))Y,(D
M@@3/:.X(I:6"XIA@;FWO*8HY+["=7)K$SU\5JLQ.\A^?EJC>Q7:D:EE#O0IZW><6CQ(B1;[>+IH<5\.`F5FT*-=KTLM2)'Y82<"[.Q
M.4XP(Q=[J]^O0YHD3D)2C!;>S1")%\R^4UQR2D>)[>RWFISO!P&.^IWD5'TQ='\`I8X,^BIW9D"^7&1]MC`_(J:$G74UA
M\[8W9V4^]HW9/.(STJ"GFCSJI
M-]+!O.WCKH*WKU^_^O`Z>O/AO>*]"97@[9L/K][\'+T)7D7O1SGM],@#Q4?%
M)GYL#&MSV?0.QI$JT7D^KWN>[UV13],4US:<;W7,_-O[H'4!+YP>1]?LOY;*
MYZ1
?"&G7Y$P))L&M@8Q:WD^&T@N:^
MD-:H`@1Z<2,(X5!^23=)+%H'`ZOY$,(0+VJ_ZEZ[)O"N+3.`3_CSJK9-7*0`
M_&!9-[B"N?@6^A:SM)P6V27Z%NDB_WRA2$@X;D@`=RW'O
$:
M5N"'4:SINE8M7&?&=MEXD-F/63AAS).L:`A8X:M&J`4>>R,GEHXLCZN6.-RSD"4O1&%+WY!N]@5MYA'`,2]TN67&:+
M;'TKI4M*U]=*UX=\G2QVR$_(0Q6][_G)(EE-4R59*_^=K#9)<:MHW_XR9IGF
M?9P,GGP6UU0GECY>%O>DQ6:G;*>L9,FY@!+!OB&"62,V.IVTS$CXDO!U)*(H
MX>M)8TW-\28FR2JYQ#>);Q+?C@;?#'=BL?W?'G028O.U'MJ)E#/8,$1Y"T
MVW-VR=]^?W,:1[[62XYJ/$I=/#I/XCO6.#D95:J;5+=#J=L^KCV2`[ZE7CU1
MKTY.;T:>O_!]6"+9X?"X#H?-*E68.FY_@SSG)L^Y[?4ZGHFJ[\EQE^?<9`;_
M+X$D(EA.[5I93X*?%3XJ?$3XF?.^'GN#TB$D(EA$H(/7ZAE!`Z(H2Z$YM)
M"#T&")73:IXTK:9(^;295:X4Z721E&4V!XG$$^JELLZI[X6/J%'F1;Y\Y#@;
M9;8I@`P%_@#^5Z2IDJQFRH!33URSD'4AF<2963K-"UKM#[@CG*PR&S;I[,(>
M90D?7I=*2@=='_W(!X;0/)8*S&8WAO#.M/8NA%WK<8-*BNUJB)5BSB'6+NH7?7SPC
MGZ4(2R"D2T1(G[BV+JU\5FX)=+!>/
MWV2_S4^0-YT>L6%;<I?W[\OA^--C'>+092;D?^A)//=(
M':59'&0U/#C9R`N@L0;P-5#GA9&="T9@.J(J*JZ(DM)I2^<-7S.,0/3^"'PN
M!&,U'>9=ZK5Z]>_?)P[/M