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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Clean Harbors Inc | NYSE:CLH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.80 | 0.88% | 207.35 | 210.26 | 206.91 | 209.00 | 330,570 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2019
|
|
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
|
|
|
Emerging growth company
o
|
Common Stock, $.01 par value
|
|
55,870,615
|
(Class)
|
|
(Outstanding as of April 26, 2019)
|
|
Page No.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
December 31, 2018
|
||||
ASSETS
|
(unaudited)
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
167,371
|
|
|
$
|
226,507
|
|
Short-term marketable securities
|
57,477
|
|
|
52,856
|
|
||
Accounts receivable, net of allowances aggregating $37,409 and $44,315, respectively
|
613,507
|
|
|
606,952
|
|
||
Unbilled accounts receivable
|
42,513
|
|
|
54,794
|
|
||
Deferred costs
|
20,515
|
|
|
18,770
|
|
||
Inventories and supplies
|
200,814
|
|
|
199,479
|
|
||
Prepaid expenses and other current assets
|
45,925
|
|
|
42,800
|
|
||
Total current assets
|
1,148,122
|
|
|
1,202,158
|
|
||
Property, plant and equipment, net
|
1,588,613
|
|
|
1,561,978
|
|
||
Other assets:
|
|
|
|
||||
Operating lease right-of-use assets
|
170,550
|
|
|
—
|
|
||
Goodwill
|
517,910
|
|
|
514,189
|
|
||
Permits and other intangibles, net
|
438,958
|
|
|
441,875
|
|
||
Other
|
17,901
|
|
|
18,121
|
|
||
Total other assets
|
1,145,319
|
|
|
974,185
|
|
||
Total assets
|
$
|
3,882,054
|
|
|
$
|
3,738,321
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Current portion of long-term obligations
|
$
|
7,535
|
|
|
$
|
7,535
|
|
Accounts payable
|
242,260
|
|
|
276,461
|
|
||
Deferred revenue
|
67,557
|
|
|
61,843
|
|
||
Accrued expenses
|
208,386
|
|
|
233,405
|
|
||
Current portion of closure, post-closure and remedial liabilities
|
27,914
|
|
|
23,034
|
|
||
Current portion of operating lease liabilities
|
43,858
|
|
|
—
|
|
||
Total current liabilities
|
597,510
|
|
|
602,278
|
|
||
Other liabilities:
|
|
|
|
||||
Closure and post-closure liabilities, less current portion of $12,337 and $9,592, respectively
|
62,084
|
|
|
60,339
|
|
||
Remedial liabilities, less current portion of $15,577 and $13,442, respectively
|
103,384
|
|
|
107,575
|
|
||
Long-term obligations, less current portion
|
1,564,005
|
|
|
1,565,021
|
|
||
Operating lease liabilities, less current portion
|
128,689
|
|
|
—
|
|
||
Deferred taxes, unrecognized tax benefits and other long-term liabilities
|
254,417
|
|
|
233,352
|
|
||
Total other liabilities
|
2,112,579
|
|
|
1,966,287
|
|
||
Commitments and contingent liabilities (See Note 16)
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Common stock, $.01 par value:
|
|
|
|
||||
Authorized 80,000,000; shares issued and outstanding 55,827,714 and 55,847,261 shares, respectively
|
558
|
|
|
558
|
|
||
Additional paid-in capital
|
652,624
|
|
|
655,415
|
|
||
Accumulated other comprehensive loss
|
(219,347
|
)
|
|
(223,371
|
)
|
||
Accumulated earnings
|
738,130
|
|
|
737,154
|
|
||
Total stockholders’ equity
|
1,171,965
|
|
|
1,169,756
|
|
||
Total liabilities and stockholders’ equity
|
$
|
3,882,054
|
|
|
$
|
3,738,321
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Revenues:
|
|
|
|
|
||||
Service revenues
|
|
$
|
656,658
|
|
|
$
|
619,719
|
|
Product revenues
|
|
124,181
|
|
|
130,059
|
|
||
Total revenues
|
|
780,839
|
|
|
749,778
|
|
||
Cost of revenues: (exclusive of items shown separately below)
|
|
|
|
|
||||
Service revenues
|
|
463,483
|
|
|
447,649
|
|
||
Product revenues
|
|
100,881
|
|
|
98,776
|
|
||
Total cost of revenues
|
|
564,364
|
|
|
546,425
|
|
||
Selling, general and administrative expenses
|
|
114,812
|
|
|
115,088
|
|
||
Accretion of environmental liabilities
|
|
2,574
|
|
|
2,430
|
|
||
Depreciation and amortization
|
|
75,355
|
|
|
74,844
|
|
||
Income from operations
|
|
23,734
|
|
|
10,991
|
|
||
Other income (expense), net
|
|
2,983
|
|
|
(299
|
)
|
||
Interest expense, net of interest income of $926 and $764, respectively
|
|
(19,764
|
)
|
|
(20,270
|
)
|
||
Income (loss) before provision for income taxes
|
|
6,953
|
|
|
(9,578
|
)
|
||
Provision for income taxes
|
|
5,977
|
|
|
3,053
|
|
||
Net income (loss)
|
|
$
|
976
|
|
|
$
|
(12,631
|
)
|
Earnings (loss) per share:
|
|
|
|
|
||||
Basic
|
|
$
|
0.02
|
|
|
$
|
(0.22
|
)
|
Diluted
|
|
$
|
0.02
|
|
|
$
|
(0.22
|
)
|
Shares used to compute earnings (loss) per share - Basic
|
|
55,848
|
|
|
56,457
|
|
||
Shares used to compute earnings (loss) per share - Diluted
|
|
56,082
|
|
|
56,457
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Net income (loss)
|
|
$
|
976
|
|
|
$
|
(12,631
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
||||
Unrealized gains (losses) on available-for-sale securities (net of tax of $31 and $80, respectively)
|
|
143
|
|
|
(195
|
)
|
||
Unrealized loss on interest rate hedge
|
|
(5,017
|
)
|
|
—
|
|
||
Reclassification adjustment for losses on interest rate hedge included in net income (loss) (net of taxes of $0 and $0, respectively)
|
|
358
|
|
|
—
|
|
||
Foreign currency translation adjustments
|
|
8,540
|
|
|
(16,551
|
)
|
||
Other comprehensive income (loss)
|
|
4,024
|
|
|
(16,746
|
)
|
||
Comprehensive income (loss)
|
|
$
|
5,000
|
|
|
$
|
(29,377
|
)
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2019
|
|
2018
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
976
|
|
|
$
|
(12,631
|
)
|
Adjustments to reconcile net income (loss) to net cash from operating activities:
|
|
|
|
||||
Depreciation and amortization
|
75,355
|
|
|
74,844
|
|
||
Allowance for doubtful accounts
|
(3,425
|
)
|
|
2,303
|
|
||
Amortization of deferred financing costs and debt discount
|
1,000
|
|
|
916
|
|
||
Accretion of environmental liabilities
|
2,574
|
|
|
2,430
|
|
||
Changes in environmental liability estimates
|
(774
|
)
|
|
(562
|
)
|
||
Deferred income taxes
|
—
|
|
|
(5
|
)
|
||
Other (income) expense, net
|
(2,983
|
)
|
|
299
|
|
||
Stock-based compensation
|
5,809
|
|
|
3,077
|
|
||
Environmental expenditures
|
(3,264
|
)
|
|
(2,425
|
)
|
||
Changes in assets and liabilities, net of acquisitions
|
|
|
|
||||
Accounts receivable and unbilled accounts receivable
|
12,086
|
|
|
(14,769
|
)
|
||
Inventories and supplies
|
(832
|
)
|
|
(5,625
|
)
|
||
Other current and non-current assets
|
(11,738
|
)
|
|
(2,923
|
)
|
||
Accounts payable
|
(27,956
|
)
|
|
9,714
|
|
||
Other current and long-term liabilities
|
(17,088
|
)
|
|
(2,740
|
)
|
||
Net cash from operating activities
|
29,740
|
|
|
51,903
|
|
||
Cash flows used in investing activities:
|
|
|
|
||||
Additions to property, plant and equipment
|
(58,947
|
)
|
|
(44,242
|
)
|
||
Proceeds from sale and disposal of fixed assets
|
4,321
|
|
|
798
|
|
||
Acquisitions, net of cash acquired
|
(14,870
|
)
|
|
(120,000
|
)
|
||
Additions to intangible assets including costs to obtain or renew permits
|
(1,132
|
)
|
|
(1,245
|
)
|
||
Proceeds from sale of available-for-sale securities
|
8,600
|
|
|
3,264
|
|
||
Purchases of available-for-sale securities
|
(12,941
|
)
|
|
(3,003
|
)
|
||
Net cash used in investing activities
|
(74,969
|
)
|
|
(164,428
|
)
|
||
Cash flows used in financing activities:
|
|
|
|
||||
Change in uncashed checks
|
(4,769
|
)
|
|
(3,843
|
)
|
||
Tax payments related to withholdings on vested restricted stock
|
(2,276
|
)
|
|
(548
|
)
|
||
Repurchases of common stock
|
(6,324
|
)
|
|
(14,264
|
)
|
||
Payments on finance lease
|
(115
|
)
|
|
—
|
|
||
Principal payments on debt
|
(1,884
|
)
|
|
(1,000
|
)
|
||
Net cash used in financing activities
|
(15,368
|
)
|
|
(19,655
|
)
|
||
Effect of exchange rate change on cash
|
1,461
|
|
|
(867
|
)
|
||
Decrease in cash and cash equivalents
|
(59,136
|
)
|
|
(133,047
|
)
|
||
Cash and cash equivalents, beginning of period
|
226,507
|
|
|
319,399
|
|
||
Cash and cash equivalents, end of period
|
$
|
167,371
|
|
|
$
|
186,352
|
|
Supplemental information:
|
|
|
|
||||
Cash payments for interest and income taxes:
|
|
|
|
||||
Interest paid
|
$
|
8,712
|
|
|
$
|
14,676
|
|
Income taxes paid
|
967
|
|
|
1,999
|
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
|
||||
Operating cash flows from operating leases
|
13,554
|
|
|
—
|
|
||
Operating cash flows from finance lease
|
321
|
|
|
—
|
|
||
Financing cash flows from finance lease
|
115
|
|
|
—
|
|
||
Non-cash investing activities:
|
|
|
|
||||
Property, plant and equipment accrued
|
13,002
|
|
|
17,911
|
|
||
ROU assets obtained in exchange for new operating lease liabilities
|
(3,896
|
)
|
|
—
|
|
||
ROU asset obtained in exchange for new finance lease liability
|
23,027
|
|
|
—
|
|
|
Three Month Period Ended March 31, 2019
|
|||||||||||||||||||||
|
Common Stock
|
|
|
|
Accumulated
Other
Comprehensive Loss |
|
|
|
|
|||||||||||||
|
Number
of Shares |
|
$ 0.01
Par Value |
|
Additional
Paid-in Capital |
|
|
Accumulated
Earnings |
|
Total
Stockholders’ Equity |
||||||||||||
Balance at January 1, 2019
|
55,847
|
|
|
$
|
558
|
|
|
$
|
655,415
|
|
|
$
|
(223,371
|
)
|
|
$
|
737,154
|
|
|
$
|
1,169,756
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
976
|
|
|
976
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
4,024
|
|
|
—
|
|
|
4,024
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
5,809
|
|
|
—
|
|
|
—
|
|
|
5,809
|
|
|||||
Issuance of restricted shares, net of shares remitted and tax withholdings
|
78
|
|
|
1
|
|
|
(2,277
|
)
|
|
—
|
|
|
—
|
|
|
(2,276
|
)
|
|||||
Repurchases of common stock
|
(97
|
)
|
|
(1
|
)
|
|
(6,323
|
)
|
|
—
|
|
|
—
|
|
|
(6,324
|
)
|
|||||
Balance at March 31, 2019
|
55,828
|
|
|
$
|
558
|
|
|
$
|
652,624
|
|
|
$
|
(219,347
|
)
|
|
$
|
738,130
|
|
|
$
|
1,171,965
|
|
|
Three Month Period Ended March 31, 2018
|
|||||||||||||||||||||
|
Common Stock
|
|
|
|
Accumulated
Other
Comprehensive Loss |
|
|
|
|
|||||||||||||
|
Number
of Shares |
|
$ 0.01
Par Value |
|
Additional
Paid-in Capital |
|
|
Accumulated
Earnings |
|
Total
Stockholders’ Equity |
||||||||||||
Balance at January 1, 2018
|
56,501
|
|
|
$
|
565
|
|
|
$
|
686,962
|
|
|
$
|
(172,407
|
)
|
|
$
|
673,082
|
|
|
$
|
1,188,202
|
|
Cumulative effect of change in accounting principle
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,564
|
)
|
|
(1,564
|
)
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,631
|
)
|
|
(12,631
|
)
|
|||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,746
|
)
|
|
—
|
|
|
(16,746
|
)
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
3,077
|
|
|
—
|
|
|
—
|
|
|
3,077
|
|
|||||
Issuance of restricted shares, net of shares remitted and tax withholdings
|
24
|
|
|
—
|
|
|
(548
|
)
|
|
—
|
|
|
—
|
|
|
(548
|
)
|
|||||
Repurchases of common stock
|
(280
|
)
|
|
(3
|
)
|
|
(14,261
|
)
|
|
—
|
|
|
—
|
|
|
(14,264
|
)
|
|||||
Balance at March 31, 2018
|
56,245
|
|
|
$
|
562
|
|
|
$
|
675,230
|
|
|
$
|
(189,153
|
)
|
|
$
|
658,887
|
|
|
$
|
1,145,526
|
|
|
|
For the Three Months Ended March 31, 2019
|
||||||||||||||
|
|
Environmental Services
|
|
Safety-Kleen
|
|
Corporate
|
|
Total
|
||||||||
Primary Geographical Markets
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
388,169
|
|
|
$
|
286,574
|
|
|
$
|
594
|
|
|
$
|
675,337
|
|
Canada
|
|
85,529
|
|
|
19,973
|
|
|
—
|
|
|
105,502
|
|
||||
Total third-party revenues
|
|
$
|
473,698
|
|
|
$
|
306,547
|
|
|
$
|
594
|
|
|
$
|
780,839
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sources of Revenue
(1)
|
|
|
|
|
|
|
|
|
||||||||
Technical Services
|
|
$
|
251,919
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
251,919
|
|
Field and Emergency Response Services
|
|
71,626
|
|
|
—
|
|
|
—
|
|
|
71,626
|
|
||||
Industrial Services
|
|
116,098
|
|
|
—
|
|
|
—
|
|
|
116,098
|
|
||||
Oil, Gas and Lodging Services and Other
|
|
34,055
|
|
|
—
|
|
|
594
|
|
|
34,649
|
|
||||
Safety-Kleen Environmental Services
|
|
—
|
|
|
207,083
|
|
|
—
|
|
|
207,083
|
|
||||
Safety-Kleen Oil
(2)
|
|
—
|
|
|
99,464
|
|
|
—
|
|
|
99,464
|
|
||||
Total third-party revenues
|
|
$
|
473,698
|
|
|
$
|
306,547
|
|
|
$
|
594
|
|
|
$
|
780,839
|
|
|
|
For the Three Months Ended March 31, 2018
|
||||||||||||||
|
|
Environmental Services
|
|
Safety-Kleen
|
|
Corporate
|
|
Total
|
||||||||
Primary Geographical Markets
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
343,972
|
|
|
$
|
287,642
|
|
|
$
|
145
|
|
|
$
|
631,759
|
|
Canada
|
|
95,716
|
|
|
22,276
|
|
|
27
|
|
|
118,019
|
|
||||
Total third-party revenues
|
|
$
|
439,688
|
|
|
$
|
309,918
|
|
|
$
|
172
|
|
|
$
|
749,778
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sources of Revenue
(1)
|
|
|
|
|
|
|
|
|
||||||||
Technical Services
|
|
$
|
236,306
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
236,306
|
|
Field and Emergency Response Services
|
|
69,935
|
|
|
—
|
|
|
—
|
|
|
69,935
|
|
||||
Industrial Services
|
|
103,763
|
|
|
—
|
|
|
—
|
|
|
103,763
|
|
||||
Oil, Gas and Lodging Services and Other
|
|
29,684
|
|
|
—
|
|
|
172
|
|
|
29,856
|
|
||||
Safety-Kleen Environmental Services
|
|
—
|
|
|
194,161
|
|
|
—
|
|
|
194,161
|
|
||||
Safety-Kleen Oil
(2)
|
|
—
|
|
|
115,757
|
|
|
—
|
|
|
115,757
|
|
||||
Total third-party revenues
|
|
$
|
439,688
|
|
|
$
|
309,918
|
|
|
$
|
172
|
|
|
$
|
749,778
|
|
(1)
|
All revenue except oil and oil product sales within Safety-Kleen Oil and product sales within Safety-Kleen Environmental Services, which include various automotive related fluids, shop supplies and direct blended oil sales, are recognized over time. Safety-Kleen Oil and Safety-Kleen Environmental Services product sales are recognized at a point in time.
|
(2)
|
Safety-Kleen Oil was formerly known as Kleen Performance Products.
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Receivables
|
|
$
|
613,507
|
|
|
$
|
606,952
|
|
Contract assets (unbilled receivables)
|
|
42,513
|
|
|
54,794
|
|
||
Contract liabilities (deferred revenue)
|
|
67,557
|
|
|
61,843
|
|
|
Final Allocation
|
||
Accounts receivable, including unbilled receivables
|
$
|
39,558
|
|
Inventories and supplies
|
1,126
|
|
|
Prepaid expenses and other current assets
|
828
|
|
|
Property, plant and equipment
|
72,243
|
|
|
Permits and other intangibles
|
5,140
|
|
|
Current liabilities
|
(18,372
|
)
|
|
Closure and post-closure liabilities
|
(354
|
)
|
|
Total identifiable net assets
|
100,169
|
|
|
Goodwill
|
24,331
|
|
|
Total purchase price
|
$
|
124,500
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Oil and oil products
|
$
|
67,888
|
|
|
$
|
70,823
|
|
Supplies and drums
|
108,976
|
|
|
104,609
|
|
||
Solvent and solutions
|
10,500
|
|
|
10,657
|
|
||
Other
|
13,450
|
|
|
13,390
|
|
||
Total inventories and supplies
|
$
|
200,814
|
|
|
$
|
199,479
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Land
|
$
|
129,684
|
|
|
$
|
123,734
|
|
Asset retirement costs (non-landfill)
|
15,258
|
|
|
15,148
|
|
||
Landfill assets
|
160,093
|
|
|
154,918
|
|
||
Buildings and improvements
(1)
|
465,707
|
|
|
440,188
|
|
||
Camp equipment
|
156,031
|
|
|
152,998
|
|
||
Vehicles
|
753,490
|
|
|
721,735
|
|
||
Equipment
|
1,711,470
|
|
|
1,697,490
|
|
||
Furniture and fixtures
|
5,476
|
|
|
5,453
|
|
||
Construction in progress
|
27,028
|
|
|
20,931
|
|
||
|
3,424,237
|
|
|
3,332,595
|
|
||
Less - accumulated depreciation and amortization
|
1,835,624
|
|
|
1,770,617
|
|
||
Total property, plant and equipment, net
|
$
|
1,588,613
|
|
|
$
|
1,561,978
|
|
|
Environmental Services
|
|
Safety-Kleen
|
|
Totals
|
||||||
Balance at January 1, 2019
|
$
|
207,019
|
|
|
$
|
307,170
|
|
|
$
|
514,189
|
|
Increase from current period acquisitions
|
—
|
|
|
6,825
|
|
|
6,825
|
|
|||
Measurement period adjustments from prior period acquisitions
|
(2,571
|
)
|
|
(1,422
|
)
|
|
(3,993
|
)
|
|||
Foreign currency translation
|
412
|
|
|
477
|
|
|
889
|
|
|||
Balance at March 31, 2019
|
$
|
204,860
|
|
|
$
|
313,050
|
|
|
$
|
517,910
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Cost
|
|
Accumulated
Amortization |
|
Net
|
|
Cost
|
|
Accumulated
Amortization |
|
Net
|
||||||||||||
Permits
|
$
|
180,463
|
|
|
$
|
81,135
|
|
|
$
|
99,328
|
|
|
$
|
177,583
|
|
|
$
|
79,358
|
|
|
$
|
98,225
|
|
Customer and supplier relationships
|
397,949
|
|
|
187,195
|
|
|
210,754
|
|
|
393,487
|
|
|
179,824
|
|
|
213,663
|
|
||||||
Other intangible assets
|
37,616
|
|
|
31,363
|
|
|
6,253
|
|
|
37,262
|
|
|
29,743
|
|
|
7,519
|
|
||||||
Total amortizable permits and other intangible assets
|
616,028
|
|
|
299,693
|
|
|
316,335
|
|
|
608,332
|
|
|
288,925
|
|
|
319,407
|
|
||||||
Trademarks and trade names
|
122,623
|
|
|
—
|
|
|
122,623
|
|
|
122,468
|
|
|
—
|
|
|
122,468
|
|
||||||
Total permits and other intangible assets
|
$
|
738,651
|
|
|
$
|
299,693
|
|
|
$
|
438,958
|
|
|
$
|
730,800
|
|
|
$
|
288,925
|
|
|
$
|
441,875
|
|
Years Ending December 31,
|
Expected Amortization
|
||
2019 (nine months)
|
$
|
24,947
|
|
2020
|
31,289
|
|
|
2021
|
28,020
|
|
|
2022
|
27,849
|
|
|
2023
|
23,862
|
|
|
Thereafter
|
180,368
|
|
|
|
$
|
316,335
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Insurance
|
$
|
64,298
|
|
|
$
|
70,217
|
|
Interest
|
14,783
|
|
|
3,930
|
|
||
Accrued compensation and benefits
|
46,757
|
|
|
77,881
|
|
||
Income, real estate, sales and other taxes
|
30,289
|
|
|
25,670
|
|
||
Other
|
52,259
|
|
|
55,707
|
|
||
|
$
|
208,386
|
|
|
$
|
233,405
|
|
|
Landfill
Retirement Liability |
|
Non-Landfill
Retirement Liability |
|
Total
|
||||||
Balance at January 1, 2019
|
$
|
37,809
|
|
|
$
|
32,122
|
|
|
$
|
69,931
|
|
Liabilities assumed in acquisition
|
—
|
|
|
98
|
|
|
98
|
|
|||
New asset retirement obligations
|
719
|
|
|
—
|
|
|
719
|
|
|||
Accretion
|
742
|
|
|
689
|
|
|
1,431
|
|
|||
Changes in estimates recorded to statement of operations
|
—
|
|
|
40
|
|
|
40
|
|
|||
Changes in estimates recorded to balance sheet
|
2,798
|
|
|
—
|
|
|
2,798
|
|
|||
Expenditures
|
(163
|
)
|
|
(629
|
)
|
|
(792
|
)
|
|||
Currency translation and other
|
50
|
|
|
146
|
|
|
196
|
|
|||
Balance at March 31, 2019
|
$
|
41,955
|
|
|
$
|
32,466
|
|
|
$
|
74,421
|
|
|
Remedial
Liabilities for
Landfill Sites
|
|
Remedial
Liabilities for
Inactive Sites
|
|
Remedial
Liabilities
(Including
Superfund) for
Non-Landfill
Operations
|
|
Total
|
||||||||
Balance at January 1, 2019
|
$
|
1,838
|
|
|
$
|
65,315
|
|
|
$
|
53,864
|
|
|
$
|
121,017
|
|
Accretion
|
22
|
|
|
675
|
|
|
446
|
|
|
1,143
|
|
||||
Changes in estimates recorded to statement of operations
|
23
|
|
|
172
|
|
|
(1,009
|
)
|
|
(814
|
)
|
||||
Expenditures
|
(15
|
)
|
|
(1,154
|
)
|
|
(1,303
|
)
|
|
(2,472
|
)
|
||||
Currency translation and other
|
—
|
|
|
10
|
|
|
77
|
|
|
87
|
|
||||
Balance at March 31, 2019
|
$
|
1,868
|
|
|
$
|
65,018
|
|
|
$
|
52,075
|
|
|
$
|
118,961
|
|
Current Obligations:
|
March 31, 2019
|
|
December 31, 2018
|
||||
Senior secured Term Loan Agreement ("Term Loan Agreement")
|
$
|
7,535
|
|
|
$
|
7,535
|
|
|
|
|
|
||||
Long-Term Obligations:
|
|
|
|
||||
Senior secured Term Loan Agreement due June 30, 2024
|
$
|
732,813
|
|
|
$
|
734,697
|
|
Senior unsecured notes, at 5.125%, due June 1, 2021 ("2021 Notes")
|
845,000
|
|
|
845,000
|
|
||
Long-term obligations, at par
|
$
|
1,577,813
|
|
|
$
|
1,579,697
|
|
Unamortized debt issuance costs and premium, net
|
(13,808
|
)
|
|
(14,676
|
)
|
||
Long-term obligations, at carrying value
|
$
|
1,564,005
|
|
|
$
|
1,565,021
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Numerator for basic and diluted earnings (loss) per share:
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
976
|
|
|
$
|
(12,631
|
)
|
|
|
|
|
|
||||
Denominator:
|
|
|
|
|
||||
Basic shares outstanding
|
|
55,848
|
|
|
56,457
|
|
||
Dilutive effect of stock-based compensation awards
|
|
234
|
|
|
—
|
|
||
Dilutive shares outstanding
|
|
56,082
|
|
|
56,457
|
|
||
|
|
|
|
|
||||
Basic income (loss) per share:
|
|
$
|
0.02
|
|
|
$
|
(0.22
|
)
|
|
|
|
|
|
|
|
||
Diluted income (loss) per share:
|
|
$
|
0.02
|
|
|
$
|
(0.22
|
)
|
|
Foreign Currency Translation
|
|
Unrealized Losses (Gains) on Available-For-Sale Securities
|
|
Unrealized Losses on Interest Rate Hedge
|
|
Unfunded Pension Liability
|
|
Total
|
||||||||||
Balance at January 1, 2019
|
$
|
(212,925
|
)
|
|
$
|
(69
|
)
|
|
$
|
(8,773
|
)
|
|
$
|
(1,604
|
)
|
|
$
|
(223,371
|
)
|
Other comprehensive income (loss) before tax effects
|
8,540
|
|
|
174
|
|
|
(5,017
|
)
|
|
—
|
|
|
3,697
|
|
|||||
Tax impact related to items in other comprehensive income (loss)
|
—
|
|
|
(31
|
)
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|||||
Amounts reclassified out of accumulated other comprehensive loss
|
—
|
|
|
—
|
|
|
358
|
|
|
—
|
|
|
358
|
|
|||||
Other comprehensive income (loss)
|
8,540
|
|
|
143
|
|
|
(4,659
|
)
|
|
—
|
|
|
4,024
|
|
|||||
Balance at March 31, 2019
|
$
|
(204,385
|
)
|
|
$
|
74
|
|
|
$
|
(13,432
|
)
|
|
$
|
(1,604
|
)
|
|
$
|
(219,347
|
)
|
|
|
For the Three Months Ended March 31, 2019
|
|
|
||
Other Comprehensive Income (Loss) Components
|
|
|
Location
|
|||
Unrealized loss on interest rate hedge
|
|
$
|
(358
|
)
|
|
Interest expense, net of interest income
|
Restricted Stock
|
Number of Shares
|
|
Weighted Average
Grant-Date
Fair Value
|
|||
Balance at January 1, 2019
|
657,240
|
|
|
$
|
54.65
|
|
Granted
|
42,300
|
|
|
61.18
|
|
|
Vested
|
(61,391
|
)
|
|
52.83
|
|
|
Forfeited
|
(21,870
|
)
|
|
54.39
|
|
|
Balance at March 31, 2019
|
616,279
|
|
|
54.51
|
|
Performance Stock
|
Number of Shares
|
|
Weighted Average
Grant-Date
Fair Value
|
|||
Balance at January 1, 2019
|
213,490
|
|
|
$
|
55.71
|
|
Granted
|
—
|
|
|
—
|
|
|
Vested
|
(51,996
|
)
|
|
55.77
|
|
|
Forfeited
|
(14,120
|
)
|
|
55.69
|
|
|
Balance at March 31, 2019
|
147,374
|
|
|
55.69
|
|
|
For the Three Months Ended March 31, 2019
|
||
Operating lease cost
|
$
|
13,362
|
|
Finance lease cost
|
|
||
Amortization of ROU asset
|
245
|
|
|
Interest on lease liability
|
321
|
|
|
Total finance lease cost
|
566
|
|
|
Short-term lease cost
|
19,714
|
|
|
Variable lease cost
|
1,242
|
|
|
Total lease cost
|
$
|
34,884
|
|
Supplemental Lease Balance Sheet Information:
|
March 31, 2019
|
||
ROU assets
|
|
||
Operating leases
|
$
|
170,550
|
|
Finance lease (included in property, plant and equipment, net)
|
22,782
|
|
|
Current portion of lease liabilities
|
|
||
Operating leases
|
43,858
|
|
|
Finance lease (included in accrued expenses)
|
413
|
|
|
Long-term portion of lease liabilities
|
|
||
Operating leases
|
128,689
|
|
|
Finance lease (included in deferred taxes, unrecognized tax benefits and other long-term liabilities)
|
23,797
|
|
Weighted Average Remaining Lease Term (years)
|
March 31, 2019
|
|
Operating leases
|
5.3
|
|
Finance lease
|
23.3
|
|
Weighted Average Discount Rate
|
|
|
Operating leases
|
5.42
|
%
|
Finance lease
|
5.25
|
%
|
Years Ending December 31,
|
Operating
Leases
|
|
Finance
Lease
|
||||
2019 (nine months)
|
$
|
40,019
|
|
|
$
|
1,307
|
|
2020
|
44,558
|
|
|
1,777
|
|
||
2021
|
33,147
|
|
|
1,813
|
|
||
2022
|
26,081
|
|
|
1,849
|
|
||
2023
|
18,498
|
|
|
1,886
|
|
||
2024
|
12,525
|
|
|
1,923
|
|
||
Thereafter
|
26,037
|
|
|
40,636
|
|
||
Total future lease payments
|
200,865
|
|
|
51,191
|
|
||
Amount representing interest
|
(28,318
|
)
|
|
(26,981
|
)
|
||
Total lease liabilities
|
$
|
172,547
|
|
|
$
|
24,210
|
|
Year
|
Total
Operating
Leases
|
||
2019
|
$
|
56,480
|
|
2020
|
45,467
|
|
|
2021
|
33,564
|
|
|
2022
|
24,509
|
|
|
2023
|
15,253
|
|
|
Thereafter
|
35,778
|
|
|
Total minimum lease payments
|
$
|
211,051
|
|
|
For the Three Months Ended March 31, 2019
|
|
For the Three Months Ended March 31, 2018
|
||||||||||||||||||||||||||||
|
Third-party revenues
|
|
Intersegment revenues, net
|
|
Corporate Items, net
|
|
Direct revenues
|
|
Third-party revenues
|
|
Intersegment revenues, net
|
|
Corporate Items, net
|
|
Direct revenues
|
||||||||||||||||
Environmental Services
|
$
|
473,698
|
|
|
$
|
34,075
|
|
|
$
|
1,249
|
|
|
$
|
509,022
|
|
|
$
|
439,688
|
|
|
$
|
31,965
|
|
|
$
|
794
|
|
|
$
|
472,447
|
|
Safety-Kleen
|
306,547
|
|
|
(34,075
|
)
|
|
5
|
|
|
272,477
|
|
|
309,918
|
|
|
(31,965
|
)
|
|
11
|
|
|
277,964
|
|
||||||||
Corporate Items
|
594
|
|
|
—
|
|
|
(1,254
|
)
|
|
(660
|
)
|
|
172
|
|
|
—
|
|
|
(805
|
)
|
|
(633
|
)
|
||||||||
Total
|
$
|
780,839
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
780,839
|
|
|
$
|
749,778
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
749,778
|
|
|
For the Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2019
|
|
2018
|
||||
Adjusted EBITDA:
|
|
|
|
|
|
||
Environmental Services
|
$
|
89,510
|
|
|
$
|
61,417
|
|
Safety-Kleen
|
54,793
|
|
|
61,884
|
|
||
Corporate Items
|
(42,640
|
)
|
|
(35,036
|
)
|
||
Total
|
101,663
|
|
|
88,265
|
|
||
Reconciliation to Consolidated Statements of Operations:
|
|
|
|
|
|
||
Accretion of environmental liabilities
|
2,574
|
|
|
2,430
|
|
||
Depreciation and amortization
|
75,355
|
|
|
74,844
|
|
||
Income from operations
|
23,734
|
|
|
10,991
|
|
||
Other (income) expense, net
|
(2,983
|
)
|
|
299
|
|
||
Interest expense, net of interest income
|
19,764
|
|
|
20,270
|
|
||
Income (loss) before provision for income taxes
|
$
|
6,953
|
|
|
$
|
(9,578
|
)
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Property, plant and equipment, net
|
|
|
|
||||
Environmental Services
|
$
|
953,960
|
|
|
$
|
951,867
|
|
Safety-Kleen
|
561,041
|
|
|
553,220
|
|
||
Corporate Items
|
73,612
|
|
|
56,891
|
|
||
Total property, plant and equipment, net
|
$
|
1,588,613
|
|
|
$
|
1,561,978
|
|
|
|
|
|
||||
Goodwill and Permits and other intangibles, net
|
|
|
|
||||
Environmental Services
|
|
|
|
||||
Goodwill
|
$
|
204,860
|
|
|
$
|
207,019
|
|
Permits and other intangibles, net
|
95,040
|
|
|
93,313
|
|
||
Total Environmental Services
|
299,900
|
|
|
300,332
|
|
||
|
|
|
|
||||
Safety-Kleen
|
|
|
|
||||
Goodwill
|
$
|
313,050
|
|
|
$
|
307,170
|
|
Permits and other intangibles, net
|
343,918
|
|
|
348,562
|
|
||
Total Safety-Kleen
|
656,968
|
|
|
655,732
|
|
||
|
|
|
|
||||
Total
|
$
|
956,868
|
|
|
$
|
956,064
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Environmental Services
|
$
|
1,724,208
|
|
|
$
|
1,640,706
|
|
Safety-Kleen
|
1,518,723
|
|
|
1,431,381
|
|
||
Corporate Items
|
639,123
|
|
|
666,234
|
|
||
Total
|
$
|
3,882,054
|
|
|
$
|
3,738,321
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
United States
|
$
|
3,212,979
|
|
|
$
|
3,090,311
|
|
Canada
|
669,075
|
|
|
648,010
|
|
||
Total
|
$
|
3,882,054
|
|
|
$
|
3,738,321
|
|
|
Clean
Harbors, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Total
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
$
|
27,431
|
|
|
$
|
75,099
|
|
|
$
|
64,841
|
|
|
$
|
—
|
|
|
$
|
167,371
|
|
Short-term marketable securities
|
121
|
|
|
—
|
|
|
57,356
|
|
|
—
|
|
|
57,477
|
|
|||||
Intercompany receivables
|
268,195
|
|
|
701,583
|
|
|
58,138
|
|
|
(1,027,916
|
)
|
|
—
|
|
|||||
Accounts receivable, net
|
—
|
|
|
526,047
|
|
|
87,460
|
|
|
—
|
|
|
613,507
|
|
|||||
Other current assets
|
—
|
|
|
281,802
|
|
|
44,525
|
|
|
(16,560
|
)
|
|
309,767
|
|
|||||
Property, plant and equipment, net
|
—
|
|
|
1,261,206
|
|
|
327,407
|
|
|
—
|
|
|
1,588,613
|
|
|||||
Investments in subsidiaries
|
3,176,613
|
|
|
566,296
|
|
|
—
|
|
|
(3,742,909
|
)
|
|
—
|
|
|||||
Intercompany debt receivable
|
—
|
|
|
14,900
|
|
|
21,000
|
|
|
(35,900
|
)
|
|
—
|
|
|||||
Operating lease right-of-use assets
|
—
|
|
|
137,591
|
|
|
32,959
|
|
|
—
|
|
|
170,550
|
|
|||||
Goodwill
|
—
|
|
|
459,139
|
|
|
58,771
|
|
|
—
|
|
|
517,910
|
|
|||||
Permits and other intangibles, net
|
—
|
|
|
390,838
|
|
|
48,120
|
|
|
—
|
|
|
438,958
|
|
|||||
Other long-term assets
|
1,437
|
|
|
13,530
|
|
|
2,903
|
|
|
31
|
|
|
17,901
|
|
|||||
Total assets
|
$
|
3,473,797
|
|
|
$
|
4,428,031
|
|
|
$
|
803,480
|
|
|
$
|
(4,823,254
|
)
|
|
$
|
3,882,054
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Current liabilities
|
$
|
35,686
|
|
|
$
|
431,891
|
|
|
$
|
146,493
|
|
|
$
|
(16,560
|
)
|
|
$
|
597,510
|
|
Intercompany payables
|
702,141
|
|
|
325,025
|
|
|
750
|
|
|
(1,027,916
|
)
|
|
—
|
|
|||||
Closure, post-closure and remedial liabilities, net
|
—
|
|
|
147,944
|
|
|
17,524
|
|
|
—
|
|
|
165,468
|
|
|||||
Long-term obligations, net
|
1,564,005
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,564,005
|
|
|||||
Operating lease liabilities, less current portion
|
—
|
|
|
104,374
|
|
|
24,315
|
|
|
—
|
|
|
128,689
|
|
|||||
Intercompany debt payable
|
—
|
|
|
21,000
|
|
|
14,900
|
|
|
(35,900
|
)
|
|
—
|
|
|||||
Other long-term liabilities
|
—
|
|
|
233,979
|
|
|
20,407
|
|
|
31
|
|
|
254,417
|
|
|||||
Total liabilities
|
2,301,832
|
|
|
1,264,213
|
|
|
224,389
|
|
|
(1,080,345
|
)
|
|
2,710,089
|
|
|||||
Stockholders’ equity
|
1,171,965
|
|
|
3,163,818
|
|
|
579,091
|
|
|
(3,742,909
|
)
|
|
1,171,965
|
|
|||||
Total liabilities and stockholders’ equity
|
$
|
3,473,797
|
|
|
$
|
4,428,031
|
|
|
$
|
803,480
|
|
|
$
|
(4,823,254
|
)
|
|
$
|
3,882,054
|
|
|
Clean
Harbors, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Total
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
$
|
27,308
|
|
|
$
|
101,302
|
|
|
$
|
97,897
|
|
|
$
|
—
|
|
|
$
|
226,507
|
|
Short-term marketable securities
|
67
|
|
|
—
|
|
|
52,789
|
|
|
—
|
|
|
52,856
|
|
|||||
Intercompany receivables
|
262,475
|
|
|
721,521
|
|
|
60,693
|
|
|
(1,044,689
|
)
|
|
—
|
|
|||||
Accounts receivable, net
|
—
|
|
|
520,785
|
|
|
86,167
|
|
|
—
|
|
|
606,952
|
|
|||||
Other current assets
|
—
|
|
|
289,869
|
|
|
49,631
|
|
|
(23,657
|
)
|
|
315,843
|
|
|||||
Property, plant and equipment, net
|
—
|
|
|
1,233,578
|
|
|
328,400
|
|
|
—
|
|
|
1,561,978
|
|
|||||
Investments in subsidiaries
|
3,162,704
|
|
|
571,304
|
|
|
—
|
|
|
(3,734,008
|
)
|
|
—
|
|
|||||
Intercompany debt receivable
|
—
|
|
|
14,669
|
|
|
21,000
|
|
|
(35,669
|
)
|
|
—
|
|
|||||
Goodwill
|
—
|
|
|
456,307
|
|
|
57,882
|
|
|
—
|
|
|
514,189
|
|
|||||
Permits and other intangibles, net
|
—
|
|
|
393,045
|
|
|
48,830
|
|
|
—
|
|
|
441,875
|
|
|||||
Other long-term assets
|
1,551
|
|
|
13,545
|
|
|
3,025
|
|
|
—
|
|
|
18,121
|
|
|||||
Total assets
|
$
|
3,454,105
|
|
|
$
|
4,315,925
|
|
|
$
|
806,314
|
|
|
$
|
(4,838,023
|
)
|
|
$
|
3,738,321
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Current liabilities
|
$
|
20,170
|
|
|
$
|
457,164
|
|
|
$
|
148,601
|
|
|
$
|
(23,657
|
)
|
|
$
|
602,278
|
|
Intercompany payables
|
699,158
|
|
|
321,846
|
|
|
23,685
|
|
|
(1,044,689
|
)
|
|
—
|
|
|||||
Closure, post-closure and remedial liabilities, net
|
—
|
|
|
151,480
|
|
|
16,434
|
|
|
—
|
|
|
167,914
|
|
|||||
Long-term obligations, net
|
1,565,021
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,565,021
|
|
|||||
Intercompany debt payable
|
—
|
|
|
21,000
|
|
|
14,669
|
|
|
(35,669
|
)
|
|
—
|
|
|||||
Other long-term liabilities
|
—
|
|
|
212,924
|
|
|
20,428
|
|
|
—
|
|
|
233,352
|
|
|||||
Total liabilities
|
2,284,349
|
|
|
1,164,414
|
|
|
223,817
|
|
|
(1,104,015
|
)
|
|
2,568,565
|
|
|||||
Stockholders’ equity
|
1,169,756
|
|
|
3,151,511
|
|
|
582,497
|
|
|
(3,734,008
|
)
|
|
1,169,756
|
|
|||||
Total liabilities and stockholders’ equity
|
$
|
3,454,105
|
|
|
$
|
4,315,925
|
|
|
$
|
806,314
|
|
|
$
|
(4,838,023
|
)
|
|
$
|
3,738,321
|
|
|
Clean
Harbors, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Total
|
||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Service revenues
|
$
|
—
|
|
|
$
|
529,656
|
|
|
$
|
144,139
|
|
|
$
|
(17,137
|
)
|
|
$
|
656,658
|
|
Product revenues
|
—
|
|
|
115,038
|
|
|
12,384
|
|
|
(3,241
|
)
|
|
124,181
|
|
|||||
Total revenues
|
—
|
|
|
644,694
|
|
|
156,523
|
|
|
(20,378
|
)
|
|
780,839
|
|
|||||
Cost of revenues (exclusive of items shown separately below)
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Service cost of revenues
|
—
|
|
|
356,590
|
|
|
124,030
|
|
|
(17,137
|
)
|
|
463,483
|
|
|||||
Product cost of revenues
|
—
|
|
|
99,357
|
|
|
4,765
|
|
|
(3,241
|
)
|
|
100,881
|
|
|||||
Total cost of revenues
|
—
|
|
|
455,947
|
|
|
128,795
|
|
|
(20,378
|
)
|
|
564,364
|
|
|||||
Selling, general and administrative expenses
|
57
|
|
|
93,526
|
|
|
21,229
|
|
|
—
|
|
|
114,812
|
|
|||||
Accretion of environmental liabilities
|
—
|
|
|
2,267
|
|
|
307
|
|
|
—
|
|
|
2,574
|
|
|||||
Depreciation and amortization
|
—
|
|
|
57,335
|
|
|
18,020
|
|
|
—
|
|
|
75,355
|
|
|||||
(Loss) income from operations
|
(57
|
)
|
|
35,619
|
|
|
(11,828
|
)
|
|
—
|
|
|
23,734
|
|
|||||
Other income (expense), net
|
50
|
|
|
2,962
|
|
|
(29
|
)
|
|
—
|
|
|
2,983
|
|
|||||
Interest (expense) income, net
|
(20,374
|
)
|
|
9
|
|
|
601
|
|
|
—
|
|
|
(19,764
|
)
|
|||||
Equity in earnings of subsidiaries, net of taxes
|
15,636
|
|
|
(13,336
|
)
|
|
—
|
|
|
(2,300
|
)
|
|
—
|
|
|||||
Intercompany interest income (expense)
|
—
|
|
|
197
|
|
|
(197
|
)
|
|
—
|
|
|
—
|
|
|||||
(Loss) income before (benefit) provision for income taxes
|
(4,745
|
)
|
|
25,451
|
|
|
(11,453
|
)
|
|
(2,300
|
)
|
|
6,953
|
|
|||||
(Benefit) provision for income taxes
|
(5,721
|
)
|
|
11,418
|
|
|
280
|
|
|
—
|
|
|
5,977
|
|
|||||
Net income (loss)
|
976
|
|
|
14,033
|
|
|
(11,733
|
)
|
|
(2,300
|
)
|
|
976
|
|
|||||
Other comprehensive income
|
4,024
|
|
|
4,024
|
|
|
8,328
|
|
|
(12,352
|
)
|
|
4,024
|
|
|||||
Comprehensive income (loss)
|
$
|
5,000
|
|
|
$
|
18,057
|
|
|
$
|
(3,405
|
)
|
|
$
|
(14,652
|
)
|
|
$
|
5,000
|
|
|
Clean
Harbors, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Total
|
||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
||||||||||
Service revenues
|
$
|
—
|
|
|
$
|
481,483
|
|
|
$
|
152,401
|
|
|
$
|
(14,165
|
)
|
|
$
|
619,719
|
|
Product revenues
|
—
|
|
|
121,582
|
|
|
11,450
|
|
|
(2,973
|
)
|
|
130,059
|
|
|||||
Total revenues
|
—
|
|
|
603,065
|
|
|
163,851
|
|
|
(17,138
|
)
|
|
749,778
|
|
|||||
Cost of revenues (exclusive of items shown separately below)
|
|
|
|
|
|
|
|
|
|
||||||||||
Service cost of revenues
|
—
|
|
|
328,180
|
|
|
133,634
|
|
|
(14,165
|
)
|
|
447,649
|
|
|||||
Product cost of revenues
|
—
|
|
|
95,038
|
|
|
6,711
|
|
|
(2,973
|
)
|
|
98,776
|
|
|||||
Total cost of revenues
|
—
|
|
|
423,218
|
|
|
140,345
|
|
|
(17,138
|
)
|
|
546,425
|
|
|||||
Selling, general and administrative expenses
|
35
|
|
|
93,843
|
|
|
21,210
|
|
|
—
|
|
|
115,088
|
|
|||||
Accretion of environmental liabilities
|
—
|
|
|
2,176
|
|
|
254
|
|
|
—
|
|
|
2,430
|
|
|||||
Depreciation and amortization
|
—
|
|
|
53,704
|
|
|
21,140
|
|
|
—
|
|
|
74,844
|
|
|||||
(Loss) income from operations
|
(35
|
)
|
|
30,124
|
|
|
(19,098
|
)
|
|
—
|
|
|
10,991
|
|
|||||
Other expense, net
|
—
|
|
|
(85
|
)
|
|
(214
|
)
|
|
—
|
|
|
(299
|
)
|
|||||
Interest (expense) income, net
|
(20,999
|
)
|
|
505
|
|
|
224
|
|
|
—
|
|
|
(20,270
|
)
|
|||||
Equity in earnings of subsidiaries, net of taxes
|
2,514
|
|
|
(20,062
|
)
|
|
—
|
|
|
17,548
|
|
|
—
|
|
|||||
Intercompany interest income (expense)
|
—
|
|
|
1,361
|
|
|
(1,361
|
)
|
|
—
|
|
|
—
|
|
|||||
(Loss) income before (benefit) provision for income taxes
|
(18,520
|
)
|
|
11,843
|
|
|
(20,449
|
)
|
|
17,548
|
|
|
(9,578
|
)
|
|||||
(Benefit) provision for income taxes
|
(5,889
|
)
|
|
9,101
|
|
|
(159
|
)
|
|
—
|
|
|
3,053
|
|
|||||
Net (loss) income
|
(12,631
|
)
|
|
2,742
|
|
|
(20,290
|
)
|
|
17,548
|
|
|
(12,631
|
)
|
|||||
Other comprehensive loss
|
(16,746
|
)
|
|
(16,746
|
)
|
|
(14,007
|
)
|
|
30,753
|
|
|
(16,746
|
)
|
|||||
Comprehensive loss
|
$
|
(29,377
|
)
|
|
$
|
(14,004
|
)
|
|
$
|
(34,297
|
)
|
|
$
|
48,301
|
|
|
$
|
(29,377
|
)
|
|
Clean
Harbors, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating Adjustments
|
|
Total
|
||||||||||
Net cash from operating activities
|
$
|
123
|
|
|
$
|
50,344
|
|
|
$
|
(20,727
|
)
|
|
$
|
—
|
|
|
$
|
29,740
|
|
Cash flows used in investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Additions to property, plant and equipment
|
—
|
|
|
(48,696
|
)
|
|
(10,251
|
)
|
|
—
|
|
|
(58,947
|
)
|
|||||
Proceeds from sale and disposal of fixed assets
|
—
|
|
|
3,366
|
|
|
955
|
|
|
—
|
|
|
4,321
|
|
|||||
Acquisitions, net of cash acquired
|
—
|
|
|
(14,870
|
)
|
|
—
|
|
|
—
|
|
|
(14,870
|
)
|
|||||
Additions to intangible assets including costs to obtain or renew permits
|
—
|
|
|
(1,294
|
)
|
|
162
|
|
|
—
|
|
|
(1,132
|
)
|
|||||
Proceeds from sale of available-for-sale securities
|
—
|
|
|
—
|
|
|
8,600
|
|
|
—
|
|
|
8,600
|
|
|||||
Purchases of available-for-sale securities
|
—
|
|
|
—
|
|
|
(12,941
|
)
|
|
—
|
|
|
(12,941
|
)
|
|||||
Intercompany
|
—
|
|
|
(10,484
|
)
|
|
—
|
|
|
10,484
|
|
|
—
|
|
|||||
Net cash used in investing activities
|
—
|
|
|
(71,978
|
)
|
|
(13,475
|
)
|
|
10,484
|
|
|
(74,969
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash flows used in financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Change in uncashed checks
|
—
|
|
|
(4,454
|
)
|
|
(315
|
)
|
|
—
|
|
|
(4,769
|
)
|
|||||
Tax payments related to withholdings on vested restricted stock
|
(2,276
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,276
|
)
|
|||||
Repurchases of common stock
|
(6,324
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,324
|
)
|
|||||
Payments on finance lease
|
—
|
|
|
(115
|
)
|
|
—
|
|
|
—
|
|
|
(115
|
)
|
|||||
Principal payment on debt
|
(1,884
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,884
|
)
|
|||||
Intercompany
|
10,484
|
|
|
—
|
|
|
—
|
|
|
(10,484
|
)
|
|
—
|
|
|||||
Net cash used in financing activities
|
—
|
|
|
(4,569
|
)
|
|
(315
|
)
|
|
(10,484
|
)
|
|
(15,368
|
)
|
|||||
Effect of exchange rate change on cash
|
—
|
|
|
—
|
|
|
1,461
|
|
|
—
|
|
|
1,461
|
|
|||||
Increase (decrease) in cash and cash equivalents
|
123
|
|
|
(26,203
|
)
|
|
(33,056
|
)
|
|
—
|
|
|
(59,136
|
)
|
|||||
Cash and cash equivalents, beginning of period
|
27,308
|
|
|
101,302
|
|
|
97,897
|
|
|
—
|
|
|
226,507
|
|
|||||
Cash and cash equivalents, end of period
|
$
|
27,431
|
|
|
$
|
75,099
|
|
|
$
|
64,841
|
|
|
$
|
—
|
|
|
$
|
167,371
|
|
|
Clean
Harbors, Inc.
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating Adjustments
|
|
Total
|
||||||||||
Net cash from (used in) operating activities
|
$
|
143
|
|
|
$
|
69,536
|
|
|
$
|
(17,776
|
)
|
|
$
|
—
|
|
|
$
|
51,903
|
|
Cash flows used in investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Additions to property, plant and equipment
|
—
|
|
|
(37,319
|
)
|
|
(6,923
|
)
|
|
—
|
|
|
(44,242
|
)
|
|||||
Proceeds from sale and disposal of fixed assets
|
—
|
|
|
292
|
|
|
506
|
|
|
—
|
|
|
798
|
|
|||||
Acquisitions, net of cash acquired
|
—
|
|
|
(120,000
|
)
|
|
—
|
|
|
—
|
|
|
(120,000
|
)
|
|||||
Additions to intangible assets including costs to obtain or renew permits
|
—
|
|
|
(1,234
|
)
|
|
(11
|
)
|
|
—
|
|
|
(1,245
|
)
|
|||||
Proceeds from sale of available-for-sale securities
|
—
|
|
|
—
|
|
|
3,264
|
|
|
—
|
|
|
3,264
|
|
|||||
Purchases of available-for-sale securities
|
—
|
|
|
—
|
|
|
(3,003
|
)
|
|
—
|
|
|
(3,003
|
)
|
|||||
Intercompany
|
—
|
|
|
(15,812
|
)
|
|
—
|
|
|
15,812
|
|
|
—
|
|
|||||
Net cash used in investing activities
|
—
|
|
|
(174,073
|
)
|
|
(6,167
|
)
|
|
15,812
|
|
|
(164,428
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash flows used in financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Change in uncashed checks
|
—
|
|
|
(3,578
|
)
|
|
(265
|
)
|
|
—
|
|
|
(3,843
|
)
|
|||||
Tax payments related to withholdings on vested restricted stock
|
(548
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(548
|
)
|
|||||
Repurchases of common stock
|
(14,264
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,264
|
)
|
|||||
Principal payment on debt
|
(1,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,000
|
)
|
|||||
Intercompany
|
15,812
|
|
|
—
|
|
|
—
|
|
|
(15,812
|
)
|
|
—
|
|
|||||
Net cash used in financing activities
|
—
|
|
|
(3,578
|
)
|
|
(265
|
)
|
|
(15,812
|
)
|
|
(19,655
|
)
|
|||||
Effect of exchange rate change on cash
|
—
|
|
|
—
|
|
|
(867
|
)
|
|
—
|
|
|
(867
|
)
|
|||||
Increase (decrease) in cash and cash equivalents
|
143
|
|
|
(108,115
|
)
|
|
(25,075
|
)
|
|
—
|
|
|
(133,047
|
)
|
|||||
Cash and cash equivalents, beginning of period
|
51,638
|
|
|
207,777
|
|
|
59,984
|
|
|
—
|
|
|
319,399
|
|
|||||
Cash and cash equivalents, end of period
|
$
|
51,781
|
|
|
$
|
99,662
|
|
|
$
|
34,909
|
|
|
$
|
—
|
|
|
$
|
186,352
|
|
•
|
Environmental Services -
Environmental Services segment results are predicated upon the demand by our customers for waste services directly attributable to volume and nature of waste streams generated by them and project work for which waste handling and/or disposal is required. In managing the business and evaluating performance, management tracks the volumes and average price of waste handled and disposed of through our owned incinerators and landfills, as well as utilization of such incinerators, labor and billable hours and equipment among other key metrics. Levels of activity and ultimate performance associated with this segment can be impacted by several factors including overall U.S. GDP and U.S. industrial production, weather conditions, efficiency of our operations, competition and market pricing of our services and the management of our related operating costs. Environmental Services results are also impacted by the demand for planned and unplanned industrial related cleaning and maintenance services at customer sites and for environmental cleanup services on a scheduled or emergency basis, including response to national events such as major oil spills, natural disasters or other events where immediate and specialized services are required.
|
•
|
Safety-Kleen -
Safety-Kleen segment results are impacted by an array of core service offerings that serve to attract small quantity waste producers as customers and integrate them into the Clean Harbors waste network. Core service offerings include parts washer services, containerized waste services, vacuum services, used motor oil collection and sale of base and blended oil products as well as complementary products including automotive related fluids and shop supplies. Key performance indicators tracked by management relative to these services include the number of parts washer services performed and used motor oil and waste volumes collected. Results from these services are primarily driven by the overall number of parts washers placed at customer sites and volumes of waste collected. These factors can be impacted by overall economic conditions in the marketplace, especially in the automotive related area. Safety-Kleen offers high quality base and blended oil products to end users including fleet customers, distributors and manufacturers of oil products. Relative to these oil related products, management tracks the Company's volumes and relative percentages of base and blended oil sales along with various pricing metrics associated with the commodity driven marketplace. The segment's results are significantly impacted by the overall market pricing and product mix associated with base and blended oil products and, more specifically, the market prices of Group II base oils, which historically have correlated with overall crude oil prices. Costs incurred in connection with the collection of used oils and other raw materials associated with the segment’s oil related products can also be volatile. The implementation of
|
|
Summary of Operations (in thousands)
|
||||||||||||
|
For the Three Months Ended
|
||||||||||||
|
March 31, 2019
|
|
March 31, 2018
|
|
$
Change
|
|
%
Change
|
||||||
Direct Revenues
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|||
Environmental Services
|
$
|
509,022
|
|
|
$
|
472,447
|
|
|
$
|
36,575
|
|
|
7.7%
|
Safety-Kleen
|
272,477
|
|
|
277,964
|
|
|
(5,487
|
)
|
|
(2.0)
|
|||
Corporate Items
|
(660
|
)
|
|
(633
|
)
|
|
(27
|
)
|
|
N/M
|
|||
Total
|
780,839
|
|
|
749,778
|
|
|
31,061
|
|
|
4.1
|
|||
Cost of Revenues
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|||
Environmental Services
|
385,107
|
|
|
370,560
|
|
|
14,547
|
|
|
3.9
|
|||
Safety-Kleen
|
180,366
|
|
|
177,737
|
|
|
2,629
|
|
|
1.5
|
|||
Corporate Items
|
(1,109
|
)
|
|
(1,872
|
)
|
|
763
|
|
|
N/M
|
|||
Total
|
564,364
|
|
|
546,425
|
|
|
17,939
|
|
|
3.3
|
|||
Selling, General & Administrative Expenses:
|
|
|
|
|
|
|
|
|
|
|
|||
Environmental Services
|
34,405
|
|
|
40,470
|
|
|
(6,065
|
)
|
|
(15.0)
|
|||
Safety-Kleen
|
37,318
|
|
|
38,343
|
|
|
(1,025
|
)
|
|
(2.7)
|
|||
Corporate Items
|
43,089
|
|
|
36,275
|
|
|
6,814
|
|
|
18.8
|
|||
Total
|
114,812
|
|
|
115,088
|
|
|
(276
|
)
|
|
(0.2)
|
|||
Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|||
Environmental Services
|
89,510
|
|
|
61,417
|
|
|
28,093
|
|
|
45.7
|
|||
Safety-Kleen
|
54,793
|
|
|
61,884
|
|
|
(7,091
|
)
|
|
(11.5)
|
|||
Corporate Items
|
(42,640
|
)
|
|
(35,036
|
)
|
|
(7,604
|
)
|
|
(21.7)
|
|||
Total
|
$
|
101,663
|
|
|
$
|
88,265
|
|
|
$
|
13,398
|
|
|
15.2%
|
(1)
|
Direct revenue is revenue allocated to the segment performing the provided service.
|
(2)
|
Cost of revenue is shown exclusive of items presented separately on the statements of operations which consist of (i) accretion of environmental liabilities and (ii) depreciation and amortization.
|
|
For the Three Months Ended
|
|||||||||||||
|
March 31,
|
|
2019 over 2018
|
|||||||||||
|
2019
|
|
2018
|
|
$
Change
|
|
%
Change
|
|||||||
Direct revenues
|
$
|
509,022
|
|
|
$
|
472,447
|
|
|
$
|
36,575
|
|
|
7.7
|
%
|
|
For the Three Months Ended
|
|||||||||||||
|
March 31,
|
|
2019 over 2018
|
|||||||||||
|
2019
|
|
2018
|
|
$
Change
|
|
%
Change
|
|||||||
Direct revenues
|
$
|
272,477
|
|
|
$
|
277,964
|
|
|
$
|
(5,487
|
)
|
|
(2.0
|
)%
|
|
For the Three Months Ended
|
|||||||||||||
|
March 31,
|
|
2019 over 2018
|
|||||||||||
|
2019
|
|
2018
|
|
Change
|
|
%
Change
|
|||||||
Cost of revenues
|
$
|
385,107
|
|
|
$
|
370,560
|
|
|
$
|
14,547
|
|
|
3.9
|
%
|
As a % of Direct Revenue
|
75.7
|
%
|
|
78.4
|
%
|
|
(2.7
|
)%
|
|
(3.4
|
)%
|
|
For the Three Months Ended
|
|||||||||||||
|
March 31,
|
|
2019 over 2018
|
|||||||||||
|
2019
|
|
2018
|
|
Change
|
|
%
Change
|
|||||||
Cost of revenues
|
$
|
180,366
|
|
|
$
|
177,737
|
|
|
$
|
2,629
|
|
|
1.5
|
%
|
As a % of Direct Revenue
|
66.2
|
%
|
|
63.9
|
%
|
|
2.3
|
%
|
|
3.6
|
%
|
|
For the Three Months Ended
|
|||||||||||||
|
March 31,
|
|
2019 over 2018
|
|||||||||||
|
2019
|
|
2018
|
|
Change
|
|
%
Change
|
|||||||
SG&A
|
$
|
34,405
|
|
|
$
|
40,470
|
|
|
$
|
(6,065
|
)
|
|
(15.0
|
)%
|
As a % of Direct Revenue
|
6.8
|
%
|
|
8.6
|
%
|
|
(1.8
|
)%
|
|
(20.9
|
)%
|
|
For the Three Months Ended
|
|||||||||||||
|
March 31,
|
|
2019 over 2018
|
|||||||||||
|
2019
|
|
2018
|
|
Change
|
|
%
Change
|
|||||||
SG&A
|
$
|
37,318
|
|
|
$
|
38,343
|
|
|
$
|
(1,025
|
)
|
|
(2.7
|
)%
|
As a % of Direct Revenue
|
13.7
|
%
|
|
13.8
|
%
|
|
(0.1
|
)%
|
|
(0.7
|
)%
|
|
For the Three Months Ended
|
|||||||||||||
|
March 31,
|
|
2019 over 2018
|
|||||||||||
|
2019
|
|
2018
|
|
$
Change
|
|
%
Change
|
|||||||
SG&A
|
$
|
43,089
|
|
|
$
|
36,275
|
|
|
$
|
6,814
|
|
|
18.8
|
%
|
|
For the Three Months Ended
|
||||||||||||
|
March 31,
|
|
2019 over 2018
|
||||||||||
|
2019
|
|
2018
|
|
$
Change |
|
%
Change |
||||||
Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|||
Environmental Services
|
$
|
89,510
|
|
|
$
|
61,417
|
|
|
$
|
28,093
|
|
|
45.7%
|
Safety-Kleen
|
54,793
|
|
|
61,884
|
|
|
(7,091
|
)
|
|
(11.5)
|
|||
Corporate Items
|
(42,640
|
)
|
|
(35,036
|
)
|
|
(7,604
|
)
|
|
(21.7)
|
|||
Total
|
$
|
101,663
|
|
|
$
|
88,265
|
|
|
$
|
13,398
|
|
|
15.2%
|
|
For the Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2019
|
|
2018
|
||||
Net income (loss)
|
$
|
976
|
|
|
$
|
(12,631
|
)
|
Accretion of environmental liabilities
|
2,574
|
|
|
2,430
|
|
||
Depreciation and amortization
|
75,355
|
|
|
74,844
|
|
||
Other (income) expense, net
|
(2,983
|
)
|
|
299
|
|
||
Interest expense, net of interest income
|
19,764
|
|
|
20,270
|
|
||
Provision for income taxes
|
5,977
|
|
|
3,053
|
|
||
Adjusted EBITDA
|
$
|
101,663
|
|
|
$
|
88,265
|
|
As a % of Direct Revenue
|
13.0
|
%
|
|
11.8
|
%
|
|
For the Three Months Ended
|
|||||||||||||
|
March 31,
|
|
2019 over 2018
|
|||||||||||
|
2019
|
|
2018
|
|
$
Change
|
|
%
Change
|
|||||||
Depreciation of fixed assets and amortization of landfills and finance lease
|
$
|
65,871
|
|
|
$
|
65,600
|
|
|
$
|
271
|
|
|
0.4
|
%
|
Permits and other intangibles amortization
|
9,484
|
|
|
9,244
|
|
|
240
|
|
|
2.6
|
|
|||
Total depreciation and amortization
|
$
|
75,355
|
|
|
$
|
74,844
|
|
|
$
|
511
|
|
|
0.7
|
%
|
|
For the Three Months Ended
|
|||||||||||||
|
March 31,
|
|
2019 over 2018
|
|||||||||||
|
2019
|
|
2018
|
|
$
Change
|
|
%
Change
|
|||||||
Provision for income taxes
|
$
|
5,977
|
|
|
$
|
3,053
|
|
|
$
|
2,924
|
|
|
95.8
|
%
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
(in thousands)
|
2019
|
|
2018
|
||||
Net cash from operating activities
|
$
|
29,740
|
|
|
$
|
51,903
|
|
Net cash used in investing activities
|
(74,969
|
)
|
|
(164,428
|
)
|
||
Net cash used in financing activities
|
(15,368
|
)
|
|
(19,655
|
)
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2019
|
|
2018
|
||||
Net cash from operating activities
|
$
|
29,740
|
|
|
$
|
51,903
|
|
Additions to property, plant and equipment
|
(58,947
|
)
|
|
(44,242
|
)
|
||
Proceeds from sale and disposal of fixed assets
|
4,321
|
|
|
798
|
|
||
Adjusted free cash flow
|
$
|
(24,886
|
)
|
|
$
|
8,459
|
|
(in thousands)
|
March 31, 2019
|
|
December 31, 2018
|
|
$ Change
|
|
% Change
|
|||||||
Closure and post-closure liabilities
|
$
|
74,421
|
|
|
$
|
69,931
|
|
|
$
|
4,490
|
|
|
6.4
|
%
|
Remedial liabilities
|
118,961
|
|
|
121,017
|
|
|
(2,056
|
)
|
|
(1.7
|
)
|
|||
Total environmental liabilities
|
$
|
193,382
|
|
|
$
|
190,948
|
|
|
$
|
2,434
|
|
|
1.3
|
%
|
Period
|
Total Number of Shares Purchased (1)
|
|
Average Price Paid Per Share (2)
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (3)
|
||||||
January 1, 2019 through January 31, 2019
|
25,597
|
|
|
$
|
49.37
|
|
|
22,184
|
|
|
$
|
304,977,207
|
|
February 1, 2019 through February 28, 2019
|
11,547
|
|
|
$
|
58.85
|
|
|
—
|
|
|
$
|
304,977,207
|
|
March 1, 2019 through March 31, 2019
|
95,790
|
|
|
$
|
69.50
|
|
|
75,000
|
|
|
$
|
299,748,915
|
|
Total
|
132,934
|
|
|
$
|
64.70
|
|
|
97,184
|
|
|
$
|
299,748,915
|
|
(1)
|
Includes 35,750 shares withheld by us from employees to satisfy employee tax obligations upon vesting of restricted stock units granted to our employees under the Company's equity incentive plans.
|
(2)
|
The average price paid per share of common stock repurchased under the stock repurchase program includes the commissions paid to brokers.
|
(3)
|
Our board of directors has authorized the repurchase of up to $600 million of our common stock. We have funded and intend to fund the repurchases through available cash resources. The stock repurchase program authorizes us to purchase our common stock on the open market or in privately negotiated transactions periodically in a manner that complies with applicable U.S. securities laws. The number of shares purchased and the timing of the purchases has depended and will depend on several factors, including share price, cash required for business plans, trading volume and other conditions. During April 2018, we implemented a repurchase plan in accordance with Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended. Future repurchases will be made under the Rule 10b5-1 plan as well as open market or privately negotiated transactions as described above. We have no obligation to repurchase stock under this program and may suspend or terminate the repurchase program at any time.
|
Item No.
|
|
Description
|
|
Location
|
31.1
|
|
|
Filed herewith
|
|
|
|
|
|
|
31.2
|
|
|
Filed herewith
|
|
|
|
|
|
|
32
|
|
|
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, 2019, formatted in XBRL: (i) Consolidated Balance Sheets, (ii) Unaudited Consolidated Statements of Operations, (iii) Unaudited Consolidated Statements of Comprehensive Income (Loss), (iv) Unaudited Consolidated Statements of Cash Flows, (v) Unaudited Consolidated Statements of Stockholders’ Equity, and (vi) Notes to Unaudited Consolidated Financial Statements.
|
|
*
|
*
|
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, President and Chief Executive Officer
|
|
|
|
|
Date:
|
May 1, 2019
|
|
|
|
|
|
|
|
|
By:
|
/s/ MICHAEL L. BATTLES
|
|
|
|
Michael L. Battles
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
|
Date:
|
May 1, 2019
|
|
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