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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDEDSEPTEMBER 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM         TO       

Commission File Number 001-34223
_______________________
CLEAN HARBORS, INC.
(Exact name of registrant as specified in its charter)
Massachusetts04-2997780
(State or Other Jurisdiction of Incorporation or Organization)(IRS Employer Identification No.)
42 Longwater DriveNorwellMA02061-9149
(Address of Principal Executive Offices)(Zip Code)
Registrant’s Telephone Number, Including area code: (781) 792-5000
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par valueCLHNew York Stock Exchange
    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes   No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes   No 
The number of shares of Common Stock, $0.01 par value, of the registrant outstanding at October 28, 2022 was 54,074,296.



CLEAN HARBORS, INC.
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
Page No.




CLEAN HARBORS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, 2022December 31, 2021
ASSETS(unaudited)
Current assets:
Cash and cash equivalents$449,023 $452,575 
Short-term marketable securities65,034 81,724 
Accounts receivable, net of allowances aggregating $48,826 and $40,140, respectively
1,026,226 792,734 
Unbilled accounts receivable134,742 94,963 
Inventories and supplies294,220 250,692 
Prepaid expenses and other current assets71,846 68,483 
Total current assets2,041,091 1,741,171 
Property, plant and equipment, net1,923,675 1,863,175 
Other assets:
Operating lease right-of-use assets161,668 161,797 
Goodwill1,246,327 1,227,042 
Permits and other intangibles, net621,834 644,912 
Other78,032 15,602 
Total other assets2,107,861 2,049,353 
Total assets$6,072,627 $5,653,699 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt$17,535 $17,535 
Accounts payable416,913 359,866 
Deferred revenue93,425 83,749 
Accrued expenses and other current liabilities405,257 391,414 
Current portion of closure, post-closure and remedial liabilities36,904 25,136 
Current portion of operating lease liabilities47,879 47,614 
Total current liabilities1,017,913 925,314 
Other liabilities:
Closure and post-closure liabilities, less current portion of $17,373 and $12,015, respectively
89,399 87,088 
Remedial liabilities, less current portion of $19,531 and $13,121, respectively
97,737 98,752 
Long-term debt, less current portion2,507,946 2,517,024 
Operating lease liabilities, less current portion116,607 117,991 
Deferred tax liabilities326,842 314,853 
Other long-term liabilities78,602 78,790 
Total other liabilities3,217,133 3,214,498 
Commitments and contingent liabilities (See Note 17)
Stockholders’ equity:
Common stock, $0.01 par value:
Authorized 80,000,000 shares; issued and outstanding 54,070,197 and 54,419,321 shares, respectively
541 544 
Additional paid-in capital506,359 536,377 
Accumulated other comprehensive loss(171,567)(196,012)
Accumulated earnings1,502,248 1,172,978 
Total stockholders’ equity1,837,581 1,513,887 
Total liabilities and stockholders’ equity$6,072,627 $5,653,699 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
1

CLEAN HARBORS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
Revenues:
Service revenues$1,073,810 $744,549 $3,100,914 $2,141,820 
Product revenues289,276 206,930 787,593 544,265 
Total revenues1,363,086 951,479 3,888,507 2,686,085 
Cost of revenues: (exclusive of items shown separately below)
Service revenues738,041 508,498 2,168,025 1,451,498 
Product revenues172,607 130,734 484,481 366,156 
Total cost of revenues910,648 639,232 2,652,506 1,817,654 
Selling, general and administrative expenses151,711 133,164 458,492 378,911 
Accretion of environmental liabilities3,246 2,799 9,599 8,625 
Depreciation and amortization88,394 71,451 260,560 215,206 
Income from operations209,087 104,833 507,350 265,689 
Other income (expense), net104 199 2,073 (2,509)
Gain on sale of business  8,864  
Interest expense, net of interest income of $1,103, $653, $2,159 and $1,712, respectively
(28,081)(17,984)(79,354)(53,953)
Income before provision for income taxes181,110 87,048 438,933 209,227 
Provision for income taxes45,311 21,605 109,663 54,973 
Net income$135,799 $65,443 $329,270 $154,254 
Earnings per share:
Basic$2.51 $1.20 $6.07 $2.83 
Diluted$2.50 $1.20 $6.04 $2.81 
Shares used to compute earnings per share - Basic54,111 54,411 54,278 54,553 
Shares used to compute earnings per share - Diluted54,381 54,707 54,542 54,862 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
2

CLEAN HARBORS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
 Three Months EndedNine Months Ended
September 30,September 30,
 2022202120222021
Net income$135,799 $65,443 $329,270 $154,254 
Other comprehensive (loss) income, net of tax:
Unrealized loss on available-for-sale securities(36)(18)(692)(140)
Unrealized gain (loss) on fair value of interest rate hedges23,750 (99)59,674 2,660 
Reclassification adjustment for interest rate hedge amounts realized in net income(1,296)2,532 4,062 7,474 
Unfunded pension liability40  50  
Foreign currency translation adjustments(31,323)(14,242)(38,649)767 
Other comprehensive (loss) income, net of tax(8,865)(11,827)24,445 10,761 
Comprehensive income$126,934 $53,616 $353,715 $165,015 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
3

CLEAN HARBORS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Nine Months Ended
September 30,
20222021
Cash flows from operating activities:
Net income$329,270 $154,254 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization260,560 215,206 
Allowance for doubtful accounts6,684 7,186 
Amortization of deferred financing costs and debt discount4,734 2,718 
Accretion of environmental liabilities9,599 8,625 
Changes in environmental liability estimates2,105 341 
Deferred income taxes2,226 5,202 
Other (income) expense, net(2,073)2,509 
Stock-based compensation20,375 12,786 
Gain on sale of business(8,864) 
Environmental expenditures(9,720)(12,223)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable and unbilled accounts receivable(293,562)(113,601)
Inventories and supplies(44,324)(12,882)
Other current and non-current assets(12,600)(10,785)
Accounts payable52,979 86,974 
Other current and long-term liabilities40,153 21,916 
Net cash from operating activities357,542 368,226 
Cash flows used in investing activities:
Additions to property, plant and equipment(244,547)(146,654)
Proceeds from sale and disposal of fixed assets5,118 16,424 
Acquisitions, net of cash acquired(73,568)(22,819)
Proceeds from sale of business, net of transaction costs16,811  
Additions to intangible assets including costs to obtain or renew permits(1,094)(2,659)
Proceeds from sale of available-for-sale securities51,736 83,226 
Purchases of available-for-sale securities(36,418)(96,785)
Net cash used in investing activities(281,962)(169,267)
Cash flows used in financing activities:
Change in uncashed checks887 (4,323)
Tax payments related to withholdings on vested restricted stock(6,214)(7,383)
Repurchases of common stock(44,182)(48,409)
Deferred financing costs paid(410)(150)
Payments on finance leases(9,538)(5,845)
Principal payments on debt(13,152)(5,652)
Net cash used in financing activities(72,609)(71,762)
Effect of exchange rate change on cash(6,523)365 
(Decrease) increase in cash and cash equivalents(3,552)127,562 
Cash and cash equivalents, beginning of period452,575 519,101 
Cash and cash equivalents, end of period$449,023 $646,663 
Supplemental information:
Cash payments for interest and income taxes:
Interest paid$86,407 $61,807 
Income taxes paid, net of refunds53,183 48,202 
Non-cash investing activities:
Property, plant and equipment accrued23,726 11,561 
Remedial liability assumed in acquisition of property, plant and equipment8,092  
ROU assets obtained in exchange for operating lease liabilities39,899 18,528 
ROU assets obtained in exchange for finance lease liabilities11,263 18,704 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
4

CLEAN HARBORS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands)
Common StockAccumulated
Other
Comprehensive Loss
Number
of
Shares
$0.01
Par
Value
Additional
Paid-in
Capital
Accumulated
Earnings
Total
Stockholders’
Equity
Balance at January 1, 202254,419 $544 $536,377 $(196,012)$1,172,978 $1,513,887 
Net income— — — — 45,314 45,314 
Other comprehensive income— — — 33,849 — 33,849 
Stock-based compensation— — 5,712 — — 5,712 
Issuance of common stock for restricted share vesting, net of employee tax withholdings36 — (1,831)— — (1,831)
Repurchases of common stock(41)— (3,694)— — (3,694)
Balance at March 31, 202254,414 544 536,564 (162,163)1,218,292 1,593,237 
Net income— — — — 148,157 148,157 
Other comprehensive loss— — — (539)— (539)
Stock-based compensation— — 6,835 — — 6,835 
Issuance of common stock for restricted share vesting, net of employee tax withholdings31 — (740)— — (740)
Repurchases of common stock(335)(3)(29,997)— — (30,000)
Balance at June 30, 202254,110 541 512,662 (162,702)1,366,449 1,716,950 
Net income— — — — 135,799 135,799 
Other comprehensive loss— — — (8,865)— (8,865)
Stock-based compensation— — 7,828 — — 7,828 
Issuance of common stock for restricted share vesting, net of employee tax withholdings68 1 (3,644)— — (3,643)
Repurchases of common stock(108)(1)(10,487)— — (10,488)
Balance at September 30, 202254,070 $541 $506,359 $(171,567)$1,502,248 $1,837,581 


5

CLEAN HARBORS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (CONTINUED)
(in thousands)
Common StockAccumulated
Other
Comprehensive Loss
Number
of
Shares
$0.01
Par
Value
Additional
Paid-in
Capital
Accumulated
Earnings
Total
Stockholders’
Equity
Balance at January 1, 202154,773 $548 $582,749 $(211,477)$969,731 $1,341,551 
Net income— — — — 21,736 21,736 
Other comprehensive income— — — 11,948 — 11,948 
Stock-based compensation— — 3,480 — — 3,480 
Issuance of common stock for restricted share vesting, net of employee tax withholdings78 1 (3,720)— — (3,719)
Repurchases of common stock(300)(3)(26,543)— — (26,546)
Balance at March 31, 202154,551 546 555,966 (199,529)991,467 1,348,450 
Net income— — — — 67,075 67,075 
Other comprehensive income— — — 10,640 — 10,640 
Stock-based compensation— — 3,305 — — 3,305 
Issuance of common stock for restricted share vesting, net of employee tax withholdings42 — (1,020)— — (1,020)
Repurchases of common stock(200)(2)(18,861)— — (18,863)
Balance at June 30, 202154,393 544 539,390 (188,889)1,058,542 1,409,587 
Net income— — — — 65,443 65,443 
Other comprehensive loss— — — (11,827)— (11,827)
Stock-based compensation— — 6,001 — — 6,001 
Issuance of common stock for restricted share vesting, net of employee tax withholdings50 — (2,644)— — (2,644)
Repurchases of common stock(33) (3,000)— — (3,000)
Balance at September 30, 202154,410 $544 $539,747 $(200,716)$1,123,985 $1,463,560 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
6

CLEAN HARBORS, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(1) 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 and are necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. Management has made estimates and assumptions affecting the amounts reported in the Company's consolidated interim financial statements and accompanying footnotes; actual results could differ from those estimates and judgments. 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 conjunction with the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

(2) SIGNIFICANT ACCOUNTING POLICIES
The Company's significant accounting policies are described in Note 2, "Significant Accounting Policies," in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. There have been no material changes in these policies or their application during the periods presented.

(3) REVENUES
The Company’s third-party revenues are disaggregated by geographic location and source of revenue as management believes these categories depict how revenue and cash flows are affected by economic factors. The Company's significant sources of revenue include:
Technical Services—Technical Services contribute to the revenues of the Environmental Services operating segment. Revenues for these services are generated from fees charged for waste material management and disposal services including onsite environmental management services, large remediation projects, collection and transportation, packaging, recycling, treatment and disposal of waste. Revenue is primarily generated by short-term projects, most of which are governed by master service agreements that are long-term in nature. These master service agreements are typically entered into with the Company's larger customers and outline the pricing and legal frameworks for such arrangements. Services are provided based on purchase orders or agreements with the customer and include prices based upon units of volume of waste, and transportation and other fees. Collection and transportation revenues are recognized over time, as the customer receives and consumes the benefits of the services as they are being performed and the Company has a right to payment for performance completed to date. The Company uses the input method to recognize revenue over time, based on time and materials incurred as a basis for measuring the satisfaction of the performance obligation. Revenues for treatment and disposal of waste are recognized upon completion of treatment, final disposition in a landfill or incineration, or when the waste is shipped to a third-party for processing and disposal. The Company periodically enters into bundled arrangements for the collection and transportation and disposal of waste. For such arrangements, transportation and disposal are considered distinct performance obligations and the Company allocates revenue to each based on the relative standalone selling price (i.e., the estimated price that a customer would pay for the services on a standalone basis). Revenues and the related costs from waste that is not yet completely processed and disposed of are deferred. The deferred revenues and costs are recognized when the services are completed. The period between collection and transportation and the final processing and disposal ranges depending on the location of the customer, but generally is measured in days.
Field and Emergency Response Services—Field and Emergency Response Services contribute to the revenues of the Environmental Services operating segment. Field Services revenues are generated from cleanup services at customer sites, including those managed by municipalities and utility providers, or other locations on a scheduled or emergency response basis. Services include confined space entry for tank cleaning, site decontamination, remediation, railcar cleaning, manhole/vault clean outs, product recovery and transfer and vacuum services. Additional services include filtration and water treatment services. Response services for environmental emergencies of any scale range from man-made disasters such as oil spills to natural disasters such as hurricanes. Emergency response services also include spill cleanup on land and water, contagion disinfection, decontamination and disposal services most recently in response to the COVID-19 pandemic. Field and emergency response services are provided based on purchase orders or agreements with customers and include prices generally based upon daily, hourly or job rates for equipment, materials and personnel. The Company recognizes revenue for these services over time, as the customer receives and consumes the benefits of the services as they are being performed and the Company has a right to payment for performance completed to date. The
7

Company uses the input method to recognize revenue over time, based on time and materials incurred. The duration of such services can be over a number of hours, several days or even months for larger scale projects.
Industrial Services and Other—Industrial Services contribute to the revenues of the Environmental Services operating segment. These revenues are primarily generated from industrial and specialty services provided to refineries, mines, upgraders, chemical plants, pulp and paper mills, manufacturing facilities, power generation facilities and other industrial customers throughout North America. Services include in-plant cleaning and maintenance services, plant outage and turnaround services, specialty cleaning services including chemical cleaning, pigging and high and ultra-high pressure water cleaning, leak detection and repair, daylighting, production services and upstream energy services. Services are provided based on purchase orders or agreements with the customer and include prices based upon daily, hourly or job rates for equipment, materials and personnel. The Company recognizes revenue for these services over time, as the customer receives and consumes the benefits of the services as they are being performed and the Company has a right to payment for performance completed to date. The Company uses the input method to recognize revenue over time, based on time and materials incurred.
Safety-Kleen Environmental Services—Safety-Kleen Environmental Services revenues contribute both to the Environmental Services operating segment and the Safety-Kleen Sustainability Solutions operating segment depending upon the nature of such revenues and operating responsibilities relative to executing the revenue contracts. Revenues from providing containerized waste handling and disposal services, parts washer services and vacuum services, referred to collectively as the Safety-Kleen branches' core service offerings, contribute to the revenues of the Environmental Services operating segment. In addition, sales of packaged blended oil products and other complementary product sales contribute to the revenues of the Environmental Services operating segment. Revenues generated from waste oil, anti-freeze and oil filter collection services, sales of bulk blended oil products and sales of bulk automotive fluids contribute to the Safety-Kleen Sustainability Solutions operating segment.
Generally, the revenue from services is recognized over time, as the customer receives and consumes the benefits of the services as they are being performed and the Company has a right to payment for performance completed to date. The duration of such services can be over a number of hours or several days. The Company uses the input method to recognize revenue over time, based on time and materials incurred. Product revenue is recognized upon the transfer of control whereby control transfers when the products are delivered to the customer. Containerized waste services consist of profiling, collecting, transporting and recycling or disposing of a wide variety of waste. Related collection and transportation revenues are recognized over time, as the customer receives and consumes the benefits of the services as they are being performed and the Company has a right to payment for performance completed to date. Parts washer services include customer use of our parts washer equipment, cleaning and maintenance of the parts washer equipment and removal and replacement of used cleaning fluids. Parts washer services are considered a single performance obligation due to the highly integrated and interdependent nature of the arrangement. Revenue from parts washer services is recognized over the service interval as the customer receives the benefit of the services.
Safety-Kleen Oil—Safety-Kleen Oil related sales contribute to the revenues of the Safety-Kleen Sustainability Solutions segment. These revenues are generated from sales of high-quality base and blended lubricating oils to third-party distributors, government agencies, fleets, railroads and industrial customers. The business also sells recycled fuel oil to asphalt plants, industrial plants and pulp and paper companies. The used oil is also processed into vacuum gas oil which can be further re-refined into lubricant base oils or sold directly into the marine diesel oil fuel market. Revenue for oil products is recognized at a point in time, upon the transfer of control. Control transfers when the products are delivered to the customer.
8

The following tables present the Company's third-party revenue disaggregated by source of revenue and geography (in thousands):
For the Three Months Ended September 30, 2022
Environmental ServicesSafety-Kleen Sustainability SolutionsCorporateTotal
Primary Geographical Markets
United States$960,737 $249,035 $283 $1,210,055 
Canada119,295 33,736  153,031 
Total third-party revenues$1,080,032 $282,771 $283 $1,363,086 
Sources of Revenue
Technical Services$398,664 $ $ $398,664 
Field and Emergency Response Services150,031   150,031 
Industrial Services and Other
332,025  283 332,308 
Safety-Kleen Environmental Services199,312 52,072  251,384 
Safety-Kleen Oil 230,699  230,699 
Total third-party revenues$1,080,032 $282,771 $283 $1,363,086 

For the Three Months Ended September 30, 2021
Environmental ServicesSafety-Kleen Sustainability SolutionsCorporateTotal
Primary Geographical Markets
United States$632,755 $185,096 $59 $817,910 
Canada111,076 22,493  133,569 
Total third-party revenues$743,831 $207,589 $59 $951,479 
Sources of Revenue
Technical Services$308,158 $ $ $308,158 
Field and Emergency Response Services116,677   116,677 
Industrial Services and Other154,977  59 155,036 
Safety-Kleen Environmental Services164,019 39,551  203,570 
Safety-Kleen Oil 168,038  168,038 
Total third-party revenues$743,831 $207,589 $59 $951,479 

For the Nine Months Ended September 30, 2022
Environmental ServicesSafety-Kleen Sustainability SolutionsCorporateTotal
Primary Geographical Markets
United States$2,740,994 $688,444 $434 $3,429,872 
Canada364,342 94,293  458,635 
Total third-party revenues$3,105,336 $782,737 $434 $3,888,507 
Sources of Revenue
Technical Services$1,109,339 $ $ $1,109,339 
Field and Emergency Response Services427,250   427,250 
Industrial Services and Other
1,001,733  434 1,002,167 
Safety-Kleen Environmental Services567,014 145,841  712,855 
Safety-Kleen Oil 636,896  636,896 
Total third-party revenues$3,105,336 $782,737 $434 $3,888,507 
9


For the Nine Months Ended September 30, 2021
Environmental ServicesSafety-Kleen Sustainability SolutionsCorporateTotal
Primary Geographical Markets
United States$1,824,848 $504,302 $217 $2,329,367 
Canada295,008 61,710  356,718 
Total third-party revenues$2,119,856 $566,012 $217 $2,686,085 
Sources of Revenue
Technical Services$887,063 $ $ $887,063 
Field and Emergency Response Services328,831   328,831 
Industrial Services and Other425,154  217 425,371 
Safety-Kleen Environmental Services478,808 118,982  597,790 
Safety-Kleen Oil 447,030  447,030 
Total third-party revenues$2,119,856 $566,012 $217 $2,686,085 
The operations related to HydroChemPSC, which the Company acquired on October 8, 2021, have been fully integrated into the Industrial Services and Field Services operations of the Company. Third-party revenues generated from the acquired HydroChemPSC business are no longer separately identifiable.
Contract Balances
(in thousands)September 30, 2022December 31, 2021
Receivables$1,026,226 $792,734 
Contract assets (unbilled receivables)134,742 94,963 
Contract liabilities (deferred revenue)93,425 83,749 
The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and customer advances and deposits or deferred revenue (contract liabilities) on the consolidated balance sheet. Generally, billing occurs subsequent to revenue recognition, as a right to payment is not just subject to passage of time, resulting in contract assets. Contract assets are generally classified as current. The Company sometimes receives advances or deposits from its customers before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. The contract liability balances at the beginning of each period presented were generally fully recognized in the subsequent three-month period.

(4) BUSINESS COMBINATIONS
2022 Acquisition
On June 17, 2022, the Company acquired a privately-owned company for an all-cash purchase price of approximately $78.6 million, net of cash acquired and subject to the final settlement of working capital. Pursuant to the purchase agreement, in the three months ended September 30, 2022, the Company paid $4.8 million to partially settle working capital. The Company expects to finalize working capital, which is not expected to be material, prior to December 31, 2022. The operations of the newly acquired company expand the Safety-Kleen Sustainability Solutions segment's waste oil collection capabilities and re-refining business throughout the southeast region of the United States, including the addition of a re-refinery in Georgia.
The preliminary allocation of the purchase price is provisional and was based on estimates of the fair value of assets acquired and liabilities assumed as of June 17, 2022. The Company continues to obtain information to complete the valuation of these balances and the associated income tax accounting. Measurement period adjustments will reflect new information obtained
10

about facts and circumstances that existed as of the acquisition date. The following table summarizes the preliminary determination and recognition of assets acquired and liabilities assumed (in thousands):
At Acquisition DateMeasurement Period Adjustments
At Acquisition Date
As Reported September 30, 2022
Accounts receivable$1,079 $(3)$1,076 
Inventories and supplies5,737 79 5,816 
Prepaid expenses and other current assets269 (135)134 
Property, plant and equipment23,270 55 23,325 
Permits and other intangibles16,750 —