Company Quick10K Filing
Clean Harbors
Price76.21 EPS2
Shares56 P/E48
MCap4,280 P/FCF15
Net Debt1,318 EBIT130
TEV5,598 TEV/EBIT43
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-04-29
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-06
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-04-29 Earnings, Exhibits
8-K 2020-02-26 Earnings, Exhibits
8-K 2019-12-12 Officers, Exhibits
8-K 2019-10-30 Earnings, Exhibits
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-07-02 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-07-02 Other Events, Exhibits
8-K 2019-06-18 Enter Agreement, Other Events, Exhibits
8-K 2019-06-18 Regulation FD, Exhibits
8-K 2019-06-05 Officers, Shareholder Vote, Exhibits
8-K 2019-05-03 Code of Ethics
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-02-27 Earnings, Exhibits
8-K 2018-10-31 Earnings, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-07-19 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2018-07-03 Other Events, Exhibits
8-K 2018-06-19 Other Events, Exhibits
8-K 2018-06-06 Shareholder Vote
8-K 2018-05-02 Earnings, Exhibits
8-K 2018-05-02 Regulation FD, Exhibits
8-K 2018-04-17 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-02-23 M&A, Earnings, Exhibits
8-K 2018-01-17 Other Events, Exhibits

CLH 10Q Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosure
Item 5. Other Information
Item 6. Exhibits
EX-31.1 clh-3312020ex311.htm
EX-31.2 clh-3312020ex312.htm
EX-32 clh-3312020ex32.htm

Clean Harbors Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
4.13.32.51.60.80.02012201420172020
Assets, Equity
1.00.80.60.30.1-0.12012201420172020
Rev, G Profit, Net Income
1.00.50.0-0.4-0.9-1.42012201420172020
Ops, Inv, Fin

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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 ENDED
MARCH 31, 2020
 
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)
 
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)
Registrant’s Telephone Number, Including area code: (781) 792-5000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Common Stock, $0.01 par value
 
CLH
 
New 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 filer
 
 
Accelerated filer
Non-accelerated filer
 
 
Smaller 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 April 24, 2020 was 55,579,207.



CLEAN HARBORS, INC.

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

 
Page No.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 






CLEAN HARBORS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands)
 
March 31, 2020
 
December 31, 2019
ASSETS
(unaudited)
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
432,205

 
$
371,991

Short-term marketable securities
62,143

 
42,421

Accounts receivable, net of allowances aggregating $42,781 and $38,711, respectively
658,482

 
644,738

Unbilled accounts receivable
51,215

 
56,326

Deferred costs
21,270

 
21,746

Inventories and supplies
216,532

 
214,744

Prepaid expenses and other current assets
44,629

 
48,942

Total current assets
1,486,476

 
1,400,908

Property, plant and equipment, net
1,547,119

 
1,588,151

Other assets:
 
 
 
Operating lease right-of-use assets
160,526

 
162,206

Goodwill
519,627

 
525,013

Permits and other intangibles, net
406,881

 
419,066

Other
11,392

 
13,560

Total other assets
1,098,426

 
1,119,845

Total assets
$
4,132,021

 
$
4,108,904

 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Current liabilities:
 
 
 
Current portion of long-term obligations
$
7,535

 
$
7,535

Accounts payable
267,892

 
298,375

Deferred revenue
71,243

 
73,370

Accrued expenses
255,513

 
276,540

Current portion of closure, post-closure and remedial liabilities
16,231

 
23,301

Current portion of operating lease liabilities
39,998

 
40,979

Total current liabilities
658,412

 
720,100

Other liabilities:
 
 
 
Closure and post-closure liabilities, less current portion of $4,333 and $7,283, respectively
76,106

 
68,368

Remedial liabilities, less current portion of $11,898 and $16,018, respectively
98,966

 
98,155

Long-term obligations, less current portion
1,702,992

 
1,554,116

Operating lease liabilities, less current portion
120,649

 
121,020

Deferred taxes, unrecognized tax benefits and other long-term liabilities
269,091

 
277,332

Total other liabilities
2,267,804

 
2,118,991

Commitments and contingent liabilities (See Note 16)


 


Stockholders’ equity:
 
 
 
Common stock, $0.01 par value:
 
 
 
Authorized 80,000,000 shares; issued and outstanding 55,554,925 and 55,797,734 shares, respectively
556

 
558

Additional paid-in capital
628,140

 
644,412

Accumulated other comprehensive loss
(269,357
)
 
(210,051
)
Accumulated earnings
846,466

 
834,894

Total stockholders’ equity
1,205,805

 
1,269,813

Total liabilities and stockholders’ equity
$
4,132,021

 
$
4,108,904

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 Ended
 
 
March 31,
 
 
2020
 
2019
Revenues:
 
 
 
 
Service revenues
 
$
719,867

 
$
656,658

Product revenues
 
138,696

 
124,181

Total revenues
 
858,563

 
780,839

Cost of revenues: (exclusive of items shown separately below)
 
 
 
 
Service revenues
 
492,716

 
463,483

Product revenues
 
113,950

 
100,881

Total cost of revenues
 
606,666

 
564,364

Selling, general and administrative expenses
 
129,307

 
114,812

Accretion of environmental liabilities
 
2,561

 
2,574

Depreciation and amortization
 
74,533

 
75,355

Income from operations
 
45,496

 
23,734

Other (expense) income, net
 
(2,365
)
 
2,983

Loss on sale of businesses
 
(3,074
)
 

Interest expense, net of interest income of $998 and $926, respectively
 
(18,787
)
 
(19,764
)
Income before provision for income taxes
 
21,270

 
6,953

Provision for income taxes
 
9,698

 
5,977

Net income
 
$
11,572

 
$
976

Earnings per share:
 
 
 
 
Basic
 
$
0.21

 
$
0.02

Diluted
 
$
0.21

 
$
0.02

Shares used to compute earnings per share - Basic
 
55,757

 
55,848

Shares used to compute earnings per share - Diluted
 
56,055

 
56,082


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

2


CLEAN HARBORS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(in thousands)
 
 
Three Months Ended
 
 
March 31,
 
 
2020
 
2019
Net income
 
$
11,572

 
$
976

Other comprehensive (loss) income, net of tax:
 
 
 
 
Unrealized (losses) gains on available-for-sale securities
 
(64
)
 
143

Unrealized loss on interest rate hedge
 
(18,382
)
 
(5,017
)
Reclassification adjustment for losses on interest rate hedge included in net income
 
1,098

 
358

Foreign currency translation adjustments
 
(41,958
)
 
8,540

Other comprehensive (loss) income, net of tax
 
(59,306
)
 
4,024

Comprehensive (loss) income
 
$
(47,734
)
 
$
5,000


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)
 
Three Months Ended
 
March 31,
 
2020
 
2019
Cash flows from operating activities:
 
 
 
Net income
$
11,572

 
$
976

Adjustments to reconcile net income to net cash from operating activities:
 
 
 
Depreciation and amortization
74,533

 
75,355

Allowance for doubtful accounts
4,700

 
(3,425
)
Amortization of deferred financing costs and debt discount
891

 
1,000

Accretion of environmental liabilities
2,561

 
2,574

Changes in environmental liability estimates
3,470

 
(774
)
Other expense (income), net
2,365

 
(2,983
)
Stock-based compensation
3,291

 
5,809

Loss on sale of businesses
3,074

 

Environmental expenditures
(3,435
)
 
(3,264
)
Changes in assets and liabilities, net of acquisitions:
 
 
 
Accounts receivable and unbilled accounts receivable
(24,960
)
 
12,086

Inventories and supplies
(7,024
)
 
(832
)
Other current and non-current assets
8,714

 
(11,738
)
Accounts payable
(5,169
)
 
(27,956
)
Other current and long-term liabilities
(40,902
)
 
(17,088
)
Net cash from operating activities
33,681

 
29,740

Cash flows used in investing activities:
 
 
 
Additions to property, plant and equipment
(82,767
)
 
(58,947
)
Proceeds from sale and disposal of fixed assets
2,150

 
4,321

Acquisitions, net of cash acquired

 
(14,870
)
Proceeds from sale of businesses, net of transactional costs
7,856

 

Additions to intangible assets including costs to obtain or renew permits
(448
)
 
(1,132
)
Proceeds from sale of available-for-sale securities
12,180

 
8,600

Purchases of available-for-sale securities
(32,058
)
 
(12,941
)
Net cash used in investing activities
(93,087
)
 
(74,969
)
Cash flows from (used in) financing activities:
 
 
 
Change in uncashed checks
(1,775
)
 
(4,769
)
Tax payments related to withholdings on vested restricted stock
(2,224
)
 
(2,276
)
Repurchases of common stock
(17,341
)
 
(6,324
)
Payments on finance leases
(329
)
 
(115
)
Principal payments on debt
(1,884
)
 
(1,884
)
Borrowing from revolving credit facility
150,000

 

Net cash from (used in) financing activities
126,447

 
(15,368
)
Effect of exchange rate change on cash
(6,827
)
 
1,461

Increase (decrease) in cash and cash equivalents
60,214

 
(59,136
)
Cash and cash equivalents, beginning of period
371,991

 
226,507

Cash and cash equivalents, end of period
$
432,205

 
$
167,371

Supplemental information:
 
 
 
Cash payments for interest and income taxes:
 
 
 
Interest paid
$
30,648

 
$
8,712

Income taxes paid
971

 
967

Non-cash investing activities:
 
 
 
Property, plant and equipment accrued
12,173

 
13,002

ROU assets obtained in exchange for operating lease liabilities
12,410

 
(3,896
)
ROU assets obtained in exchange for finance lease liabilities
(856
)
 
23,027

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 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, 2020
55,798

 
$
558

 
$
644,412

 
$
(210,051
)
 
$
834,894

 
$
1,269,813

Net income

 

 

 

 
11,572

 
11,572

Other comprehensive loss

 

 

 
(59,306
)
 

 
(59,306
)
Stock-based compensation

 

 
3,291

 

 

 
3,291

Issuance of common stock for restricted share vesting, net of employee tax withholdings
59

 
1

 
(2,225
)
 

 

 
(2,224
)
Repurchases of common stock
(302
)
 
(3
)
 
(17,338
)
 

 

 
(17,341
)
Balance at March 31, 2020
55,555

 
$
556

 
$
628,140

 
$
(269,357
)
 
$
846,466

 
$
1,205,805



 
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 common stock for restricted share vesting, net of employee 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


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

5


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,” the “Company” or "we") 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, 2019.
A novel strain of coronavirus ("COVID-19") was first identified in December 2019, and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. As a result of the outbreak, many companies have experienced disruptions in their operations, workforce and markets served, including a significant reduction in the demand for petroleum-based products. The Company's businesses and operations began being adversely impacted by effects of COVID-19 in March of 2020 when circumstances surrounding and responses to the pandemic, including stay-at-home orders, began to materialize in North America. These disruptions are expected to have a significant adverse impact on the Company's operating results during the second quarter of 2020 and the remainder of the year. The full extent of the COVID-19 outbreak and changes in demand for oil and the impact on the Company’s operations is uncertain. A prolonged disruption could have a material adverse impact on financial results and business operations of the Company.
In addition and in response to the COVID-19 outbreak, the Company has seen increased demand in emergency response services. Specifically the Company is addressing the safety of its customers and communities by providing contagion decontamination services. In conducting these services, employee safety is paramount and the Company has been able to provide appropriate personal protective equipment and support to those performing these services.
(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, 2019. There have been no material changes in these policies or their application except for the changes described below.
Landfill Accounting
Landfill capacity - As of March 31, 2020, the Company initiated a plan to close one of the Company's commercial landfill sites. The planned closure will nominally reduce the Company's remaining highly probable airspace. See Note 9, "Closure and Post-Closure Liabilities," for additional information.
(3) REVENUES
The Company generates revenues through its Environmental Services and Safety-Kleen operating segments. The Company's Environmental Services operating segment generally has the following three sources of revenue:
Technical Services—Technical Services revenues are generated from fees charged for waste material management and disposal services including onsite environmental management services, 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. 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

6


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 from waste that is not yet completely processed and disposed and the related costs are deferred. The deferred revenues and costs are recognized when the related services are completed. The period between collection and transportation and the final processing and disposal ranges depending on location of the customer, but generally is measured in days.
Field and Emergency Response Services—Field Services revenues are generated from cleanup services at customer sites, including municipalities and utilities, or other locations on a scheduled or emergency response basis. Services include confined space entry for tank cleaning, site decontamination, large remediation projects, demolition, spill cleanup on land and water, railcar cleaning, product recovery and transfer and vacuum services. Additional services include filtration and water treatment services. Response services for environmental, contamination or pandemic related emergencies include any scale from man-made disasters such as oil spills, to natural disasters such as hurricanes. More recently demand has increased for projects involving contagion decontamination services 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 service 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. 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 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, decoking and pigging, chemical cleaning, high and ultra-high pressure water cleaning, pipeline inspection and coating services, large tank and surface impoundment cleaning, oilfield transport, daylighting, production services and upstream energy services, such as exploration and drilling for industrial oil and gas customers. 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.
The Company's Safety-Kleen operating segment generally has the following two sources of revenue:
Safety-Kleen Environmental Services—Safety-Kleen Environmental Services revenues are generated from providing parts washer services, containerized waste handling and disposal services, oil collection services, vacuum services, direct sales of blended oil products and other complementary services and product sales. Containerized waste services consist of profiling, collecting, transporting and recycling or disposing of a wide variety of waste. Other products and services include sale of complementary supply products including automotive fluids and shop supplies and other environmental services. 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. 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. Product revenue is recognized upon the transfer of control whereby control transfers when the products are delivered to the customer.
Safety-Kleen Oil—Revenues from Safety-Kleen Oil 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.

7


Disaggregation of Revenue
We disaggregate the Company's third party revenues by geographic location and source of revenue as we believe these categories depict how revenue and cash flows are affected by economic factors (in thousands):
 
 
For the Three Months Ended March 31, 2020
 
 
Environmental Services
 
Safety-Kleen
 
Corporate
 
Total
Primary Geographical Markets
 
 
 
 
 
 
 
 
United States
 
$
440,014

 
$
306,533

 
$
(302
)
 
$
746,245

Canada
 
88,090

 
23,836

 
392

 
112,318

Total third-party revenues
 
$
528,104

 
$
330,369

 
$
90

 
$
858,563

 
 
 
 
 
 
 
 
 
Sources of Revenue (1)
 
 
 
 
 
 
 
 
Technical Services
 
$
275,273

 
$

 
$

 
$
275,273

Field and Emergency Response Services
 
105,912

 

 

 
105,912

Industrial Services and Other
 
146,919

 

 
90

 
147,009

Safety-Kleen Environmental Services
 

 
214,481

 

 
214,481

Safety-Kleen Oil
 

 
115,888

 

 
115,888

Total third-party revenues
 
$
528,104

 
$
330,369

 
$
90

 
$
858,563

 
 
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 and Other (2)
 
150,153

 

 
594

 
150,747

Safety-Kleen Environmental Services
 

 
207,083

 

 
207,083

Safety-Kleen Oil
 

 
99,464

 

 
99,464

Total third-party revenues
 
$
473,698

 
$
306,547

 
$
594

 
$
780,839

________________
(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) Third-party revenues of $34,055 and $594, respectively, previously reported as Oil, Gas and Lodging Services and Other for the three months ended March 31, 2019 are now disclosed within Industrial Services and Other based on relative materiality to the business.
Contract Balances
(in thousands)
 
March 31, 2020
 
December 31, 2019
Receivables
 
$
658,482

 
$
644,738

Contract assets (unbilled receivables)
 
51,215

 
56,326

Contract liabilities (deferred revenue)
 
71,243

 
73,370


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

8


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
2019 Acquisitions
On May 31, 2019, the Company acquired a privately-owned business for $14.8 million cash consideration. The acquired company expands the environmental services and hazardous materials management services of the Company and is included in the Environmental Services segment. In connection with this acquisition, a preliminary goodwill amount of $7.4 million was recognized.
On March 1, 2019, the Company acquired certain assets of a privately-owned business for $10.4 million cash consideration. The acquired business complements the Safety-Kleen segment's core service offerings, such as used motor oil collection, parts washers, oil filter recycling and vacuum services. In connection with this acquisition, a goodwill amount of $5.2 million was recognized.
(5) INVENTORIES AND SUPPLIES
Inventories and supplies consisted of the following (in thousands):
 
March 31, 2020
 
December 31, 2019
Oil and oil related products
$
76,563

 
$
75,408

Supplies and drums
116,526

 
115,128

Solvent and solutions
9,763

 
9,973

Other
13,680

 
14,235

Total inventories and supplies
$
216,532

 
$
214,744


Supplies and drums consist primarily of drums and containers used in providing the Company's products and services as well as critical spare parts to support the Company's incinerator and re-refinery operations. Other inventories consisted primarily of parts washer components, cleaning fluids, absorbents and automotive fluids, such as windshield washer fluid and antifreeze.
(6) PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment consisted of the following (in thousands):
 
March 31, 2020
 
December 31, 2019
Land
$
134,483

 
$
131,023

Asset retirement costs (non-landfill)
15,863

 
15,924

Landfill assets
179,217

 
182,276

Buildings and improvements (1)
491,415

 
499,159

Camp equipment
150,279

 
158,277

Vehicles (2)
782,669

 
785,056

Equipment
1,743,261

 
1,779,366

Furniture and fixtures
6,804

 
6,054

Construction in progress
23,289

 
36,679

 
3,527,280

 
3,593,814

Less - accumulated depreciation and amortization
1,980,161

 
2,005,663

Total property, plant and equipment, net
$
1,547,119

 
$
1,588,151

________________
(1) Balances inclusive of gross ROU assets classified as finance leases of $8.0 million and $31.0 million, respectively.
(2) Balances inclusive of gross ROU assets classified as finance leases of $23.5 million and $2.4 million, respectively.
Depreciation expense, inclusive of landfill and finance lease amortization, was $65.4 million and $65.9 million for the three months ended March 31, 2020 and March 31, 2019, respectively.

9


(7) GOODWILL AND OTHER INTANGIBLE ASSETS
The changes in goodwill by segment for the three months ended March 31, 2020 were as follows (in thousands):
 
Environmental Services
 
Safety-Kleen
 
Totals
Balance at January 1, 2020
$
212,531

 
$
312,482

 
$
525,013

Measurement period adjustments from prior period acquisitions
54

 

 
54

Decrease from disposition of businesses
(649
)
 

 
(649
)
Foreign currency translation
(2,223
)
 
(2,568
)
 
(4,791
)
Balance at March 31, 2020
$
209,713

 
$
309,914

 
$
519,627


The Company assesses goodwill for impairment on an annual basis as of December 31 or at an interim date when events or changes in the business environment (triggering events) would more likely than not reduce the fair value of a reporting unit below its carrying value. During the period ended March 31, 2020, the Company considered the effects of COVID-19 and evolving changes in demand and pricing for oil, but concluded that there were no triggering events requiring an impairment assessment. This conclusion was based on a qualitative analysis incorporating (i) the significant excess fair value that previously existed in each reporting unit and (ii) assessing the current and long-term performance of the Company given the expectation that these negative effects on the operations and cash flows of each reporting unit arising from COVID-19 related disruptions will be short lived.
The Company will continue to evaluate the impact of macroeconomic conditions including, but not limited to, the impact of the COVID-19 pandemic on the Company, customers and the greater economy as well as the impact on trends of oil demand. If these macroeconomic conditions are protracted or result in significant changes in demand for our products and services, a goodwill impairment might be identified and the amount might be material.
As of March 31, 2020 and December 31, 2019, the Company's intangible assets consisted of the following (in thousands):
 
March 31, 2020
 
December 31, 2019
 
Cost
 
Accumulated
Amortization
 
Net
 
Cost
 
Accumulated
Amortization
 
Net
Permits
$
181,095

 
$
87,790

 
$
93,305

 
$
184,235

 
$
87,228

 
$
97,007

Customer and supplier relationships
386,197

 
199,915

 
186,282

 
401,696

 
207,884

 
193,812

Other intangible assets
36,632

 
31,435

 
5,197

 
38,331

 
33,018

 
5,313

Total amortizable permits and other intangible assets
603,924

 
319,140

 
284,784

 
624,262

 
328,130

 
296,132

Trademarks and trade names
122,097

 

 
122,097

 
122,934

 

 
122,934

Total permits and other intangible assets
$
726,021

 
$
319,140

 
$
406,881

 
$
747,196

 
$
328,130

 
$
419,066


Amortization expense of permits and other intangible assets was $9.2 million and $9.5 million in the three months ended March 31, 2020 and March 31, 2019, respectively.
The expected amortization of the net carrying amount of finite-lived intangible assets at March 31, 2020 was as follows (in thousands):
Years Ending December 31,
Expected Amortization
2020 (nine months)
$
24,393

2021
29,683

2022
29,429

2023
25,245

2024
23,783

Thereafter
152,251

 
$
284,784



10


(8) ACCRUED EXPENSES
Accrued expenses consisted of the following (in thousands):
 
March 31, 2020
 
December 31, 2019
Accrued insurance
$
71,565

 
$
74,376

Accrued interest
9,224

 
21,222

Accrued compensation and benefits
43,771

 
72,473

Accrued income, real estate, sales and other taxes
41,751

 
35,749

Accrued other
89,202

 
72,720

 
$
255,513

 
$
276,540


(9) CLOSURE AND POST-CLOSURE LIABILITIES
The changes to closure and post-closure liabilities (also referred to as “asset retirement obligations”) from January 1, 2020 through March 31, 2020 were as follows (in thousands):
 
Landfill
Retirement
Liability
 
Non-Landfill
Retirement
Liability
 
Total
Balance at January 1, 2020
$
39,401

 
$
36,250

 
$
75,651

New asset retirement obligations
590

 

 
590

Accretion
705

 
820

 
1,525

Changes in estimates recorded to statement of operations
4,180

 
(67
)
 
4,113

Expenditures
(521
)
 
(320
)
 
(841
)
Currency translation and other
(453
)
 
(146
)
 
(599
)
Balance at March 31, 2020
$
43,902

 
$
36,537

 
$
80,439


As of March 31, 2020, the Company initiated a plan to close one of its the commercial landfill sites resulting in a $4.2 million increase to the related closure and post closure liability. The remaining ten landfill facilities remain active as of March 31, 2020. In the three months ended March 31, 2020, other than this charge, there were no significant charges (benefits) resulting from changes in estimates for closure and post-closure liabilities.
New asset retirement obligations incurred during the first three months of 2020 were discounted at the credit-adjusted risk-free rate of 5.60%.
(10) REMEDIAL LIABILITIES 
The changes to remedial liabilities from January 1, 2020 through March 31, 2020 were as follows (in thousands):
 
Remedial
Liabilities for
Landfill Sites
 
Remedial
Liabilities for
Inactive Sites
 
Remedial
Liabilities
(Including
Superfund) for
Non-Landfill
Operations
 
Total
Balance at January 1, 2020
$
1,851

 
$
61,991

 
$
50,331

 
$
114,173

Accretion
22

 
599

 
415

 
1,036

Changes in estimates recorded to statement of operations
1

 
(362
)
 
(282
)
 
(643
)
Expenditures
(15
)
 
(1,256
)
 
(1,323
)
 
(2,594
)
Currency translation and other

 
(43
)
 
(1,065
)
 
(1,108
)
Balance at March 31, 2020
$
1,859

 
$
60,929

 
$
48,076

 
$
110,864


In the three months ended March 31, 2020, there were no significant charges (benefits) resulting from changes in estimates for remedial liabilities.

11


(11) FINANCING ARRANGEMENTS
The following table is a summary of the Company’s financing arrangements (in thousands):
Current Obligations:
March 31, 2020
 
December 31, 2019
Secured senior term loans ("Term Loans")
$
7,535

 
$
7,535

 
 
 
 
Long-Term Obligations:
 
 
 
Secured senior Term Loans due June 30, 2024
$
725,278

 
$
727,162

Unsecured senior notes, at 4.875%, due July 15, 2027 ("2027 Notes")
545,000

 
545,000

Unsecured senior notes, at 5.125%, due July 15, 2029 ("2029 Notes")
300,000

 
300,000

Revolving credit facility
150,000

 

Long-term obligations, at par
$
1,720,278

 
$
1,572,162

Unamortized debt issuance costs and premium, net
(17,286
)
 
(18,046
)
Long-term obligations, at carrying value
$
1,702,992

 
$
1,554,116

   
Financing Activities
As of March 31, 2020 and December 31, 2019, the estimated fair value of the Company’s outstanding long-term obligations, including the current portion, was $1.7 billion and $1.6 billion, respectively. The Company’s estimates of fair value of its long-term obligations, including the current portion, are based on quoted market prices or other available market data which are considered Level 2 measures according to the fair value hierarchy. Level 2 utilizes quoted market prices in markets that are not active, broker or dealer quotation, or alternative pricing sources with reasonable levels of price transparency for similar assets and liabilities.
The Company maintains a $400.0 million revolving credit facility expiring November 1, 2021. On March