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Table of Contents

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
SEPTEMBER 30, 2019
 
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 October 25, 2019 was 55,809,048



CLEAN HARBORS, INC.

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

 
Page No.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



Table of Contents



CLEAN HARBORS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands)
 
September 30, 2019
 
December 31, 2018
ASSETS
(unaudited)
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
282,233

 
$
226,507

Short-term marketable securities
46,877

 
52,856

Accounts receivable, net of allowances aggregating $37,998 and $44,315, respectively
641,667

 
606,952

Unbilled accounts receivable
58,842

 
54,794

Deferred costs
21,939

 
18,770

Inventories and supplies
210,827

 
199,479

Prepaid expenses and other current assets
38,199

 
42,800

Total current assets
1,300,584

 
1,202,158

Property, plant and equipment, net
1,593,993

 
1,561,978

Other assets:
 
 
 
Operating lease right-of-use assets
164,302

 

Goodwill
524,581

 
514,189

Permits and other intangibles, net
425,863

 
441,875

Other
12,539

 
18,121

Total other assets
1,127,285

 
974,185

Total assets
$
4,021,862

 
$
3,738,321

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

 
$
7,535

Accounts payable
277,545

 
276,461

Deferred revenue
73,157

 
61,843

Accrued expenses
253,455

 
233,405

Current portion of closure, post-closure and remedial liabilities
26,986

 
23,034

Current portion of operating lease liabilities
41,364

 

Total current liabilities
680,042

 
602,278

Other liabilities:
 
 
 
Closure and post-closure liabilities, less current portion of $9,896 and $9,592, respectively
64,263

 
60,339

Remedial liabilities, less current portion of $17,090 and $13,442, respectively
100,179

 
107,575

Long-term obligations, less current portion
1,555,257

 
1,565,021

Operating lease liabilities, less current portion
122,668

 

Deferred taxes, unrecognized tax benefits and other long-term liabilities
263,658

 
233,352

Total other liabilities
2,106,025

 
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 55,807,524 and 55,847,261 shares, respectively
558

 
558

Additional paid-in capital
648,184

 
655,415

Accumulated other comprehensive loss
(223,690
)
 
(223,371
)
Accumulated earnings
810,743

 
737,154

Total stockholders’ equity
1,235,795

 
1,169,756

Total liabilities and stockholders’ equity
$
4,021,862

 
$
3,738,321

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

1

Table of Contents

CLEAN HARBORS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
 
Service revenues
 
$
739,919

 
$
685,183

 
$
2,111,662

 
$
2,001,681

Product revenues
 
151,749

 
157,998

 
429,523

 
440,418

Total revenues
 
891,668

 
843,181

 
2,541,185

 
2,442,099

Cost of revenues: (exclusive of items shown separately below)
 
 
 
 
 
 
 
 
Service revenues
 
496,005

 
464,612

 
1,439,717

 
1,385,684

Product revenues
 
116,749

 
116,073

 
332,334

 
325,010

Total cost of revenues
 
612,754

 
580,685

 
1,772,051

 
1,710,694

Selling, general and administrative expenses
 
122,301

 
121,219

 
361,033

 
362,302

Accretion of environmental liabilities
 
2,490

 
2,450

 
7,624

 
7,328

Depreciation and amortization
 
73,756

 
73,082

 
223,328

 
220,686

Income from operations
 
80,367


65,745


177,149

 
141,089

Other (expense) income, net
 
(427
)
 
(996
)
 
1,992

 
(449
)
Loss on early extinguishment of debt
 
(6,119
)
 
(2,469
)
 
(6,119
)
 
(2,469
)
Interest expense, net of interest income of $1,152, $736, $2,981 and $2,086, respectively
 
(19,702
)
 
(19,916
)
 
(59,681
)
 
(60,955
)
Income before provision for income taxes
 
54,119


42,364


113,341

 
77,216

Provision for income taxes
 
17,750

 
11,275

 
39,752

 
28,011

Net income
 
$
36,369

 
$
31,089

 
$
73,589

 
$
49,205

Earnings per share:
 
 
 
 
 
 
 
 
Basic
 
$
0.65

 
$
0.55

 
$
1.32

 
$
0.88

Diluted
 
$
0.65

 
$
0.55

 
$
1.31

 
$
0.87

Shares used to compute earnings per share - Basic
 
55,850

 
56,059

 
55,858

 
56,222

Shares used to compute earnings per share - Diluted
 
56,165

 
56,291

 
56,109

 
56,360


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

2

Table of Contents

CLEAN HARBORS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2019
 
2018
 
2019
 
2018
Net income
 
$
36,369

 
$
31,089

 
$
73,589

 
$
49,205

Other comprehensive (loss) income:
 
 
 
 
 
 
 
 
Unrealized gains (losses) on available-for-sale securities (net of tax of $2, $7, $60 and $95, respectively)
 
9

 
(932
)
 
(84
)
 
(1,138
)
Reclassification adjustment for losses on available-for-sale securities included in net income
 

 

 
332

 

Unrealized loss on interest rate hedge
 
(3,865
)
 
(310
)
 
(17,896
)
 
(310
)
Reclassification adjustment for losses on interest rate hedge included in net income
 
614

 

 
1,369

 

Foreign currency translation adjustments (including a tax benefit of $5.6 million in the nine months ended September 30, 2018)
 
(6,177
)
 
9,832

 
15,960

 
(11,650
)
Other comprehensive (loss) income
 
(9,419
)
 
8,590

 
(319
)
 
(13,098
)
Comprehensive income
 
$
26,950

 
$
39,679

 
$
73,270

 
$
36,107


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

3

Table of Contents

CLEAN HARBORS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
Nine Months Ended
 
September 30,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income
$
73,589

 
$
49,205

Adjustments to reconcile net income to net cash from operating activities:
 
 
 
Depreciation and amortization
223,328

 
220,686

Allowance for doubtful accounts
(745
)
 
6,869

Amortization of deferred financing costs and debt discount
2,908

 
2,841

Accretion of environmental liabilities
7,624

 
7,328

Changes in environmental liability estimates
(585
)
 
(301
)
Deferred income taxes
(973
)
 
61

Other (income) expense, net
(1,992
)
 
449

Stock-based compensation
14,664

 
10,726

Loss on early extinguishment of debt
6,119

 
2,469

Environmental expenditures
(12,804
)
 
(7,238
)
Changes in assets and liabilities, net of acquisitions
 
 
 
Accounts receivable and unbilled accounts receivable
(31,408
)
 
(76,249
)
Inventories and supplies
(11,982
)
 
(20,534
)
Other current and non-current assets
(5,425
)
 
(523
)
Accounts payable
3,035

 
22,041

Other current and long-term liabilities
19,322

 
29,385

Net cash from operating activities
284,675

 
247,215

Cash flows used in investing activities:
 
 
 
Additions to property, plant and equipment
(174,533
)
 
(150,722
)
Proceeds from sale and disposal of fixed assets
8,948

 
6,111

Acquisitions, net of cash acquired
(29,479
)
 
(151,023
)
Additions to intangible assets including costs to obtain or renew permits
(2,896
)
 
(3,500
)
Proceeds from sale of available-for-sale securities
41,612

 
20,123

Purchases of available-for-sale securities
(30,761
)
 
(20,471
)
Net cash used in investing activities
(187,109
)
 
(299,482
)
Cash flows used in financing activities:
 
 
 
Change in uncashed checks
(3,516
)
 
(3,476
)
Tax payments related to withholdings on vested restricted stock
(5,505
)
 
(2,566
)
Repurchases of common stock
(16,390
)
 
(33,581
)
Deferred financing costs paid
(10,053
)
 
(3,938
)
Premiums paid on early extinguishment of debt
(2,689
)
 
(1,219
)
Payments on finance lease
(327
)
 

Principal payments on debt
(850,652
)
 
(403,884
)
Issuance of unsecured senior notes
845,000

 

Issuance of secured senior notes, net of discount

 
348,250

Borrowing from revolving credit facility

 
50,000

Net cash used in financing activities
(44,132
)
 
(50,414
)
Effect of exchange rate change on cash
2,292

 
(1,221
)
Increase (decrease) in cash and cash equivalents
55,726

 
(103,902
)
Cash and cash equivalents, beginning of period
226,507

 
319,399

Cash and cash equivalents, end of period
$
282,233

 
$
215,497

Supplemental information:
 
 
 
Cash payments for interest and income taxes:
 
 
 
Interest paid
$
52,440

 
$
58,312

Income taxes paid
23,797

 
16,071

Cash paid for amounts included in the measurement of lease liabilities:
 
 
 
Operating cash flows from operating leases
42,105

 

Operating cash flows from finance lease
979

 

Financing cash flows from finance lease
327

 

Non-cash investing activities:
 
 
 
Property, plant and equipment accrued
14,875

 
13,834

ROU assets obtained in exchange for new operating lease liabilities
8,008

 

ROU assets obtained in exchange for new finance lease liabilities
31,011

 

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

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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, 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

Net income

 

 

 

 
36,244

 
36,244

Other comprehensive income

 

 

 
5,076

 

 
5,076

Stock-based compensation

 

 
3,834

 

 

 
3,834

Issuance of restricted shares, net of shares remitted and tax withholdings
105

 
1

 
(2,705
)
 

 

 
(2,704
)
Repurchases of common stock
(74
)
 

 
(4,948
)
 

 

 
(4,948
)
Balance at June 30, 2019
55,859


559


648,805


(214,271
)

774,374

 
1,209,467

Net income

 

 

 

 
36,369

 
36,369

Other comprehensive loss

 

 

 
(9,419
)
 

 
(9,419
)
Stock-based compensation

 

 
5,021

 

 

 
5,021

Issuance of restricted shares, net of shares remitted and tax withholdings
17

 

 
(525
)
 

 

 
(525
)
Repurchases of common stock
(68
)
 
(1
)
 
(5,117
)
 

 

 
(5,118
)
Balance at September 30, 2019
55,808

 
$
558

 
$
648,184

 
$
(223,690
)
 
$
810,743

 
$
1,235,795


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

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CLEAN HARBORS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (CONTINUED)

(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, 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

Net income

 

 

 

 
30,747

 
30,747

Other comprehensive loss

 

 

 
(4,942
)
 

 
(4,942
)
Stock-based compensation

 

 
3,562

 

 

 
3,562

Issuance of restricted shares, net of shares remitted and tax withholdings
94

 
1

 
(1,628
)
 

 

 
(1,627
)
Repurchases of common stock
(252
)
 
(2
)
 
(12,216
)
 

 

 
(12,218
)
Balance at June 30, 2018
56,087


561


664,948


(194,095
)

689,634

 
1,161,048

Net income

 

 

 

 
31,089

 
31,089

Other comprehensive income

 

 

 
8,590

 

 
8,590

Stock-based compensation

 

 
4,087

 

 

 
4,087

Issuance of restricted shares, net of shares remitted and tax withholdings
15

 

 
(391
)
 

 

 
(391
)
Repurchases of common stock
(104
)
 
(1
)
 
(7,098
)
 

 

 
(7,099
)
Balance at September 30, 2018
55,998

 
$
560

 
$
661,546

 
$
(185,505
)
 
$
720,723

 
$
1,197,324


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

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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, 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, 2018.
(2) SIGNIFICANT ACCOUNTING POLICIES
The Company's significant accounting policies are described in Note 2, "Significant Accounting Policies," and Note 3, "Revenues," in the Company's Annual Report on Form 10-K for the year ended December 31, 2018. There have been no material changes in these policies or their application except for the changes described below.
Recent Accounting Pronouncements
Standards implemented
In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases (Topic 842). The amendment increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The Company adopted Topic 842 on January 1, 2019 using the modified retrospective method of adoption. Prior period amounts have not been adjusted and continue to be reported in accordance with the Company's historical accounting methodology pursuant to ASC 840, Leases. As permitted under the transition guidance, the Company elected to apply the package of three practical expedients for all existing leases which, among other things, allowed us to maintain the lease classification for all existing leases at the adoption date. The adoption of Topic 842 resulted in the recognition of right-of-use (“ROU”) assets of $185.5 million and total current and noncurrent lease liabilities of $188.5 million at adoption. Additionally, Topic 842 required new and expanded disclosures to enable users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The standard did not have a material impact on the consolidated statements of operations or cash flows.
Leases
The Company’s leases predominately relate to real estate and equipment such as vehicles and industrial equipment utilized in operations as well as rail cars utilized in connection with the Company’s transportation needs. Contracts are reviewed at inception to determine if the arrangement is a lease and, if so, whether it is an operating or finance lease. For all of its leases, the Company has elected not to separate lease and nonlease components, such as common area maintenance.
The Company generally enters into real estate leases with five to ten-year terms and non-real estate leases with two to seven-year terms. In the normal course of business, the Company also enters into short-term leases having terms of less than one-year. These leases are generally equipment leases entered into for short periods of time (e.g. daily, weekly or monthly), and done so to satisfy immediate and/or short-term operational needs of the business which can arise based upon the nature of particular services performed or seasonality factors. The Company has elected not to recognize ROU assets and lease liabilities for these short-term leases. Expense for all such short-term leases is disclosed as short-term lease cost as shown in Note 17, "Leases."
Operating and finance leases with terms exceeding one year are recognized as ROU assets and lease liabilities and measured based on the present value of the future lease payments over the lease term at commencement date. When applicable, the ROU asset includes any lease payments made at or before the commencement date and initial direct costs incurred and is reduced by lease incentives received under the lease agreement, if any.
Certain of the Company's real estate leases contain escalating future lease payments. Escalating lease payments that are based upon explicit amounts contained in the lease or an index (e.g., consumer price index) are included in its determination of future lease payments to determine the ROU asset and lease liability recognized at the commencement date. Any differences in the future lease

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payments from initial recognition are not anticipated to be material and will be recorded as variable lease cost in the period incurred.  The variable lease cost will also include the Company’s portion of property tax, utilities and common area maintenance. A significant portion of the Company’s real estate lease agreements include renewal periods at the Company’s option. The Company includes these renewal periods in the lease term only when renewal is reasonably certain based upon facts and circumstances specific to the lease and known by the Company. The Company uses its incremental borrowing rate on collateralized debt based on the information available at the lease commencement date in determining the present value of future lease payments as the implicit rate is typically not readily determinable.
(3) REVENUES
Revenue Recognition
The Company generates services and product revenues through the following operating segments: Environmental Services and Safety-Kleen. The Company recognizes revenue when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Product revenues are recognized when the products are delivered and control transfers to the customer.
Nature of Goods and Services
The majority of the Company’s contracts are for services, which are recognized based on time and materials incurred at contractually agreed-upon rates. The Company’s payment terms vary by the type and location of its customers and the products or services offered. The periods between invoicing and when payments are due are not significant. Any amounts billed to customers related to shipping and handling are classified as revenue and the Company's shipping and handling costs are included in costs of revenues. In the course of the Company's operations, it collects sales tax and other excise taxes from its customers and recognizes a current liability which is then relieved when the taxes are remitted to the appropriate governmental authorities. The Company excludes sales and other excise taxes that it collects from customers from its revenues.
Disaggregation of Revenue
The following table presents the Company’s third-party revenues disaggregated by revenue source (in thousands):
 
 
For the Three Months Ended September 30, 2019
 
 
Environmental Services
 
Safety-Kleen
 
Corporate
 
Total
Primary Geographical Markets
 
 
 
 
 
 
 
 
United States
 
$
450,638

 
$
313,979

 
$
(265
)
 
$
764,352

Canada
 
99,484

 
27,438

 
394

 
127,316

Total third-party revenues
 
$
550,122

 
$
341,417

 
$
129

 
$
891,668

 
 
 
 
 
 
 
 
 
Sources of Revenue (1)
 
 
 
 
 
 
 
 
Technical Services
 
$
292,506

 
$

 
$

 
$
292,506

Field and Emergency Response Services
 
95,546

 

 

 
95,546

Industrial Services
 
131,855

 

 

 
131,855

Oil, Gas and Lodging Services and Other
 
30,215

 

 
129

 
30,344

Safety-Kleen Environmental Services
 

 
217,439

 

 
217,439

Safety-Kleen Oil (2)
 

 
123,978

 

 
123,978

Total third-party revenues
 
$
550,122

 
$
341,417

 
$
129

 
$
891,668


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For the Three Months Ended September 30, 2018
 
 
Environmental Services
 
Safety-Kleen
 
Corporate
 
Total
Primary Geographical Markets
 
 
 
 
 
 
 
 
United States
 
$
410,792

 
$
307,497

 
$
(66
)
 
$
718,223

Canada
 
98,021

 
26,404

 
533

 
124,958

Total third-party revenues
 
$
508,813

 
$
333,901

 
$
467

 
$
843,181

 
 
 
 
 
 
 
 
 
Sources of Revenue (1)
 
 
 
 
 
 
 
 
Technical Services
 
$
264,769

 
$

 
$

 
$
264,769

Field and Emergency Response Services
 
77,025

 

 

 
77,025

Industrial Services
 
134,323

 

 

 
134,323

Oil, Gas and Lodging Services and Other
 
32,696

 

 
467

 
33,163

Safety-Kleen Environmental Services
 

 
200,681

 

 
200,681

Safety-Kleen Oil (2)
 

 
133,220

 

 
133,220

Total third-party revenues
 
$
508,813

 
$
333,901

 
$
467

 
$
843,181

 
 
For the Nine Months Ended September 30, 2019
 
 
Environmental Services
 
Safety-Kleen
 
Corporate
 
Total
Primary Geographical Markets
 
 
 
 
 
 
 
 
United States
 
$
1,270,556

 
$
917,240

 
$
531

 
$
2,188,327

Canada
 
279,558

 
72,906

 
394

 
352,858

Total third-party revenues
 
$
1,550,114

 
$
990,146

 
$
925

 
$
2,541,185

 
 
 
 
 
 
 
 
 
Sources of Revenue (1)
 
 
 
 
 
 
 
 
Technical Services
 
$
820,333

 
$

 
$

 
$
820,333

Field and Emergency Response Services
 
253,894

 

 

 
253,894

Industrial Services
 
383,964

 

 

 
383,964