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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): February 21, 2024
 
CLEAN HARBORS, INC.
(Exact name of registrant as specified in its charter)
 
Massachusetts
001-34223
04-2997780
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(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
 
Not Applicable
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol
Name of each exchange on which registered
Common Stock, $0.01 par value
CLH
New York Stock Exchange


Item 2.02 Results of Operations and Financial Condition

On February 21, 2024, Clean Harbors, Inc. (the “Company”) issued a press release announcing the Company’s results of operations for the fourth quarter and year ended December 31, 2023. A copy of that press release is furnished with this report as Exhibit 99.1.


Item 9.01    Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are being furnished herewith:

Exhibit No.Description
99.1
104The cover page from this Current Report on Form 8-K, formatted in iXBRL (Inline eXtensible Business Reporting Language)
1

SIGNATURES
    Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 Clean Harbors, Inc.
 (Registrant)
  
  
February 21, 2024/s/ Eric J. Dugas
 Executive Vice President and Chief Financial Officer







2
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EXHIBIT 99.1
Press Release                                            

Clean Harbors Announces Fourth-Quarter and
Full-Year 2023 Financial Results

•Posts Q4 Revenue of $1.34 Billion, up 5%; Full-Year Revenues of $5.41 Billion
•Generates Q4 Net Income of $98.3 Million, or EPS of $1.81; Adjusted EPS of $1.82; Full-Year Net Income of $377.9 Million, or EPS of $6.95; Adjusted EPS of $6.99
•Achieves Q4 Adjusted EBITDA of $254.9 Million, up 14%; Generates Full-Year Adjusted EBITDA of $1.013 Billion
•Delivers Full-Year Net Cash from Operating Activities of $734.6 Million and Adjusted Free Cash Flow of $321.9 Million
•Provides Full-Year 2024 Adjusted EBITDA and Adjusted Free Cash Flow Guidance

NORWELL, Mass. – February 21, 2024 – Clean Harbors, Inc. (“Clean Harbors”) (NYSE: CLH), the leading provider of environmental and industrial services throughout North America, today announced financial results for the fourth quarter and year ended December 31, 2023.
“Our Environmental Services (ES) segment capped a year of record growth with an outstanding fourth quarter,” said Mike Battles, Co-Chief Executive Officer. “Demand for our ES services remained robust, as steady volumes, healthy project flow and continued customer interest in our service offerings drove favorable pricing. Our Safety-Kleen Sustainability Solutions (SKSS) segment fell short of our expectations in Q4, as market conditions for base oil deteriorated late in the year. From a safety perspective, we concluded 2023 with an excellent fourth-quarter Total Recordable Incident Rate (TRIR), enabling us to far exceed our annual goal and achieve the best safety year in our history.”
Fourth-Quarter Results
Revenues grew 5% to $1.34 billion compared with $1.28 billion in the same period of 2022. Income from operations increased by 16% to $147.3 million compared with $127.4 million in the fourth quarter of 2022.
Net income was $98.3 million, or $1.81 per diluted share compared with $82.5 million, or $1.52 per diluted share, for the same period in 2022. Adjusted net income in the fourth quarter of 2023 was $98.7 million, or $1.82 per diluted share, compared with $78.5 million, or $1.44 per diluted share in the prior year period. (See reconciliation tables below).
Adjusted EBITDA (see description below) grew 14% to $254.9 million compared with $224.2 million in the same period of 2022.

Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com
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Q4 2023 Segment Review
“Our ES segment delivered a 16% increase in Adjusted EBITDA and a 190-basis point margin improvement year-over-year on 7% revenue growth,” said Eric Gerstenberg, Co-Chief Executive Officer. “All of our service businesses grew revenue from a year ago, led by Safety-Kleen Environmental Services revenue growth of 11%. Industrial Services revenue increased 8%, which includes contributions from our acquisition of Thompson Industrial. Technical Services grew 5% as our incineration utilization was 85%, up from a year ago. Average incineration price was 7% above the fourth quarter of 2022, as we continued to prioritize higher value waste streams and capitalized on the backlog of containerized waste in our network. Project volumes in our landfill business were strong in the quarter as tonnage increased 24% from the same period in 2022. In addition, the pipeline for our unique Total PFAS Solution continues to grow.”
“In our SKSS segment, the base oil and lubricant pricing environment grew more challenging after a promising start to the quarter,” said Battles. “The team continued to aggressively manage our waste oil collection costs in the face of pricing pressure while producing and selling considerable fourth-quarter volumes of products. To feed our re-refineries, we collected 53 million gallons of waste oil in the quarter – averaging a net charge-for-oil compared with a net pay-for-oil in the prior year period. We also increased blended sales volumes by more than 60% from a year ago as we focus on opportunities to sell fewer commoditized products.”
2023 Financial Results
Clean Harbors’ revenues increased 5% to $5.41 billion compared with $5.17 billion in 2022. Income from operations was $612.4 million compared with $634.7 million in 2022.
Net income was $377.9 million, or $6.95 per diluted share, compared with net income of $411.7 million, or $7.56 per diluted share for 2022. Adjusted for certain items in both periods, the Company reported adjusted net income for 2023 of $379.9 million, or $6.99 per diluted share, compared with adjusted net income of $389.5 million, or $7.15 per diluted share, for 2022. (See reconciliation table below).
Adjusted EBITDA (see description below) was $1.01 billion, compared with Adjusted EBITDA of $1.02 billion in 2022. The Company generated an 11% increase in adjusted free cash flow to $321.9 million in 2023, compared with $289.9 million in 2022. The increase is largely attributable to improvements in working capital management, which more than offset increased net capital expenditures of approximately $76 million in 2023, primarily associated with higher year-over-year spend for the construction of its Nebraska incinerator.
“2023 was an outstanding year for the Company, highlighted by a record financial performance in our ES segment, notable operational accomplishments and extraordinary safety results,” Gerstenberg said. “Adjusted EBITDA margin in the ES segment expanded by 160 basis points through the combination of 8% revenue growth and a 16% increase in Adjusted EBITDA. Beyond our financial strength, 2023 was a year of substantial achievement. We accelerated the construction of our Nebraska incinerator, acquired Thompson Industrial, expanded our billable headcount, significantly improved our ESG ratings and lowered voluntary turnover to below pre-pandemic levels. Most importantly, we achieved a TRIR of 0.63 – the best annual safety performance in our history. Our continuous commitment to safety keeps our workforce safe and enhances our ability to win business, protect the communities we serve, and attract and retain talented people.”
Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com
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Business Outlook and Financial Guidance
“We begin 2024 with considerable momentum in our ES segment as our facilities network and service lines remain in high demand,” Gerstenberg said. “We expect the favorable market conditions that drove our 2023 success, including U.S. manufacturing and regulatory trends, to continue to support our profitable growth plans in 2024. Our Kimball, Nebraska incinerator will be coming online later this year, adding much-needed capacity. Based on customer feedback, we have elected to add several enhancements to the facility including more direct burn bays, specialized lines and greater processing capabilities. We began the new year with a healthy backlog of waste streams in our disposal facilities and at customer sites. We see a strong pipeline of remediation and waste projects, which we expect will grow based on infrastructure spending, ongoing reshoring and as PFAS regulations to continue to be established. Within Industrial Services, we expect a record 2023 to carry over into 2024 and are continuing to invest in cross-selling and resource sharing using technology. Our Field Services business will greatly benefit from the expected addition of HEPACO, which we recently announced and expect to close in the first half of this year. Its experienced team, extensive capabilities and geographic footprint align well with our existing business.”
“For SKSS, our strategy will continue to center on areas we can control, including waste oil collection costs, transportation efficiencies and re-refinery production rates. We will continue to focus on the expansion of our value-added products such as blended lubricants. In addition, we will move forward with our promising Group III program that we expect to launch in the second quarter,” Battles concluded. “Overall, we are confident in our ability to deliver solid profitable growth in 2024 in both operating segments as we work toward realizing our Vision 2027 strategy.”
In the first quarter of 2024, Clean Harbors expects Adjusted EBITDA to grow 2-3% compared to the first quarter of 2023 with growth in the ES segment more than offsetting current market conditions in SKSS and slightly higher corporate costs. For full-year 2024, Clean Harbors expects:
•Adjusted EBITDA in the range of $1.05 billion to $1.11 billion or a midpoint of $1.08 billion, which represents 7% growth year-over-year. This guidance assumes no contribution from the previously announced acquisition of HEPACO. This Adjusted EBITDA range is based on anticipated GAAP net income in the range of $365 million to $415 million.
•Adjusted free cash flow in the range of $340 million to $400 million, or a midpoint of $370 million, which includes approximately $65 million of spending related to the Kimball incinerator and $20 million for the strategic expansion of a mid-Atlantic location. This range is based on anticipated net cash from operating activities in the range of $730 million to $820 million.
Non-GAAP Results
Clean Harbors reports Adjusted EBITDA, which is a non-GAAP financial measure and should not be considered an alternative to net income or other measurements under generally accepted accounting principles (GAAP) but viewed only as a supplement to those measurements. Adjusted EBITDA is not calculated identically by all companies, and therefore the Company’s measurement of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Clean Harbors believes that Adjusted
Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com
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EBITDA provides additional useful information to investors since the Company’s loan covenants are based upon levels of Adjusted EBITDA achieved and management routinely evaluates the performance of its businesses based upon levels of Adjusted EBITDA. The Company defines Adjusted EBITDA in accordance with its existing revolving credit agreement, as described in the following reconciliation showing the differences between reported net income and Adjusted EBITDA for the three and twelve months ended December 31, 2023 and 2022 (in thousands, except percentages):
For the Three Months EndedFor the Twelve Months Ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Net income$98,349 $82,474 $377,856 $411,744 
Accretion of environmental liabilities3,386 3,344 13,667 12,943 
Stock-based compensation5,894 6,469 20,703 26,844 
Depreciation and amortization98,336 87,034 365,761 347,594 
Other income, net(3,148)(399)(2,315)(2,472)
Loss on early extinguishment of debt518 422 2,880 422 
Gain on sale of business— — — (8,864)
Interest expense, net of interest income28,195 28,309 108,595 107,663 
Provision for income taxes23,379 16,591 125,423 126,254 
Adjusted EBITDA$254,909 $224,244 $1,012,570 $1,022,128 
Adjusted EBITDA Margin19.0 %17.5 %18.7 %19.8 %
Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com
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This press release includes a discussion of net income and earnings per share adjusted for the loss on early extinguishment of debt, gain on sale of business and the impacts of tax-related valuation allowances and other items as identified in the reconciliations provided below. The Company believes that discussion of these additional non-GAAP measures provides investors with meaningful comparisons of current results to prior periods’ results by excluding items that the Company does not believe reflect its fundamental business performance. The following table shows the difference between net income and adjusted net income, and the difference between earnings per share and adjusted earnings per share, for the three and twelve months ended December 31, 2023 and 2022 (in thousands, except per share amounts):
For the Three Months EndedFor the Twelve Months Ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Adjusted net income
Net income$98,349 $82,474 $377,856 $411,744 
Loss on early extinguishment of debt518 422 2,880 422 
Gain on sale of business— — — (8,864)
Tax-related valuation allowances and other*(133)(4,354)(786)(13,848)
Adjusted net income$98,734 $78,542 $379,950 $389,454 
Adjusted earnings per share
Earnings per share$1.81 $1.52 $6.95 $7.56 
Loss on early extinguishment of debt0.01 0.01 0.05 0.01 
Gain on sale of business— — — (0.16)
Tax-related valuation allowances and other*— (0.09)(0.01)(0.26)
Adjusted earnings per share
$1.82 $1.44 $6.99 $7.15 

* For the three and twelve months ended December 31, 2023, other amounts include ($0.1) million and ($0.8) million or ($0.01) per share, respectively, of tax impacts from the loss on early extinguishment of debt. For the three and twelve months ended December 31, 2022, other amounts include ($0.1) million and $1.5 million, or $0.03 per share, of tax impacts from the loss on early extinguishment of debt and gain on sale of business, respectively.

Adjusted Free Cash Flow Reconciliation
Clean Harbors reports adjusted free cash flow, which it considers to be a measurement of liquidity that provides useful information to investors about its ability to generate cash. The Company defines adjusted free cash flow as net cash from operating activities excluding cash impacts of items derived from non-operating activities, less additions to property, plant and equipment plus proceeds from sale and disposal of fixed assets. Adjusted free cash flow should not be considered an alternative to net cash from operating activities or other measurements under GAAP. Adjusted free cash flow is not calculated identically by all companies, and therefore the Company’s measurement of adjusted free cash flow may not be comparable to similarly titled measures reported by other companies.
Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com
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An itemized reconciliation between net cash from operating activities and adjusted free cash flow is as follows for the three and twelve months ended December 31, 2023 and 2022 (in thousands):
For the Three Months EndedFor the Twelve Months Ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Adjusted free cash flow
Net cash from operating activities$278,860 $268,672 $734,552 $626,214 
Additions to property, plant and equipment(110,394)(100,509)(422,300)(345,056)
Proceeds from sale and disposal of fixed assets4,521 3,661 9,650 8,779 
Adjusted free cash flow$172,987 $171,824 $321,902 $289,937 

Adjusted EBITDA Guidance Reconciliation
An itemized reconciliation between projected GAAP net income and projected Adjusted EBITDA is as follows (in millions):
For the Year Ending
December 31, 2024
Projected GAAP net income$365to$415
Adjustments:
Accretion of environmental liabilities15to14
Stock-based compensation27to30
Depreciation and amortization390to380
Interest expense, net120to115
Provision for income taxes133to156
Projected Adjusted EBITDA$1,050to$1,110

Adjusted Free Cash Flow Guidance Reconciliation
An itemized reconciliation between projected net cash from operating activities and projected adjusted free cash flow is as follows (in millions):
For the Year Ending
December 31, 2024
Projected net cash from operating activities$730to$820
Additions to property, plant and equipment(400)to(430)
Proceeds from sale and disposal of fixed assets10to10
Projected adjusted free cash flow$340to$400

Conference Call Information
Clean Harbors will conduct a conference call for investors today at 9:00 a.m. (ET) to discuss the information contained in this press release. During the call, management will discuss Clean Harbors’ financial results, business outlook and growth strategy. Investors who wish to listen to the webcast and view the accompanying slides should visit the Investor Relations section of the Company’s website at www.cleanharbors.com. The live
Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com
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call also can be accessed by dialing 877.709.8155 or 201.689.8881 prior to the start time. If you are unable to listen to the live conference call, the webcast will be archived on the Company’s website.
About Clean Harbors
Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, manufacturing and refining, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is a leading provider of parts washers and environmental services to commercial, industrial and automotive customers, as well as North America’s largest re-refiner and recycler of used oil. Founded in 1980 and based in Massachusetts, Clean Harbors operates in the United States, Canada, Mexico, Puerto Rico and India. For more information, visit www.cleanharbors.com.
Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com
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Safe Harbor Statement
Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “seeks,” “should,” “estimates,” “projects,” “may,” “likely,” or similar expressions. Such statements may include, but are not limited to, statements about future financial and operating results, and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors’ management as of this date only and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, without limitation, the impact of the HEPACO acquisition and those items identified as “Risk Factors” in Clean Harbors’ most recently filed Form 10-K and Form 10-Q. Forward-looking statements are neither historical facts nor assurances of future performance. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its filings with the Securities and Exchange Commission, which may be viewed in the “Investors” section of Clean Harbors’ website at www.cleanharbors.com.
Contacts:
Eric J. Dugas
Jim Buckley
EVP and Chief Financial Officer
SVP Investor Relations
Clean Harbors, Inc.
Clean Harbors, Inc.
781.792.5100
781.792.5100
InvestorRelations@cleanharbors.com
Buckley.James@cleanharbors.com
    
    
    
    
    
Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com
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CLEAN HARBORS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)

 For the Three Months EndedFor the Twelve Months Ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Revenues$1,338,169 $1,278,098 $5,409,152 $5,166,605 
Cost of revenues: (exclusive of items shown separately below)923,147 891,424 3,746,124 3,543,930 
Selling, general and administrative expenses166,007 168,899 671,161 627,391 
Accretion of environmental liabilities3,386 3,344 13,667 12,943 
Depreciation and amortization98,336 87,034 365,761 347,594 
Income from operations147,293 127,397 612,439 634,747 
Other income, net3,148 399 2,315 2,472 
Loss on early extinguishment of debt(518)(422)(2,880)(422)
Gain on sale of business— — — 8,864 
Interest expense, net(28,195)(28,309)(108,595)(107,663)
Income before provision for income taxes121,728 99,065 503,279 537,998 
Provision for income taxes23,379 16,591 125,423 126,254 
Net income$98,349 $82,474 $377,856 $411,744 
Earnings per share:  
Basic$1.82 $1.53 $6.99 $7.59 
Diluted$1.81 $1.52 $6.95 $7.56 
Shares used to compute earnings per share - Basic53,99554,05954,07154,223
Shares used to compute earnings per share - Diluted54,25954,37854,38254,487


Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com
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CLEAN HARBORS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, 2023December 31, 2022
Current assets:  
Cash and cash equivalents$444,698 $492,603 
Short-term marketable securities106,101 62,033 
Accounts receivable, net983,111 964,603 
Unbilled accounts receivable107,859 107,010 
Inventories and supplies327,511 324,994 
Prepaid expenses and other current assets82,939 82,518 
Total current assets2,052,219 2,033,761 
Property, plant and equipment, net2,193,318 1,980,302 
Other assets:
Operating lease right-of-use assets187,060 166,181 
Goodwill1,287,736 1,246,878 
Permits and other intangibles, net602,797 620,782 
Other long-term assets59,739 81,803 
Total other assets2,137,332 2,115,644 
Total assets$6,382,869 $6,129,707 
Current liabilities:
Current portion of long-term debt$10,000 $10,000 
Accounts payable451,806 446,629 
Deferred revenue95,230 94,094 
Accrued expenses and other current liabilities397,157 396,716 
Current portion of closure, post-closure and remedial liabilities26,914 23,123 
Current portion of operating lease liabilities56,430 49,532 
Total current liabilities1,037,537 1,020,094 
Other liabilities: 
Closure and post-closure liabilities, less current portion105,044 105,596 
Remedial liabilities, less current portion97,885 106,372 
Long-term debt, less current portion2,291,717 2,414,828 
Operating lease liabilities, less current portion131,743 119,259 
Deferred tax liabilities353,107 350,389 
Other long-term liabilities118,330 90,847 
Total other liabilities3,097,826 3,187,291 
       Total stockholders’ equity, net
2,247,506 1,922,322 
       Total liabilities and stockholders’ equity
$6,382,869 $6,129,707 
Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com
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CLEAN HARBORS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
For the Year Ended
December 31, 2023December 31, 2022
Cash flows from operating activities:
Net income$377,856 $411,744 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization365,761 347,594 
Allowance for doubtful accounts5,956 7,783 
Amortization of deferred financing costs and debt discount5,309 6,301 
Accretion of environmental liabilities13,667 12,943 
Changes in environmental liability estimates4,828 8,272 
Deferred income taxes12,685 17,549 
Other income, net(2,315)(2,472)
Stock-based compensation20,703 26,844 
Loss on early extinguishment of debt2,880 422 
Gain on sale of business— (8,864)
Environmental expenditures(28,960)(13,946)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable and unbilled accounts receivable2,453 (201,087)
Inventories and supplies(4,312)(74,547)
Other current and non-current assets(22,645)(17,303)
Accounts payable(27,425)74,460 
Other current and long-term liabilities8,111 30,521 
Net cash from operating activities734,552 626,214 
Cash flows used in investing activities:
Additions to property, plant and equipment(422,300)(345,056)
Proceeds from sale and disposal of fixed assets9,650 8,779 
Acquisitions, net of cash acquired(119,596)(86,278)
Proceeds from sale of business, net of transaction costs750 16,811 
Additions to intangible assets including costs to obtain or renew permits(2,649)(1,966)
Purchases of available-for-sale securities(158,264)(49,845)
Proceeds from sale of available-for-sale securities117,359 68,611 
Net cash used in investing activities(575,050)(388,944)
Cash flows used in financing activities:
Change in uncashed checks2,759 552 
Tax payments related to withholdings on vested restricted stock(13,838)(8,801)
Repurchases of common stock(51,164)(50,183)
Deferred financing costs paid(6,736)(410)
Payments on finance leases(15,937)(12,821)
Principal payments on debt(623,975)(115,652)
Proceeds from issuance of debt500,000 — 
Borrowing from revolving credit facility114,000 — 
Payment on revolving credit facility(114,000)— 
Net cash used in financing activities(208,891)(187,315)
Effect of exchange rate change on cash1,484 (9,927)
(Decrease) increase in cash and cash equivalents(47,905)40,028 
Cash and cash equivalents, beginning of year492,603 452,575 
Cash and cash equivalents, end of year$444,698 $492,603 
Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com
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Supplemental information:
Cash payments for interest and income taxes:
Interest paid$114,560 $105,643 
Income taxes paid, net of refunds132,314 78,526 
Non-cash investing activities:
Property, plant and equipment accrued52,376 30,950 
Remedial liability assumed in acquisition of property, plant and equipment— 8,092 

Supplemental Segment Data (in thousands)

For the Three Months Ended
RevenueDecember 31, 2023December 31, 2022
Third Party RevenuesIntersegment Revenues (Expenses), netDirect RevenuesThird Party RevenuesIntersegment Revenues (Expenses), netDirect Revenues
Environmental Services$1,112,166 $10,136 $1,122,302 $1,039,637 $7,397 $1,047,034 
Safety-Kleen Sustainability Solutions225,891 (10,136)215,755 238,388 (7,397)230,991 
Corporate Items112 — 112 73 — 73 
Total$1,338,169 $— $1,338,169 $1,278,098 $— $1,278,098 

For the Twelve Months Ended
RevenueDecember 31, 2023December 31, 2022
Third Party RevenuesIntersegment Revenues (Expenses), netDirect RevenuesThird Party RevenuesIntersegment Revenues (Expenses), netDirect Revenues
Environmental Services$4,469,909 $41,533 $4,511,442 $4,144,973 $26,733 $4,171,706 
Safety-Kleen Sustainability Solutions938,796 (41,533)897,263 1,021,125 (26,733)994,392 
Corporate Items447 — 447 507 — 507 
Total$5,409,152 $— $5,409,152 $5,166,605 $— $5,166,605 


For the Three Months EndedFor the Twelve Months Ended
Adjusted EBITDADecember 31, 2023December 31, 2022December 31, 2023December 31, 2022
Environmental Services$278,659 $239,423 $1,101,608 $953,053 
Safety-Kleen Sustainability Solutions46,849 54,284 172,873 306,327 
Corporate Items(70,599)(69,463)(261,911)(237,252)
Total$254,909 $224,244 $1,012,570 $1,022,128 

Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com
v3.24.0.1
Cover
Feb. 21, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 21, 2024
Entity Registrant Name CLEAN HARBORS, INC
Entity Incorporation, State or Country Code MA
Entity File Number 001-34223
Entity Tax Identification Number 04-2997780
Entity Address, Address Line One 42 Longwater Drive
Entity Address, City or Town Norwell
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02061-9149
City Area Code 781
Local Phone Number 792-5000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol CLH
Security Exchange Name NYSE
Entity Central Index Key 0000822818
Amendment Flag false
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