Clean Harbors Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Clean Harbors Inc. has submitted its 2023 10-K report detailing financial performance and operational data.</b>

AI Summary

CLEAN HARBORS INC (CLH) filed a Annual Report (10-K) with the SEC on February 21, 2024. The company filed its 10-K for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial data points such as common stock, additional paid-in capital, accumulated other comprehensive income, and retained earnings are detailed for the fiscal years 2020-2023. The report includes information on accrued capping, closure, post-closure, and remedial liabilities, as well as property, plant, and equipment. Clean Harbors Inc. operates in the Hazardous Waste Management industry (SIC 4955).

Why It Matters

For investors and stakeholders tracking CLEAN HARBORS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Clean Harbors' financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed breakdown of liabilities, assets, and equity offers insights into the company's risk management and long-term financial strategy within the hazardous waste management sector.

Risk Assessment

Risk Level: — CLEAN HARBORS INC shows moderate risk based on this filing. The company operates in the hazardous waste management industry, which is subject to stringent environmental regulations and potential liabilities, as indicated by the detailed reporting of accrued environmental loss contingencies and remedial liabilities.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Clean Harbors' exposure to environmental liabilities and its operational performance.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-21 — Filing Date (Filed as of date)
• 141 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• CLEAN HARBORS INC (company) — Filer name
• 0000822818 (company) — Central Index Key
• MA (location) — State of incorporation
• NORWELL (location) — Business address city
• 781-792-5000 (phone) — Business phone
• 4955 (industry) — Standard Industrial Classification

FAQ

Risk Factors

• Environmental Liabilities and Contingencies [high — regulatory]: The company must accrue for environmental loss contingencies, including capping, closure, post-closure, and remedial liabilities, which can be significant and subject to change.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-21: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

Accrued Capping Closure Post Closure And Remedial Liabilities

Liabilities recognized for the costs associated with closing and monitoring hazardous waste disposal sites. (Indicates potential future financial obligations related to environmental compliance and site management.)

Property Plant And Equipment

Tangible assets used in the operations of the business. (Represents the company's investment in its operational infrastructure.)

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value CLH New York Stock Exchange

Filing Documents

• clh-20231231.htm (10-K) — 2631KB
• clh-12312023ex19xinsidertr.htm (EX-19) — 53KB
• clh12312023ex21-clhsubsidi.htm (EX-21) — 82KB
• clh-12312023ex23xconsentof.htm (EX-23) — 2KB
• clh-12312023ex24xpowerofat.htm (EX-24) — 10KB
• clh-12312023ex311xcertific.htm (EX-31.1) — 11KB
• clh-12312023ex312xcertific.htm (EX-31.2) — 11KB
• clh-12312023ex313xcertific.htm (EX-31.3) — 10KB
• clh-12312023ex32xsection13.htm (EX-32) — 9KB
• clh-12312023ex97xclawbackp.htm (EX-97) — 26KB
• clh-20231231_g1.jpg (GRAPHIC) — 382KB
• image_0.jpg (GRAPHIC) — 151KB
• image_1.jpg (GRAPHIC) — 151KB
• 0000822818-24-000008.txt (&nbsp;) — 16018KB
• clh-20231231.xsd (EX-101.SCH) — 111KB
• clh-20231231_cal.xml (EX-101.CAL) — 172KB
• clh-20231231_def.xml (EX-101.DEF) — 452KB
• clh-20231231_lab.xml (EX-101.LAB) — 1221KB
• clh-20231231_pre.xml (EX-101.PRE) — 815KB
• clh-20231231_htm.xml (XML) — 2590KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 25 Item 1C. Cybersecurity 25 Item 2.

Properties

Properties 26 Item 3.

Legal Proceedings

Legal Proceedings 27 Item 4. Mine Safety Disclosures 27 Part II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28 Item 6. Reserved 29 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 48 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 91 Item 9A.

Controls and Procedures

Controls and Procedures 91 Item 9B. Other Information 93 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 93 Part III Item 10. Directors, Executive Officers and Corporate Governance 93 Item 11.

Executive Compensation

Executive Compensation 93 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 93 Item 13. Certain Relationships and Related Transactions, and Director Independence 93 Item 14. Principal Accountant Fees and Services 93 Part IV Item 15. Exhibits and Financial Statement Schedules 94 Item 16. Form 10-K Summary 94

SIGNATURES

SIGNATURES 95 Table Of Contents Disclosure Regarding Forward-Looking Statements In addition to historical information, this Annual Report on Form 10-K contains forward-looking statements, which 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, the Company's plans, objectives, expectations and intentions and other statements that are not historical facts. Forward-looking statements are neither historical facts nor assurances of future performance. 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 identified in this report under Item 1A, "Risk Factors," and Item 7, "Management's Discussion and Analysis on Financial Condition and Results of Operations." Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date hereof. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements. Readers should also carefully review the risk factors described in the other documents which we file from time to time with the Securities and Exchange Commission ("SEC"), including Clean Harbors' quarterly reports on Form 10-Q to be filed during 2024. PART I

BUSINESS

ITEM 1. BUSINESS General Clean Harbors, Inc. and its subsidiaries (collectively, "we," "Clean Harbors" or the "Company") is a leading provider of sustainable environmental and industrial services throughout North America. Everywhere industry meets the environment, we strive to provide eco-friendly services and products that protect and restore North America's natural environment. We are also the largest provider of parts cleaning and related environmental services to general manufacturing, automotive and commercial customers in North America and the largest re-refiner and recycler of used oil in North America. One of our primary goals as a company is supporting our customers in providing environmentally responsible solutions to further their sustainability goals in today's rapidly changing world. We have two operating segments through which the Company conducts its operations: (i) the Environmental Services segment and (ii) the Safety-Kleen Sustainability Solutions segment. Environmental Services - Our Environmental Services business offers an array of services to customers. We safely collect, transport, treat and dispose of hazardous and non-hazardous waste through our network of over 100 waste disposal facilities including incinerators, landfills, and treatment, storage and disposal facilities ("TSDFs"). Our emergency response services leverage specialized equipment, expertise and responsiveness to support our customers. We also leverage our assets to perform a wide range of industrial maintenance and specialty industrial services, both planned and unplanned. We collect containerized waste and provide parts washer and vacuum services to small quantity generators of hazardous waste. All of these services are designed to protect the environment and address environmental related challenges through the use of innovation and the latest technologies. We provide customers with sustainable solutions that seek to recycle waste materials whenever possible. Safety-Kleen