BUSINESS COMBINATIONS

3 Months Ended

Mar. 31, 2014

Business Combinations [Abstract]

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS

Evergreen

On September 13, 2013, the Company acquired 100% of the outstanding common shares of Evergreen Oil, Inc. (“Evergreen”) for approximately $55.9 million in cash, net of cash acquired. The final purchase price remains subject to adjustment upon finalization of Evergreen’s net working capital balance as of the closing date. Evergreen, headquartered in Irvine, California, specializes in the recovery and re-refining of used oil and is currently the second-largest collector of used oil in California. Evergreen owns and operates one of the only oil re-refining operations in the western United States and also offers other ancillary environmental services, including parts cleaning and containerized waste services, vacuum services and hazardous waste management services. The acquisition of Evergreen enables the Company to further penetrate the small quantity waste generator market and further expand its oil re-refining, oil recycling and waste treatment capabilities.

Management determined the purchase price allocations based on estimates of the fair values of all tangible and intangible assets acquired and liabilities assumed. The Company believes that such information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed. As of March 31, 2014, the Company has finalized the purchase accounting for the acquisition of Evergreen, except for the other assets, environmental liabilities, taxes and goodwill. The impact of the purchase price measurement period adjustments and related tax impacts recorded in the current period was not material to the consolidated financial statements and accordingly, the effects have not been retrospectively applied.

The following table summarizes the recognized amounts of assets acquired and liabilities assumed at September 13, 2013 (in thousands):

	At acquisition date as reported at December 31, 2013			Measurement Period Adjustments			At acquisition date as reported at March 31, 2014
Inventories and supplies	$	1,089		$	—		$	1,089
Prepaid and other current assets	1,291			—			1,291
Property, plant and equipment	40,563			—			40,563
Permits and other intangibles	17,100			—			17,100
Deferred tax assets, less current portion	2,368			—			2,368
Other assets	3,607			(37		)	3,570
Current liabilities	(6,198		)	(66		)	(6,264		)
Closure and post-closure liabilities	(659		)	—			(659		)
Remedial liabilities, less current portion	(2,103		)	103			(2,000		)
Other long-term liabilities	(1,139		)	—			(1,139		)
Total identifiable net assets	55,919			—			55,919
Goodwill	—			—			—
Total	$	55,919		$	—		$	55,919