GUARANTOR AND NON-GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION

The 2020 Notes and 2021 Notes are guaranteed by substantially all of the Company's subsidiaries organized in the United States. Each guarantor for the 2020 Notes and 2021 Notes is a wholly-owned subsidiary of the Company and its guarantee is both full and unconditional and joint and several. The 2020 Notes and 2021 Notes are not guaranteed by the Company’s Canadian or other foreign subsidiaries. The following presents supplemental condensed consolidating financial information for the parent company, the guarantor subsidiaries and the non-guarantor subsidiaries, respectively.

Following is the condensed consolidating balance sheet at March 31, 2014 (in thousands):



	Clean Harbors, Inc.		U.S. Guarantor Subsidiaries		Foreign Non-Guarantor Subsidiaries		Consolidating Adjustments			Total
Assets:
Cash and cash equivalents	$	1,006	$	200,691	$	47,310	$	—		$	249,007
Intercompany receivables	255,774		2,418		212,558		(470,750		)	—
Accounts receivable, net	—		374,008		192,386		—			566,394
Other current assets	24,087		201,731		73,339		—			299,157
Property, plant and equipment, net	—		954,458		633,828		—			1,588,286
Investments in subsidiaries	2,671,744		952,030		144,953		(3,768,727		)	—
Intercompany debt receivable	—		475,548		3,701		(479,249		)	—
Goodwill	—		415,453		149,609		—			565,062
Permits and other intangibles, net	—		453,122		104,089		—			557,211
Other long-term assets	22,946		7,263		8,629		—			38,838
Total assets	$	2,975,557	$	4,036,722	$	1,570,402	$	(4,718,726	)	$	3,863,955
Liabilities and Stockholders’ Equity:
Current liabilities	$	37,586	$	424,583	$	125,149	$	—		$	587,318
Intercompany payables	—		468,281		2,469		(470,750		)	—
Closure, post-closure and remedial liabilities, net	—		154,440		30,854		—			185,294
Long-term obligations	1,400,000		—		—		—			1,400,000
Capital lease obligations, net	—		152		761		—			913
Intercompany debt payable	3,701		—		475,548		(479,249		)	—
Other long-term liabilities	88,635		103,107		53,053		—			244,795
Total liabilities	1,529,922		1,150,563		687,834		(949,999		)	2,418,320
Stockholders’ equity	1,445,635		2,886,159		882,568		(3,768,727		)	1,445,635
Total liabilities and stockholders’ equity	$	2,975,557	$	4,036,722	$	1,570,402	$	(4,718,726	)	$	3,863,955

Following is the condensed consolidating balance sheet at December 31, 2013 (in thousands):



	Clean Harbors, Inc.		U.S. Guarantor Subsidiaries		Foreign Non-Guarantor Subsidiaries		Consolidating Adjustments			Total
Assets:
Cash and cash equivalents	$	1,006	$	235,445	$	73,622	$	—		$	310,073
Intercompany receivables	269,580		2,448		230,224		(502,252		)	—
Accounts receivables	—		387,006		192,388		—			579,394
Other current assets	24,087		182,881		74,744		—			281,712
Property, plant and equipment, net	—		945,280		656,890		—			1,602,170
Investments in subsidiaries	2,683,158		967,186		144,953		(3,795,297		)	—
Intercompany debt receivable	—		493,402		3,701		(497,103		)	—
Goodwill	—		415,541		155,419		—			570,960
Permits and other intangibles, net	—		458,917		111,056		—			569,973
Other long-term assets	23,770		7,018		8,608		—			39,396
Total assets	$	3,001,601	$	4,095,124	$	1,651,605	$	(4,794,652	)	$	3,953,678
Liabilities and Stockholders’ Equity:
Current liabilities	$	33,626	$	466,454	$	139,465	$	—		$	639,545
Intercompany payables	—		499,749		2,503		(502,252		)	—
Closure, post-closure and remedial liabilities, net	—		158,298		31,814		—			190,112
Long-term obligations	1,400,000		—		—		—			1,400,000
Capital lease obligations, net	—		191		1,244		—			1,435
Intercompany debt payable	3,701		—		493,402		(497,103		)	—
Other long-term liabilities	88,635		103,125		55,187		—			246,947
Total liabilities	1,525,962		1,227,817		723,615		(999,355		)	2,478,039
Stockholders’ equity	1,475,639		2,867,307		927,990		(3,795,297		)	1,475,639
Total liabilities and stockholders’ equity	$	3,001,601	$	4,095,124	$	1,651,605	$	(4,794,652	)	$	3,953,678

Following is the consolidating statement of (loss) income for the three months ended March 31, 2014 (in thousands):



	Clean Harbors, Inc.			U.S. Guarantor Subsidiaries			Foreign Non-Guarantor Subsidiaries			Consolidating Adjustments			Total
Revenues
Service revenues	$	—		$	443,874		$	219,005		$	(2,784	)	$	660,095
Product revenues	—			134,875			52,493			(796		)	186,572
Total revenues	—			578,749			271,498			(3,580		)	846,667
Cost of revenues (exclusive of items shown separately below)
Service cost of revenues	—			304,641			164,942			(2,784		)	466,799
Product cost of revenues	—			114,928			44,788			(796		)	158,920
Total cost of revenues	—			419,569			209,730			(3,580		)	625,719
Selling, general and administrative expenses	31			87,553			31,378			—			118,962
Accretion of environmental liabilities	—			2,348			376			—			2,724
Depreciation and amortization	—			42,732			26,624			—			69,356
Income from operations	(31		)	26,547			3,390			—			29,906
Other income	—			909			3,269			—			4,178
Interest (expense) income	(19,734		)	230			(50		)	—			(19,554		)
Equity in earnings of subsidiaries	30,109			8,462			—			(38,571		)	—
Intercompany dividend income	—			—			3,100			(3,100		)	—
Intercompany interest income (expense)	—			9,384			(9,384		)	—			—
Income before provision for income taxes	10,344			45,532			325			(41,671		)	14,530
Provision for income taxes	1,384			4,105			81			—			5,570
Net income	8,960			41,427			244			(41,671		)	8,960
Other comprehensive (loss) income	(41,525		)	(41,525		)	19,682			21,843			(41,525		)
Comprehensive (loss) income	$	(32,565	)	$	(98	)	$	19,926		$	(19,828	)	$	(32,565	)

Following is the consolidating statement of (loss) income for the three months ended March 31, 2013 (in thousands):



	Clean Harbors, Inc.			U.S. Guarantor Subsidiaries			Foreign Non-Guarantor Subsidiaries			Consolidating Adjustments			Total
Revenues
Service revenues	$	—		$	399,235		$	281,419		$	(8,032	)	$	672,622
Product revenues	—			160,863			30,942			(2,264		)	189,541
Total revenues	—			560,098			312,361			(10,296		)	862,163
Cost of revenues (exclusive of items shown separately below)
Service cost of revenues	—			274,172			202,232			(8,032		)	468,372
Product cost of revenues	—			143,641			26,275			(2,264		)	167,652
Total cost of revenues	—			417,813			228,507			(10,296		)	636,024
Selling, general and administrative expenses	25			95,561			32,884			—			128,470
Accretion of environmental liabilities	—			2,400			435			—			2,835
Depreciation and amortization	—			37,289			22,717			—			60,006
Income from operations	(25		)	7,035			27,818			—			34,828
Other income (expense)	—			720			(195		)	—			525
Interest expense	(19,800		)	—			(73		)	—			(19,873		)
Equity in earnings of subsidiaries	30,221			21,413			—			(51,634		)	—
Intercompany dividend income	—			—			3,645			(3,645		)	—
Intercompany interest income (expense)	—			10,338			(10,338		)	—			—
Income before provision for income taxes	10,396			39,506			20,857			(55,279		)	15,480
(Benefit) provision for income taxes	(106		)	(474		)	5,558			—			4,978
Net income	10,502			39,980			15,299			(55,279		)	10,502
Other comprehensive (loss) income	(23,861		)	(23,861		)	11,772			12,089			(23,861		)
Comprehensive (loss) income	$	(13,359	)	$	16,119		$	27,071		$	(43,190	)	$	(13,359	)

Following is the condensed consolidating statement of cash flows for the three months ended March 31, 2014 (in thousands):



	Clean Harbors, Inc.			U.S. Guarantor Subsidiaries			Foreign Non-Guarantor Subsidiaries			Total
Net cash from operating activities	$	(283	)	$	2,808		$	2,071		$	4,596
Cash flows from investing activities:
Additions to property, plant and equipment	—			(46,287		)	(28,718		)	(75,005		)
Proceeds from sales of fixed assets	—			228			648			876
Costs to obtain or renew permits	—			(111		)	(964		)	(1,075		)
Proceeds from sales of marketable securities	—			—			12,870			12,870
Net cash used in investing activities	—			(46,170		)	(16,164		)	(62,334		)

Cash flows from financing activities:
Change in uncashed checks	—			60			(39		)	21
Proceeds from employee stock purchase plan	2,141			—			—			2,141
Remittance of shares, net	(750		)	—			—			(750		)
Repurchases of common stock	(1,225		)	—			—			(1,225		)
Excess tax benefit of stock-based compensation	117			—			—			117
Payments on capital leases	—			(41		)	(597		)	(638		)
Dividends (paid) / received	—			(4,275		)	4,275			—
Interest (payments) / received	—			12,864			(12,864		)	—
Net cash from financing activities	283			8,608			(9,225		)	(334		)
Effect of exchange rate change on cash	—			—			(2,994		)	(2,994		)
Decrease in cash and cash equivalents	—			(34,754		)	(26,312		)	(61,066		)
Cash and cash equivalents, beginning of period	1,006			235,445			73,622			310,073
Cash and cash equivalents, end of period	$	1,006		$	200,691		$	47,310		$	249,007

Following is the condensed consolidating statement of cash flows for the three months ended March 31, 2013 (in thousands):



	Clean Harbors, Inc.			U.S. Guarantor Subsidiaries			Foreign Non-Guarantor Subsidiaries			Total
Net cash from operating activities	$	(32,042	)	$	33,154		$	38,477		$	39,589
Cash flows from investing activities:
Additions to property, plant and equipment	—			(36,962		)	(35,287		)	(72,249		)
Proceeds from sale of fixed assets	—			250			671			921
Acquisitions, net of cash acquired	(197		)	—			—			(197		)
Costs to obtain or renew permits	—			(113		)	(612		)	(725		)
Net cash used in investing activities	(197		)	(36,825		)	(35,228		)	(72,250		)

Cash flows from financing activities:
Change in uncashed checks	—			20,562			5,857			26,419
Proceeds from exercise of stock options	397			—			—			397
Proceeds from employee stock purchase plan	1,546			—			—			1,546
Remittance of shares, net	(41		)	—			—			(41		)
Excess tax benefit of stock-based compensation	1,227			—			—			1,227
Deferred financing costs paid	(2,318		)	—			—			(2,318		)
Payments of capital leases	—			(80		)	(1,266		)	(1,346		)
Issuance costs related to 2012 issuance of common stock	(250		)	—			—			(250		)
Dividends (paid) / received	—			(3,645		)	3,645			—
Interest received / (payments)	—			11,307			(11,307		)	—
Net cash from financing activities	561			28,144			(3,071		)	25,634
Effect of exchange rate change on cash	—			—			(705		)	(705		)
(Decrease) increase in cash and cash equivalents	(31,678		)	24,473			(527		)	(7,732		)
Cash and cash equivalents, beginning of period	35,214			140,683			53,939			229,836
Cash and cash equivalents, end of period	$	3,536		$	165,156		$	53,412		$	222,104