XML 50 R30.htm IDEA: XBRL DOCUMENT v3.25.0.1
SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Segment reporting is prepared on the same basis that the Company's chief operating decision maker ("CODM"), which is a committee comprised of the Company's Co-Chief Executive Officers, manages the business, makes operating decisions and assesses performance. The Company is managed and reports as two operating segments; (i) the Environmental Services segment and (ii) the Safety-Kleen Sustainability Solutions segment.
Third-party revenue is revenue billed to outside customers by a particular segment. Direct revenue is revenue allocated to the segment providing the product or service. Intersegment revenues represent the sharing of third-party revenues among the segments based on products and services provided by each segment as if the products and services were sold directly to the third-party. The intersegment revenues are shown net. The operations not managed through the Company’s operating segments described above are recorded as “Corporate.” Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings.
The following tables reconcile third-party revenues to direct revenues by Reportable Segment (in thousands):
 For the year ended December 31, 2024
 Environmental
Services		Safety-Kleen Sustainability Solutions
Total
Segment Revenues
Corporate
Total Consolidated Revenues
Third-party revenues$4,960,325 $929,220 $5,889,545 $407 $5,889,952 
Intersegment revenues (expense), net44,422 (44,422)— — — 
Direct revenues$5,004,747 $884,798 $5,889,545 $407 $5,889,952 
 For the year ended December 31, 2023
 Environmental
Services
Safety-Kleen Sustainability Solutions
Total
Segment Revenues
Corporate
Total Consolidated Revenues
Third-party revenues$4,469,909 $938,796 $5,408,705 $447 $5,409,152 
Intersegment revenues (expense), net41,533 (41,533)— — — 
Direct revenues$4,511,442 $897,263 $5,408,705 $447 $5,409,152 
 For the year ended December 31, 2022
 Environmental
Services
Safety-Kleen Sustainability Solutions
Total
Segment Revenues
Corporate
Total Consolidated Revenues
Third-party revenues$4,144,973 $1,021,125 $5,166,098 $507 $5,166,605 
Intersegment revenues (expense), net26,733 (26,733)— — — 
Direct revenues$4,171,706 $994,392 $5,166,098 $507 $5,166,605 
The primary financial measure by which the CODM evaluates the performance of its segments is Adjusted EBITDA, which consists of net income plus accretion of environmental liabilities, stock-based compensation, depreciation and amortization, net interest expense, loss on early extinguishment of debt and provision for income taxes and excludes other transactions not deemed representative of fundamental segment results and other (income) expense, net. Transactions between the segments are accounted for at the Company’s best estimate based on similar transactions with outside customers.
The CODM uses Adjusted EBITDA to enhance their understanding of segment operating performance, which represents the Company’s performance in the ordinary, ongoing and customary course of operations. The reportable segment operating performance Adjusted EBITDA is used by the CODM to make key operating decisions such as the allocation of resources. Total assets by segment are not used by the CODM to assess the performance of, or allocate resources to, the Company’s segments, therefore total assets by segment are not disclosed.
The tables below present total Reportable Segment Adjusted EBITDA and the relevant significant segment expenses provided to the CODM by reported segment (in thousands):
For the year ended December 31, 2024
Environmental ServicesSafety-Kleen Sustainability SolutionsTotal Reportable Segments
Direct Revenues$5,004,747 $884,798 $5,889,545 
Cost of Revenues3,366,022 659,217 4,025,239 
Selling, General and Administrative Expenses371,263 78,575 449,838 
Total Reportable Segment Adjusted EBITDA$1,267,462 $147,006 $1,414,468 
For the year ended December 31, 2023
Environmental ServicesSafety-Kleen Sustainability SolutionsTotal Reportable Segments
Direct Revenues$4,511,442 $897,263 $5,408,705 
Cost of Revenues3,063,043 646,301 3,709,344 
Selling, General and Administrative Expenses346,791 78,089 424,880 
Total Reportable Segment Adjusted EBITDA$1,101,608 $172,873 $1,274,481 
For the year ended December 31, 2022
Environmental ServicesSafety-Kleen Sustainability SolutionsTotal Reportable Segments
Direct Revenues$4,171,706 $994,392 $5,166,098 
Cost of Revenues2,902,979 615,303 3,518,282 
Selling, General and Administrative Expenses315,674 72,762 388,436 
Total Reportable Segment Adjusted EBITDA$953,053 $306,327 $1,259,380 
The following table presents Total Reportable Segment Adjusted EBITDA reconciled to income from operations before provision for income taxes (in thousands):
 For the years ended December 31,
 202420232022
Adjusted EBITDA:
Environmental Services$1,267,462 $1,101,608 $953,053 
Safety-Kleen Sustainability Solutions147,006 172,873 306,327 
Total Reportable Segment Adjusted EBITDA
1,414,468 1,274,481 1,259,380 
Reconciliation to Consolidated Statements of Operations:
Corporate Costs (1)
297,534 261,911 237,252 
Accretion of environmental liabilities13,456 13,667 12,943 
Stock-based compensation27,981 20,703 26,844 
Depreciation and amortization400,922 365,761 347,594 
Kimball startup costs4,343 — — 
Income from operations670,232 612,439 634,747 
Other expense (income), net1,454 (2,315)(2,472)
Loss on early extinguishment of debt371 2,880 422 
Gain on sale of business— — (8,864)
Interest expense, net of interest income134,964 108,595 107,663 
Income from operations before provision for income taxes$533,443 $503,279 $537,998 
___________________________________
(1) Corporate Costs include the revenue, cost of revenues and selling, general and administrative expenses not managed through the Company’s operating segments. These costs are not captured within the Company’s Reportable Segment Adjusted EBITDA but are included in the Company’s total Adjusted EBITDA balances.
The following table presents assets by reported segment and in the aggregate (in thousands):
December 31, 2024December 31, 2023
Property, plant and equipment, net  
Environmental Services$1,865,611 $1,651,026 
Safety-Kleen Sustainability Solutions463,538 411,415 
Corporate
118,792 130,877 
Total property, plant and equipment, net$2,447,941 $2,193,318 
Goodwill and Permits and other intangibles, net  
Environmental Services  
Goodwill$1,296,204 $1,112,013 
Permits and other intangibles, net549,482 454,919 
Total Environmental Services1,845,686 1,566,932 
Safety-Kleen Sustainability Solutions
Goodwill$180,995 $175,723 
Permits and other intangibles, net152,505 147,878 
Total Safety-Kleen Sustainability Solutions333,500 323,601 
Total$2,179,186 $1,890,533 
Geographic Information
As of December 31, 2024 and 2023, the Company had property, plant and equipment, net of depreciation and amortization and permits and other intangible assets, net of amortization in the following geographic locations (in thousands):
December 31, 2024December 31, 2023
Total% of TotalTotal% of Total
Property, plant and equipment, net  
United States$2,249,155 91.9 %$1,972,221 89.9 %
Canada and other foreign198,786 8.1 221,097 10.1 
Total property, plant and equipment, net$2,447,941 100.0 %$2,193,318 100.0 %
Permits and other intangibles, net  
United States$674,246 96.0 %$570,049 94.6 %
Canada27,741 4.0 32,748 5.4 
Total permits and other intangibles, net$701,987 100.0 %$602,797 100.0 %
The following table presents the total assets by geographical area (in thousands):
December 31, 2024December 31, 2023
United States$6,756,813 $5,786,937 
Canada and other foreign620,465 595,932 
Total$7,377,278 $6,382,869