Company: CLH
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000822818-25-000019
Chunk: 67

Company: CLEAN HARBORS INC
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 67
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Total third-party revenues$1,161,279 $215,314 $102 $1,376,695 Sources of RevenueTechnical Services$407,491 $— $— $407,491 Industrial Services and Other359,397 — 102 359,499 Field and Emergency Response Services163,469 — — 163,469 Safety-Kleen Environmental Services230,922 53,021 — 283,943 Safety-Kleen Oil— 162,293 — 162,293 Total third-party revenues$1,161,279 $215,314 $102 $1,376,695 Contract Balances(in thousands)March 31, 2025December 31, 2024Receivables$1,077,510 $1,015,357 Contract assets (unbilled receivables)171,089 162,215 Contract liabilities (deferred revenue)96,171 88,545 The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and customer advances and deposits or deferred revenue (contract liabilities) on the consolidated balance sheet. 

8

Generally, billing occurs subsequent to revenue recognition, as a right to payment is not just subject to passage of time, resulting in contract assets, which are generally classified as current. The Company sometimes receives advances or deposits from its customers before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the consolidated balance sheet on a contract-by-contract basis at the end of each reporting period. The contract liability balances at the beginning of each period presented are generally fully recognized in the subsequent three-month period.

(4) BUSINESS COMBINATIONS

2024 AcquisitionsOn March 22, 2024, the Company acquired HEPACO for an all-cash purchase price of $392.2 million, net of cash acquired. The operations of HEPACO expand the Environmental Services segment’s field services business.The Company finalized the purchase accounting for this acquisition in the first quarter of 2025. The allocation of the purchase price was based on estimates of the fair value and assets acquired and liabilities assumed as of March 22, 2024. The following table summarizes the preliminary and final determinations and recognition of assets acquired and liabilities assumed (in thousands):At Acquisition Date As Reported December 31, 2024Measurement Period