Company: CLH
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000822818-25-000019
Chunk: 99

Company: CLEAN HARBORS INC
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 99
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 totaled $96.9 million. The cash and cash equivalents and marketable securities balance for our U.S. operations was $498.4 million at March 31, 2025. Our U.S. operations had net operating cash inflows of $14.1 million for the three months ended March 31, 2025.

We maintain a $600.0 million revolving credit facility of which, as of March 31, 2025, approximately $462.4 million, was available to borrow under the facility, with letters of credit of $137.6 million outstanding.

Material Capital Requirements

Capital Expenditures

Capital expenditures during the first three months of 2025 were $118.7 million as compared to $137.9 million during the first three months of 2024. The decrease was driven by incremental investments in our Baltimore, Maryland and Kimball incinerator facilities which occurred in 2024. We anticipate that 2025 capital spending, net of disposals, will be in the range of $360.0 million to $390.0 million. This includes a long-term growth investment of approximately $15 million for the Phoenix hub. We expect spending on this project to begin in the second quarter of 2025 with the purchase of the facility.

We anticipate that the capital spending will be funded by cash from our operations. Unanticipated changes in environmental regulations could require us to make significant capital expenditures for our facilities and adversely affect our results of operations and cash flow.

Financing Arrangements

As of March 31, 2025, our financing arrangements include (i) $545.0 million of 4.875% senior unsecured notes due 2027, (ii) $1.5 billion of senior secured term loans due 2028, (iii) $300.0 million of 5.125% senior unsecured notes due 2029 and (iv) $500.0 million of 6.375% senior unsecured notes due 2031. As noted above, we also maintain our $600.0 million revolving credit facility with no amounts owed as of March 31, 2025.

The material terms of these arrangements are discussed further in Note 11, “Financing Arrangements,” to the accompanying unaudited consolidated financial statements.

As of March 31, 2025, we were in compliance with the covenants of all of our debt agreements, and we believe we will continue to meet such covenants.

Common