CLEAN HARBORS INC
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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(10) Closure and Post-Closure Liabilities
The changes to closure and post-closure liabilities (also referred to as "asset retirement obligations") from January 1, 2022 through December 31, 2023 were as follows (in thousands):
| LandfillRetirementLiability | Non-LandfillRetirementLiability | Total | |
|---|---|---|---|
| Balance at January 1, 2022 | $53,425 | $45,678 | $99,103 |
| Liabilities assumed in acquisitions | — | 55 | 55 |
| Measurement period adjustments from prior period acquisitions | — | 1,148 | 1,148 |
| New asset retirement obligations | 3,743 | — | 3,743 |
| Accretion | 4,605 | 4,147 | 8,752 |
| Changes in estimates recorded to consolidated statement of operations | 1,063 | 5,712 | 6,775 |
| Changes in estimates recorded to consolidated balance sheet | 3,219 | 1,742 | 4,961 |
| Environmental expenditures | (3,373) | (1,778) | (5,151) |
| Currency translation and other | (431) | (154) | (585) |
| Balance at December 31, 2022 | 62,251 | 56,550 | 118,801 |
| Liabilities assumed in acquisitions | — | 574 | 574 |
| Measurement period adjustments from prior period acquisitions | — | 3,015 | 3,015 |
| New asset retirement obligations | 3,092 | — | 3,092 |
| Accretion | 4,958 | 4,519 | 9,477 |
| Changes in estimates recorded to consolidated statement of operations | 1,147 | 53 | 1,200 |
| Changes in estimates recorded to consolidated balance sheet | (3,706) | 1,600 | (2,106) |
| Environmental expenditures | (8,478) | (7,206) | (15,684) |
| Currency translation and other | 179 | 52 | 231 |
| Balance at December 31, 2023 | $59,443 | $59,157 | $118,600 |
During the first quarter of 2023, the Company's non-commercial landfill at the Deer Park, Texas incineration facility reached its permitted capacity, as expected. The Company has commenced closure activities; however, there have been no changes to the liabilities related to this location. In the year ended December 31, 2023, there were no significant benefits or charges resulting from changes in estimates for closure and post-closure liabilities.
Anticipated payments (based on current estimated costs and anticipated timing of necessary regulatory approvals to commence work on closure and post-closure activities) for each of the next five years and thereafter are as follows (in thousands):
| Years ending December 31, | |
|---|---|
| 2024 | $15,698 |
| 2025 | 16,694 |
| 2026 | 14,750 |
| 2027 | 3,955 |
| 2028 | 13,628 |
| Thereafter | 252,110 |
| Undiscounted closure and post-closure liabilities | 316,835 |
| Less: Discount at credit-adjusted risk-free rate | (114,325) |
| Less: Undiscounted estimated closure and post-closure liabilities relating to airspace not yet consumed | (83,910) |
| Present value of closure and post-closure liabilities | $118,600 |
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