CLEAN HARBORS INC
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
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FY2025 · Filed Feb 18, 2026
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(7) Goodwill and Other Intangible Assets
The changes in goodwill for the years ended December 31, 2025 and 2024 were as follows (in thousands):
| Environmental Services | Safety-Kleen Sustainability Solutions | Total | |
|---|---|---|---|
| Balance at January 1, 2024 | $1,112,013 | $175,723 | $1,287,736 |
| Increase from current period acquisitions | 186,911 | 6,457 | 193,368 |
| Measurement period adjustments from prior period acquisition | 218 | — | 218 |
| Foreign currency translation | (2,938) | (1,185) | (4,123) |
| Balance at December 31, 2024 | $1,296,204 | $180,995 | $1,477,199 |
| Measurement period adjustments from prior period acquisitions | 146 | (99) | 47 |
| Decrease from disposition of business(1) | (538) | — | (538) |
| Foreign currency translation | 1,666 | 676 | 2,342 |
| Balance at December 31, 2025 | $1,297,478 | $181,572 | $1,479,050 |
(1)In 2025, the Company sold a non-core business unit. The transaction was immaterial to the financial statements.
The Company assesses goodwill for impairment on an annual basis as of December 31 or at an interim date when it is more likely than not that events or changes in the business environment (“triggering events”) would reduce the fair value of a reporting unit below its carrying value. The Company did not identify any triggering events in the years presented.
Goodwill is also tested for impairment annually. The Company conducted its annual impairment test of goodwill as of December 31, 2025 and determined that no adjustment to the carrying value of goodwill for any reporting unit was necessary because the fair values of the reporting units exceeded their respective carrying values. The fair value of all reporting units was determined using an income approach based upon estimates of future discounted cash flows. The resulting estimates of fair value were validated through the consideration of other factors such as the fair value of comparable companies to the reporting units and a reconciliation of the sum of all estimated fair values of the reporting units to the Company’s overall market capitalization. In all cases, the estimated fair values of the reporting units significantly exceeded the respective carrying values.
Significant judgments and unobservable inputs, categorized as Level 3 in the fair value hierarchy, are inherent in the impairment tests performed and include assumptions about the amount and timing of expected future cash flows, growth rates, and the determination of appropriate discount rates. Level 3 inputs are unobservable inputs for the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. The Company believes that the assumptions used in its impairment tests are reasonable, but variations in any of the assumptions may result in different measurements of fair values.
As of December 31, 2025 and 2024, the Company's intangible assets consisted of the following (in thousands):
| December 31, 2025 | December 31, 2024 | |||||
|---|---|---|---|---|---|---|
| Cost | AccumulatedAmortization | Net | Cost | AccumulatedAmortization | Net | |
| Permits | $196,224 | $132,308 | $63,916 | $191,921 | $123,939 | $67,982 |
| Customer and supplier relationships | 698,381 | 292,813 | 405,568 | 697,326 | 256,657 | 440,669 |
| Other intangible assets | 121,030 | 57,438 | 63,592 | 120,316 | 46,490 | 73,826 |
| Total amortizable permits and other intangible assets | 1,015,635 | 482,559 | 533,076 | 1,009,563 | 427,086 | 582,477 |
| Trademarks and trade names | 119,951 | — | 119,951 | 119,510 | — | 119,510 |
| Total permits and other intangible assets | $1,135,586 | $482,559 | $653,027 | $1,129,073 | $427,086 | $701,987 |
During the periods presented, there were no events or changes in circumstances which would indicate that the carrying values of the Company's asset groups would not be recoverable and thus no impairment charges were recorded.
Amortization expense of permits, customer and supplier relationships and other intangible assets for the years ended December 31, 2025, 2024 and 2023 were $53.9 million, $54.4 million and $50.3 million, respectively.
The expected amortization of the net carrying amount of finite-lived intangible assets at December 31, 2025 was as follows (in thousands):
| Years ending December 31, | ExpectedAmortization |
|---|---|
| 2026 | $52,443 |
| 2027 | 50,364 |
| 2028 | 48,998 |
| 2029 | 47,920 |
| 2030 | 37,426 |
| Thereafter | 295,925 |
| $533,076 |
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