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BUSINESS COMBINATIONS | 6 Months Ended
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Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS 2021 Acquisition On March 27, 2021, the Company acquired a privately-owned business for $22.9 million cash consideration. The acquired company increases the Safety-Kleen Sustainability Solutions segment's network within the south central United States. In connection with this acquisition, a preliminary goodwill amount of $16.0 million was recognized. 2021 Proposed Acquisitions On June 29, 2021, the Company signed a definitive agreement with Vertex Energy, Inc. to acquire certain assets related to Vertex's used motor oil collection and re-refinery business in an all-cash transaction for $140.0 million, subject to working capital and other adjustments. The Company intends to fund the acquisition with available cash. The acquisition will include re-refineries in Marrero, Louisiana and Columbus, Ohio and service locations throughout the Midwest and Gulf Coast, as well as certain associated equipment and an assembled workforce. The acquisition is subject to approval by U.S. regulators and Vertex shareholders, and other customary closing conditions and is currently anticipated to close later in 2021. The acquisition will expand the Safety-Kleen Sustainability Solutions segment's oil re-refining capacity and collection and distribution network. On August 3, 2021, the Company signed a definitive agreement to acquire HydroChemPSC ("HPC"), a privately-owned company. With more than 5,000 employees, over 240 service locations and a fleet of specialized vehicles and equipment, HPC is a leading U.S. provider of industrial cleaning, specialty maintenance and utility services. The acquisition will enhance the Company's Environmental Services segment. Under the terms of the agreement, at the closing of the transaction, the Company will pay cash consideration in an amount equal to $1.25 billion, subject to customary purchase price adjustments. The Company plans to finance the acquisition of HPC with a combination of cash on hand and long-term debt. The Company has obtained a financing commitment from Goldman Sachs Bank USA, for term loan debt financing. The acquisition is subject to approval by regulators, as well as other customary closing conditions, and is anticipated to close later in 2021. 2020 Acquisition On April 17, 2020, the Company acquired a privately-owned business for $8.8 million cash consideration. The acquired company expands the Safety-Kleen Sustainability Solutions segment's oil re-refining operations to the northeast United States. In connection with this acquisition, a goodwill amount of $1.4 million was recognized.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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