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BUSINESS COMBINATIONS | 3 Months Ended
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Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS 2021 Acquisitions On October 8, 2021, the Company completed the acquisition of LJ Energy Services Intermediate Holding Corp. and its subsidiaries (collectively, “HydroChemPSC”), a privately-owned company, for an all-cash purchase price of approximately $1.23 billion. HydroChemPSC is a leading U.S. provider of industrial cleaning, specialty maintenance and utilities services. These operations enhance and have been integrated into the Company's Environmental Services segment. During the three months ended March 31, 2022, the Company received $5.0 million after finalizing the acquisition date working capital balances, which decreased the overall purchase price. The allocation of the purchase price was based on estimates of the fair value of assets acquired and liabilities assumed as of October 8, 2021. The Company continues to obtain information to complete the valuation of these balances and the associated income tax accounting. Measurement period adjustments reflect new information obtained about facts and circumstances that existed as of the acquisition date, including the adjustment for the monies received for the working capital finalization noted above. The components and allocation of the purchase price consist of the following amounts (in thousands):
| At Acquisition Date As Reported December 31, 2021 |  | Measurement Period Adjustments |  | At Acquisition Date As Reported March 31, 2022
Accounts receivable, including unbilled receivables | $ | 131,924 |  |  | $ | (319) |  |  | $ | 131,605 |
Inventories and supplies | 3,162 |  |  | — |  |  | 3,162 |
Prepaid expenses and other current assets | 16,016 |  |  | 268 |  |  | 16,284 |
Property, plant and equipment | 313,540 |  |  | — |  |  | 313,540 |
Other intangibles | 289,000 |  |  | — |  |  | 289,000 |
Operating lease right-of-use assets | 34,347 |  |  | 68 |  |  | 34,415 |
Other non-current assets | 1,045 |  |  | (2) |  |  | 1,043 |
Current liabilities | (115,704) |  |  | (818) |  |  | (116,522) |
Current portion of operating lease liabilities | (11,659) |  |  | 382 |  |  | (11,277) |
Operating lease liabilities, less current portion | (26,128) |  |  | (216) |  |  | (26,344) |
Deferred tax liabilities | (85,908) |  |  | 2,436 |  |  | (83,472) |
Other long-term liabilities | (2,685) |  |  | (242) |  |  | (2,927) |
Total identifiable net assets | 546,950 |  |  | 1,557 |  |  | 548,507 |
Goodwill (i) | 683,463 |  |  | (6,557) |  |  | 676,906 |
Total purchase price | $ | 1,230,413 |  |  | $ | (5,000) |  |  | $ | 1,225,413 |
_____________ (i) Goodwill represents the excess of the fair value of the net assets acquired over the purchase price. Goodwill of $676.9 million was assigned to the Environmental Sales & Service reporting unit and is attributable to the future economic benefits arising from the acquired operations, synergies and the acquired workforce of HydroChemPSC. None of the goodwill related to this acquisition will be deductible for tax purposes. HydroChemPSC's results of operations have been included in the Company's financial statements for the period subsequent to the completion of the acquisition on October 8, 2021. The following unaudited supplemental pro-forma data presents consolidated information as if the acquisition had occurred on January 1, 2021 (in thousands):
| Three months ended March 31, 2021
Pro forma combined revenues | $ | 986,188 |
Pro forma combined net income | 27,552 |
The pro forma results do not include any costs incurred directly attributable to the acquisition of HydroChemPSC. The pro forma results do reflect impacts resulting from the issuance of $1.0 billion senior secured term loans issued in connection with the acquisition assuming interest rates in effect at the time of the acquisition. This pro forma financial information is not necessarily indicative of the Company's consolidated operating results that would have been reported had the transactions been completed as described herein, nor is such information necessarily indicative of the Company's consolidated results for any future period. Interest expense used in calculating the pro forma net income did not contemplate the interest rate swap that the Company put in place in early 2022. In addition to the HydroChemPSC acquisition, on March 27, 2021, the Company acquired a privately-owned business for $22.8 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 final goodwill amount of $16.3 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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