What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2026-02-18 compared with 2025-02-19 · 24 added, 33 removed, 32 unchanged (64% of the section changed)

1 unchanged sentence

We own our primary executive office building in Massachusetts, which occupies 104,000 square feet.

We also currently lease 59,300 square feet of additional office space in Norwell, Massachusetts under arrangements which do not expire until 2042.

We have regional administrative offices in Texas, Canada and India.

We also currently lease 59,300 square feet of additional office space in Norwell, Massachusetts, under arrangements that do not expire until 2042.

We have regional administrative offices in Canada and India.

Our properties are sufficient and suitable for our current needs.

We have over 870 operating locations housed at approximately 630 properties covering all 50 states, nine Canadian provinces, Puerto Rico and Mexico.

We have approximately 860 operating locations sited across at approximately 620 properties or parcels covering all 50 U.S.

states, eight Canadian provinces, Puerto Rico and Mexico.

These operating locations include service centers, branches, satellite locations, active hazardous waste management properties and oil processing, blending and packaging facilities.

2 unchanged sentences

Service Centers, Branches and Satellite Locations

We have more than 580 service centers, branches and satellite locations, across approximately 462 locations throughout the United States and Canada.

These serve as principal sales and service centers from which we provide our environmental, industrial and Safety-Kleen branch core services for our Environmental Services business as well as oil collection and product sales locations for our Safety-Kleen Sustainability Solutions (“SKSS”) business.

We have approximately 580 service centers, branches and satellite locations, across approximately 450 properties or parcels throughout the United States and Canada.

These serve as principal sales and service centers from which we provide our environmental, industrial and Safety-Kleen branch core services for our Environmental Services business, as well as oil collection and product sales locations for our Safety-Kleen Sustainability Solutions business.

Active Hazardous Waste Management Properties

Incinerator Facilities.

We own and operate five incinerator facility locations that have a total of ten incinerators, including our new incinerator at Kimball, Nebraska which opened in late 2024.

The nine incinerators that were operational during the full year had an overall average utilization of 87.6% on an annual practical capacity of 561,721 tons.

Our practical capacity is not based on a theoretical 24-hour, seven-day operation, but rather is determined as the production level at which our incinerators can operate with an acceptable degree of efficiency, taking into consideration factors such as longer term customer demand, permanent staffing levels, operating shifts, holidays, scheduled maintenance and mix of the waste processed.

Capacity utilization is calculated by dividing actual production tons by practical capacity at each incinerator.

The following table summarizes the practical capacity and utilization for each incinerator for the year ended December 31, 2024:

# of Incinerators Practical Capacity (Tons) Utilization Rate

December 31, 2024

3 160,072 95.9%

2 58,808 86.2%

Utah 1 66,815 97.3%

Texas 3 165,500 77.6%

Ontario, Canada (1)

1 110,526 85.6%

10 561,721 87.6%

_____________________

(1) In 2024, following a review of the waste streams processed at our Arkansas and Ontario facilities, we have increased the capacity in Arkansas by 15,000 tons and reduced the capacity in Ontario by the same amount.

These updated amounts are reflected in the table above.

(2) Excludes any tonnage disposed of at our second incinerator which opened in late 2024.

For 2025, this incinerator’s practical capacity will increase by 70,000 tons.

We own and operate an integrated network of ten incinerators located at five incinerator facility locations.

The complementary capabilities of these facilities allow us to manage waste across our network with a focus on waste-handling compliance, transportation efficiency and overall incinerator utilization.

The network’s annual practical capacity is 631,721 tons.

Practical capacity reflects the production level at which our incinerators can operate efficiently and sustainably.

It is not based on continuous 24-hour, seven-day operations but instead takes into account factors such as long-term customer demand, staffing levels, shift structures, holidays, scheduled maintenance and mix of the waste processed.

Utilization is calculated by dividing actual production tons by practical capacity at each incinerator.

For the year ended December 31, 2025, total utilization was 85.0%.

Excluding the new incinerator at Kimball, Nebraska, which is still ramping up, utilization across the remaining incinerators was 89% for the full year.

The Kimball incinerator, which commenced operations in late 2024, is not expected to reach full utilization until the end of 2026.

Our incinerators offer a wide range of technological capabilities to customers through this network.

In the United States, we provide incineration through one fluidized bed thermal oxidation unit and four solids and liquids-capable incinerator facilities, including the new incinerator in Kimball, Nebraska and we operate one active hazardous waste liquid injection incinerator in Canada.

In the United States, we provide incineration through one fluidized bed thermal oxidation unit and four solids and liquids-capable incinerator facilities, and we operate one active hazardous waste liquid injection incinerator in Canada.

Commercial and Non-Commercial Landfills.

1 unchanged sentence

Six of our commercial landfills are designed and permitted for the disposal of hazardous waste and one landfill is operated for non-hazardous industrial waste disposal and, to a lesser extent, municipal solid waste.

In addition to our commercial landfills, we also own and operate one non-commercial landfill that only accepts waste from our on-site incinerator.

See “Landfill Accounting” within Note 2, “Significant Accounting Policies,” to our consolidated financial statements included in Item 8 of this report for additional information on our commercial and non-commercial landfills.

In addition to our commercial landfills, we also own and operate one

non-commercial landfill that only accepts waste from our on-site incinerator.

See “Landfill Accounting” within Note 2, “Significant Accounting Policies,” to our consolidated financial statements included in Item 8 of this Annual Report on Form 10-K for additional information on our commercial and non-commercial landfills.

Wastewater Treatment Facilities.

We operate a total of eleven facilities, of which nine are owned and two are leased, that offer a range of wastewater treatment technologies and services.

We operate a total of 12 facilities, of which 10 are owned and two are leased, that offer a range of wastewater treatment technologies and services.

Wastewater treatment consists primarily of three types of services:

6 unchanged sentences

Other Hazardous Waste Management Properties.

We also operate eight facilities specializing in solvent recovery, seven owned and one leased, and we own and operate two autoclave facilities specifically designed to treat medical waste.

We also operate nine facilities specializing in solvent recovery, of which seven are owned and two are leased, and we own and operate two autoclave facilities specifically designed to treat medical waste.

Oil Processing, Blending and Packaging Facilities

2 unchanged sentences

Oil Recycling and Re-refining Facilities.

We own nine oil re-refineries, eight in the United States and one in Canada.

Currently our re-refinery in Newark, California is idled;

however the location continues to operate as a co-located wastewater treatment, TSDF and oil terminal.

We own eight oil re-refineries, seven in the United States and one in Canada.

Currently our re-refineries in Newark, California and Rollinsford, New Hampshire are idled.

The remaining re-refineries have sufficient capacity to continue processing our used oil collections into new re-refined oil, lubricants and byproducts.

2 unchanged sentences

LEGAL PROCEEDINGS

See Note 18, “Commitments and Contingencies,” to our consolidated financial statements included in Item 8 of this report for a description of legal proceedings.

See Note 17, “Commitments and Contingencies,” to our consolidated financial statements included in Item 8 of this Annual Report on Form 10-K for a description of legal proceedings.

MINE SAFETY DISCLOSURES

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties