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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the Quarterly Period Ended September 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to          
Commission File Number 001-03970
hsc-20210930_g1.jpg
HARSCO CORPORATION
(Exact name of registrant as specified in its charter) 
Delaware23-1483991
(State or other jurisdiction of incorporation or organization)(I.R.S. employer identification number)
350 Poplar Church Road, Camp Hill,Pennsylvania17011
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code  717-763-7064 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $1.25 per shareHSCNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  NO
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes   NO
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
(Do not check if a smaller reporting company) Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  YES  NO 
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
Class 
Outstanding at October 29, 2021
Common stock, par value $1.25 per share 79,203,660


HARSCO CORPORATION
FORM 10-Q
INDEX
 
  Page
 
   
4 
 
 
 
 
 
 
   
   
   
   
   
 
   
   
   
   
   


2

Glossary of Defined Terms

Unless the context requires otherwise, "Harsco," the "Company," "we," "our," or "us" refers to Harsco Corporation on a consolidated basis. The Company also uses several other terms in this Quarterly Report on Form 10-Q, which are further defined below:

TermDescription
AOCIAccumulated Other Comprehensive Income (Loss)
AXCThe former Harsco Industrial Air-X-Changers business
CARES ActCoronavirus Aid, Relief, and Economic Security Act
CCIRsCross-currency interest rate swaps
Clean EarthCEHI Acquisition Corporation and Subsidiaries
COVID-19The COVID-19 coronavirus pandemic
Credit AgreementCredit Agreement governing the Senior Secured Credit Facilities
DEAUnited States Drug Enforcement Agency
DTSCCalifornia Department of Toxic Substances Control
EBITDAEarnings before interest, tax, depreciation and amortization
ESOLStericycle Environmental Solutions business
FASBFinancial Accounting Standards Board
IBORsInterbank offered rates
ICMSType of value-added tax in Brazil
IKGThe former Harsco Industrial IKG business
ISDAInternational Swaps and Derivatives Association
LIBORLondon Interbank Offered Rates
New Term Loans$500 million term loan raised in March 2021 under the Senior Secured Credit Facilities, maturing on March 10, 2028
Notes5.75% Notes due July 31, 2027
OCIOther Comprehensive Income (Loss)
PA DEPPennsylvania Department of Environmental Protection
PKThe former Harsco Industrial Patterson-Kelley business
Revolving Credit FacilityMulti-year revolving credit facility under the Senior Secured Credit Facility, with a facility limit of $700 million
ROURight of use
SBBFederal railway system of Switzerland
SCESupreme Council for Environment in Bahrain
SECSecurities and Exchange Commission
Senior Secured Credit FacilitiesPrimary source of borrowings comprised of the Revolving Credit Facility and the New Term Loan
SPRAState Revenue Authorities from the State of São Paulo, Brazil
Term Loan A$280 million term loan raised in March 2020 under the Senior Secured Credit Facilities, maturing on June 28, 2024, repaid on March 10, 2021
Term Loan BTerm loan issued under the Senior Secured Credit Facilities, maturing on December 8, 2024, repaid on March 10, 2021
TSDFTreatment, storage, and disposal facility permits issued under the Resource Conservation and Recovery Act
U.S. GAAPAccounting principles generally accepted in the U.S.
3

PART I — FINANCIAL INFORMATION
ITEM 1.      FINANCIAL STATEMENTS

HARSCO CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands)September 30
2021
December 31
2020
ASSETS  
Current assets:  
Cash and cash equivalents$75,578 $76,454 
Restricted cash4,525 3,215 
Trade accounts receivable, net425,897 407,390 
Other receivables39,454 34,253 
Inventories163,072 173,013 
Current portion of contract assets100,731 54,754 
Prepaid expenses62,022 56,099 
Other current assets16,303 10,645 
Total current assets887,582 815,823 
Property, plant and equipment, net678,325 668,209 
Right-of-use assets, net98,841 96,849 
Goodwill896,728 902,074 
Intangible assets, net413,538 438,565 
Deferred income tax assets10,689 15,274 
Other assets52,470 56,493 
Total assets$3,038,173 $2,993,287 
LIABILITIES  
Current liabilities:  
Short-term borrowings$13,892 $7,450 
Current maturities of long-term debt9,181 13,576 
Accounts payable229,244 218,039 
Accrued compensation56,364 45,885 
Income taxes payable11,994 3,499 
Current portion of advances on contracts58,034 39,917 
Current portion of operating lease liabilities25,112 24,862 
Other current liabilities174,461 184,727 
Total current liabilities578,282 537,955 
Long-term debt1,333,574 1,271,189 
Retirement plan liabilities175,362 231,335 
Advances on contracts9,732 45,017 
Operating lease liabilities72,090 69,860 
Environmental liabilities28,589 29,424 
Deferred tax liabilities31,669 40,653 
Other liabilities55,648 54,455 
Total liabilities2,284,946 2,279,888 
COMMITMENTS AND CONTINGENCIES
HARSCO CORPORATION STOCKHOLDERS’ EQUITY  
Common stock144,856 144,288 
Additional paid-in capital213,095 204,078 
Accumulated other comprehensive loss(634,759)(645,741)
Retained earnings1,818,846 1,797,759 
Treasury stock(846,502)(843,230)
Total Harsco Corporation stockholders’ equity695,536 657,154 
Noncontrolling interests57,691 56,245 
Total equity753,227 713,399 
Total liabilities and equity$3,038,173 $2,993,287 
See accompanying notes to unaudited condensed consolidated financial statements.
4

HARSCO CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months EndedNine Months Ended
 September 30September 30
(In thousands, except per share amounts)2021202020212020
Revenues from continuing operations:  
Service revenues$438,624 $384,506 $1,299,805 $1,021,738 
Product revenues105,677 124,892 343,171 333,782 
Total revenues544,301 509,398 1,642,976 1,355,520 
Costs and expenses from continuing operations:  
Cost of services sold348,243 313,330 1,031,258 835,879 
Cost of products sold86,119 98,849 278,557 256,910 
Selling, general and administrative expenses82,090 87,954 247,798 241,224 
Research and development expenses764 568 2,210 2,620 
Other (income) expenses, net(2,835)3,633 (7,810)9,074 
Total costs and expenses514,381 504,334 1,552,013 1,345,707 
Operating income from continuing operations29,920 5,064 90,963 9,813 
Interest income618 604 1,841 1,613 
Interest expense(16,004)(15,794)(48,854)(43,396)
Unused debt commitment fees, amendment fees and loss on extinguishment of debt(198) (5,506)(1,920)
Defined benefit pension income3,906 1,859 11,833 5,171 
Income (loss) from continuing operations before income taxes and equity income18,242 (8,267)50,277 (28,719)
Income tax benefit (expense) from continuing operations(6,989)1,654 (19,782)4,640 
Equity income (loss) of unconsolidated entities, net(293)9 (488)176 
Income (loss) from continuing operations10,960 (6,604)30,007 (23,903)
Discontinued operations:  
Gain (loss) on sale of discontinued business   18,371 
Loss from discontinued businesses(1,528)(1,531)(4,770)(1,232)
Income tax benefit (expense) from discontinued businesses396 (204)1,236 (9,803)
Income (loss) from discontinued operations, net of tax(1,132)(1,735)(3,534)7,336 
Net income (loss)9,828 (8,339)26,473 (16,567)
Less: Net income attributable to noncontrolling interests(2,264)(1,239)(5,386)(3,472)
Net income (loss) attributable to Harsco Corporation$7,564 $(9,578)$21,087 $(20,039)
Amounts attributable to Harsco Corporation common stockholders:
Income (loss) from continuing operations, net of tax$8,696 $(7,843)$24,621 $(27,375)
Income (loss) from discontinued operations, net of tax(1,132)(1,735)(3,534)7,336 
Net income (loss) attributable to Harsco Corporation common stockholders$7,564 $(9,578)$21,087 $(20,039)
Weighted-average shares of common stock outstanding79,287 79,000 79,214 78,916 
Basic earnings (loss) per common share attributable to Harsco Corporation common stockholders:
Continuing operations$0.11 $(0.10)$0.31 $(0.35)
Discontinued operations(0.01)(0.02)(0.04)0.09 
Basic earnings (loss) per share attributable to Harsco Corporation common stockholders$0.10 $(0.12)$0.27 $(0.25)(a)
Diluted weighted-average shares of common stock outstanding80,275 79,000 80,356 78,916 
Diluted earnings (loss) per common share attributable to Harsco Corporation common stockholders:
Continuing operations$0.11 $(0.10)$0.31 $(0.35)
Discontinued operations(0.01)(0.02)(0.04)0.09 
Diluted earnings (loss) per share attributable to Harsco Corporation common stockholders$0.09 (a)$(0.12)$0.26 (a)$(0.25)(a)
(a) Does not total due to rounding.
See accompanying notes to unaudited condensed consolidated financial statements.
5

HARSCO CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
Three Months Ended
 September 30
(In thousands)20212020
Net income (loss)$9,828 $(8,339)
Other comprehensive income (loss):  
Foreign currency translation adjustments, net of deferred income taxes of $(1,850) and $2,418 in 2021 and 2020, respectively
(27,587)17,527 
Net income (loss) on cash flow hedging instruments, net of deferred income taxes of $(217) and $(125) in 2021 and 2020, respectively
822 (263)
Pension liability adjustments, net of deferred income taxes of $(358) and $(323) in 2021 and 2020, respectively
17,768 (9,153)
Unrealized gain on marketable securities, net of deferred income taxes of $ and $(4) in 2021 and 2020, respectively
 9 
Total other comprehensive income (loss)(8,997)8,120 
Total comprehensive income (loss)831 (219)
Less: Comprehensive income attributable to noncontrolling interests(1,820)(2,795)
Comprehensive loss attributable to Harsco Corporation$(989)$(3,014)
Nine Months Ended
 September 30
(In thousands)20212020
Net income (loss)$26,473 $(16,567)
Other comprehensive income (loss):  
Foreign currency translation adjustments, net of deferred income taxes of $(675) and $(2,323) in 2021 and 2020, respectively
(15,437)(35,244)
Net income (loss) on cash flow hedging instruments, net of deferred income taxes of $(519) and $141 in 2021 and 2020, respectively
1,745 (1,622)
Pension liability adjustments, net of deferred income taxes of $(1,054) and $(2,356) in 2021 and 2020, respectively
23,812 28,037 
Unrealized gain (loss) on marketable securities, net of deferred income taxes of $(9) and $8 in 2021 and 2020, respectively
25 (22)
Total other comprehensive income (loss)10,145 (8,851)
Total comprehensive income (loss)36,618 (25,418)
Less: Comprehensive income attributable to noncontrolling interests(4,549)(4,053)
Comprehensive income (loss) attributable to Harsco Corporation$32,069 $(29,471)

See accompanying notes to unaudited condensed consolidated financial statements.
6

HARSCO CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
 Nine Months Ended September 30
(In thousands)20212020
Cash flows from operating activities:  
Net income (loss)$26,473 $(16,567)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:  
Depreciation98,383 93,864 
Amortization26,554 24,721 
Deferred income tax (benefit) expense(8,911)2,346 
Equity (income) loss of unconsolidated entities, net488 (176)
Gain on sale from discontinued business (18,371)
Loss on early extinguishment of debt2,668  
Other, net(1,147)(336)
Changes in assets and liabilities, net of acquisitions and dispositions of businesses:  
Accounts receivable(32,563)26,308 
Income tax refunds receivable735 (11,168)
Inventories3,557 (11,801)
Contract assets(52,205)(26,775)
Right-of-use assets21,050 18,195 
Accounts payable12,111 (1,488)
Accrued interest payable(7,840)(9,984)
Accrued compensation12,098 1,795 
Advances on contracts(13,997)19,145 
Operating lease liabilities(20,554)(17,864)
Retirement plan liabilities, net(36,700)(23,902)
Income taxes payable - Gain on sale of discontinued businesses (10,342)
Other assets and liabilities16,550 4,676 
Net cash provided by operating activities46,750 42,276 
Cash flows from investing activities:  
Purchases of property, plant and equipment(109,507)(79,096)
Purchases of businesses, net of cash acquired (432,855)
Proceeds from sale of discontinued business, net 37,219 
Proceeds from sales of assets15,512 4,473 
Expenditures for intangible assets(287)(169)
Proceeds from notes receivable6,400  
Net proceeds (payments) from settlement of foreign currency forward exchange contracts(1,064)536 
Other investing activities, net181 (197)
Net cash used by investing activities(88,765)(470,089)
Cash flows from financing activities:  
Short-term borrowings, net4,650 1,712 
Current maturities and long-term debt:  
Additions507,468 580,903 
Reductions(452,351)(111,999)
Dividends paid to noncontrolling interests(3,103) 
Stock-based compensation - Employee taxes paid(3,273)(4,188)
Payment of contingent consideration (734)(2,342)
Deferred financing costs(7,828)(1,928)
Other financing activities, net(601)(1,368)
Net cash provided by financing activities44,228 460,790 
Effect of exchange rate changes on cash and cash equivalents, including restricted cash(1,779)(6,567)
Net increase in cash and cash equivalents, including restricted cash434 26,410 
Cash and cash equivalents, including restricted cash, at beginning of period79,669 59,732 
Cash and cash equivalents, including restricted cash, at end of period$80,103 $86,142 
Supplementary cash flow information:
Change in accrual for purchases of property, plant and equipment included in accounts payable$2,357 $3,060 
See accompanying notes to unaudited condensed consolidated financial statements.
7

HARSCO CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)
 Harsco Corporation Stockholders’ Equity  
Common StockAdditional Paid-in CapitalRetained
Earnings
Accumulated Other
Comprehensive
Loss
Noncontrolling
Interests
 
(In thousands, except share 
amounts)
IssuedTreasuryTotal
Balances, December 31, 2019$143,400 $(838,893)$200,595 $1,824,100 $(587,622)$48,079 $789,659 
Net income   141  1,086 1,227 
Total other comprehensive loss, net of deferred income taxes of $(5,267)
(28,854)(1,148)(30,002)
Vesting of restricted stock units and other stock grants, net 104,840 shares
230 (889)(230)   (889)
Vesting of performance share units, net 265,151 shares
589 (3,205)(589)(3,205)
Amortization of unearned portion of stock-based compensation, net of forfeitures  2,080    2,080 
Balances, March 31, 2020144,219 (842,987)201,856 1,824,241 (616,476)48,017 758,870 
Net income (loss)(10,602)1,147 (9,455)
Total other comprehensive income, net of deferred income taxes of $(1,229)
12,858 173 13,031 
Stock appreciation rights exercised, net 6,744 shares
8 (16)(8)(16)
Vesting of restricted stock units and other stock grants, net 14,211 shares
18  (18) 
Amortization of unearned portion of stock-based compensation, net of forfeitures  2,086    2,086 
Balances, June 30, 2020144,245 (843,003)203,916 1,813,639 (603,618)49,337 764,516 
Net income (loss)(9,578)1,239 (8,339)
Cash dividends declared:
   Noncontrolling interests(8)(8)
Total other comprehensive income, net of deferred income taxes of $1,966
6,566 1,554 8,120 
Stock appreciation rights exercised, net 1,609 shares
3 (