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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, 2022
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-20220930_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 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☐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 issuer's classes of common stock, as of the latest practicable date.
Class 
Outstanding at October 31, 2022
Common stock, par value $1.25 per share 79,474,631

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)
CERCLAComprehensive Environmental Response, Compensation, and Liability Act of 1980
Consolidated Adjusted EBITDAEBITDA as calculated in accordance with the Company's Credit Agreement
COVID-19The COVID-19 coronavirus pandemic
Credit AgreementCredit Agreement governing the Senior Secured Credit Facilities
DEAUnited States Drug Enforcement Agency
Deutsche BahnNational railway company in Germany
DTSCCalifornia Department of Toxic Substances Control
EBITDAEarnings before interest, tax, depreciation and amortization
ESOLStericycle Environmental Solutions business
FASBFinancial Accounting Standards Board
ICMSType of value-added tax in Brazil
IKGThe former Harsco Industrial IKG business
ISDAInternational Swaps and Derivatives Association
LIBORLondon Interbank Offered Rates
Network RailInfrastructure manager for most of the railway in the U.K.
New Term Loan$500 million term loan raised in March 2021 under the Senior Secured Credit Facilities, maturing on March 10, 2028
OCIOther Comprehensive Income (Loss)
PA DEPPennsylvania Department of Environmental Protection
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 Notes5.75% Notes due July 31, 2027
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
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
2022		December 31
2021
ASSETS  
Current assets:  
Cash and cash equivalents$81,740 $82,908 
Restricted cash3,297 4,220 
Trade accounts receivable, net269,890 377,881 
Other receivables26,307 33,059 
Inventories80,714 70,493 
Prepaid expenses33,592 31,065 
Current portion of assets held-for-sale261,888 265,413 
Other current assets39,617 9,934 
Total current assets797,045 874,973 
Property, plant and equipment, net629,895 653,913 
Right-of-use assets, net104,227 101,576 
Goodwill744,780 883,109 
Intangible assets, net372,002 402,801 
Deferred income tax assets16,681 17,883 
Assets held-for-sale63,864 71,234 
Other assets42,901 48,419 
Total assets$2,771,395 $3,053,908 
LIABILITIES  
Current liabilities:  
Short-term borrowings$9,463 $7,748 
Current maturities of long-term debt16,784 10,226 
Accounts payable203,900 186,126 
Accrued compensation38,041 48,165 
Income taxes payable4,271 6,378 
Current portion of operating lease liabilities25,989 25,590 
Current portion of liabilities of assets held-for-sale157,231 161,999 
Other current liabilities136,019 155,159 
Total current liabilities591,698 601,391 
Long-term debt1,314,918 1,359,446 
Retirement plan liabilities49,286 93,693 
Operating lease liabilities77,304 74,571 
Liabilities of assets held-for-sale7,437 8,492 
Environmental liabilities26,678 28,435 
Deferred tax liabilities32,497 33,826 
Other liabilities45,442 48,284 
Total liabilities2,145,260 2,248,138 
COMMITMENTS AND CONTINGENCIES
HARSCO CORPORATION STOCKHOLDERS’ EQUITY  
Common stock145,390 144,883 
Additional paid-in capital223,172 215,528 
Accumulated other comprehensive loss(596,764)(560,139)
Retained earnings1,651,159 1,794,510 
Treasury stock(848,439)(846,622)
Total Harsco Corporation stockholders’ equity574,518 748,160 
Noncontrolling interests51,617 57,610 
Total equity626,135 805,770 
Total liabilities and equity$2,771,395 $3,053,908 
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)2022202120222021
Revenues from continuing operations:  
Service revenues$442,775 $430,824 $1,300,828 $1,274,814 
Product revenues44,139 39,561 119,935 111,510 
Total revenues486,914 470,385 1,420,763 1,386,324 
Costs and expenses from continuing operations:  
Cost of services sold357,194 344,050 1,072,545 1,018,885 
Cost of products sold35,609 31,289 100,476 89,269 
Selling, general and administrative expenses64,146 70,629 201,234 213,048 
Research and development expenses193 331 545 811 
Goodwill impairment charge— — 104,580 — 
Other (income) expenses, net(351)(2,835)515 (7,993)
Total costs and expenses456,791 443,464 1,479,895 1,314,020 
Operating income (loss) from continuing operations30,123 26,921 (59,132)72,304 
Interest income952 544 2,289 1,668 
Interest expense(19,751)(15,741)(51,535)(47,640)
Facility fees and debt-related income (expense)(2,511)(198)(894)(5,506)
Defined benefit pension income2,118 3,887 6,775 11,777 
Income (loss) from continuing operations before income taxes and equity income10,931 15,413 (102,497)32,603 
Income tax benefit (expense) from continuing operations(9,376)(7,816)(7,482)(14,714)
Equity income (loss) of unconsolidated entities, net(128)(293)(373)(488)
Income (loss) from continuing operations1,427 7,304 (110,352)17,401 
Discontinued operations:  
Income (loss) from discontinued businesses1,993 1,301 (35,225)12,904 
Income tax benefit (expense) from discontinued businesses(539)1,223 5,282 (3,832)
Income (loss) from discontinued operations, net of tax1,454 2,524 (29,943)9,072 
Net income (loss)2,881 9,828 (140,295)26,473 
Less: Net (income) loss attributable to noncontrolling interests(802)(2,264)(3,056)(5,386)
Net income (loss) attributable to Harsco Corporation$2,079 $7,564 $(143,351)$21,087 
Amounts attributable to Harsco Corporation common stockholders:
Income (loss) from continuing operations, net of tax$625 $5,040 $(113,408)$12,015 
Income (loss) from discontinued operations, net of tax1,454 2,524 (29,943)9,072 
Net income (loss) attributable to Harsco Corporation common stockholders$2,079 $7,564 $(143,351)$21,087 
Weighted-average shares of common stock outstanding79,531 79,287 79,469 79,214 
Basic earnings (loss) per common share attributable to Harsco Corporation common stockholders:
Continuing operations$0.01 $0.06 $(1.43)$0.15 
Discontinued operations0.02 0.03 (0.38)0.11 
Basic earnings (loss) per share attributable to Harsco Corporation common stockholders$0.03 $0.10 (a)$(1.80)(a)$0.27 (a)
Diluted weighted-average shares of common stock outstanding79,567 80,275 79,469 80,356 
Diluted earnings (loss) per common share attributable to Harsco Corporation common stockholders:
Continuing operations$0.01 $0.06 $(1.43)$0.15 
Discontinued operations0.02 0.03 (0.38)0.11 
Diluted earnings (loss) per share attributable to Harsco Corporation common stockholders$0.03 $0.09 $(1.80)(a)$0.26 
(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)20222021
Net income (loss)$2,881 $9,828 
Other comprehensive income (loss):  
Foreign currency translation adjustments, net of deferred income taxes of $(4,641) and $(1,850) in 2022 and 2021, respectively
(54,914)(27,587)
Net gain (loss) on cash flow hedging instruments, net of deferred income taxes of $(346) and $(217)in 2022 and 2021, respectively
1,143 822 
Pension liability adjustments, net of deferred income taxes of $(313) and $(358)in 2022 and 2021, respectively
28,163 17,768 
Unrealized gain on marketable securities, net of deferred income taxes of $3 and $— in 2022 and 2021, respectively
(7)— 
Total other comprehensive income (loss)(25,615)(8,997)
Total comprehensive income (loss)(22,734)831 
Comprehensive (income) loss attributable to noncontrolling interests1,921 (1,820)
Comprehensive income (loss) attributable to Harsco Corporation$(20,813)$(989)
Nine Months Ended
 September 30
(In thousands)20222021
Net income (loss)$(140,295)$26,473 
Other comprehensive income (loss):  
Foreign currency translation adjustments, net of deferred income taxes of $(11,095) and $(675)in 2022 and 2021, respectively
(116,407)(15,437)
Net gain (loss) on cash flow hedging instruments, net of deferred income taxes of $(977) and $(519)in 2022 and 2021, respectively
3,003 1,745 
Pension liability adjustments, net of deferred income taxes of $(977) and $(1,054)in 2022 and 2021, respectively
70,691 23,812 
Unrealized gain (loss) on marketable securities, net of deferred income taxes of $7 and $(9)in 2022 and 2021, respectively
(20)25 
Total other comprehensive income (loss)(42,733)10,145 
Total comprehensive income (loss)(183,028)36,618 
Less: Comprehensive (income) loss attributable to noncontrolling interests3,052 (4,549)
Comprehensive income (loss) attributable to Harsco Corporation$(179,976)$32,069 

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)20222021
Cash flows from operating activities:  
Net income (loss)$(140,295)$26,473 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:  
Depreciation97,959 98,383 
Amortization25,605 26,554 
Deferred income tax (benefit) expense(12,056)(8,911)
Equity (income) loss of unconsolidated entities, net373 488 
Dividends from unconsolidated entities526 — 
(Gain) loss on early extinguishment of debt(2,254)2,668 
Goodwill impairment charge104,580 — 
Other, net381 (1,147)
Changes in assets and liabilities, net of acquisitions and dispositions of businesses:  
Accounts receivable74,994 (32,563)
Income tax refunds receivable, reimbursable to seller7,687 735 
Inventories(11,339)3,557 
Contract assets9,589 (52,205)
Right-of-use assets21,829 21,050 
Accounts payable13,030 12,111 
Accrued interest payable(7,559)(7,840)
Accrued compensation(5,559)12,098 
Advances on contracts(5,987)(13,997)
Operating lease liabilities(21,498)(20,554)
Retirement plan liabilities, net(27,829)(36,700)
Other assets and liabilities8,984 16,550 
Net cash provided by operating activities131,161 46,750 
Cash flows from investing activities:  
Purchases of property, plant and equipment(101,645)(109,507)
Proceeds from sales of assets8,289 15,512 
Expenditures for intangible assets(147)(287)
Proceeds from notes receivable8,605 6,400 
Net proceeds (payments) from settlement of foreign currency forward exchange contracts13,571 (1,064)
Payments for settlements of interest rate swaps(2,586)— 
Other investing activities, net220 181 
Net cash used by investing activities(73,693)(88,765)
Cash flows from financing activities:  
Short-term borrowings, net277 4,650 
Current maturities and long-term debt:  
Additions159,429 507,468 
Reductions(198,831)(452,351)
Dividends paid to noncontrolling interests(4,841)(3,103)
Sale of noncontrolling interests1,901 — 
Stock-based compensation - Employee taxes paid(1,817)(3,273)
Payment of contingent consideration (6,915)(734)
Deferred financing costs— (7,828)
Other financing activities, net— (601)
Net cash (used) provided by financing activities(50,797)44,228 
Effect of exchange rate changes on cash and cash equivalents, including restricted cash(8,762)(1,779)
Net increase in cash and cash equivalents, including restricted cash(2,091)434 
Cash and cash equivalents, including restricted cash, at beginning of period87,128 79,669 
Cash and cash equivalents, including restricted cash, at end of period$85,037 $80,103 
Supplementary cash flow information:
Change in accrual for purchases of property, plant and equipment included in accounts payable$7,419 $2,357 
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, 2020
$144,288 $(843,230)$204,078 $1,797,759 $(645,741)$56,245 $713,399 
Net income   135  1,430 1,565 
Total other comprehensive income (loss), net of deferred income taxes of $134
2,295 (1,066)1,229 
Stock appreciation rights exercised, net 3,842 shares
9 (70)(9)(70)
Vesting of restricted stock units and other stock grants, net 144,967 shares
312 (1,850)(312)   (1,850)
Vesting of performance share units, net 69,127 shares
155 (1,032)(155)(1,032)
Amortization of unearned portion of stock-based compensation, net of forfeitures  3,342    3,342 
Balances, March 31, 2021
144,764 (846,182)206,944 1,797,894 (643,446)56,609 716,583 
Net income13,388 1,692 15,080 
Cash dividends declared:
   Noncontrolling interests(3,094)(3,094)
Total other comprehensive income, net of deferred income taxes of $34
17,240 673 17,913 
Stock appreciation rights exercised, net 13,061 shares
28 (219)(28)(219)
Vesting of restricted stock units and other stock grants, net 34,986 shares
44 (44)— 
Amortization of unearned portion of stock-based compensation, net of forfeitures  3,120    3,120 
Balances, June 30, 2021
$144,836 $(846,401)$209,992 $1,811,282 $(626,206)$55,880 $749,383 
Net income (loss)7,564 2,264 9,828 
Cash dividends declared:
   Noncontrolling interests(9)(9)
Total other comprehensive income (loss), net of deferred income taxes of $(2,425)
(8,553)(444)(8,997)
Vesting of restricted stock units and other stock grants, net 10,824 shares
20 (101)(20)(101)
Amortization of unearned portion of stock-based compensation, net of forfeitures  3,123    3,123 
Balances, September 30, 2021
$144,856 $(846,502)$213,095 $1,818,846 $(634,759)$57,691 $753,227 



8
 Harsco Corporation Stockholders’ Equity  
(In thousands, except share amounts)Common StockAdditional Paid-in CapitalRetained
Earnings		Accumulated Other
Comprehensive
Loss		Noncontrolling
Interests		 
IssuedTreasuryTotal
Balances, December 31, 2021
$144,883 $(846,622)$215,528 $1,794,510 $(560,139)$57,610 $805,770 
Net income (loss)   (39,839) 1,159 (38,680)
Total other comprehensive income (loss), net of deferred income taxes of $(2,520)
12,490 (482)12,008 
Vesting of restricted stock units and other stock grants, net 176,253 shares
378