SEC Info - Harsco Corp. - ‘10-Q’ for 9/30/20

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		Alternative Formats (Word, et al.) Condensed Consolidated Balance Sheets (Unaudited) Condensed Consolidated Statements of Cash Flows (Unaudited) Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) Condensed Consolidated Statements of Equity (Unaudited) Condensed Consolidated Statements of Operations (Unaudited) Controls and Procedures Exhibits Financial Information Financial Statements Item 1 Item 1A Item 2 Item 3 Item 4 Item 6 Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operations Notes to Condensed Consolidated Financial Statements (Unaudited) Other Information Part I -- Financial Information Part Ii -- Other Information Quantitative and Qualitative Disclosures About Market Risk Risk Factors Signatures Table of Contents Unregistered Sales of Equity Securities and Use of Proceeds
1	1st Page – Filing Submission
"	Table of Contents
"	Part I -- Financial Information
"	Item 1
"	Financial Statements
"	Condensed Consolidated Balance Sheets (Unaudited)
"	Condensed Consolidated Statements of Operations (Unaudited)
"	Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
"	Condensed Consolidated Statements of Cash Flows (Unaudited)
"	Condensed Consolidated Statements of Equity (Unaudited)
"	Notes to Condensed Consolidated Financial Statements (Unaudited)
"	Item 2
"	Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Item 3
"	Quantitative and Qualitative Disclosures About Market Risk
"	Item 4
"	Controls and Procedures
"	Part Ii -- Other Information
"	Legal Proceedings
"	Item 1A
"	Risk Factors
"	Unregistered Sales of Equity Securities and Use of Proceeds
"	Item 6
"	Exhibits
"	Signatures

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Commission File Number i 001-03970

i HARSCO CORPORATION

(Exact name of registrant as specified in its charter)

Registrant’s telephone number, including area code i 717- i 763-7064

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

i Common stock, par value $1.25 per share

i HSC

i New 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. i 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). i 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.

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 i ☐ NO ☒

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

Outstanding at October 31, 2020

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:


Term						Description
AOCI						Accumulated Other Comprehensive Income (Loss)
AXC						The former Harsco Industrial Air-X-Changers business
CARES Act						Coronavirus Aid, Relief, and Economic Security Act
CCIRs						Cross-currency interest rate swaps
Clean Earth						CEHI Acquisition Corporation and Subsidiaries
COVID-19						The COVID-19 coronavirus pandemic
Credit Agreement						Credit Agreement governing the Senior Secured Credit Facilities
DEA						United States Drug Enforcement Agency
DTSC						California Department of Toxic Substances Control
EBITDA						Earnings before interest, tax, depreciation and amortization
ESOL						Stericycle Environmental Solutions business
FASB						Financial Accounting Standards Board
IBORs						Interbank offered rates
ICMS						Type of value-added tax in Brazil
IKG						The former Harsco Industrial IKG business
ISDA						International Swaps and Derivatives Association
LIBOR						London Interbank Offered Rates
New Term Loan						$280 million term loan raised in March 2020 under the Senior Secured Credit Facilities, maturing on June 28, 2024
Notes						5.75% Notes due July 31, 2027
OCI						Other Comprehensive Income (Loss)
Original Term Loan						Term loan issued under the Senior Secured Credit Facilities, maturing on December 8, 2024
PA DEP						Pennsylvania Department of Environmental Protection
PK						The former Harsco Industrial Patterson-Kelley business
Revolving Credit Facility						Multi-year revolving credit facility under the Senior Secured Credit Facility, with a facility limit of $700 million
ROU						Right of use
SBB						Federal railway system of Switzerland
SCE						Supreme Council for Environment in Bahrain
SEC						Securities and Exchange Commission
Senior Secured Credit Facilities						Primary source of borrowings comprised of the Revolving Credit Facility, Original Term Loan and New Term Loan
SPRA						State Revenue Authorities from the State of São Paulo, Brazil
TSDF						Treatment, storage, and disposal facility permits issued under the Resource Conservation and Recovery Act
U.S. GAAP						Accounting principles generally accepted in the U.S.

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

See accompanying notes to unaudited condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(a) Does not total due to rounding

See accompanying notes to unaudited condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

Foreign currency translation adjustments, net of deferred income taxes of $ i 2,418 and $( i 1,834) in 2020 and 2019, respectively

Net loss on cash flow hedging instruments, net of deferred income taxes of $( i 125) and $ i 54 in 2020 and 2019, respectively

Pension liability adjustments, net of deferred income taxes of $( i 323) and $( i 340) in 2020 and 2019, respectively

Unrealized gain (loss) on marketable securities, net of deferred income taxes of $( i 4) and $ i 2 in 2020 and 2019, respectively

Nine Months Ended

September 30

(In thousands)

2020

2019

Net income (loss)

( i 16,567)

i 471,323

Other comprehensive income (loss):

Foreign currency translation adjustments, net of deferred income taxes of $( i 2,323) and $( i 2,086) in 2020 and 2019, respectively

( i 35,244)

( i 22,276)

Net loss on cash flow hedging instruments, net of deferred income taxes of $ i 141 and $ i 1,195 in 2020 and 2019, respectively

( i 1,622)

( i 4,485)

Pension liability adjustments, net of deferred income taxes of $( i 2,356) and $( i 1,061) in 2020 and 2019, respectively

i 28,037

i 25,651

Unrealized gain (loss) on marketable securities, net of deferred income taxes of $ i 8 and $( i 6) in 2020 and 2019, respectively

( i 22)

i 19

Total other comprehensive loss

( i 8,851)

( i 1,091)

Total comprehensive income (loss)

( i 25,418)

i 470,232

Less: Comprehensive income attributable to noncontrolling interests

( i 4,053)

( i 4,768)

Comprehensive income (loss) attributable to Harsco Corporation

( i 29,471)

i 465,464

See accompanying notes to unaudited condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

See accompanying notes to unaudited condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)

Harsco Corporation Stockholders’ Equity

Common Stock

Additional Paid-in Capital

Retained
Earnings

Accumulated Other
Comprehensive
Loss

Noncontrolling
Interests

(In thousands, except share
amounts)

Issued

Treasury

Total

Balances, December 31, 2018

i 141,842

( i 795,821)

i 190,597

i 1,298,752

( i 567,107)

i 45,113

i 313,376

Adoption of new accounting standard

i 21,429

( i 21,429)

i —

Net income

i 20,697

i 1,840

i 22,537

Total other comprehensive income, net of deferred income taxes of $ i 1,729

i 4,111

i 420

i 4,531

Sale of subsidiary shares to noncontrolling interest

i 876

Stock appreciation rights exercised, net i 927 shares

i 2

( i 8)

( i 2)

( i 8)

Vesting of restricted stock units and other stock grants, net i 94,229 shares

i 198

( i 1,456)

( i 198)

( i 1,456)

Vesting of performance share units, net i 529,213 shares

i 1,136

( i 8,235)

( i 1,149)

( i 8,248)

Amortization of unearned portion of stock-based compensation, net of forfeitures

i 3,664

Balances, March 31, 2019

i 143,178

( i 805,520)

i 192,912

i 1,340,878

( i 584,425)

i 48,249

i 335,272

Net income

i 8,642

i 2,287

i 10,929

Cash dividends declared:

Noncontrolling interests

( i 4,690)

Total other comprehensive income (loss), net of deferred income taxes of $( i 1,569)

i 4,196

( i 598)

i 3,598

Contributions receivable from noncontrolling interest (a)

i 3,150

Stock appreciation rights exercised, net i 10,216 shares

i 18

( i 108)

( i 18)

( i 108)

Vesting of restricted stock units and other stock grants, net i 99,134 shares

i 198

( i 1,375)

( i 198)

( i 1,375)

Amortization of unearned portion of stock-based compensation, net of forfeitures

i 2,338

Balances, June 30, 2019

i 143,394

( i 807,003)

i 195,034

i 1,349,520

( i 580,229)

i 48,398

i 349,114

Net income

i 435,351

i 2,506

i 437,857

Total other comprehensive loss, net of deferred income taxes of $( i 2,118)

( i 7,530)

( i 1,690)

( i 9,220)

Strategic venture exit

( i 3,694)

Stock appreciation rights exercised, net i 103 shares

( i 1)

Vesting of restricted stock units and other stock grants, net i 984 shares

i 2

( i 19)

( i 2)

( i 19)

Treasury shares repurchased, i 1,417,556 shares

( i 25,752)

Amortization of unearned portion of stock-based compensation, net of forfeitures

i 2,975

Balances, September 30, 2019

i 143,396

( i 832,775)

i 198,007

i 1,784,871

( i 587,759)

i 45,520

i 751,260

(a) Cash contribution was received during July 2019.

Total other comprehensive loss, net of deferred income taxes of $( i 5,267)

Vesting of restricted stock units and other stock grants, net i 104,840 shares

Vesting of performance share units, net i 265,151 shares

Balances, March 31, 2020

Total other comprehensive income, net of deferred income taxes of $( i 1,229)

Stock appreciation rights exercised, net i 6,744 shares

Vesting of restricted stock units and other stock grants, net i 14,211 shares

Balances, June 30, 2020

Total other comprehensive income, net of deferred income taxes of $ i 1,966

Stock appreciation rights exercised, net i 1,609 shares

Vesting of restricted stock units and other stock grants, net i 10,910 shares

See accompanying notes to unaudited condensed consolidated financial statements.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1. i i Basis of Presentation /

The Company has prepared these unaudited condensed consolidated financial statements in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the SEC. Accordingly, the unaudited condensed consolidated financial statements do not include all information and disclosure required by U.S. GAAP for annual financial statements. The December 31, 2019 Condensed Consolidated Balance Sheet information contained in this Quarterly Report on Form 10-Q was derived from the 2019 audited consolidated financial statements. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of management, all adjustments (all of which are of a normal recurring nature) that are necessary for a fair statement are reflected in the unaudited condensed consolidated financial statements.

The Company had restricted cash of $ i 2.3 million and $ i 2.5 million at September 30, 2020 and December 31, 2019, respectively, and the restrictions are primarily related to collateral provided for certain guarantees of the Company's performance.

On April 6, 2020 the Company completed the previously announced acquisition of ESOL, an established waste transportation, processing and services provider with a comprehensive portfolio of disposal solutions for customers primarily across the industrial, retail and healthcare markets, from Stericycle, Inc. for $ i 429.0 million in cash, inclusive of post-closing adjustments. See Note 3, Acquisitions and Dispositions, for additional information.

The Company reports information about operating segments using the "management approach," which is based on the way management organizes and reports the segments within the enterprise for making operating decisions and assessing performance. The Company's reportable segments are identified based upon differences in products, service and markets served. The operations of ESOL are combined and included as part of the Harsco Clean Earth Segment.

Beginning in early 2020, overall global economic conditions were significantly impacted by COVID-19. The continuing impact of COVID-19 on the Company varies by end market as well as local conditions (including applicable government mandates) and is continually evolving. The ultimate duration and impact of COVID-19 on the Company and its customers' operations is presently unclear, though the Company continues to operate as a provider of certain essential services in the U.S. and other countries. The Company continues to take significant and proactive actions to protect all stakeholders and to minimize the operational and financial impacts of COVID-19 where possible.

The Company did not record any long-lived asset impairments, indefinite-lived asset impairments, goodwill impairments, significant inventory write-downs or incremental accounts receivable reserves for current expected credit losses during the three months or nine months ended September 30, 2020, however such charges are possible in future periods, which could have an adverse effect on the Company's future results of operations, cash flows, or financial condition.

Discontinued Operations

In January 2020 the Company sold IKG and, together with the 2019 sales of AXC and PK, this completed the divestiture of the former Harsco Industrial Segment originally announced in May 2019. These disposals represent a strategic shift and accelerated the transformation of the Company's portfolio of businesses into a leading provider of environmental solutions and services. As a result of these disposals (i) the carrying value of the remaining assets and liabilities of the Harsco Industrial Segment were classified as Assets held-for-sale and Liabilities of assets held-for-sale on the Company's December 31, 2019 Condensed Consolidated Balance Sheet; (ii) the operating results of the Harsco Industrial Segment, costs directly related to the disposals, an allocation of interest expense associated with mandatory debt repayments required as a result of the disposals and the write-off of deferred financing costs resulting from the mandatory repayment have been reflected in the Company's Condensed Consolidated Statements of Operations as discontinued operations for all periods presented; and (iii) all disclosures have been updated to reflect these changes. See Note 3, Acquisitions and Dispositions, for additional information.

Certain reclassifications have been made to prior year amounts to conform with current year classifications.

2. i i Recently Adopted and Recently Issued Accounting Standards /

The following accounting standards have been adopted in 2020:

On January 1, 2020 the Company adopted changes issued by the FASB which updated the impairment model for credit losses by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. Provisions for receivables will be recorded as Allowance for expected credit losses, replacing the previously utilized Allowance for doubtful accounts. In addition, these changes required certain expanded disclosures. Other than changes in disclosure, these changes did not have a material impact on the Company's condensed consolidated financial statements as the calculation of expected credit losses did not yield results that were materially different from the methodology previously utilized by the Company. See Note 4, Accounts Receivable and Note Receivable for additional information.

On January 1, 2020 the Company adopted changes issued by the FASB that removed the second step of the annual goodwill impairment test, which required a hypothetical purchase price allocation. The changes provide that the amount of goodwill impairment will be equal to the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance remains largely unchanged. The same one-step impairment test will be applied to goodwill at all reporting units, even those with zero or negative carrying amounts. Entities will be required to disclose the amount of goodwill at reporting units with zero or negative carrying amounts. These changes did not have a material impact on the Company's condensed consolidated financial statements.

On January 1, 2020 the Company adopted changes issued by the FASB which modified the disclosure requirements for fair value measurements. The amendments in this update remove the requirement to disclose the amount of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy; and the policy for timing of transfers between levels and the valuation processes for Level 3 fair value measurements. The changes require disclosure of changes in unrealized gains and losses for the period included in OCI for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. Other than required expanded disclosures, the adoption of these changes did not have a material impact on the Company's condensed consolidated financial statements.

The following accounting standards have been issued and become effective for the Company at a future date:

In December 2019 the FASB issued changes which are intended to reduce complexity and simplify the accounting for income taxes in accordance with U.S. GAAP by removing certain exceptions related to investments, intraperiod allocations and interim calculations and clarifying existing guidance to improve consistent application. The changes become effective for the Company on January 1, 2021. Management does not believe these changes will have a material impact on its condensed consolidated financial statements.

In March 2020 the FASB issued changes that provide companies with optional guidance to ease the potential accounting burden associated with transitioning from reference rates that are expected to be discontinued. In response to the concerns about risks of IBORs and, particularly, the risk of cessation of LIBOR, regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. The changes provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The changes can be adopted no later than December 31, 2022 with early adoption permitted. Management does not believe these changes will have a material impact on its condensed consolidated financial statements.

In August 2020, the FASB issued changes which simplified the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. Management concluded that this standard will not have an impact on its condensed consolidated financial statements.

3. i Acquisitions and Dispositions

On April 6, 2020 the Company completed the previously announced acquisition of i 100% of ESOL, an established waste transportation, processing and services provider with a comprehensive portfolio of disposal solutions for customers primarily across the industrial, retail and healthcare markets from Stericycle, Inc. for $ i 429.0 million of cash consideration, inclusive of post-closing adjustments. In addition, as part of the acquisition, the Company entered into a non-compete agreement with Stericycle, Inc. Concurrent to the ESOL acquisition, the Company entered into an agreement with Stericycle Inc. related to certain Stericycle, Inc. customers who receive services from both ESOL and other Stericycle, Inc. businesses under a single contractual arrangement. The revenue pertaining to services rendered to these customers are invoiced centrally through Stericycle, Inc. billing systems and ESOL's portion of the revenue, less a management fee, is then distributed to the Company.

The preliminary fair value recorded for the assets acquired and liabilities assumed for ESOL is as follows:

Preliminary Valuation

(In millions)

April 6
2020

Measurement Period Adjustments

September 30
2020

Cash and cash equivalents

i 0.4

i —

i 0.4

Trade accounts receivable

i 124.1

( i 0.9)

i 123.2

Inventory

i 5.0

i —

i 5.0

Other current assets

i 0.7

( i 0.4)

i 0.3

Property, plant and equipment

i 105.3

i —

i 105.3

Right-of-use assets

i 56.0

i —

i 56.0

Goodwill

i 152.0

( i 8.1)

i 143.9

Intangible assets

i 161.0

i —

i 161.0

Other assets

i 0.2

i —

i 0.2

Accounts payable

( i 48.6)

( i 0.4)

( i 49.0)

Accrued expenses

( i 17.5)

i —

( i 17.5)

Current portion of operating lease liabilities

( i 16.6)

i —

( i 16.6)

Other current liabilities

( i 6.4)

i —

( i 6.4)

Environmental liabilities

( i 24.4)

i —

( i 24.4)

Deferred income taxes

( i 15.5)

i —

( i 15.5)

Operating lease liabilities

( i 39.4)

i —

( i 39.4)

Total identifiable net assets of ESOL

i 436.3

( i 9.8)

i 426.5

Non-compete agreement

i 2.5

—

i 2.5

Total identifiable net assets of ESOL, including non-compete agreement

i 438.8

( i 9.8)

i 429.0

The goodwill is primarily attributed to expected operational efficiencies and synergies from the expanded geographical scale of hazardous waste processing facilities resulting from combining the ESOL business with the existing Clean Earth business of the Company, as well as the value associated with the assembled workforce of ESOL. The Company expects $ i 36.8 million of goodwill to be deductible for income tax purposes through 2030.

The following table details the preliminary valuation of identifiable intangible assets and amortization periods for ESOL and the non-compete agreement entered into by the Company upon acquisition of ESOL:

Preliminary Valuation

(Dollars in millions)

Weighted-Average Amortization Period

April 6
2020

Measurement Period Adjustments

September 30
2020

Permits and rights

i 22 years

i 138.0

i —

i 138.0

Customer relationships

i 10 years

i 23.0

i —

i 23.0

Total identifiable intangible assets of ESOL

i 161.0

i —

i 161.0

Non-compete agreement

i 4 years

i 2.5

—

i 2.5

Total identifiable intangible assets acquired

i 163.5

i —

i 163.5

The Company valued the identifiable intangible assets using methodologies under the income approach including the multi-period excess earnings method, the distributor method, and the with-and-without method. The purchase price allocation for ESOL is not final and the fair value of intangible assets and goodwill may vary significantly from those reflected in the Company's condensed consolidated financial statements at September 30, 2020.

ESOL contributed revenue of $ i 236.7 million and operating income of $ i 4.7 million for the nine months ended September 30, 2020. The operations of ESOL have been combined and included as part of the Harsco Clean Earth Segment.

The three and nine months September 30, 2020 include ESOL direct acquisition and integration costs of $ i 10.6 million and $ i 41.0 million, respectively, which are included in the Selling, general and administrative expenses, within the Corporate function, in the Company's Condensed Consolidated Statements of Operations. In addition to the acquisition and integration costs reflected in the Company's Condensed Consolidated Statements of Operations, the debt issuance costs associated with the issuance of debt to fund the acquisition are reflected, net of amortization subsequent to the acquisition date, as Long-term debt on the Company's Condensed Consolidated Balance Sheets.

On June 28, 2019 the Company acquired i 100% of the outstanding stock of Clean Earth, one of the largest U.S. providers of specialty waste processing and beneficial reuse solutions for hazardous waste, contaminated materials and dredged volumes, for an enterprise valuation of approximately $ i 625 million on a cash free, debt free basis, subject to normal working capital adjustments. The Company transferred approximately $ i 628 million of cash consideration and agreed to reimburse the sellers for any usage of assumed net operating losses in a post-closing period for up to five years. During the three months ended September 30, 2020, the Company expensed an additional $2.4 million related to the expected reimbursement of these net operating losses of which the present value is now estimated at approximately $ i 11 million. See Footnote 17, Other Expenses, net, for additional details.

The fair value recorded for the assets acquired and liabilities assumed for Clean Earth is as follows:

Cash and cash equivalents (b)

Acquisition consideration payable (b)

(a) The measurement period adjustments did not have a material impact on the Company's previously reported operating results.

(b) Acquisition consideration payable represents a portion of the cash consideration not paid out until July 2019.

The goodwill is attributable to strategic benefits, including enhanced operational and financial scale, as well as product and market diversification that the Company expects to realize. The Company expects $ i 16.3 million of goodwill to be deductible for income tax purposes through 2033.

The following table details the valuation of identifiable intangible assets and amortization periods for Clean Earth:

Final

(In millions)

Weighted-Average Amortization Period

Preliminary
Valuation
June 28, 2019

Measurement Period Adjustments (c)

September 30
2020

Permits

i 18 years

i 176.1

( i 6.0)

i 170.1

Customer relationships

i 8 years

i 33.4

( i 12.9)

i 20.5

Air rights

Usage based (d)

i 25.6

i —

i 25.6

Trade names

i 12 years

i 26.0

i —

i 26.0

Total identifiable intangible assets of Clean Earth

i 261.1

( i 18.9)

i 242.2

(c) The measurement period adjustments did not have a material impact on the Company's previously reported operating results.

(d) The Company estimates that based on current usage that the expected useful life would be i 27 years.

The Company valued the identifiable intangible assets using an income-based approach that utilized either the multi-period excess earnings method or the relief from royalty method.

The three and nine months ended September 30, 2019 include Clean Earth direct acquisition and integration costs of $ i 2.0 million and $ i 14.5 million, respectively which are included in Selling, general and administrative expenses, within the Corporate function, in the Company’s Condensed Consolidated Statements of Operations.

Pro forma financial information

The pro forma information below gives effect to the Clean Earth acquisition as if it had been completed on January 1, 2018 and the ESOL acquisition as if it had been completed on January 1, 2019. The pro forma information is not necessarily indicative of the Company’s results of operations had the acquisitions been completed on the above dates, nor is it necessarily indicative of future results. The pro forma information does not reflect any cost savings from operating efficiencies or synergies that could result from the acquisitions and does not reflect the additional revenue opportunities following the acquisitions. The pro forma information below includes the adjustments necessary to reflect additional depreciation and amortization expense based on the estimated fair value and useful lives of intangible assets and fixed assets acquired; includes additional interest expense of approximately $ i 4.7 million for the nine months ended September 30, 2020 and $ i 5.6 million and $ i 34.9 million for the three and nine months ended September 30, 2019, respectively, on the acquisition related borrowings used to finance the acquisitions and excludes certain directly attributable acquisition and integration costs and historic interest expense. These pro forma adjustments are subject to change as additional analysis is performed. The values assigned to the assets acquired and liabilities assumed are based on preliminary valuations, for the ESOL acquisition, and are subject to change as the Company obtains additional information during the remaining measurement period. In addition, the historical ESOL results include $ i 8.9 million for the nine months ended September 30, 2020 and $ i 8.6 million and $ i 26.5 million for the three and nine months ended September 30, 2019, respectively, of corporate expenses charged to ESOL from Stericycle.

Three Months Ended

Nine Months Ended

September 30

(In millions)

2020

2019

2020

2019

Pro forma revenues

i 509.4

i 572.7

i 1,486.2

i 1,650.3

Pro forma net income attributed to Harsco Corporation (including discontinued operations) (e)

( i 1.8)

i 434.9

i 1.0

i 440.9

(e) Pro forma net income for the three and nine months ended September 30, 2019 includes a $ i i 417.5 / million after-tax gain on the sale of AXC.

Harsco Industrial Segment

In January 2020 the Company sold IKG for $ i 85.0 million, including a note receivable with a face value of $ i 40.0 million (initial fair value $ i 34.3 million), and recognized an $ i 18.4 million pre-tax gain on sale (or approximately $ i 9 million after-tax). This disposal, along with the disposals of AXC and PK in 2019, represent a strategic shift and accelerates the transformation of the Company's portfolio of businesses into a global, market-leading, single-thesis environmental solutions platform. See Note 4, Accounts Receivable and Note Receivable, for additional information related to the note receivable.

The Harsco Industrial Segment has historically been a separate reportable segment with primary operations in North America and Latin America. In accordance with U.S. GAAP, the results of the former Harsco Industrial Segment are presented as discontinued operations and, as such, have been excluded from both continuing operations and segment results for the three and nine months ended September 30, 2020 and 2019.

Certain key selected financial information included in net income (loss) from discontinued operations for the former Harsco Industrial Segment is as follows:

Three Months Ended

Nine Months Ended

September 30

(In millions)

2020

2019

2020

2019

Amounts for the former Harsco Industrial Segment:

Total revenues

i —

i 39,855

i 10,203

i 274,037

Cost of products sold

i —

i 28,174

i 8,082

i 201,188

Gain on sale from discontinued business

i —

i 527,980

i 18,371

i 527,980

Income (loss) from discontinued business

( i 716)

i 803

( i 593)

i 24,877

Additional amounts allocated to the former Harsco Industrial Segment:

Selling, general and administrative expenses (f)

i 521

i 1,994

i 1,710

i 5,521

Interest expense (g)

i —

i 11,237

Loss on early extinguishment of debt (h)

i —

i 5,314

i —

i 5,314

(f) The Company has allocated directly attributable transaction costs to discontinued operations. In addition, this caption includes costs directly attributable to retained contingent liabilities of the Harsco Industrial Segment.

(g) The Company has allocated interest expense, including a portion of the amount reclassified into income for the Company's interest rate swaps and amortization of deferred financing costs resulting from the AXC disposal, as part of discontinued operations.

(h) The Company has allocated the $ i 5.3 million write-off of deferred financing costs to discontinued operations as it is directly attributable to the mandatory repayment of the Original Term Loan that resulted from the AXC disposal.

The Company has retained corporate overhead expenses previously allocated to the Harsco Industrial Segment of $ i 0.7 million for the three months ended September 30, 2019 and $ i 3.4 million for the nine months ended September 30, 2019, as part of Selling, general and administrative expenses, on the Company's Condensed Consolidated Statements of Operations.

The following is selected financial information included on the Company's Condensed Consolidated Statements of Cash Flows attributable to the former Harsco Industrial Segment:

Nine Months Ended

September 30

(In millions)

2020

2019

Non-cash operating items

Depreciation and amortization

i —

i 3,301

Cash flows from investing activities

Purchases of property, plant and equipment

i 106

i 6,151

4. i Accounts Receivable and Note Receivable

Accounts receivable are stated at net realizable value which represents the face value of the receivable less an allowance for expected credit losses. The allowance for expected credit losses is maintained for expected lifetime losses resulting from the inability or unwillingness of customers to make required payments.

The Company’s expected credit loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts receivables. When required, the Company adjusts the loss-rate methodology to account for current conditions and reasonable and supportable expectations of future economic and market conditions. The Company generally assesses future economic conditions for a period which corresponds with the contractual life of its accounts receivable. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default.

Prior to the adoption of the expected credit loss allowance methodology on January 1, 2020, the Company established an allowance for doubtful accounts based upon a specific-identification method as well as historical collection experience, as appropriate.

Accounts receivable consist of the following:

Less: Allowance for expected credit losses and doubtful accounts (a) (b)

Other receivables (c)

(a) The decrease in the allowance for expected credit losses and doubtful accounts is the final write-off of previously fully-reserved balances in the Harsco Environmental Segment.

(b) Upon the acquisition of ESOL, trade accounts receivable totaling $ i 136.2 million were recorded at a fair value of $ i 123.2 million as of the acquisition date, due primarily to expected credit losses as of the acquisition date of $ i 13.0 million which were netted against the gross receivable balance as of the acquisition date.

(c) Other receivables include employee receivables, insurance receivable, tax claims and refunds and other miscellaneous items not included in Trade accounts receivable, net.

The change in the provision for expected credit losses and doubtful accounts related to trade accounts receivable was as follows:

At September 30, 2020 approximately $ i 5.6 million of the Company's trade accounts receivable were past due by twelve months or more. Approximately $ i 1.1 million of this amount is reserved, and collection of the remaining balance is still ultimately expected.

In January 2020 the Company sold IKG for $ i 85.0 million including cash and a note receivable, subject to post-closing adjustments. The note receivable from the buyer has a face value of $ i 40.0 million, bearing interest at i 2.50%, that is paid in kind and matures on January 31, 2027. Any unpaid principal, along with any accrued but unpaid interest is payable at maturity. Prepayment is required in case of a change in control or a percentage of excess cash flow, as defined in the note receivable agreement. Because there are no scheduled payments under the terms of the note receivable, the balance is not classified as current as of September 30, 2020 and is included in the caption Other assets on the Condensed Consolidated Balance Sheet. The initial fair value of the note receivable was $ i 34.3 million which was calculated using an average of various discounted cash flow scenarios based on anticipated timing of repayments (Level 3) and was a non-cash transaction. The note receivable is subsequently measured at amortized cost. Key inputs into the valuation model include: projected timing and amount of cash flows, pro forma debt rating, option-adjusted spread and U.S. Treasury spot rate. At September 30, 2020 the amortized cost of the note receivable was $ i 35.4 million, compared with a fair value of $ i 35.6 million.

Inventories consist of the following:

(In thousands)

September 30
2020

December 31
2019

Finished goods

i 14,736

i 14,550

Work-in-process

i 13,489

i 13,088

Raw materials and purchased parts

i 111,754

i 104,488

Stores and supplies

i 30,058

i 24,865

Total inventories

i 170,037

i 156,991

During 2016 the Company recognized an initial estimated forward loss provision related to the contracts with SBB of $ i 45.1 million. The Company recorded an additional forward loss provision of $ i 1.8 million during 2018. At September 30,

2020 the entire remaining estimated forward loss provision of $ i 6.6 million is included as Other current liabilities on the Company's Condensed Consolidated Balance Sheets. The estimated forward loss provision represents the Company's best estimate based on currently available information. It is possible that the Company's overall estimate of costs to complete these contracts may increase, which would result in an additional estimated forward loss provision at such time.

The Company recognized $ i 11.8 million and $ i 5.7 million of revenues for the contracts with SBB at i zero margin, on an over time basis, utilizing a cost-to-cost method for the three months ended September 30, 2020 and 2019, respectively, and $ i 29.5 million and $ i 16.4 million for the nine months ended September 30, 2020 and 2019, respectively. Consolidated product revenue gross margins were not significantly impacted by the revenue recognized under the SBB contracts for the three and nine months ended September 30, 2020 and 2019. The Company has substantially completed the first contract and is approximately i 65% complete on the second contract with SBB as of September 30, 2020.

6. i Property, Plant and Equipment

Property, plant and equipment consisted of the following:

T i he components of lease expense were as follows:

Three Months Ended

Nine Months Ended

September 30

(In thousands)

2020

2019

2020

2019

Finance leases:

Amortization expense

i 377

i 325

i 1,115

i 911

Interest on lease liabilities

i 43

i 27

i 139

i 68

Operating leases

i 8,558

i 4,391

i 21,745

i 11,518

Variable and short-term lease expense

i 11,572

i 6,759

i 29,169

i 16,367

Sublease income

( i 51)

i —

( i 150)

i —

Total lease expense from continuing operations

i 20,499

i 11,502

i 52,018

i 28,864

Supplemental cash flow information related to leases was as follows:

Nine Months Ended

September 30

(In thousands)

2020

2019

Cash paid for amounts included in the measurement of lease liabilities:

Cash flows from operating activities - Operating leases

i 20,512

i 10,881

Cash flows from financing activities - Finance leases

i 997

i 953

ROU assets obtained in exchange for lease obligations:

Operating leases (a)

i 62,507

i 57,607

Finance leases

i 1,613

i 1,671

(a) Cash flows for the nine months ended September 30, 2020 include ROU assets of approximately $ i 56 million that were recorded upon the acquisition of ESOL. Cash flows for nine months ended September 30, 2019 include ROU assets of approximately $ i 34 million that were recorded upon adoption at January 1, 2019 and approximately $ i 21 million that were recorded upon the acquisition of Clean Earth. See Note 3, Acquisitions and Dispositions, for additional information..

Supplemental balance sheet information related to leases was as follows:

(In thousands)

September 30
2020

December 31
2019

Operating Leases:

Operating lease ROU assets

i 96,800

i 52,065

Current portion of operating lease liabilities

i 26,577

i 12,544

Operating lease liabilities

i 67,995

i 36,974

Finance Leases:

Property, plant and equipment, net

i 4,179

i 3,519

Current maturities of long-term debt

i 1,335

i 1,237

Long-term debt

i 2,903

i 2,218

Supplemental additional information related to leases was as follows:

September 30
2020

December 31
2019

Other information:

Weighted average remaining lease term - Operating leases (in years)

i 8.10

i 11.57

Weighted average remaining lease term - Finance leases (in years)

i 3.73

i 4.01

Weighted average discount rate - Operating leases

i 6.1

i 6.3

Weighted average discount rate - Finance leases

i 4.1

i 4.2

Maturities of lease liabilities were as follows:

(In thousand)

Operating
Leases

Finance
Leases

Year Ending December 31:

2020 (excluding the nine months ended September 30, 2020)

i 8,126

i 361

2021

i 27,315

i 1,330

2022

i 20,639

i 1,072

2023

i 15,818

i 869

2024

i 10,655

i 702

After 2024

i 41,421

i 113

Total lease payments

i 123,974

i 4,447

Less: Imputed interest

( i 29,402)

( i 209)

Total

i 94,572

i 4,238

The Company's leases, excluding short-term leases, have remaining terms of less than i one year to i 30 years, some of which include options to extend for up to i 10 years, and some of which include options to terminate within i one year. As of

September 30, 2020, the Company had additional operating leases for property and equipment that have not yet commenced with estimated ROU assets and lease liabilities of $ i 4.6 million to be recognized upon the anticipated lease commencements in the fourth quarter of 2020 There are no material residual value guarantees or material restrictive covenants.

8. i Goodwill and Other Intangible Assets

The following table reflects the changes in carrying amounts of goodwill by segment for the nine months ended September 30, 2020:

(In thousands)

Harsco Environmental Segment

Harsco
Clean Earth Segment

Harsco Rail
Segment

Consolidated
Totals

Balance at December 31, 2019

i 395,113

i 330,230

i 13,026

i 738,369

Changes to goodwill (a)

i 1,480

i 144,283

i —

i 145,763

Foreign currency translation

( i 2,221)

i —

( i 2,221)

Balance at September 30, 2020

i 394,372

i 474,513

i 13,026

i 881,911

(a) The changes to goodwill primarily relate to the acquisition of ESOL in the Harsco Clean Earth Segment. See Note 3, Acquisitions and Dispositions, and immaterial acquisitions in the Harsco Environmental Segment.

The Company tests for goodwill impairment annually, or more frequently if indicators of impairment exist, or if a decision is made to dispose of a business. The Company performs its annual goodwill impairment test as of October 1 and monitors for triggering events on an ongoing basis. The Company determined that, as of September 30, 2020, no interim goodwill impairment testing was necessary.

The Company has concluded that no triggering event occurred during the three months ended September 30, 2020. However, a prolonged economic downturn resulting from COVID-19 could impact the Company's future projected cash flows used to estimate fair value, and/or result in a sustained decrease in the Company’s share price, which could indicate an impairment.

Intangible assets, net, on the Company's Condensed Consolidated Balance Sheets consist of the following:

(b) In the quarter ended September 30, 2020 fully amortized intangible assets were removed from the gross carrying and accumulated amortization amounts.

Amortization expense for intangible assets was as follows:

The estimated amortization expense for the next five fiscal years based on current intangible assets is as follows:

Estimated amortization expense (c)

(c) These estimated amortization expense amounts do not reflect the potential effect of future foreign currency exchange fluctuations.

9. i Debt and Credit Agreements

In March 2020 the Company raised $ i 280 million pursuant to the New Term Loan as a new tranche under the existing Senior Secured Credit Facilities. The New Term Loan was fully drawn on April 6, 2020 to partially fund the acquisition of ESOL. See Note 3, Acquisition and Dispositions, for additional information related to the ESOL acquisition. Borrowings under the New Term Loan bear interest at a rate per annum ranging from i 150 to i 225 basis points over adjusted LIBOR (as defined in the Credit Agreement). The New Term Loan will mature on June 28, 2024. The Company capitalized $ i 1.9 million of fees related to the issuance of the New Term Loan.

In both March 2020 and June 2020, the Company amended the Senior Secured Credit Facilities to increase the net debt to consolidated adjusted EBITDA ratio covenant. As a result of these amendments, the net debt to consolidated adjusted EBITDA ratio covenant has been increased to i 5.75 through March 2021 and then decreasing quarterly until reaching i 4.75 in December 2021. There is no change to the previously agreed interest rates as long as the Company's total leverage ratio does not equal or exceed i 4.50, at which time it would increase by i 25 basis points. During the nine months ended September 30, 2020, the Company recognized $ i 1.9 million of fees and expenses related to the amended Senior Secured Credit Facilities in the caption Unused debt commitment and amendment fees on the Condensed Consolidated Statements of Operations.

10. i Employee Benefit Plans

Three Months Ended

Nine Months Ended

Company Contributions

September 30

(In thousands)

2020

2019

2020

2019

Defined benefit pension plans (U.S.)

i 453

i 2,806

i 2,940

i 6,296

Defined benefit pension plans (International)

i 2,682

i 4,121

i 14,235

i 16,522

Multiemployer pension plans

i 390

i 527

i 1,178

i 1,531

Defined contribution pension plans

i 2,870

i 2,358

i 7,936

i 8,717

The Company's estimate of expected contributions to be paid during the remainder of 2020 for the U.S. and international defined benefit pension plans is $ i 3.1 million and $ i 6.1 million, respectively. The recently enacted CARES Act allows for the deferral, until 2021, of certain expected pension contributions in the U.S. The Company is currently evaluating this alternative.

Income tax benefit related to continuing operations for the three and nine months ended September 30, 2020 was $ i 1.7 million and $ i 4.6 million, respectively. Income tax expense related to continuing operations for the three and nine months ended September 30, 2019 was $ i 12.6 million and $ i 17.8 million, respectively. Income tax benefit for the three and nine months ended September 30, 2020 compared with income tax expense for the same periods in 2019 is the result of lower pretax income, primarily resulting from decreased operating income due to impacts of COVID-19 and incremental acquisition and integration costs in connection with the Company's acquisitions of approximately $ i 8.1 million and $ i 23.9 million for the three and nine months ended September 30, 2020, respectively, as well as a $ i 2.8 million favorable income tax adjustment in connection with an increase in estimated usage of assumed net operating losses related to the Clean Earth acquisition and a $ i 2.8 million valuation allowance adjustment against a deferred tax asset due to a lower projected income in a certain jurisdiction in 2019 not recurring in 2020.

An income tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, based on technical merits, including resolutions of any related appeals or litigation processes. The reserve for uncertain tax positions at September 30, 2020 was $ i 4.0 million, including interest and penalties. Within the next twelve months, it is reasonably possible that $ i 0.3 million unrecognized income tax benefits will be recognized upon settlement of tax examinations and the expiration of various statutes of limitations.

12. i Commitments and Contingencies

The Company is involved in a number of environmental remediation investigations and cleanups and, along with other companies, has been identified as a “potentially responsible party” for certain byproduct disposal sites. While each of these matters is subject to various uncertainties, it is probable that the Company will agree to make payments toward funding certain of these activities, and it is possible that some of these matters will be decided unfavorably to the Company. The Company has evaluated its potential liability and its financial exposure is dependent upon such factors as the continuing evolution of environmental laws and regulatory requirements, the availability and application of technology, the allocation of cost among potentially responsible parties, the years of remedial activity required and the remediation methods selected.

The Company evaluates its liability for future environmental remediation costs on a quarterly basis. Although actual costs to be incurred at identified sites in future periods may vary from the estimates (given inherent uncertainties in evaluating environmental exposures), the Company does not expect that any costs that are reasonably possible to be incurred by the Company in connection with environmental matters in excess of the amounts accrued would have a material adverse effect on the Company's financial condition, results of operations or cash flows.

The following table summarizes information related to the location and undiscounted amount of the Company's environmental liabilities:

(In thousands)

September 30
2020

December 31
2019

Current portion of environmental liabilities (a)

i 6,031

i 3,431

Long-term environmental liabilities

i 29,747

i 5,600

Total environmental liabilities

i 35,778

i 9,031

(a) The current portion of environmental liabilities is included in the caption Other current liabilities on the Company's Condensed Consolidated Balance Sheets.

Environmental liabilities relate primarily to the ESOL business which was acquired on April 6, 2020. As part of the ESOL acquisition, the Company assumed control of certain closed sites that were being monitored as part of ongoing environmental remediation plans. See Note 3, Acquisitions and Dispositions, for additional details.

On June 25 and 26, 2018, the DTSC conducted a compliance enforcement inspection of ESOL’s facility in Rancho Cordova, California, which was then owned by Stericycle, Inc. On February 14, 2020, the DTSC filed an action in the Superior Court for the State of California, Sacramento Division, alleging violations of California’s Hazardous Waste Control Law and the facility’s hazardous waste permit arising from the inspection. On August 27, 2020 the DTSC issued a Notice of Denial of Hazardous Waste Facility Permit Application. On September 25, 2020, the Company filed an administrative appeal. The DTSC investigation was ongoing well before the Company's acquisition of the ESOL business, and the Company was aware of the investigation and many of the issues raised in the investigation at the time of the purchase. Accordingly, the Company is indemnified for certain fines and other costs and expenses associated with this matter by Stericycle, Inc. As a result, the administrative appeal will be led by Stericycle, Inc. The Company has not accrued any amounts in respect of these alleged violations and cannot estimate the reasonably possible loss or the range of reasonably possible losses that it may incur.

As previously disclosed, the Company has had ongoing meetings with the SCE over processing salt cakes, a processing byproduct, stored at the Al Hafeerah site. The Company’s Bahrain operations that produced the salt cakes has ceased operations and are owned under a strategic venture for which its strategic venture partner owns a i 35% minority interest. An Environmental Impact Assessment and Technical Feasibility Study for facilities to process the salt cakes was approved by the SCE during the first quarter of 2018. The Company currently expects those facilities to commence operations during the fourth quarter of 2020. The Company has previously established a reserve of $ i 7.0 million, which represents the Company's best estimate of the ultimate costs to be incurred to resolve this matter. The Company continues to evaluate this reserve and any future change in estimated costs could be material to the Company’s results of operations in any one period.

On July 27, 2018 Brazil’s Federal and Rio de Janeiro State Public Prosecution Offices (MPF and MPE) filed a Civil Public Action against one of the Company's customers (CSN), the Company’s Brazilian subsidiary, the Municipality of Volta Redonda, Brazil, and the Instituto Estadual do Ambiente (local environmental protection agency) seeking the implementation of various measures to limit and reduce the accumulation of customer-owned slag at the site in Brazil. On August 6, 2018 the 3rd Federal Court in Volta Redonda granted the MPF and MPE an injunction against the same parties requiring, among other

things, CSN and the Company’s Brazilian subsidiary to limit the volume of slag sent to the site. Because the customer owns the site and the slag located on the site, the Company believes that complying with this injunction is the steel producer’s responsibility. On March 18, 2019 the Court issued an order fining the Company i 5,000 Brazilian reais per day (or approximately $ i 900 per day) and CSN i 20,000 Brazilian reais per day (or approximately $ i 4,000 per day) until the requirements of the injunction are met. On November 1, 2019 the Court issued an additional order increasing the fines assessed to the Company to i 25,000 Brazilian reais per day (or approximately $ i 4,000 per day) and raising the fines assessed to CSN to

i 100,000 Brazilian reais per day (or approximately $ i i 18,000 / per day). The Court also assessed an additional fine of

i 10,000,000 Brazilian reais (or approximately $ i 1,800,000) against CSN and the Company jointly. The Company is appealing the fines and the underlying injunction. Both the Company and CSN continue to have discussions with the governmental authorities on the injunction and the possible resolution of the underlying case. The Company does not believe that a loss relating to this matter is probable or estimable at this point.

On October 19, 2018 local environmental authorities issued an enforcement action against the Company concerning the Company’s operations at a customer site in Ijmuiden, Netherlands. The enforcement action alleges violations of the Company’s environmental permit at the site, which restricts the release of any visible dust emissions. The enforcement action ordered the Company to cease all violations of the permit by October 31, 2018. The authorities have issued i three additional enforcement actions since that time and have asserted fines of approximately $ i 0.7 million which the Company has recorded, with the possibility of additional fines for any future violations. The Company is vigorously contesting the enforcement action and fines and is also working with its customer to ensure the control of emissions. The Company has contractual indemnity rights from its customer, should it be required to pay the assessed fines.

On June 13, 2019 the PA DEP indicated to the Company and a landowner who received processed slag from the Company that it plans to require action to bring the landowner’s site into compliance and to assess a civil penalty against the Company and the landowner. The Company is working with the landowner and PA DEP to determine the most effective way to address PA DEP’s concerns about the site and has established a $ i 0.4 million reserve, which represents the Company’s best estimate of the costs to bring the landowner's site into compliance.

On March 24, 2017 the Allegheny County Health Department issued a notice of violation against the Company concerning the Company’s operations at a customer site in Natrona, Pennsylvania. On January 21, 2020 the Company paid $ i 0.1 million to settle the civil penalties accrued up to that date. On May 4, 2020, the Company paid a $ i 5 thousand penalty and on August 21, 2020, the Company paid a $ i 6 thousand penalty, both for alleged additional events. The Company also received an additional assessment of $ i 8 thousand on October 23, 2020. It is possible the Company could incur additional penalties for future violations. Pursuant to the settlement agreement, the Company and its customer have also agreed to construct and bring certain slag processing operations into a building. On October 29, 2020, one of the residents of Natrona filed a punitive class action lawsuit against the Company in the Court of Common Pleas of Allegheny County, Pennsylvania, seeking unspecified damages and injunctive relief due to alleged dust emissions at the site, which the Company believes is without merit.

Prior to the Company’s acquisition of ESOL, Stericycle, Inc, notified the Company that the DEA had served an administrative subpoena on Stericycle, Inc. and executed a search warrant at a facility in Rancho Cordova, California and an administrative inspection warrant at a facility in Indianapolis, Indiana. The Company has determined that the DEA and the DTSC have launched investigations involving, at least in part, the ESOL business of collecting, transporting, and destroying controlled substances from retail customers that transferred from Stericycle, Inc. to the Company. In connection with these investigations, the DEA also executed a search warrant on an ESOL facility in Austin Texas on July 2, 2020. The Company is cooperating with these inquiries, which relate primarily to the period before the Company owned the ESOL business. Since the acquisition of the ESOL business, the Company has performed a vigorous review of ESOL’s compliance program related to controlled substances and has made material changes to the manner in which controlled substances are transported from retail customers to DEA-registered facilities for destruction. The Company has not accrued any amounts in respect of these investigations and cannot estimate the reasonably possible loss or the range of reasonably possible losses that it may incur, if any. Investigations of this type are, by their nature, uncertain and unpredictable. While it is the Company’s position that it has recourse for some or all liabilities, if any, that arise from these matters under the ESOL purchase agreement and representations and warranties insurance policies purchased by the Company, there can be no assurances that the Company’s position will ultimately prevail.

Brazilian Tax Disputes

The Company is involved in a number of tax disputes with federal, state and municipal tax authorities in Brazil. These disputes are at various stages of the legal process, including the administrative review phase and the collection action phase, and include assessments of fixed amounts of principal and penalties, plus interest charges that increase at statutorily determined amounts per month and are assessed on the aggregate amount of the principal and penalties. In addition, the losing party, at the collection action or court of appeals phase, could be subject to a charge to cover statutorily mandated legal fees, which are

generally calculated as a percentage of the total assessed amounts due, inclusive of penalty and interest. Many of the claims relate to ICMS, services and social security tax disputes. The largest proportion of the assessed amounts relate to ICMS claims filed by the SPRA, encompassing the period from January 2002 to May 2005.

In October 2009 the Company received notification of the SPRA’s final administrative decision regarding the levying of ICMS in the State of São Paulo in relation to services provided to a customer in the State between January 2004 and May 2005. As of September 30, 2020 the principal amount of the tax assessment from the SPRA with regard to this case is approximately $ i 1.1 million, with penalty, interest and fees assessed to date increasing such amount by an additional $ i 15.0 million. On June 4, 2018 the Appellate Court of the State of Sao Paulo ruled in favor of the SPRA but ruled that the assessed penalty should be reduced to approximately $ i 1.1 million. After calculating the interest accrued on the penalty, the Company estimates that this ruling reduces the current overall potential liability for this case to approximately $ i 6.4 million. All such amounts include the effect of foreign currency translation. The Company has appealed the ruling in favor of the SPRA to the Superior Court of Justice. Due to multiple court precedents in the Company’s favor, as well as the Company’s ability to appeal, the Company does not believe a loss is probable.

Another ICMS tax case involving the SPRA refers to the tax period from January 2002 to December 2003. In December 2018 the administrative tribunal hearing the case upheld the Company's liability. The Company has appealed to the judicial phase. The aggregate amount assessed by the tax authorities in August 2005 was $ i 4.5 million (the amounts with regard to this claim are valued as of the date of the assessment since it has not yet reached the collection phase), composed of a principal amount of $ i 1.1 million, with penalty and interest assessed through that date increasing such amount by an additional $ i 3.4 million. On December 6, 2018 the administrative tribunal reduced the applicable penalties to $ i 0.8 million. After calculating the interest accrued on the current penalty, the Company estimates that the current overall liability for this case to be approximately $ i 9.0 million. All such amounts include the effect of foreign currency translation. Due to multiple court precedents in the Company's favor the Company does not believe a loss is probable.

The Company continues to believe that sufficient coverage for these claims exists as a result of the indemnification obligations of the Company's customer and such customer’s pledge of assets in connection with the October 2009 notice, as required by Brazilian law.

The Company intends to continue its practice of vigorously defending itself against these tax claims under various alternatives, including judicial appeal. The Company will continue to evaluate its potential liability with regard to these claims on a quarterly basis; however, it is not possible to predict the ultimate outcome of these tax-related disputes in Brazil. No loss provision has been recorded in the Company's condensed consolidated financial statements for the disputes described above because the loss contingency is not deemed probable, and the Company does not expect that any costs that are reasonably possible to be incurred by the Company in connection with Brazilian tax disputes would have a material adverse effect on the Company's financial condition, results of operations or cash flows.

Brazilian Labor Disputes

The Company is subject to ongoing collective bargaining and individual labor claims in Brazil through the Harsco Environmental Segment which allege, among other things, the Company's failure to pay required amounts for overtime and vacation at certain sites. The Company is vigorously defending itself against these claims; however, litigation is inherently unpredictable, particularly in foreign jurisdictions. While the Company does not currently expect that the ultimate resolution of these claims will have a material adverse effect on the Company’s financial condition, results of operations or cash flows, it is not possible to predict the ultimate outcome of these labor-related disputes. As of September 30, 2020 and December 31, 2019 the Company has established reserves of $ i 4.3 million and $ i 6.5 million, respectively, on the Company's Condensed Consolidated Balance Sheets for amounts considered to be probable and estimable.

The Company may, in the normal course of business, become involved in commercial disputes with subcontractors or customers. Although results of operations and cash flows for a given period could be adversely affected by a negative outcome in these or other lawsuits, claims or proceedings, management believes that the ultimate outcome of any ongoing matters will not have a material adverse effect on the Company's financial condition, results of operations or cash flows.


i Delaware			i 23-1483991
(State or other jurisdiction of incorporation or organization)			(I.R.S. employer identification number)
i 350 Poplar Church Road,	i Camp Hill,	i Pennsylvania	i 17011
(Address of principal executive offices)			(Zip Code)



	Nine Months Ended
	September 30
	2020		2019
(in thousands)	Product Revenues		Interest Expense		Product Revenues		Cost of Services Sold		Interest Expense		Income From Discontinued Operations
Total amounts of line items presented in the Condensed Consolidated Statement of Operations in which the effects of cash flow hedges are recorded	$	i 334,324	$	( i 43,396)	$	i 319,765	$	i 608,230	$	( i 24,429)	$	i 23,958
Interest rate swaps:
Gain or (loss) reclassified from AOCI into income	—		( i 1,849)		—		—		i 648		—
Loss reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring	—		—		—		—		—		( i 2,741)
Foreign exchange contracts:
Gain or (loss) reclassified from AOCI into income	i 1,562		—		i 977		( i 44)		—		—
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value	i 208		—		i 403		—		—		—
Amount excluded from the effectiveness testing recognized in earnings based on an amortization approach	i 24		—		—		—		—		—
CCIRs:
Loss reclassified from AOCI into income	—		( i 912)		—		—		( i 908)		—


	Three Months Ended						Nine Months Ended
	September 30						September 30
(In millions, except percentages)	2020			2019			2020			2019
Revenues:
Harsco Environmental	$	222.5		$	260.9		$	668.1		$	791.5
Harsco Clean Earth	194.1			87.6			434.5			87.6

Harsco Rail	92.8			74.6			253.0			224.8

Total Revenues	$	509.4		$	423.2		$	1,355.5		$	1,104.0
Operating Income (Loss):
Harsco Environmental	$	12.3		$	32.8		$	36.4		$	84.9
Harsco Clean Earth	8.9			11.3			12.9			11.3

Harsco Rail	4.1			12.1			19.2			26.9
Corporate	(20.2)			(9.5)			(58.7)			(38.8)
Total Operating Income	$	5.1		$	46.7		$	9.8		$	84.4
Operating Margins:
Harsco Environmental	5.5		%	12.6		%	5.4		%	10.7		%
Harsco Clean Earth	4.6			12.9		%	3.0			12.9		%

Harsco Rail	4.4			16.2		%	7.6			12.0		%
Consolidated Operating Margin	1.0		%	11.0		%	0.7		%	7.6		%


	September 30, 2020
Significant Effects on Revenues (In millions)	Three Months Ended		Nine Months Ended
Revenues — 2019	$	260.9	$	791.5
Net effects of price/volume changes, primarily attributable to volume changes	(28.1)		(71.5)
Impact of foreign currency translation	(0.3)		(23.8)
Net impact of new and lost contracts	(7.5)		(23.2)

Other	(2.5)		(4.9)
Revenues — 2020	$	222.5	$	668.1


	September 30, 2020
Significant Effects on Revenues (In millions)	Three Months Ended		Nine Months Ended
Revenues — 2019	$	74.6	$	224.8
Net effect of price/volume changes, primarily attributable to volume changes	17.4		28.8
Impact of foreign currency translation	0.8		(0.6)

Revenues — 2020	$	92.8	$	253.0

Harsco Corp. – ‘10-Q’ for 9/30/20

On: Tuesday, 11/3/20, at 1:06pm ET · For: 9/30/20 · Accession #: 45876-20-158 · File #: 1-03970

Previous ‘10-Q’: ‘10-Q’ on 8/5/20 for 6/30/20 · Next: ‘10-Q’ on 5/4/21 for 3/31/21 · Latest: ‘10-Q’ on 11/2/23 for 9/30/23

Quarterly Report — Form 10-Q
Filing Table of Contents

‘10-Q’ — Quarterly Report
Document Table of Contents

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Dates Referenced Herein and Documents Incorporated by Reference


i ☒			QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934


i ☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934


Class						Outstanding at October 31, 2020
i Common stock, par value $1.25 per share						i 78,916,106


		Page
PART I — FINANCIAL INFORMATION

Item 1.	Financial Statements	4
	Condensed Consolidated Balance Sheets (Unaudited)	4
	Condensed Consolidated Statements of Operations (Unaudited)	6
	Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)	7
	Condensed Consolidated Statements of Cash Flows (Unaudited)	8
	Condensed Consolidated Statements of Equity (Unaudited)	10
	Notes to Condensed Consolidated Financial Statements (Unaudited)	12

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46

Item 4.	Controls and Procedures	47


PART II — OTHER INFORMATION

Item 1.	Legal Proceedings	48

Item 1A.	Risk Factors	48

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48







Item 6.	Exhibits	49


SIGNATURES		50


	Nine Months Ended September 30
(In thousands)	2020		2019

Supplementary cash flow information:
Change in accrual for purchases of property, plant and equipment included in accounts payable	$	i 3,060	$	i 5,917


Summary of Senior Secured Credit Facilities(a): (In millions)	September 30 2020		December 31 2019
By type:
Revolving Credit Facility	$	254.0	$	67.0
New Term Loan	280.0		—
Original Term Loan	218.2		218.2
5.75% Notes	500.0		500.0
Total	$	1,252.2	$	785.2


	September 30, 2020
(In millions)	Facility Limit		Outstanding Balance		Outstanding Letters of Credit		Available Credit


Multi-year revolving credit facility	$	700.0	$	254.0	$	25.4	$	420.6


Exhibit Number						Description
31.1						Certification Pursuant to Rule 13a-14(a) or 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Chairman, President and Chief Executive Officer).
31.2						Certification Pursuant to Rule 13a-14(a) or 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer).
32						Certifications Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chairman, President and Chief Executive Officer and Chief Financial Officer).
101.Def						Definition Linkbase Document
101.Pre						Presentation Linkbase Document
101.Lab						Labels Linkbase Document
101.Cal						Calculation Linkbase Document
101.Sch						Schema Document
101.Ins						Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.



DATE	November 3, 2020	/s/ *PETER F. MINAN*
		Peter F. Minan
		Senior Vice President and Chief Financial Officer
		(On behalf of the registrant and as Principal Financial Officer)

DATE	November 3, 2020	/s/ *SAMUEL C. FENICE*
		Samuel C. Fenice
		Vice President and Corporate Controller
		(Principal Accounting Officer)

This ‘10-Q’ Filing	Date	Other Filings

	7/31/27
	1/31/27
	12/8/24
	9/30/24
	6/28/24
	9/30/23
	12/31/22
	9/30/22
	9/30/21	10-Q
	4/24/21
	1/1/21
	12/31/20	10-K, 11-K, SD
Filed on:	11/3/20	8-K
	10/31/20
	10/29/20
	10/23/20
For Period end:	9/30/20
	9/25/20
	8/27/20
	8/21/20
	7/2/20
	6/30/20	10-Q
	5/4/20
	4/6/20
	3/31/20	10-Q, 8-K
	3/2/20	3, 4
	2/14/20
	1/21/20
	1/1/20
	12/31/19	10-K, 11-K, SD
	11/1/19
	9/30/19	10-Q
	6/30/19	10-Q
	6/28/19	3, 8-K
	6/13/19	8-K
	3/31/19	10-Q
	3/18/19
	1/1/19
	12/31/18	10-K, 11-K, SD
	12/6/18
	10/31/18	10-Q, 8-K
	10/19/18
	8/6/18
	7/27/18	8-K
	6/4/18	4
	5/2/18	10-Q, 4, 8-K
	1/1/18
	3/24/17
		List all Filings


FORM			i 10-Q

Harsco Corp. – ‘10-Q’ for 9/30/20

On: Tuesday, 11/3/20, at 1:06pm ET · For: 9/30/20 · Accession #: 45876-20-158 · File #: 1-03970

Previous ‘10-Q’: ‘10-Q’ on 8/5/20 for 6/30/20 · Next: ‘10-Q’ on 5/4/21 for 3/31/21 · Latest: ‘10-Q’ on 11/2/23 for 9/30/23

Quarterly Report — Form 10-QFiling Table of Contents

‘10-Q’ — Quarterly ReportDocument Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

Quarterly Report — Form 10-Q
Filing Table of Contents

‘10-Q’ — Quarterly Report
Document Table of Contents