Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | HARSCO CORP | ||
Entity Central Index Key | 45,876 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 80,453,852 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,294,742 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 62,098 | $ 69,831 |
Restricted cash | 4,111 | 2,048 |
Trade accounts receivable, net | 288,034 | 236,554 |
Other receivables | 20,224 | 21,053 |
Inventories | 178,293 | 187,681 |
Other current assets | 39,332 | 33,108 |
Total current assets | 592,092 | 550,275 |
Property, plant and equipment, net | 479,747 | 490,255 |
Goodwill | 401,758 | 382,251 |
Intangible assets, net | 38,251 | 41,567 |
Deferred income tax assets | 51,574 | 106,311 |
Other assets | 15,263 | 10,679 |
Total assets | 1,578,685 | 1,581,338 |
Current liabilities: | ||
Short-term borrowings | 8,621 | 4,259 |
Current maturities of long-term debt | 11,208 | 25,574 |
Accounts payable | 126,249 | 107,954 |
Accrued compensation | 60,451 | 46,658 |
Income taxes payable | 5,106 | 4,301 |
Insurance liabilities | 11,167 | 11,850 |
Advances on contracts and other customer advances | 117,958 | 117,329 |
Other current liabilities | 133,368 | 109,748 |
Total current liabilities | 474,128 | 427,673 |
Long-term debt | 566,794 | 629,239 |
Insurance liabilities | 22,385 | 25,265 |
Retirement plan liabilities | 259,367 | 319,597 |
Other liabilities | 40,846 | 42,001 |
Total liabilities | 1,363,520 | 1,443,775 |
COMMITMENTS AND CONTINGENCIES | ||
HARSCO CORPORATION STOCKHOLDERS’ EQUITY | ||
Preferred Stock, Value, Issued | 0 | 0 |
Common stock, par value $1.25 (issued 112,888,126 and 112,499,874 shares at December 31, 2017 and 2016, respectively) | 141,110 | 140,625 |
Additional paid-in capital | 180,201 | 172,101 |
Accumulated other comprehensive loss | (546,582) | (606,722) |
Retained earnings | 1,157,801 | 1,150,688 |
Treasury stock, at cost (32,434,274 and 32,324,911 shares at December 31, 2017 and 2016, respectively) | (762,079) | (760,391) |
Total Harsco Corporation stockholders' equity | 170,451 | 96,301 |
Noncontrolling interests | 44,714 | 41,262 |
Total equity | 215,165 | 137,563 |
Total liabilities and equity | $ 1,578,685 | $ 1,581,338 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Financial Position [Abstract] | |||||
Common stock, par value | $ 1.25 | $ 1.25 | |||
Common stock, shares issued | 112,888,126 | 112,499,874 | 112,405,302 | 112,357,348 | |
Treasury stock, shares | [1] | 32,434,274 | 32,324,911 | 32,310,937 | 31,697,498 |
[1] | The Company repurchases shares in connection with the issuance of shares under stock-based compensation programs and in accordance with Board authorized share repurchase programs. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Revenues from continuing operations: | |||||
Service revenues | $ 981,672 | $ 939,129 | $ 1,092,725 | ||
Product revenues | 625,390 | 512,094 | 630,367 | ||
Total revenues | 1,607,062 | 1,451,223 | 1,723,092 | ||
Costs and expenses from continuing operations: | |||||
Cost of services sold | 767,081 | 759,120 | 909,995 | ||
Cost of products sold | 453,641 | 411,343 | 446,366 | ||
Selling, general and administrative expenses | 234,673 | 200,391 | 242,112 | ||
Research and development expenses | 4,227 | 4,280 | 4,510 | ||
Loss on disposal of the Harsco Infrastructure Segment and transaction costs | 0 | 0 | 1,000 | ||
Other expenses | 4,641 | 12,620 | 30,573 | ||
Total costs and expenses | 1,464,263 | 1,387,754 | 1,634,556 | ||
Operating income from continuing operations | 142,799 | 63,469 | 88,536 | ||
Interest income | 2,469 | 2,475 | 1,574 | ||
Interest expense | (47,552) | (51,584) | (46,804) | ||
Loss on early extinguishment of debt | (2,265) | (35,337) | 0 | ||
Change in fair value to the unit adjustment liability and loss on dilution and sale of equity method investment | 0 | (58,494) | (8,491) | ||
Income (loss) from continuing operations before income taxes and equity income | 95,451 | (79,471) | 34,815 | ||
Income tax expense | (83,803) | (6,637) | (27,678) | ||
Equity in income of unconsolidated entities, net | 0 | 5,686 | 175 | ||
Income (loss) from continuing operations | 11,648 | (80,422) | 7,312 | ||
Discontinued operations: | |||||
Income (loss) on disposal of discontinued business | 306 | 1,061 | (1,553) | ||
Income tax (expense) benefit related to discontinued business | (110) | (392) | 573 | ||
Income (loss) from discontinued operations | 196 | 669 | (980) | ||
Net income (loss) | 11,844 | (79,753) | 6,332 | ||
Less: Net income attributable to noncontrolling interests | (4,022) | (5,914) | (144) | ||
Net income (loss) attributable to Harsco Corporation | 7,822 | (85,667) | 6,188 | ||
Amounts attributable to Harsco Corporation common stockholders: | |||||
Income (loss) from continuing operations, net of tax | 7,626 | (86,336) | 7,168 | ||
Income (loss) from discontinued operations | 196 | 669 | (980) | ||
Net income (loss) attributable to Harsco Corporation common stockholders | $ 7,822 | $ (85,667) | $ 6,188 | ||
Weighted average shares of common stock outstanding | 80,553 | 80,333 | 80,234 | ||
Basic earnings (loss) per share attributable to Harsco Corporation common stockholders: | |||||
Continuing operations | $ 0.09 | $ (1.07) | $ 0.09 | ||
Discontinued operations | 0 | 0.01 | (0.01) | ||
Basic earnings (loss) per share attributable to Harsco Corporation common stockholders | $ 0.10 | [1] | $ (1.07) | [1] | $ 0.08 |
Diluted weighted average shares of stock outstanding | 82,840 | 80,333 | 80,365 | ||
Diluted earnings (loss) per share attributable to Harsco Corporation common stockholders: | |||||
Continuing operations | $ 0.09 | $ (1.07) | $ 0.09 | ||
Discontinued operations | 0 | 0.01 | (0.01) | ||
Diluted earnings (loss) per share attributable to Harsco Corporation common stockholders | $ 0.09 | $ (1.07) | [1] | $ 0.08 | |
[1] | Does not total due to rounding. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 11,844 | $ (79,753) | $ 6,332 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments, net of deferred income taxes of $3,471, $(13,670) and $(2,314) in 2017, 2016 and 2015, respectively | 36,011 | (21,560) | (88,255) |
Net gain (loss) on cash flow hedging instruments, net of deferred income taxes of $(759), $(544) and $(975) in 2017, 2016 and 2015, respectively | 1,897 | (682) | 8,617 |
Pension liability adjustments, net of deferred income taxes of $(4,084), $34 and $1,443 in 2017, 2016 and 2015, respectively | 25,254 | (71,398) | 93,582 |
Unrealized gain (loss) on marketable securities, net of deferred income taxes of $(12), $(16) and $10 in 2017, 2016 and 2015, respectively | 22 | 26 | (16) |
Total other comprehensive income (loss) | 63,184 | (93,614) | 13,928 |
Total comprehensive income (loss) | 75,028 | (173,367) | 20,260 |
Less: Comprehensive (income) loss attributable to noncontrolling interests | (7,068) | (3,334) | 2,496 |
Comprehensive income (loss) attributable to Harsco Corporation | $ 67,960 | $ (176,701) | $ 22,756 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, deferred income taxes | $ 3,471 | $ (13,670) | $ (2,314) |
Net gains (losses) on cash flow hedging instruments, deferred income taxes | (759) | (544) | (975) |
Pension liability adjustments, deferred income taxes | (4,084) | 34 | 1,443 |
Unrealized gain (loss) on marketable securities, deferred income taxes | $ (12) | $ (16) | $ 10 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 11,844 | $ (79,753) | $ 6,332 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation | 121,839 | 129,083 | 144,652 |
Amortization | 8,098 | 12,403 | 11,823 |
Change in fair value to the unit adjustment liability and loss on dilution and sale of equity method investment | 0 | 58,494 | 8,491 |
Contract estimated forward loss provision for Harsco Rail Segment | 0 | 45,050 | 0 |
Loss on early extinguishment of debt | 2,265 | 35,337 | 0 |
Deferred income tax expense (benefit) | 57,349 | (7,654) | 5,174 |
Equity in income of unconsolidated entities, net | 0 | (5,686) | (175) |
Dividends from unconsolidated entities | 93 | 16 | 28 |
Other, net | 749 | 2,633 | (5,740) |
Changes in assets and liabilities, net of acquisitions and dispositions of businesses: | |||
Accounts receivable | (32,012) | 16,041 | 41,650 |
Inventories | 19,557 | (12,313) | (44,806) |
Accounts payable | 12,554 | (20,194) | (136) |
Accrued interest payable | 438 | (3,197) | (2,753) |
Accrued compensation | 11,126 | 8,865 | (10,319) |
Advances on contracts and other customer advances | (16,811) | 14,485 | (795) |
Harsco 2011/2012 Restructuring Program accrual | 0 | 0 | (398) |
Retirement plan liabilities, net | (21,300) | (20,420) | (24,593) |
Other assets and liabilities | 3,368 | (13,314) | (6,663) |
Net cash provided by operating activities | 176,892 | 159,876 | 121,772 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (98,314) | (69,340) | (123,552) |
Proceeds from sales of assets | 13,418 | 9,305 | 25,966 |
Net cash used to acquire businesses | 0 | (26) | (7,788) |
Payment of unit adjustment liability | 0 | 0 | (22,320) |
Proceeds from sale of equity investment | 0 | 165,640 | 0 |
Net proceeds (payments) from settlement of foreign currency forward exchange contracts | (18,429) | 17,238 | (3,161) |
Other investing activities, net | 0 | 70 | 482 |
Net cash provided (used) by investing activities | (103,325) | 122,887 | (130,373) |
Cash flows from financing activities: | |||
Short-term borrowings, net | 5,061 | (2,350) | 18,875 |
Current maturities and long-term debt: | |||
Additions | 27,985 | 720,727 | 427,996 |
Reductions | (108,280) | (979,567) | (399,533) |
Cash dividends paid on common stock | 0 | (4,105) | (65,730) |
Dividends paid to noncontrolling interests | (2,445) | (1,702) | (4,498) |
Purchase of noncontrolling interests | (3,412) | (4,731) | (395) |
Stock-based compensation - Employee taxes paid | (1,688) | (91) | (265) |
Common stock acquired for treasury | 0 | 0 | (12,143) |
Proceeds from cross-currency interest rate swap termination | 0 | 16,625 | 75,057 |
Deferred pension underfunding payment to unconsolidated affiliate | 0 | (20,640) | (7,688) |
Deferred financing costs | (42) | (16,530) | (9,487) |
Other financing activities, net | (894) | 0 | 0 |
Net cash provided (used) by financing activities | (83,715) | (292,364) | 22,189 |
Effect of exchange rate changes on cash, including restricted cash | 4,478 | 1,724 | 3,325 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (5,670) | (7,877) | 16,913 |
Cash and cash equivalents, including restricted cash, at beginning of period | 71,879 | 79,756 | 62,843 |
Cash and cash equivalents, including restricted cash, at end of period | 66,209 | 71,879 | 79,756 |
Purchase of businesses, net of cash acquired | |||
Working capital | 0 | 0 | (560) |
Property, plant and equipment | 0 | 0 | (72) |
Goodwill | 0 | 0 | (3,490) |
Intangible Assets | 0 | 0 | (4,078) |
Other noncurrent assets and liabilities, net | 0 | (26) | 412 |
Net cash used to acquire businesses | $ 0 | $ (26) | $ (7,788) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock Issued | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | |
Balances at Dec. 31, 2014 | $ 351,910 | $ 140,444 | $ (749,815) | $ 165,666 | $ 1,283,549 | $ (532,256) | $ 44,322 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 6,332 | 6,188 | 144 | |||||
Cash dividends declared: | ||||||||
Common @ $0.666 per share in 2015 | [1] | (53,382) | (53,382) | |||||
Noncontrolling interests | (4,498) | (4,498) | ||||||
Total other comprehensive income (loss), net of deferred income taxes of $(1,836), $(14,196), and $(1,384) in 2015, 2016, and 2017 respectively | 13,928 | 16,568 | (2,640) | |||||
Contributions from noncontrolling interests | 2,100 | 2,100 | ||||||
Purchase of subsidiary shares from noncontrolling interest | 398 | (3) | (395) | |||||
Sale of investment in consolidated subsidiary | 200 | 200 | ||||||
Vesting of restricted stock units and other stock grants, net 31,147 shares, 80,598 shares and 269,924 shares in 2015, 2016 and 2017, respectively | (304) | 59 | (264) | (99) | ||||
Treasury shares repurchased, 596,632 shares in 2015 | (10,220) | (10,220) | ||||||
Amortization of unearned stock-based compensation, net of forfeitures | 5,135 | 5,135 | ||||||
Balances at Dec. 31, 2015 | 310,803 | 140,503 | (760,299) | 170,699 | 1,236,355 | (515,688) | 39,233 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (79,753) | (85,667) | 5,914 | |||||
Cash dividends declared: | ||||||||
Noncontrolling interests | (1,702) | 1,702 | ||||||
Total other comprehensive income (loss), net of deferred income taxes of $(1,836), $(14,196), and $(1,384) in 2015, 2016, and 2017 respectively | (93,614) | (91,034) | (2,580) | |||||
Purchase of subsidiary shares from noncontrolling interest | (4,731) | (5,128) | 397 | |||||
Vesting of restricted stock units and other stock grants, net 31,147 shares, 80,598 shares and 269,924 shares in 2015, 2016 and 2017, respectively | (1,164) | 122 | (92) | (1,194) | ||||
Amortization of unearned stock-based compensation, net of forfeitures | 7,724 | 7,724 | ||||||
Balances at Dec. 31, 2016 | 137,563 | 140,625 | (760,391) | 172,101 | 1,150,688 | (606,722) | 41,262 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 397 | 1,106 | (709) | |||||
Net income (loss) | 11,844 | 7,822 | 4,022 | |||||
Cash dividends declared: | ||||||||
Noncontrolling interests | (2,445) | (2,445) | ||||||
Total other comprehensive income (loss), net of deferred income taxes of $(1,836), $(14,196), and $(1,384) in 2015, 2016, and 2017 respectively | 63,184 | 60,140 | 3,044 | |||||
Purchase of subsidiary shares from noncontrolling interest | (3,436) | (2,242) | (1,194) | |||||
Sale of investment in consolidated subsidiary | 25 | 25 | ||||||
Stock Appreciation Rights exercised, net 8,965 shares | (63) | 16 | (63) | (16) | ||||
Vesting of restricted stock units and other stock grants, net 31,147 shares, 80,598 shares and 269,924 shares in 2015, 2016 and 2017, respectively | (1,625) | 469 | (1,625) | (469) | ||||
Amortization of unearned stock-based compensation, net of forfeitures | 9,721 | 9,721 | ||||||
Balances at Dec. 31, 2017 | $ 215,165 | $ 141,110 | $ (762,079) | $ 180,201 | 1,157,801 | $ (546,582) | $ 44,714 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (1,000) | |||||||
[1] | In November 2015, the Company reduced the quarterly dividend to $0.051 per share. |
CONSOLIDATED STATEMENTS OF CHA9
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash dividends declared, Common, per share (in dollars per share) | $ 0.051 | $ 0 | $ 0 | $ 0.666 |
Other Comprehensive Income (Loss), Tax | $ (1,384) | $ (14,196) | $ (1,836) | |
Vesting of restricted stock units, shares | 269,924,000 | 80,598,000 | 31,147,000 | |
Treasury shares repurchased, shares | 0 | |||
SARS exercised, shares | 8,965,000 | 0 | 0 | |
Treasury Stock | ||||
Treasury shares repurchased, shares | 0 | 0 | 596,632 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Consolidation The consolidated financial statements include all accounts of Harsco Corporation (the "Company"), all entities in which the Company has a controlling voting interest and variable interest entities required to be consolidated in accordance with generally accepted accounting principles in the U.S. ("U.S. GAAP"). Intercompany accounts and transactions have been eliminated among consolidated entities. The Company's management has evaluated all activity of the Company and concluded that subsequent events are properly reflected in the Company's consolidated financial statements and notes as required by U.S. GAAP. Reclassifications Certain reclassifications have been made to prior year amounts to conform with current year classifications. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and short-term investments that are highly liquid in nature and have an original maturity of three months or less. Restricted Cash The Company had restricted cash of $4.1 million and $2.0 million at December 31, 2017 and December 31, 2016 , respectively, and the restrictions are primarily related to collateral provided for certain guarantees of the Company’s performance. Inventories Inventories in the U.S. are principally accounted for using the last-in, first-out ("LIFO") method and are stated at the lower of cost or market. The Company's remaining inventories are accounted for using the first-in, first-out ("FIFO") or average cost methods and are stated at the lower of cost and net realizable value. See Note 3, Accounts Receivable and Inventories, for additional information. Depreciation Property, plant and equipment is recorded at cost and depreciated over the estimated useful lives of the assets using, principally, the straight-line method. When property, plant and equipment is retired from service, the cost of the retirement is charged to the allowance for depreciation to the extent of the accumulated depreciation and the balance is charged to income. Long-lived assets to be disposed of by sale are not depreciated while they are classified as held-for-sale. Leases The Company leases certain property and equipment under noncancelable lease agreements. All lease agreements are evaluated and classified as either an operating or capital lease in accordance with U.S. GAAP. A lease is classified as a capital lease if any of the following criteria are met: transfer of ownership to the Company by the end of the lease term; the lease contains a bargain purchase option; the lease term is equal to or greater than 75% of the asset's economic life; or the present value of future minimum lease payments is equal to or greater than 90% of the asset's fair market value. Operating lease expense is recognized ratably over the lease term, including rent abatement periods and rent holidays. See Note 5, Property, Plant and Equipment and Note 7, Debt and Credit Agreements, for additional information on capital leases and Note 8, Operating Leases, for additional information on operating leases. Goodwill and Other Intangible Assets In accordance with U.S. GAAP, goodwill is not amortized and is tested for impairment annually, or more frequently if indicators of impairment exist, or if a decision is made to dispose of a business. Goodwill is allocated among and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one level below for which discrete financial information is available. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include declining cash flows or operating losses at the reporting unit level, a significant adverse change in legal factors or business climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, or a more likely than not expectation that a reporting unit or a significant portion of a reporting unit will be sold or otherwise disposed of, among others. The Company performs the annual goodwill impairment test as of October 1 . The Company has five reporting units, only three of which have goodwill associated with them as of December 31, 2017 . Almost all of the Company's goodwill is included in the Harsco Metals & Minerals Segment. The evaluation of potential goodwill impairment involves comparing the current fair value of each reporting unit to the net book value, including goodwill. The Company uses a discounted cash flow model (“DCF model”) to estimate the current fair value of reporting units, as management believes forecasted operating cash flows are the best indicator of current fair value. A number of significant assumptions and estimates are involved in the preparation of DCF models including future revenues and operating margin growth, the weighted-average cost of capital (“WACC”), tax rates, capital spending, pension funding, the impact of business initiatives and working capital projections. These assumptions and estimates may vary significantly among reporting units. DCF models are based on approved long-range plans for the early years and historical relationships and projections for later years. WACC rates are derived from internal and external factors including, but not limited to, the average market price of the Company's stock, shares outstanding, book value of the Company's debt, the long-term risk free interest rate, and both market and size-specific risk premiums. Due to the many variables noted above and the relative size of the Company's goodwill, differences in assumptions may have a material impact on the results of the Company's annual goodwill impairment testing. If the net book value of a reporting unit were to exceed the current fair value, the second step of the goodwill impairment test would currently be required to determine if an impairment existed and the amount of goodwill impairment to record, if any. The second step of the goodwill impairment test compares the net book value of a reporting unit's goodwill with the implied fair value of that goodwill. The implied fair value of goodwill represents the excess of fair value of the reporting unit over the fair value amounts assigned to all of the assets and liabilities of the reporting unit if it were to be acquired in a hypothetical business combination and the current fair value of the reporting unit represented the purchase price. As necessary, the Company may use valuation experts to assist with the second step of the goodwill impairment test. See Note 6, Goodwill and Other Intangible Assets, for additional information. Impairment of Long-Lived Assets (Other than Goodwill) Long-lived assets are reviewed for impairment when events and circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets are reviewed for impairment when events and circumstances indicate the book value of an asset may be impaired. The Company's policy is to determine if an impairment loss exists when it is determined that the carrying amount of the asset exceeds the sum of the expected undiscounted future cash flows resulting from use of the asset and its eventual disposition. Impairment losses are measured as the amount by which the carrying amount of the asset exceeds its fair value, normally as determined in either open market transactions or through the use of a DCF model. Long-lived assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. See Note 16, Other Expenses, Net for additional information. Deferred Financing Costs The Company has incurred debt issuance costs which are recognized as a reduction of Long-term debt on the Consolidated Balance Sheets. Debt issuance costs are amortized and recognized as interest expense over the contractual term of the related indebtedness or shorter period if appropriate based upon contractual terms. Whenever indebtedness is modified from its original terms, an evaluation is made whether an accounting modification or extinguishment has occurred in order to determine the accounting treatment for debt issuance costs related to the debt modification. Revenue Recognition Service revenues and product revenues are recognized when they are realized or realizable and when earned. Revenue is realized or realizable and earned when all of the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the Company's price to the buyer is fixed or determinable and collectability is reasonably assured. Service revenues include the service components of the Harsco Metals & Minerals and Harsco Rail Segments. Product revenues include the Harsco Industrial Segment and the product revenues of the Harsco Metals & Minerals and Harsco Rail Segments. Harsco Metals & Minerals Segment —This Segment provides services predominantly on a long-term, volume-of-production contract basis. Contracts may include both fixed monthly fees as well as variable fees based upon specific services provided to the customer. The fixed-fee portion is recognized periodically as earned (normally monthly) over the contractual period. The variable-fee portion is recognized as services are performed and differs from period to period based upon the actual provision of services. This Segment also sells industrial abrasives and roofing granule products. Product revenues are recognized generally when title and risk of loss transfer and when all revenue recognition criteria have been met. Title and risk of loss for domestic shipments generally transfer to the customer at the point of shipment. For export sales, title and risk of loss transfer in accordance with the international commercial terms included in the specific customer contract. Harsco Industrial Segment —This Segment sells industrial grating products, high-security fencing, heat exchangers and heat transfer products. Product revenues are generally recognized when title and risk of loss transfer and when all of the revenue recognition criteria have been met. Title and risk of loss for domestic shipments generally transfer to the customer at the point of shipment. For export sales, title and risk of loss transfer in accordance with the international commercial terms included in the specific customer contract or purchase order. Harsco Rail Segment —This Segment sells railway track maintenance equipment, after-market parts and provides railway track maintenance services. Product revenue is recognized generally when title and risk of loss transfer and when all of the revenue recognition criteria have been met. Title and risk of loss for domestic shipments generally transfer to the customer at the point of shipment. For export sales, title and risk of loss transfer in accordance with the international commercial terms included in the specific customer contract. Revenue may be recognized subsequent to the transfer of title and risk of loss for certain product sales, if the specific sales contract includes a customer acceptance clause that provides for different timing. In those situations, revenue is recognized after transfer of title and risk of loss and after customer acceptance. Certain contracts within the Harsco Rail Segment, which meet specific criteria established in U.S. GAAP, are accounted for as long-term contracts. The Company recognizes revenues on two contracts from the federal railway system of Switzerland ("SBB") based on the percentage-of-completion (units-of-delivery) method of accounting, whereby revenues and estimated average costs of the units to be produced under the contracts are recognized as deliveries are made or accepted. Contract revenues and cost estimates are reviewed and revised, at a minimum quarterly, and adjustments are reflected in the accounting period as such amounts are determined. The Company recognized $42.5 million , $0.2 million and $1.9 million of revenue for the contracts with SBB for the years ended December 31, 2017 , 2016 and 2015 , respectively, under the percentage-of-completion (units-of-delivery) method. For 2017, product revenue gross margins would have been 200 basis points higher excluding the revenue recognized under the SBB contract. These revenues did not have a material impact on the Company's product revenue gross margins for 2016 and 2015. The Company is approximately 45% complete on its first contract and 0% completed on the second contract with SBB as of December 31, 2017 based on the amount of revenue recognized. See Note 3, Accounts Receivable and Inventories, for additional information. Accounting for contracts using the percentage-of-completion method requires judgment relative to assessing risks, estimating contract revenues and costs (including estimating any liquidating damages or penalties related to performance) and making assumptions for schedule and technical items. Due to the number of years it may take to complete these contracts and the scope and nature of the work required to be performed on those contracts, estimating total sales and costs at completion is inherently complicated and subject to many variables and, accordingly estimates are subject to change. When adjustments in estimated total contract sales or estimated total costs are required, any changes from prior estimates are recognized in the current period for the inception-to-date effect of such changes. When estimates of total costs to be incurred on a contract, using the percentage-of-completion method, exceed estimates of total sales to be earned, a provision for the entire loss on the contract is recorded in the period in which the loss is determined. Services are predominantly on a long-term, time-and-materials contract basis. Revenue is recognized when earned as services are performed within the long-term contracts. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of the events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records deferred tax assets to the extent that the Company believes that these assets will more likely than not be realized. In making such determinations, the Company considers all available positive and negative evidence, including future reversals of existing deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial results. In the event the Company was to determine that it would be able to realize deferred income tax assets in the future in excess of their net recorded amount, an adjustment to the valuation allowance would be made that would reduce the provision for income taxes. On December 22, 2017, U.S. federal tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the" Act") was signed into law. The Act, among other things, reduces the U.S. corporate income tax rate to 21% starting in 2018 and creates a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings of U.S. subsidiaries. The Securities and Exchange Commission ("SEC") staff issued Staff Accounting Bulletin No. 118 ("SAB 118") to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Act. The Company has recognized the provisional tax impacts related to the revaluation of deferred tax assets and liabilities and included these amounts in the consolidated financial statements for the year ended December 31, 2017. The ultimate impact may differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued and actions the Company may take as a result of the Act. The Company prepares and files tax returns based on interpretation of tax laws and regulations and records its provision for income taxes based on these interpretations. Uncertainties may exist in estimating the Company's tax provisions and in filing tax returns in the many jurisdictions in which the Company operates, and as a result these interpretations may give rise to an uncertain tax position. The tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on its technical merits. Each subsequent period the Company determines if existing or new uncertain tax positions meet a more likely than not recognition threshold and adjust accordingly. The Company recognizes interest and penalties related to unrecognized tax benefits within Income tax expense in the accompanying Consolidated Statements of Operations. Accrued interest and penalties are included in Other liabilities on the Consolidated Balance Sheets. Based on an analysis of the earnings and profits ("E&P") for the Company's foreign subsidiaries, no toll charge has been recorded in 2017 related to the Act. Given the complexities of the E&P calculations and the guidance provided by SAB 118, the Company will continue to analyze this provisional amount until the Company's U.S. tax return is filed in 2018. The Company does not anticipate a change in the indefinite reinvestment assertion, as a result of the Act. However, the Company considers the indefinite reinvestment assertion to be provisional and will continue to analyze the impact of the Act on this assertion during the SAB 118 measurement period. The significant assumptions and estimates described in the preceding paragraphs are important contributors to the effective tax rate each year. See Note 10, Income Taxes, for additional information. Accrued Insurance and Loss Reserves The Company retains a significant portion of the risk for U.S. workers' compensation, U.K. employers' liability, automobile, general and product liability losses. During 2017 , 2016 and 2015 , the Company recorded insurance expense from continuing operations related to these lines of coverage of $16.4 million , $15.0 million and $13.6 million , respectively. Reserves have been recorded that reflect the undiscounted estimated liabilities including claims incurred but not reported. When a recognized liability is covered by third-party insurance, the Company records an insurance claim receivable to reflect the covered liability. Changes in the estimates of the reserves are included in net income (loss) in the period determined. During 2017 , 2016 and 2015 , the Company recorded retrospective insurance reserve adjustments that decreased pre-tax insurance expense from continuing operations for self-insured programs by $2.6 million , $5.4 million and $8.5 million , respectively. At December 31, 2017 and 2016 , the Company has recorded liabilities of $33.6 million and $37.1 million , respectively, related to both asserted as well as unasserted insurance claims. Included in the balances at December 31, 2017 and 2016 were $4.1 million and $3.5 million , respectively, of recognized liabilities covered by insurance carriers. Amounts estimated to be paid within one year have been included in current caption, Insurance liabilities, with the remainder included in non-current caption, Insurance liabilities, on the Consolidated Balance Sheets. Warranties The Company has recorded product warranty reserves of $6.0 million , $6.3 million and $7.8 million at December 31, 2017 , 2016 and 2015 , respectively. The Company provides for warranties of certain products as they are sold. The following table summarizes the warranty activity for 2017 , 2016 and 2015 : (In thousands) 2017 2016 2015 Warranty reserves, beginning of the year $ 6,281 $ 7,844 $ 8,886 Accruals for warranties issued during the year 5,528 6,439 3,656 Reductions related to pre-existing warranties (3,792 ) (5,611 ) (3,042 ) Warranties paid (2,078 ) (2,372 ) (1,629 ) Other (principally foreign currency translation) 17 (19 ) (27 ) Warranty reserves, end of the year $ 5,956 $ 6,281 $ 7,844 Warranty expense and payments are incurred principally in the Harsco Industrial and Harsco Rail Segments. Warranty activity may vary from year to year depending upon the mix of revenues and contractual terms related to product warranties. Foreign Currency Translation The financial statements of the Company's subsidiaries outside the U.S., except for those subsidiaries located in highly inflationary economies and those entities for which the U.S. dollar is the currency of the primary economic environment in which the entity operates, are measured using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at the exchange rates at the balance sheet date. Resulting translation adjustments are recorded in the cumulative translation adjustment account, a separate component of Accumulated other comprehensive loss on the Consolidated Balance Sheets. Income and expense items are translated at average monthly exchange rates. Gains and losses from foreign currency transactions are included in Operating income from continuing operations. For subsidiaries operating in highly inflationary economies, and those entities for which the U.S. dollar is the currency of the primary economic environment in which the entity operates, gains and losses on foreign currency transactions and balance sheet translation adjustments are included in Operating income from continuing operations. Financial Instruments and Hedging The Company has operations throughout the world that are exposed to fluctuations in related foreign currencies in the normal course of business. The Company seeks to reduce exposure to foreign currency fluctuations through the use of forward exchange contracts. The Company does not hold or issue financial instruments for trading purposes and it is the Company's policy to prohibit the use of derivatives for speculative purposes. The Company has a Foreign Currency Risk Management Committee that meets periodically to monitor foreign currency risks. The Company executes foreign currency exchange forward contracts to hedge transactions for firm purchase commitments, to hedge variable cash flows of forecasted transactions and for export sales denominated in foreign currencies. These contracts are generally for 90 days or less; however, where appropriate, longer-term contracts may be utilized. For those contracts that are designated as qualified cash flow hedges, gains or losses are recorded in Accumulated other comprehensive loss on the Consolidated Balance Sheets. The Company uses interest rate swaps in conjunction with certain debt issuances in order to secure a fixed interest rate. The interest rate swaps are recorded on the Consolidated Balance Sheets at fair value, with changes in value attributed to the effect of the swaps’ interest spread and changes in the credit worthiness of the counter-parties recorded in Accumulated other comprehensive loss. Amounts recorded in Accumulated other comprehensive loss on the Consolidated Balance Sheets are reclassified into operations in the same period or periods during which the hedged forecasted transaction affects income. The cash flows from these contracts are classified consistent with the cash flows from the transaction being hedged (e.g., the cash flows related to contracts to hedge the purchase of fixed assets are included in cash flows from investing activities, etc.). The Company also enters into certain forward exchange contracts that are not designated as hedges. Gains and losses on these contracts are recognized in operations based on changes in fair market value. For fair value hedges of a firm commitment, the gain or loss on the derivative and the offsetting gain or loss on the hedged firm commitment are recognized currently in operations. See Note 14, Financial Instruments, for additional information. Earnings Per Share Basic earnings per share are calculated using the weighted-average shares of common stock outstanding, while diluted earnings per share reflect the dilutive effects of stock-based compensation. Dilutive securities are not included in the computation of loss per share when the Company reports a net loss from continuing operations as the impact would be anti-dilutive. All share and per share amounts are restated for any stock splits and stock dividends that occur prior to the issuance of the financial statements. See Note 12, Capital Stock, for additional information. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses. Actual results could differ from those estimates. |
Recently Adopted and Recently I
Recently Adopted and Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Adopted and Recently Issued Accounting Standards | Recently Adopted and Recently Issued Accounting Standards The following accounting standards have been adopted in 2017 : On January 1, 2017, the Company adopted changes issued by the Financial Accounting Standards Board ("FASB") related to the simplification of the measurement of inventory. The changes required entities to measure most inventory at the lower of cost and net realizable value, thereby simplifying the previous guidance under which an entity must measure inventory at the lower of cost or market. The changes did not apply to inventories that are measured using either the last-in, first-out method or the retail inventory method. The adoption of these changes did not have an impact on the Company's consolidated financial statements. On January 1, 2017, the Company adopted changes issued by the FASB that required deferred tax assets and liabilities to be classified as non-current in a classified statement of financial position. The changes applied to all entities that present a classified statement of financial position. The requirement that deferred tax assets and liabilities of a tax-paying component of an entity be offset and presented as a single amount was not affected. The adoption of these changes resulted in the Company reclassifying approximately $27 million from reported current assets to Deferred income tax assets based on balances at December 31, 2016 . On January 1, 2017, the Company adopted changes issued by the FASB amending the accounting for stock-based compensation and requiring excess tax benefits and shortfalls to be recognized as a component of income tax expense rather than equity. These changes also required excess tax benefits and shortfalls to be presented as an operating activity on the Consolidated Statement of Cash Flows and allowed an entity to make an accounting policy election to either estimate expected forfeitures or to account for them as they occur. These changes resulted in the Company recording the cumulative impact of approximately $1 million pre-tax on January 1, 2017 to retained earnings, related to the Company electing to not estimate forfeitures on stock compensation plans but rather recognize forfeitures as they occur. The inclusion of excess tax benefits and shortfalls as a component of the Company’s income tax expense will increase volatility within the provision for income taxes as the amount of excess tax benefits or deficiencies from stock-based compensation awards are dependent on the Company's stock price at the date an award vests. The impact to income tax expense resulting from this change was tax benefit of $0.4 million for the year ended December 31, 2017 . During the second quarter of 2017, the Company early-adopted changes issued by the FASB that added and clarified guidance related to the classification, presentation and disclosure of restricted cash in the statement of cash flows. The adoption of these changes did not have an impact on the Company's consolidated statement of cash flows for the current and prior periods. The following accounting standards have been issued and become effective for the Company at a future date: In May 2014, the FASB issued changes, with subsequent amendments, related to the recognition of revenue from contracts with customers. The changes clarify the principles for recognizing revenue and develop a common revenue standard. The core principle of the changes is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The changes also require additional disclosures related to revenue recognition. These changes become effective for the Company on January 1, 2018. The Company will adopt the standard using the modified retrospective method of implementation with the cumulative effect of initially applying the changes recognized in retained earnings at the date of initial application. Management has determined that the most significant impact will be with regard to the timing of revenue recognition associated with the air-cooled heat exchanger business of the Harsco Industrial Segment and certain equipment sales in the Harsco Rail Segment. The Company currently recognizes revenues on such arrangements upon the completion of the efforts associated with these arrangements. However, as a result of these changes, revenue from these arrangements will be recognized over time, increasing revenue in earlier periods, creating a new caption on the balance sheet related to Contract assets and reducing both Inventories and Advances on contracts and other customer advances. The cumulative effect to retained earnings upon adoption is not expected to be material. Management has determined that there will not be any significant impact with regard to the timing of revenue recognition associated with the Harsco Metals & Minerals Segment or the industrial grating and fencing or heat transfer businesses of the Harsco Industrial Segment. The Company does not expect any impact on the timing of operating cash flows. Management is currently finalizing the impact of these changes, including the impact of income taxes, internal controls over financial reporting, and the new disclosure requirements; and the expected impact upon adoption may change based on this evaluation. In February 2016, the FASB issued changes in accounting for leases. The changes introduce a lessee model that brings most leases onto the balance sheet. The changes also align many of the underlying principles of the new lessor model with those in the FASB’s new revenue recognition standard. Furthermore, the changes address other concerns related to the current leases model such as eliminating the requirement in current guidance for an entity to use bright-line tests in determining lease classification. The changes also require lessors to increase the transparency of their exposure to changes in value of their residual assets and how they manage that exposure. The changes become effective for the Company on January 1, 2019. Management is currently evaluating the impact of these changes on its consolidated financial statements. In January 2017, the FASB issued changes that remove the second step of the annual goodwill impairment test, which requires 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. The changes become effective for the Company on January 1, 2020. Management has determined that these changes will not have a material impact on the Company's consolidated financial statements. However, should the Company be required to record a goodwill impairment charge in future periods, the amount recorded may differ compared to any amounts that might be recorded under current practice. In March 2017, the FASB issued changes to how employers that sponsor defined benefit pension plans and other postretirement plans present the net periodic pension cost ("NPPC") in the statement of operations. An employer will be required to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of NPPC are required to be presented in the statement of operations separately from the service cost component and outside of the subtotal of income from operations. The changes also allow only the service cost component to be eligible for capitalization. The changes become effective for the Company on January 1, 2018. There would be no change to Income from continuing operations before income taxes and equity income. In May 2017, the FASB issued changes to clarify when revisions to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The changes require modification accounting only in circumstances when the terms or conditions result in changes to the fair value, vesting conditions or classification of the award as an equity instrument or a liability. The changes become effective for the Company on January 1, 2018. Management does not believe these changes will impact its consolidated financial statements. In August 2017, the FASB issued changes which expand and refine hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedged items in the financial statements and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The amendments in this update should be applied to hedging relationships existing on the date of adoption, which includes a cumulative-effect adjustment to eliminate any ineffectiveness recorded to accumulated other comprehensive income or loss with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year in which adoption occurred. Presentation and disclosure amendments are required to be applied prospectively. The changes become effective for the Company on January 1, 2019. Management is currently evaluating the impact of these changes on its consolidated financial statements. |
Accounts Receivable and Invento
Accounts Receivable and Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Accounts Receivable and Inventories [Abstract] | |
Accounts Receivable and Inventories | Accounts Receivable and Inventories Accounts receivable consist of the following: (In thousands) December 31 December 31 Trade accounts receivable $ 292,765 $ 248,354 Less: Allowance for doubtful accounts (4,731 ) (11,800 ) Trade accounts receivable, net $ 288,034 $ 236,554 Other receivables (a) $ 20,224 $ 21,053 (a) Other receivables include insurance claim receivables, employee receivables, tax claim receivables and other miscellaneous receivables not included in Trade accounts receivable, net The decrease in Allowance for doubtful accounts in 2017 is due to the write-off of previously reserved accounts receivable balances. The provision for doubtful accounts related to trade accounts receivable was as follows: Years Ended December 31 (In thousands) 2017 2016 2015 Provision for doubtful accounts related to trade accounts receivable $ 5,346 $ (38 ) $ 13,047 The increase in the provision for doubtful accounts for the year ended 2017 is due principally to the write-off of certain pre-administration receivable balances for one of the Company's customers in Australia. Inventories consist of the following: (In thousands) December 31 December 31 Finished goods $ 26,415 $ 26,464 Work-in-process 24,367 22,815 Contracts-in-process 45,599 54,044 Raw materials and purchased parts 58,943 61,450 Stores and supplies 22,969 22,908 Total inventories $ 178,293 $ 187,681 Valued at lower of cost or market: LIFO basis $ 80,644 $ 79,933 FIFO basis 52,832 64,742 Average cost basis 44,817 43,006 Total inventories $ 178,293 $ 187,681 Inventories valued on the LIFO basis at both December 31, 2017 and 2016 were approximately $33 million less than the amounts of such inventories valued at current costs. During 2017 and 2016 , as a result of reducing certain inventory quantities valued on a LIFO basis, net income (loss) decreased from that which would have been recorded under the FIFO basis of valuation by $0.4 million and $1.3 million , respectively. During 2015 , there was no significant impact on net income (loss) as a result of reducing certain inventory quantities valued on a LIFO basis. Contracts-in-process consist of the following: (In thousands) December 31 December 31 Contract costs accumulated to date $ 73,740 $ 90,276 Estimated forward loss provisions for contracts-in-process (b) (28,141 ) (36,232 ) Contracts-in-process (c) $ 45,599 $ 54,044 (b) To the extent that the estimated forward loss provision exceeds accumulated contract costs it is included in the caption Other current liabilities on the Consolidated Balance Sheets. At December 31, 2017 and December 31, 2016 , this amount totaled $3.0 million and $6.7 million , respectively. (c) At December 31, 2017 and December 31, 2016 , the Company has $97.9 million and $101.1 million , respectively, of customer advances related to contracts-in-process. These amounts are included in Advances on contracts and other customer advances on the Consolidated Balance Sheets. During 2016, as a result of increased vendor costs, ongoing discussions with SBB, and increased estimates for commissioning, certification and testing costs, as well as expected settlements with SBB, the Company concluded it will have a loss on the contracts with SBB. The Company recognized an estimated forward loss provision related to the SBB contracts of $45.1 million for the year ended December 31, 2016 in Costs of products sold on the Consolidated Statements of Operations. There was no estimated forward loss provision recognized for the years ended December 31, 2017 or 2015 . The estimated forward loss provision represents the Company's best estimate best 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, but the Company is unable to estimate any further possible loss or range of loss at December 31, 2017. |
Equity Method Investments (Note
Equity Method Investments (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Equity Method Investments In November 2013, the Company sold the Company's Harsco Infrastructure Segment into a strategic venture with Clayton, Dubilier & Rice ("CD&R") as part of a transaction that combined the Harsco Infrastructure Segment with Brand Energy & Infrastructure Services, Inc., which CD&R simultaneously acquired (the "Infrastructure Transaction"). As a result of the Infrastructure Transaction, the Company retained an equity interest in Brand Energy & Infrastructure Service, Inc. and Subsidiaries ("Brand" or the "Infrastructure strategic venture") which was accounted for as an equity method investment in accordance with U.S. GAAP. As part of the Infrastructure Transaction, the Company was required to make a quarterly payment to the Company's partner in the Infrastructure strategic venture, either (at the Company's election) (i) in cash, with total payments to equal approximately $22 million per year on a pre-tax basis (approximately $15 million per year after-tax), or (ii) in kind, through the transfer of approximately 3% of the Company's ownership interest in the Infrastructure strategic venture on an annual basis (the "unit adjustment liability"). The Company recognized the change in fair value to the unit adjustment liability each period until the Company was no longer required to make these payments or chose not to make these payments. The change in fair value to the unit adjustment liability was a non-cash expense. In March 2016, the Company elected not to make the quarterly cash payments to the Company's partner in the Infrastructure strategic venture for the remainder of 2016. Instead, the Company transferred approximately 3% of its ownership interest in satisfaction of the Company's 2016 obligation related to the unit adjustment liability. As a result of not making the quarterly cash payments for 2016, the Company's ownership interest in the Infrastructure strategic venture decreased by approximately 3% and the value of the unit adjustment liability was updated to reflect this change. Accordingly, the book value of the Company's equity method investment in Brand decreased by $29.4 million and the unit adjustment liability decreased by $19.1 million . The resulting net loss of $10.3 million was recognized in Change in fair value to the unit adjustment liability and loss on dilution and sale of equity method investment on the Consolidated Statement of Operations. This net loss was a non-cash expense. In September 2016, the Company entered into an Omnibus Agreement with CDR Bullseye Holdings, L.P., Bullseye G.P., LLC, Bullseye Partnership, L.P., Bullseye Holdings, L.P. and Brand Energy & Infrastructure Holdings, Inc. (the “Brand Entities”), pursuant to which the Brand Entities repurchased the Company's remaining approximate 26% interest in Brand. In exchange for the Company's interest, (i) the Company received $145 million in cash, net, and (ii) the requirement for the Company to fund certain obligations to Brand through 2018 were satisfied, the present value of which equaled $20.6 million . In addition, the Company received $1.4 million in accrued but unpaid fees, rent and expenses from the Brand Entities. As a result of the sale, the Company’s obligation to make quarterly payments related to the unit adjustment liability under the terms of a limited partnership agreement that governed the operation of the strategic venture terminated. The Company recognized a loss on the sale of its equity interest in Brand in the amount of $43.5 million which was reflected in Change in fair value to unit adjustment liability and loss on dilution and sale of equity method investment on the Consolidated Statement of Operations. The Company's proportionate share of Brand's net income or loss is recorded one quarter in arrears. Brand's summarized balance sheet information at June 30, 2016 and summarized statement of operations information for the period from October 1, 2015 through June 30, 2016 and the year ended September 30, 2015 are summarized as follows: (In thousands) June 30 Summarized Balance Sheet Information of Brand: Current assets $ 896,933 Property and equipment , net 884,979 Other noncurrent assets 1,454,951 Total assets $ 3,236,863 Short-term borrowings, including current portion of long-term debt $ 14,402 Other current liabilities 341,979 Long-term debt 1,857,162 Other noncurrent liabilities 351,714 Total liabilities 2,565,257 Equity 671,606 Total liabilities and equity $ 3,236,863 (In thousands) Period From October 1, 2015 Through June 30 2016 (a) Year Ended September 30 2015 Summarized Statement of Operations Information of Brand: Net revenues $ 2,333,561 $ 2,976,471 Gross profit 499,005 649,596 Net income attributable to Brand Energy & Infrastructure Services, Inc. and Subsidiaries 20,756 605 Harsco's equity in income of Brand 5,686 175 (a) The Company's equity method investment in Brand was sold in September 2016; accordingly equity income was recorded for the period from October 1, 2015 through June 30, 2016. There was no change in fair value to the unit adjustment liability for the year ended 2017 due to the sale of the interest in Brand. For the years ended 2016 and 2015, the Company recognized $ 4.7 million and $8.5 million , respectively, of change in fair value to the unit adjustment liability, exclusive of the fair value adjustment resulting from the decision not to make the quarterly payments in 2016 and the loss related to the sale of the Company's interest, in Change in fair value to the unit adjustment liability and loss on dilution and sale of equity method investment on the Consolidated Statement of Operations. As a result of the sale of the Company's equity interest in Brand, there were no remaining balances related to the unit adjustment liability at December 31, 2017 and 2016 . A reconciliation of beginning and ending balances related to the unit adjustment liability is included in Note 13, Financial Instruments. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consist of the following: (In thousands) Estimated Useful Lives December 31 December 31 Land — $ 10,840 $ 10,606 Land improvements 5-20 years 14,996 15,032 Buildings and improvements (a) 5-40 years 198,582 185,657 Machinery and equipment 3-20 years 1,599,713 1,525,156 Uncompleted construction — 24,387 21,035 Gross property, plant and equipment 1,848,518 1,757,486 Less: Accumulated depreciation (1,368,771 ) (1,267,231 ) Property, plant and equipment, net $ 479,747 $ 490,255 (a) Buildings and improvements include leasehold improvements that are amortized over the shorter of their useful lives or the initial term of the lease. Included in the amounts are $5.5 million and $8.7 million of property, plant and equipment under capital leases at December 31, 2017 and 2016 , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill by Segment The following table reflects the changes in carrying amounts of goodwill by segment for the years ended December 31, 2017 and 2016 : (In thousands) Harsco Metals & Minerals Segment Harsco Industrial Segment Harsco Rail Segment Consolidated Totals Balance at December 31, 2015 $ 380,761 $ 6,806 $ 12,800 $ 400,367 Changes to goodwill — 33 226 259 Foreign currency translation (18,375 ) — — (18,375 ) Balance at December 31, 2016 362,386 6,839 13,026 382,251 Foreign currency translation 19,507 — — 19,507 Balance at December 31, 2017 $ 381,893 $ 6,839 $ 13,026 $ 401,758 The Company's methodology for determining reporting unit fair value is described in Note 1, Summary of Significant Accounting Policies. Performance of the Company's 2017 annual impairment test did not result in impairment of any of the Company's reporting units. Intangible Assets Intangible assets totaled $38.3 million , net of accumulated amortization of $163.9 million at December 31, 2017 and $41.6 million , net of accumulated amortization of $153.5 million at December 31, 2016 . The following table reflects these intangible assets by major category: December 31, 2017 December 31, 2016 (In thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer related $ 153,014 $ 121,385 $ 146,840 $ 112,610 Patents 5,825 5,700 5,729 5,534 Technology related 26,131 26,131 25,687 25,634 Trade names 8,317 4,845 8,306 4,529 Other 8,875 5,850 8,512 5,200 Total $ 202,162 $ 163,911 $ 195,074 $ 153,507 Amortization expense for intangible assets was $5.1 million , $7.9 million and $8.8 million for 2017 , 2016 and 2015 , respectively. The following table shows the estimated amortization expense for the next five fiscal years based on current intangible assets. (In thousands) 2018 2019 2020 2021 2022 Estimated amortization expense (a) $ 5,000 $ 4,750 $ 4,500 $ 4,250 $ 4,000 (a) These estimated amortization expense amounts do not reflect the potential effect of future foreign currency exchange rate fluctuations. |
Debt and Credit Agreements
Debt and Credit Agreements | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt and Credit Agreements | Debt and Credit Agreements The Company has a multi-year revolving credit facility (the "Revolving Credit Facility") that is available for use throughout the world. The following table illustrates the amount outstanding under the Revolving Credit Facility and available credit at December 31, 2017 . December 31, 2017 (In thousands) Facility Limit Outstanding Balance Outstanding Letters of Credit Available Credit Revolving Credit Facility (a U.S.-based program) $ 400,000 $ 41,000 $ 31,432 $ 327,568 On December 2, 2015, the Company entered into (i) an amendment and restatement agreement and (ii) a second amended and restated credit agreement (together, the “Financing Agreements”). The Financing Agreements increased the Company's overall borrowing capacity from $500 million to $600 million by (i) amending and restating the Company’s then existing credit agreement, (ii) establishing a term loan A facility in an initial aggregate principal amount of $250 million , by converting a portion of the outstanding balance under the then existing credit agreement on a dollar-for-dollar basis and (iii) reducing the Revolving Credit Facility limit to $350 million . During September 2016, the Company received approximately $145 million in cash, net, from its sale of its remaining 26% equity interest in the Infrastructure strategic venture. The Company used these proceeds to repay $85.0 million on the term loan A facility and $60.0 million on the Revolving Credit Facility. Related to the repayment of the term loan A facility, the Company expensed $1.1 million of unamortized deferred financing costs. In November 2016, the Company entered into a senior secured credit facility (the “Senior Secured Credit Facility”), consisting of a $400 million Revolving Credit Facility and a $550 million term loan facility (the "Term Loan Facility"). Upon closing of the Senior Secured Credit Facility, the Company amended and extended the existing Revolving Credit Facility, repaid the existing term loan A facility and redeemed, satisfied and discharged its 5.75% notes (the "Notes") in accordance with the indenture governing the Notes. As a result, a charge of $35.3 million was recorded during the fourth quarter of 2016 consisting principally of the cost of early extinguishment of the Notes and the write-off of unamortized deferred financing costs associated with the Company’s existing Financing Agreements and the Notes and is reflected in the financing activities section of the Consolidated Statements of Cash Flows as a reduction of long-term debt. In December 2017, the Company amended its existing Senior Secured Credit Facility in order to, among other things, reduce the interest rate applicable to the Term Loan Facility, improve certain covenants and extend the maturity date by a year until December 2024. As a result of this amendment, a charge of $2.3 million was recorded during the fourth quarter of 2017 consisting principally of fees associated with the transaction and the write-off of unamortized deferred financing costs and is reflected in the operating activities section of the Consolidated Statements of Cash Flows as part of Net income. Borrowings under the $400 million Revolving Credit Facility bear interest at a rate per annum ranging from 87.5 to 200 basis points over the base rate or 187.5 to 300 basis points over the adjusted London Interbank Offered Rate ("LIBOR") as defined in the credit agreement governing the Senior Secured Credit Facility (the "Credit Agreement"). Any principal amount outstanding under the Revolving Credit Facility is due and payable on the maturity of the Revolving Credit Facility. The Revolving Credit Facility matures on November 2, 2021. Borrowings under the Term Loan Facility bear interest at a rate per annum of 200 basis points over the base rate or 300 basis points over the adjusted LIBOR rate, subject to a 1% floor, as defined in the Credit Agreement. The Term Loan Facility requires scheduled quarterly payments, each equal to 0.25% of the original principal amount of the loans under the Term Loan Facility. These payments are reduced by the application of any prepayments and any remaining balance is due and payable on the maturity of the Term Loan Facility. The Term Loan Facility matures on December 8, 2024. The Credit Agreement requires certain mandatory prepayments of the Term Loan Facility, subject to certain exceptions, based on net cash proceeds of certain sales or distributions of assets, as well as certain casualty and condemnation events, in some cases subject to reinvestment rights and certain other exceptions; net cash proceeds of any issuance of debt, excluded permitted debt issuances; and a percentage of excess cash flow, as defined by the Credit Agreement, during a fiscal year. The Senior Secured Credit Facility imposes certain restrictions including, but not limited to, restrictions as to types and amounts of debt of liens that may be incurred by the Company; limitations on increases in dividend payments and limitations on certain acquisitions by the Company. With respect to the Senior Secured Facility, the obligations of the Company are guaranteed by substantially all of the Company’s current and future wholly-owned domestic subsidiaries (“Guarantors”). All obligations under the Senior Credit Facility, and the guarantees of those obligations, are secured, subject to certain exceptions, by substantially all of the Company’s assets and the assets of the Guarantors. In January 2017, the Company entered into a series of fixed-floating interest rate swaps that cover the period from 2018 through 2021, and had the effect of converting $300 million of the Term Loan Facility from floating-rate to fixed-rate. The fixed rates provided by the swaps replace the adjusted LIBOR rate in the interest calculation, range from 1.65% for 2018 to 2.71% for 2021. At December 31, 2017 , the Company had $586.9 million of borrowings under the Senior Secured Credit Facility consisting of $545.9 million under the Term Loan Facility and $41.0 million under the Revolving Credit Facility. At December 31, 2017 , of these balances $581.4 million was classified as Long-term debt and $5.5 million was classified as Current maturities of long-term debt on the Consolidated Balance Sheets. At December 31, 2016 , the Company had $648.0 million of borrowings under the Senior Secured Credit Facility consisting of $550.0 million under the Term Loan Facility and $98.0 million under the Revolving Credit Facility. At December 31, 2016 , of these balances $642.5 million was classified as Long-term debt and $5.5 million was classified as Current maturities of long-term debt on the Consolidated Balance Sheets. Short-term borrowings amounted to $8.6 million and $4.3 million at December 31, 2017 and 2016 , respectively. At December 31, 2017 and 2016 , Short-term borrowings consist primarily of bank overdrafts and other third party debt. The weighted-average interest rate for short-term borrowings at December 31, 2017 and 2016 was 4.3% and 6.2% , respectively. Long-term debt consists of the following: (In thousands) December 31 December 31 Senior Secured Credit Facilities: Term Loan Facility with an interest rate of 4.6% and 6.0% at December 31, 2017 and 2016, respectively $ 545,875 $ 550,000 Revolving Credit Facility with an average interest rate of 4.2% and 3.6% at December 31, 2017 and 2016, respectively 41,000 98,000 Other financing payable (including capital leases) in varying amounts due principally through 2017 with a weighted-average interest rate of 5.0% and 5.7% at December 31, 2017 and 2016, respectively 6,784 25,410 Total debt obligations 593,659 673,410 Less: deferred financing costs (15,657 ) (18,597 ) Total debt obligations, net of deferred financing costs 578,002 654,813 Less: current maturities of long-term debt (11,208 ) (25,574 ) Long-term debt $ 566,794 $ 629,239 The maturities of long-term debt for the four years following December 31, 2018 are as follows: (In thousands) 2019 $ 6,274 2020 5,640 2021 46,498 2022 5,459 Cash payments for interest on debt were $44.3 million , $49.6 million and $44.4 million in 2017 , 2016 and 2015 , respectively. The Credit Agreement contains a consolidated net debt to consolidated adjusted earnings before interest, tax, depreciation and amortization ("EBITDA") ratio covenant, which is not to exceed 3.75 to 1.0 and a minimum consolidated adjusted EBITDA to consolidated interest charges ratio covenant, which is not to be less than 3.0 to 1.0 . The consolidated net debt to consolidated adjusted EBITDA ratio covenant is reduced to 3.5 to 1.0 after December 31, 2018. At December 31, 2017 , the Company was in compliance with these and all other covenants. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Operating Leases | Operating Leases The Company leases certain property and equipment under noncancelable operating leases. Rental expense under such operating leases was $16.5 million , $16.9 million and $18.9 million in 2017 , 2016 and 2015 , respectively. Future minimum payments under operating leases with noncancelable terms are as follows: (In thousands) 2018 $ 12,845 2019 9,848 2020 8,021 2021 6,360 2022 4,090 After 2022 16,169 Total minimum rentals to be received in the future under noncancelable subleases at December 31, 2017 are $0.8 million . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Pension Benefits The Company has defined benefit pension plans covering a substantial number of employees. The defined benefits for salaried employees generally are based on years of service and the employee's level of compensation during specified periods of employment. Defined benefit pension plans covering hourly employees generally provide benefits of stated amounts for each year of service. The multiemployer pension plans ("MEPPs"), in which the Company participates, provide benefits to certain unionized employees. The Company's funding policy for qualified plans is consistent with statutory regulations and customarily equals the amount deducted for income tax purposes. Periodic voluntary contributions are made, as recommended, by the Company's Pension Committee. The Company's policy is to amortize prior service costs of defined benefit pension plans over the average future service period of active plan participants. For most U.S. defined benefit pension plans and a majority of international defined benefit pension plans, accrued service is no longer granted. In place of these plans, the Company has established defined contribution plans providing for the Company to contribute a specified matching amount for participating employees' contributions to the plan. For U.S. employees, this match is made on employee contributions up to 4% of eligible compensation. Additionally, the Company may provide a discretionary contribution for eligible employees. There have been no discretionary contributions provided for the years 2017 , 2016 and 2015 . For non-U.S. employees, this match is up to 6% of eligible compensation with an additional 2% going towards insurance and administrative costs. NPPC for U.S. and international plans for 2017 , 2016 and 2015 is as follows: U.S. Plans International Plans (In thousands) 2017 2016 2015 2017 2016 2015 Defined benefit pension plans: Service cost $ 43 $ 102 $ 118 $ 1,724 $ 1,585 $ 1,648 Interest cost 9,878 10,165 12,357 21,459 26,822 36,282 Expected return on plan assets (10,485 ) (10,721 ) (14,041 ) (40,469 ) (42,979 ) (50,091 ) Recognized prior service costs 33 63 81 186 189 188 Recognized losses 5,701 5,493 4,919 16,283 12,002 16,875 Settlement/curtailment loss (gain) — 276 — (20 ) 79 (23 ) Defined benefit pension plan cost (income) 5,170 5,378 3,434 (837 ) (2,302 ) 4,879 Multiemployer pension plans 650 636 853 1,306 1,368 1,463 Defined contribution plans 4,239 3,833 3,921 5,905 5,807 6,765 Net periodic pension cost $ 10,059 $ 9,847 $ 8,208 $ 6,374 $ 4,873 $ 13,107 The change in the financial status of the defined benefit pension plans and amounts recognized on the Consolidated Balance Sheets at December 31, 2017 and 2016 are as follows: U.S. Plans International Plans (In thousands) 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 305,652 $ 307,390 $ 952,360 $ 900,104 Service cost 43 102 1,724 1,585 Interest cost 9,878 10,165 21,459 26,822 Plan participants' contributions — — 61 68 Amendments — — (4,459 ) — Actuarial (gain) loss 14,459 5,550 (3,613 ) 194,469 Settlements/curtailments — — (3,362 ) (1,527 ) Benefits paid (15,171 ) (17,555 ) (40,379 ) (32,079 ) Effect of foreign currency — — 91,795 (137,082 ) Benefit obligation at end of year $ 314,861 $ 305,652 $ 1,015,586 $ 952,360 Change in plan assets: Fair value of plan assets at beginning of year $ 205,271 $ 208,870 $ 732,743 $ 755,966 Actual return on plan assets 33,942 11,935 67,136 105,027 Employer contributions 5,899 2,021 18,187 17,192 Plan participants' contributions — — 61 68 Settlements/curtailments — — (3,241 ) (1,527 ) Benefits paid (15,171 ) (17,555 ) (39,800 ) (31,485 ) Effect of foreign currency — — 67,631 (112,498 ) Fair value of plan assets at end of year $ 229,941 $ 205,271 $ 842,717 $ 732,743 Funded status at end of year $ (84,920 ) $ (100,381 ) $ (172,869 ) $ (219,617 ) Amounts recognized on the Consolidated Balance Sheets for defined benefit pension plans consist of the following at December 31, 2017 and 2016 : U.S. Plans International Plans December 31 December 31 (In thousands) 2017 2016 2017 2016 Noncurrent assets $ 1,860 $ 668 $ 1,820 $ 1,118 Current liabilities 2,237 2,278 625 505 Noncurrent liabilities 84,543 98,771 174,064 220,230 Accumulated other comprehensive loss before tax 146,341 161,075 427,127 434,868 Amounts recognized in Accumulated other comprehensive loss, before tax, for defined benefit pension plans consist of the following at December 31, 2017 and 2016 : U.S. Plans International Plans (In thousands) 2017 2016 2017 2016 Net actuarial loss $ 146,340 $ 161,042 $ 430,377 $ 433,626 Prior service cost (credit) 1 33 (3,250 ) 1,242 Total $ 146,341 $ 161,075 $ 427,127 $ 434,868 The estimated amounts that will be amortized from Accumulated other comprehensive loss into defined benefit pension plan NPPC in 2018 are as follows: (In thousands) U.S. Plans International Plans Net actuarial loss $ 5,203 $ 15,186 Prior service cost (credit) 1 (149 ) Total $ 5,204 $ 15,037 The Company's estimate of expected contributions to be paid in 2018 for the U.S. and international defined benefit plans are $9.9 million and $19.2 million , respectively. Future Benefit Payments The expected benefit payments for defined benefit pension plans over the next ten years are as follows: (In millions) 2018 2019 2020 2021 2022 2023-2027 U.S. Plans $ 20.2 $ 19.3 $ 19.2 $ 19.2 $ 19.3 $ 94.1 International Plans 40.1 41.2 42.7 44.5 45.2 247.9 Net Periodic Pension Cost and Defined Benefit Pension Obligation Assumptions The weighted-average actuarial assumptions used to determine the defined benefit pension plan NPPC for 2017 , 2016 and 2015 were as follows: U.S. Plans December 31 International Plans December 31 Global Weighted-Average December 31 2017 2016 2015 2017 2016 2015 2017 2016 2015 Discount rates 4.0 % 4.2 % 3.9 % 2.8 % 3.8 % 3.7 % 3.1 % 3.9 % 3.7 % Expected long-term rates of return on plan assets 7.3 % 7.3 % 7.5 % 5.9 % 6.5 % 6.8 % 6.2 % 6.7 % 7.0 % The expected long-term rates of return on defined benefit pension plan assets for the 2018 NPPC are 7.3% for the U.S. plans and 5.6% for the international plans. The expected global long-term rate of return on assets for 2018 is 6.0% . The weighted-average actuarial assumptions used to determine the defined benefit pension plan obligations at December 31, 2017 and 2016 were as follows: U.S. Plans International Plans Global Weighted-Average December 31 December 31 December 31 2017 2016 2017 2016 2017 2016 Discount rates 3.5 % 4.0 % 2.6 % 2.8 % 2.8 % 3.1 % Since accrued service is no longer granted to the U.S. defined benefit plans and the majority of the international defined benefit pension plans, the rate of compensation increase did not have a significant impact on the defined benefit pension obligation at December 31, 2017 and 2016 or the defined benefit pension plan NPPC for the years ended 2017, 2016 and 2015. The U.S. discount rate was determined using a yield curve that was produced from a universe containing approximately 700 U.S. dollar-denominated, AA-graded corporate bonds, all of which were noncallable (or callable with make-whole provisions), and excluding the 10% of the bonds with the highest yields and the 10% with the lowest yields within each maturity group. The discount rate was then developed as the level-equivalent rate that would produce the same present value as that using spot rates to discount the projected benefit payments. For international plans, the discount rate is aligned to corporate bond yields in the local markets, normally AA-rated corporations. The process and selection seeks to approximate the cash inflows with the timing and amounts of the expected benefit payments. The Company changed the method utilized to estimate the service cost and interest cost components of NPPC for defined benefit pension plans for 2016 and later. The more precise application of discount rates for measuring both service costs and interest costs employs yield curve spot rates on a year-by-year expected cash flow basis, using the same yield curves that the Company has previously used. This change in method represents a change in accounting estimate and has been accounted for in the period of change. This change in method decreased the Company's NPPC by approximately $7 million for 2016, compared to what NPPC would have been under the prior method. Accumulated Benefit Obligation The accumulated benefit obligation for all defined benefit pension plans at December 31, 2017 and 2016 was as follows: U.S. Plans International Plans December 31 December 31 (In millions) 2017 2016 2017 2016 Accumulated benefit obligation $ 314.9 $ 305.7 $ 1,010.6 $ 946.3 Defined Benefit Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for defined benefit pension plans with accumulated benefit obligations in excess of plan assets at December 31, 2017 and 2016 were as follows: U.S. Plans International Plans December 31 December 31 (In millions) 2017 2016 2017 2016 Projected benefit obligation $ 306.0 $ 296.7 $ 986.6 $ 913.0 Accumulated benefit obligation 306.0 296.7 981.9 910.0 Fair value of plan assets 219.2 195.6 812.0 694.9 The asset allocations attributable to the Company's U.S. defined benefit pension plans at December 31, 2017 and 2016 , and the long-term target allocation of plan assets, by asset category, are as follows: Target Long-Term Allocation Percentage of Plan Assets December 31 U.S. Plans Asset Category 2017 2016 Domestic equity securities 34%-44% 38.6 % 39.7 % International equity securities 19%-29% 24.5 % 18.5 % Fixed income securities 28%-38% 30.9 % 30.9 % Cash and cash equivalents Less than 5% 1.0 % 1.0 % Other (a) 0%-10% 5.0 % 9.9 % (a) Investments within this caption include diversified global asset allocation funds. Defined benefit pension plan assets are allocated among various categories of equities, fixed income securities and cash and cash equivalents with professional investment managers whose performance is actively monitored. The primary investment objective is long-term growth of assets in order to meet present and future benefit obligations. The Company periodically conducts an asset/liability modeling study and accordingly adjusts investments among and within asset categories to ensure the long-term investment strategy is aligned with the profile of benefit obligations. The Company reviews the long-term expected return on asset assumption on a periodic basis taking into account a variety of factors including the historical investment returns achieved over a long-term period, the targeted allocation of plan assets and future expectations based on a model of asset returns for an actively managed portfolio. The model simulates 1,000 different capital market results over 20 years . For both 2018 and 2017 , the expected return-on-asset assumption for U.S. defined benefit pension plans was 7.3% . The U.S. defined benefit pension plans' assets include 450,000 shares of the Company's common stock at both December 31, 2017 and 2016, valued at $8.4 million and $6.1 million , respectively. These shares represented 3.7% and 3.0% of total U.S. plan assets at December 31, 2017 and 2016 , respectively. The asset allocations attributable to the Company's international defined benefit pension plans at December 31, 2017 and 2016 and the long-term target allocation of plan assets, by asset category, are as follows: International Plans Asset Category Target Long-Term Allocation Percentage of Plan Assets December 31 2017 2016 Equity securities 29.0 % 38.9 % 37.1 % Fixed income securities 50.0 % 44.6 % 43.9 % Cash and cash equivalents — 0.3 % 0.3 % Other (b) 21.0 % 16.2 % 18.7 % (b) Investments within this caption include diversified growth funds, real estate funds and infrastructure funds. International defined benefit pension plan assets at December 31, 2017 in the U.K. defined benefit pension plan amounted to approximately 94% of the international defined benefit pension plan assets. The U.K. plan assets are allocated among various categories of equities, fixed income securities and cash and cash equivalents with professional investment managers whose performance is actively monitored. The primary investment objective is long-term growth of assets in order to meet present and future benefit obligations. The Company periodically conducts asset/liability modeling studies and accordingly adjusts investment amounts within asset categories to ensure the long-term investment strategy is aligned with the profile of benefit obligations. For the international long-term rate of return assumption, the Company considered the current level of expected returns in risk-free investments (primarily government bonds); the historical level of the risk premium associated with other asset classes in which the portfolio is invested; and the expectations for future returns of each asset class and plan expenses. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected long-term rate of return on assets. For 2018 , the expected return on asset assumption for the U.K. plan is 5.5% and for 2017 the expected return on asset assumption for the U.K. plan was 5.8% . The remaining international defined benefit pension plans, with plan assets representing approximately 6% of the international defined benefit pension plan assets, are under the guidance of professional investment managers and have similar investment objectives. The fair values of the Company's U.S. defined benefit pension plans' assets at December 31, 2017 by asset class are as follows: (In thousands) Total Level 1 Level 2 Domestic equities: Common stocks $ 28,200 $ 28,200 $ — Mutual funds—equities 60,785 11,062 49,723 International equities: Common stocks 1,429 1,429 — Mutual funds—equities 54,879 54,879 — Fixed income investments: U.S. Treasuries and collateralized securities 18,407 — 18,407 Corporate bonds and notes 10,878 10,878 — Mutual funds—bonds 41,745 12,184 29,561 Other—mutual funds 11,336 11,336 — Cash and money market accounts 2,282 2,282 — Total $ 229,941 $ 132,250 $ 97,691 The fair values of the Company's U.S. defined benefit pension plans' assets at December 31, 2016 by asset class are as follows: (In thousands) Total Level 1 Level 2 Domestic equities: Common stocks $ 27,339 $ 27,339 $ — Mutual funds—equities 54,102 9,928 44,174 International equities: Mutual funds—equities 37,948 37,948 — Fixed income investments: U.S. Treasuries and collateralized securities 14,240 — 14,240 Corporate bonds and notes 11,457 11,457 — Mutual funds—bonds 37,745 11,927 25,818 Other—mutual funds 20,346 20,346 — Cash and money market accounts 2,094 2,094 — Total $ 205,271 $ 121,039 $ 84,232 The fair values of the Company's international defined benefit pension plans' assets at December 31, 2017 by asset class are as follows: (In thousands) Total Level 1 Level 2 Equity securities: Mutual funds—equities $ 328,002 $ — $ 328,002 Fixed income investments: Mutual funds—bonds 369,291 — 369,291 Insurance contracts 6,189 — 6,189 Other: Other mutual funds 136,843 — 136,843 Cash and money market accounts 2,392 2,392 — Total $ 842,717 $ 2,392 $ 840,325 The fair values of the Company's international defined benefit pension plans' assets at December 31, 2016 by asset class are as follows: (In thousands) Total Level 1 Level 2 Equity securities: Mutual funds—equities $ 272,070 $ — $ 272,070 Fixed income investments: Mutual funds—bonds 314,098 — 314,098 Insurance contracts 7,657 7,657 Other: Real estate funds / limited partnerships 23,714 — 23,714 Other mutual funds 113,345 — 113,345 Cash and money market accounts 1,859 1,859 — Total $ 732,743 $ 1,859 $ 730,884 Following is a description of the valuation methodologies used for the defined benefit pension plans' investments measured at fair value: • Level 1 Fair Value Measurements—Investments in interest-bearing cash are stated at cost, which approximates fair value. The fair values of money market accounts and certain mutual funds are based on quoted net asset values of the shares held by the plan at year-end. The fair values of domestic and international stocks and corporate bonds, notes and convertible debentures are valued at the closing price reported in the active market on which the individual securities are traded. • Level 2 Fair Value Measurements—The fair values of investments in mutual funds for which quoted net asset values in an active market are not available are valued by the investment advisor based on the current market values of the underlying assets of the mutual fund based on information reported by the investment consistent with audited financial statements of the mutual fund. Further information concerning these mutual funds may be obtained from their separate audited financial statements. Investments in U.S. Treasury notes and collateralized securities are valued based on yields currently available on comparable securities of issuers with similar credit ratings. • Level 3 Fair Value Measurements—Real estate limited partnership interests are valued by the general partners based on the underlying assets. The limited partnership interests are valued using unobservable inputs and have been classified within Level 3 of the fair value hierarchy. Multiemployer Pension Plans The Company, through the Harsco Metals & Minerals Segment, contributes to several MEPPs under the terms of collective-bargaining agreements that cover union-represented employees, many of whom are temporary in nature. The Company's total contributions to MEPPs were $2.0 million , $2.0 million and $2.5 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On December 22, 2017, the Act was signed into law. The Act, among other things, reduces the U.S. corporate income tax rate to 21% starting in 2018 and creates a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings of U.S. subsidiaries. The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. As a result of the Act, the Company revalued the ending net deferred tax assets and liabilities at December 31, 2017 and recorded a provisional charge of $48.7 million , included in Income tax expense on the Company’s Consolidated Statement of Operations for 2017. The Act provides for a one-time deemed mandatory repatriation of post-1986 undistributed foreign subsidiary E&P through 2017. Based on an analysis of E&P, no income tax expense was recorded in the Company’s Consolidated Statement of Operations for 2017. On December 22, 2017, the SEC staff issued SAB 118 to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Act. The Company has recognized the revaluation of deferred tax assets and liabilities and included these amounts in the consolidated financial statements for 2017. The ultimate impact may differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, and actions the Company may take as a result of the Act. The accounting is expected to be completed when the Company's 2017 U.S. corporate income tax return is filed in 2018. Income (loss) from continuing operations before income taxes and equity income as reported on the Consolidated Statements of Operations consists of the following: (In thousands) 2017 2016 2015 U.S. $ 5,694 $ (99,939 ) $ 16,169 International 89,757 20,468 18,646 Total income (loss) from continuing operations before income taxes and equity income $ 95,451 $ (79,471 ) $ 34,815 Income tax expense as reported on the Consolidated Statements of Operations consists of the following: (In thousands) 2017 2016 2015 Income tax expense (benefit): Currently payable: U.S. federal $ 4,107 $ (4,088 ) $ 408 U.S. state 372 365 546 International 21,975 18,014 23,095 Total income taxes currently payable 26,454 14,291 24,049 Deferred U.S. federal 46,470 (8,195 ) 2,651 Deferred U.S. state 1,142 2,238 812 Deferred international 9,737 (1,697 ) 166 Total income tax expense $ 83,803 $ 6,637 $ 27,678 Cash payments for income taxes were $24.9 million , $14.6 million and $18.9 million for 2017 , 2016 and 2015 , respectively. A reconciliation of the normal expected statutory U.S. federal income tax expense (benefit) to the actual Income tax expense as reported on the Consolidated Statements of Operations is as follows: (In thousands) 2017 2016 2015 U.S. federal income tax expense (benefit) $ 33,408 $ (27,815 ) $ 12,185 U.S. state income taxes, net of federal income tax benefit 786 (355 ) 496 U.S. domestic manufacturing deductions and credits (1,210 ) (661 ) (2,504 ) Capital loss on sale of equity interest in Brand with no realizable tax benefit — 16,106 — Difference in effective tax rates on international earnings and remittances 675 2,006 5,095 Uncertain tax position contingencies and settlements (1,517 ) (1,886 ) 1,416 Changes in realization on beginning of the year deferred tax assets 2,758 1,978 923 Forward Loss Provisions in SBB Contract with no realizable tax benefits — 15,768 — Restructuring and impairment charges with no realizable tax benefits — — 8,508 U.S. non-deductible expenses 664 724 874 (Income) loss related to the Infrastructure Transaction — (644 ) 580 Impact of U.S. tax reform 48,680 — — Cumulative effect of change in statutory tax rates/laws (153 ) (388 ) 340 Income from unconsolidated entities — 2,098 62 Other, net (288 ) (294 ) (297 ) Total income tax expense $ 83,803 $ 6,637 $ 27,678 At December 31, 2017 , 2016 and 2015 , the Company's annual effective income tax rate on income from continuing operations was 87.8% , (8.4)% and 79.5% , respectively. The Company’s international income from continuing operations before income taxes and equity income (loss) was $89.8 million and $20.5 million for 2017 and 2016, respectively. This includes the estimated forward loss provision related to the SBB contracts of $45.1 million in 2016, on which no tax benefit was recognized because the losses occurred in entities where it is not more likely than not that the tax benefit will be realized. In 2017, because of the reduction in the U.S. corporate income tax rate from 35% to 21% under the Act, the Company revalued its ending net deferred tax asset related to the outside basis difference in its international branches and recognized a provisional $6.5 million tax expense in the Company’s Consolidated Statement of Operations for 2017. The increased international income from continuing operations, the additional valuation allowance on the deferred tax assets in certain jurisdictions and the provisional tax expense because of the Act increased the Company’s total international income tax expense to $31.7 million in 2017 from $16.3 million in 2016. The Company’s differences in effective tax rates for 2017 and 2016 on international earnings and remittances was $0.7 million and $2.0 million , respectively, which included U.S tax on international deemed remittances of $6.4 million and $7.3 million , respectively. This decrease is primarily due to the change in the mix of earnings between jurisdictions. The Company's income from continuing operations before income taxes and equity income attributable to the U.S. was $5.7 million for 2017 compared to loss from continuing operations before income taxes and equity attributable to the U.S. of $99.9 million for 2016. In 2017, due to the impact of the Act, the Company recognized a $14.9 million provisional tax expense because of revaluing the U.S. ending net deferred tax assets from 35% to the newly enacted U.S. corporate income tax rate of 21% , and established a provisional valuation allowance on the full amount of foreign tax credit carryforward of $27.3 million due to the impact the Act had on future foreign source income. In 2016, a valuation allowance of $16.1 million was established for the deferred tax asset resulting from the capital loss on the sale of the Company's equity interest in Brand, because it is not more likely than not that the benefit will be realized in the future. However, the net operating loss created by the loss on early extinguishment of debt was realized through a carryback to prior years with taxable income. The tax effects of the temporary differences giving rise to the Company's deferred tax assets and liabilities at December 31, 2017 and 2016 are as follows: 2017 2016 (In thousands) Asset Liability Asset Liability Depreciation and amortization $ 6,616 $ — $ — $ 10,089 Expense accruals 17,690 — 23,300 — Inventories 4,390 — 6,611 — Provision for receivables 649 — 1,015 — Deferred revenue — 979 — 1,852 Operating loss carryforwards 90,193 — 80,178 — Foreign tax credit carryforwards 27,256 — 26,347 — Capital loss carryforwards 11,011 — 18,163 — Pensions 47,153 — 74,506 — Currency adjustments 7,160 — 17,597 — Deferred financing costs — 2,135 — — Post-retirement benefits 403 — 760 — Stock based compensation 4,761 — 5,812 — Other 7,684 — 7,206 — Subtotal 224,966 3,114 261,495 11,941 Valuation allowance (174,227 ) — (146,097 ) — Total deferred income taxes $ 50,739 $ 3,114 $ 115,398 $ 11,941 The deferred tax asset and liability balances recognized on the Consolidated Balance Sheets at December 31, 2017 and 2016 are as follows: (In thousands) 2017 2016 Deferred income tax assets $ 51,574 $ 106,311 Other liabilities 3,949 2,854 At December 31, 2017 , the tax-effected amount of net operating loss carryforwards ("NOLs") totaled $90.2 million . Tax-effected NOLs from international operations are $73.5 million . Of that amount, $60.5 million can be carried forward indefinitely and $13.0 million will expire at various times between 2018 and 2038. Tax-effected U.S. state NOLs are $16.7 million . Of that amount, $3.9 million expire at various times between 2018 and 2022, $2.9 million expire at various times between 2023 and 2027, $4.3 million expire at various times between 2028 and 2032 and $5.6 million expire at various times between 2033 and 2038. At December 31, 2017 , the tax-effected amount of capital loss carryforwards totaled $11.0 million which expire between 2018 and 2021. Valuation allowances of $174.2 million and $146.1 million at December 31, 2017 and 2016 , respectively, related principally to deferred tax assets for pension liabilities, NOLs, foreign tax credit carryforwards, capital loss carryforwards and foreign currency translation that are uncertain as to realizability. In 2017, the Company recorded a valuation allowance of $27.3 million related to foreign tax credit carryforwards due to the impact of the Act, an increase from foreign currency translation in the amount of $10.1 million and a net increase of $6.9 million related to losses in certain jurisdictions where the Company determined that it is more likely than not that these assets will not be realized. This was partially offset by a reduction related to current year pension adjustments recorded through Accumulated other comprehensive loss and a decrease related to U.S., Argentina and Belgium tax rate changes. In 2016, the Company recorded a valuation allowance of $16.1 million related to capital loss on sale of the Company's equity interest in Brand, $13.5 million related to estimated forward loss provisions related to the SBB contracts and current year pension adjustments of $19.2 million recorded through Accumulated other comprehensive loss. This was partially offset by the reduction from the effects of foreign currency translation adjustments and the decrease related to U.K. and France tax rate changes. Based on an analysis of E&P for the Company's foreign subsidiaries, no toll charge has been recorded in 2017 related to the Act. Given the complexities of the E&P calculations and the guidance provided by SAB 118, the Company will continue to analyze this provisional amount until the Company's U.S. tax return is filed in 2018. The Company does not anticipate a change in the indefinite reinvestment assertion, as a result of the Act. However, the Company considers the indefinite reinvestment assertion to be provisional and will continue to analyze the impact of the Act on this assertion during the SAB 118 measurement period. The Company recognizes accrued interest and penalty expense related to unrecognized income tax benefits in income tax expense. During 2016 , the Company recognized an income tax benefit of $1.7 million , for interest and penalties primarily due to the expiration of statutes of limitation and resolution of examinations. The Company did not recognize any income tax expense or benefit for interest and penalties during 2017 and 2015. The Company has accrued $1.1 million , $1.1 million and $2.8 million for the payment of interest and penalties at December 31, 2017 , 2016 and 2015 respectively. A reconciliation of the change in the unrecognized income tax benefits balance from January 1, 2015 to December 31, 2017 is as follows: (In thousands) Unrecognized Income Tax Benefits Deferred Income Tax Benefits Unrecognized Income Tax Benefits, Net of Deferred Income Tax Benefits Balances, January 1, 2015 $ 12,456 $ (112 ) $ 12,344 Additions for tax positions related to the current year (includes currency translation adjustment) (483 ) (2 ) (485 ) Additions for tax positions related to prior years (includes currency translation adjustment) 1,249 (4 ) 1,245 Other reductions for tax positions related to prior years (7,846 ) — (7,846 ) Statutes of limitation expirations (173 ) 59 (114 ) Settlements (42 ) 15 (27 ) Balance at December 31, 2015 5,161 (44 ) 5,117 Additions for tax positions related to the current year (includes currency translation adjustment) 744 (1 ) 743 Additions for tax positions related to prior years (includes currency translation adjustment) 358 (14 ) 344 Other reductions for tax positions related to prior years (837 ) — (837 ) Statutes of limitation expirations (817 ) 27 (790 ) Settlements (27 ) 2 (25 ) Balance at December 31, 2016 4,582 (30 ) 4,552 (In thousands) Unrecognized Income Tax Benefits Deferred Income Tax Benefits Unrecognized Income Tax Benefits, Net of Deferred Income Tax Benefits Additions for tax positions related to the current year (includes currency translation adjustment) 658 (2 ) 656 Other reductions for tax positions related to prior years (321 ) — (321 ) Statutes of limitation expirations (1,296 ) 1 (1,295 ) Total unrecognized income tax benefits that, if recognized, would impact the effective income tax rate at December 31, 2017 $ 3,623 $ (31 ) $ 3,592 Included in the other reductions for tax positions related to prior year for 2015 is $7.8 million resulting from the adjustment by a foreign tax authority as a result of tax audit. The unrecognized tax benefit was related to a net operating loss carryforward that carried a full valuation allowance. As a result, the related deferred tax asset was decreased by the same amount. Within the next twelve months, it is reasonably possible that up to $1.2 million of unrecognized income tax benefits will be recognized upon settlement of tax examinations and the expiration of various statutes of limitations. The Company files income tax returns as prescribed by the tax laws of the jurisdictions in which it operates. With few exceptions, the Company is no longer subject to U.S and international income tax examinations by tax authorities through 2011. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Environmental 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 waste 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 did not have any material accruals or record any material expenses related to environmental matters during the periods presented. 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. 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. A large number of the claims relate to value-added ("ICMS"), services and social security tax disputes. The largest proportion of the assessed amounts relate to ICMS claims filed by the State Revenue Authorities from the State of São Paulo, Brazil (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 December 31, 2017 , the principal amount of the tax assessment from the SPRA with regard to this case is approximately $2 million , with penalty, interest and fees assessed to date increasing such amount by an additional $24 million . Any change in the aggregate amount since the Company's last Annual Report on Form 10-K is due to an increase in assessed interest and statutorily mandated legal fees for the year, as well as foreign currency translation. Another ICMS tax case involving the SPRA refers to the tax period from January 2002 to December 2003, and has not yet reached the judicial phase. The aggregate amount assessed by the tax authorities in August 2005 was $7.6 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 $1.8 million , with penalty and interest assessed through that date increasing such amount by an additional $5.8 million . All such amounts include the effect of foreign currency translation. The Company continues to believe that it is not probable it will incur a loss for these assessments by the SPRA. The Company also continues to believe that sufficient coverage for these claims exists as a result of the Company's customer's indemnification obligations 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 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 Metals & Minerals 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. The Company is continuing to evaluate all known labor claims and as of December 31, 2017 and 2016 , the Company has established reserves of $9.6 million and $7.9 million , respectively, on the Consolidated Balance Sheets for amounts considered to be probable and estimable. As the Company continues to evaluate these claims and takes actions to address them, the amount of established reserves may be impacted. Customer Disputes The Company may, in the normal course of business, become involved in commercial disputes with subcontractors or customers. During the first quarter of 2015, a rail grinder manufactured by the Company's Harsco Rail Segment and operated by a subcontractor caught fire, causing a customer to incur monetary damages. In August 2017, the Company reached a mutually agreed upon settlement with the customer whereby the Company (1) made a net payment of $5.4 million to the customer; (2) received ownership of the underlying equipment; and (3) was released from all claims and potential claims. Based on the evaluation of the terms of the settlement, this settlement did not have a material impact on the Company’s results of operations. 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 these matters will not have a material adverse effect on the Company's financial condition, results of operations or cash flows. Lima Refinery Litigation On April 8, 2016, Lima Refining Company filed a lawsuit against the Company in the District Court of Harris County, Texas related to a January 2015 explosion at an oil refinery operated by Lima Refining Company. The action seeks approximately more than $106 million in property damages and approximately $289 million in lost profits and business interruption damages. The action alleges the explosion occurred because of a defect in a heat exchange cooler manufactured by Hammco Corporation ("Hammco") in 2009, prior to the Company’s acquisition of Hammco in 2014. The Company is vigorously contesting the allegations against it both as to liability for the accident and the amount of the claimed damages. As a result, the Company believes the situation will not result in a probable loss. The Company has both an indemnity right from the sellers of Hammco and liability insurance coverage under various primary and excess policies that the Company believes will be available, if necessary, to cover substantially all of any such liability that might ultimately be incurred in the above action. U.K. Health and Safety Executive Matter In the third quarter of 2016, a subsidiary in the Company’s Harsco Metals & Minerals Segment, along with one of its customers, was named as a co-defendant in an action brought by the U.K. Health and Safety Executive in the U.K. Crown Court Sitting at Kingston-Upon-Hull. In September 2017, the U.K. Health and Safety Executive withdrew its case against the Company, ending the Company’s involvement in these proceedings. Compliance Matter As previously disclosed, the Company recently began an internal investigation, with the assistance of outside counsel, after it became aware of allegations involving an employee and an agent of the Harsco Rail subsidiary in China (“Harsco Rail China”). During this investigation, which remains ongoing, the Company learned about certain payments that potentially violate the Foreign Corrupt Practices Act. Revenues attributed to Harsco Rail China were less than approximately 2% of the Company’s consolidated revenues for each of the past three years. The Company has voluntarily self-reported its findings to the SEC and the U.S. Department of Justice (the “DOJ”) and intends to fully cooperate with these agencies in their review. Based on information known to date, the Company believes the amount of the potential improper payments are not material to the consolidated financial statements. Any determination that the Company's operations or activities were not in compliance with existing laws or regulations could result in the imposition of fines and penalties. No provision with respect to this matter has been made in the Company’s consolidated financial statements. At this time, the Company cannot predict the outcome or impact of the investigation or the reviews by the SEC and the DOJ. However, based on information available at this time, the Company does not believe any potential liability would be material to the Company's consolidated financial position, although an amount recorded, if any, could be material to the results of operations for the period in which it may be recorded. Other The Company is named as one of many defendants (approximately 90 or more in most cases) in legal actions in the U.S. alleging personal injury from exposure to airborne asbestos over the past several decades. In their suits, the plaintiffs have named as defendants, among others, many manufacturers, distributors and installers of numerous types of equipment or products that allegedly contained asbestos. The Company believes that the claims against it are without merit. The Company has never been a producer, manufacturer or processor of asbestos fibers. Any asbestos-containing part of a Company product used in the past was purchased from a supplier and the asbestos encapsulated in other materials such that airborne exposure, if it occurred, was not harmful and is not associated with the types of injuries alleged in the pending actions. At December 31, 2017 , there were 17,144 pending asbestos personal injury actions filed against the Company. Of those actions, 16,742 were filed in the New York Supreme Court (New York County), 110 were filed in other New York State Supreme Court Counties and 292 were filed in courts located in other states. The complaints in most of those actions generally follow a form that contains a standard damages demand of $20 million or $25 million , regardless of the individual plaintiff's alleged medical condition, and without identifying any specific Company product. At December 31, 2017 , 16,712 of the actions filed in New York Supreme Court (New York County) were on the Deferred/Inactive Docket created by the court in December 2002 for all pending and future asbestos actions filed by persons who cannot demonstrate that they have a malignant condition or discernible physical impairment. The remaining 30 cases in New York County are pending on the Active or In Extremis Docket created for plaintiffs who can demonstrate a malignant condition or physical impairment. The Company has liability insurance coverage under various primary and excess policies that the Company believes will be available, if necessary, to substantially cover any liability that might ultimately be incurred in the asbestos actions referred to above. The costs and expenses of the asbestos actions will be paid by the Company’s insurers. In view of the persistence of asbestos litigation in the U.S., the Company expects to continue to receive additional claims in the future. The Company intends to continue its practice of vigorously defending these claims and cases. At December 31, 2017 , the Company has obtained dismissal in 27,943 cases by stipulation or summary judgment prior to trial. It is not possible to predict the ultimate outcome of asbestos-related actions in the U.S. due to the unpredictable nature of this litigation, and no loss provision has been recorded in the Company's consolidated financial statements because a loss contingency is not deemed probable or estimable. Despite this uncertainty, and although results of operations and cash flows for a given period could be adversely affected by asbestos-related actions, the Company does not expect that any costs that are reasonably possible to be incurred by the Company in connection with asbestos litigation would have a material adverse effect on the Company's financial condition, results of operations or cash flows. The Company is subject to various other claims and legal proceedings covering a wide range of matters that arose in the ordinary course of business. In the opinion of management, all such matters are adequately covered by insurance or by established reserves, and, if not so covered, are without merit or are of such kind, or involve such amounts, as would not have a material adverse effect on the financial position, results of operations or cash flows of the Company. Insurance liabilities are recorded when it is probable that a liability has been incurred for a particular event and the amount of loss associated with the event can be reasonably estimated. Insurance reserves have been estimated based primarily upon actuarial calculations and reflect the undiscounted estimated liabilities for ultimate losses, including claims incurred but not reported. Inherent in these estimates are assumptions that are based on the Company's history of claims and losses, a detailed analysis of existing claims with respect to potential value, and current legal and legislative trends. If actual claims differ from those projected by management, changes (either increases or decreases) to insurance reserves may be required and would be recorded through income in the period the change was determined. When a recognized liability is covered by third-party insurance, the Company records an insurance claim receivable to reflect the covered liability. Insurance claim receivables are included in Other receivables on the Consolidated Balance Sheets. See Note 1, Summary of Significant Accounting Policies, for additional information. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Capital Stock | Capital Stock The authorized capital stock of the Company consists of 150,000,000 shares of common stock and 4,000,000 shares of preferred stock, both having a par value of $1.25 per share. The preferred stock is issuable in series with terms as fixed by the Board of Directors (the "Board"). No preferred stock has been issued. The following table summarizes the Company's common stock: Shares Issued Treasury Shares (a) Outstanding Shares Outstanding, January 1, 2015 112,357,348 31,697,498 80,659,850 Shares issued for vested restricted stock units 47,954 16,807 31,147 Treasury shares purchased — 596,632 (596,632 ) Outstanding, December 31, 2015 112,405,302 32,310,937 80,094,365 Shares issued for vested restricted stock units 94,572 13,974 80,598 Outstanding, December 31, 2016 112,499,874 32,324,911 80,174,963 Shares issued for vested restricted stock units 375,355 105,431 269,924 Stock appreciation rights exercised 12,897 3,932 8,965 Outstanding, December 31, 2017 112,888,126 32,434,274 80,453,852 (a) The Company repurchases shares in connection with the issuance of shares under stock-based compensation programs and in accordance with Board authorized share repurchase programs. The following is a reconciliation of the average shares of common stock used to compute basic earnings per common share to the shares used to compute diluted earnings per common share as shown on the Consolidated Statements of Operations: (In thousands, except per share data) 2017 2016 2015 Income (loss) from continuing operations attributable to Harsco Corporation common stockholders $ 7,626 $ (86,336 ) $ 7,168 Weighted-average shares outstanding—basic 80,553 80,333 80,234 Dilutive effect of stock-based compensation 2,287 — 131 Weighted-average shares outstanding—diluted 82,840 80,333 80,365 Income (loss) from continuing operations per common share, attributable to Harsco Corporation common stockholders: Basic $ 0.09 $ (1.07 ) $ 0.09 Diluted $ 0.09 $ (1.07 ) $ 0.09 The following average outstanding stock-based compensation units were not included in the computation of diluted earnings per share because the effect was antidilutive: (In thousands) 2017 2016 2015 Restricted stock units — 810 — Stock options 52 89 98 Stock appreciation rights 811 1,458 1,142 Performance share units 201 684 278 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation During 2017, the Company’s stockholders and Board of Directors approved Amendment No. 1 to the 2013 Equity and Incentive Compensation Plan ("Amendment No. 1"). Amendment No. 1 increased the number of shares available for new awards and increased the number of shares that may be issued or transferred by the Company in connection with awards other than option rights or stock appreciation rights ("SARs"). The 2013 Equity and Incentive Plan, as amended (the "2013 Plan") authorizes the issuance of up to 7,800,000 shares of the Company's common stock for use in paying incentive compensation awards in the form of stock options or other equity awards such as restricted stock, restricted stock units ("RSUs"), SARs, or performance share units ("PSUs"). Of the 7,800,000 shares authorized, a maximum of 4,621,000 shares may be issued for awards other than option rights or SARs, as defined in the 2013 Plan. The 2016 Non-Employee Directors' Long-Term Equity Compensation Plan (the "2016 Plan") authorizes the issuance of up to 400,000 shares of the Company's common stock for equity awards. Both plans have been approved by the Company's stockholders. At December 31, 2017 , there were 4,366,677 shares available for granting equity awards under the 2013 Plan, of which 2,834,345 shares were available for awards other than option rights or SARs. At December 31, 2017 , there were 233,799 shares available for granting equity awards under the 2016 Plan. Restricted Stock Units The Company's Board approves the granting of performance-based RSUs as the long-term equity component of director, officer and certain key employee compensation. The RSUs require no payment from the recipient and compensation cost is measured based on the market price of the Company's common stock on the grant date and is generally recorded over the vesting period. RSUs granted to officers and certain key employees in 2015, either "cliff" vest at the end of three years , upon obtainment of specified retirement or years of service criteria. RSUs granted to officers and certain key employees in 2016 and 2017 either vest on a pro-rata basis over three years or upon obtainment of specified retirement or years of service criteria. Upon vesting, each RSU is exchanged for an equal number of shares of the Company's common stock. The vesting period for RSUs granted to non-employee directors is one year and each RSU is exchanged for an equal number of shares of the Company's common stock following the termination of the participant's service as a director. RSUs do not have an option for cash payment. The following table summarizes RSUs issued and the compensation expense recorded for the years ended December 31, 2017 , 2016 and 2015 : RSUs (a) Weighted Average Fair Value Expense (Dollars in thousands, except per unit) 2017 2016 2015 Directors: 2014 36,840 $ 24.80 $ — $ — $ 311 2015 59,985 $ 15.69 — 314 627 2016 109,998 $ 7.00 257 513 — 2017 56,203 $ 13.70 641 — — Employees: 2012 141,486 $ 18.75 — — (71 ) (b) 2013 170,582 $ 20.63 — 66 87 2014 190,832 $ 25.21 316 669 504 2015 239,679 $ 16.53 597 880 919 2016 536,773 $ 7.09 1,011 995 — 2017 286,251 $ 13.70 1,417 — — Total $ 4,239 $ 3,437 $ 2,377 (a) Represents number of awards originally issued. (b) Represents the impact of forfeitures during 2015. RSU activity for the year ended December 31, 2017 was as follows: Number of Shares Weighted Average Grant-Date Fair Value Non-vested at December 31, 2016 927,082 $ 11.19 Granted 342,454 13.70 Vested (392,735 ) 11.96 Forfeited (74,862 ) 12.96 Non-vested at December 31, 2017 801,939 11.73 At December 31, 2017 , the total unrecognized compensation cost related to non-vested RSUs was $4.0 million , which will be recognized over a weighted-average period of 1.7 years. There was a $1.1 million decrease in excess tax benefits from RSUs recognized in equity in 2016 and none in 2015. Upon the adoption of changes issued by the FASB amending the accounting for stock-based compensation, the Company records any excess tax benefits or shortfalls as a component of income tax expense. See Note 1, Recently Adopted and Recently Issued Accounting Standards, for additional information. Stock Appreciation Rights The Company's Board approves the granting of SARs to officers and certain key employees under the 2013 Plan. The SARs generally vest on a pro-rata basis from three to five years from the grant date or upon specified retirement or years of service criteria and expire no later than ten years after the grant date. The exercise price of the SARs is equal to the fair value of Harsco common stock on the grant date. Upon exercise, shares of Company's common stock are issued based on the increase in the fair value of the Company's common stock over the exercise price of the SAR. SARs do not have an option for cash payment. During 2015, the Company issued SARs covering 532,615 shares in May under the 2013 Plan. During 2016, the Company issued SARS covering 554,719 shares in May and 21,686 shares in November under the 2013 Plan. During 2017, the Company issued SARS covering 266,540 shares in March under the 2013 Plan. The fair value of each SAR grant was estimated on the grant date using a Black-Scholes pricing model with the following assumptions: Risk-free Interest rate Dividend Yield Expected Life (Years) Volatility SAR Grant Price Fair Value of SAR May 2013 Grant 1.17 % 3.61 % 6.5 44.1 % $ 22.70 $ 6.86 June 2013 Grant 1.41 % 3.56 % 6.5 44.1 % 23.03 7.07 November 2013 Grant 1.91 % 3.13 % 6.5 43.8 % 26.22 8.60 April 2014 Grant 1.98 % 3.53 % 6.0 44.3 % 23.25 7.25 May 2014 Grant (1st) 1.90 % 3.16 % 6.0 43.2 % 25.93 8.16 May 2014 Grant (2nd) 1.82 % 3.05 % 6.0 42.8 % 26.92 8.47 July 2014 Grant 2.00 % 3.24 % 6.0 41.2 % 25.27 7.55 August 2014 Grant 1.92 % 3.27 % 6.0 41.2 % 25.11 7.46 September 2014 Grant 2.03 % 3.50 % 6.0 40.6 % 23.43 6.72 November 2014 Grant 1.78 % 4.00 % 6.0 38.6 % 20.48 5.17 May 2015 Grant 1.70 % 4.96 % 6.0 35.8 % 16.53 3.39 May 2016 Grant 1.39 % — % 6.0 42.1 % 7.00 2.93 November 2016 Grant 1.74 % — % 6.0 43.8 % 12.25 5.38 March 2017 Grant 2.17 % — % 6.0 43.9 % 13.70 6.13 SARs activity for the years ended December 31, 2017 was as follows: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value (in millions) (c) Outstanding, December 31, 2016 1,535,873 $ 15.81 $ 3.4 Granted 266,540 13.70 Exercised (32,703 ) 10.73 Forfeited/Expired (90,434 ) 19.04 Outstanding, December 31, 2017 1,679,276 15.40 7.9 (c) Intrinsic value is defined as the difference between the current market value and the exercise price, for those SARs where the market price exceeds the exercise price. The total intrinsic value of SARs exercised in 2017 was $0.3 million . No SARs were exercised in 2016 and 2015. The following table summarizes information concerning outstanding and exercisable SARs at December 31, 2017 : SARs Outstanding SARs Exercisable Range of exercisable prices Vested Non-vested Weighted-Average Exercise Price per Share Weighted-Average Remaining Contractual Life in Years Number Exercisable Weighted-Average Exercise Price per Share $7.00 - $13.70 163,601 596,285 $ 9.40 8.65 163,601 $ 7.43 $16.53 - $22.70 377,147 255,269 18.29 6.66 377,147 18.26 $23.03 - $26.92 261,111 25,863 24.93 6.33 261,111 24.95 801,859 877,417 15.40 7.51 801,859 18.23 Total compensation expense related to SARs was $2.0 million , $1.7 million and $1.2 million for the years ended December 31, 2017 , 2016 and 2015, respectively. Vested and currently exercisable SARs have a weighted-average remaining contractual life of 7.51 years and an intrinsic value of $2.4 million at December 31, 2017 and total unrecognized compensation expense related to non-vested SARs was $2.1 million , which is expected to be recognized over a weighted average period of 1.7 years. Weighted-average grant date fair value of non-vested SARs for the year ended December 31, 2017 was as follows: Number of Shares Weighted-Average Grant Date Fair Value Non-vested shares, December 31, 2016 1,014,524 $ 3.84 Granted 266,540 6.13 Vested (280,510 ) 3.59 Exercised (32,703 ) 3.11 Forfeited (90,434 ) 5.96 Non-vested shares, December 31, 2017 877,417 4.42 Performance Share Units The Company's Board approves the granting of PSUs to officers and certain key employees that may be earned based on the Company's total shareholder return over the three -year performance period. PSUs are paid out at the end of each performance period based on the Company’s performance, which is measured by determining the percentile rank of the total shareholder return of the Company's common stock in relation to the total shareholder return of a specific peer group of companies. For PSUs issued in 2015, the peer group of companies utilized was the S&P Midcap 400 Index. For PSUs issued in 2016 and 2017, the peer group of companies utilized is the S&P 600 Industrial Index. The payment of PSUs following the performance period will be based in accordance with the scale set forth in the PSU agreements, and may range from 0% to 200% of the initial grant. PSUs do not have an option for cash payment. During the year ended December 31, 2015, the Company granted 237,063 shares in May under the 2013 Plan. During the year ended December 31, 2016, the Company granted 527,249 shares in May and 9,524 shares in November under the 2013 plan. During the year ended December 31, 2017 the Company granted 286,251 shares in March under the 2013 Plan. The fair value of PSUs granted was estimated on the grant date using a Monte Carlo pricing model with the following assumptions: Risk-free Interest rate Dividend Yield Expected Life (Years) Volatility Fair Value of PSU April 2014 Grant 0.75 % — % 2.73 34.3 % $ 18.00 May 2014 Grant (1st) 0.70 % — % 2.65 31.8 % 25.26 May 2014 Grant (2nd) 0.63 % — % 2.61 30.1 % 27.53 July 2014 Grant 0.74 % — % 2.42 26.9 % 22.31 August 2014 Grant 0.67 % — % 2.42 26.9 % 21.86 September 2014 Grant 0.72 % — % 2.29 25.7 % 15.26 November 2014 Grant 0.55 % — % 2.10 26.3 % 7.42 May 2015 Grant 0.83 % — % 2.65 28.5 % 14.48 May 2016 Grant 0.84 % — % 2.65 33.3 % 7.19 November 2016 Grant 0.96 % — % 2.14 35.2 % 17.84 March 2017 Grant 1.54 % — % 2.83 34.2 % 17.05 Total compensation expense related to PSUs was $3.5 million , $2.5 million and $1.4 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. At December 31, 2017 , total unrecognized compensation expense related to non-vested PSUs was $3.9 million , which is expected to be recognized over a weighted average period of 1.7 years. A summary of the Company's non-vested PSU activity during the years ending December 31, 2017 was as follows: Number of Shares Weighted-Average Grant Date Fair Value Non-vested shares, December 31, 2016 692,562 $ 9.25 Granted 286,251 17.05 Forfeited (68,387 ) 11.04 Cancellations (d) (166,843 ) 14.48 Non-vested shares, December 31, 2017 743,583 10.91 (d) The measurement period for PSUs issued in 2015 ended on December 31, 2017. The Company's total shareholder return compared to the peer group of companies resulted in no shares being issued because no PSUs were earned. Stock Options The Company's Board approves the granting of incentive stock options and nonqualified stock options to officers, certain key employees and non-employee directors under the plans noted above. The stock options would generally vest three years from the grant date, which is the date the Board approved the grants and expire no later than seven years after the grant date. The exercise price of the stock option would be fair value on the grant date. Upon exercise, a new share of Company common stock is issued for each stock option. Stock option activity for the years ended December 31, 2017 was as follows: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value (in millions)(e) Outstanding, December 31, 2016 55,000 $ 31.75 $ — Forfeited (12,500 ) 31.75 — Outstanding, December 31, 2017 42,500 31.75 — (e) Intrinsic value is defined as the difference between the current market value and the exercise price, for those options where the market price exceeds the exercise price. All Stock options are vested and there was no compensation expense related to stock options in 2017, 2016 and 2015. There were no stock options exercised and no net cash proceeds from the exercise of stock options in 2017, 2016 and 2015. The following table summarizes information concerning outstanding and exercisable options at December 31, 2017 : Stock Options Outstanding Stock Options Exercisable Range of Exercisable Prices Vested Non-vested Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life in Years Number Exercisable Weighted Average Exercise Price Per Share $31.75 - $31.75 42,500 — $ 31.75 0.1 42,500 $ 31.75 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial Instruments Off-Balance Sheet Risk As collateral for the Company's performance and to insurers, the Company is contingently liable under standby letters of credit, bonds and bank guarantees in the amounts of $275.4 million , $273.1 million and $232.5 million at December 31, 2017 , 2016 and 2015 , respectively. The increase at December 31, 2016 primarily relates to letters of credit and issuance of surety bonds related to the SBB rail order in the Harsco Rail Segment. These standby letters of credit, bonds and bank guarantees are generally in force for up to 2 years . Certain issues have no scheduled expiration date. The Company pays fees to various banks and insurance companies that range from 0.4% to 3.5% per annum of the instrument's face value. If the Company were required to obtain replacement standby letters of credit, bonds and bank guarantees at December 31, 2017 for those currently outstanding, it is the Company's opinion that the replacement costs would be within the present fee structure. The Company has currency exposures in approximately 30 countries. The Company's primary foreign currency exposures during 2017 were in the European Union, the U.K. and Brazil. Off-Balance Sheet Risk—Third-Party Guarantees During June 2014, the Company provided a guarantee to Brand as part of the net working capital settlement related to the Infrastructure Transaction, for certain matters occurring prior to closing. The remaining term of this guarantee is 3 years at December 31, 2017 . The maximum potential amount of future payments related to this guarantee is approximately $3 million at December 31, 2017 . There is no recognition of this potential future payment in the consolidated financial statements as the Company believes the potential for making this payment is remote. Any liabilities related to the Company's obligation to stand ready to act on third-party guarantees are included, Other current liabilities or Other liabilities (as appropriate), on the Consolidated Balance Sheets. Any recognition of these liabilities did not have a material impact on the Company's financial position or results of operations for 2017 , 2016 or 2015 . In the normal course of business, legal indemnifications are provided related primarily to the performance of the Company's products and services and patent and trademark infringement of the products and services sold. These indemnifications generally relate to the performance (regarding function, not price) of the respective products or services and therefore no liability is recognized related to the fair value of such guarantees. Derivative Instruments and Hedging Activities The Company uses derivative instruments, including foreign currency exchange forward contracts, interest rate swaps and cross-currency interest rate swaps ("CCIRs"), to manage certain foreign currency and interest rate exposures. Derivative instruments are viewed as risk management tools by the Company and are not used for trading or speculative purposes. All derivative instruments are recorded on the Consolidated Balance Sheets at fair value. Changes in the fair value of derivatives used to hedge foreign currency denominated balance sheet items are reported directly in earnings along with offsetting transaction gains and losses on the items being hedged. Derivatives used to hedge forecasted cash flows associated with foreign currency commitments may be accounted for as cash flow hedges, as deemed appropriate, if the criteria for hedge accounting are met. Gains and losses on derivatives designated as cash flow hedges are deferred in Accumulated other comprehensive loss, a separate component of equity, and reclassified to earnings in a manner that matches the timing of the earnings impact of the hedged transactions. The ineffective portion of all hedges, if any, is recognized currently in earnings. The fair value of outstanding derivative contracts recorded as assets and liabilities on the Consolidated Balance Sheets: Asset Derivatives Liability Derivatives (In thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value December 31, 2017 Derivatives designated as hedging instruments: Foreign currency exchange forward contracts Other current assets $ 2,329 Other current liabilities $ 153 Interest rate swaps Other current assets 464 Interest rate swaps Other assets 170 Other liabilities 1,368 Total derivatives designated as hedging instruments $ 2,963 $ 1,521 Derivatives not designated as hedging instruments : Foreign currency exchange forward contracts Other current assets $ 2,915 Other current liabilities $ 6,970 Asset Derivatives Liability Derivatives (In thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value December 31, 2016 Derivatives designated as hedging instruments: Foreign currency exchange forward contracts Other current assets $ 473 $ 166 Cross-currency interest rate swaps Other current assets 514 — Total derivatives designated as hedging instruments $ 987 $ 166 Derivatives not designated as hedging instruments: Foreign currency exchange forward contracts Other current assets $ 4,459 Other current liabilities $ 3,372 All of the Company's derivatives are recorded on the Consolidated Balance Sheets at gross amounts and not offset. All of the Company's interest rate swaps, CCIRs and certain foreign currency exchange forward contracts are transacted under International Swaps and Derivatives Association ("ISDA") documentation. Each ISDA master agreement permits the net settlement of amounts owed in the event of default. The Company's derivative assets and liabilities subject to enforceable master netting arrangements resulted in a $0.2 million net liability at December 31, 2017 . At December 31, 2016, such arrangements did not result in a net asset or net liability. The effect of derivative instruments on the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income (Loss): Derivatives Designated as Hedging Instruments (In thousands) Amount of Gain (Loss) Recognized in Other Comprehensive Income ("OCI") on Derivative—Effective Portion Location of Gain (Loss) Reclassified from Accumulated OCI into Income—Effective Portion Amount of Gain (Loss) Reclassified from Accumulated OCI into Income—Effective Portion Location of Gain (Loss) Recognized in Income on Derivative—Ineffective Portion and Amount Excluded from Effectiveness Testing Amount of Gain (Loss) Recognized in Income on Derivative—Ineffective Portion and Amount Excluded from Effectiveness Testing Twelve Months Ended December 31, 2017: Foreign currency exchange forward contracts $ 3,547 Product revenues / Cost of services and products sold $ (954 ) $ — Interest rate swaps (734 ) — — Cross-currency interest rate swaps (205 ) Interest Expense 1,002 Cost of services and products sold 420 (a) $ 2,608 $ 48 $ 420 Twelve Months Ended December 31, 2016: Foreign currency exchange forward contracts $ 2,294 Cost of services and products sold $ (410 ) $ — Cross-currency interest rate swaps (1,549 ) — Cost of services and products sold 4,042 (a) $ 745 $ (410 ) $ 4,042 Twelve Months Ended December 31, 2015: Foreign currency exchange forward contracts $ 2,479 Cost of services and products sold $ 53 $ — Cross-currency interest rate swaps 9,012 — Cost of services and products sold 30,359 (a) $ 11,491 $ 53 $ 30,359 (a) These gains (losses) offset foreign currency fluctuation effects on the debt principal. Derivatives Not Designated as Hedging Instruments Location of Loss Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative for the Twelve Months Ended December 31(b) (In thousands) 2017 2016 2015 Foreign currency exchange forward contracts Cost of services and products sold $ (23,572 ) $ 15,875 $ (158 ) (b) These gains (losses) offset amounts recognized in cost of service and products sold principally as a result of intercompany or third-party foreign currency exposures. Foreign Currency Exchange Forward Contracts The Company conducts business in multiple currencies and, accordingly, is subject to the inherent risks associated with foreign exchange rate movements. The financial position and results of operations of substantially all of the Company's foreign subsidiaries are measured using the local currency as the functional currency. Foreign currency-denominated assets and liabilities are translated into U.S. dollars at the exchange rates existing at the respective balance sheet dates, and income and expense items are translated at the average exchange rates during the respective periods. The aggregate effects of translating the balance sheets of these subsidiaries are deferred and recorded in Accumulated other comprehensive loss, which is a separate component of equity. The Company uses derivative instruments to hedge cash flows related to foreign currency fluctuations. Foreign currency exchange forward contracts outstanding are part of a worldwide program to minimize foreign currency exchange operating income and balance sheet exposure by offsetting foreign currency exposures of certain future payments between the Company and various subsidiaries, suppliers or customers. The unsecured contracts are with major financial institutions. The Company may be exposed to credit loss in the event of non-performance by the contract counterparties. The Company evaluates the creditworthiness of the counterparties and does not expect default by them. Foreign currency exchange forward contracts are used to hedge commitments, such as foreign currency debt, firm purchase commitments and foreign currency cash flows for certain export sales transactions. The following tables summarize, by major currency, the contractual amounts of the Company's foreign currency exchange forward contracts in U.S. dollars. The "Buy" amounts represent the U.S. dollar equivalent of commitments to purchase foreign currencies and the "Sell" amounts represent the U.S. dollar equivalent of commitments to sell foreign currencies. The recognized gains and losses offset amounts recognized in cost of services and products sold principally as a result of intercompany or third-party foreign currency exposures. Contracted Amounts of Foreign Currency Exchange Forward Contracts Outstanding at December 31, 2017 : (In thousands) Type U.S. Dollar Equivalent Maturity Recognized Gain (Loss) British pounds sterling Sell $ 76,761 January 2018 $ (769 ) British pounds sterling Buy 5,960 January 2018 72 Euros Sell 314,649 January 2018 through December 2018 (4,916 ) Euros Buy 223,111 January 2018 through November 2018 4,564 Other currencies Sell 39,889 January 2018 through June 2018 (1,049 ) Other currencies Buy 11,487 January 2018 219 Total $ 671,857 $ (1,879 ) Contracted Amounts of Foreign Currency Exchange Forward Contracts Outstanding at December 31, 2016 : (In thousands) Type U.S. Dollar Equivalent Maturity Recognized Gain (Loss) British pounds sterling Sell $ 55,120 January 2017 $ (228 ) British pounds sterling Buy 827 March 2017 (14 ) Euros Sell 326,797 January 2017 through December 2017 628 Euros Buy 171,578 January 2017 through January 2018 (468 ) Other currencies Sell 43,455 January 2017 through September 2017 1,477 Other currencies Buy 3,106 March 2017 (1 ) Total $ 600,883 $ 1,394 In addition to foreign currency exchange forward contracts, the Company designates certain loans as hedges of net investments in international subsidiaries. The Company recorded pre-tax net gains of $17.4 million , pre-tax net losses of $37.5 million and pre-tax net gains of $2.7 million related to hedges of net investments during 2017 , 2016 and 2015 , respectively, in Accumulated other comprehensive loss. Interest Rate Swaps The Company uses interest rate swaps in conjunction with certain debt issuances in order to secure a fixed interest rate. The interest rate swaps are recorded on the Consolidated Balance Sheets at fair value, with changes in value attributed to the effect of the swaps’ interest spread and changes in the credit worthiness of the counter-parties recorded in Accumulated other comprehensive loss. In January 2017, the Company entered into a series of interest rate swaps that cover the period from 2018 through 2021, and had the effect of converting $300.0 million of the Term Loan Facility from floating-rate to fixed-rate beginning in 2018. The fixed rates provided by the swaps replace the adjusted LIBOR rate in the interest calculation, ranging from 1.65% for 2018 to 2.71% for 2021. The following table indicates the notional amounts of the Company's interest rate swaps at December 31, 2017 : Annual Notional Amount Interest Rates (In millions) Receive Pay Maturing 2018 through 2021 $ 300.0 Floating U.S. dollar rate Fixed U.S. dollar rate Cross-Currency Interest Rate Swaps The Company may use CCIRs in conjunction with certain debt issuances in order to secure a fixed local currency interest rate. Under these CCIRs, the Company receives interest based on a fixed or floating U.S. dollar rate and pays interest on a fixed local currency rate based on the contractual amounts in dollars and the local currency, respectively. At maturity, there is also the payment of principal amounts between currencies. The CCIRs are recorded on the Consolidated Balance Sheets at fair value, with changes in value attributed to the effect of the swaps' interest spread and changes in the credit worthiness of the counter-parties recorded in Accumulated other comprehensive loss. Changes in value attributed to the effect of foreign currency fluctuations are recorded on the Consolidated Statements of Operations and offset currency fluctuation effects on the debt principal. The Company had no outstanding CCIRs at December 31, 2017. During November 2017, the Company's final CCIR matured. During March 2016, the Company effected the early termination of the British pound sterling CCIR with an original maturity date of 2020. The Company received $16.6 million in cash related to this termination. During August 2015, the Company effected the early termination of the euro CCIR with an original maturity date of 2018. The Company received $75.1 million in cash related to this termination. Euro denominated foreign currency exchange forward contracts were entered into later in 2015 that provide similar protection from changes in foreign exchange rates to the terminated CCIR contract. There was no gain or loss recorded on these terminations as any change in value attributable to the effect of foreign currency translation was previously recognized on the Consolidated Statements of Operations. Fair Value of Derivative Assets and Liabilities and Other Financial Instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The Company utilizes market data or assumptions that the Company believes market participants would use in valuing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: • Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. • Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3—Inputs that are both significant to the fair value measurement and unobservable. In instances in which multiple levels of inputs are used to measure fair value, hierarchy classification is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The following table indicates the fair value hierarchy of the financial instruments of the Company: Level 2 Fair Value Measurements December 31 December 31 Assets Foreign currency exchange forward contracts $ 5,244 $ 4,932 Interest rate swaps 634 — Cross-currency interest rate swaps — 514 Liabilities Foreign-currency forward exchange contracts 7,123 3,538 Interest rate swaps 1,368 — The following table reconciles the beginning and ending balances for liabilities measured on a recurring basis using unobservable inputs (Level 3) for the years ended December 31, 2017 and 2016 : Level 3 Liabilities—Unit Adjustment Liability (c) for the Twelve Months Ended December 31 2016 Balance at beginning of year $ 79,934 Reduction in the fair value related to election not to make 2016 payments (19,145 ) Sale of equity interest in Brand (65,461 ) Change in fair value to the unit adjustment liability 4,672 Balance at end of year $ — (c) See Note 4, Equity Method Investments, for additional information. The Company primarily applies the market approach for recurring fair value measurements and endeavors to utilize the best available information. Accordingly, the Company utilizes valuation techniques that maximize the use of observable inputs, such as forward rates, interest rates, the Company's credit risk and counterparties' credit risks, and which minimize the use of unobservable inputs. The Company is able to classify fair value balances based on the ability to observe those inputs. Foreign currency exchange forward contracts, interest rate swaps and CCIRs are based upon pricing models using market-based inputs (Level 2). Model inputs can be verified and valuation techniques do not involve significant management judgment. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and short-term borrowings approximate fair value due to the short-term maturities of these assets and liabilities. At December 31, 2017 and 2016 , the total fair value of long-term debt, including current maturities, was $599.1 million and $682.9 million , respectively, compared with a carrying value of $593.7 million and $673.4 million , respectively. Fair values for debt are based upon pricing models using market-based inputs (Level 2) for similar issues or on the current rates offered to the Company for debt of the same remaining maturities. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company places cash and cash equivalents with high-quality financial institutions and, by policy, limits the amount of credit exposure to any single institution. Concentrations of credit risk with respect to accounts receivable are generally limited in the Harsco Industrial Segment. However, the Company's Harsco Metals & Minerals Segment and, to a lesser extent, the Harsco Rail Segment have several large customers throughout the world with significant accounts receivable balances. Consolidation in the global steel or rail industries could result in an increase in concentration of credit risk for the Company. The Company generally does not require collateral or other security to support customer receivables. If a receivable from one or more of the Company's larger customers becomes uncollectible, it could have a material effect on the Company's results of operations or cash flows. |
Information by Segment and Geog
Information by Segment and Geographic Area | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Information by Segment and Geographic Area | Information by Segment and Geographic Area 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, services and markets served. In 2017 , the Company had three reportable segments. These segments and the types of products and services offered include the following: Harsco Metals & Minerals Segment Global expertise in providing on-site services for material logistics, product quality improvement and resource recovery from iron, steel and metals manufacturing; as well as value added environmental solutions for industrial co-products. Major customers include steel mills and asphalt roofing manufacturers. Harsco Industrial Segment Major products include air-cooled heat exchangers; industrial grating; high-security fencing and boilers and water heaters. Major customers include industrial plants and the non-residential, commercial and public construction and retrofit markets; and the natural gas, natural gas processing and petrochemical industries. Harsco Rail Segment This Segment manufactures railway track maintenance and safety equipment and provides track maintenance services. The major customers include private and government-owned railroads and urban mass transit systems worldwide. Other Information The measurement basis of segment profit or loss is operating income (loss). There are no significant inter-segment sales. Corporate assets, at December 31, 2017 and 2016 , include principally cash, prepaid taxes, fair value of derivative instruments and U.S. deferred income taxes. Countries with revenues from unaffiliated customers or net property, plant and equipment of ten percent or more of the consolidated totals (in at least one period presented) are as follows: Information by Geographic Area (a) Revenues from Unaffiliated Customers Year Ended December 31 (In thousands) 2017 2016 2015 U.S. $ 697,663 $ 614,327 $ 758,820 U.K. 146,624 156,552 217,011 All Other 762,775 680,344 747,261 Totals including Corporate $ 1,607,062 $ 1,451,223 $ 1,723,092 (a) Revenues are attributed to individual countries based on the location of the facility generating the revenue. Property, Plant and Equipment, Net Balances at December 31 (In thousands) 2017 2016 2015 U.S. $ 120,555 $ 125,386 $ 142,506 China 95,569 90,288 97,305 Brazil 54,704 62,597 57,381 All Other 208,919 211,984 266,843 Totals including Corporate $ 479,747 $ 490,255 $ 564,035 No single customer provided in excess of 10% of the Company's consolidated revenues in 2017 , 2016 and 2015 . In 2017 and 2016 , the Harsco Metals & Minerals Segment had one customer and in 2015 two customers that each provided in excess of 10% of this Segment's revenues under multiple long-term contracts at several mill sites. Should additional consolidations occur involving some of the steel industry's larger companies which are customers of the Company, it would result in an increase in concentration of credit risk for the Company. The loss of any one of the contracts would not have a material adverse effect upon the Company's financial position or cash flows; however, it could have a significant effect on quarterly or annual results of operations. In 2017 , the Harsco Industrial Segment had one customer, in 2016 no customers and in 2015 two customers that provided in excess of 10% of the Segment's revenues. In 2017 and 2016 , the Harsco Rail Segment had one customer and in 2015 two customers that provided in excess of 10% of the Segment's revenues. The loss of any of these customers would not have a material adverse impact on the Company's financial positions or cash flows; however, it could have a material effect on quarterly or annual results of operations. Operating Information by Segment: Twelve Months Ended December 31 (In thousands) 2017 2016 2015 Revenues Harsco Metals & Minerals $ 1,011,328 $ 965,540 $ 1,106,162 Harsco Industrial 299,592 247,542 357,256 Harsco Rail 295,999 238,107 259,674 Corporate 143 34 — Total Revenues $ 1,607,062 $ 1,451,223 $ 1,723,092 Twelve Months Ended December 31 (In thousands) 2017 2016 2015 Operating Income (Loss) Harsco Metals & Minerals $ 105,257 $ 81,634 $ 26,289 Harsco Industrial 35,174 23,182 57,020 Harsco Rail 32,091 (17,527 ) 50,896 Corporate (29,723 ) (23,820 ) (45,669 ) Total Operating Income $ 142,799 $ 63,469 $ 88,536 Total Assets Harsco Metals & Minerals $ 1,184,280 $ 1,181,602 $ 1,286,336 Harsco Industrial 113,410 107,987 119,830 Harsco Rail 237,135 204,477 219,753 Corporate 43,860 87,272 425,968 Total Assets $ 1,578,685 $ 1,581,338 $ 2,051,887 Depreciation and Amortization Harsco Metals & Minerals $ 112,329 $ 120,611 $ 136,579 Harsco Industrial 7,360 7,223 6,266 Harsco Rail 4,221 5,383 6,093 Corporate 6,027 8,269 7,537 Total Depreciation and Amortization $ 129,937 $ 141,486 $ 156,475 Capital Expenditures Harsco Metals & Minerals $ 87,526 $ 62,322 $ 99,563 Harsco Industrial 6,895 5,118 17,382 Harsco Rail 2,403 1,696 1,957 Corporate 1,490 204 4,650 Total Capital Expenditures $ 98,314 $ 69,340 $ 123,552 Reconciliation of Segment Operating Income to Consolidated Income (Loss) From Continuing Operations Before Income Taxes and Equity Income: Twelve Months Ended December 31 (In thousands) 2017 2016 2015 Segment operating income $ 172,522 $ 87,289 $ 134,205 General Corporate expense (29,723 ) (23,820 ) (45,669 ) Operating income from continuing operations 142,799 63,469 88,536 Interest income 2,469 2,475 1,574 Interest expense (47,552 ) (51,584 ) (46,804 ) Loss on early extinguishment of debt (2,265 ) (35,337 ) — Change in fair value to the unit adjustment liability and loss on dilution and sale of equity method investment — (58,494 ) (8,491 ) Income (loss) from continuing operations before income taxes and equity income $ 95,451 $ (79,471 ) $ 34,815 Information about Products and Services: Revenues from Unaffiliated Customers Twelve Months Ended December 31 (In thousands) 2017 2016 2015 Key Product and Services Groups Global expertise in providing on-site services of material logistics, product quality improvement and resource recovery for iron, steel and metals manufacturing; as well as value added environmental solutions for industrial co-products $ 1,011,328 $ 965,540 $ 1,106,162 Railway track maintenance and safety equipment and track maintenance services 295,999 238,107 259,674 Air-cooled heat exchangers 144,955 93,616 186,243 Industrial grating and fencing products 116,598 115,914 129,869 Heat transfer products 38,039 38,012 41,144 General Corporate 143 34 — Consolidated Revenues $ 1,607,062 $ 1,451,223 $ 1,723,092 |
Other Expenses
Other Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other Expenses | Other Expenses, Net During 2017 , 2016 and 2015 , the Company recorded pre-tax other expenses, net of $4.6 million , $12.6 million and $30.6 million , respectively. The major components of this Consolidated Statements of Operations caption are as follows: (In thousands) 2017 2016 2015 Net gains $ (5,136 ) $ (1,764 ) $ (10,613 ) Employee termination benefit costs 7,350 10,777 14,914 Other costs to exit activities 1,633 440 13,451 Impaired asset write-downs 1,025 399 8,170 Foreign currency gains related to Harsco Rail Segment advances on contracts — — (10,940 ) Harsco Metals & Minerals Segment separation costs — 3,235 9,922 Subcontractor settlement — — 4,220 Other expense (231 ) (467 ) 1,449 Total $ 4,641 $ 12,620 $ 30,573 Net Gains Net gains result from the sales of redundant properties (primarily land, buildings and related equipment) and non-core assets. In 2017, gains related to assets sold principally in Latin America and Western Europe. In 2016, gains related to assets sold principally in Western Europe, North America and Latin America. In 2015, gains related to assets sold principally in North America and Latin America. Net Gains (In thousands) 2017 2016 2015 Harsco Metals & Minerals Segment $ (1,354 ) $ (1,828 ) $ (7,059 ) Harsco Industrial Segment (3,782 ) 64 (3,554 ) Total $ (5,136 ) $ (1,764 ) $ (10,613 ) Cash proceeds associated with these gains are included in Proceeds from sales of assets, in the cash flows from investing activities section of the Consolidated Statements of Cash Flows. Employee Termination Benefit Costs Costs and the related liabilities associated with involuntary termination benefit costs associated with one-time benefit arrangements provided as part of an exit or disposal activity are recognized by the Company when a formal plan for reorganization is approved at the appropriate level of management and communicated to the affected employees. Additionally, costs associated with ongoing benefit arrangements, or in certain countries where statutory requirements dictate a minimum required benefit, are recognized when they are probable and estimable. The employee termination benefits costs in 2017 related principally to the Harsco Metals & Minerals Segment, primarily in Latin America and Western Europe. The employee termination benefits costs in 2016 related principally to the Harsco Metals & Minerals Segment, including a probable site exit and the impact of Harsco Metals & Minerals Segment's Improvement Plan ("Project Orion"), primarily in Western Europe, Latin America and North America. The employee termination benefits costs in 2015 related principally to the Harsco Metals & Minerals Segment, including the impact of Project Orion, primarily in Western Europe, North America and Asia Pacific. Employee Termination Benefit Costs (In thousands) 2017 2016 2015 Harsco Metals & Minerals Segment $ 4,411 $ 8,491 $ 11,454 Harsco Industrial Segment 617 947 561 Harsco Rail Segment 1,133 297 145 Corporate 1,189 1,042 2,754 Total $ 7,350 $ 10,777 $ 14,914 Other Costs to Exit Activities Costs associated with exit or disposal activities are recognized as follows: • Costs to terminate a contract that is not a capital lease are recognized when an entity terminates the contract or when an entity ceases using the right conveyed by the contract. This includes the costs to terminate the contract before the end of its term or the costs that will continue to be incurred under the contract for its remaining term without economic benefit to the entity (e.g., lease run-out costs). • Other costs associated with exit or disposal activities (e.g., costs to consolidate or close facilities and relocate equipment or employees) are recognized and measured at their fair value in the period in which the liability is incurred. In 2017, $1.6 million of exit costs were incurred, principally in Western Europe and North America. In 2016, $0.4 million of exit costs were incurred, principally in North America and Western Europe. In 2015, $13.5 million of exit costs were incurred, principally in the Harsco Metals & Minerals Segment, primarily related to the Middle East, North America, Latin America and Western Europe. Other costs to exit activities during 2015 include costs associated with the Company's exit of operations in Bahrain. Over the past several years the Company has been in discussions with officials at the Supreme Council for Environment in Bahrain with regard to a processing by-product ("salt cakes") located at Hafeera. During 2015, the Company completed the assessment of options available for processing or removing the salt cakes. As a result, the Company has entered into a service agreement with a third party for processing the salt cakes and recorded a charge of $7.0 million , payable over several years, related to the estimated cost of processing and disposal. The Company's Bahrain operations are operated under a strategic venture for which its strategic venture partner has a 35% minority interest. Accordingly, the net impact of the charge to the Company's net income (loss) attributable to the Company was $4.6 million . Costs to Exit Activities (In thousands) 2017 2016 2015 Harsco Metals & Minerals Segment $ 706 $ 220 $ 12,638 Harsco Industrial Segment 371 40 — Corporate 556 180 813 Total $ 1,633 $ 440 $ 13,451 Impaired Asset Write-downs Impaired asset write-downs are measured as the amount by which the carrying amount of assets exceeds their fair value. Fair value is estimated based upon the expected future realizable cash flows including anticipated selling prices. Non-cash impaired asset write-downs are included in, Other, net, on the Consolidated Statements of Cash Flows as adjustments to reconcile net income (loss) to net cash provided by operating activities. In 2017, $1.0 million of impaired asset write-downs were incurred principally in the Harsco Metals & Minerals Segment, mostly in the Asia Pacific and North America regions. In 2016, $0.4 million of impaired asset write-downs were incurred principally in the Harsco Metals & Minerals Segment, mostly in the Asia Pacific region. In 2015, $8.2 million of impaired asset write-downs were incurred in the Harsco Metals & Minerals Segment, mostly in North America, Middle East and Africa and the Asia Pacific regions. Impaired Asset Write-downs (In thousands) 2017 2016 2015 Harsco Metals & Minerals Segment $ 706 $ 399 $ 8,170 Harsco Industrial Segment 151 — — Corporate 168 — — Total $ 1,025 $ 399 $ 8,170 Foreign Currency Gains Related to Harsco Rail Segment Advances on Contracts In January 2015, the Swiss National Bank ended its policy of maintaining a stable exchange rate between the Swiss franc and the euro. As a result of this change in policy, the Swiss franc experienced significant appreciation against the euro. During 2015, the Company recognized $10.9 million in foreign currency gains primarily related to converting Swiss franc bank deposits to euros. This gain was associated with advances received for the Harsco Rail Segment's two contracts with the SBB. Harsco Metals & Minerals Segment Separation Costs The Company has previously announced its intention to pursue strategic options for the separation of the Harsco Metals & Minerals Segment from the rest of the Company. In 2016 and 2015, the Company incurred $3.2 million and $9.9 million of expenses related to the strategic review of this initiative, respectively. After carefully studying alternatives to separate the Harsco Metals & Minerals Segment from the Company’s other businesses, and considering the future benefits of the ongoing business transformation and the expected recovery in the Company’s end markets, the Company has concluded such a separation will not be pursued for the foreseeable future. Subcontractor Settlement A subcontractor at the site of a large customer in the Harsco Metals & Minerals Segment had filed arbitration against the Company, claiming that it was owed monetary damages from the Company in connection with its processing certain materials. Additionally, related to this matter, the Company has brought suit against its customer which the Company believed had responsibility for any damages. During 2015, all parties involved reached a binding settlement agreement. The Company recorded a charge of $4.2 million related to its obligations under the settlement agreement. |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2017 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Components of Accumulated Other Comprehensive Loss | Components of Accumulated Other Comprehensive Loss Accumulated other comprehensive loss is included on the Consolidated Statements of Stockholders' Equity. The components of Accumulated other comprehensive loss, net of the effect of income taxes, and activity for the years ended December 31, 2017 and 2016 are as follows: Components of Accumulated Other Comprehensive Income (Loss) - Net of Tax (In thousands) Cumulative Foreign Exchange Translation Adjustments Effective Portion of Derivatives Designated as Hedging Instruments Cumulative Unrecognized Actuarial Losses on Pension Obligations Unrealized Loss on Marketable Securities Total Balance at December 31, 2015 $ (125,561 ) $ (400 ) $ (389,696 ) $ (31 ) $ (515,688 ) Other comprehensive income (loss) before reclassifications (53,301 ) (a) (1,650 ) (b) (86,181 ) (c) 26 (141,106 ) Realized (gains) losses reclassified from accumulated other comprehensive loss in connection with loss on dilution of equity method investment (See Note 4, Equity Method Investments) 28,641 1,636 (1,534 ) — 28,743 Amounts reclassified from accumulated other comprehensive loss, net of tax 1,157 (263 ) 16,011 — 16,905 Other comprehensive income (loss) from equity method investee 1,943 (405 ) 306 — 1,844 Total other comprehensive income (loss) (21,560 ) (682 ) (71,398 ) 26 (93,614 ) Less: Other comprehensive loss attributable to noncontrolling interests 2,587 (7 ) — — 2,580 Other comprehensive income (loss) attributable to Harsco Corporation (18,973 ) (689 ) (71,398 ) 26 (91,034 ) Balance at December 31, 2016 $ (144,534 ) $ (1,089 ) $ (461,094 ) $ (5 ) $ (606,722 ) Components of Accumulated Other Comprehensive Income (Loss) - Net of Tax (In thousands) Cumulative Foreign Exchange Translation Adjustments Effective Portion of Derivatives Designated as Hedging Instruments Cumulative Unrecognized Actuarial Losses on Pension Obligations Unrealized Loss on Marketable Securities Total Balance at December 31, 2016 $ (144,534 ) $ (1,089 ) $ (461,094 ) $ (5 ) $ (606,722 ) Other comprehensive income (loss) before reclassifications 36,011 (a) 1,967 (b) 5,143 (c) 22 43,143 Amounts reclassified from accumulated other comprehensive loss, net of tax — (70 ) 20,111 — 20,041 Total other comprehensive income (loss) 36,011 1,897 25,254 22 63,184 Less: Other comprehensive loss attributable to noncontrolling interests (3,044 ) — — — (3,044 ) Other comprehensive income (loss) attributable to Harsco Corporation 32,967 1,897 25,254 22 60,140 Balance at December 31, 2017 $ (111,567 ) $ 808 $ (435,840 ) $ 17 $ (546,582 ) (a) Principally foreign currency fluctuation. (b) Principally net change from periodic revaluations. (c) Principally changes due to annual actuarial remeasurements. Amounts reclassified from accumulated other comprehensive loss for 2017 and 2016 are as follows: Year Ended December 31 2017 Year Ended December 31 2016 Affected Caption on the Consolidated Statements of Operations (In thousands) Amortization of defined benefit pension items (d) : Actuarial losses $ 10,174 $ 8,490 Selling, general and administrative expenses Actuarial losses 11,811 9,005 Cost of services and products sold Prior-service costs (58 ) (11 ) Selling, general and administrative expenses Prior-service costs 277 263 Cost of services and products sold Settlement/curtailment losses — 355 Selling, general and administrative expenses Total before tax 22,204 18,102 Tax benefit (2,093 ) (2,091 ) Total reclassification of defined benefit pension items, net of tax $ 20,111 $ 16,011 Amortization of cash flow hedging instruments: Foreign currency exchange forward contracts $ (936 ) $ (408 ) Product revenues Foreign currency exchange forward contracts (18 ) (2 ) Cost of services and products sold Cross-currency interest rate swaps 1,002 — Interest expense Total before tax 48 (410 ) Tax benefit (118 ) 147 Total reclassification of cash flow hedging instruments $ (70 ) $ (263 ) Recognition of cumulative foreign exchange translation adjustments: Foreign exchange translation adjustments, before tax $ — $ 1,157 Other expenses, net Tax benefit — — Total reclassification of cumulative foreign exchange translation adjustments $ — $ 1,157 (d) These accumulated other comprehensive loss components are included in the computation of NPPC. See Note 9, Employee Benefit Plans, for additional information. Realized (gains) losses reclassified from accumulated other comprehensive loss in connection with loss on dilution and sale of equity method investment are as follows: (In thousands) Twelve Months Ended Affected Caption on the Consolidated Statements of Operations December 31 Foreign exchange translation adjustments $ 45,405 Change in fair value to the adjustment liability and loss on dilution and sale of equity method investment Cash flow hedging instruments 2,593 Change in fair value to the adjustment liability and loss on dilution and sale of equity method investment Defined benefit pension obligations (2,433 ) Change in fair value to the adjustment liability and loss on dilution and sale of equity method investment Total before tax 45,565 Tax benefit (e) (16,822 ) Total amounts reclassified from accumulated other comprehensive loss in connection with loss on dilution and sale of equity method investment $ 28,743 (e) For the year ended December 31, 2016 the tax benefit was not recognized on the Consolidated Statement of Operations since a valuation allowance was established against the resulting deferred tax assets. See Note 10, Income Taxes, for additional information. |
SCHEDULE II. VALUATION AND QUAL
SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS Continuing Operations (In thousands) COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E Additions Additions (Deductions) Description Balance at Beginning of Period Charged to Cost and Expenses Due to Currency Translation Adjustments Other Balance at End of Period For the year 2017: Allowance for Doubtful Accounts $ 11,800 $ 5,346 $ 533 $ (12,948 ) (a) $ 4,731 Deferred Tax Assets—Valuation Allowance 146,097 33,041 10,097 (15,009 ) (b) 174,226 For the year 2016: Allowance for Doubtful Accounts $ 25,649 $ (38 ) $ (320 ) $ (13,491 ) (a) $ 11,800 Deferred Tax Assets—Valuation Allowance 110,680 38,490 (6,323 ) 3,250 146,097 For the year 2015: Allowance for Doubtful Accounts $ 15,119 $ 13,047 $ (1,585 ) $ (932 ) $ 25,649 Deferred Tax Assets—Valuation Allowance 131,422 13,175 (11,519 ) (22,398 ) (b) 110,680 (a) Includes the write-off of previously reserved accounts receivable balances. (b) Includes a decrease of $11.6 million and $16.1 million for 2017 and 2015, respectively, related to pension adjustments recorded through Accumulated other comprehensive loss; and a $4.6 million decrease related to a U.S. tax rate change for 2017 and $6.3 million decrease related to a U.K. tax rate change for 2015. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The consolidated financial statements include all accounts of Harsco Corporation (the "Company"), all entities in which the Company has a controlling voting interest and variable interest entities required to be consolidated in accordance with generally accepted accounting principles in the U.S. ("U.S. GAAP"). Intercompany accounts and transactions have been eliminated among consolidated entities. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior year amounts to conform with current year classifications. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and short-term investments that are highly liquid in nature and have an original maturity of three months or less. |
Restricted Cash | Restricted Cash The Company had restricted cash of $4.1 million and $2.0 million at December 31, 2017 and December 31, 2016 , respectively, and the restrictions are primarily related to collateral provided for certain guarantees of the Company’s performance. |
Inventories | Inventories Inventories in the U.S. are principally accounted for using the last-in, first-out ("LIFO") method and are stated at the lower of cost or market. The Company's remaining inventories are accounted for using the first-in, first-out ("FIFO") or average cost methods and are stated at the lower of cost and net realizable value. See Note 3, Accounts Receivable and Inventories, for additional information. |
Depreciation | Depreciation Property, plant and equipment is recorded at cost and depreciated over the estimated useful lives of the assets using, principally, the straight-line method. When property, plant and equipment is retired from service, the cost of the retirement is charged to the allowance for depreciation to the extent of the accumulated depreciation and the balance is charged to income. Long-lived assets to be disposed of by sale are not depreciated while they are classified as held-for-sale. |
Leases | Leases The Company leases certain property and equipment under noncancelable lease agreements. All lease agreements are evaluated and classified as either an operating or capital lease in accordance with U.S. GAAP. A lease is classified as a capital lease if any of the following criteria are met: transfer of ownership to the Company by the end of the lease term; the lease contains a bargain purchase option; the lease term is equal to or greater than 75% of the asset's economic life; or the present value of future minimum lease payments is equal to or greater than 90% of the asset's fair market value. Operating lease expense is recognized ratably over the lease term, including rent abatement periods and rent holidays. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets In accordance with U.S. GAAP, goodwill is not amortized and is tested for impairment annually, or more frequently if indicators of impairment exist, or if a decision is made to dispose of a business. Goodwill is allocated among and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one level below for which discrete financial information is available. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include declining cash flows or operating losses at the reporting unit level, a significant adverse change in legal factors or business climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, or a more likely than not expectation that a reporting unit or a significant portion of a reporting unit will be sold or otherwise disposed of, among others. The Company performs the annual goodwill impairment test as of October 1 . The Company has five reporting units, only three of which have goodwill associated with them as of December 31, 2017 . Almost all of the Company's goodwill is included in the Harsco Metals & Minerals Segment. The evaluation of potential goodwill impairment involves comparing the current fair value of each reporting unit to the net book value, including goodwill. The Company uses a discounted cash flow model (“DCF model”) to estimate the current fair value of reporting units, as management believes forecasted operating cash flows are the best indicator of current fair value. A number of significant assumptions and estimates are involved in the preparation of DCF models including future revenues and operating margin growth, the weighted-average cost of capital (“WACC”), tax rates, capital spending, pension funding, the impact of business initiatives and working capital projections. These assumptions and estimates may vary significantly among reporting units. DCF models are based on approved long-range plans for the early years and historical relationships and projections for later years. WACC rates are derived from internal and external factors including, but not limited to, the average market price of the Company's stock, shares outstanding, book value of the Company's debt, the long-term risk free interest rate, and both market and size-specific risk premiums. Due to the many variables noted above and the relative size of the Company's goodwill, differences in assumptions may have a material impact on the results of the Company's annual goodwill impairment testing. If the net book value of a reporting unit were to exceed the current fair value, the second step of the goodwill impairment test would currently be required to determine if an impairment existed and the amount of goodwill impairment to record, if any. The second step of the goodwill impairment test compares the net book value of a reporting unit's goodwill with the implied fair value of that goodwill. The implied fair value of goodwill represents the excess of fair value of the reporting unit over the fair value amounts assigned to all of the assets and liabilities of the reporting unit if it were to be acquired in a hypothetical business combination and the current fair value of the reporting unit represented the purchase price. As necessary, the Company may use valuation experts to assist with the second step of the goodwill impairment test. |
Impairment of Long-Lived Assets (Other than Goodwill) | Impairment of Long-Lived Assets (Other than Goodwill) Long-lived assets are reviewed for impairment when events and circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets are reviewed for impairment when events and circumstances indicate the book value of an asset may be impaired. The Company's policy is to determine if an impairment loss exists when it is determined that the carrying amount of the asset exceeds the sum of the expected undiscounted future cash flows resulting from use of the asset and its eventual disposition. Impairment losses are measured as the amount by which the carrying amount of the asset exceeds its fair value, normally as determined in either open market transactions or through the use of a DCF model. Long-lived assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. |
Deferred Financing Costs | Deferred Financing Costs The Company has incurred debt issuance costs which are recognized as a reduction of Long-term debt on the Consolidated Balance Sheets. Debt issuance costs are amortized and recognized as interest expense over the contractual term of the related indebtedness or shorter period if appropriate based upon contractual terms. Whenever indebtedness is modified from its original terms, an evaluation is made whether an accounting modification or extinguishment has occurred in order to determine the accounting treatment for debt issuance costs related to the debt modification. |
Revenue Recognition | Revenue Recognition Service revenues and product revenues are recognized when they are realized or realizable and when earned. Revenue is realized or realizable and earned when all of the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the Company's price to the buyer is fixed or determinable and collectability is reasonably assured. Service revenues include the service components of the Harsco Metals & Minerals and Harsco Rail Segments. Product revenues include the Harsco Industrial Segment and the product revenues of the Harsco Metals & Minerals and Harsco Rail Segments. Harsco Metals & Minerals Segment —This Segment provides services predominantly on a long-term, volume-of-production contract basis. Contracts may include both fixed monthly fees as well as variable fees based upon specific services provided to the customer. The fixed-fee portion is recognized periodically as earned (normally monthly) over the contractual period. The variable-fee portion is recognized as services are performed and differs from period to period based upon the actual provision of services. This Segment also sells industrial abrasives and roofing granule products. Product revenues are recognized generally when title and risk of loss transfer and when all revenue recognition criteria have been met. Title and risk of loss for domestic shipments generally transfer to the customer at the point of shipment. For export sales, title and risk of loss transfer in accordance with the international commercial terms included in the specific customer contract. Harsco Industrial Segment —This Segment sells industrial grating products, high-security fencing, heat exchangers and heat transfer products. Product revenues are generally recognized when title and risk of loss transfer and when all of the revenue recognition criteria have been met. Title and risk of loss for domestic shipments generally transfer to the customer at the point of shipment. For export sales, title and risk of loss transfer in accordance with the international commercial terms included in the specific customer contract or purchase order. Harsco Rail Segment —This Segment sells railway track maintenance equipment, after-market parts and provides railway track maintenance services. Product revenue is recognized generally when title and risk of loss transfer and when all of the revenue recognition criteria have been met. Title and risk of loss for domestic shipments generally transfer to the customer at the point of shipment. For export sales, title and risk of loss transfer in accordance with the international commercial terms included in the specific customer contract. Revenue may be recognized subsequent to the transfer of title and risk of loss for certain product sales, if the specific sales contract includes a customer acceptance clause that provides for different timing. In those situations, revenue is recognized after transfer of title and risk of loss and after customer acceptance. Certain contracts within the Harsco Rail Segment, which meet specific criteria established in U.S. GAAP, are accounted for as long-term contracts. The Company recognizes revenues on two contracts from the federal railway system of Switzerland ("SBB") based on the percentage-of-completion (units-of-delivery) method of accounting, whereby revenues and estimated average costs of the units to be produced under the contracts are recognized as deliveries are made or accepted. Contract revenues and cost estimates are reviewed and revised, at a minimum quarterly, and adjustments are reflected in the accounting period as such amounts are determined. The Company recognized $42.5 million , $0.2 million and $1.9 million of revenue for the contracts with SBB for the years ended December 31, 2017 , 2016 and 2015 , respectively, under the percentage-of-completion (units-of-delivery) method. For 2017, product revenue gross margins would have been 200 basis points higher excluding the revenue recognized under the SBB contract. These revenues did not have a material impact on the Company's product revenue gross margins for 2016 and 2015. The Company is approximately 45% complete on its first contract and 0% completed on the second contract with SBB as of December 31, 2017 based on the amount of revenue recognized. See Note 3, Accounts Receivable and Inventories, for additional information. Accounting for contracts using the percentage-of-completion method requires judgment relative to assessing risks, estimating contract revenues and costs (including estimating any liquidating damages or penalties related to performance) and making assumptions for schedule and technical items. Due to the number of years it may take to complete these contracts and the scope and nature of the work required to be performed on those contracts, estimating total sales and costs at completion is inherently complicated and subject to many variables and, accordingly estimates are subject to change. When adjustments in estimated total contract sales or estimated total costs are required, any changes from prior estimates are recognized in the current period for the inception-to-date effect of such changes. When estimates of total costs to be incurred on a contract, using the percentage-of-completion method, exceed estimates of total sales to be earned, a provision for the entire loss on the contract is recorded in the period in which the loss is determined. Services are predominantly on a long-term, time-and-materials contract basis. Revenue is recognized when earned as services are performed within the long-term contracts. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of the events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records deferred tax assets to the extent that the Company believes that these assets will more likely than not be realized. In making such determinations, the Company considers all available positive and negative evidence, including future reversals of existing deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial results. In the event the Company was to determine that it would be able to realize deferred income tax assets in the future in excess of their net recorded amount, an adjustment to the valuation allowance would be made that would reduce the provision for income taxes. On December 22, 2017, U.S. federal tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the" Act") was signed into law. The Act, among other things, reduces the U.S. corporate income tax rate to 21% starting in 2018 and creates a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings of U.S. subsidiaries. The Securities and Exchange Commission ("SEC") staff issued Staff Accounting Bulletin No. 118 ("SAB 118") to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Act. The Company has recognized the provisional tax impacts related to the revaluation of deferred tax assets and liabilities and included these amounts in the consolidated financial statements for the year ended December 31, 2017. The ultimate impact may differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued and actions the Company may take as a result of the Act. The Company prepares and files tax returns based on interpretation of tax laws and regulations and records its provision for income taxes based on these interpretations. Uncertainties may exist in estimating the Company's tax provisions and in filing tax returns in the many jurisdictions in which the Company operates, and as a result these interpretations may give rise to an uncertain tax position. The tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on its technical merits. Each subsequent period the Company determines if existing or new uncertain tax positions meet a more likely than not recognition threshold and adjust accordingly. The Company recognizes interest and penalties related to unrecognized tax benefits within Income tax expense in the accompanying Consolidated Statements of Operations. Accrued interest and penalties are included in Other liabilities on the Consolidated Balance Sheets. Based on an analysis of the earnings and profits ("E&P") for the Company's foreign subsidiaries, no toll charge has been recorded in 2017 related to the Act. Given the complexities of the E&P calculations and the guidance provided by SAB 118, the Company will continue to analyze this provisional amount until the Company's U.S. tax return is filed in 2018. The Company does not anticipate a change in the indefinite reinvestment assertion, as a result of the Act. However, the Company considers the indefinite reinvestment assertion to be provisional and will continue to analyze the impact of the Act on this assertion during the SAB 118 measurement period. The significant assumptions and estimates described in the preceding paragraphs are important contributors to the effective tax rate each year. |
Accrued Insurance and Loss Reserves | Accrued Insurance and Loss Reserves The Company retains a significant portion of the risk for U.S. workers' compensation, U.K. employers' liability, automobile, general and product liability losses. During 2017 , 2016 and 2015 , the Company recorded insurance expense from continuing operations related to these lines of coverage of $16.4 million , $15.0 million and $13.6 million , respectively. Reserves have been recorded that reflect the undiscounted estimated liabilities including claims incurred but not reported. When a recognized liability is covered by third-party insurance, the Company records an insurance claim receivable to reflect the covered liability. Changes in the estimates of the reserves are included in net income (loss) in the period determined. During 2017 , 2016 and 2015 , the Company recorded retrospective insurance reserve adjustments that decreased pre-tax insurance expense from continuing operations for self-insured programs by $2.6 million , $5.4 million and $8.5 million , respectively. At December 31, 2017 and 2016 , the Company has recorded liabilities of $33.6 million and $37.1 million , respectively, related to both asserted as well as unasserted insurance claims. Included in the balances at December 31, 2017 and 2016 were $4.1 million and $3.5 million , respectively, of recognized liabilities covered by insurance carriers. Amounts estimated to be paid within one year have been included in current caption, Insurance liabilities, with the remainder included in non-current caption, Insurance liabilities, on the Consolidated Balance Sheets. |
Warranties | Warranty expense and payments are incurred principally in the Harsco Industrial and Harsco Rail Segments. Warranty activity may vary from year to year depending upon the mix of revenues and contractual terms related to product warranties. The Company provides for warranties of certain products as they are sold. |
Foreign Currency Translation | Foreign Currency Translation The financial statements of the Company's subsidiaries outside the U.S., except for those subsidiaries located in highly inflationary economies and those entities for which the U.S. dollar is the currency of the primary economic environment in which the entity operates, are measured using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at the exchange rates at the balance sheet date. Resulting translation adjustments are recorded in the cumulative translation adjustment account, a separate component of Accumulated other comprehensive loss on the Consolidated Balance Sheets. Income and expense items are translated at average monthly exchange rates. Gains and losses from foreign currency transactions are included in Operating income from continuing operations. For subsidiaries operating in highly inflationary economies, and those entities for which the U.S. dollar is the currency of the primary economic environment in which the entity operates, gains and losses on foreign currency transactions and balance sheet translation adjustments are included in Operating income from continuing operations. |
Financial Instruments and Hedging | Financial Instruments and Hedging The Company has operations throughout the world that are exposed to fluctuations in related foreign currencies in the normal course of business. The Company seeks to reduce exposure to foreign currency fluctuations through the use of forward exchange contracts. The Company does not hold or issue financial instruments for trading purposes and it is the Company's policy to prohibit the use of derivatives for speculative purposes. The Company has a Foreign Currency Risk Management Committee that meets periodically to monitor foreign currency risks. The Company executes foreign currency exchange forward contracts to hedge transactions for firm purchase commitments, to hedge variable cash flows of forecasted transactions and for export sales denominated in foreign currencies. These contracts are generally for 90 days or less; however, where appropriate, longer-term contracts may be utilized. For those contracts that are designated as qualified cash flow hedges, gains or losses are recorded in Accumulated other comprehensive loss on the Consolidated Balance Sheets. The Company uses interest rate swaps in conjunction with certain debt issuances in order to secure a fixed interest rate. The interest rate swaps are recorded on the Consolidated Balance Sheets at fair value, with changes in value attributed to the effect of the swaps’ interest spread and changes in the credit worthiness of the counter-parties recorded in Accumulated other comprehensive loss. Amounts recorded in Accumulated other comprehensive loss on the Consolidated Balance Sheets are reclassified into operations in the same period or periods during which the hedged forecasted transaction affects income. The cash flows from these contracts are classified consistent with the cash flows from the transaction being hedged (e.g., the cash flows related to contracts to hedge the purchase of fixed assets are included in cash flows from investing activities, etc.). The Company also enters into certain forward exchange contracts that are not designated as hedges. Gains and losses on these contracts are recognized in operations based on changes in fair market value. For fair value hedges of a firm commitment, the gain or loss on the derivative and the offsetting gain or loss on the hedged firm commitment are recognized currently in operations. |
Earnings Per Share | Earnings Per Share Basic earnings per share are calculated using the weighted-average shares of common stock outstanding, while diluted earnings per share reflect the dilutive effects of stock-based compensation. Dilutive securities are not included in the computation of loss per share when the Company reports a net loss from continuing operations as the impact would be anti-dilutive. All share and per share amounts are restated for any stock splits and stock dividends that occur prior to the issuance of the financial statements. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses. Actual results could differ from those estimates. |
Recently Adopted and Recently Issued Accounting Standards | Recently Adopted and Recently Issued Accounting Standards The following accounting standards have been adopted in 2017 : On January 1, 2017, the Company adopted changes issued by the Financial Accounting Standards Board ("FASB") related to the simplification of the measurement of inventory. The changes required entities to measure most inventory at the lower of cost and net realizable value, thereby simplifying the previous guidance under which an entity must measure inventory at the lower of cost or market. The changes did not apply to inventories that are measured using either the last-in, first-out method or the retail inventory method. The adoption of these changes did not have an impact on the Company's consolidated financial statements. On January 1, 2017, the Company adopted changes issued by the FASB that required deferred tax assets and liabilities to be classified as non-current in a classified statement of financial position. The changes applied to all entities that present a classified statement of financial position. The requirement that deferred tax assets and liabilities of a tax-paying component of an entity be offset and presented as a single amount was not affected. The adoption of these changes resulted in the Company reclassifying approximately $27 million from reported current assets to Deferred income tax assets based on balances at December 31, 2016 . On January 1, 2017, the Company adopted changes issued by the FASB amending the accounting for stock-based compensation and requiring excess tax benefits and shortfalls to be recognized as a component of income tax expense rather than equity. These changes also required excess tax benefits and shortfalls to be presented as an operating activity on the Consolidated Statement of Cash Flows and allowed an entity to make an accounting policy election to either estimate expected forfeitures or to account for them as they occur. These changes resulted in the Company recording the cumulative impact of approximately $1 million pre-tax on January 1, 2017 to retained earnings, related to the Company electing to not estimate forfeitures on stock compensation plans but rather recognize forfeitures as they occur. The inclusion of excess tax benefits and shortfalls as a component of the Company’s income tax expense will increase volatility within the provision for income taxes as the amount of excess tax benefits or deficiencies from stock-based compensation awards are dependent on the Company's stock price at the date an award vests. The impact to income tax expense resulting from this change was tax benefit of $0.4 million for the year ended December 31, 2017 . During the second quarter of 2017, the Company early-adopted changes issued by the FASB that added and clarified guidance related to the classification, presentation and disclosure of restricted cash in the statement of cash flows. The adoption of these changes did not have an impact on the Company's consolidated statement of cash flows for the current and prior periods. The following accounting standards have been issued and become effective for the Company at a future date: In May 2014, the FASB issued changes, with subsequent amendments, related to the recognition of revenue from contracts with customers. The changes clarify the principles for recognizing revenue and develop a common revenue standard. The core principle of the changes is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The changes also require additional disclosures related to revenue recognition. These changes become effective for the Company on January 1, 2018. The Company will adopt the standard using the modified retrospective method of implementation with the cumulative effect of initially applying the changes recognized in retained earnings at the date of initial application. Management has determined that the most significant impact will be with regard to the timing of revenue recognition associated with the air-cooled heat exchanger business of the Harsco Industrial Segment and certain equipment sales in the Harsco Rail Segment. The Company currently recognizes revenues on such arrangements upon the completion of the efforts associated with these arrangements. However, as a result of these changes, revenue from these arrangements will be recognized over time, increasing revenue in earlier periods, creating a new caption on the balance sheet related to Contract assets and reducing both Inventories and Advances on contracts and other customer advances. The cumulative effect to retained earnings upon adoption is not expected to be material. Management has determined that there will not be any significant impact with regard to the timing of revenue recognition associated with the Harsco Metals & Minerals Segment or the industrial grating and fencing or heat transfer businesses of the Harsco Industrial Segment. The Company does not expect any impact on the timing of operating cash flows. Management is currently finalizing the impact of these changes, including the impact of income taxes, internal controls over financial reporting, and the new disclosure requirements; and the expected impact upon adoption may change based on this evaluation. In February 2016, the FASB issued changes in accounting for leases. The changes introduce a lessee model that brings most leases onto the balance sheet. The changes also align many of the underlying principles of the new lessor model with those in the FASB’s new revenue recognition standard. Furthermore, the changes address other concerns related to the current leases model such as eliminating the requirement in current guidance for an entity to use bright-line tests in determining lease classification. The changes also require lessors to increase the transparency of their exposure to changes in value of their residual assets and how they manage that exposure. The changes become effective for the Company on January 1, 2019. Management is currently evaluating the impact of these changes on its consolidated financial statements. In January 2017, the FASB issued changes that remove the second step of the annual goodwill impairment test, which requires 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. The changes become effective for the Company on January 1, 2020. Management has determined that these changes will not have a material impact on the Company's consolidated financial statements. However, should the Company be required to record a goodwill impairment charge in future periods, the amount recorded may differ compared to any amounts that might be recorded under current practice. In March 2017, the FASB issued changes to how employers that sponsor defined benefit pension plans and other postretirement plans present the net periodic pension cost ("NPPC") in the statement of operations. An employer will be required to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of NPPC are required to be presented in the statement of operations separately from the service cost component and outside of the subtotal of income from operations. The changes also allow only the service cost component to be eligible for capitalization. The changes become effective for the Company on January 1, 2018. There would be no change to Income from continuing operations before income taxes and equity income. In May 2017, the FASB issued changes to clarify when revisions to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The changes require modification accounting only in circumstances when the terms or conditions result in changes to the fair value, vesting conditions or classification of the award as an equity instrument or a liability. The changes become effective for the Company on January 1, 2018. Management does not believe these changes will impact its consolidated financial statements. In August 2017, the FASB issued changes which expand and refine hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedged items in the financial statements and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The amendments in this update should be applied to hedging relationships existing on the date of adoption, which includes a cumulative-effect adjustment to eliminate any ineffectiveness recorded to accumulated other comprehensive income or loss with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year in which adoption occurred. Presentation and disclosure amendments are required to be applied prospectively. The changes become effective for the Company on January 1, 2019. Management is currently evaluating the impact of these changes on its consolidated financial statements. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Product Warranty Liability | The following table summarizes the warranty activity for 2017 , 2016 and 2015 : (In thousands) 2017 2016 2015 Warranty reserves, beginning of the year $ 6,281 $ 7,844 $ 8,886 Accruals for warranties issued during the year 5,528 6,439 3,656 Reductions related to pre-existing warranties (3,792 ) (5,611 ) (3,042 ) Warranties paid (2,078 ) (2,372 ) (1,629 ) Other (principally foreign currency translation) 17 (19 ) (27 ) Warranty reserves, end of the year $ 5,956 $ 6,281 $ 7,844 |
Accounts Receivable and Inven30
Accounts Receivable and Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounts Receivable and Inventories [Abstract] | |
Schedule of accounts receivable | Accounts receivable consist of the following: (In thousands) December 31 December 31 Trade accounts receivable $ 292,765 $ 248,354 Less: Allowance for doubtful accounts (4,731 ) (11,800 ) Trade accounts receivable, net $ 288,034 $ 236,554 Other receivables (a) $ 20,224 $ 21,053 (a) Other receivables include insurance claim receivables, employee receivables, tax claim receivables and other miscellaneous receivables not included in Trade accounts receivable, net |
Schedule of provision for doubtful accounts related to trade accounts receivable | The provision for doubtful accounts related to trade accounts receivable was as follows: Years Ended December 31 (In thousands) 2017 2016 2015 Provision for doubtful accounts related to trade accounts receivable $ 5,346 $ (38 ) $ 13,047 |
Schedule of inventories | Inventories consist of the following: (In thousands) December 31 December 31 Finished goods $ 26,415 $ 26,464 Work-in-process 24,367 22,815 Contracts-in-process 45,599 54,044 Raw materials and purchased parts 58,943 61,450 Stores and supplies 22,969 22,908 Total inventories $ 178,293 $ 187,681 Valued at lower of cost or market: LIFO basis $ 80,644 $ 79,933 FIFO basis 52,832 64,742 Average cost basis 44,817 43,006 Total inventories $ 178,293 $ 187,681 |
Schedule of contracts in process | Contracts-in-process consist of the following: (In thousands) December 31 December 31 Contract costs accumulated to date $ 73,740 $ 90,276 Estimated forward loss provisions for contracts-in-process (b) (28,141 ) (36,232 ) Contracts-in-process (c) $ 45,599 $ 54,044 (b) To the extent that the estimated forward loss provision exceeds accumulated contract costs it is included in the caption Other current liabilities on the Consolidated Balance Sheets. At December 31, 2017 and December 31, 2016 , this amount totaled $3.0 million and $6.7 million , respectively. (c) At December 31, 2017 and December 31, 2016 , the Company has $97.9 million and $101.1 million , respectively, of customer advances related to contracts-in-process. These amounts are included in Advances on contracts and other customer advances on the Consolidated Balance Sheets. |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of equity method investments | Brand's summarized balance sheet information at June 30, 2016 and summarized statement of operations information for the period from October 1, 2015 through June 30, 2016 and the year ended September 30, 2015 are summarized as follows: (In thousands) June 30 Summarized Balance Sheet Information of Brand: Current assets $ 896,933 Property and equipment , net 884,979 Other noncurrent assets 1,454,951 Total assets $ 3,236,863 Short-term borrowings, including current portion of long-term debt $ 14,402 Other current liabilities 341,979 Long-term debt 1,857,162 Other noncurrent liabilities 351,714 Total liabilities 2,565,257 Equity 671,606 Total liabilities and equity $ 3,236,863 (In thousands) Period From October 1, 2015 Through June 30 2016 (a) Year Ended September 30 2015 Summarized Statement of Operations Information of Brand: Net revenues $ 2,333,561 $ 2,976,471 Gross profit 499,005 649,596 Net income attributable to Brand Energy & Infrastructure Services, Inc. and Subsidiaries 20,756 605 Harsco's equity in income of Brand 5,686 175 (a) The Company's equity method investment in Brand was sold in September 2016; accordingly equity income was recorded for the period from October 1, 2015 through June 30, 2016. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | Property, plant and equipment consist of the following: (In thousands) Estimated Useful Lives December 31 December 31 Land — $ 10,840 $ 10,606 Land improvements 5-20 years 14,996 15,032 Buildings and improvements (a) 5-40 years 198,582 185,657 Machinery and equipment 3-20 years 1,599,713 1,525,156 Uncompleted construction — 24,387 21,035 Gross property, plant and equipment 1,848,518 1,757,486 Less: Accumulated depreciation (1,368,771 ) (1,267,231 ) Property, plant and equipment, net $ 479,747 $ 490,255 |
Goodwill and Other Intangible33
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table reflects the changes in carrying amounts of goodwill by segment for the years ended December 31, 2017 and 2016 : (In thousands) Harsco Metals & Minerals Segment Harsco Industrial Segment Harsco Rail Segment Consolidated Totals Balance at December 31, 2015 $ 380,761 $ 6,806 $ 12,800 $ 400,367 Changes to goodwill — 33 226 259 Foreign currency translation (18,375 ) — — (18,375 ) Balance at December 31, 2016 362,386 6,839 13,026 382,251 Foreign currency translation 19,507 — — 19,507 Balance at December 31, 2017 $ 381,893 $ 6,839 $ 13,026 $ 401,758 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | The following table reflects these intangible assets by major category: December 31, 2017 December 31, 2016 (In thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer related $ 153,014 $ 121,385 $ 146,840 $ 112,610 Patents 5,825 5,700 5,729 5,534 Technology related 26,131 26,131 25,687 25,634 Trade names 8,317 4,845 8,306 4,529 Other 8,875 5,850 8,512 5,200 Total $ 202,162 $ 163,911 $ 195,074 $ 153,507 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table shows the estimated amortization expense for the next five fiscal years based on current intangible assets. (In thousands) 2018 2019 2020 2021 2022 Estimated amortization expense (a) $ 5,000 $ 4,750 $ 4,500 $ 4,250 $ 4,000 (a) These estimated amortization expense amounts do not reflect the potential effect of future foreign currency exchange rate fluctuations. |
Debt and Credit Agreements (Tab
Debt and Credit Agreements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | The following table illustrates the amount outstanding under the Revolving Credit Facility and available credit at December 31, 2017 . December 31, 2017 (In thousands) Facility Limit Outstanding Balance Outstanding Letters of Credit Available Credit Revolving Credit Facility (a U.S.-based program) $ 400,000 $ 41,000 $ 31,432 $ 327,568 |
Schedule of Long-term Debt Instruments | Long-term debt consists of the following: (In thousands) December 31 December 31 Senior Secured Credit Facilities: Term Loan Facility with an interest rate of 4.6% and 6.0% at December 31, 2017 and 2016, respectively $ 545,875 $ 550,000 Revolving Credit Facility with an average interest rate of 4.2% and 3.6% at December 31, 2017 and 2016, respectively 41,000 98,000 Other financing payable (including capital leases) in varying amounts due principally through 2017 with a weighted-average interest rate of 5.0% and 5.7% at December 31, 2017 and 2016, respectively 6,784 25,410 Total debt obligations 593,659 673,410 Less: deferred financing costs (15,657 ) (18,597 ) Total debt obligations, net of deferred financing costs 578,002 654,813 Less: current maturities of long-term debt (11,208 ) (25,574 ) Long-term debt $ 566,794 $ 629,239 |
Schedule of Maturities of Long-term Debt | The maturities of long-term debt for the four years following December 31, 2018 are as follows: (In thousands) 2019 $ 6,274 2020 5,640 2021 46,498 2022 5,459 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum payments under operating leases with noncancelable terms are as follows: (In thousands) 2018 $ 12,845 2019 9,848 2020 8,021 2021 6,360 2022 4,090 After 2022 16,169 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Net Benefit Costs | NPPC for U.S. and international plans for 2017 , 2016 and 2015 is as follows: U.S. Plans International Plans (In thousands) 2017 2016 2015 2017 2016 2015 Defined benefit pension plans: Service cost $ 43 $ 102 $ 118 $ 1,724 $ 1,585 $ 1,648 Interest cost 9,878 10,165 12,357 21,459 26,822 36,282 Expected return on plan assets (10,485 ) (10,721 ) (14,041 ) (40,469 ) (42,979 ) (50,091 ) Recognized prior service costs 33 63 81 186 189 188 Recognized losses 5,701 5,493 4,919 16,283 12,002 16,875 Settlement/curtailment loss (gain) — 276 — (20 ) 79 (23 ) Defined benefit pension plan cost (income) 5,170 5,378 3,434 (837 ) (2,302 ) 4,879 Multiemployer pension plans 650 636 853 1,306 1,368 1,463 Defined contribution plans 4,239 3,833 3,921 5,905 5,807 6,765 Net periodic pension cost $ 10,059 $ 9,847 $ 8,208 $ 6,374 $ 4,873 $ 13,107 |
Schedule of Net Funded Status | The change in the financial status of the defined benefit pension plans and amounts recognized on the Consolidated Balance Sheets at December 31, 2017 and 2016 are as follows: U.S. Plans International Plans (In thousands) 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 305,652 $ 307,390 $ 952,360 $ 900,104 Service cost 43 102 1,724 1,585 Interest cost 9,878 10,165 21,459 26,822 Plan participants' contributions — — 61 68 Amendments — — (4,459 ) — Actuarial (gain) loss 14,459 5,550 (3,613 ) 194,469 Settlements/curtailments — — (3,362 ) (1,527 ) Benefits paid (15,171 ) (17,555 ) (40,379 ) (32,079 ) Effect of foreign currency — — 91,795 (137,082 ) Benefit obligation at end of year $ 314,861 $ 305,652 $ 1,015,586 $ 952,360 Change in plan assets: Fair value of plan assets at beginning of year $ 205,271 $ 208,870 $ 732,743 $ 755,966 Actual return on plan assets 33,942 11,935 67,136 105,027 Employer contributions 5,899 2,021 18,187 17,192 Plan participants' contributions — — 61 68 Settlements/curtailments — — (3,241 ) (1,527 ) Benefits paid (15,171 ) (17,555 ) (39,800 ) (31,485 ) Effect of foreign currency — — 67,631 (112,498 ) Fair value of plan assets at end of year $ 229,941 $ 205,271 $ 842,717 $ 732,743 Funded status at end of year $ (84,920 ) $ (100,381 ) $ (172,869 ) $ (219,617 ) |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized on the Consolidated Balance Sheets for defined benefit pension plans consist of the following at December 31, 2017 and 2016 : U.S. Plans International Plans December 31 December 31 (In thousands) 2017 2016 2017 2016 Noncurrent assets $ 1,860 $ 668 $ 1,820 $ 1,118 Current liabilities 2,237 2,278 625 505 Noncurrent liabilities 84,543 98,771 174,064 220,230 Accumulated other comprehensive loss before tax 146,341 161,075 427,127 434,868 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Amounts recognized in Accumulated other comprehensive loss, before tax, for defined benefit pension plans consist of the following at December 31, 2017 and 2016 : U.S. Plans International Plans (In thousands) 2017 2016 2017 2016 Net actuarial loss $ 146,340 $ 161,042 $ 430,377 $ 433,626 Prior service cost (credit) 1 33 (3,250 ) 1,242 Total $ 146,341 $ 161,075 $ 427,127 $ 434,868 |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The estimated amounts that will be amortized from Accumulated other comprehensive loss into defined benefit pension plan NPPC in 2018 are as follows: (In thousands) U.S. Plans International Plans Net actuarial loss $ 5,203 $ 15,186 Prior service cost (credit) 1 (149 ) Total $ 5,204 $ 15,037 |
Schedule of Expected Benefit Payments | The expected benefit payments for defined benefit pension plans over the next ten years are as follows: (In millions) 2018 2019 2020 2021 2022 2023-2027 U.S. Plans $ 20.2 $ 19.3 $ 19.2 $ 19.2 $ 19.3 $ 94.1 International Plans 40.1 41.2 42.7 44.5 45.2 247.9 |
Schedule of Assumptions Used | The weighted-average actuarial assumptions used to determine the defined benefit pension plan NPPC for 2017 , 2016 and 2015 were as follows: U.S. Plans December 31 International Plans December 31 Global Weighted-Average December 31 2017 2016 2015 2017 2016 2015 2017 2016 2015 Discount rates 4.0 % 4.2 % 3.9 % 2.8 % 3.8 % 3.7 % 3.1 % 3.9 % 3.7 % Expected long-term rates of return on plan assets 7.3 % 7.3 % 7.5 % 5.9 % 6.5 % 6.8 % 6.2 % 6.7 % 7.0 % The weighted-average actuarial assumptions used to determine the defined benefit pension plan obligations at December 31, 2017 and 2016 were as follows: U.S. Plans International Plans Global Weighted-Average December 31 December 31 December 31 2017 2016 2017 2016 2017 2016 Discount rates 3.5 % 4.0 % 2.6 % 2.8 % 2.8 % 3.1 % |
Schedule of Accumulated Benefit Obligations | The accumulated benefit obligation for all defined benefit pension plans at December 31, 2017 and 2016 was as follows: U.S. Plans International Plans December 31 December 31 (In millions) 2017 2016 2017 2016 Accumulated benefit obligation $ 314.9 $ 305.7 $ 1,010.6 $ 946.3 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for defined benefit pension plans with accumulated benefit obligations in excess of plan assets at December 31, 2017 and 2016 were as follows: U.S. Plans International Plans December 31 December 31 (In millions) 2017 2016 2017 2016 Projected benefit obligation $ 306.0 $ 296.7 $ 986.6 $ 913.0 Accumulated benefit obligation 306.0 296.7 981.9 910.0 Fair value of plan assets 219.2 195.6 812.0 694.9 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | |
U.S. Plans | Pension Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Allocation of Plan Assets | The asset allocations attributable to the Company's U.S. defined benefit pension plans at December 31, 2017 and 2016 , and the long-term target allocation of plan assets, by asset category, are as follows: Target Long-Term Allocation Percentage of Plan Assets December 31 U.S. Plans Asset Category 2017 2016 Domestic equity securities 34%-44% 38.6 % 39.7 % International equity securities 19%-29% 24.5 % 18.5 % Fixed income securities 28%-38% 30.9 % 30.9 % Cash and cash equivalents Less than 5% 1.0 % 1.0 % Other (a) 0%-10% 5.0 % 9.9 % The fair values of the Company's U.S. defined benefit pension plans' assets at December 31, 2016 by asset class are as follows: (In thousands) Total Level 1 Level 2 Domestic equities: Common stocks $ 27,339 $ 27,339 $ — Mutual funds—equities 54,102 9,928 44,174 International equities: Mutual funds—equities 37,948 37,948 — Fixed income investments: U.S. Treasuries and collateralized securities 14,240 — 14,240 Corporate bonds and notes 11,457 11,457 — Mutual funds—bonds 37,745 11,927 25,818 Other—mutual funds 20,346 20,346 — Cash and money market accounts 2,094 2,094 — Total $ 205,271 $ 121,039 $ 84,232 The fair values of the Company's U.S. defined benefit pension plans' assets at December 31, 2017 by asset class are as follows: (In thousands) Total Level 1 Level 2 Domestic equities: Common stocks $ 28,200 $ 28,200 $ — Mutual funds—equities 60,785 11,062 49,723 International equities: Common stocks 1,429 1,429 — Mutual funds—equities 54,879 54,879 — Fixed income investments: U.S. Treasuries and collateralized securities 18,407 — 18,407 Corporate bonds and notes 10,878 10,878 — Mutual funds—bonds 41,745 12,184 29,561 Other—mutual funds 11,336 11,336 — Cash and money market accounts 2,282 2,282 — Total $ 229,941 $ 132,250 $ 97,691 |
International Plans | Pension Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Allocation of Plan Assets | The fair values of the Company's international defined benefit pension plans' assets at December 31, 2016 by asset class are as follows: (In thousands) Total Level 1 Level 2 Equity securities: Mutual funds—equities $ 272,070 $ — $ 272,070 Fixed income investments: Mutual funds—bonds 314,098 — 314,098 Insurance contracts 7,657 7,657 Other: Real estate funds / limited partnerships 23,714 — 23,714 Other mutual funds 113,345 — 113,345 Cash and money market accounts 1,859 1,859 — Total $ 732,743 $ 1,859 $ 730,884 The fair values of the Company's international defined benefit pension plans' assets at December 31, 2017 by asset class are as follows: (In thousands) Total Level 1 Level 2 Equity securities: Mutual funds—equities $ 328,002 $ — $ 328,002 Fixed income investments: Mutual funds—bonds 369,291 — 369,291 Insurance contracts 6,189 — 6,189 Other: Other mutual funds 136,843 — 136,843 Cash and money market accounts 2,392 2,392 — Total $ 842,717 $ 2,392 $ 840,325 The asset allocations attributable to the Company's international defined benefit pension plans at December 31, 2017 and 2016 and the long-term target allocation of plan assets, by asset category, are as follows: International Plans Asset Category Target Long-Term Allocation Percentage of Plan Assets December 31 2017 2016 Equity securities 29.0 % 38.9 % 37.1 % Fixed income securities 50.0 % 44.6 % 43.9 % Cash and cash equivalents — 0.3 % 0.3 % Other (b) 21.0 % 16.2 % 18.7 % (b) Investments within this caption include diversified growth funds, real estate funds and infrastructure funds. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Income (loss) from continuing operations before income taxes and equity income as reported on the Consolidated Statements of Operations consists of the following: (In thousands) 2017 2016 2015 U.S. $ 5,694 $ (99,939 ) $ 16,169 International 89,757 20,468 18,646 Total income (loss) from continuing operations before income taxes and equity income $ 95,451 $ (79,471 ) $ 34,815 |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense as reported on the Consolidated Statements of Operations consists of the following: (In thousands) 2017 2016 2015 Income tax expense (benefit): Currently payable: U.S. federal $ 4,107 $ (4,088 ) $ 408 U.S. state 372 365 546 International 21,975 18,014 23,095 Total income taxes currently payable 26,454 14,291 24,049 Deferred U.S. federal 46,470 (8,195 ) 2,651 Deferred U.S. state 1,142 2,238 812 Deferred international 9,737 (1,697 ) 166 Total income tax expense $ 83,803 $ 6,637 $ 27,678 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the normal expected statutory U.S. federal income tax expense (benefit) to the actual Income tax expense as reported on the Consolidated Statements of Operations is as follows: (In thousands) 2017 2016 2015 U.S. federal income tax expense (benefit) $ 33,408 $ (27,815 ) $ 12,185 U.S. state income taxes, net of federal income tax benefit 786 (355 ) 496 U.S. domestic manufacturing deductions and credits (1,210 ) (661 ) (2,504 ) Capital loss on sale of equity interest in Brand with no realizable tax benefit — 16,106 — Difference in effective tax rates on international earnings and remittances 675 2,006 5,095 Uncertain tax position contingencies and settlements (1,517 ) (1,886 ) 1,416 Changes in realization on beginning of the year deferred tax assets 2,758 1,978 923 Forward Loss Provisions in SBB Contract with no realizable tax benefits — 15,768 — Restructuring and impairment charges with no realizable tax benefits — — 8,508 U.S. non-deductible expenses 664 724 874 (Income) loss related to the Infrastructure Transaction — (644 ) 580 Impact of U.S. tax reform 48,680 — — Cumulative effect of change in statutory tax rates/laws (153 ) (388 ) 340 Income from unconsolidated entities — 2,098 62 Other, net (288 ) (294 ) (297 ) Total income tax expense $ 83,803 $ 6,637 $ 27,678 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of the temporary differences giving rise to the Company's deferred tax assets and liabilities at December 31, 2017 and 2016 are as follows: 2017 2016 (In thousands) Asset Liability Asset Liability Depreciation and amortization $ 6,616 $ — $ — $ 10,089 Expense accruals 17,690 — 23,300 — Inventories 4,390 — 6,611 — Provision for receivables 649 — 1,015 — Deferred revenue — 979 — 1,852 Operating loss carryforwards 90,193 — 80,178 — Foreign tax credit carryforwards 27,256 — 26,347 — Capital loss carryforwards 11,011 — 18,163 — Pensions 47,153 — 74,506 — Currency adjustments 7,160 — 17,597 — Deferred financing costs — 2,135 — — Post-retirement benefits 403 — 760 — Stock based compensation 4,761 — 5,812 — Other 7,684 — 7,206 — Subtotal 224,966 3,114 261,495 11,941 Valuation allowance (174,227 ) — (146,097 ) — Total deferred income taxes $ 50,739 $ 3,114 $ 115,398 $ 11,941 The deferred tax asset and liability balances recognized on the Consolidated Balance Sheets at December 31, 2017 and 2016 are as follows: (In thousands) 2017 2016 Deferred income tax assets $ 51,574 $ 106,311 Other liabilities 3,949 2,854 |
Summary of Income Tax Contingencies | A reconciliation of the change in the unrecognized income tax benefits balance from January 1, 2015 to December 31, 2017 is as follows: (In thousands) Unrecognized Income Tax Benefits Deferred Income Tax Benefits Unrecognized Income Tax Benefits, Net of Deferred Income Tax Benefits Balances, January 1, 2015 $ 12,456 $ (112 ) $ 12,344 Additions for tax positions related to the current year (includes currency translation adjustment) (483 ) (2 ) (485 ) Additions for tax positions related to prior years (includes currency translation adjustment) 1,249 (4 ) 1,245 Other reductions for tax positions related to prior years (7,846 ) — (7,846 ) Statutes of limitation expirations (173 ) 59 (114 ) Settlements (42 ) 15 (27 ) Balance at December 31, 2015 5,161 (44 ) 5,117 Additions for tax positions related to the current year (includes currency translation adjustment) 744 (1 ) 743 Additions for tax positions related to prior years (includes currency translation adjustment) 358 (14 ) 344 Other reductions for tax positions related to prior years (837 ) — (837 ) Statutes of limitation expirations (817 ) 27 (790 ) Settlements (27 ) 2 (25 ) Balance at December 31, 2016 4,582 (30 ) 4,552 (In thousands) Unrecognized Income Tax Benefits Deferred Income Tax Benefits Unrecognized Income Tax Benefits, Net of Deferred Income Tax Benefits Additions for tax positions related to the current year (includes currency translation adjustment) 658 (2 ) 656 Other reductions for tax positions related to prior years (321 ) — (321 ) Statutes of limitation expirations (1,296 ) 1 (1,295 ) Total unrecognized income tax benefits that, if recognized, would impact the effective income tax rate at December 31, 2017 $ 3,623 $ (31 ) $ 3,592 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward | The following table summarizes the Company's common stock: Shares Issued Treasury Shares (a) Outstanding Shares Outstanding, January 1, 2015 112,357,348 31,697,498 80,659,850 Shares issued for vested restricted stock units 47,954 16,807 31,147 Treasury shares purchased — 596,632 (596,632 ) Outstanding, December 31, 2015 112,405,302 32,310,937 80,094,365 Shares issued for vested restricted stock units 94,572 13,974 80,598 Outstanding, December 31, 2016 112,499,874 32,324,911 80,174,963 Shares issued for vested restricted stock units 375,355 105,431 269,924 Stock appreciation rights exercised 12,897 3,932 8,965 Outstanding, December 31, 2017 112,888,126 32,434,274 80,453,852 (a) The Company repurchases shares in connection with the issuance of shares under stock-based compensation programs and in accordance with Board authorized share repurchase programs. |
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of the average shares of common stock used to compute basic earnings per common share to the shares used to compute diluted earnings per common share as shown on the Consolidated Statements of Operations: (In thousands, except per share data) 2017 2016 2015 Income (loss) from continuing operations attributable to Harsco Corporation common stockholders $ 7,626 $ (86,336 ) $ 7,168 Weighted-average shares outstanding—basic 80,553 80,333 80,234 Dilutive effect of stock-based compensation 2,287 — 131 Weighted-average shares outstanding—diluted 82,840 80,333 80,365 Income (loss) from continuing operations per common share, attributable to Harsco Corporation common stockholders: Basic $ 0.09 $ (1.07 ) $ 0.09 Diluted $ 0.09 $ (1.07 ) $ 0.09 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following average outstanding stock-based compensation units were not included in the computation of diluted earnings per share because the effect was antidilutive: (In thousands) 2017 2016 2015 Restricted stock units — 810 — Stock options 52 89 98 Stock appreciation rights 811 1,458 1,142 Performance share units 201 684 278 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of restricted stock units issued and compensation expense | The following table summarizes RSUs issued and the compensation expense recorded for the years ended December 31, 2017 , 2016 and 2015 : RSUs (a) Weighted Average Fair Value Expense (Dollars in thousands, except per unit) 2017 2016 2015 Directors: 2014 36,840 $ 24.80 $ — $ — $ 311 2015 59,985 $ 15.69 — 314 627 2016 109,998 $ 7.00 257 513 — 2017 56,203 $ 13.70 641 — — Employees: 2012 141,486 $ 18.75 — — (71 ) (b) 2013 170,582 $ 20.63 — 66 87 2014 190,832 $ 25.21 316 669 504 2015 239,679 $ 16.53 597 880 919 2016 536,773 $ 7.09 1,011 995 — 2017 286,251 $ 13.70 1,417 — — Total $ 4,239 $ 3,437 $ 2,377 (a) Represents number of awards originally issued. (b) Represents the impact of forfeitures during 2015. |
Schedule of restricted stock unit activity | RSU activity for the year ended December 31, 2017 was as follows: Number of Shares Weighted Average Grant-Date Fair Value Non-vested at December 31, 2016 927,082 $ 11.19 Granted 342,454 13.70 Vested (392,735 ) 11.96 Forfeited (74,862 ) 12.96 Non-vested at December 31, 2017 801,939 11.73 |
Schedule of Stock Appreciation Rights award activity | SARs activity for the years ended December 31, 2017 was as follows: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value (in millions) (c) Outstanding, December 31, 2016 1,535,873 $ 15.81 $ 3.4 Granted 266,540 13.70 Exercised (32,703 ) 10.73 Forfeited/Expired (90,434 ) 19.04 Outstanding, December 31, 2017 1,679,276 15.40 7.9 (c) Intrinsic value is defined as the difference between the current market value and the exercise price, for those SARs where the market price exceeds the exercise price. |
Schedule of nonvested awards activity | The following table summarizes information concerning outstanding and exercisable SARs at December 31, 2017 : SARs Outstanding SARs Exercisable Range of exercisable prices Vested Non-vested Weighted-Average Exercise Price per Share Weighted-Average Remaining Contractual Life in Years Number Exercisable Weighted-Average Exercise Price per Share $7.00 - $13.70 163,601 596,285 $ 9.40 8.65 163,601 $ 7.43 $16.53 - $22.70 377,147 255,269 18.29 6.66 377,147 18.26 $23.03 - $26.92 261,111 25,863 24.93 6.33 261,111 24.95 801,859 877,417 15.40 7.51 801,859 18.23 |
Schedule of stock option activity | Stock option activity for the years ended December 31, 2017 was as follows: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value (in millions)(e) Outstanding, December 31, 2016 55,000 $ 31.75 $ — Forfeited (12,500 ) 31.75 — Outstanding, December 31, 2017 42,500 31.75 — (e) Intrinsic value is defined as the difference between the current market value and the exercise price, for those options where the market price exceeds the exercise price. |
Schedule of outstanding and exercisable options | The following table summarizes information concerning outstanding and exercisable options at December 31, 2017 : Stock Options Outstanding Stock Options Exercisable Range of Exercisable Prices Vested Non-vested Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life in Years Number Exercisable Weighted Average Exercise Price Per Share $31.75 - $31.75 42,500 — $ 31.75 0.1 42,500 $ 31.75 |
Stock Appreciation Rights (SARs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock appreciation rights valuation assumptions | The fair value of each SAR grant was estimated on the grant date using a Black-Scholes pricing model with the following assumptions: Risk-free Interest rate Dividend Yield Expected Life (Years) Volatility SAR Grant Price Fair Value of SAR May 2013 Grant 1.17 % 3.61 % 6.5 44.1 % $ 22.70 $ 6.86 June 2013 Grant 1.41 % 3.56 % 6.5 44.1 % 23.03 7.07 November 2013 Grant 1.91 % 3.13 % 6.5 43.8 % 26.22 8.60 April 2014 Grant 1.98 % 3.53 % 6.0 44.3 % 23.25 7.25 May 2014 Grant (1st) 1.90 % 3.16 % 6.0 43.2 % 25.93 8.16 May 2014 Grant (2nd) 1.82 % 3.05 % 6.0 42.8 % 26.92 8.47 July 2014 Grant 2.00 % 3.24 % 6.0 41.2 % 25.27 7.55 August 2014 Grant 1.92 % 3.27 % 6.0 41.2 % 25.11 7.46 September 2014 Grant 2.03 % 3.50 % 6.0 40.6 % 23.43 6.72 November 2014 Grant 1.78 % 4.00 % 6.0 38.6 % 20.48 5.17 May 2015 Grant 1.70 % 4.96 % 6.0 35.8 % 16.53 3.39 May 2016 Grant 1.39 % — % 6.0 42.1 % 7.00 2.93 November 2016 Grant 1.74 % — % 6.0 43.8 % 12.25 5.38 March 2017 Grant 2.17 % — % 6.0 43.9 % 13.70 6.13 |
Schedule of weighted-average grant-date fair value of unvested options | Weighted-average grant date fair value of non-vested SARs for the year ended December 31, 2017 was as follows: Number of Shares Weighted-Average Grant Date Fair Value Non-vested shares, December 31, 2016 1,014,524 $ 3.84 Granted 266,540 6.13 Vested (280,510 ) 3.59 Exercised (32,703 ) 3.11 Forfeited (90,434 ) 5.96 Non-vested shares, December 31, 2017 877,417 4.42 |
Performance Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock appreciation rights valuation assumptions | The fair value of PSUs granted was estimated on the grant date using a Monte Carlo pricing model with the following assumptions: Risk-free Interest rate Dividend Yield Expected Life (Years) Volatility Fair Value of PSU April 2014 Grant 0.75 % — % 2.73 34.3 % $ 18.00 May 2014 Grant (1st) 0.70 % — % 2.65 31.8 % 25.26 May 2014 Grant (2nd) 0.63 % — % 2.61 30.1 % 27.53 July 2014 Grant 0.74 % — % 2.42 26.9 % 22.31 August 2014 Grant 0.67 % — % 2.42 26.9 % 21.86 September 2014 Grant 0.72 % — % 2.29 25.7 % 15.26 November 2014 Grant 0.55 % — % 2.10 26.3 % 7.42 May 2015 Grant 0.83 % — % 2.65 28.5 % 14.48 May 2016 Grant 0.84 % — % 2.65 33.3 % 7.19 November 2016 Grant 0.96 % — % 2.14 35.2 % 17.84 March 2017 Grant 1.54 % — % 2.83 34.2 % 17.05 |
Schedule of weighted-average grant-date fair value of unvested options | A summary of the Company's non-vested PSU activity during the years ending December 31, 2017 was as follows: Number of Shares Weighted-Average Grant Date Fair Value Non-vested shares, December 31, 2016 692,562 $ 9.25 Granted 286,251 17.05 Forfeited (68,387 ) 11.04 Cancellations (d) (166,843 ) 14.48 Non-vested shares, December 31, 2017 743,583 10.91 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair value of outstanding derivative contracts recorded as assets and liabilities on the Consolidated Balance Sheets: Asset Derivatives Liability Derivatives (In thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value December 31, 2017 Derivatives designated as hedging instruments: Foreign currency exchange forward contracts Other current assets $ 2,329 Other current liabilities $ 153 Interest rate swaps Other current assets 464 Interest rate swaps Other assets 170 Other liabilities 1,368 Total derivatives designated as hedging instruments $ 2,963 $ 1,521 Derivatives not designated as hedging instruments : Foreign currency exchange forward contracts Other current assets $ 2,915 Other current liabilities $ 6,970 Asset Derivatives Liability Derivatives (In thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value December 31, 2016 Derivatives designated as hedging instruments: Foreign currency exchange forward contracts Other current assets $ 473 $ 166 Cross-currency interest rate swaps Other current assets 514 — Total derivatives designated as hedging instruments $ 987 $ 166 Derivatives not designated as hedging instruments: Foreign currency exchange forward contracts Other current assets $ 4,459 Other current liabilities $ 3,372 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The effect of derivative instruments on the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income (Loss): Derivatives Designated as Hedging Instruments (In thousands) Amount of Gain (Loss) Recognized in Other Comprehensive Income ("OCI") on Derivative—Effective Portion Location of Gain (Loss) Reclassified from Accumulated OCI into Income—Effective Portion Amount of Gain (Loss) Reclassified from Accumulated OCI into Income—Effective Portion Location of Gain (Loss) Recognized in Income on Derivative—Ineffective Portion and Amount Excluded from Effectiveness Testing Amount of Gain (Loss) Recognized in Income on Derivative—Ineffective Portion and Amount Excluded from Effectiveness Testing Twelve Months Ended December 31, 2017: Foreign currency exchange forward contracts $ 3,547 Product revenues / Cost of services and products sold $ (954 ) $ — Interest rate swaps (734 ) — — Cross-currency interest rate swaps (205 ) Interest Expense 1,002 Cost of services and products sold 420 (a) $ 2,608 $ 48 $ 420 Twelve Months Ended December 31, 2016: Foreign currency exchange forward contracts $ 2,294 Cost of services and products sold $ (410 ) $ — Cross-currency interest rate swaps (1,549 ) — Cost of services and products sold 4,042 (a) $ 745 $ (410 ) $ 4,042 Twelve Months Ended December 31, 2015: Foreign currency exchange forward contracts $ 2,479 Cost of services and products sold $ 53 $ — Cross-currency interest rate swaps 9,012 — Cost of services and products sold 30,359 (a) $ 11,491 $ 53 $ 30,359 (a) These gains (losses) offset foreign currency fluctuation effects on the debt principal. Derivatives Not Designated as Hedging Instruments Location of Loss Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative for the Twelve Months Ended December 31(b) (In thousands) 2017 2016 2015 Foreign currency exchange forward contracts Cost of services and products sold $ (23,572 ) $ 15,875 $ (158 ) (b) These gains (losses) offset amounts recognized in cost of service and products sold principally as a result of intercompany or third-party foreign currency exposures. |
Schedule of Derivative Instruments | Contracted Amounts of Foreign Currency Exchange Forward Contracts Outstanding at December 31, 2017 : (In thousands) Type U.S. Dollar Equivalent Maturity Recognized Gain (Loss) British pounds sterling Sell $ 76,761 January 2018 $ (769 ) British pounds sterling Buy 5,960 January 2018 72 Euros Sell 314,649 January 2018 through December 2018 (4,916 ) Euros Buy 223,111 January 2018 through November 2018 4,564 Other currencies Sell 39,889 January 2018 through June 2018 (1,049 ) Other currencies Buy 11,487 January 2018 219 Total $ 671,857 $ (1,879 ) Contracted Amounts of Foreign Currency Exchange Forward Contracts Outstanding at December 31, 2016 : (In thousands) Type U.S. Dollar Equivalent Maturity Recognized Gain (Loss) British pounds sterling Sell $ 55,120 January 2017 $ (228 ) British pounds sterling Buy 827 March 2017 (14 ) Euros Sell 326,797 January 2017 through December 2017 628 Euros Buy 171,578 January 2017 through January 2018 (468 ) Other currencies Sell 43,455 January 2017 through September 2017 1,477 Other currencies Buy 3,106 March 2017 (1 ) Total $ 600,883 $ 1,394 |
Schedule of Interest Rate Derivatives [Table Text Block] | The following table indicates the notional amounts of the Company's interest rate swaps at December 31, 2017 : Annual Notional Amount Interest Rates (In millions) Receive Pay Maturing 2018 through 2021 $ 300.0 Floating U.S. dollar rate Fixed U.S. dollar rate |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table indicates the fair value hierarchy of the financial instruments of the Company: Level 2 Fair Value Measurements December 31 December 31 Assets Foreign currency exchange forward contracts $ 5,244 $ 4,932 Interest rate swaps 634 — Cross-currency interest rate swaps — 514 Liabilities Foreign-currency forward exchange contracts 7,123 3,538 Interest rate swaps 1,368 — |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table reconciles the beginning and ending balances for liabilities measured on a recurring basis using unobservable inputs (Level 3) for the years ended December 31, 2017 and 2016 : Level 3 Liabilities—Unit Adjustment Liability (c) for the Twelve Months Ended December 31 2016 Balance at beginning of year $ 79,934 Reduction in the fair value related to election not to make 2016 payments (19,145 ) Sale of equity interest in Brand (65,461 ) Change in fair value to the unit adjustment liability 4,672 Balance at end of year $ — (c) See Note 4, Equity Method Investments, for additional information. |
Information by Segment and Ge41
Information by Segment and Geographic Area (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Countries with revenues from unaffiliated customers or net property, plant and equipment of ten percent or more of the consolidated totals (in at least one period presented) are as follows: Information by Geographic Area (a) Revenues from Unaffiliated Customers Year Ended December 31 (In thousands) 2017 2016 2015 U.S. $ 697,663 $ 614,327 $ 758,820 U.K. 146,624 156,552 217,011 All Other 762,775 680,344 747,261 Totals including Corporate $ 1,607,062 $ 1,451,223 $ 1,723,092 (a) Revenues are attributed to individual countries based on the location of the facility generating the revenue. |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Property, Plant and Equipment, Net Balances at December 31 (In thousands) 2017 2016 2015 U.S. $ 120,555 $ 125,386 $ 142,506 China 95,569 90,288 97,305 Brazil 54,704 62,597 57,381 All Other 208,919 211,984 266,843 Totals including Corporate $ 479,747 $ 490,255 $ 564,035 |
Schedule of Segment Operating Information by Segment | Operating Information by Segment: Twelve Months Ended December 31 (In thousands) 2017 2016 2015 Revenues Harsco Metals & Minerals $ 1,011,328 $ 965,540 $ 1,106,162 Harsco Industrial 299,592 247,542 357,256 Harsco Rail 295,999 238,107 259,674 Corporate 143 34 — Total Revenues $ 1,607,062 $ 1,451,223 $ 1,723,092 Twelve Months Ended December 31 (In thousands) 2017 2016 2015 Operating Income (Loss) Harsco Metals & Minerals $ 105,257 $ 81,634 $ 26,289 Harsco Industrial 35,174 23,182 57,020 Harsco Rail 32,091 (17,527 ) 50,896 Corporate (29,723 ) (23,820 ) (45,669 ) Total Operating Income $ 142,799 $ 63,469 $ 88,536 Total Assets Harsco Metals & Minerals $ 1,184,280 $ 1,181,602 $ 1,286,336 Harsco Industrial 113,410 107,987 119,830 Harsco Rail 237,135 204,477 219,753 Corporate 43,860 87,272 425,968 Total Assets $ 1,578,685 $ 1,581,338 $ 2,051,887 Depreciation and Amortization Harsco Metals & Minerals $ 112,329 $ 120,611 $ 136,579 Harsco Industrial 7,360 7,223 6,266 Harsco Rail 4,221 5,383 6,093 Corporate 6,027 8,269 7,537 Total Depreciation and Amortization $ 129,937 $ 141,486 $ 156,475 Capital Expenditures Harsco Metals & Minerals $ 87,526 $ 62,322 $ 99,563 Harsco Industrial 6,895 5,118 17,382 Harsco Rail 2,403 1,696 1,957 Corporate 1,490 204 4,650 Total Capital Expenditures $ 98,314 $ 69,340 $ 123,552 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Reconciliation of Segment Operating Income to Consolidated Income (Loss) From Continuing Operations Before Income Taxes and Equity Income: Twelve Months Ended December 31 (In thousands) 2017 2016 2015 Segment operating income $ 172,522 $ 87,289 $ 134,205 General Corporate expense (29,723 ) (23,820 ) (45,669 ) Operating income from continuing operations 142,799 63,469 88,536 Interest income 2,469 2,475 1,574 Interest expense (47,552 ) (51,584 ) (46,804 ) Loss on early extinguishment of debt (2,265 ) (35,337 ) — Change in fair value to the unit adjustment liability and loss on dilution and sale of equity method investment — (58,494 ) (8,491 ) Income (loss) from continuing operations before income taxes and equity income $ 95,451 $ (79,471 ) $ 34,815 |
Schedule of Product Information | Information about Products and Services: Revenues from Unaffiliated Customers Twelve Months Ended December 31 (In thousands) 2017 2016 2015 Key Product and Services Groups Global expertise in providing on-site services of material logistics, product quality improvement and resource recovery for iron, steel and metals manufacturing; as well as value added environmental solutions for industrial co-products $ 1,011,328 $ 965,540 $ 1,106,162 Railway track maintenance and safety equipment and track maintenance services 295,999 238,107 259,674 Air-cooled heat exchangers 144,955 93,616 186,243 Industrial grating and fencing products 116,598 115,914 129,869 Heat transfer products 38,039 38,012 41,144 General Corporate 143 34 — Consolidated Revenues $ 1,607,062 $ 1,451,223 $ 1,723,092 |
Other Expenses (Tables)
Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Schedule of other expenses (income) | The major components of this Consolidated Statements of Operations caption are as follows: (In thousands) 2017 2016 2015 Net gains $ (5,136 ) $ (1,764 ) $ (10,613 ) Employee termination benefit costs 7,350 10,777 14,914 Other costs to exit activities 1,633 440 13,451 Impaired asset write-downs 1,025 399 8,170 Foreign currency gains related to Harsco Rail Segment advances on contracts — — (10,940 ) Harsco Metals & Minerals Segment separation costs — 3,235 9,922 Subcontractor settlement — — 4,220 Other expense (231 ) (467 ) 1,449 Total $ 4,641 $ 12,620 $ 30,573 |
Schedule of net gains from sales of redundant properties and non-core assets | Net Gains (In thousands) 2017 2016 2015 Harsco Metals & Minerals Segment $ (1,354 ) $ (1,828 ) $ (7,059 ) Harsco Industrial Segment (3,782 ) 64 (3,554 ) Total $ (5,136 ) $ (1,764 ) $ (10,613 ) |
Schedule of employee termination benefit costs | Employee Termination Benefit Costs (In thousands) 2017 2016 2015 Harsco Metals & Minerals Segment $ 4,411 $ 8,491 $ 11,454 Harsco Industrial Segment 617 947 561 Harsco Rail Segment 1,133 297 145 Corporate 1,189 1,042 2,754 Total $ 7,350 $ 10,777 $ 14,914 |
Schedule of exit costs | Costs to Exit Activities (In thousands) 2017 2016 2015 Harsco Metals & Minerals Segment $ 706 $ 220 $ 12,638 Harsco Industrial Segment 371 40 — Corporate 556 180 813 Total $ 1,633 $ 440 $ 13,451 |
Schedule of impaired asset write-downs | Impaired Asset Write-downs (In thousands) 2017 2016 2015 Harsco Metals & Minerals Segment $ 706 $ 399 $ 8,170 Harsco Industrial Segment 151 — — Corporate 168 — — Total $ 1,025 $ 399 $ 8,170 |
Components of Accumulated Oth43
Components of Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Components of accumulated other comprehensive loss | The components of Accumulated other comprehensive loss, net of the effect of income taxes, and activity for the years ended December 31, 2017 and 2016 are as follows: Components of Accumulated Other Comprehensive Income (Loss) - Net of Tax (In thousands) Cumulative Foreign Exchange Translation Adjustments Effective Portion of Derivatives Designated as Hedging Instruments Cumulative Unrecognized Actuarial Losses on Pension Obligations Unrealized Loss on Marketable Securities Total Balance at December 31, 2015 $ (125,561 ) $ (400 ) $ (389,696 ) $ (31 ) $ (515,688 ) Other comprehensive income (loss) before reclassifications (53,301 ) (a) (1,650 ) (b) (86,181 ) (c) 26 (141,106 ) Realized (gains) losses reclassified from accumulated other comprehensive loss in connection with loss on dilution of equity method investment (See Note 4, Equity Method Investments) 28,641 1,636 (1,534 ) — 28,743 Amounts reclassified from accumulated other comprehensive loss, net of tax 1,157 (263 ) 16,011 — 16,905 Other comprehensive income (loss) from equity method investee 1,943 (405 ) 306 — 1,844 Total other comprehensive income (loss) (21,560 ) (682 ) (71,398 ) 26 (93,614 ) Less: Other comprehensive loss attributable to noncontrolling interests 2,587 (7 ) — — 2,580 Other comprehensive income (loss) attributable to Harsco Corporation (18,973 ) (689 ) (71,398 ) 26 (91,034 ) Balance at December 31, 2016 $ (144,534 ) $ (1,089 ) $ (461,094 ) $ (5 ) $ (606,722 ) Components of Accumulated Other Comprehensive Income (Loss) - Net of Tax (In thousands) Cumulative Foreign Exchange Translation Adjustments Effective Portion of Derivatives Designated as Hedging Instruments Cumulative Unrecognized Actuarial Losses on Pension Obligations Unrealized Loss on Marketable Securities Total Balance at December 31, 2016 $ (144,534 ) $ (1,089 ) $ (461,094 ) $ (5 ) $ (606,722 ) Other comprehensive income (loss) before reclassifications 36,011 (a) 1,967 (b) 5,143 (c) 22 43,143 Amounts reclassified from accumulated other comprehensive loss, net of tax — (70 ) 20,111 — 20,041 Total other comprehensive income (loss) 36,011 1,897 25,254 22 63,184 Less: Other comprehensive loss attributable to noncontrolling interests (3,044 ) — — — (3,044 ) Other comprehensive income (loss) attributable to Harsco Corporation 32,967 1,897 25,254 22 60,140 Balance at December 31, 2017 $ (111,567 ) $ 808 $ (435,840 ) $ 17 $ (546,582 ) (a) Principally foreign currency fluctuation. (b) Principally net change from periodic revaluations. (c) Principally changes due to annual actuarial remeasurements. |
Amounts reclassified out of accumulated other comprehensive loss | Amounts reclassified from accumulated other comprehensive loss for 2017 and 2016 are as follows: Year Ended December 31 2017 Year Ended December 31 2016 Affected Caption on the Consolidated Statements of Operations (In thousands) Amortization of defined benefit pension items (d) : Actuarial losses $ 10,174 $ 8,490 Selling, general and administrative expenses Actuarial losses 11,811 9,005 Cost of services and products sold Prior-service costs (58 ) (11 ) Selling, general and administrative expenses Prior-service costs 277 263 Cost of services and products sold Settlement/curtailment losses — 355 Selling, general and administrative expenses Total before tax 22,204 18,102 Tax benefit (2,093 ) (2,091 ) Total reclassification of defined benefit pension items, net of tax $ 20,111 $ 16,011 Amortization of cash flow hedging instruments: Foreign currency exchange forward contracts $ (936 ) $ (408 ) Product revenues Foreign currency exchange forward contracts (18 ) (2 ) Cost of services and products sold Cross-currency interest rate swaps 1,002 — Interest expense Total before tax 48 (410 ) Tax benefit (118 ) 147 Total reclassification of cash flow hedging instruments $ (70 ) $ (263 ) Recognition of cumulative foreign exchange translation adjustments: Foreign exchange translation adjustments, before tax $ — $ 1,157 Other expenses, net Tax benefit — — Total reclassification of cumulative foreign exchange translation adjustments $ — $ 1,157 (d) These accumulated other comprehensive loss components are included in the computation of NPPC. See Note 9, Employee Benefit Plans, for additional information. |
Realized (gains) losses reclassified from accumulated other comprehensive loss | Realized (gains) losses reclassified from accumulated other comprehensive loss in connection with loss on dilution and sale of equity method investment are as follows: (In thousands) Twelve Months Ended Affected Caption on the Consolidated Statements of Operations December 31 Foreign exchange translation adjustments $ 45,405 Change in fair value to the adjustment liability and loss on dilution and sale of equity method investment Cash flow hedging instruments 2,593 Change in fair value to the adjustment liability and loss on dilution and sale of equity method investment Defined benefit pension obligations (2,433 ) Change in fair value to the adjustment liability and loss on dilution and sale of equity method investment Total before tax 45,565 Tax benefit (e) (16,822 ) Total amounts reclassified from accumulated other comprehensive loss in connection with loss on dilution and sale of equity method investment $ 28,743 (e) For the year ended December 31, 2016 the tax benefit was not recognized on the Consolidated Statement of Operations since a valuation allowance was established against the resulting deferred tax assets. See Note 10, Income Taxes, for additional information. |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)ReportingUnit | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Accounting Policies [Abstract] | |||
Restricted cash | $ | $ 4,111 | $ 2,048 | |
Total number of the Company's reporting units | ReportingUnit | 5 | ||
Number of reporting units which have goodwill associated with them | ReportingUnit | 3 | ||
Customer [Line Items] | |||
Contracts Revenue | $ | $ 42,500 | $ 200 | $ 1,900 |
SBB | |||
Customer [Line Items] | |||
Change in Margin | 2.00% | ||
SBB | Contract 1 | |||
Customer [Line Items] | |||
Percentage Complete | 45.00% | ||
SBB | Contract 2 | |||
Customer [Line Items] | |||
Percentage Complete | 0.00% |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Details 2) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Accounting Policies [Abstract] | |
Income tax expense related to one-time mandatory repatriation of undistributed foreign subsidiary E&P | $ 0 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Warranty activity | |||
Warranty reserves, beginning of the year | $ 6,281 | $ 7,844 | $ 8,886 |
Accruals for warranties issued during the year | 5,528 | 6,439 | 3,656 |
Reductions related to pre-existing warranties | (3,792) | (5,611) | (3,042) |
Warranties paid | (2,078) | (2,372) | (1,629) |
Other (principally foreign currency translation) | 17 | (19) | (27) |
Warranty reserves, beginning of the year | 5,956 | 6,281 | 7,844 |
Self-insurance | |||
Loss Contingencies [Line Items] | |||
Insurance expense from continuing operations | 16,400 | 15,000 | 13,600 |
Decrease in pre-tax insurance expense due to retrospective insurance reserve adjustments from continuing operations | 2,600 | 5,400 | $ 8,500 |
Liabilities for asserted and unasserted claims | 33,600 | 37,100 | |
Liabilities covered by insurance carriers | $ 4,100 | $ 3,500 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Details 4) | 12 Months Ended |
Dec. 31, 2017 | |
Foreign Exchange Forward | Maximum | |
Derivative [Line Items] | |
Maximum typical term of foreign currency forward exchange contracts (in days) | 90 days |
Recently Adopted and Recently48
Recently Adopted and Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Change in Working Capital | $ 27,000 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 397 | |||
Income Tax Expense (Benefit) | $ 83,803 | 6,637 | $ 27,678 | |
Deferred Compensation, Share-based Payments | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Income Tax Expense (Benefit) | $ 400 | |||
Retained Earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (1,000) | $ (709) |
Accounts Receivable and Inven49
Accounts Receivable and Inventories (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts Receivable, Net, Current [Abstract] | |||
Trade accounts receivable | $ 292,765 | $ 248,354 | |
Less: Allowance for doubtful accounts | (4,731) | (11,800) | |
Trade accounts receivable, net | 288,034 | 236,554 | |
Other receivables | 20,224 | 21,053 | |
Provision for doubtful accounts related to trade accounts receivable | 5,346 | (38) | $ 13,047 |
Inventories | |||
Finished goods | 26,415 | 26,464 | |
Work-in-process | 24,367 | 22,815 | |
Contracts-in-process | 45,599 | 54,044 | |
Raw materials and purchased parts | 58,943 | 61,450 | |
Stores and supplies | 22,969 | 22,908 | |
Total inventories | 178,293 | 187,681 | |
Valued at lower of cost or market: | |||
LIFO basis | 80,644 | 79,933 | |
FIFO basis | 52,832 | 64,742 | |
Average cost basis | 44,817 | 43,006 | |
Total inventories | 178,293 | 187,681 | |
Excess of inventories valued at current costs over LIFO | 0 | 33,000 | |
Change in income as a result of LIFO basis inventory valuation over FIFO basis valuation | 400 | 1,300 | 0 |
Contract costs accumulated to date | 73,740 | 90,276 | |
Estimated Loss Provisions Offset Against WIP | (28,141) | (36,232) | |
Contracts-in-process | 45,599 | 54,044 | |
Provision for Loss on Contracts | 3,000 | 6,700 | |
Customer Advances and Deposits | 97,900 | 101,100 | |
Contract estimated forward loss provision for Harsco Rail Segment | $ 0 | $ 45,050 | $ 0 |
Equity Method Investments (Deta
Equity Method Investments (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Decrease in equity method investment | $ 29,400 | |||
Harsco's equity in income of Brand | $ 0 | 5,686 | $ 175 | |
Net sales proceeds | 145,000 | |||
Merger related costs | 0 | 20,640 | 7,688 | |
Change in fair value to unit adjustment liability | 4,700 | (8,500) | ||
Unit adjustment liability, current and non-current | $ 0 | 0 | ||
Unit adjustment liability | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Decrease in unit adjustment liability | 19,145 | |||
Loss on sale of equity interest | 65,461 | |||
Infrastructure Transaction Strategic Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total annual payments, pre-tax | $ 22,000 | |||
Total annual payments, after-tax | $ 15,000 | |||
Ownership interest, joint venture contingency threshold | 3.00% | |||
Harsco's equity in income of Brand | 5,686 | $ 175 | ||
Accrued liabilities | 1,400 | |||
Loss on sale of equity interest | 43,500 | |||
Infrastructure Transaction Strategic Venture | Harsco Infrastructure | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Harsco's equity in income of Brand | $ (10,300) | |||
Percentage of ownership in equity method investments | 26.00% |
Equity Method Investments (De51
Equity Method Investments (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2016 | |
Assets | ||||
Current assets | $ 896,933 | |||
Property and equipment , net | 884,979 | |||
Other noncurrent assets | 1,454,951 | |||
Total assets | 3,236,863 | |||
Liabilities and Equity | ||||
Short-term borrowings, including current portion of long-term debt | 14,402 | |||
Other current liabilities | 341,979 | |||
Long-term debt | 1,857,162 | |||
Other noncurrent liabilities | 351,714 | |||
Total liabilities | 2,565,257 | |||
Equity | 671,606 | |||
Total liabilities and equity | $ 3,236,863 | |||
Summarized Statement of Operations Information of Brand: | ||||
Net revenues | $ 2,333,561 | |||
Equity Method Investment, Summarized Financial Information, Revenue | $ 2,976,471 | |||
Gross profit | 499,005 | 649,596 | ||
Net income attributable to Brand Energy & Infrastructure Services, Inc. and Subsidiaries | 20,756 | 605 | ||
Harsco's equity in income of Brand | $ 0 | 5,686 | 175 | |
Infrastructure Transaction Strategic Venture | ||||
Summarized Statement of Operations Information of Brand: | ||||
Harsco's equity in income of Brand | $ 5,686 | $ 175 |
Equity Method Investments (De52
Equity Method Investments (Details 3) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Equity Method Investments and Joint Ventures [Abstract] | |
Decrease in equity method investment | $ 29.4 |
Property, Plant and Equipment53
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Capital leases included in plant, property and equipment | $ 5,500 | $ 8,700 | |
Gross property, plant and equipment | 1,848,518 | 1,757,486 | |
Less: Accumulated depreciation | (1,368,771) | (1,267,231) | |
Property, plant and equipment, net | 479,747 | 490,255 | $ 564,035 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | 10,840 | 10,606 | |
Land improvements | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | $ 14,996 | 15,032 | |
Land improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 5 years | ||
Land improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 20 years | ||
Buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | $ 198,582 | 185,657 | |
Buildings and improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 5 years | ||
Buildings and improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 40 years | ||
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | $ 1,599,713 | 1,525,156 | |
Machinery and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 3 years | ||
Machinery and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 20 years | ||
Uncompleted construction | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | $ 24,387 | $ 21,035 |
Goodwill and Other Intangible54
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | ||
Balance at the beginning of the period | $ 382,251 | $ 400,367 |
Changes to goodwill | 259 | |
Foreign currency translation | 19,507 | (18,375) |
Balance at the end of the period | 401,758 | 382,251 |
Harsco Metals & Minerals | ||
Goodwill [Roll Forward] | ||
Balance at the beginning of the period | 362,386 | 380,761 |
Changes to goodwill | 0 | |
Foreign currency translation | 19,507 | (18,375) |
Balance at the end of the period | 381,893 | 362,386 |
Harsco Industrial | ||
Goodwill [Roll Forward] | ||
Balance at the beginning of the period | 6,839 | 6,806 |
Changes to goodwill | 33 | |
Foreign currency translation | 0 | 0 |
Balance at the end of the period | 6,839 | 6,839 |
Harsco Rail | ||
Goodwill [Roll Forward] | ||
Balance at the beginning of the period | 13,026 | 12,800 |
Changes to goodwill | 226 | |
Foreign currency translation | 0 | 0 |
Balance at the end of the period | $ 13,026 | $ 13,026 |
Goodwill and Other Intangible55
Goodwill and Other Intangible Assets (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 202,162 | $ 195,074 | |
Accumulated Amortization | 163,911 | 153,507 | |
Intangible assets, net | 38,251 | 41,567 | |
Amortization expense for intangible assets | 5,100 | 7,900 | $ 8,800 |
Finite-Lived Intangible Assets Including Current, Net | 41,600 | ||
Estimated amortization expense for the next five years | |||
2,018 | 5,000 | ||
2,019 | 4,750 | ||
2,020 | 4,500 | ||
2,021 | 4,250 | ||
2,022 | 4,000 | ||
Customer related | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 153,014 | 146,840 | |
Accumulated Amortization | 121,385 | 112,610 | |
Patents | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 5,825 | 5,729 | |
Accumulated Amortization | 5,700 | 5,534 | |
Technology related | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 26,131 | 25,687 | |
Accumulated Amortization | 26,131 | 25,634 | |
Trade names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 8,317 | 8,306 | |
Accumulated Amortization | 4,845 | 4,529 | |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 8,875 | 8,512 | |
Accumulated Amortization | $ 5,850 | $ 5,200 |
Debt and Credit Agreements (Det
Debt and Credit Agreements (Details) - Line of Credit [Member] - USD ($) | Dec. 31, 2017 | Dec. 02, 2015 | Dec. 01, 2015 |
Line of Credit Facility [Line Items] | |||
Facility Limit | $ 400,000,000 | $ 600,000,000 | $ 500,000,000 |
Outstanding Balance | 41,000,000 | ||
Outstanding Letters of Credit | 31,432,000 | ||
Available Credit | $ 327,568,000 |
Debt and Credit Agreements (D57
Debt and Credit Agreements (Details 2) | 1 Months Ended | 12 Months Ended | ||||||||
Nov. 30, 2016 | Sep. 30, 2016USD ($) | Dec. 31, 2021 | Dec. 31, 2018 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 31, 2017USD ($) | Dec. 02, 2015USD ($) | Dec. 01, 2015USD ($) | |
Line of Credit Facility [Line Items] | ||||||||||
Net sales proceeds | $ 145,000,000 | $ 0 | $ 165,640,000 | $ 0 | ||||||
Repayment of debt | 108,280,000 | 979,567,000 | 399,533,000 | |||||||
Loss on early extinguishment of debt | (2,265,000) | (35,337,000) | 0 | |||||||
Total debt obligations | 593,659,000 | 673,410,000 | ||||||||
Current maturities of long-term debt | 11,208,000 | 25,574,000 | ||||||||
Short-term borrowings | $ 8,621,000 | $ 4,259,000 | ||||||||
Weighted average interest rate | 4.30% | 6.20% | ||||||||
Interest paid | $ 44,300,000 | $ 49,600,000 | $ 44,400,000 | |||||||
Minimum consolidated interest coverage ratio, numerator | 3 | |||||||||
Harsco Infrastructure | Infrastructure Transaction Strategic Venture | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Percentage of ownership in equity method investments | 26.00% | |||||||||
Term Loan | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Interest rate floor | 1.00% | |||||||||
Quarterly payment, percentage of original principal amount | 0.25% | |||||||||
Total debt obligations | $ 545,875,000 | $ 550,000,000 | ||||||||
Term Loan | Base Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Basis spread on variable rate | 2.00% | |||||||||
Term Loan | LIBOR | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Basis spread on variable rate | 3.00% | |||||||||
Term Loan | Term Loan Facility 2015 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Principle amount | $ 250,000,000 | |||||||||
Repayment of debt | 85,000,000 | |||||||||
Total debt obligations | 550,000,000 | |||||||||
Term Loan | New Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Principle amount | $ 550,000,000 | |||||||||
Term Loan | Fixed-Rate Term Loan | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Principle amount | $ 300,000,000 | |||||||||
Term Loan | Fixed-Rate Term Loan | LIBOR | Forecast | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Basis spread on variable rate | 2.71% | 1.65% | ||||||||
Senior Notes | 5.75% notes due May 15,2018 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Stated interest rate | 5.75% | |||||||||
Secured Debt | Senior Secured Credit Facilities | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Long-term and Short-term, combined amount | $ 586,900,000 | 648,000,000 | ||||||||
Total debt obligations | 581,400,000 | 642,500,000 | ||||||||
Current maturities of long-term debt | 5,500,000 | 5,500,000 | ||||||||
Credit Agreement | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Facility limit | $ 400,000,000 | $ 600,000,000 | $ 500,000,000 | |||||||
Debt issuance cost | 1,100,000 | |||||||||
Minimum consolidated interest coverage ratio, numerator | 3.75 | |||||||||
Credit Agreement | Forecast | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Minimum consolidated interest coverage ratio, numerator | 3.5 | |||||||||
Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Facility limit | $ 350,000,000 | |||||||||
Current borrowing capacity | $ 400,000,000 | |||||||||
Long-term and Short-term, combined amount | 41,000,000 | 98,000,000 | ||||||||
Total debt obligations | $ 41,000,000 | 98,000,000 | ||||||||
Revolving Credit Facility | Minimum | Base Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Basis spread on variable rate | 0.875% | |||||||||
Revolving Credit Facility | Minimum | LIBOR | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Basis spread on variable rate | 1.875% | |||||||||
Revolving Credit Facility | Maximum | Base Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Basis spread on variable rate | 2.00% | |||||||||
Revolving Credit Facility | Maximum | LIBOR | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Basis spread on variable rate | 3.00% | |||||||||
Revolving Credit Facility | New Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Repayment of debt | $ 60,000,000 |
Debt and Credit Agreements (D58
Debt and Credit Agreements (Details 3) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total debt obligations | $ 593,659 | $ 673,410 |
Less: deferred financing costs | (15,657) | (18,597) |
Total debt obligations, net of deferred financing costs | 578,002 | 654,813 |
Less: current maturities of long-term debt | (11,208) | (25,574) |
Long-term debt | 566,794 | 629,239 |
Maturities of Long-term Debt [Abstract] | ||
2,019 | 6,274 | |
2,020 | 5,640 | |
2,021 | 46,498 | |
2,022 | 5,459 | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt obligations | $ 41,000 | $ 98,000 |
Variable interest rate | 4.20% | 3.60% |
Term Loan | ||
Debt Instrument [Line Items] | ||
Total debt obligations | $ 545,875 | $ 550,000 |
Variable interest rate | 4.60% | 6.00% |
Other financing payable in varying amounts due principally through 2018 with a weighted-average interest rate of 2.7% and 9.4% at December 31, 2012 and 2011, respectively | ||
Debt Instrument [Line Items] | ||
Total debt obligations | $ 6,784 | $ 25,410 |
Weighted average interest rate | 5.00% | 5.70% |
Operating Leases (Details)
Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases [Abstract] | |||
Rental expense for property, plant and equipment | $ 16,500 | $ 16,900 | $ 18,900 |
Operating leases | |||
2,018 | 12,845 | ||
2,019 | 9,848 | ||
2,020 | 8,021 | ||
2,021 | 6,360 | ||
2,022 | 4,090 | ||
After 2,022 | 16,169 | ||
Minimum rentals to be received under noncancelable subleases | $ 800 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - Pension Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
U.S. Plans | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | $ 43 | $ 102 | $ 118 |
Interest cost | 9,878 | 10,165 | 12,357 |
Expected return on plan assets | (10,485) | (10,721) | (14,041) |
Recognized prior service costs | 33 | 63 | 81 |
Recognized losses | 5,701 | 5,493 | 4,919 |
Settlement/curtailment loss (gain) | 0 | 276 | 0 |
Defined benefit plans pension cost | 5,170 | 5,378 | 3,434 |
Defined contribution plans | 4,239 | 3,833 | 3,921 |
Net periodic pension cost, U.S. Plans | $ 10,059 | 9,847 | 8,208 |
U.S. Plans | Maximum | |||
Defined Contribution Plan [Abstract] | |||
Employer matching contribution (as a percent) | 4.00% | ||
U.S. Plans | Multiemployer Plans, Pension, Domestic [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Multiemployer plans | $ 650 | 636 | 853 |
International Plans | |||
Defined Contribution Plan [Abstract] | |||
Additional contribution towards insurance and administrative costs (as a percent) | 2.00% | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | $ 1,724 | 1,585 | 1,648 |
Interest cost | 21,459 | 26,822 | 36,282 |
Expected return on plan assets | (40,469) | (42,979) | (50,091) |
Recognized prior service costs | 186 | 189 | 188 |
Recognized losses | 16,283 | 12,002 | 16,875 |
Settlement/curtailment loss (gain) | (20) | 79 | (23) |
Defined benefit plans pension cost | (837) | (2,302) | 4,879 |
Defined contribution plans | 5,905 | 5,807 | 6,765 |
Net periodic pension cost, International Plans | $ 6,374 | 4,873 | 13,107 |
International Plans | Maximum | |||
Defined Contribution Plan [Abstract] | |||
Employer matching contribution (as a percent) | 6.00% | ||
International Plans | Multiemployer Plans, Pension, Domestic [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Multiemployer plans | $ 1,306 | $ 1,368 | $ 1,463 |
Employee Benefit Plans (Detai61
Employee Benefit Plans (Details 2) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)bond | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Noncurrent liabilities | $ 259,367 | $ 319,597 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Change in Net Periodic Pension Costs | $ 7,000 | ||
Pension Plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rates | 3.10% | 3.90% | 3.70% |
Expected long-term rates of return on plan assets | 6.20% | 6.70% | 7.00% |
Expected long-term rates of return on plan assets for next year (as a percent) | 6.00% | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rates | 2.80% | 3.10% | |
U.S. Plans | Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 305,652 | $ 307,390 | |
Service cost | 43 | 102 | $ 118 |
Interest cost | 9,878 | 10,165 | 12,357 |
Plan participants' contributions | 0 | 0 | |
Amendments | 0 | 0 | |
Actuarial loss | 14,459 | 5,550 | |
Settlements/curtailments | 0 | 0 | |
Benefits paid | (15,171) | (17,555) | |
Effect of foreign currency | 0 | 0 | |
Benefit obligation at end of year | 314,861 | 305,652 | 307,390 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 205,271 | 208,870 | |
Actual return on plan assets | 33,942 | 11,935 | |
Employer contributions | 5,899 | 2,021 | |
Plan participants' contributions | 0 | 0 | |
Settlements/curtailments | 0 | 0 | |
Benefits paid | 15,171 | 17,555 | |
Effect of foreign currency | 0 | 0 | |
Fair value of plan assets at end of year | 229,941 | 205,271 | $ 208,870 |
Funded status at end of year | (84,920) | (100,381) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Noncurrent assets | 1,860 | 668 | |
Current liabilities | 2,237 | 2,278 | |
Noncurrent liabilities | 84,543 | 98,771 | |
Total accumulated other comprehensive loss before tax | 146,341 | 161,075 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Net actuarial loss | 146,340 | 161,042 | |
Prior service cost | 1 | 33 | |
Total accumulated other comprehensive loss before tax | 146,341 | $ 161,075 | |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | |||
Net actuarial loss | 5,203 | ||
Prior service cost | 1 | ||
Total | 5,204 | ||
Estimate of expected contributions in next fiscal year | 9,900 | ||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||
2,018 | 20,200 | ||
2,019 | 19,300 | ||
2,020 | 19,200 | ||
2,021 | 19,200 | ||
2,022 | 19,300 | ||
2023-2027 | $ 94,100 | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rates | 4.00% | 4.20% | 3.90% |
Expected long-term rates of return on plan assets | 7.30% | 7.30% | 7.50% |
Expected long-term rates of return on plan assets for next year (as a percent) | 7.30% | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rates | 3.50% | 4.00% | |
Number of U.S. dollar-denominated, AA-graded corporate bonds in yield curve universe | bond | 700 | ||
Highest yield U.S. dollar-denominated, AA-graded corporate bonds excluded from yield curve universe (as a percent) | 10.00% | ||
Lowest yield U.S. dollar-denominated, AA-graded corporate bonds excluded from yield curve universe (as a percent) | 10.00% | ||
International Plans | Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 952,360 | $ 900,104 | |
Service cost | 1,724 | 1,585 | $ 1,648 |
Interest cost | 21,459 | 26,822 | 36,282 |
Plan participants' contributions | 61 | 68 | |
Amendments | (4,459) | 0 | |
Actuarial loss | (3,613) | 194,469 | |
Settlements/curtailments | (3,362) | (1,527) | |
Benefits paid | (40,379) | (32,079) | |
Effect of foreign currency | 91,795 | (137,082) | |
Benefit obligation at end of year | 1,015,586 | 952,360 | 900,104 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 732,743 | 755,966 | |
Actual return on plan assets | 67,136 | 105,027 | |
Employer contributions | 18,187 | 17,192 | |
Plan participants' contributions | 61 | 68 | |
Settlements/curtailments | (3,241) | (1,527) | |
Benefits paid | 39,800 | 31,485 | |
Effect of foreign currency | 67,631 | (112,498) | |
Fair value of plan assets at end of year | 842,717 | 732,743 | $ 755,966 |
Funded status at end of year | (172,869) | (219,617) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Noncurrent assets | 1,820 | 1,118 | |
Current liabilities | 625 | 505 | |
Noncurrent liabilities | 174,064 | 220,230 | |
Total accumulated other comprehensive loss before tax | 427,127 | 434,868 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Net actuarial loss | 430,377 | 433,626 | |
Prior service cost | (3,250) | 1,242 | |
Total accumulated other comprehensive loss before tax | 427,127 | $ 434,868 | |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | |||
Net actuarial loss | 15,186 | ||
Prior service cost | (149) | ||
Total | 15,037 | ||
Estimate of expected contributions in next fiscal year | 19,200 | ||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||
2,018 | 40,100 | ||
2,019 | 41,200 | ||
2,020 | 42,700 | ||
2,021 | 44,500 | ||
2,022 | 45,200 | ||
2023-2027 | $ 247,900 | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rates | 2.80% | 3.80% | 3.70% |
Expected long-term rates of return on plan assets | 5.90% | 6.50% | 6.80% |
Expected long-term rates of return on plan assets for next year (as a percent) | 5.60% | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rates | 2.60% | 2.80% |
Employee Benefit Plans (Detai62
Employee Benefit Plans (Details 3) - Pension Plan $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017USD ($)market | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Expected long-term rates of return on plan assets for next year (as a percent) | 6.00% | ||||
Expected long-term rates of return on plan assets | 6.20% | 6.70% | 7.00% | ||
U.S. Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated benefit obligation | $ 314,900 | $ 305,700 | |||
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | |||||
Projected benefit obligation | 306,000 | 296,700 | |||
Accumulated benefit obligation | 306,000 | 296,700 | |||
Fair value of plan assets | $ 219,200 | 195,600 | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Number of capital market results simulated in the model for expected return on plan assets | market | 1,000 | ||||
Period for which results of capital markets are simulated | 20 years | ||||
Expected long-term rates of return on plan assets for next year (as a percent) | 7.30% | ||||
Expected long-term rates of return on plan assets | 7.30% | 7.30% | 7.50% | ||
Number of shares of Company's common stock included in plan assets | shares | 450,000 | ||||
Value of shares of Company's common stock included in plan assets | $ 8,400 | 6,100 | |||
Fair values of plan assets | $ 205,271 | $ 208,870 | $ 208,870 | $ 229,941 | $ 205,271 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 205,271 | 208,870 | |||
Employer contributions | 5,899 | 2,021 | |||
Fair value of plan assets at end of year | 229,941 | 205,271 | $ 208,870 | ||
U.S. Plans | Domestic equity securities | |||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||
Percentage of Plan Assets at December 31 | 38.60% | 39.70% | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 27,339 | 27,339 | $ 28,200 | $ 27,339 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 27,339 | ||||
Fair value of plan assets at end of year | 28,200 | 27,339 | |||
U.S. Plans | Domestic equity securities | Minimum | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 34.00% | ||||
U.S. Plans | Domestic equity securities | Maximum | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 44.00% | ||||
U.S. Plans | Domestic mutual funds—equities | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 54,102 | 54,102 | $ 60,785 | $ 54,102 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 54,102 | ||||
Fair value of plan assets at end of year | 60,785 | 54,102 | |||
U.S. Plans | International equity securities | |||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||
Percentage of Plan Assets at December 31 | 24.50% | 18.50% | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 1,429 | $ 1,429 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at end of year | 1,429 | ||||
U.S. Plans | International equity securities | Minimum | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 19.00% | ||||
U.S. Plans | International equity securities | Maximum | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 29.00% | ||||
U.S. Plans | International equities—mutual funds | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 37,948 | 37,948 | $ 54,879 | $ 37,948 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 37,948 | ||||
Fair value of plan assets at end of year | 54,879 | 37,948 | |||
U.S. Plans | Harsco common stock | |||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||
Percentage of Plan Assets at December 31 | 3.70% | 3.00% | |||
U.S. Plans | Fixed income securities | |||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||
Percentage of Plan Assets at December 31 | 30.90% | 30.90% | |||
U.S. Plans | Fixed income securities | Minimum | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 28.00% | ||||
U.S. Plans | Fixed income securities | Maximum | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 38.00% | ||||
U.S. Plans | U.S. Treasuries and collateralized securities | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 14,240 | 14,240 | $ 18,407 | $ 14,240 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 14,240 | ||||
Fair value of plan assets at end of year | 18,407 | 14,240 | |||
U.S. Plans | Corporate bonds and notes | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 11,457 | 11,457 | 10,878 | 11,457 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 11,457 | ||||
Fair value of plan assets at end of year | 10,878 | 11,457 | |||
U.S. Plans | Mutual funds - bonds | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 37,745 | 37,745 | $ 41,745 | $ 37,745 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 37,745 | ||||
Fair value of plan assets at end of year | 41,745 | 37,745 | |||
U.S. Plans | Other | |||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||
Percentage of Plan Assets at December 31 | 5.00% | 9.90% | |||
U.S. Plans | Other | Minimum | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 0.00% | ||||
U.S. Plans | Other | Maximum | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 10.00% | ||||
U.S. Plans | Other mutual funds | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 20,346 | 20,346 | $ 11,336 | $ 20,346 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 20,346 | ||||
Fair value of plan assets at end of year | 11,336 | 20,346 | |||
U.S. Plans | Cash and cash equivalents | |||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||
Percentage of Plan Assets at December 31 | 1.00% | 1.00% | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 2,094 | 2,094 | $ 2,282 | $ 2,094 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 2,094 | ||||
Fair value of plan assets at end of year | 2,282 | 2,094 | |||
U.S. Plans | Cash and cash equivalents | Maximum | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 5.00% | ||||
U.S. Plans | Level 1 | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 121,039 | 121,039 | $ 132,250 | 121,039 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 121,039 | ||||
Fair value of plan assets at end of year | 132,250 | 121,039 | |||
U.S. Plans | Level 1 | Domestic equity securities | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 27,339 | 27,339 | 28,200 | 27,339 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 27,339 | ||||
Fair value of plan assets at end of year | 28,200 | 27,339 | |||
U.S. Plans | Level 1 | Domestic mutual funds—equities | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 9,928 | 9,928 | 11,062 | 9,928 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 9,928 | ||||
Fair value of plan assets at end of year | 11,062 | 9,928 | |||
U.S. Plans | Level 1 | International equity securities | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 1,429 | 1,429 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at end of year | 1,429 | ||||
U.S. Plans | Level 1 | International equities—mutual funds | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 37,948 | 37,948 | 54,879 | 37,948 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 37,948 | ||||
Fair value of plan assets at end of year | 54,879 | 37,948 | |||
U.S. Plans | Level 1 | U.S. Treasuries and collateralized securities | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 0 | ||||
Fair value of plan assets at end of year | 0 | 0 | |||
U.S. Plans | Level 1 | Corporate bonds and notes | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 11,457 | 11,457 | 10,878 | 11,457 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 11,457 | ||||
Fair value of plan assets at end of year | 10,878 | 11,457 | |||
U.S. Plans | Level 1 | Mutual funds - bonds | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 11,927 | 11,927 | 12,184 | 11,927 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 11,927 | ||||
Fair value of plan assets at end of year | 12,184 | 11,927 | |||
U.S. Plans | Level 1 | Other mutual funds | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 20,346 | 20,346 | 11,336 | 20,346 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 20,346 | ||||
Fair value of plan assets at end of year | 11,336 | 20,346 | |||
U.S. Plans | Level 1 | Cash and cash equivalents | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 2,094 | 2,094 | 2,282 | 2,094 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 2,094 | ||||
Fair value of plan assets at end of year | 2,282 | 2,094 | |||
U.S. Plans | Level 2 | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 84,232 | 84,232 | 97,691 | 84,232 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 84,232 | ||||
Fair value of plan assets at end of year | 97,691 | 84,232 | |||
U.S. Plans | Level 2 | Domestic equity securities | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 0 | ||||
Fair value of plan assets at end of year | 0 | 0 | |||
U.S. Plans | Level 2 | Domestic mutual funds—equities | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 44,174 | 44,174 | 49,723 | 44,174 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 44,174 | ||||
Fair value of plan assets at end of year | 49,723 | 44,174 | |||
U.S. Plans | Level 2 | International equity securities | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 0 | 0 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at end of year | 0 | ||||
U.S. Plans | Level 2 | International equities—mutual funds | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 0 | ||||
Fair value of plan assets at end of year | 0 | 0 | |||
U.S. Plans | Level 2 | U.S. Treasuries and collateralized securities | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 14,240 | 14,240 | 18,407 | 14,240 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 14,240 | ||||
Fair value of plan assets at end of year | 18,407 | 14,240 | |||
U.S. Plans | Level 2 | Corporate bonds and notes | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 0 | ||||
Fair value of plan assets at end of year | 0 | 0 | |||
U.S. Plans | Level 2 | Mutual funds - bonds | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 25,818 | 25,818 | 29,561 | 25,818 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 25,818 | ||||
Fair value of plan assets at end of year | 29,561 | 25,818 | |||
U.S. Plans | Level 2 | Other mutual funds | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 0 | ||||
Fair value of plan assets at end of year | 0 | 0 | |||
U.S. Plans | Level 2 | Cash and cash equivalents | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 0 | ||||
Fair value of plan assets at end of year | $ 0 | $ 0 | |||
International Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated benefit obligation | 1,010,600 | 946,300 | |||
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | |||||
Projected benefit obligation | 986,600 | 913,000 | |||
Accumulated benefit obligation | 981,900 | 910,000 | |||
Fair value of plan assets | 812,000 | 694,900 | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Expected long-term rates of return on plan assets for next year (as a percent) | 5.60% | ||||
Expected long-term rates of return on plan assets | 5.90% | 6.50% | 6.80% | ||
Fair values of plan assets | $ 732,743 | $ 755,966 | $ 755,966 | $ 842,717 | $ 732,743 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 732,743 | 755,966 | |||
Employer contributions | 18,187 | 17,192 | |||
Fair value of plan assets at end of year | $ 842,717 | $ 732,743 | $ 755,966 | ||
International Plans | United Kingdom | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Expected long-term rates of return on plan assets for next year (as a percent) | 5.50% | 5.80% | |||
Pension plan assets as a percentage of international plan assets | 94.00% | ||||
International Plans | International, other than UK | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Pension plan assets as a percentage of international plan assets | 6.00% | ||||
International Plans | Equity Securities [Member] | |||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||
Percentage of Plan Assets at December 31 | 38.90% | 37.10% | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 29.00% | ||||
International Plans | Mutual funds - equities | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | $ 272,070 | $ 272,070 | $ 328,002 | $ 272,070 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 272,070 | ||||
Fair value of plan assets at end of year | 328,002 | 272,070 | |||
International Plans | Fixed income securities | |||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||
Percentage of Plan Assets at December 31 | 44.60% | 43.90% | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 50.00% | ||||
International Plans | Mutual funds - bonds | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 314,098 | 314,098 | $ 369,291 | $ 314,098 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 314,098 | ||||
Fair value of plan assets at end of year | 369,291 | 314,098 | |||
International Plans | Insurance contracts | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 7,657 | 7,657 | $ 6,189 | $ 7,657 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 7,657 | ||||
Fair value of plan assets at end of year | 6,189 | 7,657 | |||
International Plans | Other | |||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||
Percentage of Plan Assets at December 31 | 16.20% | 18.70% | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 21.00% | ||||
International Plans | Real estate funds / limited partnerships | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 23,714 | 23,714 | $ 23,714 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 23,714 | ||||
Fair value of plan assets at end of year | 23,714 | ||||
International Plans | Other mutual funds | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 113,345 | 113,345 | $ 136,843 | $ 113,345 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 113,345 | ||||
Fair value of plan assets at end of year | 136,843 | 113,345 | |||
International Plans | Cash and cash equivalents | |||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||
Percentage of Plan Assets at December 31 | 0.30% | 0.30% | |||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 0.00% | ||||
Fair values of plan assets | 1,859 | 1,859 | $ 2,392 | $ 1,859 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 1,859 | ||||
Fair value of plan assets at end of year | 2,392 | 1,859 | |||
International Plans | Level 1 | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 1,859 | 1,859 | 2,392 | 1,859 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 1,859 | ||||
Fair value of plan assets at end of year | 2,392 | 1,859 | |||
International Plans | Level 1 | Mutual funds - equities | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 0 | ||||
Fair value of plan assets at end of year | 0 | 0 | |||
International Plans | Level 1 | Mutual funds - bonds | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 0 | ||||
Fair value of plan assets at end of year | 0 | 0 | |||
International Plans | Level 1 | Insurance contracts | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 0 | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | |||||
Fair value of plan assets at end of year | 0 | ||||
International Plans | Level 1 | Real estate funds / limited partnerships | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 0 | 0 | 0 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 0 | ||||
Fair value of plan assets at end of year | 0 | ||||
International Plans | Level 1 | Other mutual funds | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 0 | ||||
Fair value of plan assets at end of year | 0 | 0 | |||
International Plans | Level 1 | Cash and cash equivalents | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 1,859 | 1,859 | 2,392 | 1,859 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 1,859 | ||||
Fair value of plan assets at end of year | 2,392 | 1,859 | |||
International Plans | Level 2 | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 730,884 | 730,884 | 840,325 | 730,884 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 730,884 | ||||
Fair value of plan assets at end of year | 840,325 | 730,884 | |||
International Plans | Level 2 | Mutual funds - equities | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 272,070 | 272,070 | 328,002 | 272,070 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 272,070 | ||||
Fair value of plan assets at end of year | 328,002 | 272,070 | |||
International Plans | Level 2 | Mutual funds - bonds | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 314,098 | 314,098 | 369,291 | 314,098 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 314,098 | ||||
Fair value of plan assets at end of year | 369,291 | 314,098 | |||
International Plans | Level 2 | Insurance contracts | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 7,657 | 7,657 | 6,189 | 7,657 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 7,657 | ||||
Fair value of plan assets at end of year | 6,189 | 7,657 | |||
International Plans | Level 2 | Real estate funds / limited partnerships | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 23,714 | 23,714 | 23,714 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 23,714 | ||||
Fair value of plan assets at end of year | 23,714 | ||||
International Plans | Level 2 | Other mutual funds | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 113,345 | 113,345 | 136,843 | 113,345 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 113,345 | ||||
Fair value of plan assets at end of year | 136,843 | 113,345 | |||
International Plans | Level 2 | Cash and cash equivalents | |||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||
Fair values of plan assets | 0 | 0 | $ 0 | $ 0 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 0 | ||||
Fair value of plan assets at end of year | $ 0 | $ 0 |
Employee Benefit Plans (Detai63
Employee Benefit Plans (Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Benefits [Abstract] | |||
Contributions By The Company | $ 2 | $ 2 | $ 2.5 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income from continuing operations before income taxes and equity income | |||
U.S. | $ 5,694 | $ (99,939) | $ 16,169 |
International | 89,757 | 20,468 | 18,646 |
Income (loss) from continuing operations before income taxes and equity income | 95,451 | (79,471) | 34,815 |
Currently payable: | |||
U.S. federal | 4,107 | (4,088) | 408 |
U.S. state | 372 | 365 | 546 |
International | 21,975 | 18,014 | 23,095 |
Total income taxes currently payable | 26,454 | 14,291 | 24,049 |
Deferred U.S. federal | 46,470 | (8,195) | 2,651 |
Deferred U.S. state | 1,142 | 2,238 | 812 |
Deferred international | 9,737 | (1,697) | 166 |
Total income tax expense | 83,803 | 6,637 | 27,678 |
Cash payments for income taxes, including taxes on gain or loss from discontinued business | $ 24,900 | $ 14,600 | $ 18,900 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Line Items] | |||
Provisional charge from net deferred tax assets and liabilities revaluation | $ 48,700,000 | ||
Income tax expense related to one-time mandatory repatriation of undistributed foreign subsidiary E&P | 0 | ||
Foreign earnings before tax | 89,757,000 | $ 20,468,000 | $ 18,646,000 |
Contract estimated forward loss provision for Harsco Rail Segment | 0 | 45,050,000 | 0 |
Provisional tax expense on outside basis difference | 6,500,000 | ||
Differences on international earnings and remittances | 700,000 | 2,000,000 | |
Total international income tax expense | 31,700,000 | 16,300,000 | |
U.S. earnings before tax | 5,694,000 | (99,939,000) | 16,169,000 |
Provisional tax expense from revaluing the U.S. ending net deferred tax assets | 14,900,000 | ||
Valuation allowance related to sale of Brand | 16,100,000 | ||
Operating loss carryforwards | 90,193,000 | 80,178,000 | |
Capital loss carryforwards | 11,011,000 | 18,163,000 | |
Valuation Allowance | 174,227,000 | 146,097,000 | |
Valuation allowance related to foreign tax credit carryfowards | 27,300,000 | ||
Increase from foreign currency translation | 10,100,000 | ||
Net increase related to losses in jurisdictions where the asset will not be recognized | 6,900,000 | ||
Interest and penalties recognized | 1,700,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1,100,000 | 1,100,000 | 2,800,000 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 1,200,000 | ||
Capital loss on Equity Investment in Brand | |||
Income Tax Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Balance | 16,100,000 | ||
Forward loss Provisions in SBB contract | |||
Income Tax Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Balance | 13,500,000 | ||
Current Year Pension Adjustments recorded through Accumulated Other Comprehensive Income (Loss) | |||
Income Tax Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Balance | 19,200,000 | ||
Expiring between 2018 and 2021 | |||
Income Tax Disclosure [Line Items] | |||
Capital loss carryforwards | 11,000,000 | ||
International operations | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | 73,500,000 | ||
Operating loss carryforwards not subject to expiration | 60,500,000 | ||
Operating losses subject to expiration | 13,000,000 | ||
Unrecognized Tax Benefits, Increase (Decrease) Resulting from Changes in Enacted Legislation | $ (7,800,000) | ||
U.S. state | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | 16,700,000 | ||
U.S. state | Expiring between 2018 and 2022 | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | 3,900,000 | ||
U.S. state | Expiring between 2023 and 2027 | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | 2,900,000 | ||
U.S. state | Expiring between 2028 and 2032 | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | 4,300,000 | ||
U.S. state | Expiring between 2033 and 2038 | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | 5,600,000 | ||
United States | |||
Income Tax Disclosure [Line Items] | |||
Differences on international earnings and remittances | $ 6,400,000 | $ 7,300,000 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal income tax expense (benefit) | $ 33,408 | $ (27,815) | $ 12,185 |
U.S. state income taxes, net of federal income tax benefit | 786 | (355) | 496 |
U.S. domestic manufacturing deductions and credits | (1,210) | (661) | (2,504) |
Capital loss on sale of equity interest in Brand with no realizable tax benefit | 0 | 16,106 | 0 |
Difference in effective tax rates on international earnings and remittances | 675 | 2,006 | 5,095 |
Uncertain tax position contingencies and settlements | (1,517) | (1,886) | 1,416 |
Changes in realization on beginning of the year deferred tax assets | 2,758 | 1,978 | 923 |
Forward Loss Provisions in SBB Contract with no realizable tax benefits | 0 | 15,768 | 0 |
Restructuring and impairment charges with no realizable tax benefits | 0 | 0 | 8,508 |
U.S. non-deductible expenses | 664 | 724 | 874 |
(Income) loss related to the Infrastructure Transaction | 0 | (644) | 580 |
Effective Income Tax Rate Reconciliation, Tax Cuts And Jobs Act Of 2017, Amount | 48,680 | 0 | 0 |
Cumulative effect of change in statutory tax rates/laws | (153) | (388) | 340 |
Income from unconsolidated entities | 0 | 2,098 | 62 |
Other, net | (288) | (294) | (297) |
Total income tax expense | $ 83,803 | $ 6,637 | $ 27,678 |
Annual effective income tax rate | 87.80% | (8.40%) | 79.50% |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Asset | ||
Depreciation and amortization | $ 6,616 | $ 0 |
Expense accruals | 17,690 | 23,300 |
Inventories | 4,390 | 6,611 |
Provision for receivables | 649 | 1,015 |
Operating loss carryforwards | 90,193 | 80,178 |
Foreign tax credit carryforwards | 27,256 | 26,347 |
Capital loss carryforwards | 11,011 | 18,163 |
Pensions | 47,153 | 74,506 |
Currency adjustments | 7,160 | 17,597 |
Post-retirement benefits | 403 | 760 |
Stock based compensation | 4,761 | 5,812 |
Other | 7,684 | 7,206 |
Subtotal | 224,966 | 261,495 |
Valuation allowance | (174,227) | (146,097) |
Total deferred income taxes | 50,739 | 115,398 |
Liability | ||
Depreciation and amortization | 0 | 10,089 |
Deferred revenue | 979 | 1,852 |
Deferred financing costs | 2,135 | 0 |
Total deferred income taxes | 3,114 | 11,941 |
Deferred Tax Assets, Net, Classification [Abstract] | ||
Deferred income tax assets | 51,574 | 106,311 |
Other liabilities | $ 3,949 | $ 2,854 |
Income Taxes (Details 5)
Income Taxes (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at the beginning of the period | $ 4,582 | $ 5,161 | $ 12,456 |
Reductions for tax positions related to the current year (includes currency translation adjustment) | (483) | ||
Additions for tax positions related to the current year (includes currency translation adjustment) | 658 | 744 | |
Additions for tax positions related to prior years (includes currency translation adjustment) | 358 | 1,249 | |
Other reductions for tax positions related to prior years | (321) | (837) | (7,846) |
Statutes of limitations expirations | (1,296) | (817) | (173) |
Settlements | (27) | (42) | |
Balance at the end of the period | 3,623 | 4,582 | 5,161 |
Reconciliation of Deferred Income Tax Benefits [Roll Forward] | |||
Balance at beginning of period | (30) | (44) | (112) |
Additions for tax positions related to the current year (includes currency translation adjustment) | (2) | (1) | (2) |
Additions for tax positions related to prior years (includes currency translation adjustment) | (14) | (4) | |
Other reductions for tax positions related to prior years | 0 | 0 | 0 |
Statutes of limitation expirations | 1 | 27 | 59 |
Settlements | 2 | 15 | |
Balance at the end of the period | (31) | (30) | (44) |
Reconciliation of Net Unrecognized Tax Benefits [Roll Forward] | |||
Balance at the beginning of the period | 4,552 | 5,117 | 12,344 |
Reductions for tax positions related to the current year (includes currency translation adjustment) | (485) | ||
Additions for tax positions related to the current year (includes currency translation adjustment) | 656 | 743 | |
Additions for tax positions related to prior years (includes currency translation adjustment) | 344 | 1,245 | |
Other reductions for tax positions related to prior years | (321) | (837) | (7,846) |
Statutes of limitation expirations | (1,295) | (790) | (114) |
Settlements | (25) | (27) | |
Balance at the end of the period | $ 3,592 | $ 4,552 | $ 5,117 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Aug. 31, 2017USD ($) | Aug. 31, 2005USD ($) | Dec. 31, 2017USD ($)claimdefendantcase | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Apr. 08, 2016USD ($) |
Commitments and Contingencies | ||||||
Subcontractor settlement | $ 0 | $ 0 | $ 4,220 | |||
loss contingency, Brazilian labor claims | ||||||
Commitments and Contingencies | ||||||
Liabilities for asserted and unasserted claims | $ 9,600 | $ 7,900 | ||||
Customer Disputes [Member] | ||||||
Commitments and Contingencies | ||||||
Subcontractor settlement | $ 5,400 | |||||
Other | ||||||
Commitments and Contingencies | ||||||
Loss Contingency, Number of Defendants | defendant | 90 | |||||
Number of pending claims | claim | 17,144 | |||||
Loss Contingency, Claims Dismissed, Number | case | 27,943 | |||||
Other | Minimum | ||||||
Commitments and Contingencies | ||||||
Loss Contingency, Damages Sought, Value | $ 20,000 | |||||
Other | Maximum | ||||||
Commitments and Contingencies | ||||||
Loss Contingency, Damages Sought, Value | $ 25,000 | |||||
Pending Litigation, Active Or In Extremis Docket | Other | ||||||
Commitments and Contingencies | ||||||
Number of pending claims | claim | 30 | |||||
Sao Paulo State Revenue Authority | Value-Added Tax Assessments January 2004 To May 2005 | ||||||
Commitments and Contingencies | ||||||
Loss Contingency, Damages Sought, Principal Amount | $ 2,000 | |||||
Estimated claims or assessment, additional amount | $ 24,000 | |||||
Sao Paulo State Revenue Authority | Value-Added Tax Assessments January 2002 To December 2003 | ||||||
Commitments and Contingencies | ||||||
Loss Contingency, Damages Sought, Principal Amount | $ 1,800 | |||||
Estimated claims or assessment, additional amount | 5,800 | |||||
Loss Contingency, Damages Sought, Value | $ 7,600 | |||||
New York County as managed by the New York Supreme Court | Other | ||||||
Commitments and Contingencies | ||||||
Number of pending claims | case | 16,742 | |||||
New York County as managed by the New York Supreme Court | Pending And Future Litigation, Deferred Or Inactive Docket | Other | ||||||
Commitments and Contingencies | ||||||
Number of pending claims | claim | 16,712 | |||||
New York State Supreme Court, Counties Excluding New York County [Member] | Other | ||||||
Commitments and Contingencies | ||||||
Number of pending claims | case | 110 | |||||
Courts Located In States Other Than New York | Other | ||||||
Commitments and Contingencies | ||||||
Number of pending claims | case | 292 | |||||
Lima Refinery Litigation [Member] | ||||||
Commitments and Contingencies | ||||||
Loss Contingency, Property Damages | $ 106,000 | |||||
Loss Contingency, Lost Profits and Business Interruption Damages | $ 289,000 | |||||
Consolidated Revenue, Net [Member] | Subsidiary Concentration Risk [Member] | ||||||
Commitments and Contingencies | ||||||
Concentration Risk, Percentage | 2.00% | 2.00% | 2.00% |
Capital Stock (Details)
Capital Stock (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Warrant or Right [Line Items] | |||
Common stock authorized (in shares) | 150,000,000 | ||
Preferred stock authorized (in shares) | 4,000,000 | ||
Common stock, par value | $ 1.25 | $ 1.25 | |
Preferred stock authorized, par value (in dollars per share) | $ 1.25 | ||
Shares Authorized to Be Purchased [Roll Forward] | |||
Shares Purchased | 0 | ||
Treasury Stock | |||
Shares Authorized to Be Purchased [Roll Forward] | |||
Shares Purchased | 0 | 0 | 596,632 |
Preferred Stock Purchase Rights Agreement | |||
Class of Warrant or Right [Line Items] | |||
Number of securities called by rights (in shares) | 0.01 |
Capital Stock (Details 2)
Capital Stock (Details 2) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Common Stock | |||||
Shares outstanding at the beginning of the period | 112,888,126 | 112,499,874 | 112,405,302 | 112,357,348 | |
Treasury stock, shares | [1] | 32,434,274 | 32,324,911 | 32,310,937 | 31,697,498 |
Common Stock, Shares, Outstanding | 80,453,852 | 80,174,963 | 80,094,365 | 80,659,850 | |
Vested Restricted Stock Units (in shares) | 375,355 | 94,572 | 47,954 | ||
Stock issued during period, stock appreciation rights | 12,897 | ||||
Treasury shares purchased | 0 | ||||
Shares outstanding at the end of the period | 112,888,126 | 112,499,874 | 112,405,302 | ||
Treasury Stock, Shares | [1] | 32,434,274 | 32,324,911 | 32,310,937 | |
Common Stock, Shares, Outstanding | 80,453,852 | 80,174,963 | 80,094,365 | ||
Reconciliation of the average shares of common stock used to compute basic earnings per common share to the shares used to compute diluted earnings per common share | |||||
Income (loss) from continuing operations attributable to Harsco Corporation common stockholders (in dollars) | $ 7,626 | $ (86,336) | $ 7,168 | ||
Weighted average shares of common stock outstanding | 80,553,000 | 80,333,000 | 80,234,000 | ||
Dilutive effect of stock-based compensation (in shares) | 2,287,000 | 0 | 131,000 | ||
Weighted-average shares outstanding—diluted (in shares) | 82,840,000 | 80,333,000 | 80,365,000 | ||
Earnings (loss) from continuing operations per common share, attributable to Harsco Corporation common stockholders: | |||||
Basic (in dollars per share) | $ 0.09 | $ (1.07) | $ 0.09 | ||
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.09 | $ (1.07) | $ 0.09 | ||
Treasury Stock | |||||
Common Stock | |||||
Vested Restricted Stock Units (in shares) | [1] | 105,431 | 13,974 | 16,807 | |
Stock issued during period, stock appreciation rights | [1] | 3,932 | |||
Treasury shares purchased | 0 | 0 | (596,632) | ||
Outstanding Shares | |||||
Common Stock | |||||
Vested Restricted Stock Units (in shares) | 269,924 | 80,598 | 31,147 | ||
Stock issued during period, stock appreciation rights | 8,965 | ||||
Treasury shares purchased | (596,632) | ||||
[1] | The Company repurchases shares in connection with the issuance of shares under stock-based compensation programs and in accordance with Board authorized share repurchase programs. |
Capital Stock (Details 3)
Capital Stock (Details 3) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted stock units | |||
Antidilutive securities | |||
Number of securities not included in computation of diluted earnings per share (in shares) | 0 | 810 | 0 |
Stock options | |||
Antidilutive securities | |||
Number of securities not included in computation of diluted earnings per share (in shares) | 52 | 89 | 98 |
Stock Appreciation Rights (SARs) | |||
Antidilutive securities | |||
Number of securities not included in computation of diluted earnings per share (in shares) | 811 | 1,458 | 1,142 |
Performance Shares [Member] | |||
Antidilutive securities | |||
Number of securities not included in computation of diluted earnings per share (in shares) | 201 | 684 | 278 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock) (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 286,251 | |||||
Restricted stock unit activity | ||||||
Nonvested at the beginning of the period (in shares) | 692,562 | |||||
Granted (in shares) | 286,251 | |||||
Forfeited (in shares) | (68,387) | |||||
Nonvested at the end of the period (in shares) | 743,583 | 692,562 | ||||
Additional disclosures | ||||||
Proceeds and Excess Tax Benefit from Share-based Compensation | $ 1,100,000 | $ 0 | ||||
Excess tax benefits from stock-based compensation | 0 | |||||
Restricted stock units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 342,454 | |||||
Granted (in dollars per share) | $ 13.70 | |||||
Recognized stock-based compensation expense | $ 4,239,000 | $ 3,437,000 | $ 2,377,000 | |||
Restricted stock unit activity | ||||||
Nonvested at the beginning of the period (in shares) | 927,082 | |||||
Granted (in shares) | 342,454 | |||||
Vested (in shares) | (392,735) | |||||
Forfeited (in shares) | (74,862) | |||||
Nonvested at the end of the period (in shares) | 801,939 | 927,082 | ||||
Weighted Average Grant-Date Fair Value | ||||||
Nonvested at the beginning of the period (in dollars per share) | $ 11.19 | |||||
Granted (in dollars per share) | 13.70 | |||||
Vested (in dollars per share) | 11.96 | |||||
Forfeited (in dollars per share) | 12.96 | |||||
Nonvested at the end of the period (in dollars per share) | $ 11.73 | $ 11.19 | ||||
Additional disclosures | ||||||
Unrecognized stock-based compensation expense | $ 4,000,000 | |||||
Unrecognized stock-based compensation expense, period of recognition | 1 year 256 days | |||||
2013 Equity and Incentive Compensation Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum number of shares authorized for issuance | 7,800,000 | |||||
Number of shares available for grant | 4,366,677 | |||||
2013 Equity and Incentive Compensation Plan | Equity Awards, Other Than Options And Stock Appreciation Rights [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 4,621,000 | |||||
Number of shares available for grant | 2,834,345 | |||||
1995 Non-Employee Directors' Stock Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum number of shares authorized for issuance | 400,000 | |||||
Number of shares available for grant | 233,799 | |||||
1995 Non-Employee Directors' Stock Plan | Restricted stock units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period (in years) | 1 year | |||||
Granted (in shares) | 56,203 | 109,998 | 59,985 | 36,840 | ||
Granted (in dollars per share) | $ 13.70 | $ 7 | $ 15.69 | $ 24.80 | ||
Restricted stock unit activity | ||||||
Granted (in shares) | 56,203 | 109,998 | 59,985 | 36,840 | ||
Weighted Average Grant-Date Fair Value | ||||||
Granted (in dollars per share) | $ 13.70 | $ 7 | $ 15.69 | $ 24.80 | ||
1995 Non-Employee Directors' Stock Plan | Restricted stock units | 2014 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Recognized stock-based compensation expense | $ 0 | $ 0 | $ 311,000 | |||
1995 Non-Employee Directors' Stock Plan | Restricted stock units | 2015 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Recognized stock-based compensation expense | 0 | 314,000 | 627,000 | |||
1995 Non-Employee Directors' Stock Plan | Restricted stock units | 2016 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Recognized stock-based compensation expense | 257,000 | 513,000 | 0 | |||
1995 Non-Employee Directors' Stock Plan | Restricted stock units | 2017 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Recognized stock-based compensation expense | $ 641,000 | $ 0 | $ 0 | |||
1995 Executive Incentive Compensation Plan | Restricted stock units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period (in years) | 3 years | |||||
Granted (in shares) | 286,251 | 536,773 | 239,679 | 190,832 | 170,582 | 141,486 |
Granted (in dollars per share) | $ 13.70 | $ 7.09 | $ 16.53 | $ 25.21 | $ 20.63 | $ 18.75 |
Restricted stock unit activity | ||||||
Granted (in shares) | 286,251 | 536,773 | 239,679 | 190,832 | 170,582 | 141,486 |
Weighted Average Grant-Date Fair Value | ||||||
Granted (in dollars per share) | $ 13.70 | $ 7.09 | $ 16.53 | $ 25.21 | $ 20.63 | $ 18.75 |
1995 Executive Incentive Compensation Plan | Restricted stock units | 2012 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Recognized stock-based compensation expense | $ 0 | $ 0 | $ (71,000) | |||
1995 Executive Incentive Compensation Plan | Restricted stock units | 2013 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Recognized stock-based compensation expense | 0 | 66,000 | 87,000 | |||
1995 Executive Incentive Compensation Plan | Restricted stock units | 2014 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Recognized stock-based compensation expense | 316,000 | 669,000 | 504,000 | |||
1995 Executive Incentive Compensation Plan | Restricted stock units | 2015 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Recognized stock-based compensation expense | 597,000 | 880,000 | 919,000 | |||
1995 Executive Incentive Compensation Plan | Restricted stock units | 2016 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Recognized stock-based compensation expense | 1,011,000 | 995,000 | 0 | |||
1995 Executive Incentive Compensation Plan | Restricted stock units | 2017 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Recognized stock-based compensation expense | $ 1,417,000 | $ 0 | $ 0 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Appreciation Rights) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2017 | Nov. 30, 2016 | May 31, 2016 | May 31, 2015 | Nov. 30, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Jul. 31, 2014 | May 31, 2014 | Apr. 30, 2014 | Nov. 30, 2013 | Jun. 30, 2013 | May 31, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted (in shares) | 286,251 | |||||||||||||||
Number of Shares | ||||||||||||||||
Forfeited (in shares) | (166,843) | |||||||||||||||
Weighted Average Exercise Price | ||||||||||||||||
SARS exercised, shares | 8,965,000 | 0 | 0 | |||||||||||||
Options vested, outstanding (in shares) | 801,859 | |||||||||||||||
Share-based Compensation, Shares Authorized Under Stock Appreciation Rights, Exercise Price Range, Number Of Unvested Shares | 877,417 | |||||||||||||||
Weighted Average Exercise Price Per Share (in dollars per share) | $ 15.40 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 7 years 186 days | |||||||||||||||
Number of exercisable options (in shares) | 801,859 | |||||||||||||||
Weighted average exercise price per share (in dollars per share) | $ 18.23 | |||||||||||||||
Unvested activity | ||||||||||||||||
Nonvested at the beginning of the period (in shares) | 692,562 | |||||||||||||||
Granted (in shares) | 286,251 | |||||||||||||||
Forfeited stock appreciation rights (in shares) | (68,387) | |||||||||||||||
Nonvested at the end of the period (in shares) | 743,583 | 692,562 | ||||||||||||||
$7.00-$13.70 | ||||||||||||||||
Weighted Average Exercise Price | ||||||||||||||||
Range of Exercisable Prices, low end of range (in dollars per share) | $ 31.75 | |||||||||||||||
Range of Exercisable Prices, high end of range (in dollars per share) | $ 31.75 | |||||||||||||||
Options vested, outstanding (in shares) | 163,601 | |||||||||||||||
Share-based Compensation, Shares Authorized Under Stock Appreciation Rights, Exercise Price Range, Number Of Unvested Shares | 596,285 | |||||||||||||||
Weighted Average Exercise Price Per Share (in dollars per share) | $ 9.40 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 8 years 237 days | |||||||||||||||
Number of exercisable options (in shares) | 163,601 | |||||||||||||||
Weighted average exercise price per share (in dollars per share) | $ 7.43 | |||||||||||||||
$16.53 - $22.70 | ||||||||||||||||
Weighted Average Exercise Price | ||||||||||||||||
Options vested, outstanding (in shares) | 377,147 | |||||||||||||||
Share-based Compensation, Shares Authorized Under Stock Appreciation Rights, Exercise Price Range, Number Of Unvested Shares | 255,269 | |||||||||||||||
Weighted Average Exercise Price Per Share (in dollars per share) | $ 18.29 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 6 years 241 days | |||||||||||||||
Number of exercisable options (in shares) | 377,147 | |||||||||||||||
Weighted average exercise price per share (in dollars per share) | $ 18.26 | |||||||||||||||
$23.03 - $26.92 | ||||||||||||||||
Weighted Average Exercise Price | ||||||||||||||||
Options vested, outstanding (in shares) | 261,111 | |||||||||||||||
Share-based Compensation, Shares Authorized Under Stock Appreciation Rights, Exercise Price Range, Number Of Unvested Shares | 25,863 | |||||||||||||||
Weighted Average Exercise Price Per Share (in dollars per share) | $ 24.93 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 6 years 120 days | |||||||||||||||
Number of exercisable options (in shares) | 261,111 | |||||||||||||||
Weighted average exercise price per share (in dollars per share) | $ 24.95 | |||||||||||||||
Stock options | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Vesting period (in years) | 3 years | |||||||||||||||
Weighted Average Exercise Price | ||||||||||||||||
Recognized stock-based compensation expense | $ 0 | $ 0 | $ 0 | |||||||||||||
Unrecognized stock-based compensation expense | $ 0 | |||||||||||||||
Weighted Average Grant Date Fair Value | ||||||||||||||||
Stock options exercised | 0 | 0 | 0 | |||||||||||||
Proceeds from Stock Options Exercised | $ 0 | $ 0 | $ 0 | |||||||||||||
Stock options | Maximum | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Expiration period (in years) | 7 years | |||||||||||||||
Stock Appreciation Rights (SARs) | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Exercised in Period, Weighted Average Exercise Price | $ 10.73 | |||||||||||||||
Granted (in shares) | 266,540 | |||||||||||||||
Fair value assumptions | ||||||||||||||||
Risk-free interest rate (as a percent) | 2.17% | 1.74% | 1.39% | 1.70% | 1.78% | 2.03% | 1.92% | 2.00% | 1.98% | 1.91% | 1.41% | 1.17% | ||||
Dividend yield (as a percent) | 0.00% | 0.00% | 0.00% | 4.96% | 4.00% | 3.50% | 3.27% | 3.24% | 3.53% | 3.13% | 3.56% | 3.61% | ||||
Expected life | 6 years | 6 years | 6 years | 6 years | 6 years | 6 years | 6 years | 6 years | 6 years | 6 years 6 months | 6 years 6 months | 6 years 6 months | ||||
Volatility (as a percent) | 43.90% | 43.80% | 42.10% | 35.80% | 38.60% | 40.60% | 41.20% | 41.20% | 44.30% | 43.80% | 44.10% | 44.10% | ||||
SAR grant price | $ 13.70 | $ 12.25 | $ 7 | $ 16.53 | $ 20.48 | $ 23.43 | $ 25.11 | $ 25.27 | $ 23.25 | $ 26.22 | $ 23.03 | $ 22.70 | ||||
Fair value of award (in dollars per share) | 6.13 | 5.38 | 2.93 | 3.39 | 5.17 | 6.72 | 7.46 | 7.55 | 7.25 | 8.60 | 7.07 | 6.86 | $ 6.13 | |||
Number of Shares | ||||||||||||||||
Outstanding at beginning of period (in shares) | 1,535,873 | |||||||||||||||
Granted (in shares) | 266,540 | |||||||||||||||
Forfeited (in shares) | (90,434) | |||||||||||||||
Outstanding at end of period (in shares) | 1,679,276 | 1,535,873 | ||||||||||||||
Weighted Average Exercise Price | ||||||||||||||||
Outstanding at beginning of period | $ 15.81 | |||||||||||||||
Granted | 13.70 | |||||||||||||||
Forfeited/expired | 19.04 | |||||||||||||||
Outstanding at end of period | $ 15.40 | $ 15.81 | ||||||||||||||
SARS exercised, shares | 32,703 | |||||||||||||||
Outstanding - Aggregate Intrinsic Value | $ 7,900,000 | $ 3,400,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Exercised | 300,000 | 0 | 0 | |||||||||||||
Recognized stock-based compensation expense | $ 2,000,000 | $ 1,700,000 | $ 1,200,000 | |||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Exercisable, Weighted Average Remaining Contractual Terms | 7 years 186 days | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 2,400,000 | |||||||||||||||
Unrecognized stock-based compensation expense | $ 2,100,000 | |||||||||||||||
Unrecognized stock-based compensation expense, period of recognition | 1 year 256 days | |||||||||||||||
Unvested activity | ||||||||||||||||
Nonvested at the beginning of the period (in shares) | 1,014,524 | |||||||||||||||
Granted (in shares) | 266,540 | |||||||||||||||
Vested (in shares) | (280,510) | |||||||||||||||
Forfeited stock appreciation rights (in shares) | (90,434) | |||||||||||||||
Nonvested at the end of the period (in shares) | 877,417 | 1,014,524 | ||||||||||||||
Weighted Average Grant Date Fair Value | ||||||||||||||||
Nonvested at the beginning of the period (in dollars per share) | $ 3.84 | |||||||||||||||
Granted (in dollars per share) | $ 6.13 | $ 5.38 | $ 2.93 | $ 3.39 | $ 5.17 | $ 6.72 | $ 7.46 | $ 7.55 | $ 7.25 | $ 8.60 | $ 7.07 | $ 6.86 | 6.13 | |||
Vested (in dollars per share) | 3.59 | |||||||||||||||
Forfeited (in dollars per share) | 5.96 | |||||||||||||||
Nonvested at the end of the period (in dollars per share) | $ 4.42 | $ 3.84 | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options, Exercised In Period | (32,703) | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Exercised in Period, Weighted Average Grant Date Fair Value | $ 3.11 | |||||||||||||||
Stock Appreciation Rights (SARs) | Minimum | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Vesting period (in years) | 3 years | |||||||||||||||
Stock Appreciation Rights (SARs) | $7.00-$13.70 | ||||||||||||||||
Weighted Average Exercise Price | ||||||||||||||||
Range of Exercisable Prices, low end of range (in dollars per share) | $ 7 | |||||||||||||||
Range of Exercisable Prices, high end of range (in dollars per share) | 13.70 | |||||||||||||||
Stock Appreciation Rights (SARs) | $16.53 - $22.70 | ||||||||||||||||
Weighted Average Exercise Price | ||||||||||||||||
Range of Exercisable Prices, low end of range (in dollars per share) | 16.53 | |||||||||||||||
Range of Exercisable Prices, high end of range (in dollars per share) | 22.70 | |||||||||||||||
Stock Appreciation Rights (SARs) | $23.03 - $26.92 | ||||||||||||||||
Weighted Average Exercise Price | ||||||||||||||||
Range of Exercisable Prices, low end of range (in dollars per share) | 23.03 | |||||||||||||||
Range of Exercisable Prices, high end of range (in dollars per share) | $ 26.92 | |||||||||||||||
2013 Equity and Incentive Compensation Plan | Stock Appreciation Rights (SARs) | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Expiration period (in years) | 10 years | |||||||||||||||
Granted (in shares) | 266,540 | 21,686 | 554,719 | 532,615 | ||||||||||||
Unvested activity | ||||||||||||||||
Granted (in shares) | 266,540 | 21,686 | 554,719 | 532,615 | ||||||||||||
2013 Equity and Incentive Compensation Plan | Stock Appreciation Rights (SARs) | Maximum | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Vesting period (in years) | 5 years | |||||||||||||||
May 2014 Grant 1 | Stock Appreciation Rights (SARs) | ||||||||||||||||
Fair value assumptions | ||||||||||||||||
Risk-free interest rate (as a percent) | 1.90% | |||||||||||||||
Dividend yield (as a percent) | 3.16% | |||||||||||||||
Expected life | 6 years | |||||||||||||||
Volatility (as a percent) | 43.20% | |||||||||||||||
SAR grant price | $ 25.93 | |||||||||||||||
Fair value of award (in dollars per share) | 8.16 | |||||||||||||||
Weighted Average Grant Date Fair Value | ||||||||||||||||
Granted (in dollars per share) | $ 8.16 | |||||||||||||||
May 2014 Grant 2 | Stock Appreciation Rights (SARs) | ||||||||||||||||
Fair value assumptions | ||||||||||||||||
Risk-free interest rate (as a percent) | 1.82% | |||||||||||||||
Dividend yield (as a percent) | 3.05% | |||||||||||||||
Expected life | 6 years | |||||||||||||||
Volatility (as a percent) | 42.80% | |||||||||||||||
SAR grant price | $ 26.92 | |||||||||||||||
Fair value of award (in dollars per share) | 8.47 | |||||||||||||||
Weighted Average Grant Date Fair Value | ||||||||||||||||
Granted (in dollars per share) | $ 8.47 |
Stock-Based Compensation (Perfo
Stock-Based Compensation (Performance Stock Units) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2017 | Nov. 30, 2016 | May 31, 2016 | May 31, 2015 | Nov. 30, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Jul. 31, 2014 | May 31, 2014 | Apr. 30, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Unvested activity | |||||||||||||
Nonvested at the beginning of the period (in shares) | 692,562 | ||||||||||||
Granted (in shares) | 286,251 | ||||||||||||
Forfeited (in shares) | (68,387) | ||||||||||||
Cancellations (in shares) | (166,843) | ||||||||||||
Nonvested at the end of the period (in shares) | 743,583 | 692,562 | |||||||||||
Performance Stock Units | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Performance period | 3 years | ||||||||||||
Fair value assumptions | |||||||||||||
Risk-free interest rate (as a percent) | 1.54% | 0.96% | 0.84% | 0.83% | 0.55% | 0.72% | 0.67% | 0.74% | 0.75% | ||||
Dividend yield (as a percent) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||
Expected Life (Years) | 2 years 303 days | 2 years 51 days | 2 years 237 days | 2 years 237 days | 2 years 1 month 6 days | 2 years 3 months 15 days | 2 years 5 months 3 days | 2 years 5 months 3 days | 2 years 8 months 24 days | ||||
Volatility | 34.20% | 35.20% | 33.30% | 28.50% | 26.30% | 25.70% | 26.90% | 26.90% | 34.30% | ||||
Fair value of award (in dollars per share) | $ 17.05 | $ 17.84 | $ 7.19 | $ 14.48 | $ 7.42 | $ 15.26 | $ 21.86 | $ 22.31 | $ 18 | $ 17.05 | |||
Recognized stock-based compensation expense | $ 3.5 | $ 2.5 | $ 1.4 | ||||||||||
Unrecognized stock-based compensation expense | $ 3.9 | ||||||||||||
Unrecognized stock-based compensation expense, period of recognition | 1 year 256 days | ||||||||||||
Unvested activity | |||||||||||||
Granted (in shares) | 286,251 | 9,524 | 527,249 | 237,063 | |||||||||
Weighted Average Grant Date Fair Value | |||||||||||||
Nonvested at the beginning of the period (in dollars per share) | $ 9.25 | ||||||||||||
Granted (in dollars per share) | $ 17.05 | $ 17.84 | $ 7.19 | $ 14.48 | $ 7.42 | $ 15.26 | $ 21.86 | $ 22.31 | $ 18 | 17.05 | |||
Forfeited (in dollars per share) | 11.04 | ||||||||||||
Cancellations (in dollars per share) | 14.48 | ||||||||||||
Nonvested at the end of the period (in dollars per share) | $ 10.91 | $ 9.25 | |||||||||||
Performance Stock Units | May 2014 Grant 1 | |||||||||||||
Fair value assumptions | |||||||||||||
Risk-free interest rate (as a percent) | 0.70% | ||||||||||||
Dividend yield (as a percent) | 0.00% | ||||||||||||
Expected Life (Years) | 2 years 7 months 26 days | ||||||||||||
Volatility | 31.80% | ||||||||||||
Fair value of award (in dollars per share) | $ 25.26 | ||||||||||||
Weighted Average Grant Date Fair Value | |||||||||||||
Granted (in dollars per share) | $ 25.26 | ||||||||||||
Performance Stock Units | May 2014 Grant 2 | |||||||||||||
Fair value assumptions | |||||||||||||
Risk-free interest rate (as a percent) | 0.63% | ||||||||||||
Dividend yield (as a percent) | 0.00% | ||||||||||||
Expected Life (Years) | 2 years 7 months 11 days | ||||||||||||
Volatility | 30.10% | ||||||||||||
Fair value of award (in dollars per share) | $ 27.53 | ||||||||||||
Weighted Average Grant Date Fair Value | |||||||||||||
Granted (in dollars per share) | $ 27.53 | ||||||||||||
Performance Stock Units | Minimum | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Payout of PSUs (percent of initial grant) | 0.00% | ||||||||||||
Performance Stock Units | Maximum | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Payout of PSUs (percent of initial grant) | 200.00% |
Stock-Based Compensation (Sto76
Stock-Based Compensation (Stock Options) (Details) - Stock options - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Shares Under Option | |||
Outstanding at beginning of period (in shares) | 55,000 | ||
Exercised (in shares) | 0 | 0 | 0 |
Forfeited/Expired (in shares) | (12,500) | ||
Outstanding at end of period (in shares) | 42,500 | 55,000 | |
Weighted Average Exercise Price | |||
Outstanding at beginning of period (in dollars per share) | $ 31.75 | ||
Forfeited/Expired (in dollars per share) | 31.75 | ||
Outstanding at end of period (in dollars per share) | $ 31.75 | $ 31.75 | |
Aggregate Intrinsic Value | |||
Outstanding at beginning of period | $ 0 | ||
Outstanding at end of period | 0 | $ 0 | |
Recognized stock-based compensation expense | 0 | 0 | $ 0 |
Unrecognized stock-based compensation expense | 0 | ||
Proceeds from stock options exercised | $ 0 | $ 0 | $ 0 |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period (in years) | 7 years |
Stock-Based Compensation (Sto77
Stock-Based Compensation (Stock Options - Range of Exercise Prices) (Details) - $7.00-$13.70 | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercisable Prices, low end of range (in dollars per share) | $ 31.75 |
Range of Exercisable Prices, high end of range (in dollars per share) | $ 31.75 |
Stock options | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Vested | shares | 42,500 |
Non-vested | shares | 0 |
Weighted Average Exercise Price Per Share | $ 31.75 |
Weighted Average Remaining Contractual Life in Years | 37 days |
Number Exercisable | shares | 42,500 |
Weighted Average Exercise Price Per Share | $ 31.75 |
Financial Instruments (Details)
Financial Instruments (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($)Country | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($) | |
Minimum | ||||
Guarantor Obligations [Line Items] | ||||
Number of countries in which entity has currency exposures | Country | 30 | |||
Stand by letters of credit, bonds and bank guarantees | ||||
Guarantor Obligations [Line Items] | ||||
Contingent liability outstanding | $ 275.4 | $ 273.1 | $ 232.5 | |
Stand by letters of credit, bonds and bank guarantees | Minimum | ||||
Guarantor Obligations [Line Items] | ||||
Fees paid to various banks and insurance companies on face amount of instruments (as a percent) | 0.40% | |||
Stand by letters of credit, bonds and bank guarantees | Maximum | ||||
Guarantor Obligations [Line Items] | ||||
Guarantee term | 2 years | |||
Fees paid to various banks and insurance companies on face amount of instruments (as a percent) | 3.50% | |||
Net Working Capital Settlement | ||||
Guarantor Obligations [Line Items] | ||||
Potential amount of future payments for guarantees, maximum | $ 3 | |||
Guarantee remaining term | 3 years | |||
Environmental indemnification for property from a lease terminated in 2006 | ||||
Guarantor Obligations [Line Items] | ||||
Potential amount of future payments for guarantees, maximum | $ 3 | $ 3 |
Financial Instruments (Details
Financial Instruments (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivatives Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives - Fair Value | $ 2,963 | $ 987 |
Liability Derivatives - Fair Value | 1,521 | 166 |
Derivatives Designated as Hedging Instruments | Foreign Exchange Forward | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives - Fair Value | 2,329 | 473 |
Derivatives Designated as Hedging Instruments | Foreign Exchange Forward | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives - Fair Value | 153 | 166 |
Derivatives Designated as Hedging Instruments | Interest Rate Swap [Member] | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives - Fair Value | 464 | |
Derivatives Designated as Hedging Instruments | Interest Rate Swap [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives - Fair Value | 170 | |
Derivatives Designated as Hedging Instruments | Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives - Fair Value | 1,368 | |
Derivatives Designated as Hedging Instruments | Cross currency interest rate swaps | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives - Fair Value | 514 | |
Derivatives Designated as Hedging Instruments | Cross currency interest rate swaps | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives - Fair Value | 0 | |
Derivatives not designated as hedging instruments | Foreign Exchange Forward | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives - Fair Value | 2,915 | 4,459 |
Derivatives not designated as hedging instruments | Foreign Exchange Forward | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives - Fair Value | $ 6,970 | $ 3,372 |
Financial Instruments (Detail80
Financial Instruments (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total liabilities | $ 1,363,520 | $ 1,443,775 | |
Amount of Gain (Loss) Recognized in Other Comprehensive Income (OCI) on Derivative - Effective Portion | 2,608 | 745 | $ 11,491 |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income - Effective Portion | 48 | (410) | 53 |
Amount of Gain (Loss) Recognized in Income on Derivative - Ineffective Portion and Amount Excluded from Effectiveness Testing | 420 | 4,042 | 30,359 |
Subject to Master Netting Agreements [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total liabilities | 200 | ||
Foreign Exchange Forward | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Other Comprehensive Income (OCI) on Derivative - Effective Portion | 3,547 | 2,294 | 2,479 |
Amount of Gain (Loss) Recognized in Income on Derivative - Ineffective Portion and Amount Excluded from Effectiveness Testing | 0 | 0 | 0 |
Foreign Exchange Forward | Cost of services and products sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income - Effective Portion | (954) | (410) | 53 |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net [Abstract] | |||
Amount of Gain (Loss) Recognized in Income on Derivative for the Twelve Months Ended December 31 | (23,572) | 15,875 | (158) |
Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Other Comprehensive Income (OCI) on Derivative - Effective Portion | (734) | ||
Cross currency interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Other Comprehensive Income (OCI) on Derivative - Effective Portion | (205) | (1,549) | 9,012 |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income - Effective Portion | 1,002 | 0 | 0 |
Cross currency interest rate swaps | Cost of services and products sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivative - Ineffective Portion and Amount Excluded from Effectiveness Testing | $ 420 | $ 4,042 | $ 30,359 |
Financial Instruments (Detail81
Financial Instruments (Details 4) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2016 | Dec. 31, 2021 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 31, 2017 | |
Derivative [Line Items] | |||||||
Pre-tax net gains and losses on certain loans designated as hedges of net investments in foreign subsidiaries | $ 17,400,000 | $ (37,500,000) | $ 2,700,000 | ||||
Proceeds from cross-currency interest rate swap termination | 0 | 16,625,000 | $ 75,057,000 | ||||
Term Loan | Fixed-Rate Term Loan | |||||||
Derivative [Line Items] | |||||||
Principle amount | $ 300,000,000 | ||||||
LIBOR | Term Loan | |||||||
Derivative [Line Items] | |||||||
Basis spread on variable rate | 3.00% | ||||||
Forecast | LIBOR | Term Loan | Fixed-Rate Term Loan | |||||||
Derivative [Line Items] | |||||||
Basis spread on variable rate | 2.71% | 1.65% | |||||
Foreign currency forward exchange contracts | |||||||
Derivative [Line Items] | |||||||
U.S. Dollar Equivalent | 671,857,000 | 600,883,000 | |||||
Recognized Gain (Loss) | (1,879,000) | 1,394,000 | |||||
Foreign currency forward exchange contracts | Short [Member] | British pounds sterling | |||||||
Derivative [Line Items] | |||||||
U.S. Dollar Equivalent | 76,761,000 | 55,120,000 | |||||
Recognized Gain (Loss) | (769,000) | (228,000) | |||||
Foreign currency forward exchange contracts | Short [Member] | Euros | |||||||
Derivative [Line Items] | |||||||
U.S. Dollar Equivalent | 314,649,000 | 326,797,000 | |||||
Recognized Gain (Loss) | (4,916,000) | 628,000 | |||||
Foreign currency forward exchange contracts | Short [Member] | No currency | |||||||
Derivative [Line Items] | |||||||
U.S. Dollar Equivalent | 39,889,000 | 43,455,000 | |||||
Recognized Gain (Loss) | (1,049,000) | 1,477,000 | |||||
Foreign currency forward exchange contracts | Long [Member] | British pounds sterling | |||||||
Derivative [Line Items] | |||||||
U.S. Dollar Equivalent | 5,960,000 | 827,000 | |||||
Recognized Gain (Loss) | 72,000 | (14,000) | |||||
Foreign currency forward exchange contracts | Long [Member] | Euros | |||||||
Derivative [Line Items] | |||||||
U.S. Dollar Equivalent | 223,111,000 | 171,578,000 | |||||
Recognized Gain (Loss) | 4,564,000 | (468,000) | |||||
Foreign currency forward exchange contracts | Long [Member] | No currency | |||||||
Derivative [Line Items] | |||||||
U.S. Dollar Equivalent | 11,487,000 | 3,106,000 | |||||
Recognized Gain (Loss) | $ 219,000 | $ (1,000) |
Financial Instruments (Detail82
Financial Instruments (Details 5) - Fair Value, Measurements, Recurring - Level 2 - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets - Foreign currency forward exchange contracts | $ 5,244 | $ 4,932 |
Liabilities - Foreign currency forward exchange contracts | 7,123 | 3,538 |
Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets - Cross-currency interest rate swaps | 634 | |
Interest Rate Derivative Liabilities, at Fair Value | 1,368 | |
Cross currency interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets - Cross-currency interest rate swaps | $ 0 | $ 514 |
Financial Instruments (Detail83
Financial Instruments (Details 6) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of long-term debt | $ 682,900 | $ 599,100 | |
Carrying value of long-term debt | 673,410 | $ 593,659 | |
Unit adjustment liability | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | (65,461) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | (19,145) | ||
Balance at beginning of year | 79,934 | ||
Change in fair value to the unit adjustment liability | 4,672 | ||
Contingent Consideration for Acquisition [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance at end of year | [1] | $ 0 | |
[1] | . |
Information by Segment and Ge84
Information by Segment and Geographic Area (Details) | 12 Months Ended | ||
Dec. 31, 2017Customersegment | Dec. 31, 2016Customer | Dec. 31, 2015Customer | |
Revenue, Major Customer [Line Items] | |||
Number of reportable segments | segment | 3 | ||
Harsco Metals & Minerals | |||
Revenue, Major Customer [Line Items] | |||
Number of major customers | 1 | 1 | 2 |
Harsco Industrial | |||
Revenue, Major Customer [Line Items] | |||
Number of major customers | 1 | 0 | 2 |
Harsco Rail | |||
Revenue, Major Customer [Line Items] | |||
Number of major customers | 1 | 1 | 2 |
Information by Segment and Ge85
Information by Segment and Geographic Area (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues from Unaffiliated Customers | $ 1,607,062 | $ 1,451,223 | $ 1,723,092 |
Property, plant and equipment, net | 479,747 | 490,255 | 564,035 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues from Unaffiliated Customers | 697,663 | 614,327 | 758,820 |
Property, plant and equipment, net | 120,555 | 125,386 | 142,506 |
United Kingdom | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues from Unaffiliated Customers | 146,624 | 156,552 | 217,011 |
China | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, plant and equipment, net | 95,569 | 90,288 | 97,305 |
Brazil | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, plant and equipment, net | 54,704 | 62,597 | 57,381 |
All Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues from Unaffiliated Customers | 762,775 | 680,344 | 747,261 |
Property, plant and equipment, net | $ 208,919 | $ 211,984 | $ 266,843 |
Information by Segment and Ge86
Information by Segment and Geographic Area (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 1,607,062 | $ 1,451,223 | $ 1,723,092 |
Operating income from continuing operations | 142,799 | 63,469 | 88,536 |
Total assets | 1,578,685 | 1,581,338 | 2,051,887 |
Depreciation and Amortization | 129,937 | 141,486 | 156,475 |
Capital Expenditures | 98,314 | 69,340 | 123,552 |
Interest income | 2,469 | 2,475 | 1,574 |
Interest expense | (47,552) | (51,584) | (46,804) |
Loss on early extinguishment of debt | (2,265) | (35,337) | 0 |
Change in fair value to unit adjustment liability | 0 | (58,494) | (8,491) |
Income (loss) from continuing operations before income taxes and equity income | 95,451 | (79,471) | 34,815 |
Operating segments | |||
Segment Reporting Information [Line Items] | |||
Operating income from continuing operations | 172,522 | 87,289 | 134,205 |
Operating segments | Harsco Metals & Minerals | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 1,011,328 | 965,540 | 1,106,162 |
Operating income from continuing operations | 105,257 | 81,634 | 26,289 |
Total assets | 1,184,280 | 1,181,602 | 1,286,336 |
Depreciation and Amortization | 112,329 | 120,611 | 136,579 |
Capital Expenditures | 87,526 | 62,322 | 99,563 |
Operating segments | Harsco Industrial | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 299,592 | 247,542 | 357,256 |
Operating income from continuing operations | 35,174 | 23,182 | 57,020 |
Total assets | 113,410 | 107,987 | 119,830 |
Depreciation and Amortization | 7,360 | 7,223 | 6,266 |
Capital Expenditures | 6,895 | 5,118 | 17,382 |
Operating segments | Harsco Rail | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 295,999 | 238,107 | 259,674 |
Operating income from continuing operations | 32,091 | (17,527) | 50,896 |
Total assets | 237,135 | 204,477 | 219,753 |
Depreciation and Amortization | 4,221 | 5,383 | 6,093 |
Capital Expenditures | 2,403 | 1,696 | 1,957 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 143 | 34 | 0 |
Operating income from continuing operations | (29,723) | (23,820) | (45,669) |
Total assets | 43,860 | 87,272 | 425,968 |
Depreciation and Amortization | 6,027 | 8,269 | 7,537 |
Capital Expenditures | $ 1,490 | $ 204 | $ 4,650 |
Information by Segment and Ge87
Information by Segment and Geographic Area (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue from External Customer [Line Items] | |||
Consolidated Revenues | $ 1,607,062 | $ 1,451,223 | $ 1,723,092 |
Outsourced, on-site services to steel mills and other metals producers and resource recovery technologies for the re-use of industrial waste stream by-products | |||
Revenue from External Customer [Line Items] | |||
Consolidated Revenues | 1,011,328 | 965,540 | 1,106,162 |
Railway track maintenance services and equipment | |||
Revenue from External Customer [Line Items] | |||
Consolidated Revenues | 295,999 | 238,107 | 259,674 |
Air-cooled heat exchangers | |||
Revenue from External Customer [Line Items] | |||
Consolidated Revenues | 116,598 | 115,914 | 129,869 |
Industrial grating products | |||
Revenue from External Customer [Line Items] | |||
Consolidated Revenues | 144,955 | 93,616 | 186,243 |
Heat transfer products | |||
Revenue from External Customer [Line Items] | |||
Consolidated Revenues | 38,039 | 38,012 | 41,144 |
Corporate | |||
Revenue from External Customer [Line Items] | |||
Consolidated Revenues | $ 143 | $ 34 | $ 0 |
Other Expenses (Details)
Other Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Net gains | $ (5,136) | $ (1,764) | $ (10,613) |
Employee termination benefit costs | 7,350 | 10,777 | 14,914 |
Costs to exit activities | 1,633 | 440 | 13,451 |
Impaired asset write-downs | 1,025 | 399 | 8,170 |
Foreign currency gains related to Harsco Rail Segment advances on contracts | 0 | 0 | (10,940) |
Metals and Minerals Separation Costs | 0 | 3,235 | 9,922 |
Subcontractor settlement | 0 | 0 | 4,220 |
Other expense | (231) | (467) | 1,449 |
Total | 4,641 | 12,620 | 30,573 |
Other Nonrecurring Expense | $ 7,000 | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 35.00% | ||
Harsco Metals & Minerals | |||
Segment Reporting Information [Line Items] | |||
Net gains | (1,354) | (1,828) | $ (7,059) |
Employee termination benefit costs | 4,411 | 8,491 | 11,454 |
Costs to exit activities | 706 | 220 | 12,638 |
Impaired asset write-downs | 706 | 399 | 8,170 |
Harsco Industrial | |||
Segment Reporting Information [Line Items] | |||
Net gains | (3,782) | 64 | (3,554) |
Employee termination benefit costs | 617 | 947 | 561 |
Costs to exit activities | 371 | 40 | 0 |
Impaired asset write-downs | 151 | 0 | 0 |
Harsco Rail | |||
Segment Reporting Information [Line Items] | |||
Employee termination benefit costs | 1,133 | 297 | 145 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Employee termination benefit costs | 1,189 | 1,042 | 2,754 |
Costs to exit activities | 556 | 180 | 813 |
Impaired asset write-downs | $ 168 | $ 0 | 0 |
Parent | |||
Segment Reporting Information [Line Items] | |||
Other Nonrecurring Expense | $ 4,600 |
Components of Accumulated Oth89
Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balances | $ 137,563 | $ 310,803 | $ 351,910 |
Other comprehensive income (loss) before reclassifications | 43,143 | (141,106) | |
Realized (gains) losses reclassified from accumulated other comprehensive loss in connection with loss on dilution of equity method investment | 28,743 | ||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 20,041 | 16,905 | |
Other comprehensive income (loss) from equity method investee | 1,844 | ||
Total other comprehensive income (loss) | 63,184 | (93,614) | 13,928 |
Less: Other comprehensive loss attributable to noncontrolling interests | (3,044) | 2,580 | |
Other comprehensive income (loss) attributable to Harsco Corporation | 60,140 | (91,034) | |
Balances | 215,165 | 137,563 | 310,803 |
Cumulative Foreign Exchange Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balances | (144,534) | (125,561) | |
Other comprehensive income (loss) before reclassifications | 36,011 | (53,301) | |
Realized (gains) losses reclassified from accumulated other comprehensive loss in connection with loss on dilution of equity method investment | 28,641 | ||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | 1,157 | |
Other comprehensive income (loss) from equity method investee | 1,943 | ||
Total other comprehensive income (loss) | 36,011 | (21,560) | |
Less: Other comprehensive loss attributable to noncontrolling interests | (3,044) | 2,587 | |
Other comprehensive income (loss) attributable to Harsco Corporation | 32,967 | (18,973) | |
Balances | (111,567) | (144,534) | (125,561) |
Effective Portion of Derivatives Designated as Hedging Instruments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balances | (1,089) | (400) | |
Other comprehensive income (loss) before reclassifications | 1,967 | (1,650) | |
Realized (gains) losses reclassified from accumulated other comprehensive loss in connection with loss on dilution of equity method investment | 1,636 | ||
Amounts reclassified from accumulated other comprehensive loss, net of tax | (70) | (263) | |
Other comprehensive income (loss) from equity method investee | (405) | ||
Total other comprehensive income (loss) | 1,897 | (682) | |
Less: Other comprehensive loss attributable to noncontrolling interests | 0 | (7) | |
Other comprehensive income (loss) attributable to Harsco Corporation | 1,897 | (689) | |
Balances | 808 | (1,089) | (400) |
Cumulative Unrecognized Actuarial Losses on Pension Obligations | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balances | (461,094) | (389,696) | |
Other comprehensive income (loss) before reclassifications | 5,143 | (86,181) | |
Realized (gains) losses reclassified from accumulated other comprehensive loss in connection with loss on dilution of equity method investment | (1,534) | ||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 20,111 | 16,011 | |
Other comprehensive income (loss) from equity method investee | 306 | ||
Total other comprehensive income (loss) | 25,254 | (71,398) | |
Less: Other comprehensive loss attributable to noncontrolling interests | 0 | 0 | |
Other comprehensive income (loss) attributable to Harsco Corporation | 25,254 | (71,398) | |
Balances | (435,840) | (461,094) | (389,696) |
Unrealized Loss on Marketable Securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balances | (5) | (31) | |
Other comprehensive income (loss) before reclassifications | 22 | 26 | |
Realized (gains) losses reclassified from accumulated other comprehensive loss in connection with loss on dilution of equity method investment | 0 | ||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | 0 | |
Other comprehensive income (loss) from equity method investee | 0 | ||
Total other comprehensive income (loss) | 22 | 26 | |
Less: Other comprehensive loss attributable to noncontrolling interests | 0 | 0 | |
Other comprehensive income (loss) attributable to Harsco Corporation | 22 | 26 | |
Balances | 17 | (5) | (31) |
Total | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Balances | (606,722) | (515,688) | (532,256) |
Total other comprehensive income (loss) | 60,140 | (91,034) | 16,568 |
Balances | $ (546,582) | $ (606,722) | $ (515,688) |
Components of Accumulated Oth90
Components of Accumulated Other Comprehensive Loss (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Selling, general and administrative expenses | $ 234,673 | $ 200,391 | $ 242,112 |
Interest Expense | 47,552 | 51,584 | 46,804 |
Total costs and expenses | 1,464,263 | 1,387,754 | 1,634,556 |
Income from continuing operations before income taxes and equity loss | 95,451 | (79,471) | 34,815 |
Income Tax Expense (Benefit) | 83,803 | 6,637 | 27,678 |
Net Loss | (11,844) | 79,753 | $ (6,332) |
Total amounts reclassified from accumulated other comprehensive loss in connection with loss on dilution and sale of equity method investment | (28,743) | ||
Cumulative Unrecognized Actuarial Losses on Pension Obligations | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Total amounts reclassified from accumulated other comprehensive loss in connection with loss on dilution and sale of equity method investment | 1,534 | ||
Effective Portion of Derivatives Designated as Hedging Instruments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Total amounts reclassified from accumulated other comprehensive loss in connection with loss on dilution and sale of equity method investment | (1,636) | ||
Cumulative Foreign Exchange Translation Adjustments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Total amounts reclassified from accumulated other comprehensive loss in connection with loss on dilution and sale of equity method investment | (28,641) | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Total before tax | 45,565 | ||
Income Tax Expense (Benefit) | (16,822) | ||
Total amounts reclassified from accumulated other comprehensive loss in connection with loss on dilution and sale of equity method investment | (28,743) | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Cumulative Unrecognized Actuarial Losses on Pension Obligations | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Total costs and expenses | 22,204 | 18,102 | |
Income Tax Expense (Benefit) | (2,093) | (2,091) | |
Net Loss | 20,111 | 16,011 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of Actuarial Losses | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Selling, general and administrative expenses | 10,174 | 8,490 | |
Cost of services and products sold | 11,811 | 9,005 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of Prior Service Costs | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Selling, general and administrative expenses | (58) | (11) | |
Cost of services and products sold | 277 | 263 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Settlement/Curtailment Losses [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Selling, general and administrative expenses | 0 | 355 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Effective Portion of Derivatives Designated as Hedging Instruments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Income Tax Expense (Benefit) | (118) | 147 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Total before tax | 45,405 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Total before tax | 2,593 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Total before tax | (2,433) | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign Exchange Forward | Effective Portion of Derivatives Designated as Hedging Instruments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Revenues | (936) | (408) | |
Cost of services and products sold | (18) | (2) | |
Income from continuing operations before income taxes and equity loss | 48 | (410) | |
Net Loss | (70) | (263) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Cross currency interest rate swaps | Effective Portion of Derivatives Designated as Hedging Instruments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Interest Expense | 1,002 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign Exchange Contract [Member] | Cumulative Foreign Exchange Translation Adjustments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other Expenses | 0 | 1,157 | |
Income Tax Expense (Benefit) | 0 | 0 | |
Net Loss | $ 0 | $ 1,157 |
SCHEDULE II. VALUATION AND QU91
SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Allowance for Doubtful Accounts | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at Beginning of Period | $ 11,800 | $ 25,649 | $ 15,119 | ||
Charged to Cost and Expenses | 5,346 | (38) | 13,047 | ||
Due to Currency Translation Adjustments | 533 | (320) | (1,585) | ||
Other | (12,948) | [1] | (13,491) | (932) | |
Balance at End of Period | 4,731 | 11,800 | 25,649 | ||
Deferred Tax Assets - Valuation Allowance | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Balance at Beginning of Period | 146,097 | 110,680 | 131,422 | ||
Charged to Cost and Expenses | 33,041 | 38,490 | 13,175 | ||
Due to Currency Translation Adjustments | 10,097 | (6,323) | (11,519) | ||
Other | (15,009) | 3,250 | [2] | (22,398) | |
Balance at End of Period | 174,226 | $ 146,097 | 110,680 | ||
Pension adjustments | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Non-cash tax expense | (11,600) | (16,100) | |||
US tax rate changes [Member] [Member] | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Non-cash tax expense | $ 4,600 | ||||
UK tax rate changes | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Non-cash tax expense | $ 6,300 | ||||
[1] | Includes the write-off of previously reserved accounts receivable balances. | ||||
[2] | Includes a decrease of $11.6 million and $16.1 million for 2017 and 2015, respectively, related to pension adjustments recorded through Accumulated other comprehensive loss; and a $4.6 million decrease related to a U.S. tax rate change for 2017 and $6.3 million decrease related to a U.K. tax rate change for 2015. |