Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 31, 2019 | Jun. 30, 2018 | |
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, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 79,545,023 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,786,698 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 64,260 | $ 62,098 |
Restricted cash | 2,886 | 4,111 |
Trade accounts receivable, net | 291,213 | 288,034 |
Other receivables | 54,182 | 20,224 |
Inventories | 133,111 | 178,293 |
Current portion of contract assets | 24,254 | 0 |
Other current assets | 35,128 | 39,332 |
Total current assets | 605,034 | 592,092 |
Property, plant and equipment, net | 469,900 | 479,747 |
Goodwill | 411,552 | 401,758 |
Intangible assets, net | 79,825 | 38,251 |
Deferred income tax assets | 49,114 | 51,574 |
Other assets | 17,442 | 15,263 |
Total assets | 1,632,867 | 1,578,685 |
Current liabilities: | ||
Short-term borrowings | 10,078 | 8,621 |
Current maturities of long-term debt | 6,489 | 11,208 |
Accounts payable | 149,410 | 126,249 |
Accrued compensation | 57,586 | 60,451 |
Income taxes payable | 2,634 | 5,106 |
Insurance liabilities | 40,774 | 11,167 |
Current portion of advances on contracts | 31,317 | 117,958 |
Other current liabilities | 118,708 | 133,368 |
Total current liabilities | 416,996 | 474,128 |
Long-term debt | 585,662 | 566,794 |
Insurance liabilities | 19,575 | 22,385 |
Retirement plan liabilities | 213,578 | 259,367 |
Advances on contracts | 37,675 | 0 |
Other liabilities | 46,005 | 40,846 |
Total liabilities | 1,319,491 | 1,363,520 |
COMMITMENTS AND CONTINGENCIES | ||
HARSCO CORPORATION STOCKHOLDERS' EQUITY | ||
Preferred Stock, Value, Issued | 0 | 0 |
Common stock, par value $1.25 (issued 113,473,951 and 112,888,126 shares at December 31, 2018 and 2017, respectively) | 141,842 | 141,110 |
Additional paid-in capital | 190,597 | 180,201 |
Accumulated other comprehensive loss | (567,107) | (546,582) |
Retained earnings | 1,298,752 | 1,157,801 |
Treasury stock, at cost (33,928,928 and 32,434,274 shares at December 31, 2018 and 2017, respectively) | (795,821) | (762,079) |
Total Harsco Corporation stockholders' equity | 268,263 | 170,451 |
Noncontrolling interests | 45,113 | 44,714 |
Total equity | 313,376 | 215,165 |
Total liabilities and equity | $ 1,632,867 | $ 1,578,685 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||||
Common stock, par value (usd per share) | $ 1.25 | $ 1.25 | ||
Common stock, shares issued | 113,473,951 | 112,888,126 | 112,499,874 | 112,405,302 |
Treasury stock, shares | 33,928,928 | 32,434,274 | 32,324,911 | 32,310,937 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Revenues from continuing operations: | |||||
Product revenues | $ 1,722,380 | $ 1,607,062 | $ 1,451,223 | ||
Costs and expenses from continuing operations: | |||||
Selling, general and administrative costs | 238,690 | 229,792 | 196,871 | ||
Research and development expenses | 5,548 | 4,227 | 4,280 | ||
Other expenses | (1,522) | 4,641 | 12,620 | ||
Total costs and expenses | 1,531,453 | 1,461,668 | 1,386,340 | ||
Operating income from continuing operations | 190,927 | 145,394 | 64,883 | ||
Interest income | 2,155 | 2,469 | 2,475 | ||
Interest expense | (38,148) | (47,552) | (51,584) | ||
Defined benefit pension income (expense) | 3,447 | (2,595) | (1,414) | ||
Loss on early extinguishment of debt | (1,127) | (2,265) | (35,337) | ||
Change in fair value to the unit adjustment liability and loss on dilution and sale of equity method investment | 0 | 0 | (58,494) | ||
Income (loss) from continuing operations before income taxes and equity income | 157,254 | 95,451 | (79,471) | ||
Income tax expense | (12,899) | (83,803) | (6,637) | ||
Equity in income of unconsolidated entities, net | 384 | 0 | 5,686 | ||
Income (loss) from continuing operations | 144,739 | 11,648 | (80,422) | ||
Discontinued operations: | |||||
Income on disposal of discontinued business | 358 | 306 | 1,061 | ||
Income tax expense related to discontinued business | (84) | (110) | (392) | ||
Income from discontinued operations | 274 | 196 | 669 | ||
Net income (loss) | 145,013 | 11,844 | (79,753) | ||
Less: Net income attributable to noncontrolling interests | (7,956) | (4,022) | (5,914) | ||
Net income (loss) attributable to Harsco Corporation | 137,057 | 7,822 | (85,667) | ||
Amounts attributable to Harsco Corporation common stockholders: | |||||
Income (loss) from continuing operations, net of tax | 136,783 | 7,626 | (86,336) | ||
Income from discontinued operations | 274 | 196 | 669 | ||
Net income (loss) attributable to Harsco Corporation common stockholders | $ 137,057 | $ 7,822 | $ (85,667) | ||
Weighted average shares of common stock outstanding | 80,716 | 80,553 | 80,333 | ||
Basic earnings (loss) per share attributable to Harsco Corporation common stockholders: | |||||
Continuing operations (in dollars per share) | $ 1.69 | $ 0.09 | $ (1.07) | ||
Discontinued operations (in dollars per share) | 0 | 0 | 0.01 | ||
Basic earnings (loss) per share attributable to Harsco Corporation common stockholders (in dollars per share) | [1] | $ 1.70 | $ 0.10 | $ (1.07) | |
Diluted weighted average shares of stock outstanding | 83,595 | 82,840 | 80,333 | ||
Diluted earnings (loss) per share attributable to Harsco Corporation common stockholders: | |||||
Continuing operations (in dollars per share) | $ 1.64 | $ 0.09 | $ (1.07) | ||
Discontinued operations (in dollars per share) | 0 | 0 | 0.01 | ||
Diluted earnings (loss) per share attributable to Harsco Corporation common stockholders (in dollars per share) | $ 1.64 | $ 0.09 | $ (1.07) | [1] | |
Services | |||||
Revenues from continuing operations: | |||||
Product revenues | $ 1,007,239 | $ 981,672 | $ 939,129 | ||
Costs and expenses from continuing operations: | |||||
Cost of services and products sold | 780,930 | 770,268 | 762,431 | ||
Product | |||||
Revenues from continuing operations: | |||||
Product revenues | 715,141 | 625,390 | 512,094 | ||
Costs and expenses from continuing operations: | |||||
Cost of services and products sold | $ 507,807 | $ 452,740 | $ 410,138 | ||
[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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 145,013 | $ 11,844 | $ (79,753) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments, net of deferred income taxes of $(2,167), $3,471 and $(13,670) in 2018, 2017 and 2016, respectively | (50,743) | 36,011 | (21,560) |
Net gain (loss) on cash flow hedging instruments, net of deferred income taxes of $(1,130), $(759) and $(544) in 2018, 2017 and 2016, respectively | 2,101 | 1,897 | (682) |
Pension liability adjustments, net of deferred income taxes of $854, $(4,084) and $34 in 2018, 2017 and 2016, respectively | 27,185 | 25,254 | (71,398) |
Unrealized gain (loss) on marketable securities, net of deferred income taxes of $16, $(12) and $(16) in 2018, 2017 and 2016, respectively | (48) | 22 | 26 |
Total other comprehensive income (loss) | (21,505) | 63,184 | (93,614) |
Total comprehensive income (loss) | 123,508 | 75,028 | (173,367) |
Less: Comprehensive income attributable to noncontrolling interests | (5,454) | (7,068) | (3,334) |
Comprehensive income (loss) attributable to Harsco Corporation | $ 118,054 | $ 67,960 | $ (176,701) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, deferred income taxes | $ (2,167) | $ 3,471 | $ (13,670) |
Net gains (losses) on cash flow hedging instruments, deferred income taxes | (1,130) | (759) | (544) |
Pension liability adjustments, deferred income taxes | 854 | (4,084) | 34 |
Unrealized gain (loss) on marketable securities, deferred income taxes | $ 16 | $ (12) | $ (16) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 145,013 | $ 11,844 | $ (79,753) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation | 122,135 | 121,839 | 129,083 |
Amortization | 10,650 | 8,098 | 12,403 |
Change in fair value to the unit adjustment liability and loss on dilution and sale of equity method investment | 0 | 0 | 58,494 |
Contract estimated forward loss provision for Harsco Rail Segment | 1,800 | 0 | 45,050 |
Loss on early extinguishment of debt | 1,127 | 2,265 | 35,337 |
Deferred income tax expense (benefit) | (6,522) | 57,349 | (7,654) |
Equity in income of unconsolidated entities, net | (384) | 0 | (5,686) |
Dividends from unconsolidated entities | 88 | 93 | 16 |
Other, net | 2,666 | 749 | 2,633 |
Changes in assets and liabilities: | |||
Accounts receivable | (16,881) | (32,012) | 16,041 |
Inventories | (14,706) | 19,557 | (12,313) |
Contract assets | (3,312) | 0 | 0 |
Accounts payable | 18,347 | 12,554 | (20,194) |
Accrued interest payable | (154) | 438 | (3,197) |
Accrued compensation | (1,127) | 11,126 | 8,865 |
Advances on contracts and other customer advances | 3,057 | (16,811) | 14,485 |
Retirement plan liabilities, net | (33,321) | (21,300) | (20,420) |
Other assets and liabilities | (33,527) | 3,368 | (13,314) |
Net cash provided by operating activities | 192,022 | 176,892 | 159,876 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (132,168) | (98,314) | (69,340) |
Proceeds from sales of assets | 11,887 | 13,418 | 9,305 |
Net cash used to acquire businesses | (56,389) | 0 | (26) |
Proceeds from sale of equity investment | 0 | 0 | 165,640 |
Net proceeds (payments) from settlement of foreign currency forward exchange contracts | 15,527 | (18,429) | 17,238 |
Other investing activities, net | 0 | 0 | 70 |
Net cash provided (used) by investing activities | (161,143) | (103,325) | 122,887 |
Cash flows from financing activities: | |||
Short-term borrowings, net | 1,932 | 5,061 | (2,350) |
Current maturities and long-term debt: | |||
Additions | 128,858 | 27,985 | 720,727 |
Reductions | (116,988) | (108,280) | (979,567) |
Cash dividends paid on common stock | 0 | 0 | (4,105) |
Dividends paid to noncontrolling interests | (5,480) | (2,445) | (1,702) |
Noncontrolling Interest - purchase or sale | 477 | (3,412) | (4,731) |
Stock-based compensation - Employee taxes paid | (3,730) | (1,688) | (91) |
Common stock acquired for treasury | (30,011) | 0 | 0 |
Proceeds from cross-currency interest rate swap termination | 0 | 0 | 16,625 |
Deferred pension underfunding payment to unconsolidated affiliate | 0 | 0 | (20,640) |
Deferred financing costs | (596) | (42) | (16,530) |
Other financing activities, net | 0 | (894) | 0 |
Net cash used by financing activities | (25,538) | (83,715) | (292,364) |
Effect of exchange rate changes on cash, including restricted cash | (4,404) | 4,478 | 1,724 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 937 | (5,670) | (7,877) |
Cash and cash equivalents, including restricted cash, at beginning of period | 66,209 | 71,879 | 79,756 |
Cash and cash equivalents, including restricted cash, at end of period | 67,146 | 66,209 | 71,879 |
Purchase of businesses, net of cash acquired | |||
Working capital | 1,295 | 0 | 0 |
Property, plant and equipment | (3,327) | 0 | 0 |
Goodwill | (22,518) | 0 | 0 |
Long-term debt acquired | 335 | ||
Long-term debt acquired | 0 | 0 | |
Other noncurrent assets and liabilities, net | (32,174) | 0 | (26) |
Net cash used to acquire businesses | $ (56,389) | $ 0 | $ (26) |
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, 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 $(14,196), $(1,384) and $(2,427) in 2016, 2017, and 2018 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 80,598 shares, 269,924 shares and 384,134 shares in 2016, 2017 and 2018, 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] | |||||||
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 $(14,196), $(1,384) and $(2,427) in 2016, 2017, and 2018 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 and net 28,108 shares in 2017 and 2018, respectively | (63) | 16 | (63) | (16) | |||
Vesting of restricted stock units and other stock grants, net 80,598 shares, 269,924 shares and 384,134 shares in 2016, 2017 and 2018, 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] | |||||||
Adoption of new accounting standard (See Note 2) | (100) | ||||||
Net income (loss) | 145,013 | 137,057 | 7,956 | ||||
Cash dividends declared: | |||||||
Noncontrolling interests | (5,534) | (5,534) | |||||
Total other comprehensive income (loss), net of deferred income taxes of $(14,196), $(1,384) and $(2,427) in 2016, 2017, and 2018 respectively | (21,505) | (19,005) | (2,500) | ||||
Purchase of subsidiary shares from noncontrolling interest | 477 | 477 | |||||
Stock appreciation rights exercised, net 8,965 shares and net 28,108 shares in 2017 and 2018, respectively | (282) | 50 | (282) | (50) | |||
Vesting of restricted stock units and other stock grants, net 80,598 shares, 269,924 shares and 384,134 shares in 2016, 2017 and 2018, respectively | (3,449) | 682 | (3,449) | (682) | |||
Treasury shares repurchased, 596,632 shares in 2015 | (30,011) | (30,011) | |||||
Amortization of unearned stock-based compensation, net of forfeitures | 11,128 | 11,128 | |||||
Balances at Dec. 31, 2018 | $ 313,376 | $ 141,842 | $ (795,821) | $ 190,597 | $ 1,298,752 | $ (567,107) | $ 45,113 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash dividends declared, Common, per share (in dollars per share) | $ 0 | $ 0 | $ 0 |
Other Comprehensive Income (Loss), Tax | $ (2,427) | $ (1,384) | $ (14,196) |
Vesting of restricted stock units, shares | 384,134 | 269,924 | 80,598 |
Treasury shares repurchased, shares | 0 | ||
SARS exercised, shares | 28,109 | 8,965 | 0 |
Treasury Stock | |||
Treasury shares repurchased, shares | 1,321,072 | 0 | 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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 $2.9 million and $4.1 million at December 31, 2018 and December 31, 2017 , 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 net realizable value. 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 or net realizable value. See Note 4, 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 2, Recently Adopted and Recently Issued Accounting Standards; Note 6, Property, Plant and Equipment; Note 8, Debt and Credit Agreements; and Note 9, Operating Leases, for additional information on 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, 2018 . 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 7, Goodwill and Other Intangible Assets, for additional information. Long-Lived Assets Impairments (Other than Goodwill) Long-lived assets (or asset groups) are reviewed for impairment when events and circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. Long-lived assets (or asset groups) are reviewed for impairment when events and circumstances indicate the book value of an asset (or asset group) 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 (or asset group) exceeds the sum of the expected undiscounted future cash flows resulting from use of the asset (or asset group) and its eventual disposition. Impairment losses are measured as the amount by which the carrying amount of the asset (or asset group) exceeds its fair value, normally as determined in either open market transactions or through the use of a DCF model. Long-lived assets (or asset groups) to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. See Note 18, Other (Income) 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 The Company recognizes revenues to depict the transfer of promised services and products to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services or products. 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 - This Segment provides on-site services, under long-term contracts, for material logistics; product quality improvement and resource recovery from iron, steel and metals manufacturing; manufactures and sells industrial abrasives and roofing granule products; and manufactures aluminum dross and scrap processing systems. • Service revenues are recognized over time as the customer simultaneously receives the benefits provided by the Company's performance. The Company utilizes an output method based on work performed (liquid steel tons processed, weight of material handled, etc.) to measure progress, which is deemed to best depict the transfer of value to the customer and revenue earned by the Company. Transaction prices are based on contractual terms, which may include both fixed and variable portions. The fixed portion is recognized as earned (normally monthly) over the contractual period. The variable portion is recognized as services are performed and differs based on the volume of services performed. Given the long-term nature of these arrangements, most contracts permit periodic adjustment of either the variable or both the fixed and variable portions based on the changes in macroeconomic indicators, including changes in commodity prices. Transaction prices, when the standalone selling price is not directly observable, are allocated to performance obligations utilizing an expected cost plus a margin approach. Amounts are typically billed and payable on a monthly basis as services are performed. • Product revenues in the applied products business are recognized at the point when control transfers to the customer. Control generally transfers at the point of shipment for domestic orders and in accordance with the international commercial terms included in contracts for export sales. Transaction prices are based on contractual terms, which are generally fixed and when the standalone selling price is not directly observable, allocated to performance obligations utilizing an adjusted market assessment approach. Amounts are billed and payable upon completion of each transaction. • Product revenues in the aluminum dross and scrap process systems business are generally recognized over time as control is transferred to the customer. Control transfers over time because aluminum dross and scrap systems are customized, have no alternate use and the Company has an enforceable right to payment. The Company utilizes an input method based on costs incurred ("cost-to-cost method") to measure progress, which is deemed to best depict the transfer of value to the customer and revenue earned by the Company. Transaction prices are based on contractual terms, which are generally fixed, and when the standalone selling price is not directly observable, allocated to performance obligations utilizing an adjusted market assessment approach. The Company may receive periodic payments associated with key milestones with any remaining consideration billed and payable upon completion of the transaction. Harsco Industrial - This Segment sells air-cooled heat exchangers, metal bar grating configurations and energy-efficient heat transfer products. • For air-cooled heat exchangers, revenue is recognized over time as control is transferred to the customer. Control transfers over time because the air-cooled heat exchangers are customized, have no alternate use and the Company has an enforceable right to payment. The Company utilizes a cost-to-cost method to measure progress, which is deemed to best depict the transfer of value to the customer and revenue earned by the Company. Transaction prices are based on contractual terms, which are generally fixed, and when the standalone selling price is not directly observable, allocated to performance obligations utilizing an adjusted market assessment approach. The Company may receive periodic payments associated with key milestones with any remaining consideration billed and payable upon completion of the transaction. • For metal bar grating configurations and energy-efficient heat transfer products, revenue is recognized at the point when control transfers to the customer. Control generally transfers at the point of shipment for domestic orders and in accordance with the international commercial terms included in contracts for export sales. Transaction prices are based on contractual terms, which are generally fixed, and when the standalone selling price is not directly observable, allocated to performance obligations utilizing an adjusted market assessment approach. Amounts are billed and payable upon completion of each transaction though advance payments are required in limited circumstances. Harsco Rail - This Segment sells railway track maintenance equipment, after-market parts and provides railway track maintenance services. • For the majority of railway track maintenance equipment sales, revenue is recognized at the point when control transfers to the customer. Control generally transfers at the point of shipment for domestic orders and in accordance with the international commercial terms included in contracts for export sales. In certain railway track maintenance equipment sales, revenue is recognized over time because such equipment is highly customized, has no alternate use and the Company has an enforceable right to payment. In such instances, the Company utilizes a cost-to-cost method to measure progress, which is deemed to best depict the transfer of value to the customer and revenue earned by the Company. Transaction prices are based on contracted terms, which are generally fixed, and when the standalone selling price is not directly observable, allocated to performance obligations utilizing either the adjusted market assessment or expected cost plus a margin approach. For certain transactions, the Company receives periodic payments associated with key milestones. In limited instances, those payments are intended to provide financing with such transactions being treated as including a significant financing component. Any remaining consideration is billed and payable upon completion of the transaction. • For after-market parts sales, revenue is recognized at the point when control transfers to the customer. Control generally transfer to the customer at the point of shipment for domestic orders and in accordance with the international commercial terms included in contracts for export sales. Transaction prices are based on contracted terms, which are generally fixed, and when the standalone selling price is not directly observable, allocated to performance obligations utilizing an adjusted market assessment approach. Amounts are billed and payable upon completion of each contract. • For railway track maintenance services, revenue is recognized over time as the customer simultaneously receives the benefits provided by the Company's performance. The Company utilizes an appropriate output method based on work performed (feet, miles, shifts worked, etc.) to measure progress, which is deemed to best depict the transfer of value to the customer and revenue earned by the Company. Transaction prices are based on contracted terms, which are generally variable. The variable portion is recognized as services are performed and differs based on the value of services. Given the long-term nature of these arrangements, most contracts permit periodic adjustment based on the changes in macroeconomic indicators. Transaction prices, when the standalone selling price is not directly observable, are allocated to performance obligations utilizing an expected cost plus a margin approach. Amounts are typically billed and payable on a monthly basis as services are performed. 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. 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. The significant assumptions and estimates described in the preceding paragraphs are important contributors to the effective tax rate each year. See Note 11, 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 2018 , 2017 and 2016 , the Company recorded insurance expense from continuing operations related to these lines of coverage of $14.3 million , $16.4 million and $15.0 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 2018 , 2017 and 2016 , the Company recorded retrospective insurance reserve adjustments that decreased pre-tax insurance expense from continuing operations for self-insured programs by $2.7 million , $2.6 million and $5.4 million , respectively. At December 31, 2018 and 2017 , the Company has recorded liabilities of $60.3 million and $33.6 million , respectively, related to both asserted as well as unasserted insurance claims. Included in the balances at December 31, 2018 and 2017 were $34.2 million and $4.1 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 $5.7 million , $6.0 million and $6.3 million at December 31, 2018 , 2017 and 2016 , respectively. The Company provides for warranties of certain products as they are sold. The following table summarizes the warranty activity for 2018 , 2017 and 2016 : (In thousands) 2018 2017 2016 Warranty reserves, beginning of the year $ 5,956 $ 6,281 $ 7,844 Accruals for warranties issued during the year 4,596 5,528 6,439 Reductions related to pre-existing warranties (3,730 ) (3,792 ) (5,611 ) Acquisitions (See Note 3) 249 — — Warranties paid (1,293 ) (2,078 ) (2,372 ) Other (principally foreign currency translation) (67 ) 17 (19 ) Warranty reserves, end of the year $ 5,711 $ 5,956 $ 6,281 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 15, 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 13, Capital Stock, for additional information. Use of Estimates in the Preparation of Financial Statements |
Recently Adopted and Recently I
Recently Adopted and Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2018 | |
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 2018: On January 1, 2018, the Company adopted changes, with subsequent amendments, issued by the Financial Accounting Standards Board ("FASB") 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 adoption of these changes resulted in the following modifications to the Company's revenue recognition process: • Harsco Industrial Segment - The timing of revenue recognition for air-cooled heat exchanger sales, which the Company historically recognized upon the completion of the efforts associated with these arrangements, is now recognized over time with the impact of increasing revenue in earlier periods. This change also impacted the Company's Consolidated Balance Sheets by decreasing both Inventories and Advances on contracts; and creating a new caption and establishing a balance related to Contract assets. • Harsco Rail Segment - The timing of revenue recognition for certain railway track maintenance equipment sales, which the Company historically recognized upon the completion of the efforts associated with these arrangements, is now recognized over time with the impact of increasing revenue in earlier periods. This change also impacted the Company's Consolidated Balance Sheets by decreasing both Inventories and Advances on contracts; and creating a new caption and establishing a balance related to Contract assets. In addition, certain advance payments received from customers, which provide a significant benefit of financing and are expected to be outstanding longer than twelve months, are treated as significant financing components to the related transactions and the Company will increase the overall transaction price with a corresponding increase in interest expense. Additionally, the Company's disclosure related to revenue recognition has been expanded in accordance with the FASB changes. See Note 17, Revenue Recognition for additional information. The Company chose to implement the impact of the FASB changes utilizing the modified retrospective transition method, using the following practical expedients: • The Company has elected to apply the changes only to revenue arrangements that were not completed as of January 1, 2018; and • The Company has elected to reflect the aggregate effect of all contract modifications that occurred prior to the beginning of the earliest reported period when (i) identifying the satisfied and unsatisfied performance obligations; (ii) determining the transaction price; and (iii) allocating the transaction price to the satisfied and unsatisfied performance obligations. Comparative information has not been restated and continues to be reported under U.S. GAAP in effect for those periods. The cumulative effect of the changes made to the Consolidated Balance Sheet at January 1, 2018 was as follows: (In thousands) Balance at December 31, 2017 Impact of Adoption Balance at January 1, 2018 ASSETS Current assets: Trade accounts receivable, net $ 288,034 $ 532 $ 288,566 Inventories 178,293 (59,793 ) 118,500 Current portion of contract assets — 18,248 18,248 Other current assets 39,332 179 39,511 Total current assets 592,092 (40,834 ) 551,258 Contract assets — 3,566 3,566 Other assets 15,263 1,337 16,600 Total assets 1,578,685 (35,931 ) 1,542,754 LIABILITIES Current liabilities: Current portion of advances on contracts 117,958 (78,507 ) 39,451 Other current liabilities 133,368 13,995 147,363 Total current liabilities 474,128 (64,512 ) 409,616 Advances on contracts — 24,564 24,564 Other liabilities 40,846 1,580 42,426 Total liabilities 1,363,520 (38,368 ) 1,325,152 HARSCO CORPORATION STOCKHOLDERS' EQUITY Accumulated other comprehensive loss (546,582 ) (1,520 ) (548,102 ) Retained earnings 1,157,801 3,957 1,161,758 Total Harsco Corporation stockholders' equity 170,451 2,437 172,888 Total equity 215,165 2,437 217,602 Total liabilities and equity 1,578,685 (35,931 ) 1,542,754 The impact of modifying the Company's Consolidated Balance Sheet at December 31, 2018 is as follows: December 31, 2018 (In thousands) As Reported Impact of Adoption As Reported - Less Impact of Adoption ASSETS Current assets: Trade accounts receivable, net $ 291,213 $ 12,767 $ 303,980 Inventories 133,111 44,510 177,621 Current portion of contract assets 24,254 (24,254 ) — Other current assets 35,128 (620 ) 34,508 Total current assets 605,034 32,403 637,437 Deferred income tax assets 49,114 2,401 51,515 Other assets 17,442 (1,681 ) 15,761 Total assets 1,632,867 33,123 1,665,990 December 31, 2018 (In thousands) As Reported Impact of Adoption As Reported - Less Impact of Adoption LIABILITIES Current liabilities: Current portion of advances on contracts 31,317 86,011 117,328 Other current liabilities 118,708 (9,449 ) 109,259 Total current liabilities 416,996 76,562 493,558 Advances on contracts 37,675 (37,675 ) — Other liabilities 46,005 (253 ) 45,752 Total liabilities 1,319,491 38,634 1,358,125 HARSCO CORPORATION STOCKHOLDERS' EQUITY Accumulated other comprehensive loss (567,107 ) 1,104 (566,003 ) Retained earnings 1,298,752 (6,636 ) 1,292,116 Total Harsco Corporation stockholders' equity 268,263 (5,532 ) 262,731 Noncontrolling interests 45,113 21 45,134 Total equity 313,376 (5,511 ) 307,865 Total liabilities and equity 1,632,867 33,123 1,665,990 The impact of modifying the Company's Consolidated Statements of Operation for the twelve months ended December 31, 2018 is as follows: Twelve Months Ended December 31, 2018 (In thousands, except per share amounts) As Reported Impact of Adoption As Reported - Less Impact of Adoption Revenues from continuing operations: Services revenues $ 1,007,239 $ 4,921 $ 1,012,160 Product revenues 715,141 6,084 721,225 Total revenues 1,722,380 11,005 1,733,385 Costs and expenses from continuing operations: Costs of services sold 780,930 5,300 786,230 Costs of products sold 507,807 11,642 519,449 Selling, general and administrative costs 238,690 117 238,807 Total costs and expenses 1,531,453 17,059 1,548,512 Operating income from continuing operations 190,927 (6,054 ) 184,873 Interest expense (38,148 ) 1,929 (36,219 ) Income from continuing operations before income taxes 157,254 (4,125 ) 153,129 Income tax expense (12,899 ) 1,446 (11,453 ) Income from continuing operations 144,739 (2,679 ) 142,060 Net income 145,013 (2,679 ) 142,334 Less: Net income attributable to noncontrolling interests (7,956 ) (21 ) (7,977 ) Net income attributable to Harsco Corporation 137,057 (2,700 ) 134,357 Amounts attributable to Harsco Corporation common stockholders: Income from continuing operations, net of tax 136,783 (2,700 ) 134,083 Net income attributable to Harsco Corporation common stockholders 137,057 (2,700 ) 134,357 Basic earnings per share attributable to Harsco Corporation common stockholders (a) : Continuing operations 1.69 (0.03 ) $ 1.66 Basic earnings per share attributable to Harsco Corporation common stockholders 1.70 (0.03 ) $ 1.66 Diluted earnings per share attributable to Harsco Corporation common stockholders (a) : Continuing operations 1.64 (0.03 ) $ 1.60 Diluted earnings per share attributable to Harsco Corporation common stockholders 1.64 (0.03 ) $ 1.61 (a) The total of As Reported and Impact of Adoption may not equal As Reported - Less Impact of Adoption due to rounding. The impact of modifying the Company's Consolidated Statements of Cash Flows for the twelve months ended December 31, 2018 is as follows: Twelve Months Ended December 31, 2018 (In thousands) As Reported Impact of Adoption As Reported - Less Impact of Adoption Cash flows from operating activities: Net income $ 145,013 $ (2,679 ) $ 142,334 Adjustments to reconcile net income to net cash used by operating activities: Deferred income tax benefit (6,522 ) (1,446 ) (7,968 ) Changes in assets and liabilities: Accounts receivable (16,881 ) (13,143 ) (30,024 ) Inventories (14,706 ) 10,330 (4,376 ) Contract assets (3,312 ) 3,312 — Advances on contracts 3,057 (1,378 ) 1,679 Other assets and liabilities (33,527 ) 5,004 (28,523 ) Net cash used by operating activities 192,022 — 192,022 On January 1, 2018, the Company adopted changes issued by the FASB related 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. Employers are 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 adoption of these changes resulted in the Company reclassifying $2.6 million and $1.4 million of NPPC expense for the year ended December 31, 2017 and December 31, 2016 , respectively, from the captions Cost of services sold; Cost of products sold; and Selling, general and administrative expenses to the new caption, Defined benefit pension income (expense) in the Company's Consolidated Statements of Operations. On January 1, 2018, the Company adopted changes issued by the FASB clarifying 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 adoption of these changes did not have an impact on the Company's consolidated financial statements. On January 1, 2018, the Company adopted changes issued by FASB which eliminate the requirement to defer the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. Under the new guidance, an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The changes resulted in an adjustment to opening retained earnings of less than $0.1 million . In October 2018, the Company adopted changes issued by FASB that require entities that are customers in cloud computing arrangements to defer implementation costs if they would be capitalized by the entity in software licensing arrangements under the internal-use software guidance. The adoption of these changes did not have an impact on the Company's consolidated financial statements. The following accounting standards have been issued and become effective for the Company at a future date: In February 2016, the FASB issued changes, with subsequent amendments, in accounting for leases, which become effective for the Company on January 1, 2019. The changes introduce a lessee model that brings most leases onto the balance sheet, which will result in an increase in lease-related assets and liabilities. 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 lease 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 allow for a modified retrospective transition approach, applying the new standard to all leases existing at the date of initial application. Entities may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statement as the date of initial application. The Company has elected to apply the transition requirements at the January 1, 2019 effective date rather than at the beginning of the earliest comparative period presented, which allows for a cumulative effect adjustment in the period of adoption. Prior periods will not be restated. In addition, the Company has also elected to utilize certain practical expedients upon adoption. The Company is in the process of finalizing changes to current business processes and internal controls to support the reporting and disclosure requirements of the new standard. The Company has completed an assessment of existing leasing agreements and is in the process of finalizing the quantification of the impact on the Company’s consolidated financial statements. In June 2016, the FASB issued changes which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. The changes become effective for the Company on January 1, 2020, with early adoption permitted. Management has not yet completed the assessment of the impact of the new standard on the Company’s 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 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 has determined that these changes will not have a material impact on the Company's consolidated financial statements. In February 2018, the FASB issued changes which allow entities to reclassify stranded income tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”) from accumulated other comprehensive income to retained earnings in their consolidated financial statements. Under the Tax Act, deferred taxes were adjusted to reflect the reduction of the historical corporate income tax rate to the newly enacted corporate income tax rate, which left the tax effects on items within accumulated other comprehensive income stranded at historical tax rates. The changes become effective for the Company on January 1, 2019. The Company had approximately $21 million of stranded income tax effects in accumulated other comprehensive income at both December 31, 2017 and 2018 resulting from the Tax Act which the Company plans to reclassify upon initial adoption of these changes. In August 2018, the FASB issued changes which modify the disclosure requirements for fair value measurements. The amendments in this update remove the requirement to disclose the amount of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level 3 fair value measurements. The changes require disclosure of changes in unrealized gains and losses for the period included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The changes become effective for the Company on January 1, 2020. Management is currently evaluating the impact of these changes on its consolidated financial statements. |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisition | Acquisition In May 2018, the Company acquired Altek Europe Holdings Limited and its affiliated entities (collectively, "Altek"), a U.K.-based manufacturer of market leading products that enable aluminum producers and recyclers to manage and efficiently extract value from critical byproduct streams, reduce byproduct generation and improve operating productivity. The Company acquired Altek, on a debt and cash free basis, for a purchase price of £45 million (approximately $60 million ) in cash, with the potential for up to £25 million (approximately $33 million ) in additional contingent consideration through 2021 subject to the future financial performance of Altek. The preliminary purchase price included an upfront payment of $60.1 million , subject to working capital adjustments and net of cash acquired, as well as contingent consideration with an estimated preliminary fair value of $12.1 million as of the acquisition date. Altek's revenues and operating results have been included in the results of the Harsco Metals & Minerals Segment and were not material to the Company's consolidated results for the year ended December 31, 2018 . The Company incurred approximately $1 million of costs associated with the Altek acquisition in the caption Selling, general and administrative expenses in the Consolidated Statements of Operations. The fair value recorded for the assets acquired and liabilities assumed for Altek is as follows: Preliminary Valuation (In millions) June 30 2018 Measurement Period Adjustments (a) December 31 Cash and cash equivalents $ 1.7 $ — $ 1.7 Net working capital (1.5 ) 0.2 (1.3 ) Property, plant and equipment 3.3 — 3.3 Intangible assets 52.5 0.2 52.7 Goodwill 20.9 1.6 22.5 Net deferred tax liabilities (8.5 ) — (8.5 ) Other liabilities (0.3 ) — (0.3 ) Total identifiable net assets of Altek $ 68.1 $ 2.0 $ 70.1 (a) The measurement period adjustments did not have a material impact on the Company's previously reported operating results. The goodwill is attributable to strategic benefits, including enhanced operational and financial scale and product and market diversification that the Company expects to realize. The Company expects less than $1.0 million of goodwill to be deductible for income tax purposes. The following table details the preliminary valuation of identifiable intangible assets and amortization periods for Altek: Amortization Period Preliminary Valuation (Dollars in millions) June 30 2018 Measurement Period Adjustments (a) December 31 Customer related 14.2 years $ 11.5 $ 0.1 $ 11.6 Technology related 10.3 years 36.5 0.1 36.6 Trade names 15.0 years 4.5 — 4.5 Total identifiable intangible assets of Altek $ 52.5 $ 0.2 $ 52.7 (a) The measurement period adjustments did not have a material impact on the Company's previously reported operating results. The Company valued the customer related assets, technology related assets, and trade names using an income-based approach that utilized either the multi-period excess earnings method or the relief from royalty method. The preliminary fair value of contingent consideration was estimated using a probability simulation model, which uses assumptions and estimates to forecast a range of outcomes for the contingent consideration. Key inputs to the model include projected earnings before interest, tax, depreciation and amortization; the discount rate; the projection risk neutralization rate; and volatility, which are Level 3 data. The Company will assess these assumptions and estimates on a quarterly basis as additional data impacting the assumptions is obtained. Any changes in the fair value of contingent consideration related to updated assumptions and estimates will be recognized in the Consolidated Statements of Operations during the period in which the change occurs. The following table reflects the changes in the fair value of contingent consideration: (In thousands) Contingent Consideration Balance, June 30, 2018 $ 10,097 Measurement period adjustment (b) 1,958 Fair value adjustment (c) (2,939 ) Foreign currency translation (c) (696 ) Balance, December 31, 2018 $ 8,420 (b) Measurement period adjustment was recorded to goodwill on the Consolidated Balance Sheet. (c) These amounts are recorded in the caption Other (income) expenses, net on the Consolidated Statements of Operations. The purchase price allocation for this transaction is not final and the fair value of intangible assets, goodwill and contingent consideration may vary from those reflected in the consolidated financial statements at December 31, 2018 |
Accounts Receivable and Invento
Accounts Receivable and Inventories | 12 Months Ended |
Dec. 31, 2018 | |
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 $ 295,847 $ 292,765 Less: Allowance for doubtful accounts (4,634 ) (4,731 ) Trade accounts receivable, net $ 291,213 $ 288,034 Other receivables (a) (b) $ 54,182 $ 20,224 (a) Other receivables include insurance claim receivables, employee receivables, tax claim receivables and other miscellaneous receivables not included in Trade accounts receivable, net (b) From time to time, based on developments including ongoing negotiations, the Company adjusts insured liabilities with offsetting insurance receivables, with no impact to the Consolidated Statements of Operations. The provision (benefit) for doubtful accounts related to trade accounts receivable was as follows: Years Ended December 31 (In thousands) 2018 2017 2016 Provision (benefit) for doubtful accounts related to trade accounts receivable $ 372 $ 5,346 $ (38 ) 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 $ 17,223 $ 26,415 Work-in-process 21,787 24,367 Contracts-in-process (c) — 45,599 Raw materials and purchased parts 72,194 58,943 Stores and supplies 21,907 22,969 Total inventories $ 133,111 $ 178,293 Valued at lower of cost or market: LIFO basis $ 80,590 $ 80,644 FIFO basis 8,611 52,832 Average cost basis 43,910 44,817 Total inventories $ 133,111 $ 178,293 Inventories valued on the LIFO basis at December 31, 2018 and 2017 were approximately $36 million and $33 million , respectively, less than the amounts of such inventories valued at current costs. During 2018 , 2017 and 2016 as a result of reducing certain inventory quantities valued on a LIFO basis, net income (loss) was favorably impacted compared to that which would have been recorded under the FIFO basis of valuation by $0.6 million , $0.4 million and $1.3 million , respectively. Contracts-in-process consist of the following: (In thousands) December 31 Contract costs accumulated to date $ 73,740 Estimated forward loss provisions for contracts-in-process (d) (28,141 ) Contracts-in-process (c)(e) $ 45,599 (c) The Company has adopted the new revenue recognition standard utilizing the modified retrospective transition method, including use of practical expedients. Amounts previously reported as Contracts-in-progress have been recognized through the related cumulative catch-up adjustment. See Note 2, Recently Adopted and Recently Issued Accounting Standards for additional information. (d) For periods prior to January 1, 2018, 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 and amounted to $3.0 million at December 31, 2017 . (e) At December 31, 2017 , the Company had $97.9 million of net customer advances related to SBB contracts. These amounts are included in the caption Current portion of advances on contracts on the Consolidated Balance Sheets. The Company recognized an initial estimated forward loss provision related to the contracts with the federal railway system of Switzerland ("SBB") of $45.1 million for the year ended December 31, 2016 . The Company recorded an additional forward loss provision of $1.8 million for the year ended December 31, 2018 . At December 31, 2018 , the entire remaining estimated forward loss provision of $9.6 million is included in the caption Other current liabilities on the Consolidated Balance Sheets. The estimated forward loss provision represents the Company's best estimate based on currently available information. It is possible that the Company's overall estimate of costs to complete these contracts may increase, which would result in an additional estimated forward loss provision at such time. The Company recognized $24.2 million of revenues for the contracts with SBB, on an over time basis, utilizing a cost-to-cost method for the year ended December 31, 2018 . In addition, for the years ended December 31, 2017 and 2016, the Company recognized $42.5 million and $0.2 million , respectively, of revenue 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. For 2016, consolidated product revenue gross margins were not significantly impacted by the revenue recognized under the SBB contracts. For 2018 and 2017, product gross margins would have been 100 basis points and 200 basis points higher, respectively, excluding the revenue recognized under the SBB contract. The Company is approximately 99% complete on the first contract and 26% complete on the second contract with SBB as of December 31, 2018 |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2018 | |
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. 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 statement of operations information for the period from October 1, 2015 through June 30, 2016 is summarized as follows: (In thousands) Period From October 1, 2015 Through June 30 2016 (a) Summarized Statement of Operations Information of Brand: Net revenues $ 2,333,561 Gross profit 499,005 Net income attributable to Brand Energy & Infrastructure Services, Inc. and Subsidiaries 20,756 Harsco's equity in income of Brand 5,686 (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 years ended 2018 and 2017 due to the sale of the interest in Brand. For the year ended 2016, the Company recognized $ 4.7 million |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
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 — $ 10,621 $ 10,840 Land improvements 5-20 years 16,156 14,996 Buildings and improvements (a) 5-40 years 191,072 198,582 Machinery and equipment 3-20 years 1,538,166 1,599,713 Uncompleted construction — 37,713 24,387 Gross property, plant and equipment 1,793,728 1,848,518 Less: Accumulated depreciation (1,323,828 ) (1,368,771 ) Property, plant and equipment, net $ 469,900 $ 479,747 (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 $1.7 million and $5.5 million of property, plant and equipment under capital leases at December 31, 2018 and 2017 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 : (In thousands) Harsco Metals & Minerals Segment Harsco Industrial Segment Harsco Rail Segment Consolidated Totals 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 Changes to goodwill (a) 22,518 — — 22,518 Foreign currency translation (12,724 ) — — (12,724 ) Balance at December 31, 2018 $ 391,687 $ 6,839 $ 13,026 $ 411,552 (a) Changes to goodwill in the Harsco Metals & Minerals Segment relate to the acquisition of Altek. The purchase price allocation is not yet final for this acquisition. See Note 3, Acquisition. 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 2018 annual impairment test did not result in impairment of any of the Company's reporting units. Intangible Assets Intangible assets totaled $79.8 million , net of accumulated amortization of $110.0 million at December 31, 2018 and $38.3 million , net of accumulated amortization of $163.9 million at December 31, 2017 . The following table reflects these intangible assets by major category: December 31, 2018 December 31, 2017 (In thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer related $ 136,307 $ 99,383 $ 153,014 $ 121,385 Patents 2,598 2,503 5,825 5,700 Technology related 35,831 2,681 26,131 26,131 Trade names 9,212 1,897 8,317 4,845 Other 5,865 3,524 8,875 5,850 Total $ 189,813 $ 109,988 $ 202,162 $ 163,911 Amortization expense for intangible assets was $7.7 million , $5.1 million and $7.9 million for 2018 , 2017 and 2016 , respectively. The following table shows the estimated amortization expense for the next five fiscal years based on current intangible assets. (In thousands) 2019 2020 2021 2022 2023 Estimated amortization expense (a) $ 9,000 $ 8,750 $ 8,500 $ 8,250 $ 8,250 (a) |
Debt and Credit Agreements
Debt and Credit Agreements | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt and Credit Agreements | Debt and Credit Agreements 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 (the "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 then 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 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. In June 2018, the Company amended the Senior Secured Credit Facility in order to, among other things, reduce the interest rate applicable to the Term Loan Facility and to increase the limit of the Revolving Credit Facility. A charge of $1.1 million was recorded during 2018 consisting principally of fees associated with the transaction and the write-off of unamortized deferred financing costs. Borrowings under the $500 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 225 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; limitations on repurchases of the Company's stock and limitations on certain acquisitions by the Company. With respect to the Senior Secured Credit 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. Summary of Senior Secured Credit Facility Borrowings: (In thousands) December 31 December 31 By type: Revolving Credit Facility $ 62,000 $ 41,000 Term Loan Facility 541,788 545,875 Total $ 603,788 $ 586,875 By classification: Current $ 5,445 $ 5,459 Long-term 598,343 581,416 Total $ 603,788 $ 586,875 The following table illustrates the amount outstanding under the Revolving Credit Facility and available credit at December 31, 2018 . December 31, 2018 (In thousands) Facility Limit Outstanding Balance Outstanding Letters of Credit Available Credit Revolving Credit Facility (a U.S.-based program) $ 500,000 $ 62,000 $ 30,352 $ 407,648 Short-term borrowings amounted to $10.1 million and $8.6 million at December 31, 2018 and 2017 , respectively. At December 31, 2018 and 2017 , 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, 2018 and 2017 was 3.0% and 4.3% , 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 4.8% and 4.6% at December 31, 2018 and 2017, respectively $ 541,788 $ 545,875 Revolving Credit Facility with an average interest rate of 4.6% and 4.2% at December 31, 2018 and 2017, respectively 62,000 41,000 Other financing payable (including capital leases) in varying amounts due principally through 2019 with a weighted-average interest rate of 3.9% and 5.0% at December 31, 2018 and 2017, respectively 1,606 6,784 Total debt obligations 605,394 593,659 Less: deferred financing costs (13,243 ) (15,657 ) Total debt obligations, net of deferred financing costs 592,151 578,002 Less: current maturities of long-term debt (6,489 ) (11,208 ) Long-term debt $ 585,662 $ 566,794 The maturities of long-term debt for the four years following December 31, 2019 are as follows: (In thousands) 2020 $ 5,953 2021 67,507 2022 5,445 2023 5,445 Cash payments for interest on debt were $34.2 million , $44.3 million and $49.6 million in 2018 , 2017 and 2016 , 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, 2018 |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Operating Leases | Operating Leases The Company leases certain property and equipment under operating leases. Rental expense under such operating leases was $16.2 million , $16.5 million and $16.9 million in 2018 , 2017 and 2016 , respectively. Future minimum payments under operating leases with noncancelable terms are as follows: (In thousands) 2019 $ 13,985 2020 12,204 2021 9,448 2022 7,706 2023 6,201 After 2023 28,442 Total minimum rentals to be received in the future under noncancelable subleases at December 31, 2018 are $0.5 million |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
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. 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 2018 , 2017 and 2016 . 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 2018 , 2017 and 2016 is as follows: U.S. Plans International Plans (In thousands) 2018 2017 2016 2018 2017 2016 Defined benefit pension plans: Service cost $ 42 $ 43 $ 102 $ 1,669 $ 1,724 $ 1,585 Interest cost 9,562 9,878 10,165 21,589 21,459 26,822 Expected return on plan assets (12,068 ) (10,485 ) (10,721 ) (42,685 ) (40,469 ) (42,979 ) Recognized prior service costs 1 33 63 (140 ) 186 189 Recognized losses 5,207 5,701 5,493 14,807 16,283 12,002 Settlement/curtailment loss (gain) 285 — 276 (36 ) (20 ) 79 Defined benefit pension plan cost (income) 3,029 5,170 5,378 (4,796 ) (837 ) (2,302 ) Multiemployer pension plans 686 650 636 1,313 1,306 1,368 Defined contribution plans 5,034 4,239 3,833 5,608 5,905 5,807 Net periodic pension cost $ 8,749 $ 10,059 $ 9,847 $ 2,125 $ 6,374 $ 4,873 The change in the financial status of the defined benefit pension plans and amounts recognized on the Consolidated Balance Sheets at December 31, 2018 and 2017 are as follows: U.S. Plans International Plans (In thousands) 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 314,861 $ 305,652 $ 1,015,586 $ 952,360 Service cost 42 43 1,669 1,724 Interest cost 9,562 9,878 21,589 21,459 Plan participants' contributions — — 49 61 Amendments — — 11,238 (4,459 ) Actuarial (gain) loss (21,474 ) 14,459 (78,658 ) (3,613 ) Settlements/curtailments — — (313 ) (3,362 ) Benefits paid (16,964 ) (15,171 ) (37,721 ) (40,379 ) Effect of foreign currency — — (58,760 ) 91,795 Benefit obligation at end of year $ 286,027 $ 314,861 $ 874,679 $ 1,015,586 U.S. Plans International Plans (In thousands) 2018 2017 2018 2017 Change in plan assets: Fair value of plan assets at beginning of year $ 229,941 $ 205,271 $ 842,717 $ 732,743 Actual return on plan assets (17,883 ) 33,942 (30,004 ) 67,136 Employer contributions 10,294 5,899 18,415 18,187 Plan participants' contributions — — 49 61 Settlements/curtailments — — (313 ) (3,241 ) Benefits paid (16,964 ) (15,171 ) (37,570 ) (39,800 ) Effect of foreign currency — — (48,756 ) 67,631 Fair value of plan assets at end of year $ 205,388 $ 229,941 $ 744,538 $ 842,717 Funded status at end of year $ (80,639 ) $ (84,920 ) $ (130,141 ) $ (172,869 ) Amounts recognized on the Consolidated Balance Sheets for defined benefit pension plans consist of the following at December 31, 2018 and 2017 : U.S. Plans International Plans December 31 December 31 (In thousands) 2018 2017 2018 2017 Noncurrent assets $ 1,953 $ 1,860 $ 2,379 $ 1,820 Current liabilities 1,954 2,237 643 625 Noncurrent liabilities 80,638 84,543 131,876 174,064 Accumulated other comprehensive loss before tax 149,326 146,341 391,849 427,127 Amounts recognized in Accumulated other comprehensive loss, before tax, for defined benefit pension plans consist of the following at December 31, 2018 and 2017 : U.S. Plans International Plans (In thousands) 2018 2017 2018 2017 Net actuarial loss $ 149,326 $ 146,340 $ 384,666 $ 430,377 Prior service cost — 1 7,183 (3,250 ) Total $ 149,326 $ 146,341 $ 391,849 $ 427,127 The estimated amounts that will be amortized from Accumulated other comprehensive loss into defined benefit pension plan NPPC in 2019 are as follows: (In thousands) U.S. Plans International Plans Net actuarial loss $ 5,621 $ 14,480 Prior service cost — 324 Total $ 5,621 $ 14,804 The Company's estimate of expected contributions to be paid in 2019 for the U.S. and international defined benefit plans are $9.1 million and $20.4 million , respectively. Future Benefit Payments The expected benefit payments for defined benefit pension plans over the next ten years are as follows: (In millions) 2019 2020 2021 2022 2023 2024-2028 U.S. Plans $ 20.0 $ 19.5 $ 19.3 $ 19.4 $ 19.3 $ 94.1 International Plans 38.5 39.4 41.0 41.4 42.5 228.2 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 2018 , 2017 and 2016 were as follows: U.S. Plans December 31 International Plans December 31 Global Weighted-Average December 31 2018 2017 2016 2018 2017 2016 2018 2017 2016 Discount rates 3.5 % 4.0 % 4.2 % 2.6 % 2.8 % 3.8 % 2.8 % 3.1 % 3.9 % Expected long-term rates of return on plan assets 7.3 % 7.3 % 7.3 % 5.6 % 5.9 % 6.5 % 6.0 % 6.2 % 6.7 % The expected long-term rates of return on defined benefit pension plan assets for the 2019 NPPC are 7.3% for the U.S. plans and 5.5% for the international plans. The expected global long-term rate of return on assets for 2019 is 5.9% . The weighted-average actuarial assumptions used to determine the defined benefit pension plan obligations at December 31, 2018 and 2017 were as follows: U.S. Plans International Plans Global Weighted-Average December 31 December 31 December 31 2018 2017 2018 2017 2018 2017 Discount rates 4.2 % 3.5 % 2.9 % 2.6 % 3.2 % 2.8 % 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, 2018 and 2017 or the defined benefit pension plan NPPC for the years ended 2018, 2017 and 2016. The U.S. discount rate was determined using a yield curve that was produced from a universe containing approximately 1,100 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 deviation from the expected yield and the 10% with the lowest deviation from the expected yield within each duration 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 seek to approximate the cash inflows with the timing and amounts of the expected benefit payments. Accumulated Benefit Obligation The accumulated benefit obligation for all defined benefit pension plans at December 31, 2018 and 2017 was as follows: U.S. Plans International Plans December 31 December 31 (In millions) 2018 2017 2018 2017 Accumulated benefit obligation $ 286.0 $ 314.9 $ 869.4 $ 1,010.6 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, 2018 and 2017 were as follows: U.S. Plans International Plans December 31 December 31 (In millions) 2018 2017 2018 2017 Projected benefit obligation $ 279.2 $ 306.0 $ 831.7 $ 986.6 Accumulated benefit obligation 279.2 306.0 828.9 981.9 Fair value of plan assets 196.6 219.2 701.4 812.0 The asset allocations attributable to the Company's U.S. defined benefit pension plans at December 31, 2018 and 2017 , 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 2018 2017 Domestic equity securities 27%-37% 30.6 % 38.6 % International equity securities 20%-30% 22.0 % 24.5 % Fixed income securities 35%-45% 42.9 % 30.9 % Cash and cash equivalents Less than 5% 0.7 % 1.0 % Other (a) 0%-10% 3.8 % 5.0 % (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 considering 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 2019 and 2018 , 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, 2018 and 2017, valued at $8.9 million and $8.4 million , respectively. These shares represented 4.4% and 3.7% of total U.S. plan assets at December 31, 2018 and 2017 , respectively. The asset allocations attributable to the Company's international defined benefit pension plans at December 31, 2018 and 2017 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 2018 2017 Equity securities 29.0 % 29.2 % 31.5 % Fixed income securities 50.0 % 50.7 % 44.6 % Cash and cash equivalents — 0.3 % 0.3 % Other (b) 21.0 % 19.8 % 23.6 % (b) Investments within this caption include diversified growth funds and real estate funds. International defined benefit pension plan assets at December 31, 2018 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 both 2019 and 2018, the expected return on asset assumption for the U.K. plan is 5.5% . 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, 2018 by asset class are as follows: (In thousands) Total Level 1 Level 2 Domestic equities: Common stocks $ 8,937 $ 8,937 $ — Mutual funds—equities 54,002 54,002 — International equities: Mutual funds—equities 45,195 45,195 — Fixed income investments: Mutual funds—bonds 88,107 88,107 — Other—mutual funds 7,703 7,703 — Cash and money market accounts 1,444 1,444 — Total $ 205,388 $ 205,388 $ — 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 international defined benefit pension plans' assets at December 31, 2018 by asset class are as follows: (In thousands) Total Level 1 Level 2 Equity securities: Mutual funds—equities $ 217,321 $ — $ 217,321 Fixed income investments: Mutual funds—bonds 372,094 — 372,094 Insurance contracts 5,620 — 5,620 Other: Other mutual funds 147,313 — 147,313 Cash and money market accounts 2,190 2,190 — Total $ 744,538 $ 2,190 $ 742,348 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 $ 265,989 $ — $ 265,989 Fixed income investments: Mutual funds—bonds 369,291 — 369,291 Insurance contracts 6,189 6,189 Other: Other mutual funds 198,856 — 198,856 Cash and money market accounts 2,392 2,392 — Total $ 842,717 $ 2,392 $ 840,325 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. 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 $2.0 million for the years ended December 31, 2018 , 2017 and 2016 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Current income tax expense represents the amounts expected to be reported on the Company's income tax returns, and deferred income tax expense or benefit represents the change in net deferred tax assets and liabilities. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted income tax rates that will be in effect when these differences reverse. Valuation allowances are recorded as appropriate to reduce deferred tax assets to the amount considered likely to be realized. On December 22, 2017, the Tax Act was signed into law. The Tax Act significantly changed U.S. tax law by, among other things, lowering corporate income tax rates, implementing a territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. The Tax Act permanently reduced the U.S. Corporate income tax rate from a maximum of 35% to a 21% rate, effective January 1, 2018. The Tax Act provides for a one-time deemed mandatory repatriation of post-1986 undistributed foreign subsidiary Earnings and Profits ("E&P") through 2017. Based on the analysis of E&P, no income tax expense was recorded in the Company's Consolidated Statement of Operations for 2018 or 2017. While the Tax Act provides for a territorial system, beginning in 2018, it includes the global intangible low-taxed income ("GILTI") provision. The Company elected to account for GILTI tax in the period in which it is incurred. The GILTI provisions require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary's tangible assets. The GILTI tax expense is primarily caused by a U.S. foreign tax credit limitation which requires an allocation of expenses to the GILTI income, which limits the ability to benefit from foreign tax credits. As a result of the GILTI provisions, the Company's effective tax rate increased by 0.25% for 2018. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 ("SAB 118") to address the application of U.S. GAAP in situations when a registrant did 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 Tax Act. The Company recognized a provisional $48.7 million income tax charge related to the revaluation of deferred tax assets and liabilities in its consolidated financial statements for the year ended December 31, 2017. Adjustments made to the provisional amounts allowed under SAB 118 were identified and recorded as discrete adjustments as described in the following paragraph. During the fourth quarter of 2018, the Company recognized a $15.4 million discrete income tax benefit for adjustments to the provisional income tax impacts of the Tax Act included in its consolidated financial statement for the year ended December 31, 2017. These adjustments resulted from changes in its revaluation of deferred tax assets and liabilities due to additional analysis, changes in interpretations and assumptions the Company made, and additional regulatory guidance that was issued. The accounting for the Tax Act was completed in the fourth quarter of 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) 2018 2017 2016 U.S. $ 69,125 $ 5,694 $ (99,939 ) International 88,129 89,757 20,468 Total income (loss) from continuing operations before income taxes and equity income $ 157,254 $ 95,451 $ (79,471 ) Income tax expense as reported on the Consolidated Statements of Operations consists of the following: (In thousands) 2018 2017 2016 Income tax expense (benefit): Currently payable: U.S. federal $ 281 $ 4,107 $ (4,088 ) U.S. state 1,127 372 365 International 18,014 21,975 18,014 Total income taxes currently payable 19,422 26,454 14,291 Deferred U.S. federal 7,164 46,470 (8,195 ) Deferred U.S. state (11,045 ) 1,142 2,238 Deferred international (2,642 ) 9,737 (1,697 ) Total income tax expense $ 12,899 $ 83,803 $ 6,637 Cash payments for income taxes were $26.8 million , $24.9 million and $14.6 million for 2018 , 2017 and 2016 , 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) 2018 2017 2016 U.S. federal income tax expense (benefit) $ 33,023 $ 33,408 $ (27,815 ) U.S. state income taxes, net of federal income tax benefit 1,614 786 (355 ) U.S. domestic deductions and credits (6,145 ) (1,210 ) (661 ) 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 5,399 675 2,006 Uncertain tax position contingencies and settlements (1,180 ) (1,517 ) (1,886 ) Changes in realization on beginning of the year deferred tax assets (6,937 ) 2,758 1,978 Forward Loss Provisions in SBB Contract with no realizable tax benefits — — 15,768 Global Intangible Low-Taxed Income 400 — — U.S. non-deductible expenses 2,277 664 724 Income related to the Infrastructure Transaction — — (644 ) Impact of U.S. tax reform (15,409 ) 48,680 — Cumulative effect of change in statutory tax rates/laws — (153 ) (388 ) Income from unconsolidated entities — — 2,098 Other, net (143 ) (288 ) (294 ) Total income tax expense $ 12,899 $ 83,803 $ 6,637 At December 31, 2018 , 2017 and 2016 , the Company's annual effective income tax rate on income from continuing operations was 8.2% , 87.8% and (8.4)% , respectively. The Company’s international income from continuing operations before income taxes and equity income (loss) was $88.1 million and $89.8 million for 2018 and 2017, respectively. In 2017, because of the reduction in the U.S. corporate income tax rate from 35% to 21% under the Tax 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 income tax expense in the Company’s Consolidated Statement of Operations for 2017. The decreased international income from continuing operations, the $8.3 million income tax benefit recorded in the second quarter of 2018 arising from the adjustment to certain existing deferred tax asset valuation allowances as the result of the Altek acquisition, and the provisional income tax expense because of the Tax Act not recurring in 2018 decreased the Company's total international income tax expense to $15.4 million in 2018 from $31.7 million in 2017. The Company’s differences in effective income tax rates for 2018 and 2017 on international earnings and remittances was $5.4 million and $0.7 million , respectively, which included U.S income tax expense on international deemed remittances of $3.1 million and $6.4 million , respectively. This increase is primarily due to the reduction of U.S. Corporate income tax rate from a maximum 35% to a 21% rate. The Company's income from continuing operations before income taxes and equity income attributable to the U.S. was $69.1 million and $5.7 million for 2018 and 2017, respectively. In 2017, due to the impact of the Tax Act, the Company recognized a $14.9 million provisional income 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 Tax Act had on future foreign source income. In 2018, the Company finalized the impact of the Tax Act and recognized a $15.4 million income tax benefit because of the change in expected realization of foreign tax credit and state net operating loss carryforwards. The Company's total U.S. income tax expense decreased from $52.1 million in 2017 to a $2.5 million income tax benefit in 2018 due primarily to the impact of the Tax Act, including the lower tax rate. The income tax effects of the temporary differences giving rise to the Company's deferred tax assets and liabilities at December 31, 2018 and 2017 are as follows: 2018 2017 (In thousands) Asset Liability Asset Liability Depreciation and amortization $ — $ 8,681 $ 6,616 $ — Expense accruals 18,827 — 17,690 — Inventories 3,071 — 4,390 — Provision for receivables 690 — 649 — Deferred revenue — 3,122 — 979 Operating loss carryforwards 83,168 — 90,193 — Foreign tax credit carryforwards 25,814 — 27,256 — Capital loss carryforwards 9,759 — 11,011 — Pensions 40,442 — 47,153 — Currency adjustments 3,795 — 7,160 — Deferred financing costs — 2,227 — 2,135 Post-retirement benefits 471 — 403 — Stock based compensation 5,832 — 4,761 — Other 5,886 — 7,684 — Subtotal 197,755 14,030 224,966 3,114 Valuation allowance (138,862 ) — (174,227 ) — Total deferred income taxes $ 58,893 $ 14,030 $ 50,739 $ 3,114 The deferred tax asset and liability balances recognized on the Consolidated Balance Sheets at December 31, 2018 and 2017 are as follows: (In thousands) 2018 2017 Deferred income tax assets $ 49,114 $ 51,574 Other liabilities 4,251 3,949 At December 31, 2018 , the tax-effected amount of net operating loss carryforwards ("NOLs") totaled $83.2 million . Tax-effected NOLs from international operations are $68.1 million . Of that amount, $56.6 million can be carried forward indefinitely and $11.5 million will expire at various times between 2019 and 2039. Tax-effected U.S. state NOLs are $15.1 million . Of that amount, $4.3 million expire at various times between 2019 and 2023, $2.9 million expire at various times between 2024 and 2028, $3.4 million expire at various times between 2029 and 2033 and $4.5 million expire at various times between 2034 and 2038. At December 31, 2018 , the tax-effected amount of capital loss carryforwards totaled $9.8 million which expire in 2021. Valuation allowances of $138.9 million and $174.2 million at December 31, 2018 and 2017 , 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 2018, the Company finalized the impact of the Tax Act and reduced the provisional valuation allowance by $15.2 million because of the expected realization of foreign tax credit and state net operating loss carryforward. In addition, the U.K. valuation allowance was reduced by $13.6 million as a result of the Altek acquisition and a change in estimate of interest deductions. The Company recorded a valuation allowance reduction of $8.7 million from the effects of foreign currency translation adjustments, partially offset by the net increase related to losses in certain jurisdictions where the Company determined that it is more likely than not that these assets will not be realized. In 2017, the Company recorded a valuation allowance of $27.3 million related to foreign tax credit carryforwards due to the impact of the Tax 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. The Tax Act introduced a transition tax and a territorial tax system, which was effective beginning in 2018. The territorial tax system impacts the Company's overall global capital and legal entity structure, working capital, and repatriation plan on a go-forward basis. Based on the Company's analysis of the territorial tax system and other new international tax provisions, the Company continues to support the assertion to indefinitely reinvest $677 million of accumulated foreign earnings and profits in non-U.S. jurisdictions. Included in this amount is $628 million of deferred foreign income from foreign entities' deficit earnings and profits as of December 31, 2017 that remain untaxed as a result of the Tax Act and $49 million of untaxed earnings and profits generated during 2018. In addition, the Company recognized $4 million of GILTI included in the Tax Act which increases earnings previously taxed in the U.S. Further, it is impracticable for the Company to estimate any future tax costs for any unrecognized deferred tax liabilities associated with its indefinite reinvestment assertion, because the actual tax liability, if any, would be dependent on complex analysis and calculations considering various tax laws, exchange rates, circumstances existing when a repatriation, sale, or liquidation occurs, or other factors. The Company recognizes accrued interest and penalty expense related to unrecognized income tax benefits in income tax expense. During 2018 and 2016, the Company recognized an income tax benefit of $0.2 million and $1.7 million , respectively, 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. The Company has accrued $0.9 million , $1.1 million and $1.1 million for the payment of interest and penalties at December 31, 2018 , 2017 and 2016 respectively. A reconciliation of the change in the unrecognized income tax benefits balance from January 1, 2016 to December 31, 2018 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, 2016 $ 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 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 ) Balance at December 31, 2017 3,623 (31 ) 3,592 Additions for tax positions related to the current year (includes currency translation adjustment) 196 (1 ) 195 Statutes of limitation expirations (1,397 ) 6 (1,391 ) Total unrecognized income tax benefits that, if recognized, would impact the effective income tax rate at December 31, 2018 $ 2,422 $ (26 ) $ 2,396 Within the next twelve months, it is reasonably possible that up to $0.1 million of unrecognized income tax benefits will be recognized upon settlement of income tax examinations and the expiration of various statutes of limitations. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
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 byproduct disposal sites. While each of these matters is subject to various uncertainties, it is probable that the Company will agree to make payments toward funding certain of these activities and it is possible that some of these matters will be decided unfavorably to the Company. The Company has evaluated its potential liability, and its financial exposure is dependent upon such factors as the continuing evolution of environmental laws and regulatory requirements, the availability and application of technology, the allocation of cost among potentially responsible parties, the years of remedial activity required and the remediation methods selected. The Company 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. Many 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, 2018 , 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 $21 million . Any change in the aggregate amount since the Company's last Annual Report on Form 10-K for the year ended December 31, 2017 is due to an increase in assessed interest and statutorily mandated legal fees for the period, as well as foreign currency translation. On June 4, 2018, the Appellate Court of the State of Sao Paulo ruled in favor of the SPRA, but ruled that the assessed penalty should be reduced to approximately $2 million . After calculating the interest accrued on the penalty, the Company estimates that this ruling reduces the current overall liability for this case to approximately $9 million . The Company has filed a series of motions for clarification on the ruling, one of which is still pending before the court. In the event the motion for clarification is unsuccessful, the Company plans to appeal both the liability ruling and the amount assessed. Due to multiple court precedents in the Company's favor, as well as the Company's ability to seek clarification as well as appeal, the Company does not believe a loss is probable. Another ICMS tax case involving the SPRA refers to the tax period from January 2002 to December 2003. In December 2018, the administrative tribunal hearing the case upheld the Company's liability. The Company plans to appeal to the judicial phase. The aggregate amount assessed by the tax authorities in August 2005 was $6.5 million (the amounts with regard to this claim are valued as of the date of the assessment since it has not yet reached the collection phase), composed of a principal amount of $1.5 million , with penalty and interest assessed through that date increasing such amount by an additional $5.0 million . On December 6, 2018, the administrative tribunal reduced the applicable penalties to $1.2 million . After calculating the interest accrued on the current penalty, the Company estimates that this ruling reduces the current overall liability for this case to approximately $10 million . All such amounts include the effect of foreign currency translation. Due to multiple court precedents in the Company's favor the Company does not believe a loss is probable. The Company continues to believe that sufficient coverage for these claims exists as a result of the indemnification obligations of the Company's customer and such customer's pledge of assets in connection with the October 2009 notice, as required by Brazilian law. The Company intends to continue its practice of vigorously defending itself against these tax claims under various alternatives, including judicial appeal. The Company will continue to evaluate its potential liability with regard to these claims on a quarterly basis; however, it is not possible to predict the ultimate outcome of these tax-related disputes in Brazil. No loss provision has been recorded in the Company's 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. As of December 31, 2018 and 2017 , the Company has established reserves of $7.1 million and $9.6 million , respectively, on the Company's Consolidated Balance Sheets for amounts considered to be probable and estimable. Customer Disputes The Company may, in the normal course of business, become involved in commercial disputes with subcontractors or customers. Although results of operations and cash flows for a given period could be adversely affected by a negative outcome in these or other lawsuits, claims or proceedings, management believes that the ultimate outcome of any ongoing matters will not have a material adverse effect on the Company's financial condition, results of operations or cash flows. 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 $317 million plus interest in property damages and 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. 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. As a result, the Company believes the situation will not result in a net unreimbursed loss. Compliance Matter In 2017, the Company undertook 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 the Company learned about certain payments that potentially violate the Foreign Corrupt Practices Act. Revenues attributed to Harsco Rail China were approximately 2% of the Company’s consolidated revenues for each of the prior three completed fiscal years. Based on information known to date, the Company believes the amount of the potential improper payments are not material to the condensed 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 condensed consolidated financial statements. The Company had previously voluntarily self-reported its initial findings to the SEC and the U.S. Department of Justice (the “DOJ”). At this time, the Company cannot predict any 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 condensed 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. The Company has fully cooperated with the agencies in their review and the Company has not been advised that either agency intends to take any action against the Company. 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, 2018 , there were approximately 17,134 pending asbestos personal injury actions filed against the Company. Of those actions, approximately 16,592 were filed in the New York Supreme Court (New York County), approximately 116 were filed in other New York State Supreme Court Counties and approximately 426 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, 2018 , approximately 16,550 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 approximately 42 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 are being 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, 2018 , the Company has obtained dismissal in approximately 28,173 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. As previously disclosed, the Company has had ongoing meetings with the Supreme Council for Environment in Bahrain (“SCE”) over processing a byproduct (“salt cakes”) stored at the Al Hafeerah site. The Company’s Bahrain operations that produced the salt cakes has ceased operations and are owned under a strategic venture for which its strategic venture partner owns a 35% minority interest. An Environmental Impact Assessment and Technical Feasibility Study were approved by the SCE during the first quarter of 2018. The Company has previously established a reserve of $7.0 million, which represents the Company's best estimate of the ultimate costs to be incurred to resolve this matter. The Company continues to evaluate this reserve and any future change in estimated costs could be material to the Company’s results of operations in any one period. On July 27, 2018, Brazil’s Federal and Rio de Janeiro State Public Prosecution Offices (MPF and MPE) filed a Civil Public Action against one of the Company's customers (CSN), the Company’s Brazilian subsidiary, the Municipality of Volta Redonda, Brazil, and the Instituto Estadual do Ambiente (local environmental protection agency) seeking the implementation of various measures to limit and reduce the accumulation of customer-owned slag at the site in Brazil. On August 6, 2018, the 3rd Federal Court in Volta Redonda granted the MPF and MPE an injunction against the same parties requiring, among other things, CSN and the Company’s Brazilian subsidiary to limit the volume of slag sent to the site. Because the customer owns the site and the slag located on the site, the Company believes that complying with this injunction is the steel producer’s responsibility. Nevertheless, if the customer does not comply, the Company’s Brazilian subsidiary, as a party to the injunction, could be assessed fines for non-compliance or could incur other losses related to the issue. Both the Company and CSN continue to have discussions with the governmental authorities on the injunction. The Company does not believe that a loss relating to this matter is probable or estimable at this point. On October 19, 2018, local environmental authorities issued an enforcement action against the Company concerning the Company’s operations at a customer site in Ijmuiden, Netherlands. The enforcement action alleges violations of the Company’s environmental permit at the site, which restricts the release of any visible dust emissions. The enforcement action ordered the Company to cease all violations of the permit by October 31, 2018. The authorities have issued fines of approximately $0.3 million , with the possibility of additional fines for any future violations. The Company is vigorously contesting the enforcement action and fines and is also working with its customer to ensure the control of emissions. The Company has contractual indemnity rights from its customer, should it be required to pay the assessed fines. 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. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2018 | |
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, 2016 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 Shares issued for vested restricted stock units 545,908 161,774 384,134 Stock appreciation rights exercised 39,917 11,808 28,109 Treasury shares purchased — 1,321,072 (1,321,072 ) Outstanding, December 31, 2018 113,473,951 33,928,928 79,545,023 (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) 2018 2017 2016 Income (loss) from continuing operations attributable to Harsco Corporation common stockholders $ 136,783 $ 7,626 $ (86,336 ) Weighted-average shares outstanding—basic 80,716 80,553 80,333 Dilutive effect of stock-based compensation 2,879 2,287 — Weighted-average shares outstanding—diluted 83,595 82,840 80,333 Income (loss) from continuing operations per common share, attributable to Harsco Corporation common stockholders: Basic $ 1.69 $ 0.09 $ (1.07 ) Diluted $ 1.64 $ 0.09 $ (1.07 ) 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) 2018 2017 2016 Restricted stock units — — 810 Stock options — 52 89 Stock appreciation rights 306 811 1,458 Performance share units — 201 684 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation 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"), stock appreciation rights ("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, 2018 , there were 3,695,156 shares available for granting equity awards under the 2013 Plan, of which 2,374,533 shares were available for awards other than option rights or SARs. At December 31, 2018 , there were 194,370 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 2016, 2017 and 2018 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 upon vesting for awards issued under the 2016 Plan and following the termination of the participant's service as a director under prior plans. 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, 2018 , 2017 and 2016 : RSUs (a) Weighted Average Fair Value Expense (Dollars in thousands, except per unit) 2018 2017 2016 Directors: 2015 59,985 $ 15.69 — — 314 2016 109,998 $ 7.00 — 257 513 2017 56,203 $ 13.70 179 641 — 2018 43,821 $ 20.54 511 — — Employees: 2013 170,582 $ 20.63 — — 66 2014 190,832 $ 25.21 — 316 669 2015 239,679 $ 16.53 230 597 880 2016 536,773 $ 7.09 935 1,011 995 2017 286,251 $ 13.70 1,019 1,417 — 2018 242,791 $ 19.93 1,656 — — Total $ 4,530 $ 4,239 $ 3,437 (a) Represents number of awards originally issued. RSU activity for the year ended December 31, 2018 was as follows: Number of Shares Weighted Average Grant-Date Fair Value Non-vested at December 31, 2017 801,939 $ 11.73 Granted 286,612 20.03 Vested (478,917 ) 12.48 Forfeited (26,254 ) 14.11 Non-vested at December 31, 2018 583,380 15.08 At December 31, 2018 , the total unrecognized compensation expense related to non-vested RSUs was $4.9 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. 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 2, 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 three year basis 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 the 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 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. During 2018, the Company issued SARS covering 221,818 shares in March and 7,622 in July 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 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 March 2018 Grant 2.69 % — % 6.0 44.6 % 19.80 9.16 July 2018 Grant 2.87 % — % 6.0 44.7 % 24.65 11.48 SARs activity for the year ended December 31, 2018 was as follows: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value (in millions) (b) Outstanding, December 31, 2017 1,679,276 $ 15.40 $ 7.9 Granted 229,440 19.99 Exercised (150,013 ) 17.88 Forfeited/Expired (13,256 ) 24.53 Outstanding, December 31, 2018 1,745,447 15.73 8.9 (b) 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 2018 and 2017 was $0.5 million and $ 0.3 million respectively. No SARs were exercised in 2016 . The following table summarizes information concerning outstanding and exercisable SARs at December 31, 2018 : 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 - $13.70 484,331 242,513 $ 9.41 7.65 484,331 $ 9.24 $16.53 - $22.70 532,700 217,343 18.58 6.78 532,700 18.08 $23.03 - $26.92 260,938 7,622 24.84 5.45 260,938 24.84 1,277,969 467,478 15.73 6.94 1,277,969 16.11 Total compensation expense related to SARs was $1.9 million , $2.0 million and $1.7 million for the years ended December 31, 2018 , 2017 and 2016, respectively. Vested and currently exercisable SARs have a weighted-average remaining contractual life of 6.94 years and an intrinsic value of 8.9 million at December 31, 2018 and total unrecognized compensation expense related to non-vested SARs was $2.2 million , which will be recognized over a weighted average period of 1.8 years. Weighted-average grant date fair value of non-vested SARs for the year ended December 31, 2018 was as follows: Number of Shares Weighted-Average Grant Date Fair Value Non-vested shares, December 31, 2017 877,417 $ 4.42 Granted 229,440 9.17 Vested (626,123 ) 4.63 Forfeited (13,256 ) 7.51 Non-vested shares, December 31, 2018 467,478 6.65 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 2016, 2017 and 2018, 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, 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. During the year ended December 31, 2018, the Company granted 233,266 shares in March and 6,742 shares in July 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 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 March 2018 Grant 2.36 % — % 2.83 34.7 % 29.56 July 2018 Grant 2.69 % — % 2.42 33.1 % 39.06 Total compensation expense related to PSUs was $4.8 million , $3.5 million and $2.5 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. At December 31, 2018 , total unrecognized compensation expense related to non-vested PSUs was $5.9 million , which will be recognized over a weighted average period of 1.8 years. A summary of the Company's non-vested PSU activity during the year ending December 31, 2018 was as follows: Number of Shares Weighted-Average Grant Date Fair Value Non-vested shares, December 31, 2017 743,583 $ 10.91 Granted 240,008 29.83 Forfeited (34,426 ) 13.33 Vested, not issued (c) (454,283 ) 7.41 Non-vested shares, December 31, 2018 494,882 23.13 (c) The measurement period for PSUs issued in 2016 ended on December 31, 2018 and these shares vested but will not be issued until the Board of Directors certifies the measurement period results in early 2019. A total of 908,566 shares are expected to be issued and have been included in the Company's calculation of diluted weighted average shares at the end of December 31, 2018. 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 the fair value on the grant date. Upon exercise, shares of the 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 stock options. All stock options are vested and there was no compensation expense related to stock options in 2018, 2017, and 2016. There were no stock options exercised and no net cash proceeds from the exercise of stock options in 2018, 2017 and 2016. All stock options outstanding at December 31, 2017 were forfeited during 2018 and there are no |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
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 $285.4 million , $275.4 million and $273.1 million at December 31, 2018 , 2017 and 2016 , respectively. 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 3.9% 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, 2018 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 2018 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 2 years at December 31, 2018 . The maximum potential amount of future payments related to this guarantee is approximately $3 million at December 31, 2018 . 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 in 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 2018 , 2017 or 2016 . 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. 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 give 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 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 fair value of outstanding derivative contracts recorded as assets and liabilities on the Consolidated Balance Sheets was as follows: (In thousands) Balance Sheet Location Fair Value of Derivatives Designated as Hedging Instruments Fair Value of Derivatives Not Designated as Hedging Instruments Total Fair Value December 31, 2018 Asset derivatives (Level 2): Foreign currency exchange forward contracts Other current assets $ 2,970 $ 589 $ 3,559 Interest rate swaps Other current assets 1,331 — 1,331 Interest rate swaps Other assets 128 — 128 Total $ 4,429 $ 589 $ 5,018 Liability derivatives (Level 2): Foreign currency exchange forward contracts Other current liabilities $ 24 $ 2,910 $ 2,934 Interest rate swaps Other liabilities 1,849 — 1,849 Total $ 1,873 $ 2,910 $ 4,783 December 31, 2017 Asset derivatives (Level 2): Foreign currency exchange forward contracts Other current assets $ 2,329 $ 2,915 $ 5,244 Interest rate swaps Other current assets 464 — 464 Interest rate swaps Other assets 170 — 170 Total $ 2,963 $ 2,915 $ 5,878 Liability derivatives (Level 2): Foreign currency exchange forward contracts Other current liabilities $ 153 $ 6,970 $ 7,123 Interest rate swaps Other liabilities 1,368 — 1,368 Total $ 1,521 $ 6,970 $ 8,491 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 $0.1 million and $0.2 million net liability at December 31, 2018 and December 31, 2017 , respectively. 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, 2018: Foreign currency exchange forward contracts $ 1,935 Product revenues / Cost of services and products sold $ (374 ) $ — Foreign currency forward exchange contracts — Retained earnings (1,520 ) (b) — Interest rate swaps 1,451 Interest expense (1,108 ) — Cross-currency interest rate swaps 63 (a) Interest expense 1,264 — $ 3,449 $ (1,738 ) $ — 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 ) (a) Interest expense 1,002 Cost of services and products sold 420 (c) $ 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 (c) $ 745 $ (410 ) $ 4,042 (a) Amounts represent changes in foreign currency translation related to balances in Accumulated other comprehensive loss. (b) The Company has adopted the new revenue recognition standard utilizing the modified retrospective transition method, including use of practical expedients. See Note 2, Recently Adopted and Recently Issued Accounting Standards for additional information. (c) These gains (losses) offset foreign currency fluctuation effects on the debt principal. Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives for the Twelve Months Ended December 31(d) (In thousands) 2018 2017 2016 Foreign currency exchange forward contracts Cost of services and products sold $ 17,262 $ (23,572 ) $ 15,875 (d) 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. 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 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. 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 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. At December 31, 2018 and December 31, 2017 , the notional amounts of foreign currency exchange forward contracts were $423.9 million and $671.9 million , respectively. These contracts primarily hedge British pounds sterling and euros against other currencies and mature through October 2021 . 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 losses of $9.9 million , pre-tax net gains of $17.4 million and pre-tax net losses of $37.5 million related to hedges of net investments during 2018 , 2017 and 2016 , 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. Changes in the fair value attributed to the effect of the swaps’ interest spread and changes in the credit worthiness of the counter-parties are recorded in Accumulated other comprehensive loss. In January 2017 and February 2018, the Company entered into a series of interest rate swaps that cover the period from 2018 through 2022 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 3.12% for 2022. The total notional of the Company's interest rate swaps was $300.0 million as of December 31, 2018 . 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. Changes in the fair value attributed to the effect of the swaps' interest spread and changes in the credit worthiness of the counter-parties are recorded in Accumulated other comprehensive loss. Changes in value attributed to the effect of foreign currency fluctuations are recorded in the Consolidated Statements of Operations and offset currency fluctuation effects on the debt principal. The Company had no outstanding CCIRs at December 31, 2018 or December 31, 2017 . Fair Value of Other Financial Instruments 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, 2018 and 2017 , the total fair value of long-term debt, including current maturities, was $592.0 million and $599.1 million , respectively, compared with a carrying value of $605.4 million and $593.7 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. |
Information by Segment and Geog
Information by Segment and Geographic Area | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 , 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 product quality improvement; resource recovery from steel and metals manufacturing; and material logistics; value added environmental solutions for industrial co-products; as well as aluminum dross and scrap process systems. Major customers include steel mills and asphalt roofing manufacturers. Harsco Industrial Segment Major products include air-cooled heat exchangers; industrial grating and 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. There are no significant inter-segment sales. Corporate assets, at December 31, 2018 and 2017 , 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) 2018 2017 2016 U.S. $ 812,941 $ 697,663 $ 614,327 U.K. 143,346 146,624 156,552 All Other 766,093 762,775 680,344 Totals including Corporate $ 1,722,380 $ 1,607,062 $ 1,451,223 (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) 2018 2017 2016 U.S. $ 135,086 $ 120,555 $ 125,386 China 89,503 95,569 90,288 Brazil 36,960 54,704 62,597 All Other 208,351 208,919 211,984 Totals including Corporate $ 469,900 $ 479,747 $ 490,255 No single customer provided in excess of 10% of the Company's consolidated revenues in 2018 , 2017 and 2016 . In 2018 , 2017 and 2016, the Harsco Metals & Minerals Segment had one customer that 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 2018 and 2016, the Harsco Industrial Segment had no customers and in 2017 one customer that provided in excess of 10% of the Segment's revenues. In 2018 , 2017 and 2016, the Harsco Rail Segment had one customer 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) 2018 2017 2016 Revenues Harsco Metals & Minerals $ 1,068,304 $ 1,011,328 $ 965,540 Harsco Industrial 374,708 299,592 247,542 Harsco Rail 279,294 295,999 238,107 Corporate 74 143 34 Total Revenues $ 1,722,380 $ 1,607,062 $ 1,451,223 Operating Income (Loss) Harsco Metals & Minerals $ 121,195 $ 102,362 $ 78,590 Harsco Industrial 54,665 35,532 23,804 Harsco Rail 37,341 32,953 (16,592 ) Corporate (22,274 ) (25,453 ) (20,919 ) Total Operating Income $ 190,927 $ 145,394 $ 64,883 Total Assets Harsco Metals & Minerals $ 1,230,152 $ 1,184,280 $ 1,181,602 Harsco Industrial 163,324 113,410 107,987 Harsco Rail 186,049 237,135 204,477 Corporate 53,342 43,860 87,272 Total Assets $ 1,632,867 $ 1,578,685 $ 1,581,338 Depreciation and Amortization Harsco Metals & Minerals $ 115,059 $ 112,329 $ 120,611 Harsco Industrial 7,729 7,360 7,223 Harsco Rail 4,287 4,221 5,383 Corporate 5,710 6,027 8,269 Total Depreciation and Amortization $ 132,785 $ 129,937 $ 141,486 Capital Expenditures Harsco Metals & Minerals $ 114,142 $ 87,526 $ 62,322 Harsco Industrial 7,561 6,895 5,118 Harsco Rail 9,152 2,403 1,696 Corporate 1,313 1,490 204 Total Capital Expenditures $ 132,168 $ 98,314 $ 69,340 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) 2018 2017 2016 Segment operating income $ 213,201 $ 170,847 $ 85,802 General Corporate expense (22,274 ) (25,453 ) (20,919 ) Operating income from continuing operations 190,927 145,394 64,883 Interest income 2,155 2,469 2,475 Interest expense (38,148 ) (47,552 ) (51,584 ) Defined benefit pension income (expense) 3,447 (2,595 ) (1,414 ) Loss on early extinguishment of debt (1,127 ) (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 ) Income (loss) from continuing operations before income taxes and equity income $ 157,254 $ 95,451 $ (79,471 ) |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company recognizes revenues to depict the transfer of promised services and products to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services or products. 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. See Note 1, Summary of Significant Accounting Policies, Revenue Recognition, for additional information. A summary of the Company's revenues by primary geographical markets as well as by key product and service groups is as follows: Twelve Months Ended December 31, 2018 (In thousands) Harsco Metals & Minerals Segment Harsco Industrial Segment Harsco Rail Segment Corporate Consolidated Totals Primary Geographical Markets (a) : North America $ 302,238 $ 354,558 $ 205,212 $ 74 $ 862,082 Western Europe 390,840 — 48,016 — 438,856 Latin America (b) 151,886 20,150 3,977 — 176,013 Asia-Pacific 145,761 — 22,089 — 167,850 Middle East and Africa 50,003 — — — 50,003 Eastern Europe 27,576 — — — 27,576 Total Revenues (c) $ 1,068,304 $ 374,708 $ 279,294 $ 74 $ 1,722,380 Key Product and Service Groups: On-site services and material logistics, product quality improvement and resource recovery for iron, steel and metals manufacturing; value- added environmental solutions for industrial co-products; as well as aluminum dross and scrap processing systems $ 1,068,304 $ — $ — $ — $ 1,068,304 Railway track maintenance services and equipment — — 279,294 — 279,294 Air-cooled heat exchangers — 207,184 — — 207,184 Industrial grating products — 127,419 — — 127,419 Heat transfer products — 40,105 — — 40,105 General Corporate — — — 74 74 Total Revenues (c) $ 1,068,304 $ 374,708 $ 279,294 $ 74 $ 1,722,380 Twelve Months Ended December 31, 2017 (In thousands) Harsco Metals & Minerals Segment Harsco Industrial Segment Harsco Rail Segment Corporate Consolidated Totals Primary Geographical Markets (a) : North America $ 274,476 $ 273,775 $ 196,567 $ 143 $ 744,961 Western Europe 369,763 — 78,698 — 448,461 Latin America (b) 159,130 21,369 2,827 — 183,326 Asia-Pacific 138,311 4,448 17,907 — 160,666 Middle East and Africa 42,700 — — — 42,700 Eastern Europe 26,948 — — — 26,948 Total Revenues (c) $ 1,011,328 $ 299,592 $ 295,999 $ 143 $ 1,607,062 Key Product and Service Groups: On-site services and material logistics, product quality improvement and resource recovery for iron, steel and metals manufacturing; value- added environmental solutions for industrial co-products; as well as aluminum dross and scrap processing systems $ 1,011,328 $ — $ — $ — $ 1,011,328 Railway track maintenance services and equipment — — 295,999 — 295,999 Air-cooled heat exchangers — 144,955 — — 144,955 Industrial grating products — 116,598 — — 116,598 Heat transfer products — 38,039 — — 38,039 General Corporate — — — 143 143 Total Revenues (c) $ 1,011,328 $ 299,592 $ 295,999 $ 143 $ 1,607,062 Twelve Months Ended December 31, 2016 (In thousands) Harsco Metals & Minerals Segment Harsco Industrial Segment Harsco Rail Segment Corporate Consolidated Totals Primary Geographical Markets (a) : North America $ 247,287 $ 215,322 $ 191,726 $ 34 $ 654,369 Western Europe 388,336 — 30,270 — 418,606 Latin America (b) 134,071 28,256 2,014 — 164,341 Asia-Pacific 119,873 3,964 13,025 — 136,862 Middle East and Africa 45,659 — 1,072 — 46,731 Eastern Europe 30,314 — — — 30,314 Total Revenues (c) $ 965,540 $ 247,542 $ 238,107 $ 34 $ 1,451,223 Key Product and Service Groups: On-site services and material logistics, product quality improvement and resource recovery for iron, steel and metals manufacturing; value- added environmental solutions for industrial co-products; as well as aluminum dross and scrap processing systems $ 965,540 $ — $ — $ — $ 965,540 Railway track maintenance services and equipment — — 238,107 — 238,107 Air-cooled heat exchangers — 93,616 — — 93,616 Industrial grating products — 115,914 — — 115,914 Heat transfer products — 38,012 — — 38,012 General Corporate — — — 34 34 Total Revenues (c) $ 965,540 $ 247,542 $ 238,107 $ 34 $ 1,451,223 (a) Revenues are attributed to individual countries based on the location of the facility generating the revenue. (b) Includes Mexico. (c) The Company has adopted the new revenue recognition standard utilizing the modified retrospective transition method, including use of practical expedients. Comparative information has not been restated and continues to be reported under U.S. GAAP in effect for those periods. See Note 2, Recently Adopted and Recently Issued Accounting Standards for additional information. The Company may receive payments in advance of earning revenue, which are treated as Advances on contracts on the Consolidated Balance Sheets. The Company may recognize revenue in advance of being able to contractually invoice the customer, which is treated as Contract assets on the Consolidated Balance Sheets. Contract assets are transferred to Trade accounts receivable, net when right to payment becomes unconditional. Contract assets and Contract liabilities are reported as a net position, on a contract-by-contract basis, at the end of each reporting period. These instances are primarily related to the Harsco Rail Segment and air-cooled heat exchangers business of the Harsco Industrial Segment. The Company had Contract assets totaling $21.8 million at January 1, 2018 and $24.3 million at December 31, 2018. The increase is due principally to revenue recognized in excess of amounts reclassified to trade accounts receivable, net of approximately $5 million and the Altek acquisition partially offset by a contract termination. The Company had Advances on contracts totaling $64.0 million at January 1, 2018 and $69.0 million at December 31, 2018. The increase is due principally to advances on contracts received in excess of revenue recognized of approximately $2 million as well as the Altek acquisition and foreign currency translation. At December 31, 2018 , the Harsco Metals & Minerals Segment had remaining, fixed, unsatisfied performance obligations, where the expected contract duration exceeds one year totaling $148.1 million . Of this amount, $44.3 million is expected to be fulfilled by December 31, 2019 , $39.6 million by December 31, 2020, $24.9 million by December 31, 2021, $24.1 million by December 31, 2022 and the remainder thereafter. These amounts exclude any variable fees, fixed fees subject to indexation and any performance obligations expected to be satisfied within one year. At December 31, 2018 , the Harsco Rail Segment had remaining, fixed, unsatisfied performance obligations, where the expected contract duration exceeds one year totaling $209.8 million . Of this amount, $65.5 million is expected to be fulfilled by December 31, 2019 , $70.8 million by December 31, 2020, $50.9 million by December 31, 2021, $18.7 million by December 31, 2022 and the remainder thereafter. These amounts exclude any variable fees, fixed fees subject to indexation and any performance obligations expected to be satisfied within one year. The Company provides assurance type warranties primarily for product sales in the Harsco Industrial and Harsco Rail Segments. These warranties are typically not priced or negotiated separately (there is no option to separately purchase the warranty) or the warranty does not provide customers with a service in addition to the assurance that the product complies with agreed-upon specifications. Accordingly, such warranties do not represent separate performance obligations. See Note 1, Summary of Significant Accounting Policies for additional information on warranties. The Company has elected to utilize the following practical expedients on an ongoing basis as part of the adoption: • The Company has not adjusted the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers the promised good or services to the customer and when the customer pays for that good or service would be one year or less; and • The Company has elected to exclude disclosures related to unsatisfied performance obligations where the related contract has a duration of one year or less; or where the consideration is entirely variable. Accordingly, the Company's disclosure related to unsatisfied performance obligations is limited to the railway track maintenance equipment in the Harsco Rail Segment and the fixed portion of fees related to metals services in the Harsco Metals & Minerals Segment. |
Other Expenses
Other Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Other Expenses | Other (Income) Expenses, Net The major components of this Consolidated Statements of Operations caption are as follows: (In thousands) 2018 2017 2016 Net gains Harsco Metals & Minerals Segment $ (2,650 ) $ (1,354 ) $ (1,828 ) Harsco Industrial Segment — (3,782 ) 64 Corporate (1,218 ) — — Total net gains (3,868 ) (5,136 ) (1,764 ) Employee termination benefit costs Harsco Metals & Minerals Segment 2,853 4,411 8,491 Harsco Industrial Segment 220 617 947 Harsco Rail Segment 704 1,133 297 Corporate 1,206 1,189 1,042 Total employee termination benefit costs 4,983 7,350 10,777 Other costs to exit activities Harsco Metals & Minerals Segment 352 706 220 Harsco Industrial Segment 258 371 40 Corporate (182 ) 556 180 Total other costs to exit activities 428 1,633 440 Impaired asset write-downs Harsco Metals & Minerals Segment 104 706 399 Harsco Industrial Segment 9 151 — Corporate — 168 — Total impaired asset write-downs 113 1,025 399 Harsco Metals & Minerals Segment contingent consideration adjustments (2,939 ) — — Harsco Metals & Minerals Segment separation costs — — 3,235 Other income (239 ) (231 ) (467 ) Total other (income) expenses, net $ (1,522 ) $ 4,641 $ 12,620 Net Gains Net gains result from the sales of redundant properties (primarily land, buildings and related equipment) and non-core assets. In 2018, gains related to assets sold principally in Eastern Europe, Western Europe and Asia Pacific. 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. 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 2018 related principally to the Harsco Metals & Minerals Segment, primarily in Asia Pacific and Western Europe and Corporate in North America. 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, primarily in Western Europe, Latin America and North America. Other Costs to Exit Activities Costs associated with exit or disposal activities include costs to terminate a contract and other costs associated with exit or disposal activities. 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 2018, $0.4 million of exit costs were incurred across several regions. 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. 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. Harsco Metals & Minerals Segment Contingent Consideration Adjustments The Company acquired Altek during 2018 and the purchase price included contingent consideration based on the performance of Altek through 2021. During 2018, the Company's assessment of these performance goals resulted in a $2.9 million |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 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, 2016 $ (144,534 ) $ (1,089 ) $ (461,094 ) $ (5 ) $ (606,722 ) Other comprehensive income 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 36,011 1,897 25,254 22 63,184 Less: Other comprehensive income attributable to noncontrolling interests (3,044 ) — — — (3,044 ) Other comprehensive income 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 ) 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, 2017 $ (111,567 ) $ 808 $ (435,840 ) $ 17 $ (546,582 ) Adoption of new accounting standard (c) (1,520 ) (1,520 ) Balance at January 1, 2018 (111,567 ) (712 ) (435,840 ) 17 (548,102 ) Other comprehensive income (loss) before reclassifications (50,743 ) (a) 2,466 (b) 8,450 (c) (48 ) (39,875 ) Amounts reclassified from accumulated other comprehensive loss, net of tax — (365 ) 18,735 — 18,370 Total other comprehensive income (loss) (50,743 ) 2,101 27,185 (48 ) (21,505 ) Less: Other comprehensive loss attributable to noncontrolling interests 2,500 — — — 2,500 Other comprehensive income (loss) attributable to Harsco Corporation (48,243 ) 2,101 27,185 (48 ) (19,005 ) Balance at December 31, 2018 $ (159,810 ) $ 1,389 $ (408,655 ) $ (31 ) $ (567,107 ) (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 2018 and 2017 are as follows: Year Ended December 31 2018 Year Ended December 31 2017 Affected Caption on the Consolidated Statements of Operations (In thousands) Amortization of defined benefit pension items (d) : Actuarial losses $ 20,014 $ 21,985 Defined benefit pension income (expense) Prior-service costs (139 ) 219 Defined benefit pension income (expense) Settlement/curtailment losses 249 — Defined benefit pension income (expense) Total before tax 20,124 22,204 Tax benefit (1,389 ) (2,093 ) Total reclassification of defined benefit pension items, net of tax $ 18,735 $ 20,111 Amortization of cash flow hedging instruments: Foreign currency exchange forward contracts $ (374 ) $ (936 ) Product revenues Foreign currency exchange forward contracts — (18 ) Cost of services and products sold Cross-currency interest rate swaps 1,264 1,002 Interest expense Interest rate swaps (1,108 ) — Interest expense Total before tax (218 ) 48 Tax benefit (147 ) (118 ) Total reclassification of cash flow hedging instruments $ (365 ) $ (70 ) (d) |
SCHEDULE II. VALUATION AND QUAL
SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, 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 (Deductions) 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 2018: Allowance for Doubtful Accounts $ 4,731 $ 372 $ (154 ) $ (315 ) (a) $ 4,634 Deferred Tax Assets—Valuation Allowance 174,227 (19,990 ) (8,693 ) (6,682 ) (b) 138,862 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 (15,008 ) (b) 174,227 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 (a) Includes the write-off of previously reserved accounts receivable balances. (b) Includes a decrease of $5.4 million related to a change in estimate of interest deductions and a decrease of $1.1 million due to capital loss carryforward expiring in the U.S in 2018. Includes a decrease of $11.6 million related to pension adjustments recorded through Accumulated other comprehensive loss and a $4.6 million |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Consolidation | ConsolidationThe 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 | ReclassificationsCertain reclassifications have been made to prior year amounts to conform with current year classifications. |
Cash and Cash Equivalents | Cash and Cash EquivalentsCash 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 $2.9 million and $4.1 million at December 31, 2018 and December 31, 2017 , respectively, and the restrictions are primarily related to collateral provided for certain guarantees of the Company’s performance. |
Inventories | InventoriesInventories 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 net realizable value. 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 or net realizable value. See Note 4, Accounts Receivable and Inventories, for additional information. |
Depreciation | DepreciationProperty, 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% |
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, 2018 . Almost all of the Company's goodwill is included in the Harsco Metals & Minerals Segment. |
Impairment of Long-Lived Assets (Other than Goodwill) | Long-Lived Assets Impairments (Other than Goodwill)Long-lived assets (or asset groups) are reviewed for impairment when events and circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. Long-lived assets (or asset groups) are reviewed for impairment when events and circumstances indicate the book value of an asset (or asset group) 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 (or asset group) exceeds the sum of the expected undiscounted future cash flows resulting from use of the asset (or asset group) and its eventual disposition. Impairment losses are measured as the amount by which the carrying amount of the asset (or asset group) exceeds its fair value, normally as determined in either open market transactions or through the use of a DCF model. Long-lived assets (or asset groups) 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 The Company recognizes revenues to depict the transfer of promised services and products to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services or products. 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 - This Segment provides on-site services, under long-term contracts, for material logistics; product quality improvement and resource recovery from iron, steel and metals manufacturing; manufactures and sells industrial abrasives and roofing granule products; and manufactures aluminum dross and scrap processing systems. • Service revenues are recognized over time as the customer simultaneously receives the benefits provided by the Company's performance. The Company utilizes an output method based on work performed (liquid steel tons processed, weight of material handled, etc.) to measure progress, which is deemed to best depict the transfer of value to the customer and revenue earned by the Company. Transaction prices are based on contractual terms, which may include both fixed and variable portions. The fixed portion is recognized as earned (normally monthly) over the contractual period. The variable portion is recognized as services are performed and differs based on the volume of services performed. Given the long-term nature of these arrangements, most contracts permit periodic adjustment of either the variable or both the fixed and variable portions based on the changes in macroeconomic indicators, including changes in commodity prices. Transaction prices, when the standalone selling price is not directly observable, are allocated to performance obligations utilizing an expected cost plus a margin approach. Amounts are typically billed and payable on a monthly basis as services are performed. • Product revenues in the applied products business are recognized at the point when control transfers to the customer. Control generally transfers at the point of shipment for domestic orders and in accordance with the international commercial terms included in contracts for export sales. Transaction prices are based on contractual terms, which are generally fixed and when the standalone selling price is not directly observable, allocated to performance obligations utilizing an adjusted market assessment approach. Amounts are billed and payable upon completion of each transaction. • Product revenues in the aluminum dross and scrap process systems business are generally recognized over time as control is transferred to the customer. Control transfers over time because aluminum dross and scrap systems are customized, have no alternate use and the Company has an enforceable right to payment. The Company utilizes an input method based on costs incurred ("cost-to-cost method") to measure progress, which is deemed to best depict the transfer of value to the customer and revenue earned by the Company. Transaction prices are based on contractual terms, which are generally fixed, and when the standalone selling price is not directly observable, allocated to performance obligations utilizing an adjusted market assessment approach. The Company may receive periodic payments associated with key milestones with any remaining consideration billed and payable upon completion of the transaction. Harsco Industrial - This Segment sells air-cooled heat exchangers, metal bar grating configurations and energy-efficient heat transfer products. • For air-cooled heat exchangers, revenue is recognized over time as control is transferred to the customer. Control transfers over time because the air-cooled heat exchangers are customized, have no alternate use and the Company has an enforceable right to payment. The Company utilizes a cost-to-cost method to measure progress, which is deemed to best depict the transfer of value to the customer and revenue earned by the Company. Transaction prices are based on contractual terms, which are generally fixed, and when the standalone selling price is not directly observable, allocated to performance obligations utilizing an adjusted market assessment approach. The Company may receive periodic payments associated with key milestones with any remaining consideration billed and payable upon completion of the transaction. • For metal bar grating configurations and energy-efficient heat transfer products, revenue is recognized at the point when control transfers to the customer. Control generally transfers at the point of shipment for domestic orders and in accordance with the international commercial terms included in contracts for export sales. Transaction prices are based on contractual terms, which are generally fixed, and when the standalone selling price is not directly observable, allocated to performance obligations utilizing an adjusted market assessment approach. Amounts are billed and payable upon completion of each transaction though advance payments are required in limited circumstances. Harsco Rail - This Segment sells railway track maintenance equipment, after-market parts and provides railway track maintenance services. • For the majority of railway track maintenance equipment sales, revenue is recognized at the point when control transfers to the customer. Control generally transfers at the point of shipment for domestic orders and in accordance with the international commercial terms included in contracts for export sales. In certain railway track maintenance equipment sales, revenue is recognized over time because such equipment is highly customized, has no alternate use and the Company has an enforceable right to payment. In such instances, the Company utilizes a cost-to-cost method to measure progress, which is deemed to best depict the transfer of value to the customer and revenue earned by the Company. Transaction prices are based on contracted terms, which are generally fixed, and when the standalone selling price is not directly observable, allocated to performance obligations utilizing either the adjusted market assessment or expected cost plus a margin approach. For certain transactions, the Company receives periodic payments associated with key milestones. In limited instances, those payments are intended to provide financing with such transactions being treated as including a significant financing component. Any remaining consideration is billed and payable upon completion of the transaction. • For after-market parts sales, revenue is recognized at the point when control transfers to the customer. Control generally transfer to the customer at the point of shipment for domestic orders and in accordance with the international commercial terms included in contracts for export sales. Transaction prices are based on contracted terms, which are generally fixed, and when the standalone selling price is not directly observable, allocated to performance obligations utilizing an adjusted market assessment approach. Amounts are billed and payable upon completion of each contract. • For railway track maintenance services, revenue is recognized over time as the customer simultaneously receives the benefits provided by the Company's performance. The Company utilizes an appropriate output method based on work performed (feet, miles, shifts worked, etc.) to measure progress, which is deemed to best depict the transfer of value to the customer and revenue earned by the Company. Transaction prices are based on contracted terms, which are generally variable. The variable portion is recognized as services are performed and differs based on the value of services. Given the long-term nature of these arrangements, most contracts permit periodic adjustment based on the changes in macroeconomic indicators. Transaction prices, when the standalone selling price is not directly observable, are allocated to performance obligations utilizing an expected cost plus a margin approach. Amounts are typically billed and payable on a monthly basis as services are performed. |
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. 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. |
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 2018 , 2017 and 2016 , the Company recorded insurance expense from continuing operations related to these lines of coverage of $14.3 million , $16.4 million and $15.0 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 2018 , 2017 and 2016 , the Company recorded retrospective insurance reserve adjustments that decreased pre-tax insurance expense from continuing operations for self-insured programs by $2.7 million , $2.6 million and $5.4 million , respectively. At December 31, 2018 and 2017 , the Company has recorded liabilities of $60.3 million and $33.6 million , respectively, related to both asserted as well as unasserted insurance claims. Included in the balances at December 31, 2018 and 2017 were $34.2 million and $4.1 million , respectively, of recognized liabilities covered by insurance carriers. Amounts estimated to be paid within one |
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 TranslationThe 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. |
Earnings Per Share | Earnings Per ShareBasic 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 StatementsThe 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 2018: On January 1, 2018, the Company adopted changes, with subsequent amendments, issued by the Financial Accounting Standards Board ("FASB") 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 adoption of these changes resulted in the following modifications to the Company's revenue recognition process: • Harsco Industrial Segment - The timing of revenue recognition for air-cooled heat exchanger sales, which the Company historically recognized upon the completion of the efforts associated with these arrangements, is now recognized over time with the impact of increasing revenue in earlier periods. This change also impacted the Company's Consolidated Balance Sheets by decreasing both Inventories and Advances on contracts; and creating a new caption and establishing a balance related to Contract assets. • Harsco Rail Segment - The timing of revenue recognition for certain railway track maintenance equipment sales, which the Company historically recognized upon the completion of the efforts associated with these arrangements, is now recognized over time with the impact of increasing revenue in earlier periods. This change also impacted the Company's Consolidated Balance Sheets by decreasing both Inventories and Advances on contracts; and creating a new caption and establishing a balance related to Contract assets. In addition, certain advance payments received from customers, which provide a significant benefit of financing and are expected to be outstanding longer than twelve months, are treated as significant financing components to the related transactions and the Company will increase the overall transaction price with a corresponding increase in interest expense. Additionally, the Company's disclosure related to revenue recognition has been expanded in accordance with the FASB changes. See Note 17, Revenue Recognition for additional information. The Company chose to implement the impact of the FASB changes utilizing the modified retrospective transition method, using the following practical expedients: • The Company has elected to apply the changes only to revenue arrangements that were not completed as of January 1, 2018; and • The Company has elected to reflect the aggregate effect of all contract modifications that occurred prior to the beginning of the earliest reported period when (i) identifying the satisfied and unsatisfied performance obligations; (ii) determining the transaction price; and (iii) allocating the transaction price to the satisfied and unsatisfied performance obligations. Comparative information has not been restated and continues to be reported under U.S. GAAP in effect for those periods. The cumulative effect of the changes made to the Consolidated Balance Sheet at January 1, 2018 was as follows: (In thousands) Balance at December 31, 2017 Impact of Adoption Balance at January 1, 2018 ASSETS Current assets: Trade accounts receivable, net $ 288,034 $ 532 $ 288,566 Inventories 178,293 (59,793 ) 118,500 Current portion of contract assets — 18,248 18,248 Other current assets 39,332 179 39,511 Total current assets 592,092 (40,834 ) 551,258 Contract assets — 3,566 3,566 Other assets 15,263 1,337 16,600 Total assets 1,578,685 (35,931 ) 1,542,754 LIABILITIES Current liabilities: Current portion of advances on contracts 117,958 (78,507 ) 39,451 Other current liabilities 133,368 13,995 147,363 Total current liabilities 474,128 (64,512 ) 409,616 Advances on contracts — 24,564 24,564 Other liabilities 40,846 1,580 42,426 Total liabilities 1,363,520 (38,368 ) 1,325,152 HARSCO CORPORATION STOCKHOLDERS' EQUITY Accumulated other comprehensive loss (546,582 ) (1,520 ) (548,102 ) Retained earnings 1,157,801 3,957 1,161,758 Total Harsco Corporation stockholders' equity 170,451 2,437 172,888 Total equity 215,165 2,437 217,602 Total liabilities and equity 1,578,685 (35,931 ) 1,542,754 The impact of modifying the Company's Consolidated Balance Sheet at December 31, 2018 is as follows: December 31, 2018 (In thousands) As Reported Impact of Adoption As Reported - Less Impact of Adoption ASSETS Current assets: Trade accounts receivable, net $ 291,213 $ 12,767 $ 303,980 Inventories 133,111 44,510 177,621 Current portion of contract assets 24,254 (24,254 ) — Other current assets 35,128 (620 ) 34,508 Total current assets 605,034 32,403 637,437 Deferred income tax assets 49,114 2,401 51,515 Other assets 17,442 (1,681 ) 15,761 Total assets 1,632,867 33,123 1,665,990 December 31, 2018 (In thousands) As Reported Impact of Adoption As Reported - Less Impact of Adoption LIABILITIES Current liabilities: Current portion of advances on contracts 31,317 86,011 117,328 Other current liabilities 118,708 (9,449 ) 109,259 Total current liabilities 416,996 76,562 493,558 Advances on contracts 37,675 (37,675 ) — Other liabilities 46,005 (253 ) 45,752 Total liabilities 1,319,491 38,634 1,358,125 HARSCO CORPORATION STOCKHOLDERS' EQUITY Accumulated other comprehensive loss (567,107 ) 1,104 (566,003 ) Retained earnings 1,298,752 (6,636 ) 1,292,116 Total Harsco Corporation stockholders' equity 268,263 (5,532 ) 262,731 Noncontrolling interests 45,113 21 45,134 Total equity 313,376 (5,511 ) 307,865 Total liabilities and equity 1,632,867 33,123 1,665,990 The impact of modifying the Company's Consolidated Statements of Operation for the twelve months ended December 31, 2018 is as follows: Twelve Months Ended December 31, 2018 (In thousands, except per share amounts) As Reported Impact of Adoption As Reported - Less Impact of Adoption Revenues from continuing operations: Services revenues $ 1,007,239 $ 4,921 $ 1,012,160 Product revenues 715,141 6,084 721,225 Total revenues 1,722,380 11,005 1,733,385 Costs and expenses from continuing operations: Costs of services sold 780,930 5,300 786,230 Costs of products sold 507,807 11,642 519,449 Selling, general and administrative costs 238,690 117 238,807 Total costs and expenses 1,531,453 17,059 1,548,512 Operating income from continuing operations 190,927 (6,054 ) 184,873 Interest expense (38,148 ) 1,929 (36,219 ) Income from continuing operations before income taxes 157,254 (4,125 ) 153,129 Income tax expense (12,899 ) 1,446 (11,453 ) Income from continuing operations 144,739 (2,679 ) 142,060 Net income 145,013 (2,679 ) 142,334 Less: Net income attributable to noncontrolling interests (7,956 ) (21 ) (7,977 ) Net income attributable to Harsco Corporation 137,057 (2,700 ) 134,357 Amounts attributable to Harsco Corporation common stockholders: Income from continuing operations, net of tax 136,783 (2,700 ) 134,083 Net income attributable to Harsco Corporation common stockholders 137,057 (2,700 ) 134,357 Basic earnings per share attributable to Harsco Corporation common stockholders (a) : Continuing operations 1.69 (0.03 ) $ 1.66 Basic earnings per share attributable to Harsco Corporation common stockholders 1.70 (0.03 ) $ 1.66 Diluted earnings per share attributable to Harsco Corporation common stockholders (a) : Continuing operations 1.64 (0.03 ) $ 1.60 Diluted earnings per share attributable to Harsco Corporation common stockholders 1.64 (0.03 ) $ 1.61 (a) The total of As Reported and Impact of Adoption may not equal As Reported - Less Impact of Adoption due to rounding. The impact of modifying the Company's Consolidated Statements of Cash Flows for the twelve months ended December 31, 2018 is as follows: Twelve Months Ended December 31, 2018 (In thousands) As Reported Impact of Adoption As Reported - Less Impact of Adoption Cash flows from operating activities: Net income $ 145,013 $ (2,679 ) $ 142,334 Adjustments to reconcile net income to net cash used by operating activities: Deferred income tax benefit (6,522 ) (1,446 ) (7,968 ) Changes in assets and liabilities: Accounts receivable (16,881 ) (13,143 ) (30,024 ) Inventories (14,706 ) 10,330 (4,376 ) Contract assets (3,312 ) 3,312 — Advances on contracts 3,057 (1,378 ) 1,679 Other assets and liabilities (33,527 ) 5,004 (28,523 ) Net cash used by operating activities 192,022 — 192,022 On January 1, 2018, the Company adopted changes issued by the FASB related 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. Employers are 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 adoption of these changes resulted in the Company reclassifying $2.6 million and $1.4 million of NPPC expense for the year ended December 31, 2017 and December 31, 2016 , respectively, from the captions Cost of services sold; Cost of products sold; and Selling, general and administrative expenses to the new caption, Defined benefit pension income (expense) in the Company's Consolidated Statements of Operations. On January 1, 2018, the Company adopted changes issued by the FASB clarifying 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 adoption of these changes did not have an impact on the Company's consolidated financial statements. On January 1, 2018, the Company adopted changes issued by FASB which eliminate the requirement to defer the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. Under the new guidance, an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The changes resulted in an adjustment to opening retained earnings of less than $0.1 million . In October 2018, the Company adopted changes issued by FASB that require entities that are customers in cloud computing arrangements to defer implementation costs if they would be capitalized by the entity in software licensing arrangements under the internal-use software guidance. The adoption of these changes did not have an impact on the Company's consolidated financial statements. The following accounting standards have been issued and become effective for the Company at a future date: In February 2016, the FASB issued changes, with subsequent amendments, in accounting for leases, which become effective for the Company on January 1, 2019. The changes introduce a lessee model that brings most leases onto the balance sheet, which will result in an increase in lease-related assets and liabilities. 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 lease 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 allow for a modified retrospective transition approach, applying the new standard to all leases existing at the date of initial application. Entities may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statement as the date of initial application. The Company has elected to apply the transition requirements at the January 1, 2019 effective date rather than at the beginning of the earliest comparative period presented, which allows for a cumulative effect adjustment in the period of adoption. Prior periods will not be restated. In addition, the Company has also elected to utilize certain practical expedients upon adoption. The Company is in the process of finalizing changes to current business processes and internal controls to support the reporting and disclosure requirements of the new standard. The Company has completed an assessment of existing leasing agreements and is in the process of finalizing the quantification of the impact on the Company’s consolidated financial statements. In June 2016, the FASB issued changes which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. The changes become effective for the Company on January 1, 2020, with early adoption permitted. Management has not yet completed the assessment of the impact of the new standard on the Company’s 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 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 has determined that these changes will not have a material impact on the Company's consolidated financial statements. In February 2018, the FASB issued changes which allow entities to reclassify stranded income tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”) from accumulated other comprehensive income to retained earnings in their consolidated financial statements. Under the Tax Act, deferred taxes were adjusted to reflect the reduction of the historical corporate income tax rate to the newly enacted corporate income tax rate, which left the tax effects on items within accumulated other comprehensive income stranded at historical tax rates. The changes become effective for the Company on January 1, 2019. The Company had approximately $21 million of stranded income tax effects in accumulated other comprehensive income at both December 31, 2017 and 2018 resulting from the Tax Act which the Company plans to reclassify upon initial adoption of these changes. In August 2018, the FASB issued changes which modify the disclosure requirements for fair value measurements. The amendments in this update remove the requirement to disclose the amount of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level 3 fair value measurements. The changes require disclosure of changes in unrealized gains and losses for the period included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The changes become effective for the Company on January 1, 2020. Management is currently evaluating the impact of these changes on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Product Warranty Liability | The following table summarizes the warranty activity for 2018 , 2017 and 2016 : (In thousands) 2018 2017 2016 Warranty reserves, beginning of the year $ 5,956 $ 6,281 $ 7,844 Accruals for warranties issued during the year 4,596 5,528 6,439 Reductions related to pre-existing warranties (3,730 ) (3,792 ) (5,611 ) Acquisitions (See Note 3) 249 — — Warranties paid (1,293 ) (2,078 ) (2,372 ) Other (principally foreign currency translation) (67 ) 17 (19 ) Warranty reserves, end of the year $ 5,711 $ 5,956 $ 6,281 |
Recently Adopted and Recently_2
Recently Adopted and Recently Issued Accounting Standards (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Cumulative Effect of Changes | The cumulative effect of the changes made to the Consolidated Balance Sheet at January 1, 2018 was as follows: (In thousands) Balance at December 31, 2017 Impact of Adoption Balance at January 1, 2018 ASSETS Current assets: Trade accounts receivable, net $ 288,034 $ 532 $ 288,566 Inventories 178,293 (59,793 ) 118,500 Current portion of contract assets — 18,248 18,248 Other current assets 39,332 179 39,511 Total current assets 592,092 (40,834 ) 551,258 Contract assets — 3,566 3,566 Other assets 15,263 1,337 16,600 Total assets 1,578,685 (35,931 ) 1,542,754 LIABILITIES Current liabilities: Current portion of advances on contracts 117,958 (78,507 ) 39,451 Other current liabilities 133,368 13,995 147,363 Total current liabilities 474,128 (64,512 ) 409,616 Advances on contracts — 24,564 24,564 Other liabilities 40,846 1,580 42,426 Total liabilities 1,363,520 (38,368 ) 1,325,152 HARSCO CORPORATION STOCKHOLDERS' EQUITY Accumulated other comprehensive loss (546,582 ) (1,520 ) (548,102 ) Retained earnings 1,157,801 3,957 1,161,758 Total Harsco Corporation stockholders' equity 170,451 2,437 172,888 Total equity 215,165 2,437 217,602 Total liabilities and equity 1,578,685 (35,931 ) 1,542,754 The impact of modifying the Company's Consolidated Balance Sheet at December 31, 2018 is as follows: December 31, 2018 (In thousands) As Reported Impact of Adoption As Reported - Less Impact of Adoption ASSETS Current assets: Trade accounts receivable, net $ 291,213 $ 12,767 $ 303,980 Inventories 133,111 44,510 177,621 Current portion of contract assets 24,254 (24,254 ) — Other current assets 35,128 (620 ) 34,508 Total current assets 605,034 32,403 637,437 Deferred income tax assets 49,114 2,401 51,515 Other assets 17,442 (1,681 ) 15,761 Total assets 1,632,867 33,123 1,665,990 December 31, 2018 (In thousands) As Reported Impact of Adoption As Reported - Less Impact of Adoption LIABILITIES Current liabilities: Current portion of advances on contracts 31,317 86,011 117,328 Other current liabilities 118,708 (9,449 ) 109,259 Total current liabilities 416,996 76,562 493,558 Advances on contracts 37,675 (37,675 ) — Other liabilities 46,005 (253 ) 45,752 Total liabilities 1,319,491 38,634 1,358,125 HARSCO CORPORATION STOCKHOLDERS' EQUITY Accumulated other comprehensive loss (567,107 ) 1,104 (566,003 ) Retained earnings 1,298,752 (6,636 ) 1,292,116 Total Harsco Corporation stockholders' equity 268,263 (5,532 ) 262,731 Noncontrolling interests 45,113 21 45,134 Total equity 313,376 (5,511 ) 307,865 Total liabilities and equity 1,632,867 33,123 1,665,990 The impact of modifying the Company's Consolidated Statements of Operation for the twelve months ended December 31, 2018 is as follows: Twelve Months Ended December 31, 2018 (In thousands, except per share amounts) As Reported Impact of Adoption As Reported - Less Impact of Adoption Revenues from continuing operations: Services revenues $ 1,007,239 $ 4,921 $ 1,012,160 Product revenues 715,141 6,084 721,225 Total revenues 1,722,380 11,005 1,733,385 Costs and expenses from continuing operations: Costs of services sold 780,930 5,300 786,230 Costs of products sold 507,807 11,642 519,449 Selling, general and administrative costs 238,690 117 238,807 Total costs and expenses 1,531,453 17,059 1,548,512 Operating income from continuing operations 190,927 (6,054 ) 184,873 Interest expense (38,148 ) 1,929 (36,219 ) Income from continuing operations before income taxes 157,254 (4,125 ) 153,129 Income tax expense (12,899 ) 1,446 (11,453 ) Income from continuing operations 144,739 (2,679 ) 142,060 Net income 145,013 (2,679 ) 142,334 Less: Net income attributable to noncontrolling interests (7,956 ) (21 ) (7,977 ) Net income attributable to Harsco Corporation 137,057 (2,700 ) 134,357 Amounts attributable to Harsco Corporation common stockholders: Income from continuing operations, net of tax 136,783 (2,700 ) 134,083 Net income attributable to Harsco Corporation common stockholders 137,057 (2,700 ) 134,357 Basic earnings per share attributable to Harsco Corporation common stockholders (a) : Continuing operations 1.69 (0.03 ) $ 1.66 Basic earnings per share attributable to Harsco Corporation common stockholders 1.70 (0.03 ) $ 1.66 Diluted earnings per share attributable to Harsco Corporation common stockholders (a) : Continuing operations 1.64 (0.03 ) $ 1.60 Diluted earnings per share attributable to Harsco Corporation common stockholders 1.64 (0.03 ) $ 1.61 (a) The total of As Reported and Impact of Adoption may not equal As Reported - Less Impact of Adoption due to rounding. The impact of modifying the Company's Consolidated Statements of Cash Flows for the twelve months ended December 31, 2018 is as follows: Twelve Months Ended December 31, 2018 (In thousands) As Reported Impact of Adoption As Reported - Less Impact of Adoption Cash flows from operating activities: Net income $ 145,013 $ (2,679 ) $ 142,334 Adjustments to reconcile net income to net cash used by operating activities: Deferred income tax benefit (6,522 ) (1,446 ) (7,968 ) Changes in assets and liabilities: Accounts receivable (16,881 ) (13,143 ) (30,024 ) Inventories (14,706 ) 10,330 (4,376 ) Contract assets (3,312 ) 3,312 — Advances on contracts 3,057 (1,378 ) 1,679 Other assets and liabilities (33,527 ) 5,004 (28,523 ) Net cash used by operating activities 192,022 — 192,022 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Summary of assets acquired and liabilities assumed | The fair value recorded for the assets acquired and liabilities assumed for Altek is as follows: Preliminary Valuation (In millions) June 30 2018 Measurement Period Adjustments (a) December 31 Cash and cash equivalents $ 1.7 $ — $ 1.7 Net working capital (1.5 ) 0.2 (1.3 ) Property, plant and equipment 3.3 — 3.3 Intangible assets 52.5 0.2 52.7 Goodwill 20.9 1.6 22.5 Net deferred tax liabilities (8.5 ) — (8.5 ) Other liabilities (0.3 ) — (0.3 ) Total identifiable net assets of Altek $ 68.1 $ 2.0 $ 70.1 |
Summary of intangible assets and amortization periods | The following table details the preliminary valuation of identifiable intangible assets and amortization periods for Altek: Amortization Period Preliminary Valuation (Dollars in millions) June 30 2018 Measurement Period Adjustments (a) December 31 Customer related 14.2 years $ 11.5 $ 0.1 $ 11.6 Technology related 10.3 years 36.5 0.1 36.6 Trade names 15.0 years 4.5 — 4.5 Total identifiable intangible assets of Altek $ 52.5 $ 0.2 $ 52.7 |
Summary of changes in fair value of contingent consideration | The following table reflects the changes in the fair value of contingent consideration: (In thousands) Contingent Consideration Balance, June 30, 2018 $ 10,097 Measurement period adjustment (b) 1,958 Fair value adjustment (c) (2,939 ) Foreign currency translation (c) (696 ) Balance, December 31, 2018 $ 8,420 (b) Measurement period adjustment was recorded to goodwill on the Consolidated Balance Sheet. |
Accounts Receivable and Inven_2
Accounts Receivable and Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounts Receivable and Inventories [Abstract] | |
Schedule of accounts receivable | Accounts receivable consist of the following: (In thousands) December 31 December 31 Trade accounts receivable $ 295,847 $ 292,765 Less: Allowance for doubtful accounts (4,634 ) (4,731 ) Trade accounts receivable, net $ 291,213 $ 288,034 Other receivables (a) (b) $ 54,182 $ 20,224 (a) |
Schedule of provision for doubtful accounts related to trade accounts receivable | The provision (benefit) for doubtful accounts related to trade accounts receivable was as follows: Years Ended December 31 (In thousands) 2018 2017 2016 Provision (benefit) for doubtful accounts related to trade accounts receivable $ 372 $ 5,346 $ (38 ) |
Schedule of inventories | Inventories consist of the following: (In thousands) December 31 December 31 Finished goods $ 17,223 $ 26,415 Work-in-process 21,787 24,367 Contracts-in-process (c) — 45,599 Raw materials and purchased parts 72,194 58,943 Stores and supplies 21,907 22,969 Total inventories $ 133,111 $ 178,293 Valued at lower of cost or market: LIFO basis $ 80,590 $ 80,644 FIFO basis 8,611 52,832 Average cost basis 43,910 44,817 Total inventories $ 133,111 $ 178,293 |
Schedule of contracts in process | Contracts-in-process consist of the following: (In thousands) December 31 Contract costs accumulated to date $ 73,740 Estimated forward loss provisions for contracts-in-process (d) (28,141 ) Contracts-in-process (c)(e) $ 45,599 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of equity method investments | Brand's summarized statement of operations information for the period from October 1, 2015 through June 30, 2016 is summarized as follows: (In thousands) Period From October 1, 2015 Through June 30 2016 (a) Summarized Statement of Operations Information of Brand: Net revenues $ 2,333,561 Gross profit 499,005 Net income attributable to Brand Energy & Infrastructure Services, Inc. and Subsidiaries 20,756 Harsco's equity in income of Brand 5,686 (a) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 — $ 10,621 $ 10,840 Land improvements 5-20 years 16,156 14,996 Buildings and improvements (a) 5-40 years 191,072 198,582 Machinery and equipment 3-20 years 1,538,166 1,599,713 Uncompleted construction — 37,713 24,387 Gross property, plant and equipment 1,793,728 1,848,518 Less: Accumulated depreciation (1,323,828 ) (1,368,771 ) Property, plant and equipment, net $ 469,900 $ 479,747 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 : (In thousands) Harsco Metals & Minerals Segment Harsco Industrial Segment Harsco Rail Segment Consolidated Totals 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 Changes to goodwill (a) 22,518 — — 22,518 Foreign currency translation (12,724 ) — — (12,724 ) Balance at December 31, 2018 $ 391,687 $ 6,839 $ 13,026 $ 411,552 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | The following table reflects these intangible assets by major category: December 31, 2018 December 31, 2017 (In thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer related $ 136,307 $ 99,383 $ 153,014 $ 121,385 Patents 2,598 2,503 5,825 5,700 Technology related 35,831 2,681 26,131 26,131 Trade names 9,212 1,897 8,317 4,845 Other 5,865 3,524 8,875 5,850 Total $ 189,813 $ 109,988 $ 202,162 $ 163,911 |
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) 2019 2020 2021 2022 2023 Estimated amortization expense (a) $ 9,000 $ 8,750 $ 8,500 $ 8,250 $ 8,250 (a) |
Debt and Credit Agreements (Tab
Debt and Credit Agreements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | Summary of Senior Secured Credit Facility Borrowings: (In thousands) December 31 December 31 By type: Revolving Credit Facility $ 62,000 $ 41,000 Term Loan Facility 541,788 545,875 Total $ 603,788 $ 586,875 By classification: Current $ 5,445 $ 5,459 Long-term 598,343 581,416 Total $ 603,788 $ 586,875 The following table illustrates the amount outstanding under the Revolving Credit Facility and available credit at December 31, 2018 . December 31, 2018 (In thousands) Facility Limit Outstanding Balance Outstanding Letters of Credit Available Credit Revolving Credit Facility (a U.S.-based program) $ 500,000 $ 62,000 $ 30,352 $ 407,648 |
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 4.8% and 4.6% at December 31, 2018 and 2017, respectively $ 541,788 $ 545,875 Revolving Credit Facility with an average interest rate of 4.6% and 4.2% at December 31, 2018 and 2017, respectively 62,000 41,000 Other financing payable (including capital leases) in varying amounts due principally through 2019 with a weighted-average interest rate of 3.9% and 5.0% at December 31, 2018 and 2017, respectively 1,606 6,784 Total debt obligations 605,394 593,659 Less: deferred financing costs (13,243 ) (15,657 ) Total debt obligations, net of deferred financing costs 592,151 578,002 Less: current maturities of long-term debt (6,489 ) (11,208 ) Long-term debt $ 585,662 $ 566,794 |
Schedule of Maturities of Long-term Debt | The maturities of long-term debt for the four years following December 31, 2019 are as follows: (In thousands) 2020 $ 5,953 2021 67,507 2022 5,445 2023 5,445 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 2019 $ 13,985 2020 12,204 2021 9,448 2022 7,706 2023 6,201 After 2023 28,442 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 , 2017 and 2016 is as follows: U.S. Plans International Plans (In thousands) 2018 2017 2016 2018 2017 2016 Defined benefit pension plans: Service cost $ 42 $ 43 $ 102 $ 1,669 $ 1,724 $ 1,585 Interest cost 9,562 9,878 10,165 21,589 21,459 26,822 Expected return on plan assets (12,068 ) (10,485 ) (10,721 ) (42,685 ) (40,469 ) (42,979 ) Recognized prior service costs 1 33 63 (140 ) 186 189 Recognized losses 5,207 5,701 5,493 14,807 16,283 12,002 Settlement/curtailment loss (gain) 285 — 276 (36 ) (20 ) 79 Defined benefit pension plan cost (income) 3,029 5,170 5,378 (4,796 ) (837 ) (2,302 ) Multiemployer pension plans 686 650 636 1,313 1,306 1,368 Defined contribution plans 5,034 4,239 3,833 5,608 5,905 5,807 Net periodic pension cost $ 8,749 $ 10,059 $ 9,847 $ 2,125 $ 6,374 $ 4,873 |
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, 2018 and 2017 are as follows: U.S. Plans International Plans (In thousands) 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 314,861 $ 305,652 $ 1,015,586 $ 952,360 Service cost 42 43 1,669 1,724 Interest cost 9,562 9,878 21,589 21,459 Plan participants' contributions — — 49 61 Amendments — — 11,238 (4,459 ) Actuarial (gain) loss (21,474 ) 14,459 (78,658 ) (3,613 ) Settlements/curtailments — — (313 ) (3,362 ) Benefits paid (16,964 ) (15,171 ) (37,721 ) (40,379 ) Effect of foreign currency — — (58,760 ) 91,795 Benefit obligation at end of year $ 286,027 $ 314,861 $ 874,679 $ 1,015,586 U.S. Plans International Plans (In thousands) 2018 2017 2018 2017 Change in plan assets: Fair value of plan assets at beginning of year $ 229,941 $ 205,271 $ 842,717 $ 732,743 Actual return on plan assets (17,883 ) 33,942 (30,004 ) 67,136 Employer contributions 10,294 5,899 18,415 18,187 Plan participants' contributions — — 49 61 Settlements/curtailments — — (313 ) (3,241 ) Benefits paid (16,964 ) (15,171 ) (37,570 ) (39,800 ) Effect of foreign currency — — (48,756 ) 67,631 Fair value of plan assets at end of year $ 205,388 $ 229,941 $ 744,538 $ 842,717 Funded status at end of year $ (80,639 ) $ (84,920 ) $ (130,141 ) $ (172,869 ) |
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, 2018 and 2017 : U.S. Plans International Plans December 31 December 31 (In thousands) 2018 2017 2018 2017 Noncurrent assets $ 1,953 $ 1,860 $ 2,379 $ 1,820 Current liabilities 1,954 2,237 643 625 Noncurrent liabilities 80,638 84,543 131,876 174,064 Accumulated other comprehensive loss before tax 149,326 146,341 391,849 427,127 |
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, 2018 and 2017 : U.S. Plans International Plans (In thousands) 2018 2017 2018 2017 Net actuarial loss $ 149,326 $ 146,340 $ 384,666 $ 430,377 Prior service cost — 1 7,183 (3,250 ) Total $ 149,326 $ 146,341 $ 391,849 $ 427,127 |
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 2019 are as follows: (In thousands) U.S. Plans International Plans Net actuarial loss $ 5,621 $ 14,480 Prior service cost — 324 Total $ 5,621 $ 14,804 |
Schedule of Expected Benefit Payments | The expected benefit payments for defined benefit pension plans over the next ten years are as follows: (In millions) 2019 2020 2021 2022 2023 2024-2028 U.S. Plans $ 20.0 $ 19.5 $ 19.3 $ 19.4 $ 19.3 $ 94.1 International Plans 38.5 39.4 41.0 41.4 42.5 228.2 |
Schedule of Assumptions Used | The weighted-average actuarial assumptions used to determine the defined benefit pension plan obligations at December 31, 2018 and 2017 were as follows: U.S. Plans International Plans Global Weighted-Average December 31 December 31 December 31 2018 2017 2018 2017 2018 2017 Discount rates 4.2 % 3.5 % 2.9 % 2.6 % 3.2 % 2.8 % 2018 , 2017 and 2016 were as follows: U.S. Plans December 31 International Plans December 31 Global Weighted-Average December 31 2018 2017 2016 2018 2017 2016 2018 2017 2016 Discount rates 3.5 % 4.0 % 4.2 % 2.6 % 2.8 % 3.8 % 2.8 % 3.1 % 3.9 % Expected long-term rates of return on plan assets 7.3 % 7.3 % 7.3 % 5.6 % 5.9 % 6.5 % 6.0 % 6.2 % 6.7 % |
Schedule of Accumulated Benefit Obligations | The accumulated benefit obligation for all defined benefit pension plans at December 31, 2018 and 2017 was as follows: U.S. Plans International Plans December 31 December 31 (In millions) 2018 2017 2018 2017 Accumulated benefit obligation $ 286.0 $ 314.9 $ 869.4 $ 1,010.6 |
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, 2018 and 2017 were as follows: U.S. Plans International Plans December 31 December 31 (In millions) 2018 2017 2018 2017 Projected benefit obligation $ 279.2 $ 306.0 $ 831.7 $ 986.6 Accumulated benefit obligation 279.2 306.0 828.9 981.9 Fair value of plan assets 196.6 219.2 701.4 812.0 |
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 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 December 31, 2018 by asset class are as follows: (In thousands) Total Level 1 Level 2 Domestic equities: Common stocks $ 8,937 $ 8,937 $ — Mutual funds—equities 54,002 54,002 — International equities: Mutual funds—equities 45,195 45,195 — Fixed income investments: Mutual funds—bonds 88,107 88,107 — Other—mutual funds 7,703 7,703 — Cash and money market accounts 1,444 1,444 — Total $ 205,388 $ 205,388 $ — December 31, 2018 and 2017 , 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 2018 2017 Domestic equity securities 27%-37% 30.6 % 38.6 % International equity securities 20%-30% 22.0 % 24.5 % Fixed income securities 35%-45% 42.9 % 30.9 % Cash and cash equivalents Less than 5% 0.7 % 1.0 % Other (a) 0%-10% 3.8 % 5.0 % (a) |
International 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 international defined benefit pension plans at December 31, 2018 and 2017 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 2018 2017 Equity securities 29.0 % 29.2 % 31.5 % Fixed income securities 50.0 % 50.7 % 44.6 % Cash and cash equivalents — 0.3 % 0.3 % Other (b) 21.0 % 19.8 % 23.6 % December 31, 2018 by asset class are as follows: (In thousands) Total Level 1 Level 2 Equity securities: Mutual funds—equities $ 217,321 $ — $ 217,321 Fixed income investments: Mutual funds—bonds 372,094 — 372,094 Insurance contracts 5,620 — 5,620 Other: Other mutual funds 147,313 — 147,313 Cash and money market accounts 2,190 2,190 — Total $ 744,538 $ 2,190 $ 742,348 December 31, 2017 by asset class are as follows: (In thousands) Total Level 1 Level 2 Equity securities: Mutual funds—equities $ 265,989 $ — $ 265,989 Fixed income investments: Mutual funds—bonds 369,291 — 369,291 Insurance contracts 6,189 6,189 Other: Other mutual funds 198,856 — 198,856 Cash and money market accounts 2,392 2,392 — Total $ 842,717 $ 2,392 $ 840,325 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 2016 U.S. $ 69,125 $ 5,694 $ (99,939 ) International 88,129 89,757 20,468 Total income (loss) from continuing operations before income taxes and equity income $ 157,254 $ 95,451 $ (79,471 ) |
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) 2018 2017 2016 Income tax expense (benefit): Currently payable: U.S. federal $ 281 $ 4,107 $ (4,088 ) U.S. state 1,127 372 365 International 18,014 21,975 18,014 Total income taxes currently payable 19,422 26,454 14,291 Deferred U.S. federal 7,164 46,470 (8,195 ) Deferred U.S. state (11,045 ) 1,142 2,238 Deferred international (2,642 ) 9,737 (1,697 ) Total income tax expense $ 12,899 $ 83,803 $ 6,637 |
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) 2018 2017 2016 U.S. federal income tax expense (benefit) $ 33,023 $ 33,408 $ (27,815 ) U.S. state income taxes, net of federal income tax benefit 1,614 786 (355 ) U.S. domestic deductions and credits (6,145 ) (1,210 ) (661 ) 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 5,399 675 2,006 Uncertain tax position contingencies and settlements (1,180 ) (1,517 ) (1,886 ) Changes in realization on beginning of the year deferred tax assets (6,937 ) 2,758 1,978 Forward Loss Provisions in SBB Contract with no realizable tax benefits — — 15,768 Global Intangible Low-Taxed Income 400 — — U.S. non-deductible expenses 2,277 664 724 Income related to the Infrastructure Transaction — — (644 ) Impact of U.S. tax reform (15,409 ) 48,680 — Cumulative effect of change in statutory tax rates/laws — (153 ) (388 ) Income from unconsolidated entities — — 2,098 Other, net (143 ) (288 ) (294 ) Total income tax expense $ 12,899 $ 83,803 $ 6,637 |
Schedule of Deferred Tax Assets and Liabilities | The income tax effects of the temporary differences giving rise to the Company's deferred tax assets and liabilities at December 31, 2018 and 2017 are as follows: 2018 2017 (In thousands) Asset Liability Asset Liability Depreciation and amortization $ — $ 8,681 $ 6,616 $ — Expense accruals 18,827 — 17,690 — Inventories 3,071 — 4,390 — Provision for receivables 690 — 649 — Deferred revenue — 3,122 — 979 Operating loss carryforwards 83,168 — 90,193 — Foreign tax credit carryforwards 25,814 — 27,256 — Capital loss carryforwards 9,759 — 11,011 — Pensions 40,442 — 47,153 — Currency adjustments 3,795 — 7,160 — Deferred financing costs — 2,227 — 2,135 Post-retirement benefits 471 — 403 — Stock based compensation 5,832 — 4,761 — Other 5,886 — 7,684 — Subtotal 197,755 14,030 224,966 3,114 Valuation allowance (138,862 ) — (174,227 ) — Total deferred income taxes $ 58,893 $ 14,030 $ 50,739 $ 3,114 The deferred tax asset and liability balances recognized on the Consolidated Balance Sheets at December 31, 2018 and 2017 are as follows: (In thousands) 2018 2017 Deferred income tax assets $ 49,114 $ 51,574 Other liabilities 4,251 3,949 |
Summary of Income Tax Contingencies | A reconciliation of the change in the unrecognized income tax benefits balance from January 1, 2016 to December 31, 2018 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, 2016 $ 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 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 ) Balance at December 31, 2017 3,623 (31 ) 3,592 Additions for tax positions related to the current year (includes currency translation adjustment) 196 (1 ) 195 Statutes of limitation expirations (1,397 ) 6 (1,391 ) Total unrecognized income tax benefits that, if recognized, would impact the effective income tax rate at December 31, 2018 $ 2,422 $ (26 ) $ 2,396 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2016 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 Shares issued for vested restricted stock units 545,908 161,774 384,134 Stock appreciation rights exercised 39,917 11,808 28,109 Treasury shares purchased — 1,321,072 (1,321,072 ) Outstanding, December 31, 2018 113,473,951 33,928,928 79,545,023 (a) |
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) 2018 2017 2016 Income (loss) from continuing operations attributable to Harsco Corporation common stockholders $ 136,783 $ 7,626 $ (86,336 ) Weighted-average shares outstanding—basic 80,716 80,553 80,333 Dilutive effect of stock-based compensation 2,879 2,287 — Weighted-average shares outstanding—diluted 83,595 82,840 80,333 Income (loss) from continuing operations per common share, attributable to Harsco Corporation common stockholders: Basic $ 1.69 $ 0.09 $ (1.07 ) Diluted $ 1.64 $ 0.09 $ (1.07 ) |
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) 2018 2017 2016 Restricted stock units — — 810 Stock options — 52 89 Stock appreciation rights 306 811 1,458 Performance share units — 201 684 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 2017 and 2016 : RSUs (a) Weighted Average Fair Value Expense (Dollars in thousands, except per unit) 2018 2017 2016 Directors: 2015 59,985 $ 15.69 — — 314 2016 109,998 $ 7.00 — 257 513 2017 56,203 $ 13.70 179 641 — 2018 43,821 $ 20.54 511 — — Employees: 2013 170,582 $ 20.63 — — 66 2014 190,832 $ 25.21 — 316 669 2015 239,679 $ 16.53 230 597 880 2016 536,773 $ 7.09 935 1,011 995 2017 286,251 $ 13.70 1,019 1,417 — 2018 242,791 $ 19.93 1,656 — — Total $ 4,530 $ 4,239 $ 3,437 (a) Represents number of awards originally issued. |
Schedule of restricted stock unit activity | RSU activity for the year ended December 31, 2018 was as follows: Number of Shares Weighted Average Grant-Date Fair Value Non-vested at December 31, 2017 801,939 $ 11.73 Granted 286,612 20.03 Vested (478,917 ) 12.48 Forfeited (26,254 ) 14.11 Non-vested at December 31, 2018 583,380 15.08 |
Schedule of Stock Appreciation Rights award activity | SARs activity for the year ended December 31, 2018 was as follows: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value (in millions) (b) Outstanding, December 31, 2017 1,679,276 $ 15.40 $ 7.9 Granted 229,440 19.99 Exercised (150,013 ) 17.88 Forfeited/Expired (13,256 ) 24.53 Outstanding, December 31, 2018 1,745,447 15.73 8.9 (b) |
Schedule of nonvested awards activity | The following table summarizes information concerning outstanding and exercisable SARs at December 31, 2018 : 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 - $13.70 484,331 242,513 $ 9.41 7.65 484,331 $ 9.24 $16.53 - $22.70 532,700 217,343 18.58 6.78 532,700 18.08 $23.03 - $26.92 260,938 7,622 24.84 5.45 260,938 24.84 1,277,969 467,478 15.73 6.94 1,277,969 16.11 |
Stock Appreciation Rights (SARs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock appreciation rights valuation assumptions | he 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 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 March 2018 Grant 2.69 % — % 6.0 44.6 % 19.80 9.16 July 2018 Grant 2.87 % — % 6.0 44.7 % 24.65 11.48 |
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, 2018 was as follows: Number of Shares Weighted-Average Grant Date Fair Value Non-vested shares, December 31, 2017 877,417 $ 4.42 Granted 229,440 9.17 Vested (626,123 ) 4.63 Forfeited (13,256 ) 7.51 Non-vested shares, December 31, 2018 467,478 6.65 |
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 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 March 2018 Grant 2.36 % — % 2.83 34.7 % 29.56 July 2018 Grant 2.69 % — % 2.42 33.1 % 39.06 |
Schedule of weighted-average grant-date fair value of unvested options | A summary of the Company's non-vested PSU activity during the year ending December 31, 2018 was as follows: Number of Shares Weighted-Average Grant Date Fair Value Non-vested shares, December 31, 2017 743,583 $ 10.91 Granted 240,008 29.83 Forfeited (34,426 ) 13.33 Vested, not issued (c) (454,283 ) 7.41 Non-vested shares, December 31, 2018 494,882 23.13 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair value of outstanding derivative contracts recorded as assets and liabilities | The fair value of outstanding derivative contracts recorded as assets and liabilities on the Consolidated Balance Sheets was as follows: (In thousands) Balance Sheet Location Fair Value of Derivatives Designated as Hedging Instruments Fair Value of Derivatives Not Designated as Hedging Instruments Total Fair Value December 31, 2018 Asset derivatives (Level 2): Foreign currency exchange forward contracts Other current assets $ 2,970 $ 589 $ 3,559 Interest rate swaps Other current assets 1,331 — 1,331 Interest rate swaps Other assets 128 — 128 Total $ 4,429 $ 589 $ 5,018 Liability derivatives (Level 2): Foreign currency exchange forward contracts Other current liabilities $ 24 $ 2,910 $ 2,934 Interest rate swaps Other liabilities 1,849 — 1,849 Total $ 1,873 $ 2,910 $ 4,783 December 31, 2017 Asset derivatives (Level 2): Foreign currency exchange forward contracts Other current assets $ 2,329 $ 2,915 $ 5,244 Interest rate swaps Other current assets 464 — 464 Interest rate swaps Other assets 170 — 170 Total $ 2,963 $ 2,915 $ 5,878 Liability derivatives (Level 2): Foreign currency exchange forward contracts Other current liabilities $ 153 $ 6,970 $ 7,123 Interest rate swaps Other liabilities 1,368 — 1,368 Total $ 1,521 $ 6,970 $ 8,491 |
Effect of derivative instruments on the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income (Loss) | 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, 2018: Foreign currency exchange forward contracts $ 1,935 Product revenues / Cost of services and products sold $ (374 ) $ — Foreign currency forward exchange contracts — Retained earnings (1,520 ) (b) — Interest rate swaps 1,451 Interest expense (1,108 ) — Cross-currency interest rate swaps 63 (a) Interest expense 1,264 — $ 3,449 $ (1,738 ) $ — 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 ) (a) Interest expense 1,002 Cost of services and products sold 420 (c) $ 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 (c) $ 745 $ (410 ) $ 4,042 (a) Amounts represent changes in foreign currency translation related to balances in Accumulated other comprehensive loss. (b) The Company has adopted the new revenue recognition standard utilizing the modified retrospective transition method, including use of practical expedients. See Note 2, Recently Adopted and Recently Issued Accounting Standards for additional information. (c) These gains (losses) offset foreign currency fluctuation effects on the debt principal. Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives for the Twelve Months Ended December 31(d) (In thousands) 2018 2017 2016 Foreign currency exchange forward contracts Cost of services and products sold $ 17,262 $ (23,572 ) $ 15,875 (d) |
Derivatives Not Designated as Hedging Instruments | Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives for the Twelve Months Ended December 31(d) (In thousands) 2018 2017 2016 Foreign currency exchange forward contracts Cost of services and products sold $ 17,262 $ (23,572 ) $ 15,875 (d) 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. |
Information by Segment and Ge_2
Information by Segment and Geographic Area (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 2016 U.S. $ 812,941 $ 697,663 $ 614,327 U.K. 143,346 146,624 156,552 All Other 766,093 762,775 680,344 Totals including Corporate $ 1,722,380 $ 1,607,062 $ 1,451,223 (a) |
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) 2018 2017 2016 U.S. $ 135,086 $ 120,555 $ 125,386 China 89,503 95,569 90,288 Brazil 36,960 54,704 62,597 All Other 208,351 208,919 211,984 Totals including Corporate $ 469,900 $ 479,747 $ 490,255 |
Schedule of Segment Operating Information by Segment | Operating Information by Segment: Twelve Months Ended December 31 (In thousands) 2018 2017 2016 Revenues Harsco Metals & Minerals $ 1,068,304 $ 1,011,328 $ 965,540 Harsco Industrial 374,708 299,592 247,542 Harsco Rail 279,294 295,999 238,107 Corporate 74 143 34 Total Revenues $ 1,722,380 $ 1,607,062 $ 1,451,223 Operating Income (Loss) Harsco Metals & Minerals $ 121,195 $ 102,362 $ 78,590 Harsco Industrial 54,665 35,532 23,804 Harsco Rail 37,341 32,953 (16,592 ) Corporate (22,274 ) (25,453 ) (20,919 ) Total Operating Income $ 190,927 $ 145,394 $ 64,883 Total Assets Harsco Metals & Minerals $ 1,230,152 $ 1,184,280 $ 1,181,602 Harsco Industrial 163,324 113,410 107,987 Harsco Rail 186,049 237,135 204,477 Corporate 53,342 43,860 87,272 Total Assets $ 1,632,867 $ 1,578,685 $ 1,581,338 Depreciation and Amortization Harsco Metals & Minerals $ 115,059 $ 112,329 $ 120,611 Harsco Industrial 7,729 7,360 7,223 Harsco Rail 4,287 4,221 5,383 Corporate 5,710 6,027 8,269 Total Depreciation and Amortization $ 132,785 $ 129,937 $ 141,486 Capital Expenditures Harsco Metals & Minerals $ 114,142 $ 87,526 $ 62,322 Harsco Industrial 7,561 6,895 5,118 Harsco Rail 9,152 2,403 1,696 Corporate 1,313 1,490 204 Total Capital Expenditures $ 132,168 $ 98,314 $ 69,340 |
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) 2018 2017 2016 Segment operating income $ 213,201 $ 170,847 $ 85,802 General Corporate expense (22,274 ) (25,453 ) (20,919 ) Operating income from continuing operations 190,927 145,394 64,883 Interest income 2,155 2,469 2,475 Interest expense (38,148 ) (47,552 ) (51,584 ) Defined benefit pension income (expense) 3,447 (2,595 ) (1,414 ) Loss on early extinguishment of debt (1,127 ) (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 ) Income (loss) from continuing operations before income taxes and equity income $ 157,254 $ 95,451 $ (79,471 ) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Summary of revenues by primary geographical markets | A summary of the Company's revenues by primary geographical markets as well as by key product and service groups is as follows: Twelve Months Ended December 31, 2018 (In thousands) Harsco Metals & Minerals Segment Harsco Industrial Segment Harsco Rail Segment Corporate Consolidated Totals Primary Geographical Markets (a) : North America $ 302,238 $ 354,558 $ 205,212 $ 74 $ 862,082 Western Europe 390,840 — 48,016 — 438,856 Latin America (b) 151,886 20,150 3,977 — 176,013 Asia-Pacific 145,761 — 22,089 — 167,850 Middle East and Africa 50,003 — — — 50,003 Eastern Europe 27,576 — — — 27,576 Total Revenues (c) $ 1,068,304 $ 374,708 $ 279,294 $ 74 $ 1,722,380 Key Product and Service Groups: On-site services and material logistics, product quality improvement and resource recovery for iron, steel and metals manufacturing; value- added environmental solutions for industrial co-products; as well as aluminum dross and scrap processing systems $ 1,068,304 $ — $ — $ — $ 1,068,304 Railway track maintenance services and equipment — — 279,294 — 279,294 Air-cooled heat exchangers — 207,184 — — 207,184 Industrial grating products — 127,419 — — 127,419 Heat transfer products — 40,105 — — 40,105 General Corporate — — — 74 74 Total Revenues (c) $ 1,068,304 $ 374,708 $ 279,294 $ 74 $ 1,722,380 Twelve Months Ended December 31, 2017 (In thousands) Harsco Metals & Minerals Segment Harsco Industrial Segment Harsco Rail Segment Corporate Consolidated Totals Primary Geographical Markets (a) : North America $ 274,476 $ 273,775 $ 196,567 $ 143 $ 744,961 Western Europe 369,763 — 78,698 — 448,461 Latin America (b) 159,130 21,369 2,827 — 183,326 Asia-Pacific 138,311 4,448 17,907 — 160,666 Middle East and Africa 42,700 — — — 42,700 Eastern Europe 26,948 — — — 26,948 Total Revenues (c) $ 1,011,328 $ 299,592 $ 295,999 $ 143 $ 1,607,062 Key Product and Service Groups: On-site services and material logistics, product quality improvement and resource recovery for iron, steel and metals manufacturing; value- added environmental solutions for industrial co-products; as well as aluminum dross and scrap processing systems $ 1,011,328 $ — $ — $ — $ 1,011,328 Railway track maintenance services and equipment — — 295,999 — 295,999 Air-cooled heat exchangers — 144,955 — — 144,955 Industrial grating products — 116,598 — — 116,598 Heat transfer products — 38,039 — — 38,039 General Corporate — — — 143 143 Total Revenues (c) $ 1,011,328 $ 299,592 $ 295,999 $ 143 $ 1,607,062 Twelve Months Ended December 31, 2016 (In thousands) Harsco Metals & Minerals Segment Harsco Industrial Segment Harsco Rail Segment Corporate Consolidated Totals Primary Geographical Markets (a) : North America $ 247,287 $ 215,322 $ 191,726 $ 34 $ 654,369 Western Europe 388,336 — 30,270 — 418,606 Latin America (b) 134,071 28,256 2,014 — 164,341 Asia-Pacific 119,873 3,964 13,025 — 136,862 Middle East and Africa 45,659 — 1,072 — 46,731 Eastern Europe 30,314 — — — 30,314 Total Revenues (c) $ 965,540 $ 247,542 $ 238,107 $ 34 $ 1,451,223 Key Product and Service Groups: On-site services and material logistics, product quality improvement and resource recovery for iron, steel and metals manufacturing; value- added environmental solutions for industrial co-products; as well as aluminum dross and scrap processing systems $ 965,540 $ — $ — $ — $ 965,540 Railway track maintenance services and equipment — — 238,107 — 238,107 Air-cooled heat exchangers — 93,616 — — 93,616 Industrial grating products — 115,914 — — 115,914 Heat transfer products — 38,012 — — 38,012 General Corporate — — — 34 34 Total Revenues (c) $ 965,540 $ 247,542 $ 238,107 $ 34 $ 1,451,223 (a) Revenues are attributed to individual countries based on the location of the facility generating the revenue. (b) Includes Mexico. (c) |
Other Expenses (Tables)
Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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) 2018 2017 2016 Net gains Harsco Metals & Minerals Segment $ (2,650 ) $ (1,354 ) $ (1,828 ) Harsco Industrial Segment — (3,782 ) 64 Corporate (1,218 ) — — Total net gains (3,868 ) (5,136 ) (1,764 ) Employee termination benefit costs Harsco Metals & Minerals Segment 2,853 4,411 8,491 Harsco Industrial Segment 220 617 947 Harsco Rail Segment 704 1,133 297 Corporate 1,206 1,189 1,042 Total employee termination benefit costs 4,983 7,350 10,777 Other costs to exit activities Harsco Metals & Minerals Segment 352 706 220 Harsco Industrial Segment 258 371 40 Corporate (182 ) 556 180 Total other costs to exit activities 428 1,633 440 Impaired asset write-downs Harsco Metals & Minerals Segment 104 706 399 Harsco Industrial Segment 9 151 — Corporate — 168 — Total impaired asset write-downs 113 1,025 399 Harsco Metals & Minerals Segment contingent consideration adjustments (2,939 ) — — Harsco Metals & Minerals Segment separation costs — — 3,235 Other income (239 ) (231 ) (467 ) Total other (income) expenses, net $ (1,522 ) $ 4,641 $ 12,620 |
Components of Accumulated Oth_2
Components of Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 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, 2016 $ (144,534 ) $ (1,089 ) $ (461,094 ) $ (5 ) $ (606,722 ) Other comprehensive income 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 36,011 1,897 25,254 22 63,184 Less: Other comprehensive income attributable to noncontrolling interests (3,044 ) — — — (3,044 ) Other comprehensive income 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 ) 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, 2017 $ (111,567 ) $ 808 $ (435,840 ) $ 17 $ (546,582 ) Adoption of new accounting standard (c) (1,520 ) (1,520 ) Balance at January 1, 2018 (111,567 ) (712 ) (435,840 ) 17 (548,102 ) Other comprehensive income (loss) before reclassifications (50,743 ) (a) 2,466 (b) 8,450 (c) (48 ) (39,875 ) Amounts reclassified from accumulated other comprehensive loss, net of tax — (365 ) 18,735 — 18,370 Total other comprehensive income (loss) (50,743 ) 2,101 27,185 (48 ) (21,505 ) Less: Other comprehensive loss attributable to noncontrolling interests 2,500 — — — 2,500 Other comprehensive income (loss) attributable to Harsco Corporation (48,243 ) 2,101 27,185 (48 ) (19,005 ) Balance at December 31, 2018 $ (159,810 ) $ 1,389 $ (408,655 ) $ (31 ) $ (567,107 ) (a) Principally foreign currency fluctuation. (b) Principally net change from periodic revaluations. (c) |
Amounts reclassified out of accumulated other comprehensive loss | Amounts reclassified from accumulated other comprehensive loss for 2018 and 2017 are as follows: Year Ended December 31 2018 Year Ended December 31 2017 Affected Caption on the Consolidated Statements of Operations (In thousands) Amortization of defined benefit pension items (d) : Actuarial losses $ 20,014 $ 21,985 Defined benefit pension income (expense) Prior-service costs (139 ) 219 Defined benefit pension income (expense) Settlement/curtailment losses 249 — Defined benefit pension income (expense) Total before tax 20,124 22,204 Tax benefit (1,389 ) (2,093 ) Total reclassification of defined benefit pension items, net of tax $ 18,735 $ 20,111 Amortization of cash flow hedging instruments: Foreign currency exchange forward contracts $ (374 ) $ (936 ) Product revenues Foreign currency exchange forward contracts — (18 ) Cost of services and products sold Cross-currency interest rate swaps 1,264 1,002 Interest expense Interest rate swaps (1,108 ) — Interest expense Total before tax (218 ) 48 Tax benefit (147 ) (118 ) Total reclassification of cash flow hedging instruments $ (365 ) $ (70 ) (d) These accumulated other comprehensive loss components are included in the computation of NPPC. See Note 10, Employee Benefit Plans, for additional information. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)ReportingUnit | Dec. 31, 2017USD ($) | |
Accounting Policies [Abstract] | ||
Restricted cash | $ | $ 2,886 | $ 4,111 |
Total number of the Company's reporting units | 5 | |
Number of reporting units which have goodwill associated with them | 3 | |
SBB [Member] | ||
Customer [Line Items] | ||
Change in Margin | 2.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Warranty activity | |||
Warranty reserves, beginning of the year | $ 5,956 | $ 6,281 | $ 7,844 |
Accruals for warranties issued during the year | 4,596 | 5,528 | 6,439 |
Reductions related to pre-existing warranties | (3,730) | (3,792) | (5,611) |
Standard Product Warranty Accrual, Additions from Business Acquisition | 249 | 0 | 0 |
Warranties paid | (1,293) | (2,078) | (2,372) |
Other (principally foreign currency translation) | (67) | 17 | (19) |
Warranty reserves, beginning of the year | 5,711 | 5,956 | 6,281 |
Self-insurance | |||
Loss Contingencies [Line Items] | |||
Insurance expense from continuing operations | 14,300 | 16,400 | 15,000 |
Decrease in pre-tax insurance expense due to retrospective insurance reserve adjustments from continuing operations | 2,700 | 2,600 | $ 5,400 |
Liabilities for asserted and unasserted claims | 60,300 | 33,600 | |
Liabilities covered by insurance carriers | $ 34,200 | $ 4,100 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details 4) | 12 Months Ended |
Dec. 31, 2018 | |
Foreign currency exchange forward contracts | Maximum | |
Derivative [Line Items] | |
Maximum typical term of foreign currency forward exchange contracts (in days) | 90 days |
Recently Adopted and Recently_3
Recently Adopted and Recently Issued Accounting Standards - Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | |||||
Trade accounts receivable, net | $ 291,213 | $ 288,566 | $ 288,034 | ||
Inventories | 133,111 | 118,500 | 178,293 | ||
Current portion of contract assets | 24,254 | 18,248 | 0 | ||
Other current assets | 35,128 | 39,511 | 39,332 | ||
Total current assets | 605,034 | 551,258 | 592,092 | ||
Contract assets | 3,566 | ||||
Deferred income tax assets | 49,114 | 51,574 | |||
Other assets | 17,442 | 16,600 | 15,263 | ||
Total assets | 1,632,867 | 1,542,754 | 1,578,685 | $ 1,581,338 | |
Current liabilities: | |||||
Current portion of advances on contracts | 31,317 | 39,451 | 117,958 | ||
Other current liabilities | 118,708 | 147,363 | 133,368 | ||
Total current liabilities | 416,996 | 409,616 | 474,128 | ||
Advances on contracts | 37,675 | 24,564 | 0 | ||
Other liabilities | 46,005 | 42,426 | 40,846 | ||
Total liabilities | 1,319,491 | 1,325,152 | 1,363,520 | ||
HARSCO CORPORATION STOCKHOLDERS' EQUITY | |||||
Accumulated other comprehensive loss | (567,107) | (548,102) | (546,582) | ||
Retained earnings | 1,298,752 | 1,161,758 | 1,157,801 | ||
Total Harsco Corporation stockholders' equity | 268,263 | 172,888 | 170,451 | ||
Noncontrolling interests | 45,113 | 44,714 | |||
Total equity | 313,376 | 217,602 | 215,165 | $ 137,563 | $ 310,803 |
Total liabilities and equity | 1,632,867 | 1,542,754 | 1,578,685 | ||
As Reported | |||||
Current assets: | |||||
Trade accounts receivable, net | 303,980 | 288,034 | |||
Inventories | 177,621 | 178,293 | |||
Current portion of contract assets | 0 | 0 | |||
Other current assets | 34,508 | 39,332 | |||
Total current assets | 637,437 | 592,092 | |||
Contract assets | 0 | ||||
Deferred income tax assets | 51,515 | ||||
Other assets | 15,761 | 15,263 | |||
Total assets | 1,665,990 | 1,578,685 | |||
Current liabilities: | |||||
Current portion of advances on contracts | 117,328 | 117,958 | |||
Other current liabilities | 109,259 | 133,368 | |||
Total current liabilities | 493,558 | 474,128 | |||
Advances on contracts | 0 | 0 | |||
Other liabilities | 45,752 | 40,846 | |||
Total liabilities | 1,358,125 | 1,363,520 | |||
HARSCO CORPORATION STOCKHOLDERS' EQUITY | |||||
Accumulated other comprehensive loss | (566,003) | (546,582) | |||
Retained earnings | 1,292,116 | 1,157,801 | |||
Total Harsco Corporation stockholders' equity | 262,731 | 170,451 | |||
Noncontrolling interests | 45,134 | ||||
Total equity | 307,865 | 215,165 | |||
Total liabilities and equity | 1,665,990 | 1,578,685 | |||
Accounting Standards Update 2014-09 | |||||
HARSCO CORPORATION STOCKHOLDERS' EQUITY | |||||
Total equity | $ (548,102) | ||||
Accounting Standards Update 2014-09 | Impact of Adoption | |||||
Current assets: | |||||
Trade accounts receivable, net | 12,767 | 532 | |||
Inventories | 44,510 | (59,793) | |||
Current portion of contract assets | (24,254) | 18,248 | |||
Other current assets | (620) | 179 | |||
Total current assets | 32,403 | (40,834) | |||
Contract assets | 3,566 | ||||
Deferred income tax assets | 2,401 | ||||
Other assets | (1,681) | 1,337 | |||
Total assets | 33,123 | (35,931) | |||
Current liabilities: | |||||
Current portion of advances on contracts | 86,011 | (78,507) | |||
Other current liabilities | (9,449) | 13,995 | |||
Total current liabilities | 76,562 | (64,512) | |||
Advances on contracts | (37,675) | 24,564 | |||
Other liabilities | (253) | 1,580 | |||
Total liabilities | 38,634 | (38,368) | |||
HARSCO CORPORATION STOCKHOLDERS' EQUITY | |||||
Accumulated other comprehensive loss | 1,104 | (1,520) | |||
Retained earnings | (6,636) | 3,957 | |||
Total Harsco Corporation stockholders' equity | (5,532) | 2,437 | |||
Noncontrolling interests | 21 | ||||
Total equity | (5,511) | 2,437 | |||
Total liabilities and equity | $ 33,123 | $ (35,931) |
Recently Adopted and Recently_4
Recently Adopted and Recently Issued Accounting Standards - Consolidated Statements of Operation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Revenues from continuing operations: | |||||
Total revenues | $ 1,722,380 | $ 1,607,062 | $ 1,451,223 | ||
Costs and expenses from continuing operations: | |||||
Selling, general and administrative costs | 238,690 | 229,792 | 196,871 | ||
Total costs and expenses | 1,531,453 | 1,461,668 | 1,386,340 | ||
Operating income from continuing operations | 190,927 | 145,394 | 64,883 | ||
Interest expense | (38,148) | (47,552) | (51,584) | ||
Income from continuing operations before income taxes | 157,254 | 95,451 | (79,471) | ||
Income tax expense | (12,899) | (83,803) | (6,637) | ||
Income from continuing operations | 144,739 | 11,648 | (80,422) | ||
Net income | 145,013 | 11,844 | (79,753) | ||
Less: Net income attributable to noncontrolling interests | (7,956) | (4,022) | (5,914) | ||
Net income (loss) attributable to Harsco Corporation | 137,057 | 7,822 | (85,667) | ||
Income (loss) from continuing operations, net of tax | 136,783 | 7,626 | (86,336) | ||
Net income (loss) attributable to Harsco Corporation common stockholders | $ 137,057 | $ 7,822 | $ (85,667) | ||
Basic earnings per share attributable to Harsco Corporation common stockholders (a): | |||||
Continuing operations (in dollars per share) | $ 1.69 | $ 0.09 | $ (1.07) | ||
Basic earnings (loss) per share attributable to Harsco Corporation common stockholders (in dollars per share) | [1] | 1.70 | 0.10 | (1.07) | |
Diluted earnings per share attributable to Harsco Corporation common stockholders (a): | |||||
Continuing operations (in dollars per share) | 1.64 | 0.09 | (1.07) | ||
Diluted earnings (loss) per share attributable to Harsco Corporation common stockholders (in dollars per share) | $ 1.64 | $ 0.09 | $ (1.07) | [1] | |
Services | |||||
Revenues from continuing operations: | |||||
Total revenues | $ 1,007,239 | $ 981,672 | $ 939,129 | ||
Costs and expenses from continuing operations: | |||||
Cost of Goods and Services Sold | 780,930 | 770,268 | 762,431 | ||
Product | |||||
Revenues from continuing operations: | |||||
Total revenues | 715,141 | 625,390 | 512,094 | ||
Costs and expenses from continuing operations: | |||||
Cost of Goods and Services Sold | 507,807 | $ 452,740 | $ 410,138 | ||
As Reported | |||||
Revenues from continuing operations: | |||||
Total revenues | 1,733,385 | ||||
Costs and expenses from continuing operations: | |||||
Selling, general and administrative costs | 238,807 | ||||
Total costs and expenses | 1,548,512 | ||||
Operating income from continuing operations | 184,873 | ||||
Interest expense | (36,219) | ||||
Income from continuing operations before income taxes | 153,129 | ||||
Income tax expense | (11,453) | ||||
Income from continuing operations | 142,060 | ||||
Net income | 142,334 | ||||
Less: Net income attributable to noncontrolling interests | (7,977) | ||||
Net income (loss) attributable to Harsco Corporation | 134,357 | ||||
Income (loss) from continuing operations, net of tax | 134,083 | ||||
Net income (loss) attributable to Harsco Corporation common stockholders | $ 134,357 | ||||
Basic earnings per share attributable to Harsco Corporation common stockholders (a): | |||||
Continuing operations (in dollars per share) | $ 1.66 | ||||
Basic earnings (loss) per share attributable to Harsco Corporation common stockholders (in dollars per share) | 1.66 | ||||
Diluted earnings per share attributable to Harsco Corporation common stockholders (a): | |||||
Continuing operations (in dollars per share) | 1.60 | ||||
Diluted earnings (loss) per share attributable to Harsco Corporation common stockholders (in dollars per share) | $ 1.61 | ||||
As Reported | Services | |||||
Revenues from continuing operations: | |||||
Total revenues | $ 1,012,160 | ||||
Costs and expenses from continuing operations: | |||||
Cost of Goods and Services Sold | 786,230 | ||||
As Reported | Product | |||||
Revenues from continuing operations: | |||||
Total revenues | 721,225 | ||||
Costs and expenses from continuing operations: | |||||
Cost of Goods and Services Sold | 519,449 | ||||
Accounting Standards Update 2014-09 | Impact of Adoption | |||||
Revenues from continuing operations: | |||||
Total revenues | 11,005 | ||||
Costs and expenses from continuing operations: | |||||
Selling, general and administrative costs | 117 | ||||
Total costs and expenses | 17,059 | ||||
Operating income from continuing operations | (6,054) | ||||
Interest expense | 1,929 | ||||
Income from continuing operations before income taxes | (4,125) | ||||
Income tax expense | 1,446 | ||||
Income from continuing operations | (2,679) | ||||
Net income | (2,679) | ||||
Less: Net income attributable to noncontrolling interests | (21) | ||||
Net income (loss) attributable to Harsco Corporation | (2,700) | ||||
Income (loss) from continuing operations, net of tax | (2,700) | ||||
Net income (loss) attributable to Harsco Corporation common stockholders | $ (2,700) | ||||
Basic earnings per share attributable to Harsco Corporation common stockholders (a): | |||||
Continuing operations (in dollars per share) | $ (0.03) | ||||
Basic earnings (loss) per share attributable to Harsco Corporation common stockholders (in dollars per share) | (0.03) | ||||
Diluted earnings per share attributable to Harsco Corporation common stockholders (a): | |||||
Continuing operations (in dollars per share) | (0.03) | ||||
Diluted earnings (loss) per share attributable to Harsco Corporation common stockholders (in dollars per share) | $ (0.03) | ||||
Accounting Standards Update 2014-09 | Impact of Adoption | Services | |||||
Revenues from continuing operations: | |||||
Total revenues | $ 4,921 | ||||
Costs and expenses from continuing operations: | |||||
Cost of Goods and Services Sold | 5,300 | ||||
Accounting Standards Update 2014-09 | Impact of Adoption | Product | |||||
Revenues from continuing operations: | |||||
Total revenues | 6,084 | ||||
Costs and expenses from continuing operations: | |||||
Cost of Goods and Services Sold | $ 11,642 | ||||
[1] | Does not total due to rounding. |
Recently Adopted and Recently_5
Recently Adopted and Recently Issued Accounting Standards - Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 145,013 | $ 11,844 | $ (79,753) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Deferred income tax expense (benefit) | (6,522) | 57,349 | (7,654) |
Changes in assets and liabilities: | |||
Accounts receivable | (16,881) | (32,012) | 16,041 |
Inventories | (14,706) | 19,557 | (12,313) |
Contract assets | (3,312) | 0 | 0 |
Advances on contracts | 3,057 | (16,811) | 14,485 |
Other assets and liabilities | (33,527) | 3,368 | (13,314) |
Net cash used by operating activities | 192,022 | $ 176,892 | $ 159,876 |
Impact of Adoption | Accounting Standards Update 2014-09 | |||
Cash flows from operating activities: | |||
Net income | (2,679) | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Deferred income tax expense (benefit) | (1,446) | ||
Changes in assets and liabilities: | |||
Accounts receivable | (13,143) | ||
Inventories | 10,330 | ||
Contract assets | 3,312 | ||
Advances on contracts | (1,378) | ||
Other assets and liabilities | 5,004 | ||
Net cash used by operating activities | 0 | ||
As Reported | |||
Cash flows from operating activities: | |||
Net income | 142,334 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Deferred income tax expense (benefit) | (7,968) | ||
Changes in assets and liabilities: | |||
Accounts receivable | (30,024) | ||
Inventories | (4,376) | ||
Contract assets | 0 | ||
Advances on contracts | 1,679 | ||
Other assets and liabilities | (28,523) | ||
Net cash used by operating activities | $ 192,022 |
Recently Adopted and Recently_6
Recently Adopted and Recently Issued Accounting Standards - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Jan. 01, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Defined benefit pension income (expense) | $ (3,447) | $ 2,595 | $ 1,414 | ||
Adjustment to opening retained earnings (less than) | $ (2,374) | $ (397) | |||
Stranded income tax effects | 21,000 | ||||
Retained Earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Adjustment to opening retained earnings (less than) | $ 100 | $ (3,894) | $ 709 |
Acquisition - Narrative (Detail
Acquisition - Narrative (Details) - Altek £ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||
May 31, 2018USD ($) | May 31, 2018GBP (£) | Dec. 31, 2018USD ($) | May 31, 2018GBP (£) | |
Business Acquisition [Line Items] | ||||
Purchase price | $ 60.1 | £ 45 | ||
Additional contingent consideration | 33 | £ 25 | ||
Estimated preliminary fair value | 12.1 | |||
Tax deductible Goodwill (less than) | $ 1 | |||
Selling, General and Administrative Expenses | ||||
Business Acquisition [Line Items] | ||||
Costs associated with the acquisition | $ 1 |
Acquisition - Summary of Assets
Acquisition - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Preliminary Valuation | ||||
Goodwill | $ 411,552 | $ 401,758 | $ 382,251 | |
Altek | ||||
Preliminary Valuation | ||||
Cash and cash equivalents | 1,700 | $ 1,700 | ||
Net working capital | (1,300) | (1,500) | ||
Property, plant and equipment | 3,300 | 3,300 | ||
Intangible assets | 52,700 | 52,500 | ||
Goodwill | 22,500 | 20,900 | ||
Net deferred tax liabilities | (8,500) | (8,500) | ||
Other liabilities | (300) | (300) | ||
Total identifiable net assets of Altek | 70,100 | $ 68,100 | ||
Measurement Period Adjustments | ||||
Net working capital | 200 | |||
Intangible assets | 200 | |||
Goodwill | 1,600 | |||
Total identifiable net assets of Altek | $ 2,000 |
Acquisition - Summary of Intang
Acquisition - Summary of Intangible Assets and Amortization Periods (Details) - Altek - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2018 | Jun. 30, 2018 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Total identifiable intangible assets of Altek | $ 52.7 | $ 52.7 | $ 52.5 |
Measurement Period Adjustments | 0.2 | ||
Customer related | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization Period | 14 years 2 months 12 days | ||
Total identifiable intangible assets of Altek | 11.6 | $ 11.6 | 11.5 |
Measurement Period Adjustments | 0.1 | ||
Technology related | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization Period | 10 years 3 months 18 days | ||
Total identifiable intangible assets of Altek | 36.6 | $ 36.6 | 36.5 |
Measurement Period Adjustments | 0.1 | ||
Trade names | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization Period | 15 years | ||
Total identifiable intangible assets of Altek | 4.5 | $ 4.5 | $ 4.5 |
Measurement Period Adjustments | $ 0 |
Acquisition - Summary of Change
Acquisition - Summary of Changes in Fair Value of Contingent Consideration (Details) $ in Thousands | 6 Months Ended |
Dec. 31, 2018USD ($) | |
Contingent Consideration | |
Balance, beginning of period | $ 10,097 |
Measurement period adjustment | 1,958 |
Fair value adjustment | (2,939) |
Foreign currency translation | (696) |
Balance, end of period | $ 8,420 |
Accounts Receivable and Inven_3
Accounts Receivable and Inventories (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Accounts Receivable, Net, Current [Abstract] | ||||
Trade accounts receivable | $ 295,847 | $ 292,765 | ||
Less: Allowance for doubtful accounts | (4,634) | (4,731) | ||
Trade accounts receivable, net | 291,213 | 288,034 | $ 288,566 | |
Other receivables | 54,182 | 20,224 | ||
Provision (benefit) for doubtful accounts related to trade accounts receivable | 372 | 5,346 | $ (38) | |
Inventories | ||||
Finished goods | 17,223 | 26,415 | ||
Work-in-process | 21,787 | 24,367 | ||
Contracts-in-process | 0 | 45,599 | ||
Raw materials and purchased parts | 72,194 | 58,943 | ||
Stores and supplies | 21,907 | 22,969 | ||
Total inventories | 133,111 | 178,293 | 118,500 | |
Valued at lower of cost or market: | ||||
LIFO basis | 80,590 | 80,644 | ||
FIFO basis | 8,611 | 52,832 | ||
Average cost basis | 43,910 | 44,817 | ||
Total inventories | 133,111 | 178,293 | 118,500 | |
Excess of inventories valued at current costs over LIFO | 36,000 | 33,000 | ||
Change in income as a result of LIFO basis inventory valuation over FIFO basis valuation | 600 | 400 | 1,300 | |
Contract costs accumulated to date | 73,740 | |||
Estimated Loss Provisions Offset Against WIP | (28,141) | |||
Contracts-in-process | 0 | 45,599 | ||
Provision for Loss on Contracts | 9,600 | 3,000 | ||
Contract with Customer, Liability | 69,000 | $ 64,000 | ||
Contract estimated forward loss provision for Harsco Rail Segment | 1,800 | 0 | 45,050 | |
Revenues | 1,722,380 | 1,607,062 | 1,451,223 | |
SBB [Member] | ||||
Valued at lower of cost or market: | ||||
Contract with Customer, Liability | 97,900 | |||
Revenues | $ 24,200 | $ 42,500 | $ 200 | |
Contract 1 | SBB [Member] | ||||
Valued at lower of cost or market: | ||||
Percentage Complete | 99.00% | |||
Contract 2 | SBB [Member] | ||||
Valued at lower of cost or market: | ||||
Percentage Complete | 26.00% |
Equity Method Investments (Deta
Equity Method Investments (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2013 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income of unconsolidated entities, net | $ (384) | $ 0 | $ (5,686) | |
Net sales proceeds | 145,000 | |||
Merger related costs | $ 0 | 0 | 20,640 | |
Change in fair value to unit adjustment liability | 4,700 | |||
Unit adjustment liability, current and non-current | $ 0 | |||
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% | |||
Equity in income of unconsolidated entities, net | (5,686) | |||
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] | ||||
Equity in income of unconsolidated entities, net | $ 10,300 | |||
Percentage of ownership in equity method investments | 26.00% |
Equity Method Investments (De_2
Equity Method Investments (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summarized Statement of Operations Information of Brand: | |||
Net revenues | $ 2,333,561 | ||
Gross profit | 499,005 | ||
Net income attributable to Brand Energy & Infrastructure Services, Inc. and Subsidiaries | 20,756 | ||
Harsco's equity in income of Brand | $ 384 | $ 0 | 5,686 |
Infrastructure Transaction Strategic Venture | |||
Summarized Statement of Operations Information of Brand: | |||
Harsco's equity in income of Brand | $ 5,686 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Capital leases included in plant, property and equipment | $ 1,700 | $ 5,500 | |
Gross property, plant and equipment | 1,793,728 | 1,848,518 | |
Less: Accumulated depreciation | (1,323,828) | (1,368,771) | |
Property, plant and equipment, net | 469,900 | 479,747 | $ 490,255 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | 10,621 | 10,840 | |
Land improvements | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | $ 16,156 | 14,996 | |
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 | $ 191,072 | 198,582 | |
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 | $ 1,538,166 | 1,599,713 | |
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 | $ 37,713 | $ 24,387 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||
Balance at the beginning of the period | $ 401,758 | $ 382,251 |
Changes to goodwill | 22,518 | |
Foreign currency translation | (12,724) | 19,507 |
Balance at the end of the period | 411,552 | 401,758 |
Harsco Metals & Minerals | ||
Goodwill [Roll Forward] | ||
Balance at the beginning of the period | 381,893 | 362,386 |
Changes to goodwill | 22,518 | |
Foreign currency translation | (12,724) | 19,507 |
Balance at the end of the period | 391,687 | 381,893 |
Harsco Industrial | ||
Goodwill [Roll Forward] | ||
Balance at the beginning of the period | 6,839 | 6,839 |
Changes to goodwill | 0 | |
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 | 13,026 |
Changes to goodwill | 0 | |
Foreign currency translation | 0 | 0 |
Balance at the end of the period | $ 13,026 | $ 13,026 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 189,813 | $ 202,162 | |
Accumulated Amortization | 109,988 | 163,911 | |
Intangible assets, net | 79,825 | 38,251 | |
Amortization expense for intangible assets | 7,700 | 5,100 | $ 7,900 |
Estimated amortization expense for the next five years | |||
2,019 | 9,000 | ||
2,020 | 8,750 | ||
2,021 | 8,500 | ||
2,022 | 8,250 | ||
2,023 | 8,250 | ||
Customer related | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 136,307 | 153,014 | |
Accumulated Amortization | 99,383 | 121,385 | |
Patents | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 2,598 | 5,825 | |
Accumulated Amortization | 2,503 | 5,700 | |
Technology related | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 35,831 | 26,131 | |
Accumulated Amortization | 2,681 | 26,131 | |
Trade names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 9,212 | 8,317 | |
Accumulated Amortization | 1,897 | 4,845 | |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 5,865 | 8,875 | |
Accumulated Amortization | $ 3,524 | $ 5,850 |
Debt and Credit Agreements (Det
Debt and Credit Agreements (Details) - Line of Credit [Member] | Dec. 31, 2018USD ($) |
Line of Credit Facility [Line Items] | |
Facility Limit | $ 500,000,000 |
Outstanding Balance | 62,000,000 |
Outstanding Letters of Credit | 30,352,000 |
Available Credit | $ 407,648,000 |
Debt and Credit Agreements (D_2
Debt and Credit Agreements (Details 2) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2016 | Dec. 31, 2022 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | |||||
Net sales proceeds | $ 0 | $ 0 | $ 165,640,000 | ||
Repayment of debt | 116,988,000 | 108,280,000 | 979,567,000 | ||
Loss on early extinguishment of debt | (1,127,000) | (2,265,000) | (35,337,000) | ||
Total debt obligations | 605,394,000 | 593,659,000 | |||
Current maturities of long-term debt | 6,489,000 | 11,208,000 | |||
Short-term borrowings | $ 10,078,000 | $ 8,621,000 | |||
Weighted average interest rate | 3.00% | 4.30% | |||
Interest paid | $ 34,200,000 | $ 44,300,000 | $ 49,600,000 | ||
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 | $ 541,788,000 | 545,875,000 | |||
Term Loan | LIBOR | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 2.25% | ||||
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 | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.65% | ||||
Term Loan | Fixed-Rate Term Loan | LIBOR | Forecast | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 3.12% | ||||
Senior Notes | 5.75% notes due May 15,2018 | |||||
Line of Credit Facility [Line Items] | |||||
Stated interest rate | 5.75% | ||||
Senior Secured Credit facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total debt obligations | $ 598,343,000 | 581,416,000 | |||
Current maturities of long-term debt | 5,445,000 | 5,459,000 | |||
Senior Secured Credit Facilities | |||||
Line of Credit Facility [Line Items] | |||||
Total debt obligations | 603,788,000 | 586,875,000 | |||
Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Facility limit | 500,000,000 | ||||
Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Current borrowing capacity | $ 400,000,000 | ||||
Total debt obligations | $ 62,000,000 | $ 41,000,000 | |||
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% |
Debt and Credit Agreements (D_3
Debt and Credit Agreements (Details 3) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||
Debt Instrument, Covenant Minimum Consolidated Interest Coverage Ratio, Numerator | 3 | |
Total debt obligations | $ 605,394 | $ 593,659 |
Less: deferred financing costs | (13,243) | (15,657) |
Total debt obligations, net of deferred financing costs | 592,151 | 578,002 |
Less: current maturities of long-term debt | (6,489) | (11,208) |
Long-term debt | 585,662 | 566,794 |
Maturities of Long-term Debt [Abstract] | ||
2,019 | 5,953 | |
2,020 | 67,507 | |
2,021 | 5,445 | |
2,022 | 5,445 | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt obligations | $ 62,000 | $ 41,000 |
Variable interest rate | 4.20% | 3.60% |
Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Covenant Minimum Consolidated Interest Coverage Ratio, Numerator | 3.75 | |
Term Loan | ||
Debt Instrument [Line Items] | ||
Total debt obligations | $ 541,788 | $ 545,875 |
Variable interest rate | 4.80% | 4.60% |
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 | $ 1,606 | $ 6,784 |
Weighted average interest rate | 5.00% | 5.70% |
Consolidated Adjusted EBITDA Ratio Covenant After Year End | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Covenant Minimum Consolidated Interest Coverage Ratio, Numerator | 3.5 |
Operating Leases (Details)
Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Leases [Abstract] | |||
Rental expense for property, plant and equipment | $ 16,200 | $ 16,500 | $ 16,900 |
Operating leases | |||
2,019 | 13,985 | ||
2,020 | 12,204 | ||
2,021 | 9,448 | ||
2,022 | 7,706 | ||
2,023 | 6,201 | ||
After 2,023 | 28,442 | ||
Minimum rentals to be received under noncancelable subleases | $ 500 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - Pension Plan - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
U.S. Plans | |||
Defined Contribution Plan [Abstract] | |||
Discretionary contributions | $ 0 | $ 0 | $ 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 42,000 | 43,000 | 102,000 |
Interest cost | 9,562,000 | 9,878,000 | 10,165,000 |
Expected return on plan assets | (12,068,000) | (10,485,000) | (10,721,000) |
Recognized prior service costs | 1,000 | 33,000 | 63,000 |
Recognized losses | 5,207,000 | 5,701,000 | 5,493,000 |
Settlement/curtailment loss (gain) | 285,000 | 0 | 276,000 |
Defined benefit plans pension cost | 3,029,000 | 5,170,000 | 5,378,000 |
Defined contribution plans | 5,034,000 | 4,239,000 | 3,833,000 |
Net periodic pension cost, U.S. Plans | $ 8,749,000 | 10,059,000 | 9,847,000 |
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 | $ 686,000 | 650,000 | 636,000 |
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 | $ 1,669,000 | 1,724,000 | 1,585,000 |
Interest cost | 21,589,000 | 21,459,000 | 26,822,000 |
Expected return on plan assets | (42,685,000) | (40,469,000) | (42,979,000) |
Recognized prior service costs | (140,000) | 186,000 | 189,000 |
Recognized losses | 14,807,000 | 16,283,000 | 12,002,000 |
Settlement/curtailment loss (gain) | (36,000) | (20,000) | 79,000 |
Defined benefit plans pension cost | (4,796,000) | (837,000) | (2,302,000) |
Defined contribution plans | 5,608,000 | 5,905,000 | 5,807,000 |
Net periodic pension cost, International Plans | $ 2,125,000 | 6,374,000 | 4,873,000 |
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 | $ 1,313,000 | $ 1,306,000 | $ 1,368,000 |
Employee Benefit Plans (Detai_2
Employee Benefit Plans (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Noncurrent liabilities | $ 213,578 | $ 259,367 | |
Pension Plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rates | 2.80% | 3.10% | 3.90% |
Expected long-term rates of return on plan assets | 6.00% | 6.20% | 6.70% |
Expected long-term rates of return on plan assets for next year (as a percent) | 5.90% | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rates | 3.20% | 2.80% | |
U.S. Plans | Pension Plan | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 314,861 | $ 305,652 | |
Service cost | 42 | 43 | $ 102 |
Interest cost | 9,562 | 9,878 | 10,165 |
Plan participants' contributions | 0 | 0 | |
Amendments | 0 | 0 | |
Actuarial loss | (21,474) | 14,459 | |
Settlements/curtailments | 0 | 0 | |
Benefits paid | (16,964) | (15,171) | |
Effect of foreign currency | 0 | 0 | |
Benefit obligation at end of year | 286,027 | 314,861 | 305,652 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 229,941 | 205,271 | |
Actual return on plan assets | (17,883) | 33,942 | |
Employer contributions | 10,294 | 5,899 | |
Plan participants' contributions | 0 | 0 | |
Settlements/curtailments | 0 | 0 | |
Benefits paid | (16,964) | (15,171) | |
Effect of foreign currency | 0 | 0 | |
Fair value of plan assets at end of year | 205,388 | 229,941 | $ 205,271 |
Funded status at end of year | (80,639) | (84,920) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Noncurrent assets | 1,953 | 1,860 | |
Current liabilities | 1,954 | 2,237 | |
Noncurrent liabilities | 80,638 | 84,543 | |
Total accumulated other comprehensive loss before tax | 149,326 | 146,341 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Net actuarial loss | 149,326 | 146,340 | |
Prior service cost | 0 | 1 | |
Total accumulated other comprehensive loss before tax | 149,326 | $ 146,341 | |
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 | 5,621 | ||
Prior service cost | 0 | ||
Total | 5,621 | ||
Estimate of expected contributions in next fiscal year | 9,100 | ||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||
2,019 | 20,000 | ||
2,020 | 19,500 | ||
2,021 | 19,300 | ||
2,022 | 19,400 | ||
2,023 | 19,300 | ||
2024-2028 | $ 94,100 | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rates | 3.50% | 4.00% | 4.20% |
Expected long-term rates of return on plan assets | 7.30% | 7.30% | 7.30% |
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 | 4.20% | 3.50% | |
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 | $ 1,015,586 | $ 952,360 | |
Service cost | 1,669 | 1,724 | $ 1,585 |
Interest cost | 21,589 | 21,459 | 26,822 |
Plan participants' contributions | 49 | 61 | |
Amendments | 11,238 | (4,459) | |
Actuarial loss | (78,658) | (3,613) | |
Settlements/curtailments | (313) | (3,362) | |
Benefits paid | (37,721) | (40,379) | |
Effect of foreign currency | (58,760) | 91,795 | |
Benefit obligation at end of year | 874,679 | 1,015,586 | 952,360 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 842,717 | 732,743 | |
Actual return on plan assets | (30,004) | 67,136 | |
Employer contributions | 18,415 | 18,187 | |
Plan participants' contributions | 49 | 61 | |
Settlements/curtailments | (313) | (3,241) | |
Benefits paid | (37,570) | (39,800) | |
Effect of foreign currency | (48,756) | 67,631 | |
Fair value of plan assets at end of year | 744,538 | 842,717 | $ 732,743 |
Funded status at end of year | (130,141) | (172,869) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Noncurrent assets | 2,379 | 1,820 | |
Current liabilities | 643 | 625 | |
Noncurrent liabilities | 131,876 | 174,064 | |
Total accumulated other comprehensive loss before tax | 391,849 | 427,127 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Net actuarial loss | 384,666 | 430,377 | |
Prior service cost | 7,183 | (3,250) | |
Total accumulated other comprehensive loss before tax | 391,849 | $ 427,127 | |
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 | 14,480 | ||
Prior service cost | 324 | ||
Total | 14,804 | ||
Estimate of expected contributions in next fiscal year | 20,400 | ||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||
2,019 | 38,500 | ||
2,020 | 39,400 | ||
2,021 | 41,000 | ||
2,022 | 41,400 | ||
2,023 | 42,500 | ||
2024-2028 | $ 228,200 | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rates | 2.60% | 2.80% | 3.80% |
Expected long-term rates of return on plan assets | 5.60% | 5.90% | 6.50% |
Expected long-term rates of return on plan assets for next year (as a percent) | 5.50% | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rates | 2.90% | 2.60% |
Employee Benefit Plans (Detai_3
Employee Benefit Plans (Details 3) - Pension Plan $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($)market | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | |
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Expected long-term rates of return on plan assets for next year (as a percent) | 5.90% | ||||
Expected long-term rates of return on plan assets | 6.00% | 6.20% | 6.70% | ||
U.S. Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated benefit obligation | $ 286,000 | $ 314,900 | |||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | |||||
Projected benefit obligation | 279,200 | 306,000 | |||
Accumulated benefit obligation | 279,200 | 306,000 | |||
Fair value of plan assets | $ 196,600 | 219,200 | |||
Defined Benefit Plan, Plan Assets, 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% | 7.30% | ||
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 | $ 8,900 | 8,400 | |||
Fair values of plan assets | $ 205,388 | $ 205,271 | $ 205,271 | $ 205,388 | $ 229,941 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 229,941 | 205,271 | |||
Employer contributions | 10,294 | 5,899 | |||
Fair value of plan assets at end of year | 205,388 | 229,941 | $ 205,271 | ||
U.S. Plans | Domestic equity securities | |||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||
Percentage of Plan Assets at December 31 | 30.60% | 38.60% | |||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 8,937 | 28,200 | $ 8,937 | $ 28,200 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 28,200 | ||||
Fair value of plan assets at end of year | 8,937 | 28,200 | |||
U.S. Plans | Domestic equity securities | Minimum | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 27.00% | ||||
U.S. Plans | Domestic equity securities | Maximum | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 37.00% | ||||
U.S. Plans | Domestic mutual funds—equities | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 54,002 | 60,785 | $ 54,002 | 60,785 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 60,785 | ||||
Fair value of plan assets at end of year | 54,002 | 60,785 | |||
U.S. Plans | Common Stock, International [Member] [Member] | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 1,429 | 1,429 | $ 1,429 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 1,429 | ||||
Fair value of plan assets at end of year | 1,429 | ||||
U.S. Plans | International equity securities | |||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||
Percentage of Plan Assets at December 31 | 22.00% | 24.50% | |||
U.S. Plans | International equity securities | Minimum | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 20.00% | ||||
U.S. Plans | International equity securities | Maximum | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 30.00% | ||||
U.S. Plans | International equities—mutual funds | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 45,195 | 54,879 | $ 45,195 | $ 54,879 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 54,879 | ||||
Fair value of plan assets at end of year | 45,195 | 54,879 | |||
U.S. Plans | Harsco common stock | |||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||
Percentage of Plan Assets at December 31 | 4.40% | 3.70% | |||
U.S. Plans | Fixed income securities | |||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||
Percentage of Plan Assets at December 31 | 42.90% | 30.90% | |||
U.S. Plans | Fixed income securities | Minimum | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 35.00% | ||||
U.S. Plans | Fixed income securities | Maximum | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 45.00% | ||||
U.S. Plans | U.S. Treasuries and collateralized securities | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 18,407 | 18,407 | $ 18,407 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 18,407 | ||||
Fair value of plan assets at end of year | 18,407 | ||||
U.S. Plans | Corporate bonds and notes | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 10,878 | 10,878 | 10,878 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 10,878 | ||||
Fair value of plan assets at end of year | 10,878 | ||||
U.S. Plans | Mutual funds - bonds | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 88,107 | 41,745 | $ 88,107 | $ 41,745 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 41,745 | ||||
Fair value of plan assets at end of year | 88,107 | 41,745 | |||
U.S. Plans | Other | |||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||
Percentage of Plan Assets at December 31 | 3.80% | 5.00% | |||
U.S. Plans | Other | Minimum | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 0.00% | ||||
U.S. Plans | Other | Maximum | |||||
Defined Benefit Plan, Plan Assets, 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, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 7,703 | 11,336 | $ 7,703 | $ 11,336 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 11,336 | ||||
Fair value of plan assets at end of year | 7,703 | 11,336 | |||
U.S. Plans | Cash and cash equivalents | |||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||
Percentage of Plan Assets at December 31 | 0.70% | 1.00% | |||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 1,444 | 2,282 | $ 1,444 | $ 2,282 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 2,282 | ||||
Fair value of plan assets at end of year | 1,444 | 2,282 | |||
U.S. Plans | Cash and cash equivalents | Maximum | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 0.00% | ||||
U.S. Plans | Level 1 | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 205,388 | 132,250 | $ 205,388 | 132,250 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 132,250 | ||||
Fair value of plan assets at end of year | 205,388 | 132,250 | |||
U.S. Plans | Level 1 | Domestic equity securities | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 8,937 | 28,200 | 8,937 | 28,200 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 28,200 | ||||
Fair value of plan assets at end of year | 8,937 | 28,200 | |||
U.S. Plans | Level 1 | Domestic mutual funds—equities | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 54,002 | 11,062 | 54,002 | 11,062 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 11,062 | ||||
Fair value of plan assets at end of year | 54,002 | 11,062 | |||
U.S. Plans | Level 1 | Common Stock, International [Member] [Member] | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 1,429 | 1,429 | 1,429 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 1,429 | ||||
Fair value of plan assets at end of year | 1,429 | ||||
U.S. Plans | Level 1 | International equities—mutual funds | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 45,195 | 54,879 | 45,195 | 54,879 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 54,879 | ||||
Fair value of plan assets at end of year | 45,195 | 54,879 | |||
U.S. Plans | Level 1 | U.S. Treasuries and collateralized securities | |||||
Defined Benefit Plan, Plan Assets, 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 | ||||
U.S. Plans | Level 1 | Corporate bonds and notes | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 10,878 | 10,878 | 10,878 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 10,878 | ||||
Fair value of plan assets at end of year | 10,878 | ||||
U.S. Plans | Level 1 | Mutual funds - bonds | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 88,107 | 12,184 | 88,107 | 12,184 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 12,184 | ||||
Fair value of plan assets at end of year | 88,107 | 12,184 | |||
U.S. Plans | Level 1 | Other mutual funds | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 7,703 | 11,336 | 7,703 | 11,336 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 11,336 | ||||
Fair value of plan assets at end of year | 7,703 | 11,336 | |||
U.S. Plans | Level 1 | Cash and cash equivalents | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 1,444 | 2,282 | 1,444 | 2,282 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 2,282 | ||||
Fair value of plan assets at end of year | 1,444 | 2,282 | |||
U.S. Plans | Level 2 | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 0 | 97,691 | 0 | 97,691 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 97,691 | ||||
Fair value of plan assets at end of year | 0 | 97,691 | |||
U.S. Plans | Level 2 | Domestic equity securities | |||||
Defined Benefit Plan, Plan Assets, 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, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 0 | 49,723 | 0 | 49,723 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 49,723 | ||||
Fair value of plan assets at end of year | 0 | 49,723 | |||
U.S. Plans | Level 2 | Common Stock, International [Member] [Member] | |||||
Defined Benefit Plan, Plan Assets, 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 | ||||
U.S. Plans | Level 2 | International equities—mutual funds | |||||
Defined Benefit Plan, Plan Assets, 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, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 18,407 | 18,407 | 18,407 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 18,407 | ||||
Fair value of plan assets at end of year | 18,407 | ||||
U.S. Plans | Level 2 | Corporate bonds and notes | |||||
Defined Benefit Plan, Plan Assets, 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 | ||||
U.S. Plans | Level 2 | Mutual funds - bonds | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 0 | 29,561 | 0 | 29,561 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 29,561 | ||||
Fair value of plan assets at end of year | 0 | 29,561 | |||
U.S. Plans | Level 2 | Other mutual funds | |||||
Defined Benefit Plan, Plan Assets, 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, Plan Assets, 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 | 869,400 | 1,010,600 | |||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | |||||
Projected benefit obligation | 831,700 | 986,600 | |||
Accumulated benefit obligation | 828,900 | 981,900 | |||
Fair value of plan assets | 701,400 | 812,000 | |||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Expected long-term rates of return on plan assets for next year (as a percent) | 5.50% | ||||
Expected long-term rates of return on plan assets | 5.60% | 5.90% | 6.50% | ||
Fair values of plan assets | $ 842,717 | $ 842,717 | $ 732,743 | $ 744,538 | $ 842,717 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 842,717 | 732,743 | |||
Employer contributions | 18,415 | 18,187 | |||
Fair value of plan assets at end of year | $ 744,538 | 842,717 | $ 732,743 | ||
International Plans | United Kingdom | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Expected long-term rates of return on plan assets for next year (as a percent) | 5.50% | ||||
Pension plan assets as a percentage of international plan assets | 94.00% | ||||
International Plans | International, other than UK | |||||
Defined Benefit Plan, Plan Assets, 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 | 29.20% | 31.50% | |||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 29.00% | ||||
International Plans | Mutual funds - equities | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | $ 217,321 | 265,989 | $ 217,321 | $ 265,989 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 265,989 | ||||
Fair value of plan assets at end of year | 217,321 | 265,989 | |||
International Plans | Fixed income securities | |||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||
Percentage of Plan Assets at December 31 | 50.70% | 44.60% | |||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 50.00% | ||||
International Plans | Mutual funds - bonds | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 372,094 | 369,291 | $ 372,094 | $ 369,291 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 369,291 | ||||
Fair value of plan assets at end of year | 372,094 | 369,291 | |||
International Plans | Insurance contracts | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 5,620 | 6,189 | $ 5,620 | $ 6,189 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 6,189 | ||||
Fair value of plan assets at end of year | 5,620 | 6,189 | |||
International Plans | Other | |||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||
Percentage of Plan Assets at December 31 | 19.80% | 23.60% | |||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 21.00% | ||||
International Plans | Other mutual funds | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 147,313 | 198,856 | $ 147,313 | $ 198,856 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 198,856 | ||||
Fair value of plan assets at end of year | 147,313 | 198,856 | |||
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, Plan Assets, Allocations [Abstract] | |||||
Target Long-Term Allocation (less than 5% for Cash and cash equivalents) | 0.00% | ||||
Fair values of plan assets | 2,190 | 2,392 | $ 2,190 | $ 2,392 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 2,392 | ||||
Fair value of plan assets at end of year | 2,190 | 2,392 | |||
International Plans | Level 1 | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 2,190 | 2,392 | 2,190 | 2,392 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 2,392 | ||||
Fair value of plan assets at end of year | 2,190 | 2,392 | |||
International Plans | Level 1 | Mutual funds - equities | |||||
Defined Benefit Plan, Plan Assets, 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, Plan Assets, 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, Plan Assets, 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 beginning of year | |||||
Fair value of plan assets at end of year | 0 | ||||
International Plans | Level 1 | Other mutual funds | |||||
Defined Benefit Plan, Plan Assets, 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, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 2,190 | 2,392 | 2,190 | 2,392 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 2,392 | ||||
Fair value of plan assets at end of year | 2,190 | 2,392 | |||
International Plans | Level 2 | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 742,348 | 840,325 | 742,348 | 840,325 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 840,325 | ||||
Fair value of plan assets at end of year | 742,348 | 840,325 | |||
International Plans | Level 2 | Mutual funds - equities | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 217,321 | 265,989 | 217,321 | 265,989 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 265,989 | ||||
Fair value of plan assets at end of year | 217,321 | 265,989 | |||
International Plans | Level 2 | Mutual funds - bonds | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 372,094 | 369,291 | 372,094 | 369,291 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 369,291 | ||||
Fair value of plan assets at end of year | 372,094 | 369,291 | |||
International Plans | Level 2 | Insurance contracts | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 5,620 | 6,189 | 5,620 | 6,189 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 6,189 | ||||
Fair value of plan assets at end of year | 5,620 | 6,189 | |||
International Plans | Level 2 | Other mutual funds | |||||
Defined Benefit Plan, Plan Assets, Allocations [Abstract] | |||||
Fair values of plan assets | 147,313 | 198,856 | 147,313 | 198,856 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 198,856 | ||||
Fair value of plan assets at end of year | 147,313 | 198,856 | |||
International Plans | Level 2 | Cash and cash equivalents | |||||
Defined Benefit Plan, Plan Assets, 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 (Detai_4
Employee Benefit Plans (Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |||
Contributions By The Company | $ 2 | $ 2 | $ 2 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Tax Cuts and Jobs Act of 2017, Transition Tax for Accumulated Foreign Earnings, Provisional Income Tax Expense | $ 0 | $ 0 | |
Income from continuing operations before income taxes and equity income | |||
U.S. | 69,125,000 | 5,694,000 | $ (99,939,000) |
International | 88,129,000 | 89,757,000 | 20,468,000 |
Income (loss) from continuing operations before income taxes and equity income | 157,254,000 | 95,451,000 | (79,471,000) |
Currently payable: | |||
U.S. federal | 281,000 | 4,107,000 | (4,088,000) |
U.S. state | 1,127,000 | 372,000 | 365,000 |
International | 18,014,000 | 21,975,000 | 18,014,000 |
Total income taxes currently payable | 19,422,000 | 26,454,000 | 14,291,000 |
Deferred U.S. federal | 7,164,000 | 46,470,000 | (8,195,000) |
Deferred U.S. state | (11,045,000) | 1,142,000 | 2,238,000 |
Deferred international | (2,642,000) | 9,737,000 | (1,697,000) |
Total income tax expense | 12,899,000 | 83,803,000 | 6,637,000 |
Cash payments for income taxes, including taxes on gain or loss from discontinued business | $ 26,800,000 | $ 24,900,000 | $ 14,600,000 |
Tax Cuts and Jobs Act of 2017, GILTI Provision Impact on Effective Tax Rate | 0.25% |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Line Items] | |||
Tax Cuts And Jobs Act of 2017, Impact Including Lower Tax Rate, On U.S. Income Tax Expense | $ 2,500 | $ 52,100 | |
Provisional charge from net deferred tax assets and liabilities revaluation | 48,700 | ||
Effective Income Tax Rate Reconciliation, Tax Cuts And Jobs Act Of 2017, Amount | (15,409) | 48,680 | $ 0 |
Foreign earnings before tax | 88,129 | 89,757 | 20,468 |
Provisional tax expense on outside basis difference | 6,500 | ||
Differences on international earnings and remittances | 5,400 | 700 | |
Total international income tax expense | 31,700 | ||
Provisional tax expense from revaluing the U.S. ending net deferred tax assets | 14,900 | ||
Operating loss carryforwards | 83,168 | 90,193 | |
Capital loss carryforwards | 9,759 | 11,011 | |
Valuation Allowance | 138,862 | 174,227 | |
Valuation allowance related to foreign tax credit carryfowards | 15,200 | 27,300 | |
Deferred Tax Assets, Valuation Allowance, Decrease Due to Altek Acquisition | 13,600 | ||
Increase from foreign currency translation | 8,700 | 10,100 | |
Net increase related to losses in jurisdictions where the asset will not be recognized | 6,900 | ||
Tax Cuts and Jobs Act of 2017, Accumulated Foreign Earnings and Profits Indefinitely Reinvested | 677,000 | ||
Tax Cuts and Jobs Act of 2017, Deferred Foreign Income From Foreign Deficits in Earnings And Profits That Remain Untaxed | 49,000 | 628,000 | |
Tax Cuts and Jobs Act of 2017, GILTI That Increased Earnings Previously Taxed | 4,000 | ||
Interest and penalties recognized | 200 | 1,700 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 900 | 1,100 | $ 1,100 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 100 | ||
Valuation allowance adjustment related to the acquisition of Altek | 8,300 | ||
Tax Year 2021 [Domain] | |||
Income Tax Disclosure [Line Items] | |||
Capital loss carryforwards | 9,800 | ||
International operations | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | 68,100 | ||
Operating loss carryforwards not subject to expiration | 56,600 | ||
Operating losses subject to expiration | 11,500 | ||
U.S. state | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | 15,100 | ||
U.S. state | Tax Years 2019 through 2023 [Member] [Domain] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | 4,300 | ||
U.S. state | Tax Years 2024 Through 2028 [Member] [Domain] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | 2,900 | ||
U.S. state | Tax Years 2029 Through 2033 [Member] [Domain] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | 3,400 | ||
U.S. state | Expiring between 2028 and 2032 | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | 4,500 | ||
United States | |||
Income Tax Disclosure [Line Items] | |||
Differences on international earnings and remittances | $ 3,100 | $ 6,400 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal income tax expense (benefit) | $ 33,023 | $ 33,408 | $ (27,815) |
U.S. state income taxes, net of federal income tax benefit | 1,614 | 786 | (355) |
U.S. domestic deductions and credits | (6,145) | (1,210) | (661) |
Capital loss on sale of equity interest in Brand with no realizable tax benefit | 0 | 0 | 16,106 |
Difference in effective tax rates on international earnings and remittances | 5,399 | 675 | 2,006 |
Uncertain tax position contingencies and settlements | (1,180) | (1,517) | (1,886) |
Changes in realization on beginning of the year deferred tax assets | (6,937) | 2,758 | 1,978 |
Forward Loss Provisions in SBB Contract with no realizable tax benefits | 0 | 0 | 15,768 |
Global Intangible Low-Taxed Income | 400 | 0 | 0 |
U.S. non-deductible expenses | 2,277 | 664 | 724 |
Income related to the Infrastructure Transaction | 0 | 0 | (644) |
Effective Income Tax Rate Reconciliation, Tax Cuts And Jobs Act Of 2017, Amount | (15,409) | 48,680 | 0 |
Cumulative effect of change in statutory tax rates/laws | 0 | (153) | (388) |
Income from unconsolidated entities | 0 | 0 | 2,098 |
Other, net | (143) | (288) | (294) |
Total income tax expense | $ 12,899 | $ 83,803 | $ 6,637 |
Annual effective income tax rate | 8.20% | 87.80% | (8.40%) |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Asset | ||
Depreciation and amortization | $ 0 | $ 6,616 |
Expense accruals | 18,827 | 17,690 |
Inventories | 3,071 | 4,390 |
Provision for receivables | 690 | 649 |
Operating loss carryforwards | 83,168 | 90,193 |
Foreign tax credit carryforwards | 25,814 | 27,256 |
Capital loss carryforwards | 9,759 | 11,011 |
Pensions | 40,442 | 47,153 |
Currency adjustments | 3,795 | 7,160 |
Post-retirement benefits | 471 | 403 |
Stock based compensation | 5,832 | 4,761 |
Other | 5,886 | 7,684 |
Subtotal | 197,755 | 224,966 |
Valuation allowance | (138,862) | (174,227) |
Total deferred income taxes | 58,893 | 50,739 |
Liability | ||
Depreciation and amortization | 8,681 | 0 |
Deferred revenue | 3,122 | 979 |
Deferred financing costs | 2,227 | 2,135 |
Total deferred income taxes | 14,030 | 3,114 |
Deferred Tax Assets, Net, Classification [Abstract] | ||
Deferred income tax assets | 49,114 | 51,574 |
Other liabilities | $ 4,251 | $ 3,949 |
Income Taxes (Details 5)
Income Taxes (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at the beginning of the period | $ 3,623 | $ 4,582 | $ 5,161 |
Additions for tax positions related to the current year (includes currency translation adjustment) | 196 | 658 | 744 |
Additions for tax positions related to prior years (includes currency translation adjustment) | 358 | ||
Other reductions for tax positions related to prior years | (321) | (837) | |
Statutes of limitations expirations | (1,397) | (1,296) | (817) |
Settlements | (27) | ||
Balance at the end of the period | 2,422 | 3,623 | 4,582 |
Reconciliation of Deferred Income Tax Benefits [Roll Forward] | |||
Balance at beginning of period | (31) | (30) | (44) |
Additions for tax positions related to the current year (includes currency translation adjustment) | (1) | (2) | (1) |
Additions for tax positions related to prior years (includes currency translation adjustment) | (14) | ||
Other reductions for tax positions related to prior years | 0 | 0 | |
Statutes of limitation expirations | 6 | 1 | 27 |
Settlements | 2 | ||
Balance at the end of the period | (26) | (31) | (30) |
Reconciliation of Net Unrecognized Tax Benefits [Roll Forward] | |||
Balance at the beginning of the period | 3,592 | 4,552 | 5,117 |
Additions for tax positions related to the current year (includes currency translation adjustment) | 195 | 656 | 743 |
Additions for tax positions related to prior years (includes currency translation adjustment) | 344 | ||
Other reductions for tax positions related to prior years | (321) | (837) | |
Statutes of limitation expirations | (1,391) | (1,295) | (790) |
Settlements | (25) | ||
Balance at the end of the period | $ 2,396 | $ 3,592 | $ 4,552 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 1 Months Ended | 12 Months Ended | |||||
Aug. 31, 2005USD ($) | Dec. 31, 2018USD ($)claimdefendantcase | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2017USD ($) | Apr. 08, 2016USD ($) | |
Commitments and Contingencies | |||||||
Accrual for Environmental Loss Contingencies | $ 7,000,000 | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 35.00% | ||||||
Loss contingency, Brazilian labor claims | |||||||
Commitments and Contingencies | |||||||
Liabilities for asserted and unasserted claims | $ 7,100,000 | $ 9,600,000 | |||||
Compliance Matter | |||||||
Commitments and Contingencies | |||||||
Loss provision | $ 0 | ||||||
Other | |||||||
Commitments and Contingencies | |||||||
Number of pending claims | claim | 17,134 | ||||||
Loss provision | $ 0 | ||||||
Loss Contingency, Number of Defendants | defendant | 90 | ||||||
Loss Contingency, Claims Dismissed, Number | case | 28,173 | ||||||
Other | Minimum | |||||||
Commitments and Contingencies | |||||||
Loss Contingency, Damages Sought, Value | $ 20,000,000 | ||||||
Other | Maximum | |||||||
Commitments and Contingencies | |||||||
Loss Contingency, Damages Sought, Value | $ 25,000,000 | ||||||
Pending Litigation, Active Or In Extremis Docket | Other | |||||||
Commitments and Contingencies | |||||||
Number of pending claims | claim | 42 | ||||||
Sao Paulo State Revenue Authority | Value-Added Tax Assessments January 2004 To May 2005 | |||||||
Commitments and Contingencies | |||||||
Loss Contingency, Damages Sought, Principal Amount | $ 2,000,000 | ||||||
Estimated claims or assessment, additional amount | 21,000,000 | ||||||
Loss Contingency, Reduced Penalty | 2,000,000 | ||||||
Loss Contingency, Reduced Penalty, Including Interest | $ 9,000,000 | ||||||
Number of pending claims | claim | 1 | ||||||
Sao Paulo State Revenue Authority | Value-Added Tax Assessments January 2002 To December 2003 | |||||||
Commitments and Contingencies | |||||||
Loss Contingency, Damages Sought, Principal Amount | $ 1,500,000 | ||||||
Estimated claims or assessment, additional amount | 5,000,000 | ||||||
Loss Contingency, Reduced Penalty | 1,200,000 | ||||||
Loss Contingency, Reduced Penalty, Including Interest | 10,000,000 | ||||||
Loss Contingency, Damages Sought, Value | $ 6,500,000 | ||||||
Loss provision | $ 0 | ||||||
New York County as managed by the New York Supreme Court | Other | |||||||
Commitments and Contingencies | |||||||
Number of pending claims | case | 16,592 | ||||||
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 | 16,550 | ||||||
New York State Supreme Court, Counties Excluding New York County [Member] | Other | |||||||
Commitments and Contingencies | |||||||
Number of pending claims | case | 116 | ||||||
Courts Located In States Other Than New York | Other | |||||||
Commitments and Contingencies | |||||||
Number of pending claims | case | 426 | ||||||
NETHERLANDS | |||||||
Commitments and Contingencies | |||||||
Estimated claims or assessment, additional amount | $ 300,000 | ||||||
Lima Refinery Litigation [Member] | |||||||
Commitments and Contingencies | |||||||
Loss Contingency, Property Damages | $ 317,000,000 | ||||||
Consolidated Revenue, Net [Member] | Subsidiary Concentration Risk [Member] | |||||||
Commitments and Contingencies | |||||||
Concentration risk | 2.00% | 2.00% | 2.00% |
Capital Stock (Details)
Capital Stock (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 (usd per share) | $ 1.25 | $ 1.25 | |
Preferred stock authorized, par value (in dollars per share) | $ 1.25 | ||
Preferred stock, shares issued (in shares) | 0 | ||
Shares Authorized to Be Purchased [Roll Forward] | |||
Shares Purchased | 0 | ||
Treasury Stock | |||
Shares Authorized to Be Purchased [Roll Forward] | |||
Shares Purchased | 1,321,072 | 0 | 0 |
Capital Stock (Details 2)
Capital Stock (Details 2) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Common Stock | ||||
Shares outstanding at the beginning of the period | 113,473,951 | 112,888,126 | 112,499,874 | 112,405,302 |
Treasury stock, shares | 33,928,928 | 32,434,274 | 32,324,911 | 32,310,937 |
Common Stock, Shares, Outstanding | 79,545,023 | 80,453,852 | 80,174,963 | 80,094,365 |
Vested Restricted Stock Units (in shares) | 545,908 | 375,355 | 94,572 | |
Stock issued during period, stock appreciation rights (in shares) | 39,917 | 12,897 | ||
Treasury shares purchased | 0 | |||
Shares outstanding at the end of the period | 113,473,951 | 112,888,126 | 112,499,874 | |
Treasury Stock, Shares | 33,928,928 | 32,434,274 | 32,324,911 | |
Common Stock, Shares, Outstanding | 79,545,023 | 80,453,852 | 80,174,963 | |
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) | $ 136,783 | $ 7,626 | $ (86,336) | |
Weighted average shares of common stock outstanding | 80,716,000 | 80,553,000 | 80,333,000 | |
Dilutive effect of stock-based compensation (in shares) | 2,879,000 | 2,287,000 | 0 | |
Weighted-average shares outstanding—diluted (in shares) | 83,595,000 | 82,840,000 | 80,333,000 | |
Earnings (loss) from continuing operations per common share, attributable to Harsco Corporation common stockholders: | ||||
Basic (in dollars per share) | $ 1.69 | $ 0.09 | $ (1.07) | |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 1.64 | $ 0.09 | $ (1.07) | |
Treasury Stock | ||||
Common Stock | ||||
Vested Restricted Stock Units (in shares) | 161,774 | 105,431 | 13,974 | |
Stock issued during period, stock appreciation rights (in shares) | 11,808 | 3,932 | ||
Treasury shares purchased | (1,321,072) | 0 | 0 | |
Outstanding Shares | ||||
Common Stock | ||||
Vested Restricted Stock Units (in shares) | 384,134 | 269,924 | 80,598 | |
Stock issued during period, stock appreciation rights (in shares) | 28,109 | 8,965 | ||
Treasury shares purchased | (1,321,072) |
Capital Stock (Details 3)
Capital Stock (Details 3) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted stock units | |||
Antidilutive securities | |||
Number of securities not included in computation of diluted earnings per share (in shares) | 0 | 0 | 810 |
Stock options | |||
Antidilutive securities | |||
Number of securities not included in computation of diluted earnings per share (in shares) | 0 | 52 | 89 |
Stock Appreciation Rights (SARs) | |||
Antidilutive securities | |||
Number of securities not included in computation of diluted earnings per share (in shares) | 306 | 811 | 1,458 |
Performance Shares [Member] | |||
Antidilutive securities | |||
Number of securities not included in computation of diluted earnings per share (in shares) | 0 | 201 | 684 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock) (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 240,008 | |||||
Restricted stock unit activity | ||||||
Nonvested at the beginning of the period (in shares) | 743,583 | |||||
Granted (in shares) | 240,008 | |||||
Forfeited (in shares) | (34,426) | |||||
Nonvested at the end of the period (in shares) | 494,882 | 743,583 | ||||
Additional disclosures | ||||||
Proceeds and Excess Tax Benefit from Share-based Compensation | $ 1,100,000 | |||||
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) | 286,612 | |||||
Granted (in dollars per share) | $ 20.03 | |||||
Recognized stock-based compensation expense | $ 4,530,000 | $ 4,239,000 | $ 3,437,000 | |||
Restricted stock unit activity | ||||||
Nonvested at the beginning of the period (in shares) | 801,939 | |||||
Granted (in shares) | 286,612 | |||||
Vested (in shares) | (478,917) | |||||
Forfeited (in shares) | (26,254) | |||||
Nonvested at the end of the period (in shares) | 583,380 | 801,939 | ||||
Weighted Average Grant-Date Fair Value | ||||||
Nonvested at the beginning of the period (in dollars per share) | $ 11.73 | |||||
Granted (in dollars per share) | 20.03 | |||||
Vested (in dollars per share) | 12.48 | |||||
Forfeited (in dollars per share) | 14.11 | |||||
Nonvested at the end of the period (in dollars per share) | $ 15.08 | $ 11.73 | ||||
Additional disclosures | ||||||
Unrecognized stock-based compensation expense | $ 4,900,000 | |||||
Unrecognized stock-based compensation expense, period of recognition | 1 year 8 months 12 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 | 3,695,156 | |||||
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 | 2,374,533 | |||||
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 | 194,370 | |||||
1995 Non-Employee Directors' Stock Plan | Restricted stock units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period (in years) | 3 years | |||||
Granted (in shares) | 43,821 | 56,203 | 109,998 | 59,985 | ||
Granted (in dollars per share) | $ 20.54 | $ 13.70 | $ 7 | $ 15.69 | ||
Restricted stock unit activity | ||||||
Granted (in shares) | 43,821 | 56,203 | 109,998 | 59,985 | ||
Weighted Average Grant-Date Fair Value | ||||||
Granted (in dollars per share) | $ 20.54 | $ 13.70 | $ 7 | $ 15.69 | ||
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 | $ 0 | $ 314,000 | |||
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 | 0 | 257,000 | 513,000 | |||
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 | 179,000 | 641,000 | 0 | |||
1995 Non-Employee Directors' Stock Plan | Restricted stock units | 2018 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Recognized stock-based compensation expense | $ 511,000 | $ 0 | $ 0 | |||
1995 Executive Incentive Compensation Plan | Restricted stock units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 242,791 | 286,251 | 536,773 | 239,679 | 190,832 | 170,582 |
Granted (in dollars per share) | $ 19.93 | $ 13.70 | $ 7.09 | $ 16.53 | $ 25.21 | $ 20.63 |
Restricted stock unit activity | ||||||
Granted (in shares) | 242,791 | 286,251 | 536,773 | 239,679 | 190,832 | 170,582 |
Weighted Average Grant-Date Fair Value | ||||||
Granted (in dollars per share) | $ 19.93 | $ 13.70 | $ 7.09 | $ 16.53 | $ 25.21 | $ 20.63 |
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 | $ 0 | $ 66,000 | |||
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 | 0 | 316,000 | 669,000 | |||
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 | 230,000 | 597,000 | 880,000 | |||
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 | 935,000 | 1,011,000 | 995,000 | |||
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 | 1,019,000 | 1,417,000 | 0 | |||
1995 Executive Incentive Compensation Plan | Restricted stock units | 2018 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Recognized stock-based compensation expense | $ 1,656,000 | $ 0 | $ 0 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Appreciation Rights) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Jul. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Nov. 30, 2016 | May 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted (in shares) | 240,008 | ||||||||
Number of Shares | |||||||||
SARS exercised, shares | (28,109) | (8,965) | 0 | ||||||
Forfeited (in shares) | (454,283) | ||||||||
Weighted Average Exercise Price | |||||||||
Options vested, outstanding (in shares) | 1,277,969 | ||||||||
Share-based Compensation, Shares Authorized Under Stock Appreciation Rights, Exercise Price Range, Number Of Unvested Shares | 467,478 | ||||||||
Weighted Average Exercise Price Per Share (in dollars per share) | $ 15.73 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 6 years 11 months 8 days | ||||||||
Number of exercisable options (in shares) | 1,277,969 | ||||||||
Weighted average exercise price per share (in dollars per share) | $ 16.11 | ||||||||
Unvested activity | |||||||||
Nonvested at the beginning of the period (in shares) | 743,583 | ||||||||
Granted (in shares) | 240,008 | ||||||||
Forfeited stock appreciation rights (in shares) | (34,426) | ||||||||
Nonvested at the end of the period (in shares) | 494,882 | 743,583 | |||||||
$7.00-$13.70 | |||||||||
Weighted Average Exercise Price | |||||||||
Options vested, outstanding (in shares) | 484,331 | ||||||||
Share-based Compensation, Shares Authorized Under Stock Appreciation Rights, Exercise Price Range, Number Of Unvested Shares | 242,513 | ||||||||
Weighted Average Exercise Price Per Share (in dollars per share) | $ 9.41 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 7 years 7 months 24 days | ||||||||
Number of exercisable options (in shares) | 484,331 | ||||||||
Weighted average exercise price per share (in dollars per share) | $ 9.24 | ||||||||
$16.53 - $22.70 | |||||||||
Weighted Average Exercise Price | |||||||||
Options vested, outstanding (in shares) | 532,700 | ||||||||
Share-based Compensation, Shares Authorized Under Stock Appreciation Rights, Exercise Price Range, Number Of Unvested Shares | 217,343 | ||||||||
Weighted Average Exercise Price Per Share (in dollars per share) | $ 18.58 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 6 years 9 months 10 days | ||||||||
Number of exercisable options (in shares) | 532,700 | ||||||||
Weighted average exercise price per share (in dollars per share) | $ 18.08 | ||||||||
$23.03 - $26.92 | |||||||||
Weighted Average Exercise Price | |||||||||
Options vested, outstanding (in shares) | 260,938 | ||||||||
Share-based Compensation, Shares Authorized Under Stock Appreciation Rights, Exercise Price Range, Number Of Unvested Shares | 7,622 | ||||||||
Weighted Average Exercise Price Per Share (in dollars per share) | $ 24.84 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 5 years 5 months 12 days | ||||||||
Number of exercisable options (in shares) | 260,938 | ||||||||
Weighted average exercise price per share (in dollars per share) | $ 24.84 | ||||||||
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 | $ 17.88 | ||||||||
Granted (in shares) | 229,440 | ||||||||
Fair value assumptions | |||||||||
Risk-free interest rate (as a percent) | 2.87% | 2.69% | 2.17% | 1.74% | 1.39% | ||||
Dividend yield (as a percent) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||
Expected life | 6 years | 6 years | 6 years | 6 years | 6 years | ||||
Volatility (as a percent) | 44.70% | 44.60% | 43.90% | 43.80% | 42.10% | ||||
SAR grant price (usd per share) | $ 19.80 | $ 13.70 | $ 12.25 | $ 7 | $ 24.65 | ||||
Fair value of award (in dollars per share) | $ 11.48 | 9.16 | 6.13 | 5.38 | 2.93 | $ 9.17 | |||
Number of Shares | |||||||||
Outstanding at beginning of period (in shares) | 1,679,276 | ||||||||
Granted (in shares) | 229,440 | ||||||||
SARS exercised, shares | (150,013) | ||||||||
Forfeited (in shares) | (13,256) | ||||||||
Outstanding at end of period (in shares) | 1,745,447 | 1,679,276 | |||||||
Weighted Average Exercise Price | |||||||||
Outstanding at beginning of period (usd per share) | $ 15.40 | ||||||||
Granted (usd per share) | 19.99 | ||||||||
Forfeited/expired (usd per share) | 24.53 | ||||||||
Outstanding at end of period | $ 15.73 | $ 15.40 | |||||||
Outstanding - Aggregate Intrinsic Value | $ 8,900,000 | $ 7,900,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Exercised | 500,000 | 300,000 | 0 | ||||||
Recognized stock-based compensation expense | $ 1,900,000 | $ 2,000,000 | $ 1,700,000 | ||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Exercisable, Weighted Average Remaining Contractual Terms | 6 years 11 months 8 days | ||||||||
Intrinsic value | $ 8,900,000 | ||||||||
Unrecognized stock-based compensation expense | $ 2,200,000 | ||||||||
Unrecognized stock-based compensation expense, period of recognition | 1 year 9 months 18 days | ||||||||
Unvested activity | |||||||||
Nonvested at the beginning of the period (in shares) | 877,417 | ||||||||
Granted (in shares) | 229,440 | ||||||||
Vested (in shares) | (626,123) | ||||||||
Forfeited stock appreciation rights (in shares) | (13,256) | ||||||||
Nonvested at the end of the period (in shares) | 467,478 | 877,417 | |||||||
Weighted Average Grant Date Fair Value | |||||||||
Nonvested at the beginning of the period (in dollars per share) | $ 4.42 | ||||||||
Granted (in dollars per share) | $ 11.48 | $ 9.16 | $ 6.13 | $ 5.38 | $ 2.93 | 9.17 | |||
Vested (in dollars per share) | 4.63 | ||||||||
Forfeited (in dollars per share) | 7.51 | ||||||||
Nonvested at the end of the period (in dollars per share) | $ 6.65 | $ 4.42 | |||||||
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) | 7,622 | 221,818 | 266,540 | 21,686 | 554,719 | ||||
Unvested activity | |||||||||
Granted (in shares) | 7,622 | 221,818 | 266,540 | 21,686 | 554,719 | ||||
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 |
Stock-Based Compensation (Perfo
Stock-Based Compensation (Performance Stock Units) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Jul. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Nov. 30, 2016 | May 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Unvested activity | ||||||||
Nonvested at the beginning of the period (in shares) | 743,583 | |||||||
Granted (in shares) | 240,008 | |||||||
Forfeited (in shares) | (34,426) | |||||||
Cancellations (in shares) | (454,283) | |||||||
Nonvested at the end of the period (in shares) | 494,882 | 743,583 | ||||||
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) | 2.69% | 2.36% | 1.54% | 0.96% | 0.84% | |||
Dividend yield (as a percent) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||
Expected Life (Years) | 2 years 5 months 1 day | 2 years 9 months 29 days | 2 years 9 months 29 days | 2 years 1 month 20 days | 2 years 7 months 24 days | |||
Volatility | 33.10% | 34.70% | 34.20% | 35.20% | 33.30% | |||
Fair value of award (in dollars per share) | $ 39.06 | $ 29.56 | $ 17.05 | $ 17.84 | $ 7.19 | $ 29.83 | ||
Recognized stock-based compensation expense | $ 4.8 | $ 3.5 | $ 2.5 | |||||
Unrecognized stock-based compensation expense | $ 5.9 | |||||||
Unrecognized stock-based compensation expense, period of recognition | 1 year 9 months 18 days | |||||||
Unvested activity | ||||||||
Granted (in shares) | 6,742 | 233,266 | 286,251 | 9,524 | 527,249 | |||
Weighted Average Grant Date Fair Value | ||||||||
Nonvested at the beginning of the period (in dollars per share) | $ 10.91 | |||||||
Granted (in dollars per share) | $ 39.06 | $ 29.56 | $ 17.05 | $ 17.84 | $ 7.19 | 29.83 | ||
Forfeited (in dollars per share) | 13.33 | |||||||
Cancellations (in dollars per share) | 7.41 | |||||||
Nonvested at the end of the period (in dollars per share) | $ 23.13 | $ 10.91 | ||||||
Shares expected to be issued (in shares) | 908,566 | |||||||
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 (Sto_2
Stock-Based Compensation (Stock Options) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options outstanding (in shares) | 0 | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Exercised (in shares) | 0 | 0 | 0 |
Recognized stock-based compensation expense | $ 0 | $ 0 | $ 0 |
Unrecognized stock-based compensation expense | 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 |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2018USD ($)country | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2018USD ($) | |
Guarantor Obligations [Line Items] | |||||
Total liabilities | $ 1,319,491,000 | $ 1,363,520,000 | $ 1,325,152,000 | ||
Pre-tax gains (losses) | (9,900,000) | 17,400,000 | $ (37,500,000) | ||
Fair value of long-term debt | 592,000,000 | 599,100,000 | |||
Carrying value | 605,394,000 | 593,659,000 | |||
Term Loan | |||||
Guarantor Obligations [Line Items] | |||||
Carrying value | 541,788,000 | 545,875,000 | |||
Fixed-Rate Term Loan | Term Loan | |||||
Guarantor Obligations [Line Items] | |||||
Principle amount | $ 300,000,000 | ||||
LIBOR | Term Loan | |||||
Guarantor Obligations [Line Items] | |||||
Basis spread on variable rate | 2.25% | ||||
LIBOR | Fixed-Rate Term Loan | Term Loan | |||||
Guarantor Obligations [Line Items] | |||||
Basis spread on variable rate | 1.65% | ||||
Forecast | LIBOR | Fixed-Rate Term Loan | Term Loan | |||||
Guarantor Obligations [Line Items] | |||||
Basis spread on variable rate | 3.12% | ||||
Subject to Master Netting Agreements | |||||
Guarantor Obligations [Line Items] | |||||
Total liabilities | $ 100,000 | 200,000 | |||
Foreign currency exchange forward contracts | |||||
Guarantor Obligations [Line Items] | |||||
Notional amounts | $ 423,900,000 | 671,900,000 | |||
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 | $ 285,400,000 | 275,400,000 | 273,100,000 | ||
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) | 3.90% | ||||
Net Working Capital Settlement | |||||
Guarantor Obligations [Line Items] | |||||
Guarantee remaining term | 2 years | ||||
Potential amount of future payments for guarantees, maximum | $ 3,000,000 | ||||
Recognition of potential future payment in the consolidated financial statements | 0 | ||||
Environmental indemnification for property from a lease terminated in 2006 | |||||
Guarantor Obligations [Line Items] | |||||
Potential amount of future payments for guarantees, maximum | $ 3,000,000 | $ 3,000,000 | |||
Indemnification Agreement | |||||
Guarantor Obligations [Line Items] | |||||
Recognition of potential future payment in the consolidated financial statements | $ 0 |
Financial Instruments - Fair Va
Financial Instruments - Fair Value of Outstanding Derivative Contracts Recorded as Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Asset derivatives (Level 2): | $ 5,018 | $ 5,878 |
Liability derivatives (Level 2) | 4,783 | 8,491 |
Foreign currency exchange forward contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives (Level 2): | 3,559 | 5,244 |
Foreign currency exchange forward contracts | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives (Level 2) | 2,934 | 7,123 |
Interest rate swaps | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives (Level 2): | 1,331 | 464 |
Interest rate swaps | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives (Level 2): | 128 | 170 |
Interest rate swaps | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives (Level 2) | 1,849 | 1,368 |
Fair Value of Derivatives Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives (Level 2): | 4,429 | 2,963 |
Liability derivatives (Level 2) | 1,873 | 1,521 |
Fair Value of Derivatives Designated as Hedging Instruments | Foreign currency exchange forward contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives (Level 2): | 2,970 | 2,329 |
Fair Value of Derivatives Designated as Hedging Instruments | Foreign currency exchange forward contracts | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives (Level 2) | 24 | 153 |
Fair Value of Derivatives Designated as Hedging Instruments | Interest rate swaps | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives (Level 2): | 1,331 | 464 |
Fair Value of Derivatives Designated as Hedging Instruments | Interest rate swaps | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives (Level 2): | 128 | 170 |
Fair Value of Derivatives Designated as Hedging Instruments | Interest rate swaps | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives (Level 2) | 1,849 | 1,368 |
Fair Value of Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives (Level 2): | 589 | 2,915 |
Liability derivatives (Level 2) | 2,910 | 6,970 |
Fair Value of Derivatives Not Designated as Hedging Instruments | Foreign currency exchange forward contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives (Level 2): | 589 | 2,915 |
Fair Value of Derivatives Not Designated as Hedging Instruments | Foreign currency exchange forward contracts | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives (Level 2) | 2,910 | 6,970 |
Fair Value of Derivatives Not Designated as Hedging Instruments | Interest rate swaps | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives (Level 2): | 0 | 0 |
Fair Value of Derivatives Not Designated as Hedging Instruments | Interest rate swaps | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives (Level 2): | 0 | 0 |
Fair Value of Derivatives Not Designated as Hedging Instruments | Interest rate swaps | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives (Level 2) | $ 0 | $ 0 |
Financial Instruments - Effect
Financial Instruments - Effect of Derivative Instruments on the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Other Comprehensive Income (OCI) on Derivative—Effective Portion | $ 3,449 | $ 2,608 | $ 745 |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income—Effective Portion | (1,738) | 48 | (410) |
Amount of Gain (Loss) Recognized in Income on Derivative—Ineffective Portion and Amount Excluded from Effectiveness Testing | 0 | 420 | 4,042 |
Foreign currency exchange forward contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Other Comprehensive Income (OCI) on Derivative—Effective Portion | 1,935 | 3,547 | 2,294 |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income—Effective Portion | (1,520) | ||
Amount of Gain (Loss) Recognized in Income on Derivative—Ineffective Portion and Amount Excluded from Effectiveness Testing | 0 | 0 | 0 |
Foreign currency exchange forward contracts | Product revenues / Cost of services and products sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income—Effective Portion | (374) | (954) | (410) |
Derivative Not Designated as Hedging Instruments | |||
Amount of Gain (Loss) Recognized in Income on Derivative for the Twelve Months Ended December 31 | 17,262 | (23,572) | 15,875 |
Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Other Comprehensive Income (OCI) on Derivative—Effective Portion | 1,451 | (734) | |
Interest rate swaps | Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income—Effective Portion | (1,108) | ||
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 | 63 | (205) | (1,549) |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income—Effective Portion | 0 | ||
Cross-currency interest rate swaps | Product revenues / 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 | 0 | 420 | $ 4,042 |
Cross-currency interest rate swaps | Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income—Effective Portion | $ 1,264 | $ 1,002 |
Information by Segment and Ge_3
Information by Segment and Geographic Area (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)segmentCustomer | Dec. 31, 2017USD ($)Customer | Dec. 31, 2016USD ($)Customer | |
Revenue, Major Customer [Line Items] | |||
Revenues | $ 1,722,380 | $ 1,607,062 | $ 1,451,223 |
Number of reportable segments | segment | 3 | ||
Harsco Metals & Minerals | |||
Revenue, Major Customer [Line Items] | |||
Number of major customers | Customer | 1 | 1 | 1 |
Harsco Industrial | |||
Revenue, Major Customer [Line Items] | |||
Number of major customers | Customer | 0 | 1 | 0 |
Harsco Rail | |||
Revenue, Major Customer [Line Items] | |||
Number of major customers | Customer | 1 | 1 | 1 |
All Other | |||
Revenue, Major Customer [Line Items] | |||
Revenues | $ 766,093 | $ 762,775 | $ 680,344 |
U.S. Plans | |||
Revenue, Major Customer [Line Items] | |||
Revenues | 812,941 | 697,663 | 614,327 |
United Kingdom | |||
Revenue, Major Customer [Line Items] | |||
Revenues | $ 143,346 | $ 146,624 | $ 156,552 |
Information by Segment and Ge_4
Information by Segment and Geographic Area (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, plant and equipment, net | $ 469,900 | $ 479,747 | $ 490,255 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, plant and equipment, net | 135,086 | 120,555 | 125,386 |
China | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, plant and equipment, net | 89,503 | 95,569 | 90,288 |
Brazil | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, plant and equipment, net | 36,960 | 54,704 | 62,597 |
All Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, plant and equipment, net | $ 208,351 | $ 208,919 | $ 211,984 |
Information by Segment and Ge_5
Information by Segment and Geographic Area (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 1,722,380 | $ 1,607,062 | $ 1,451,223 | |
Operating income from continuing operations | 190,927 | 145,394 | 64,883 | |
Total assets | 1,632,867 | 1,578,685 | 1,581,338 | $ 1,542,754 |
Depreciation and Amortization | 132,785 | 129,937 | 141,486 | |
Capital Expenditures | 132,168 | 98,314 | 69,340 | |
Interest income | 2,155 | 2,469 | 2,475 | |
Interest expense | (38,148) | (47,552) | (51,584) | |
Defined benefit pension income (expense) | 3,447 | (2,595) | (1,414) | |
Loss on early extinguishment of debt | (1,127) | (2,265) | (35,337) | |
Change in fair value to unit adjustment liability | 0 | 0 | (58,494) | |
Income (loss) from continuing operations before income taxes and equity income | 157,254 | 95,451 | (79,471) | |
Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating income from continuing operations | 213,201 | 170,847 | 85,802 | |
Operating segments | Harsco Metals & Minerals | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,068,304 | 1,011,328 | 965,540 | |
Operating income from continuing operations | 121,195 | 102,362 | 78,590 | |
Total assets | 1,230,152 | 1,184,280 | 1,181,602 | |
Depreciation and Amortization | 115,059 | 112,329 | 120,611 | |
Capital Expenditures | 114,142 | 87,526 | 62,322 | |
Operating segments | Harsco Industrial | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 374,708 | 299,592 | 247,542 | |
Operating income from continuing operations | 54,665 | 35,532 | 23,804 | |
Total assets | 163,324 | 113,410 | 107,987 | |
Depreciation and Amortization | 7,729 | 7,360 | 7,223 | |
Capital Expenditures | 7,561 | 6,895 | 5,118 | |
Operating segments | Harsco Rail | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 279,294 | 295,999 | 238,107 | |
Operating income from continuing operations | 37,341 | 32,953 | (16,592) | |
Total assets | 186,049 | 237,135 | 204,477 | |
Depreciation and Amortization | 4,287 | 4,221 | 5,383 | |
Capital Expenditures | 9,152 | 2,403 | 1,696 | |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 74 | 143 | 34 | |
Operating income from continuing operations | (22,274) | (25,453) | (20,919) | |
Total assets | 53,342 | 43,860 | 87,272 | |
Depreciation and Amortization | 5,710 | 6,027 | 8,269 | |
Capital Expenditures | $ 1,313 | $ 1,490 | $ 204 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenues by Primary Geographical Markets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 1,722,380 | $ 1,607,062 | $ 1,451,223 |
Revenues | 1,722,380 | 1,607,062 | 1,451,223 |
On-site services and material logistics, product quality improvement and resource recovery for iron, steel and metals manufacturing; value- added environmental solutions for industrial co-products; as well as aluminum dross and scrap processing systems | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 1,068,304 | 1,011,328 | 965,540 |
Railway track maintenance services and equipment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 279,294 | 295,999 | 238,107 |
Air-cooled heat exchangers | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 207,184 | 144,955 | 93,616 |
Industrial grating products | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 127,419 | 116,598 | 115,914 |
Heat transfer products | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 40,105 | 38,039 | 38,012 |
General Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 74 | 143 | 34 |
North America | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 862,082 | 744,961 | 654,369 |
Western Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 438,856 | 448,461 | 418,606 |
Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 176,013 | 183,326 | 164,341 |
Asia-Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 167,850 | 160,666 | 136,862 |
Middle East and Africa | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 50,003 | 42,700 | 46,731 |
Eastern Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 27,576 | 26,948 | 30,314 |
Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 74 | 143 | 34 |
Revenues | 74 | 143 | 34 |
Corporate | On-site services and material logistics, product quality improvement and resource recovery for iron, steel and metals manufacturing; value- added environmental solutions for industrial co-products; as well as aluminum dross and scrap processing systems | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Corporate | Railway track maintenance services and equipment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Corporate | Air-cooled heat exchangers | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Corporate | Industrial grating products | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Corporate | Heat transfer products | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Corporate | General Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 74 | 143 | 34 |
Corporate | North America | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 74 | 143 | 34 |
Corporate | Western Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Corporate | Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Corporate | Asia-Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Corporate | Middle East and Africa | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Corporate | Eastern Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Harsco Metals & Minerals | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 1,068,304 | 1,011,328 | 965,540 |
Revenues | 1,068,304 | 1,011,328 | 965,540 |
Harsco Metals & Minerals | Operating segments | On-site services and material logistics, product quality improvement and resource recovery for iron, steel and metals manufacturing; value- added environmental solutions for industrial co-products; as well as aluminum dross and scrap processing systems | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 1,068,304 | 1,011,328 | 965,540 |
Harsco Metals & Minerals | Operating segments | Railway track maintenance services and equipment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Harsco Metals & Minerals | Operating segments | Air-cooled heat exchangers | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Harsco Metals & Minerals | Operating segments | Industrial grating products | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Harsco Metals & Minerals | Operating segments | Heat transfer products | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Harsco Metals & Minerals | Operating segments | General Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Harsco Metals & Minerals | Operating segments | North America | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 302,238 | 274,476 | 247,287 |
Harsco Metals & Minerals | Operating segments | Western Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 390,840 | 369,763 | 388,336 |
Harsco Metals & Minerals | Operating segments | Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 151,886 | 159,130 | 134,071 |
Harsco Metals & Minerals | Operating segments | Asia-Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 145,761 | 138,311 | 119,873 |
Harsco Metals & Minerals | Operating segments | Middle East and Africa | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 50,003 | 42,700 | 45,659 |
Harsco Metals & Minerals | Operating segments | Eastern Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 27,576 | 26,948 | 30,314 |
Harsco Industrial | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 374,708 | 299,592 | 247,542 |
Revenues | 374,708 | 299,592 | 247,542 |
Harsco Industrial | Operating segments | On-site services and material logistics, product quality improvement and resource recovery for iron, steel and metals manufacturing; value- added environmental solutions for industrial co-products; as well as aluminum dross and scrap processing systems | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Harsco Industrial | Operating segments | Railway track maintenance services and equipment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Harsco Industrial | Operating segments | Air-cooled heat exchangers | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 207,184 | 144,955 | 93,616 |
Harsco Industrial | Operating segments | Industrial grating products | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 127,419 | 116,598 | 115,914 |
Harsco Industrial | Operating segments | Heat transfer products | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 40,105 | 38,039 | 38,012 |
Harsco Industrial | Operating segments | General Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Harsco Industrial | Operating segments | North America | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 354,558 | 273,775 | 215,322 |
Harsco Industrial | Operating segments | Western Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Harsco Industrial | Operating segments | Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 20,150 | 21,369 | 28,256 |
Harsco Industrial | Operating segments | Asia-Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 4,448 | 3,964 |
Harsco Industrial | Operating segments | Middle East and Africa | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Harsco Industrial | Operating segments | Eastern Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Harsco Rail | Operating segments | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 279,294 | 295,999 | 238,107 |
Revenues | 279,294 | 295,999 | 238,107 |
Harsco Rail | Operating segments | On-site services and material logistics, product quality improvement and resource recovery for iron, steel and metals manufacturing; value- added environmental solutions for industrial co-products; as well as aluminum dross and scrap processing systems | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Harsco Rail | Operating segments | Railway track maintenance services and equipment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 279,294 | 295,999 | 238,107 |
Harsco Rail | Operating segments | Air-cooled heat exchangers | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Harsco Rail | Operating segments | Industrial grating products | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Harsco Rail | Operating segments | Heat transfer products | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Harsco Rail | Operating segments | General Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Harsco Rail | Operating segments | North America | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 205,212 | 196,567 | 191,726 |
Harsco Rail | Operating segments | Western Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 48,016 | 78,698 | 30,270 |
Harsco Rail | Operating segments | Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 3,977 | 2,827 | 2,014 |
Harsco Rail | Operating segments | Asia-Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 22,089 | 17,907 | 13,025 |
Harsco Rail | Operating segments | Middle East and Africa | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 1,072 |
Harsco Rail | Operating segments | Eastern Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 0 | $ 0 | $ 0 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Jan. 01, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Total contract assets | $ 24.3 | $ 21.8 |
Revenue recognized in excess of amounts reclassified to trade accounts receivable, net | 5 | |
Total advances on contracts | 69 | $ 64 |
Advances on contracts received in excess of revenue recognized | 2 | |
Harsco Metals & Minerals | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation | 44.3 | |
Harsco Metals & Minerals | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation | 39.6 | |
Harsco Metals & Minerals | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation | 24.9 | |
Harsco Metals & Minerals | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation | 24.1 | |
Harsco Metals & Minerals | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation | 148.1 | |
Harsco Rail | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation | 65.5 | |
Harsco Rail | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation | 70.8 | |
Harsco Rail | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation | 50.9 | |
Harsco Rail | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation | 18.7 | |
Harsco Rail | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation | $ 209.8 |
Revenue Recognition - Performan
Revenue Recognition - Performance Obligation Period Narrative (Details) | Dec. 31, 2018 |
Harsco Metals & Minerals | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance period | 1 year |
Harsco Metals & Minerals | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance period | 1 year |
Harsco Metals & Minerals | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance period | 1 year |
Harsco Metals & Minerals | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance period | 1 year |
Harsco Metals & Minerals | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance period | |
Harsco Rail | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance period | 1 year |
Harsco Rail | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance period | 1 year |
Harsco Rail | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance period | 1 year |
Harsco Rail | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance period | 1 year |
Harsco Rail | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance period |
Other Expenses (Details)
Other Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Net gains | $ (3,868) | $ (5,136) | $ (1,764) |
Employee termination benefit costs | 4,983 | 7,350 | 10,777 |
Costs to exit activities | 428 | 1,633 | 440 |
Impaired asset write-downs | 113 | 1,025 | 399 |
Harsco Metals & Minerals Segment contingent consideration adjustments | (2,939) | 0 | 0 |
Metals and Minerals Separation Costs | 0 | 0 | 3,235 |
Other expense | (239) | (231) | (467) |
Total | $ (1,522) | 4,641 | 12,620 |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 35.00% | ||
Harsco Metals & Minerals | |||
Segment Reporting Information [Line Items] | |||
Net gains | $ (2,650) | (1,354) | (1,828) |
Employee termination benefit costs | 2,853 | 4,411 | 8,491 |
Costs to exit activities | 352 | 706 | 220 |
Impaired asset write-downs | 104 | 706 | 399 |
Harsco Industrial | |||
Segment Reporting Information [Line Items] | |||
Net gains | 0 | (3,782) | 64 |
Employee termination benefit costs | 220 | 617 | 947 |
Costs to exit activities | 258 | 371 | 40 |
Impaired asset write-downs | 9 | 151 | 0 |
Harsco Rail | |||
Segment Reporting Information [Line Items] | |||
Employee termination benefit costs | 704 | 1,133 | 297 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Net gains | (1,218) | 0 | 0 |
Employee termination benefit costs | 1,206 | 1,189 | 1,042 |
Costs to exit activities | (182) | 556 | 180 |
Impaired asset write-downs | $ 0 | $ 168 | $ 0 |
Components of Accumulated Oth_3
Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Jan. 01, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balances | $ 215,165 | $ 137,563 | $ 310,803 | ||
Adoption of new accounting standard (See Note 2) | $ 2,374 | $ 397 | |||
Other comprehensive income (loss) before reclassifications | (39,875) | 43,143 | |||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 18,370 | 20,041 | |||
Total other comprehensive income (loss) | (21,505) | 63,184 | (93,614) | ||
Less: Other comprehensive loss attributable to noncontrolling interests | 2,500 | (3,044) | |||
Other comprehensive income (loss) attributable to Harsco Corporation | (19,005) | 60,140 | |||
Balances | 313,376 | 215,165 | 137,563 | ||
Cumulative Foreign Exchange Translation Adjustments | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balances | (111,567) | (144,534) | |||
Other comprehensive income (loss) before reclassifications | (50,743) | 36,011 | |||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | 0 | |||
Total other comprehensive income (loss) | (50,743) | 36,011 | |||
Less: Other comprehensive loss attributable to noncontrolling interests | 2,500 | (3,044) | |||
Other comprehensive income (loss) attributable to Harsco Corporation | (48,243) | 32,967 | |||
Balances | (159,810) | (111,567) | (144,534) | ||
Effective Portion of Derivatives Designated as Hedging Instruments | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balances | 808 | (1,089) | |||
Other comprehensive income (loss) before reclassifications | 2,466 | 1,967 | |||
Amounts reclassified from accumulated other comprehensive loss, net of tax | (365) | (70) | |||
Total other comprehensive income (loss) | 2,101 | 1,897 | |||
Less: Other comprehensive loss attributable to noncontrolling interests | 0 | 0 | |||
Other comprehensive income (loss) attributable to Harsco Corporation | 2,101 | 1,897 | |||
Balances | 1,389 | 808 | (1,089) | ||
Cumulative Unrecognized Actuarial Losses on Pension Obligations | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balances | (435,840) | (461,094) | |||
Other comprehensive income (loss) before reclassifications | 8,450 | 5,143 | |||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 18,735 | 20,111 | |||
Total other comprehensive income (loss) | 27,185 | 25,254 | |||
Less: Other comprehensive loss attributable to noncontrolling interests | 0 | 0 | |||
Other comprehensive income (loss) attributable to Harsco Corporation | 27,185 | 25,254 | |||
Balances | (408,655) | (435,840) | (461,094) | ||
Unrealized Loss on Marketable Securities | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balances | 17 | (5) | |||
Other comprehensive income (loss) before reclassifications | (48) | 22 | |||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | 0 | |||
Total other comprehensive income (loss) | (48) | 22 | |||
Less: Other comprehensive loss attributable to noncontrolling interests | 0 | 0 | |||
Other comprehensive income (loss) attributable to Harsco Corporation | (48) | 22 | |||
Balances | (31) | 17 | (5) | ||
Total | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balances | (546,582) | (606,722) | (515,688) | ||
Adoption of new accounting standard (See Note 2) | (1,520) | ||||
Total other comprehensive income (loss) | (19,005) | 60,140 | (91,034) | ||
Balances | (567,107) | (546,582) | $ (606,722) | ||
Accounting Standards Update 2014-09 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balances | (548,102) | ||||
Adoption of new accounting standard (See Note 2) | (1,520) | ||||
Balances | (548,102) | ||||
Accounting Standards Update 2014-09 | Cumulative Foreign Exchange Translation Adjustments | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balances | (111,567) | ||||
Balances | (111,567) | ||||
Accounting Standards Update 2014-09 | Effective Portion of Derivatives Designated as Hedging Instruments | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balances | (712) | ||||
Balances | (712) | ||||
Accounting Standards Update 2014-09 | Cumulative Unrecognized Actuarial Losses on Pension Obligations | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balances | (435,840) | ||||
Balances | (435,840) | ||||
Accounting Standards Update 2014-09 | Unrealized Loss on Marketable Securities | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balances | $ 17 | ||||
Balances | $ 17 | ||||
Accounting Standards Update 2014-09 | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Adoption of new accounting standard (See Note 2) | $ (1,520) |
Components of Accumulated Oth_4
Components of Accumulated Other Comprehensive Loss (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Revenues | $ 1,722,380 | $ 1,607,062 | $ 1,451,223 |
Interest expense | 38,148 | 47,552 | 51,584 |
Total costs and expenses | 1,531,453 | 1,461,668 | 1,386,340 |
Income from continuing operations before income taxes | 157,254 | 95,451 | (79,471) |
Income Tax Expense (Benefit) | 12,899 | 83,803 | 6,637 |
Net income (loss) | (145,013) | (11,844) | $ 79,753 |
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 | 20,124 | 22,204 | |
Income Tax Expense (Benefit) | (1,389) | (2,093) | |
Net income (loss) | 18,735 | 20,111 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of Actuarial Losses | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Pension and Other Postretirement Benefits Cost (Reversal of Cost) | 20,014 | 21,985 | |
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] | |||
Pension and Other Postretirement Benefits Cost (Reversal of Cost) | (139) | 219 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Settlement/Curtailment Losses [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Pension and Other Postretirement Benefits Cost (Reversal of Cost) | 249 | 0 | |
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) | (147) | (118) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign currency exchange forward contracts | Effective Portion of Derivatives Designated as Hedging Instruments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Revenues | (374) | (936) | |
Cost of services and products sold | 0 | (18) | |
Income from continuing operations before income taxes | (218) | 48 | |
Net income (loss) | (365) | (70) | |
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 | 1,264 | 1,002 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | 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 | $ (1,108) | $ 0 |
SCHEDULE II. VALUATION AND QU_2
SCHEDULE II. VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Doubtful Accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 4,731 | $ 11,800 | $ 25,649 |
Charged to Cost and Expenses | 372 | 5,346 | (38) |
Due to Currency Translation Adjustments | (154) | 533 | (320) |
Other | (315) | (12,948) | (13,491) |
Balance at End of Period | 4,634 | 4,731 | 11,800 |
Deferred Tax Assets - Valuation Allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 174,227 | 146,097 | 110,680 |
Charged to Cost and Expenses | (19,990) | 33,041 | 38,490 |
Due to Currency Translation Adjustments | (8,693) | 10,097 | (6,323) |
Other | (6,682) | (15,008) | 3,250 |
Balance at End of Period | 138,862 | 174,227 | $ 146,097 |
Change in Estimate of Interest Deductions | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Decrease in valuation allowance | 5,400 | ||
Capital Loss Carryforward | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Decrease in valuation allowance | 1,100 | ||
Pension Adjustments | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Decrease in valuation allowance | $ 11,600 | ||
US tax rate change | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Decrease in valuation allowance | $ 4,600 |
Uncategorized Items - hsc-20181
Label | Element | Value |
Additional Paid-in Capital [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 1,106,000 |