Enviri Corp 10-Q, filed May 4, 2021

Enviri Corp (NVRI)

10-Q 2021-05-04 For: 2021-03-31

Added on June 09, 2026

About this 10-Q

Enviri Corp filed this 10-Q on May 4, 2021, covering the quarter ended March 31, 2021.

Headline figures

Quarter ended March 31, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $528.86M; up 32.6% from $398.84M a year earlier
Net income: $135K; down 4.3% from net income of $141K a year earlier
Diluted EPS: $0.00; compared with $0.00 a year earlier

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


Class						Outstanding at April 30, 2021
Common stock, par value $1.25 per share						79,165,630


		Page
PART I — FINANCIAL INFORMATION

Item 1.	Financial Statements	4
	Condensed Consolidated Balance Sheets (Unaudited)	4
	Condensed Consolidated Statements of Operations (Unaudited)	5
	Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)	6
	Condensed Consolidated Statements of Cash Flows (Unaudited)	7
	Condensed Consolidated Statements of Equity (Unaudited)	8
	Notes to Condensed Consolidated Financial Statements (Unaudited)	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39

Item 4.	Controls and Procedures	39


PART II — OTHER INFORMATION

Item 1.	Legal Proceedings	40

Item 1A.	Risk Factors	40

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	40







Item 6.	Exhibits	41


SIGNATURES		42


Term						Description
AOCI						Accumulated Other Comprehensive Income (Loss)
AXC						The former Harsco Industrial Air-X-Changers business
CARES Act						Coronavirus Aid, Relief, and Economic Security Act
CCIRs						Cross-currency interest rate swaps
Clean Earth						CEHI Acquisition Corporation and Subsidiaries
COVID-19						The COVID-19 coronavirus pandemic
Credit Agreement						Credit Agreement governing the Senior Secured Credit Facilities
DEA						United States Drug Enforcement Agency
DTSC						California Department of Toxic Substances Control
EBITDA						Earnings before interest, tax, depreciation and amortization
ESOL						Stericycle Environmental Solutions business
FASB						Financial Accounting Standards Board
IBORs						Interbank offered rates
ICMS						Type of value-added tax in Brazil
IKG						The former Harsco Industrial IKG business
ISDA						International Swaps and Derivatives Association
LIBOR						London Interbank Offered Rates
New Term Loans						$500 million term loan raised in March 2021 under the Senior Secured Credit Facilities, maturing on March 10, 2028
Notes						5.75% Notes due July 31, 2027
OCI						Other Comprehensive Income (Loss)

PA DEP						Pennsylvania Department of Environmental Protection
PK						The former Harsco Industrial Patterson-Kelley business
Revolving Credit Facility						Multi-year revolving credit facility under the Senior Secured Credit Facility, with a facility limit of $700 million
ROU						Right of use
SBB						Federal railway system of Switzerland
SCE						Supreme Council for Environment in Bahrain
SEC						Securities and Exchange Commission
Senior Secured Credit Facilities						Primary source of borrowings comprised of the Revolving Credit Facility and the New Term Loan
SPRA						State Revenue Authorities from the State of São Paulo, Brazil
Term Loan A						$280 million term loan raised in March 2020 under the Senior Secured Credit Facilities, maturing on June 28, 2024
Term Loan B						Term loan issued under the Senior Secured Credit Facilities, maturing on December 8, 2024
TSDF						Treatment, storage, and disposal facility permits issued under the Resource Conservation and Recovery Act
U.S. GAAP						Accounting principles generally accepted in the U.S.


(In thousands)	March 31 2021		December 31 2020
ASSETS
Current assets:
Cash and cash equivalents	$	79,308	$	76,454
Restricted cash	3,017		3,215
Trade accounts receivable, net	417,830		407,390

Other receivables	32,998		34,253
Inventories	171,587		173,013
Current portion of contract assets	72,133		54,754
Prepaid expenses	55,231		56,099

Other current assets	14,217		10,645
Total current assets	846,321		815,823

Property, plant and equipment, net	655,462		668,209
Right-of-use assets, net	89,772		96,849
Goodwill	900,314		902,074
Intangible assets, net	430,589		438,565


Deferred income tax assets	10,155		15,274

Other assets	57,731		56,493
Total assets	$	2,990,344	$	2,993,287
LIABILITIES
Current liabilities:
Short-term borrowings	$	5,062	$	7,450
Current maturities of long-term debt	6,720		13,576
Accounts payable	209,988		218,039

Accrued compensation	43,092		45,885
Income taxes payable	4,698		3,499


Current portion of advances on contracts	41,089		39,917


Current portion of operating lease liabilities	23,632		24,862

Other current liabilities	184,451		184,727
Total current liabilities	518,732		537,955
Long-term debt	1,334,325		1,271,189


Retirement plan liabilities	206,178		231,335


Advances on contracts	31,403		45,017
Operating lease liabilities	64,029		69,860

Environmental liabilities	29,044		29,424
Deferred tax liabilities	33,178		40,653
Other liabilities	56,872		54,455
Total liabilities	2,273,761		2,279,888
COMMITMENTS AND CONTINGENCIES
HARSCO CORPORATION STOCKHOLDERS’ EQUITY
Preferred stock	—		—
Common stock	144,764		144,288
Additional paid-in capital	206,944		204,078
Accumulated other comprehensive loss	(643,446)		(645,741)
Retained earnings	1,797,894		1,797,759
Treasury stock	(846,182)		(843,230)
Total Harsco Corporation stockholders’ equity	659,974		657,154
Noncontrolling interests	56,609		56,245
Total equity	716,583		713,399
Total liabilities and equity	$	2,990,344	$	2,993,287


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


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


	Three Months Ended
	March 31
(In thousands, except per share amounts)	2021		2020
Revenues from continuing operations:
Service revenues	$	424,449	$	291,589
Product revenues	104,406		107,252
Total revenues	528,855		398,841
Costs and expenses from continuing operations:
Cost of services sold	334,506		236,608
Cost of products sold	86,576		79,860
Selling, general and administrative expenses	83,043		72,499
Research and development expenses	818		1,260

Other (income) expenses, net	(912)		5,733
Total costs and expenses	504,031		395,960
Operating income from continuing operations	24,824		2,881
Interest income	585		193
Interest expense	(16,864)		(12,649)
Unused debt commitment fees, amendment fees and loss on extinguishment of debt	(5,258)		(488)

Defined benefit pension income	3,953		1,589
Income (loss) from continuing operations before income taxes and equity income	7,240		(8,474)
Income tax benefit (expense) from continuing operations	(4,229)		682
Equity income (loss) of unconsolidated entities, net	(119)		96
Income (loss) from continuing operations	2,892		(7,696)
Discontinued operations:
Gain on sale of discontinued business	—		18,462
Loss from discontinued businesses	(1,791)		(225)
Income tax benefit (expense) from discontinued businesses	464		(9,314)
Income (loss) from discontinued operations, net of tax	(1,327)		8,923
Net income	1,565		1,227
Less: Net income attributable to noncontrolling interests	(1,430)		(1,086)
Net income attributable to Harsco Corporation	$	135	$	141
Amounts attributable to Harsco Corporation common stockholders:
Income (loss) from continuing operations, net of tax	$	1,462	$	(8,782)
Income (loss) from discontinued operations, net of tax	(1,327)		8,923
Net income attributable to Harsco Corporation common stockholders	$	135	$	141
Weighted-average shares of common stock outstanding	79,088		78,761
Basic earnings (loss) per common share attributable to Harsco Corporation common stockholders:
Continuing operations	$	0.02	$	(0.11)
Discontinued operations	(0.02)		0.11
Diluted earnings (loss) per share attributable to Harsco Corporation common stockholders	$	—	$	—
Diluted weighted-average shares of common stock outstanding	80,015		78,761
Diluted earnings (loss) per common share attributable to Harsco Corporation common stockholders:
Continuing operations	$	0.02	$	(0.11)
Discontinued operations	(0.02)		0.11
Diluted earnings (loss) per share attributable to Harsco Corporation common stockholders	$	—	$	—


	Three Months Ended March 31
(In thousands)	2021		2020
Cash flows from operating activities:
Net income	$	1,565	$	1,227
Adjustments to reconcile net income to net cash used by operating activities:
Depreciation	32,748		29,933
Amortization	8,967		6,557
Deferred income tax (benefit) expense	(3,421)		4,412
Equity (income) loss of unconsolidated entities, net	119		(96)

Gain on sale from discontinued business	—		(18,462)

Loss on early extinguishment of debt	2,668		—
Other, net	1,128		(2,007)
Changes in assets and liabilities, net of acquisitions and dispositions of businesses:
Accounts receivable	(16,446)		(22,050)

Inventories	407		(16,412)
Contract assets	(19,070)		(20,311)
Right-of-use assets	6,768		3,429
Accounts payable	(8,592)		12,308
Accrued interest payable	(7,320)		(9,891)
Accrued compensation	(1,541)		(2,752)
Advances on contracts	(9,698)		40,464


Operating lease liabilities	(6,750)		(3,358)
Retirement plan liabilities, net	(19,267)		(15,534)
Income taxes payable - Gain on sale of discontinued businesses	—		3,843
Other assets and liabilities	14,562		(2,836)
Net cash used by operating activities	(23,173)		(11,536)
Cash flows from investing activities:
Purchases of property, plant and equipment	(27,382)		(27,894)
Purchases of businesses, net of cash acquired	—		(4,157)
Proceeds from sale of discontinued business, net	—		37,219
Proceeds from sales of assets	3,862		2,185
Expenditures for intangible assets	(68)		(58)
Net proceeds (payments) from settlement of foreign currency forward exchange contracts	(1,427)		11,327

Other investing activities, net	46		—
Net cash provided (used) by investing activities	(24,969)		18,622
Cash flows from financing activities:
Short-term borrowings, net	575		3,697
Current maturities and long-term debt:
Additions	434,873		52,875
Reductions	(374,530)		(38,709)






Stock-based compensation - Employee taxes paid	(2,485)		(3,437)



Deferred financing costs	(6,525)		(1,632)
Other financing activities, net	(400)		—
Net cash provided by financing activities	51,508		12,794
Effect of exchange rate changes on cash and cash equivalents, including restricted cash	(710)		(10,824)
Net increase in cash and cash equivalents, including restricted cash	2,656		9,056
Cash and cash equivalents, including restricted cash, at beginning of period	79,669		59,732
Cash and cash equivalents, including restricted cash, at end of period	$	82,325	$	68,788

Supplementary cash flow information:
Change in accrual for purchases of property, plant and equipment included in accounts payable	$	1,865	$	(281)


	Harsco Corporation Stockholders’ Equity
(In thousands, except share amounts)	Common Stock				Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests
	Issued		Treasury										Total
Balances, December 31, 2020	$	144,288	$	(843,230)	$	204,078	$	1,797,759	$	(645,741)	$	56,245	$	713,399

Net income							135				1,430		1,565




Total other comprehensive income (loss), net of deferred income taxes of $134									2,295		(1,066)		1,229









Stock appreciation rights exercised, net 3,842 shares	9		(70)		(9)								(70)
Vesting of restricted stock units and other stock grants, net 144,967 shares	312		(1,850)		(312)								(1,850)
Vesting of performance share units, net 69,127 shares	155		(1,032)		(155)								(1,032)

Amortization of unearned portion of stock-based compensation, net of forfeitures					3,342								3,342
Balances, March 31, 2021	$	144,764	$	(846,182)	$	206,944	$	1,797,894	$	(643,446)	$	56,609	$	716,583


	Final
(In millions)	April 6 2020		Measurement Period Adjustments		March 31 2021
Cash and cash equivalents	$	0.4	$	—	$	0.4
Trade accounts receivable	124.1		(1.5)		122.6
Inventory	5.0		—		5.0
Other current assets	0.7		(0.7)		—
Property, plant and equipment	105.3		(3.9)		101.4
Right-of-use assets	56.0		—		56.0
Goodwill	152.0		1.3		153.3
Intangible assets	161.0		—		161.0
Other assets	0.2		—		0.2
Accounts payable	(48.6)		(1.5)		(50.1)
Accrued expenses	(17.5)		(1.8)		(19.3)
Current portion of operating lease liabilities	(16.6)		—		(16.6)
Other current liabilities	(6.4)		(0.2)		(6.6)
Environmental liabilities	(24.4)		—		(24.4)
Deferred income taxes	(15.5)		(1.5)		(17.0)
Operating lease liabilities	(39.4)		—		(39.4)
Total identifiable net assets of ESOL	436.3		(9.8)		426.5
Non-compete agreement	2.5		—		2.5
Total identifiable net assets of ESOL, including non-compete agreement	$	438.8	$	(9.8)	$	429.0


		Final
(Dollars in millions)	Weighted-Average Amortization Period	April 6 2020		Measurement Period Adjustments		March 31 2021
Permits and rights	22 years	$	138.0	$	—	$	138.0
Customer relationships	10 years	23.0		—		23.0
Total identifiable intangible assets of ESOL		161.0		—		161.0
Non-compete agreement	4 years	2.5		—		2.5
Total identifiable intangible assets acquired		$	163.5	$	—	$	163.5


	March 31 2021		December 31 2020

Other information:
Weighted average remaining lease term - Operating leases (in years)	7.61		8.00
Weighted average remaining lease term - Finance leases (in years)	8.02		8.20
Weighted average discount rate - Operating leases	5.9	%	6.1	%
Weighted average discount rate - Finance leases	5.1	%	5.1	%


(In thousands)	Operating Leases		Finance Leases
Year Ending December 31:
2021 (excluding the three months ended March 31, 2021)	$	22,007	$	1,522
2022	24,262		1,788
2023	18,957		1,577
2024	13,224		1,405
2025	8,255		797
After 2025	33,206		3,429
Total lease payments	119,911		10,518
Less: Imputed interest	(32,250)		(2,019)
Total	$	87,661	$	8,499


(In thousands)	Harsco Environmental Segment		Harsco Clean Earth Segment		Harsco Rail Segment		Consolidated Totals
Balance at December 31, 2020	$	406,401	$	482,647	$	13,026	$	902,074
Changes to goodwill (a)	—		1,232		—		1,232
Foreign currency translation	(2,992)		—		—		(2,992)
Balance at March 31, 2021	$	403,409	$	483,879	$	13,026	$	900,314


FORM			10-Q


(In thousands)	March 31 2021		December 31 2020
Finished goods	$	10,467	$	8,505
Work-in-process	7,846		16,522

Raw materials and purchased parts	121,883		117,789
Stores and supplies	31,391		30,197
Total inventories	$	171,587	$	173,013


(In thousands)	March 31 2021		December 31 2020
Land	$	75,581	$	75,559
Land improvements	20,082		20,166
Buildings and improvements	248,744		249,954
Machinery and equipment	1,570,783		1,597,592
Uncompleted construction	50,872		42,185
Gross property, plant and equipment	1,966,062		1,985,456
Less: Accumulated depreciation	(1,310,600)		(1,317,247)
Property, plant and equipment, net	$	655,462	$	668,209


	March 31, 2021				December 31, 2020
(In thousands)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Customer related	$	109,413	$	50,272	$	109,378	$	48,057
Permits	308,779		22,923		308,705		18,955
Technology related	40,492		10,684		40,274		9,654
Trade names	31,973		5,500		31,949		4,834
Air rights	26,139		1,239		26,139		1,044
Patents	173		127		192		139
Non-compete Agreement	2,500		625		2,500		469
Other	3,849		1,359		3,911		1,331
Total	$	523,318	$	92,729	$	523,048	$	84,483



	Three Months Ended
	March 31
Defined Benefit Pension Plans Net Periodic Pension Cost (Benefit)	U.S. Plans				International Plans
(In thousands)	2021		2020		2021		2020
Service costs	$	—	$	—	$	493	$	429
Interest costs	1,203		1,845		3,193		4,395
Expected return on plan assets	(3,050)		(2,842)		(11,367)		(10,190)
Recognized prior service costs	—		—		127		107
Recognized loss	1,385		1,425		4,563		3,655

Defined benefit pension plans net periodic pension cost (benefit)	$	(462)	$	428	$	(2,991)	$	(1,604)


	Three Months Ended
Company Contributions	March 31
(In thousands)	2021		2020
Defined benefit pension plans (U.S.)	$	2,866	$	2,027
Defined benefit pension plans (International)	12,622		10,060
Multiemployer pension plans	440		409
Defined contribution pension plans	3,413		3,169


(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
March 31, 2021
Asset derivatives (Level 2):
Foreign currency exchange forward contracts	Other current assets	$	502	$	6,995	$	7,497


Total		$	502	$	6,995	$	7,497

Liability derivatives (Level 2):
Foreign currency exchange forward contracts	Other current liabilities	$	786	$	2,144	$	2,930
Interest rate swaps	Other current liabilities	3,651		—		3,651
Interest rate swaps	Other liabilities	3,151		—		3,151
Total		$	7,588	$	2,144	$	9,732
December 31, 2020
Asset derivatives (Level 2):
Foreign currency exchange forward contracts	Other current assets	$	900	$	2,777	$	3,677




Total		$	900	$	2,777	$	3,677
Liability derivatives (Level 2):
Foreign currency exchange forward contracts	Other current liabilities	$	950	$	4,098	$	5,048
Interest rate swaps	Other current liabilities	3,959		—		3,959
Interest rate swaps	Other liabilities	3,718		—		3,718
Total		$	8,627	$	4,098	$	12,725


	Amount Recognized in OCI on Derivatives				Location of Amount Reclassified from AOCI into Income	Amount Reclassified from AOCI into Income - Effective Portion or Equity
	Three Months Ended					Three Months Ended
	March 31					March 31
(In thousands)	2021		2020			2021		2020
Foreign currency exchange forward contracts	$	(1)	$	2,037	Product revenues	$	(50)	$	(1,404)


Interest rate swaps	19		(3,578)		Interest expense	865		378
CCIRs (a)	—		58		Interest expense	—		305
	$	18	$	(1,483)		$	815	$	(721)


	Location of Gain (Loss) Recognized in Income on Derivatives	Amount of Gain (Loss) Recognized in Income on Derivatives (b)
		Three Months Ended
		March 31
(In thousands)		2021		2020

Foreign currency exchange forward contracts	Cost of services and products sold	$	4,744	$	5,542


	Three Months Ended
	March 31, 2020
(In thousands)	Harsco Environmental Segment		Harsco Clean Earth Segment		Harsco Rail Segment		Consolidated Totals
Primary Geographical Markets (a) (b):
North America	$	69,881	$	78,812	$	53,773	$	202,466
Western Europe	96,317		—		18,164		114,481
Latin America (c)	33,260		—		665		33,925
Asia-Pacific	21,996		—		5,868		27,864
Middle East and Africa	15,889		—		—		15,889
Eastern Europe	4,216		—		—		4,216
Total Revenues	$	241,559	$	78,812	$	78,470	$	398,841


Key Product and Service Groups (a):
Environmental services related to resource recovery for metals manufacturing and related logistical services	$	207,596	$	—	$	—	$	207,596
Applied products	30,262		—		—		30,262
Environmental systems for aluminum dross and scrap processing	3,701		—		—		3,701
Railway track maintenance equipment	—		—		42,615		42,615
After market parts and services; safety and diagnostic technology	—		—		31,200		31,200
Railway contracting services	—		—		4,655		4,655
Waste processing, recycling, reuse and transportation solutions	—		78,812		—		78,812

Total Revenues	$	241,559	$	78,812	$	78,470	$	398,841


	Components of AOCI, 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 Gain (Loss) on Marketable Securities		Total
Balance at December 31, 2019	$	(143,340)		$	(3,717)		$	(440,562)		$	(3)	$	(587,622)

OCI before reclassifications	(71,472)		(a)	(1,042)		(b)	21,429		(a)	(18)		(51,103)
Amounts reclassified from AOCI, net of tax	12,906			(645)			8,840			—		21,101



Total OCI	(58,566)			(1,687)			30,269			(18)		(30,002)
OCI attributable to noncontrolling interests	1,148			—			—			—		1,148
OCI attributable to Harsco Corporation	(57,418)			(1,687)			30,269			(18)		(28,854)
Balance at March 31, 2020	$	(200,758)		$	(5,404)		$	(410,293)		$	(21)	$	(616,476)


(In thousands)	Three Months Ended				Location on the Condensed Consolidated Statements of Operations
	March 31
	2021		2020
Recognition of cumulative foreign currency translation adjustments:

Loss on substantial liquidation of subsidiaries (c)	$	—	$	12,906		Gain on sale of discontinued businesses
Amortization of cash flow hedging instruments:
Foreign currency exchange forward contracts	$	(50)	$	(1,404)		Product revenues


CCIRs	—		305			Interest expense
Interest rate swaps	865		378			Interest expense

Total before taxes	815		(721)
Income taxes	(245)		76
Total reclassification of cash flow hedging instruments, net of tax	$	570	$	(645)

Amortization of defined benefit pension items (d):
Actuarial losses	$	5,948	$	5,080		Defined benefit pension income
Prior service costs	127		107			Defined benefit pension income


Pension liability transfer - discontinued business	—		5,363			Gain on sale of discontinued businesses
Total before taxes	6,075		10,550
Income taxes	(359)		(1,710)
Total reclassification of defined benefit pension items, net of tax	$	5,716	$	8,840


	Three Months Ended
	March 31
(In millions, except percentages)	2021			2020
Revenues:
Harsco Environmental	$	258.0		$	241.6
Harsco Clean Earth	189.3			78.8

Harsco Rail	81.6			78.5

Total Revenues	$	528.9		$	398.8
Operating Income (Loss):
Harsco Environmental	$	25.9		$	10.5
Harsco Clean Earth	3.2			4.2

Harsco Rail	4.7			6.5
Corporate	(9.0)			(18.4)
Total Operating Income	$	24.8		$	2.9
Operating Margins:
Harsco Environmental	10.1		%	4.4		%
Harsco Clean Earth	1.7		%	5.4		%

Harsco Rail	5.7		%	8.2		%
Consolidated Operating Margin	4.7		%	0.7		%


	March 31, 2021
Significant Effects on Revenues (In millions)	Three Months Ended
Revenues — 2020	$	241.6
Net effects of price/volume changes, primarily attributable to volume changes	11.0
Impact of foreign currency translation	7.2
Net impact of new and lost contracts	(1.3)

Other	(0.5)
Revenues — 2021	$	258.0


Significant Effects on Revenues (In millions)
Revenues—2020	$	78.8
Impact of ESOL acquisition (a)	134.2
Net effects of price/volume changes, primarily attributable to volume changes	(23.6)
Other	(0.1)
Revenues—2021	$	189.3


	March 31
	Three Months Ended
(In millions, except per share amounts)	2021			2020
Total revenues	$	528.9		$	398.8
Cost of services and products sold	421.1			316.5
Selling, general and administrative expenses	83.0			72.5
Research and development expenses	0.8			1.3


Other (income) expenses, net	(0.9)			5.7
Operating income from continuing operations	24.8			2.9
Interest income	0.6			0.2
Interest expense	(16.9)			(12.6)
Unused debt commitment fees, amendment fees and loss on extinguishment of debt	(5.3)			(0.5)

Defined benefit pension income	4.0			1.6
Income tax benefit (expense) from continuing operations	(4.2)			0.7
Equity income (loss) of unconsolidated entities, net	(0.1)			0.1
Income (loss) from continuing operations	2.9			(7.7)
Gain on sale of discontinued business	—			18.5
Loss from discontinued businesses	(1.8)			(0.2)
Income tax expense (benefit) related to discontinued operations	0.5			(9.3)
Income (loss) from discontinued operations, net of tax	(1.3)			8.9
Net income	1.6			1.2
Total other comprehensive income (loss)	1.2			(30.0)
Total comprehensive income (loss)	2.8			(28.8)
Diluted earnings (loss) per common share from continuing operations attributable to Harsco Corporation common stockholders	0.02			(0.11)
Effective income tax rate for continuing operations	58.4		%	8.0		%


Summary of Senior Secured Credit Facilities and Notes: (In millions)	March 31 2021		December 31 2020
By type:
New Term Loan	$	500.0	$	—
Term Loan A	—		280.0
Term Loan B	—		218.2
Revolving Credit Facility	339.0		281.0
5.75% Notes	500.0		500.0
Total	$	1,339.0	$	1,279.2
By classification:
Current	$	3.8	$	10.5
Long-term	1,335.2		1,268.7
Total	$	1,339.0	$	1,279.2


	March 31, 2021
(In millions)	Facility Limit		Outstanding Balance		Outstanding Letters of Credit		Available Credit


Revolving credit facility (a U.S.-based program)	$	700.0	$	339.0	$	25.4	$	335.6


Exhibit Number						Description
10.1						Amendment No. 7 to Third Amended and Restated Credit Agreement, dated March 10, 2021, among Harsco Corporation, the subsidiaries of the Company party thereto, Citibank N.A., as administrative agent and collateral agent, and the lenders party thereto (incorporated by reference to the Company's Current Report on Form 8-K dated March 10, 2021).
10.2						Form of RSU Award Agreement (for awards granted on or after March 10, 2020) (incorporated by reference to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2020).
10.3						Form of PSU Award Agreement (for awards granted on or after March 10, 2020) (incorporated by reference to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2020).
10.4						Form of SAR Award Agreement (for awards granted on or after March 10, 2020) (incorporated by reference to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2020).
31.1						Certification Pursuant to Rule 13a-14(a) or 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Chairman, President and Chief Executive Officer).
31.2						Certification Pursuant to Rule 13a-14(a) or 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer).
32						Certifications Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chairman, President and Chief Executive Officer and Chief Financial Officer).
101.Def						Definition Linkbase Document
101.Pre						Presentation Linkbase Document
101.Lab						Labels Linkbase Document
101.Cal						Calculation Linkbase Document
101.Sch						Schema Document
101.Ins						Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.



DATE	May 4, 2021	/s/ PETER F. MINAN
		Peter F. Minan
		Senior Vice President and Chief Financial Officer
		(On behalf of the registrant and as Principal Financial Officer)

DATE	May 4, 2021	/s/ SAMUEL C. FENICE
		Samuel C. Fenice
		Vice President and Corporate Controller
		(Principal Accounting Officer)