Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-03970 | |
Entity Registrant Name | ENVIRI CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 23-1483991 | |
Entity Address, Address Line One | Two Logan Square100-120 North 18th Street, 17th Floor, | |
Entity Address, City or Town | Philadelphia, | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19103 | |
City Area Code | 267 | |
Local Phone Number | 857-8715 | |
Title of 12(b) Security | Common stock, par value $1.25 per share | |
Trading Symbol | NVRI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 80,111,701 | |
Entity Central Index Key | 0000045876 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 104,044 | $ 121,239 |
Restricted cash | 3,462 | 3,375 |
Trade accounts receivable, net | 313,193 | 338,187 |
Other receivables | 37,101 | 40,565 |
Inventories | 188,503 | 189,369 |
Current portion of contract assets | 70,067 | 64,875 |
Prepaid expenses | 50,637 | 58,723 |
Other current assets | 16,232 | 11,023 |
Total current assets | 783,239 | 827,356 |
Property, plant and equipment, net | 692,416 | 707,397 |
Right-of-use assets, net | 101,281 | 102,891 |
Goodwill | 770,858 | 780,978 |
Intangible assets, net | 310,086 | 327,983 |
Deferred income tax assets | 15,338 | 16,295 |
Other assets | 95,449 | 91,798 |
Total assets | 2,768,667 | 2,854,698 |
Current liabilities: | ||
Short-term borrowings | 7,422 | 14,871 |
Current maturities of long-term debt | 17,752 | 15,558 |
Accounts payable | 231,384 | 243,279 |
Accrued compensation | 55,444 | 79,609 |
Income taxes payable | 2,178 | 7,567 |
Reserve for forward losses on contracts | 50,092 | 52,919 |
Current portion of advances on contracts | 30,278 | 38,313 |
Current portion of operating lease liabilities | 28,530 | 28,775 |
Other current liabilities | 170,807 | 174,342 |
Total current liabilities | 593,887 | 655,233 |
Long-term debt | 1,417,776 | 1,401,437 |
Retirement plan liabilities | 44,616 | 45,087 |
Operating lease liabilities | 74,403 | 75,476 |
Environmental liabilities | 24,540 | 25,682 |
Deferred tax liabilities | 35,824 | 29,160 |
Other liabilities | 48,823 | 47,215 |
Total liabilities | 2,239,869 | 2,279,290 |
COMMITMENTS AND CONTINGENCIES | ||
HARSCO CORPORATION STOCKHOLDERS' EQUITY | ||
Common stock | 146,651 | 146,105 |
Additional paid-in capital | 246,133 | 238,416 |
Accumulated other comprehensive loss | (552,548) | (539,694) |
Retained earnings | 1,496,757 | 1,528,320 |
Treasury stock | (851,327) | (849,996) |
Total Enviri Corporation stockholders’ equity | 485,666 | 523,151 |
Noncontrolling interests | 43,132 | 52,257 |
Total equity | 528,798 | 575,408 |
Total liabilities and equity | $ 2,768,667 | $ 2,854,698 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues from continuing operations: | ||||
Total revenues | $ 609,993 | $ 609,016 | $ 1,210,310 | $ 1,169,721 |
Costs and expenses from continuing operations: | ||||
Selling, general and administrative expenses | 90,454 | 86,801 | 177,580 | 168,662 |
Research and development expenses | 943 | 1,019 | 1,804 | 1,539 |
Impairment of Long-Lived Assets to be Disposed of | 0 | 14,099 | 0 | 14,099 |
Remeasurement of long-lived assets | 0 | 0 | 10,695 | 0 |
Other expense (income), net | 7,123 | (1,269) | 4,683 | (6,917) |
Total costs and expenses | 578,738 | 575,329 | 1,153,242 | 1,104,119 |
Operating income (loss) from continuing operations | 31,255 | 33,687 | 57,068 | 65,602 |
Interest income | 3,435 | 1,594 | 5,132 | 3,074 |
Interest expense | (27,934) | (26,409) | (56,056) | (51,404) |
Facility fees and debt-related income (expense) | (2,920) | (2,730) | (5,709) | (5,093) |
Defined benefit pension income (expense) | (4,166) | (5,400) | (8,342) | (10,729) |
Income (loss) from continuing operations before income taxes and equity income | (330) | 742 | (7,907) | 1,450 |
Income tax benefit (expense) from continuing operations | (10,020) | (15,331) | (17,935) | (23,348) |
Equity income (loss) of unconsolidated entities, net | 127 | (309) | (122) | (442) |
Income (loss) from continuing operations | (10,223) | (14,898) | (25,964) | (22,340) |
Discontinued operations: | ||||
Income (loss) from discontinued businesses | (1,211) | (1,165) | (2,703) | (2,820) |
Income tax benefit (expense) from discontinued businesses | 314 | 225 | 701 | 732 |
Income (loss) from discontinued operations, net of tax | (897) | (940) | (2,002) | (2,088) |
Net income (loss) | (11,120) | (15,838) | (27,966) | (24,428) |
Less: Net loss (income) attributable to noncontrolling interests | (2,481) | 4,399 | (3,597) | 3,464 |
Net income (loss) attributable to Enviri Corporation | (13,601) | (11,439) | (31,563) | (20,964) |
Amounts attributable to Enviri Corporation common stockholders: | ||||
Income (loss) from continuing operations, net of tax | (12,704) | (10,499) | (29,561) | (18,876) |
Income (loss) from discontinued operations, net of tax | (897) | (940) | (2,002) | (2,088) |
Net income (loss) attributable to Enviri Corporation | $ (13,601) | $ (11,439) | $ (31,563) | $ (20,964) |
Weighted-average shares of common stock outstanding (in shares) | 80,146 | 79,816 | 80,045 | 79,725 |
Basic earnings (loss) per common share attributable to Enviri Corporation common stockholders: | ||||
Continuing operations (in dollars per share) | $ (0.16) | $ (0.13) | $ (0.37) | $ (0.24) |
Discontinued operations (in dollars per share) | (0.01) | (0.01) | (0.03) | (0.03) |
Basic earnings (loss) per share attributable to Harsco Corporation common stockholders (in dollars per share) | $ (0.17) | $ (0.14) | $ (0.39) | $ (0.26) |
Diluted weighted-average shares of common stock outstanding (in shares) | 80,146 | 79,816 | 80,045 | 79,725 |
Diluted earnings (loss) per common share attributable to Enviri Corporation common stockholders: | ||||
Continuing operations (in dollars per share) | $ (0.16) | $ (0.13) | $ (0.37) | $ (0.24) |
Discontinued operations (in dollars per share) | (0.01) | (0.01) | (0.03) | (0.03) |
Diluted earnings (loss) per share attributable to Harsco Corporation common stockholders (in dollars per share) | $ (0.17) | $ (0.14) | $ (0.39) | $ (0.26) |
Product Revenues | ||||
Revenues from continuing operations: | ||||
Total revenues | $ 104,710 | $ 127,053 | $ 205,873 | $ 226,198 |
Costs and expenses from continuing operations: | ||||
Cost of services and products sold | 91,996 | 101,148 | 177,406 | 183,697 |
Service Revenues | ||||
Revenues from continuing operations: | ||||
Total revenues | 505,283 | 481,963 | 1,004,437 | 943,523 |
Costs and expenses from continuing operations: | ||||
Cost of services and products sold | $ 388,222 | $ 373,531 | $ 781,074 | $ 743,039 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (11,120) | $ (15,838) | $ (27,966) | $ (24,428) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments, net of deferred income taxes | (10,805) | 10,589 | (27,340) | 23,035 |
Net gain (loss) on cash flow hedging instruments, net of deferred income taxes | 128 | 4,434 | 1,991 | 1,874 |
Pension liability adjustments, net of deferred income taxes | 4,442 | (627) | 11,453 | (3,362) |
Unrealized gain (loss) on marketable securities, net of deferred income taxes | (5) | 5 | (3) | 6 |
Total other comprehensive income (loss) | (6,240) | 14,401 | (13,899) | 21,553 |
Total comprehensive income (loss) | (17,360) | (1,437) | (41,865) | (2,875) |
Less: Comprehensive (income) loss attributable to noncontrolling interests | (2,257) | 6,234 | (2,552) | 4,941 |
Comprehensive income (loss) attributable to Enviri Corporation | $ (19,617) | $ 4,797 | $ (44,417) | $ 2,066 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustments, deferred income taxes | $ 181 | $ 1,139 | $ (300) | $ 2,611 |
Net gain (loss) on cash flow hedging instruments, deferred income taxes | (32) | (1,529) | (687) | (682) |
Pension liability adjustments, deferred income taxes | (263) | (292) | (559) | (710) |
Unrealized gain (loss) on marketable securities, deferred income taxes | $ 2 | $ (2) | $ 1 | $ (2) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (27,966) | $ (24,428) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation | 73,946 | 67,496 |
Amortization | 16,180 | 16,032 |
Deferred income tax (benefit) expense | 5,771 | 7,622 |
Equity (income) loss of unconsolidated entities, net | 122 | 442 |
Remeasurement of long-lived assets | 10,695 | 0 |
Other, net | 968 | 4,146 |
Changes in assets and liabilities, net of acquisitions and dispositions of businesses: | ||
Accounts receivable | 17,633 | (56,383) |
Inventories | (3,985) | (7,952) |
Contract assets | (12,887) | (3,535) |
Right-of-use assets | 16,194 | 16,211 |
Accounts payable | (5,786) | 12,960 |
Accrued interest payable | (15) | (192) |
Accrued compensation | (22,544) | 9,194 |
Advances on contracts | (7,121) | (12,978) |
Operating lease liabilities | (15,876) | (14,790) |
Retirement plan liabilities, net | (938) | (5,468) |
Other assets and liabilities | (4,007) | 5,714 |
Net cash (used) provided by operating activities | 40,384 | 28,190 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (60,520) | (66,341) |
Proceeds from sale of business, net | 16,588 | 0 |
Proceeds from sales of assets | 7,584 | 1,439 |
Expenditures for intangible assets | (484) | (427) |
Proceeds from notes receivable | 17,023 | 11,238 |
Net proceeds (payments) from settlement of foreign currency forward exchange contracts | 584 | (2,408) |
Other investing activities, net | 0 | 84 |
Net cash used by investing activities | (19,225) | (56,415) |
Cash flows from financing activities: | ||
Short-term borrowings, net | (3,138) | 601 |
Current maturities and long-term debt: | ||
Additions | 42,007 | 123,996 |
Reductions | (54,310) | (90,727) |
Dividends paid to noncontrolling interests | (12,551) | 0 |
Contributions from noncontrolling interests | 874 | 1,654 |
Stock-based compensation - Employee taxes paid | (1,332) | (1,238) |
Net cash (used) provided by financing activities | (28,450) | 34,286 |
Effect of exchange rate changes on cash and cash equivalents, including restricted cash | (9,817) | (1,789) |
Net increase (decrease) in cash and cash equivalents, including restricted cash | (17,108) | 4,272 |
Cash and cash equivalents, including restricted cash, at beginning of period | 124,614 | 85,094 |
Cash and cash equivalents, including restricted cash, at end of period | 107,506 | 89,366 |
Supplementary cash flow information: | ||
Change in accrual for purchases of property, plant and equipment included in accounts payable | 1,048 | (3,170) |
Impairment of Long-Lived Assets to be Disposed of | $ 0 | $ 14,099 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock Issued | Common Stock Treasury | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Beginning balance at Dec. 31, 2022 | $ 623,042 | $ 145,448 | $ (848,570) | $ 225,759 | $ 1,614,441 | $ (567,636) | $ 53,600 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income (loss) | (8,590) | (9,525) | 935 | ||||
Total other comprehensive income | 7,152 | 6,794 | 358 | ||||
Sale of subsidiary shares to noncontrolling interest | 0 | 398 | (398) | ||||
Vesting of restricted stock units and other stock grants, net | (1,108) | 395 | (1,108) | (395) | |||
Amortization of unearned portion of stock-based compensation, net of forfeitures | 3,456 | 3,456 | |||||
Ending balance at Mar. 31, 2023 | 623,952 | 145,843 | (849,678) | 229,218 | 1,604,916 | (560,842) | 54,495 |
Beginning balance at Dec. 31, 2022 | 623,042 | 145,448 | (848,570) | 225,759 | 1,614,441 | (567,636) | 53,600 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income (loss) | (24,428) | ||||||
Total other comprehensive income | 21,553 | ||||||
Ending balance at Jun. 30, 2023 | 627,407 | 145,966 | (849,808) | 232,463 | 1,593,477 | (544,606) | 49,915 |
Beginning balance at Mar. 31, 2023 | 623,952 | 145,843 | (849,678) | 229,218 | 1,604,916 | (560,842) | 54,495 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income (loss) | (15,838) | (11,439) | (4,399) | ||||
Total other comprehensive income | 14,401 | 16,236 | (1,835) | ||||
Contributions from noncontrolling interests | 1,654 | 1,654 | |||||
Vesting of restricted stock units and other stock grants, net | (130) | 123 | (130) | (123) | |||
Amortization of unearned portion of stock-based compensation, net of forfeitures | 3,368 | 3,368 | |||||
Ending balance at Jun. 30, 2023 | 627,407 | 145,966 | (849,808) | 232,463 | 1,593,477 | (544,606) | 49,915 |
Beginning balance at Dec. 31, 2023 | 575,408 | 146,105 | (849,996) | 238,416 | 1,528,320 | (539,694) | 52,257 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income (loss) | (16,846) | (17,962) | 1,116 | ||||
Noncontrolling interests | (8,243) | (8,243) | |||||
Total other comprehensive income | (7,659) | (6,838) | (821) | ||||
Contributions from noncontrolling interests | 874 | 874 | |||||
Vesting of restricted stock units and other stock grants, net | (1,270) | 443 | (1,270) | (443) | |||
Amortization of unearned portion of stock-based compensation, net of forfeitures | 3,860 | 3,860 | |||||
Ending balance at Mar. 31, 2024 | 546,124 | 146,548 | (851,266) | 241,833 | 1,510,358 | (546,532) | 45,183 |
Beginning balance at Dec. 31, 2023 | 575,408 | 146,105 | (849,996) | 238,416 | 1,528,320 | (539,694) | 52,257 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income (loss) | (27,966) | ||||||
Total other comprehensive income | (13,899) | ||||||
Ending balance at Jun. 30, 2024 | 528,798 | 146,651 | (851,327) | 246,133 | 1,496,757 | (552,548) | 43,132 |
Beginning balance at Mar. 31, 2024 | 546,124 | 146,548 | (851,266) | 241,833 | 1,510,358 | (546,532) | 45,183 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income (loss) | (11,120) | (13,601) | 2,481 | ||||
Noncontrolling interests | (4,308) | (4,308) | |||||
Total other comprehensive income | (6,240) | (6,016) | (224) | ||||
Stock appreciation rights exercised, net | (2) | 1 | (2) | (1) | |||
Vesting of restricted stock units and other stock grants, net | (59) | 102 | (59) | (102) | |||
Amortization of unearned portion of stock-based compensation, net of forfeitures | 4,403 | 4,403 | |||||
Ending balance at Jun. 30, 2024 | $ 528,798 | $ 146,651 | $ (851,327) | $ 246,133 | $ 1,496,757 | $ (552,548) | $ 43,132 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Total other comprehensive income, deferred income taxes | $ (112) | $ (1,433) | $ (684) | $ 1,901 |
Vesting of restricted stock units and other stock grants (in shares) | 74,725 | 201,053 | 84,215 | 177,574 |
Stock appreciation rights exercised (in shares) | 603 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The Company has prepared these unaudited condensed consolidated financial statements in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the SEC. Accordingly, the unaudited Condensed Consolidated Financial Statements do not include all information and disclosure required by U.S. GAAP for annual financial statements. The December 31, 2023 Condensed Consolidated Balance Sheet information contained in this Quarterly Report on Form 10-Q was derived from the 2023 audited consolidated financial statements. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, including the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments (all of which are of a normal recurring nature) that are necessary for a fair statement are reflected in these unaudited Condensed Consolidated Financial Statements. Going Concern The Company’s cash flow forecasts, existing cash and cash equivalents, borrowings available under the Senior Secured Credit Facilities and the AR Facility indicate sufficient liquidity to fund the Company’s operations for at least the next twelve months. As such, the Company’s unaudited Consolidated Financial Statements have been prepared on the basis that it will continue as a going concern for a period extending beyond twelve months from the date the unaudited Consolidated Financial Statements are issued. This assessment includes the expected ability to meet required financial covenants, the continued ability to draw down on the Senior Secured Credit Facilities (see Note 9, Debt and Credit Agreements) and successfully renewing the AR Facility (see Note 4 Accounts Receivable and Note Receivable). Reclassifications |
Recently Adopted and Recently I
Recently Adopted and Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Adopted and Recently Issued Accounting Standards | Recently Adopted and Recently Issued Accounting Standards The Company has not adopted any accounting standards during the three and six months ended June 30, 2024: The following accounting standards have been issued and become effective for the Company at a future date: In November 2023, the FASB issued changes that require expansion of annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The changes become effective starting with the Company's annual financial statements for the year ended December 31, 2024. The Company is currently evaluating the impact that this change will have on the Company's disclosures and plans to apply the change retrospectively for all periods presented. In December 2023, the FASB issued changes which require greater disaggregation of income tax disclosures related to the income tax rate reconciliation and income taxes paid. The changes become effective starting with the Company's annual financial statements for the year ended December 31, 2025. The guidance should be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact that this change will have on the Company's disclosures. |
Discontinued Operations and Dis
Discontinued Operations and Dispositions | 6 Months Ended |
Jun. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations and Dispositions | Discontinued Operations and Dispositions Harsco Rail Segment The results of the Rail business were previously presented as discontinued operations. However, the held for sale criteria were no longer met beginning with March 31, 2024 as the sales process has been paused. The assets and liabilities of the Rail business, previously presented as held for sale, were reclassified to held and used in the Condensed Consolidated Balance Sheets as of December 31, 2023, and the results of the Rail business were reclassified from discontinued operations to continuing operations for all periods presented in the Condensed Consolidated Statements of Operations. The Rail business’ assets and liabilities as of March 31, 2024 were measured at the carrying amount before the assets were classified as held for sale, reduced by $10.7 million representing the depreciation and amortization expense that would have been recognized had the assets been continuously classified as held for use. The $10.7 million reduction to the carrying value of the Rail assets was reported in Remeasurement of long-lived assets in the first quarter of 2024. The reclassification of the Rail business's balance sheet positions as of December 31, 2023 had the following impacts on the Condensed Consolidated Balance Sheets and are summarized as follows: (in thousands) December 31 Trade accounts receivable, net $ 57,415 Other receivables 6,708 Inventories 103,077 Current portion of contract assets 56,341 Prepaid expenses 28,797 Other current assets 2,895 Property, plant and equipment, net 44,113 Right-of-use assets, net 7,050 Goodwill 13,026 Intangible assets, net 3,122 Deferred income tax assets 973 Other assets 22,792 Total assets $ 346,309 Accounts payable $ 44,703 Accrued compensation 6,056 Income taxes payable 1,434 Current portion of operating lease liabilities 3,656 Current portion of advances on contracts 32,912 Reserve for forward losses on contracts 52,725 Other current liabilities 30,550 Operating lease liabilities 3,331 Deferred tax liabilities 350 Other liabilities 494 Total liabilities $ 176,211 The reclassification of the results of the Rail business to continuing operations had the following impacts on the Consolidated Statement of Operations for the three and six months ended June 30, 2023: Three Months Ended Six Months Ended June 30 June 30 (In thousands) 2023 2023 Service revenues $ 10,765 $ 18,485 Product revenues 78,083 135,415 Total revenues 88,848 153,900 Cost of services sold 7,290 12,916 Cost of products sold 60,762 106,505 Total cost of sales 68,052 119,421 Selling, general and administrative expenses 9,951 19,877 Research and development expenses 519 863 Other expense (income), net 954 1,457 Total costs and expenses 79,476 141,618 Operating income (loss) from continuing operations 9,372 12,282 Interest income 27 52 Interest expense (685) (1,352) Defined benefit pension income (expense) 7 13 Income (loss) from continuing operations before income taxes and equity income 8,721 10,995 Income tax benefit (expense) from continuing operations (5,012) (6,106) Income (loss) from continuing operations $ 3,709 $ 4,889 Harsco Environmental Segment On April 1, 2024, the Company completed the sale of Performix Metallurgical Additives, LLC, a subsidiary of HE, for $17.5 million, subject to normal post-closing adjustments, and recognized a gain on the sale of $1.9 million (or approximately $1.3 million after-tax). Other |
Accounts Receivable and Note Re
Accounts Receivable and Note Receivable | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Accounts Receivable and Note Receivable | Accounts Receivable and Note Receivable Accounts receivable consist of the following: (In thousands) June 30 December 31 Trade accounts receivable $ 327,452 $ 353,709 Less: Allowance for expected credit losses (14,259) (15,522) Trade accounts receivable, net $ 313,193 $ 338,187 Other receivables (a) $ 37,101 $ 40,565 (a) Other receivables include employee receivables, insurance receivable, tax claims and refunds and other miscellaneous items not included in Trade accounts receivable, net. The provision for expected credit losses related to trade accounts receivable was as follows: Three Months Ended Six Months Ended June 30 June 30 (In thousands) 2024 2023 2024 2023 Provision for expected credit losses related to trade accounts receivable $ 648 $ (113) $ 481 $ 394 At June 30, 2024, $17.6 million of the Company's trade accounts receivable were past due by twelve months or more, with $9.8 million of this amount reserved. Accounts Receivable Securitization Facility In June 2022, the Company and its SPE entered into an AR Facility with PNC Bank, National Association ("PNC") to accelerate cash flows from trade accounts receivable. The AR Facility has a three-year term. The maximum purchase commitment by PNC is $150.0 million. The Company expects to renew the AR facility, as necessary, prior to the end of the term. The total outstanding balance of trade receivables that have been sold and derecognized by the SPE is $150.0 million as of June 30, 2024 and December 31, 2023. The SPE owned $71.5 million and $82.2 million of trade receivables as of June 30, 2024 and December 31, 2023, respectively, which is included in the caption Trade accounts receivable, net, on the Condensed Consolidated Balance Sheets. See Note 9, Debt and Credit Agreements, for AR Facility expenses incurred. The Company received proceeds of $5.0 million from the AR Facility in the first quarter of 2023. Factoring Arrangements The Company maintains factoring arrangements with a financial institution to sell certain accounts receivable that are also accounted for as a sale of financial assets and accordingly, derecognized from the Company's Consolidated Balance Sheet. The following table reflects balances for net amounts sold and program capacities for the arrangements: (In millions) June 30 December 31 Net amounts sold under factoring arrangements $ 16.9 $ 16.1 Program capacities 19.3 32.6 Note Receivable In January 2020, the Company sold IKG for $85.0 million including cash and a note receivable, subject to post-closing adjustments. The note receivable from the buyer had a face value of $40.0 million, bearing interest at 2.50%, that is paid in kind with an original maturity of January 31, 2027. Due to a change in control of the ownership of IKG during the second quarter of 2024, prepayment of the note was required, as defined in the note receivable agreement. As such, the Company received a payment of $17.0 million in April 2024, resulting in a pre-tax gain of $2.7 million reflected in the caption Interest income on the Consolidated Statement of Operations. As of December 31, 2023, the balance was classified as noncurrent and is included in the caption Other assets on the Condensed Consolidated Balance Sheet at amortized cost. (In millions) June 30 December 31 Note receivable, at amortized cost $ — $ 14.0 Note receivable, fair value — 15.4 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of the following: (In thousands) June 30 December 31 Finished goods $ 15,239 $ 16,171 Work-in-process 25,626 13,081 Raw materials and purchased parts 101,615 114,046 Stores and supplies 46,023 46,071 Total inventories $ 188,503 $ 189,369 |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment ("PP&E") consist of the following: (In thousands) June 30 December 31 Land and improvements $ 92,305 $ 93,793 Buildings and improvements 239,220 243,472 Machinery and equipment 1,682,296 1,729,637 Uncompleted construction 66,070 66,241 Gross property, plant and equipment 2,079,891 2,133,143 Less: Accumulated depreciation (1,387,475) (1,425,746) Property, plant and equipment, net $ 692,416 $ 707,397 During the three months ended June 30, 2023, the Company recorded an impairment charge of $14.1 million related to abandoned equipment at a customer site of HE China, which is included in the caption Property, plant and equipment impairment charge in the Condensed Consolidated Statements of Operations. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | Leases The components of lease expense were as follows: Three Months Ended Six Months Ended June 30 June 30 (In thousands) 2024 2023 2024 2023 Finance leases: Depreciation expense $ 3,023 $ 2,022 $ 5,601 $ 3,563 Interest on lease liabilities 1,085 578 1,900 932 Operating leases 9,961 9,742 19,793 19,220 Variable and short-term lease expense 13,755 13,900 27,799 26,530 Sublease income (2) (1) (4) (3) Total lease expense $ 27,822 $ 26,241 $ 55,089 $ 50,242 |
Leases | Leases The components of lease expense were as follows: Three Months Ended Six Months Ended June 30 June 30 (In thousands) 2024 2023 2024 2023 Finance leases: Depreciation expense $ 3,023 $ 2,022 $ 5,601 $ 3,563 Interest on lease liabilities 1,085 578 1,900 932 Operating leases 9,961 9,742 19,793 19,220 Variable and short-term lease expense 13,755 13,900 27,799 26,530 Sublease income (2) (1) (4) (3) Total lease expense $ 27,822 $ 26,241 $ 55,089 $ 50,242 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company tests for goodwill impairment annually, or more frequently if indicators of impairment exist, or if a decision is made to dispose of a business. The Company performs its annual goodwill impairment test as of October 1 and monitors for triggering events on an ongoing basis. During the six months ended June 30, 2024, the Company determined that there were no events or indicators present that would indicate that it was more-likely-than-not that its reporting units' fair values were less than their carrying amounts, which would require a further interim impairment analysis. However, unfavorable economic conditions, including continued cost inflation and labor shortages, as well as rising interest rates, could impact the Company's future projected cash flows and discount rates used to estimate fair value, which could result in an impairment charge to any of the Company's reporting units in a future period. During the three months ended June 30, 2024, due to the loss of a customer in Europe for HE, the Company recorded a $2.8 million charge to fully impair the value of a related customer relationship intangible asset. This amount is included in the caption Other expense (income), net on the Consolidated Statement of Operations. |
Debt and Credit Agreements
Debt and Credit Agreements | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt and Credit Agreements | Debt and Credit Agreements Long-term debt consists of the following: (In thousands) June 30 December 31 Senior Secured Credit Facilities: New Term Loan $ 485,000 $ 487,500 Revolving Credit Facility 419,000 422,000 5.75% Senior Notes 475,000 475,000 Other financing payable (including finance leases) in varying amounts 66,858 44,469 Total debt obligations 1,445,858 1,428,969 Less: deferred financing costs (10,330) (11,974) Total debt obligations, net of deferred financing costs 1,435,528 1,416,995 Less: current maturities of long-term debt (17,752) (15,558) Long-term debt $ 1,417,776 $ 1,401,437 The Senior Secured Credit Facilities contain a consolidated net debt to Consolidated Adjusted EBITDA ratio covenant, which is not to exceed 5.00x for the quarter ended June 30, 2024 and then decreasing quarterly until reaching 4.00x on December 31, 2024. The Company's required coverage of consolidated interest charges is set at a minimum of 2.75x through the end of 2024 and increases to 3.00x beginning with the first quarter of 2025. At June 30, 2024, the Company was in compliance with its debt covenants under the Senior Secured Credit Facilities, with a total net debt to Consolidated Adjusted EBITDA ratio of 3.93x and a total interest coverage ratio of 3.11x. The Company believes it will continue to maintain compliance with these covenants based on its current outlook. However, the Company's estimates of compliance with these covenants could change in the future with a deterioration in economic conditions, higher than forecasted interest rates, the timing of working capital including the collection of receivables, an inability to realize increased pricing and implement cost reduction initiatives that mitigate the impacts of inflation, the inability to extend the AR Facility prior to the end of the current term and other factors that may adversely impact its compliance with covenants. Facility Fees and Debt-Related Income (Expense) The components of the Condensed Consolidated Statements of Operations caption Facility fees and debt-related income (expense) were as follows: Three Months Ended Six Months Ended June 30 June 30 (In thousands) 2024 2023 2024 2023 Unused debt commitment and amendment fees $ — $ — $ — $ (12) Securitization and factoring fees (2,920) (2,730) (5,709) (5,081) Facility fees and debt-related income (expense) $ (2,920) $ (2,730) $ (5,709) $ (5,093) |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Three Months Ended June 30 Defined Benefit Pension Plan Net Periodic Pension Cost (Benefit) U.S. Plans International Plans (In thousands) 2024 2023 2024 2023 Service costs $ — $ — $ 335 $ 314 Interest costs 2,419 2,543 7,434 7,552 Expected return on plan assets (2,236) (1,750) (8,344) (7,805) Recognized prior service costs — — 117 115 Recognized actuarial losses 1,045 1,150 3,794 3,580 Defined benefit pension plan net periodic pension cost (benefit) $ 1,228 $ 1,943 $ 3,336 $ 3,756 Six Months Ended June 30 Defined Benefit Pension Plans Net Periodic Pension Cost (Benefit) U.S. Plans International Plans (In thousands) 2024 2023 2024 2023 Service costs $ — $ — $ 673 $ 627 Interest costs 4,838 5,086 14,894 14,981 Expected return on plan assets (4,472) (3,500) (16,714) (15,483) Recognized prior service costs — — 235 229 Recognized actuarial losses 2,090 2,301 7,595 7,099 Defined benefit pension plans net periodic pension cost (benefit) $ 2,456 $ 3,887 $ 6,683 $ 7,453 Cash contributions to U.S. and international defined benefit pension plans totaled $0.8 million and $8.7 million for the six months ended June 30, 2024, respectively. The Company's estimate of expected cash contributions to be paid during the remainder of 2024 for the U.S. and international defined benefit pension plans is $6.9 million and $8.7 million, respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense from continuing operations for the three and six months ended June 30, 2024 was $10.0 million and $17.9 million, respectively, compared with $15.3 million and $23.3 million for the three and six months ended June 30, 2023, respectively. The decrease in expense for tax for the three and six months ended June 30, 2024, compared with the three and six months ended June 30, 2023, is primarily due to a $23.6 million favorable adjustment to the Company's estimated forward loss provision related to the Network Rail contract in the U.S. not recurring in 2024, as well as a $3.7 million valuation allowance for a deferred tax asset in a certain foreign jurisdiction not recurring in 2024. For the three and six months ended June 30, 2024, the Company calculated its quarterly tax provision based on its best estimate of the full year tax rate applicable to the quarter. For the three and six months ended June 30, 2023, due to the insignificant amount of pre-tax book loss relative to the size of permanent book-tax differences and a varying net income (loss) pattern projected for the year, the Company’s tax provision estimate was determined using an actual year-to-date method. The reserve for uncertain tax positions on June 30, 2024 and December 31, 2023 was |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
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 evaluates its liability for future environmental remediation costs on a quarterly basis. Although actual costs to be incurred at identified sites in future periods may vary from the estimates, given inherent uncertainties in evaluating environmental exposures, the Company does not expect that any costs that are reasonably possible to be incurred by the Company in connection with environmental matters in excess of the amounts accrued would have a material adverse effect on the Company's financial condition, results of operations or cash flows. The following table summarizes information related to the location and undiscounted amount of the Company's environmental liabilities: (In thousands) June 30 December 31 Current portion of environmental liabilities (a) $ 10,415 $ 7,540 Long-term environmental liabilities 24,540 25,682 Total environmental liabilities $ 34,955 $ 33,222 (a) The current portion of environmental liabilities is included in the caption Other current liabilities on the Condensed Consolidated Balance Sheets. Legal Proceedings In the ordinary course of business, the Company is a defendant or party to various claims and lawsuits, including those discussed below. Unless stated otherwise below, the Company has not determined a loss to be probable or estimable for the legal proceedings. In November 2022, the EPA and the Kentucky Department for Environmental Protection (the “KDEP”) conducted an inspection of Clean Earth of Calvert City LLC’s facility in Calvert City, KY and alleged several violations for which the EPA proposed a civil penalty of $0.8 million. On June 30, 2024, the EPA verbally agreed to a settlement involving a combination of civil penalties in the amount of $0.2 million and a Supplemental Environmental Project estimated to cost approximately $1.0 million that requires installing a concrete and storm water management system to enhance compliance and protection of the environment. On January 27, 2020, the EPA issued a Notice of Potential Liability to the Company, along with several other companies, concerning the Newtown Creek Superfund Site located in Kings and Queens Counties in New York. The Notice alleges certain facilities formerly owned or operated by subsidiaries of the Company may have resulted in the discharge of hazardous substances into Newtown Creek or its Dutch Kills tributary. The site has been subject to CERCLA response activities since approximately 2011. The EPA expects to issue a Record of Decision for the sitewide cleanup plan no sooner than 2028 and announced, in July 2021, that it would defer its decision on a potential early action response for the lower two miles of the Creek until the sitewide studies are completed. The Company is one of approximately twenty (20) Potentially Responsible Parties ("PRPs") that have received notices, though it is believed other PRPs may exist. The Company vigorously contests the allegations of the Notice and currently does not believe that this matter will have a material effect on the Company’s financial position or results from operations. On June 25 and 26, 2018, the DTSC conducted a compliance enforcement inspection of ESOL’s facility in Rancho Cordova, California, which was then owned by Stericycle, Inc. On February 14, 2020, the DTSC filed an action in the Superior Court for the State of California, Sacramento Division, alleging violations of California’s Hazardous Waste Control Law and the facility’s hazardous waste permit arising from the inspection. On August 27, 2020, the DTSC issued a Notice of Denial of Hazardous Waste Facility Permit Application, denying the renewal of the facility's hazardous waste permit. The Company continues to utilize the site for non-hazardous waste and is evaluating additional potential alternate uses for the site. The DTSC investigation and compliance issues leading to the compliance tier assignment were ongoing well before the Company's acquisition of the ESOL business, and the Company was aware of the investigation and many of the issues raised in the investigation at the time of the purchase. Accordingly, the Company is indemnified for certain fines and other costs and expenses associated with this matter by Stericycle, Inc. In May 2024, Stericycle consummated a settlement, on behalf of itself and the Company, with the DTSC in the February 2020 Superior Court action for payment of $3.1 million and other injunctive relief related to the ongoing closure of the hazardous waste facility. A final consent judgment for penalties and permanent injunction was approved and entered by the Court on June 6, 2024. In July 2024, on behalf of itself and the Company, Stericycle paid all fines in this matter. The Company has had ongoing meetings with the SCE over processing salt cakes, a processing byproduct, stored at the Al Hafeerah site. The Company’s Bahrain operations that produced the salt cakes has ceased operations. An Environmental Impact Assessment and Technical Feasibility Study for facilities to process the salt cakes was approved by the SCE during the first quarter of 2018. Commissioning of the facilities was completed during the third quarter of 2021 and the processing of the salt cakes has commenced. The Company's current reserve of $5.1 million at June 30, 2024 continues to represent 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 which 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 (the "MPF" and "MPE", respectively) filed a Civil Public Action against CSN, one of the Company's customers, 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 (the "Volta Redonda Court") 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, the Volta Redonda Court issued two orders fining the Company and CSN for what it views as ongoing violations of the injunction. The Company is appealing the fines and the underlying injunction. Both the Company and CSN continue to have discussions with the MPF, MPE and the governmental authorities regarding the injunction and the possible resolution of the underlying case. Beginning on March 25, 2022, the Courts entered a series of orders suspending the litigation proceedings and staying any additional fines and interest accruals while the parties discuss a possible resolution to the matter. The aggregate amount of fines levied against the Company, exclusive of interest, is approximately 32 million Brazilian reais (or approximately $6 million as of June 30, 2024). The Company does not believe that a loss relating to this matter is probable or estimable at this point. In October 2021, the Company received a subpoena and two indictments before the Amsterdam District Court in the Netherlands concerning the Company's operations at a customer site Ijmuiden, Netherlands. The Amsterdam Public Prosecutor’s Office ("APPO") issued two indictments against the Company, alleging violations in connection with dust releases and/or events alleged to have occurred in 2018 through May 2020 at the site. The action cited provisions which permit fines for the alleged infractions and sought €0.1 million in fines with a smaller amount held in abeyance. On February 2, 2022, the APPO announced that it would further investigate residents’ claims related to this matter. On February 25, 2022, the Amsterdam District Court ruled that the Company was liable for only one alleged violation and that this alleged violation was unintentional. The court issued a fine of €5 thousand, to be held in abeyance. Both the Company and the APPO appealed this ruling. An appellate hearing was held on July 5, 2024, with the APPO seeking €0.3 million in fines. On July 19, 2024, the Court of Appeals ruled that the Company was liable for two alleged intentional violations and issued a fine of €25 thousand. Both the Company and the APPO have appealed this ruling. The Company is vigorously contesting all allegations against it and is also working with its customer to ensure the control of emissions. The Company has contractual indemnity rights from its customer that it believes will substantially cover any fines or penalties. DEA Investigation Prior to the Company’s acquisition of ESOL, Stericycle, Inc. notified the Company that the DEA had served an administrative subpoena on Stericycle, Inc. and executed a search warrant at a facility in Rancho Cordova, CA and an administrative inspection warrant at a facility in Indianapolis, IN. The Company has determined that the DEA and the DTSC have launched investigations involving, at least in part, the ESOL business of collecting, transporting, and destroying controlled substances from retail customers that transferred from Stericycle, Inc. to the Company. The Company is cooperating with these inquiries, which relate primarily to the period before the Company owned the ESOL business. Since the acquisition of the ESOL business, the Company has performed a vigorous review of ESOL’s compliance program related to controlled substances and has made material changes to the manner in which controlled substances are transported from retail customers to DEA-registered facilities for destruction. Pursuant to an agreement with Stericycle, the Company has contractual recourse for any material loss the Company has determined is reasonably possible. The Company has not accrued any amounts in respect of these investigations and does not believe a loss is probable. 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, at the collection action or court of appeals phase, the losing party could be subject to a charge to cover statutorily mandated legal fees, which are generally calculated as a percentage of the total assessed amounts due, inclusive of penalty and interest. Many of the claims relate to ICMS, services and social security tax disputes. The largest proportion of the assessed amounts relate to ICMS claims filed by the SPRA, encompassing the period from January 2002 to May 2005. In October 2009, the Company received notification of the SPRA’s final administrative decision regarding the levying of ICMS in the State of São Paulo in relation to services provided to a customer in the State between January 2004 and May 2005. Another ICMS tax case involving the SPRA refers to the tax period from January 2002 to December 2003. On April 23, 2024, the Company’s customer directed the Company to accept a settlement offer made by the SPRA and the Company accepted the settlement offer on April 26, 2024. Under the settlement, the Company will pay a total of $3.4 million over sixty months, plus interest, in return for a full release from the SPRA as to both claims. Pursuant to our contractual rights, the Company is indemnified by its customer for this amount and the customer has begun making payments to the government on behalf of the Company. Therefore, the Company has recorded an indemnification receivable from the customer for this amount. On December 30, 2020, the Company received an assessment from the municipal authority in Ipatinga, Brazil alleging $1.9 million in unpaid service taxes from the period 2015 to 2020. After calculating the interest and penalties accrued, the Company estimates that the current overall potential liability for this case is approximately $5.7 million. On July 21, 2023, the Company filed the last administrative appeal against the decision that maintained the assessment and a final administrative decision is still pending. Due to the multiple defenses that are available, the Company does not believe a loss is probable. The Company intends to continue its practice of vigorously defending itself against these tax claims under various alternatives, including judicial appeal. The Company will continue to evaluate its potential liability with regard to these claims on a quarterly basis; however, it is not possible to predict the ultimate outcome of these tax-related disputes in Brazil. No loss provision has been recorded in the Company's Condensed Consolidated Financial Statements for the disputes described above because the loss contingency is not deemed probable, and the Company does not expect that any costs that are reasonably possible to be incurred by the Company in connection with Brazilian tax disputes would have a material adverse effect on the Company's financial condition, results of operations or cash flows. Asbestos Actions The Company is named as one of many defendants 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. At June 30, 2024, there were approximately 17,000 pending asbestos personal injury actions filed against the Company. The vast majority of these actions were filed in the New York Supreme Court (New York County), of which the majority of such actions were on the Deferred/Inactive Docket created by the New York Supreme 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. A relatively small portion of cases are on the Active or In Extremis docket in New York County or on active dockets in other jurisdictions. The complaints in most of those actions generally follow a form that contains a standard demand of significant damages, regardless of the individual plaintiff's alleged medical condition, and without identifying any Company product. The Company will continue to vigorously defend against such claims and is confident that it will be successful in doing so. 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. 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 June 30, 2024, the Company has successfully dismissed approximately 28,400 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 Condensed 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. Other On November 5, 2020, a worker suffered a fatal injury at a site owned by the Company’s customer, Gerdau Ameristeel US, Inc. ("Gerdau"), in Midlothian, TX. Although the Company was not directly involved in the accident, the worker was employed by a sub-contractor of a sub-contractor of the Company. On May 11, 2023, the parties completed a formal settlement agreement, settling the claims brought by the worker's family. The Company paid its insurance deductible of $5.0 million and has recorded an indemnification receivable from Gerdau for the recovery of certain losses based upon the contractual indemnity rights. On August 25, 2023, the Company initiated arbitration proceedings against Gerdau before the American Arbitration Association to enforce its contractual indemnity rights. There can be no assurances that the Company's position will ultimately prevail; however, any financial statement impact is not expected to be material. The Company is subject to various other claims and legal proceedings covering a wide range of matters that arose in the ordinary course of business. In the opinion of management, all such matters are adequately covered by insurance or by established reserves, and, if not so covered, are without merit or are of such kind, or involve such amounts, as would not have a material adverse effect on the financial position, results of operations or cash flows of the Company. Insurance liabilities are recorded when it is probable that a liability has been incurred for a particular event and the amount of loss associated with the event can be reasonably estimated. Insurance reserves have been estimated based primarily upon actuarial calculations and reflect the undiscounted estimated liabilities for ultimate losses, including claims incurred but not reported. Inherent in these estimates are assumptions that are based on the Company's history of claims and losses, a detailed analysis of existing claims with respect to potential value, and current legal and legislative trends. If actual claims differ from those projected by management, changes (either increases or decreases) to insurance reserves may be required and would be recorded through income in the period the change was determined. When a recognized liability has been determined to be covered by third-party insurance, the Company records an insurance claim receivable to reflect the covered liability. Insurance claim receivables are included in Other receivables on the Company's Condensed Consolidated Balance Sheets. See Note 1, Summary of Significant Accounting Policies in Part II, Item 8 Financial Statements and Supplementary Data in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, under Accrued Insurance and Loss Reserves, for additional information. |
Reconciliation of Basic and Dil
Reconciliation of Basic and Diluted Shares | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Shares | Reconciliation of Basic and Diluted Shares Three Months Ended Six Months Ended June 30 June 30 (In thousands, except per share amounts) 2024 2023 2024 2023 Income (loss) from continuing operations attributable to Enviri Corporation common stockholders $ (12,704) $ (10,499) $ (29,561) $ (18,876) Weighted-average shares outstanding: Weighted-average shares outstanding - basic 80,146 79,816 80,045 79,725 Dilutive effect of stock-based compensation — — — — Weighted-average shares outstanding - diluted 80,146 79,816 80,045 79,725 Earnings (loss) from continuing operations per common share, attributable to Enviri Corporation common stockholders: Basic $ (0.16) $ (0.13) $ (0.37) $ (0.24) Diluted $ (0.16) $ (0.13) $ (0.37) $ (0.24) The following average outstanding stock-based compensation units were not included in the computation of diluted earnings (loss) per share because the effect was either antidilutive or the market conditions for the performance share units were not met: Three Months Ended Six Months Ended June 30 June 30 (In thousands) 2024 2023 2024 2023 Restricted stock units 1,657 1,023 1,672 1,012 Stock appreciation rights 2,786 2,429 2,837 2,451 Performance share units 1,844 1,411 1,862 1,402 |
Derivative Instruments, Hedging
Derivative Instruments, Hedging Activities and Fair Value | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments, Hedging Activities and Fair Value | Derivative Instruments, Hedging Activities and Fair Value Derivative Instruments and Hedging Activities The Company uses derivative instruments, including foreign currency exchange forward contracts and interest rate swaps 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 Company's Condensed Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. 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 and interest rate swaps 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 Company's Condensed 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 June 30, 2024 Asset derivatives (Level 2): Foreign currency exchange forward contracts Other current assets $ 150 $ 7,000 $ 7,150 Interest rate swaps Other current assets 2,191 — 2,191 Interest rate swaps Other assets 32 — 32 Total $ 2,373 $ 7,000 $ 9,373 Liability derivatives (Level 2): Foreign currency exchange forward contracts Other current liabilities $ 337 $ 1,828 $ 2,165 Interest rate swaps Other liabilities 4 — 4 Total $ 341 $ 1,828 $ 2,169 December 31, 2023 Asset derivatives (Level 2): Foreign currency exchange forward contracts Other current assets $ 77 $ 1,597 $ 1,674 Interest rate swaps Other current assets 1,443 — 1,443 Total $ 1,520 $ 1,597 $ 3,117 Liability derivatives (Level 2): Foreign currency exchange forward contracts Other current liabilities $ 561 $ 8,064 $ 8,625 Interest rate swaps Other liabilities 2,150 — 2,150 Total $ 2,711 $ 8,064 $ 10,775 All of the Company's derivatives are recorded on the Condensed Consolidated Balance Sheets at gross amounts and do not offset. All of the Company's interest rate swaps and certain foreign currency exchange forward contracts are transacted under 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, if offset, would have resulted in a net asset of $1.1 million and a net liability of $0.5 million at June 30, 2024 and December 31, 2023, respectively. The effect of derivative instruments on the Company's Condensed Consolidated Statements of Comprehensive Income (Loss) was as follows: Derivatives Designated as Hedging Gain (Loss) Recognized in OCI on Derivatives Loss (Gain) Reclassified from AOCI into Income - Effective Portion or Equity Three Months Ended Three Months Ended June 30 June 30 (In thousands) 2024 2023 2024 2023 Foreign currency exchange forward contracts $ 27 $ (438) $ (93) $ 866 Interest rate swaps 1,097 6,152 (871) (617) $ 1,124 $ 5,714 $ (964) $ 249 Gain (Loss) Recognized in OCI on Derivatives Loss (Gain) Reclassified from Six Months Ended Six Months Ended June 30 June 30 (In thousands) 2024 2023 2024 2023 Foreign currency exchange forward contracts $ 250 $ (1,121) $ (497) $ 1,277 Interest rate swaps 4,678 3,265 (1,753) (865) $ 4,928 $ 2,144 $ (2,250) $ 412 The location and amount of gain (loss) recognized on the Company's Condensed Consolidated Statements of Operations was as follows: Three Months Ended June 30 2024 2023 (In thousands) Product Revenues Interest Expense Product Revenues Interest Expense Total amounts in the Condensed Consolidated Statement of Operations in which the effects of derivatives designated as hedging instruments are recorded $ 104,710 $ (27,934) $ 127,053 $ (26,409) Interest rate swaps: Gain or (loss) reclassified from AOCI into income — 871 — 617 Foreign exchange contracts: Gain or (loss) reclassified from AOCI into income 93 — (866) — Six Months Ended June 30 2024 2023 (In thousands) Product Revenues Interest Expense Product Revenues Interest Expense Total amounts in the Condensed Consolidated Statement of Operations in which the effects of derivatives designated as hedging instruments are recorded $ 205,873 $ (56,056) $ 226,198 $ (51,404) Interest rate swaps: Gain or (loss) reclassified from AOCI into income — 1,753 — 865 Foreign exchange contracts: Gain or (loss) reclassified from AOCI into income 497 — (1,277) — Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives (a) Amount of Gain (Loss) Recognized in Income on Derivatives (a) Three Months Ended Six Months Ended June 30 June 30 (In thousands) 2024 2023 2024 2023 Foreign currency exchange forward contracts Cost of services and products sold $ 2,311 $ 4,862 $ 12,225 $ 1,565 (a) These gains (losses) offset other amounts recognized in cost of services 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 consolidated 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 AOCI, 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 June 30, 2024 and December 31, 2023, the notional amounts of foreign currency exchange forward contracts were $595.9 million and $633.3 million, respectively. These contracts are primarily denominated in British Pound Sterling and Euros and mature through 2026. In addition to foreign currency exchange forward contracts, the Company designates certain loans as hedges of net investments in international subsidiaries. The Company recorded pre-tax net gains of $0.5 million and $1.1 million for the three months ended June 30, 2024 and June 30, 2023, respectively, and $1.2 million and $1.5 million for the six months ended June 30, 2024 and June 30, 2023, respectively, in OCI. Interest Rate Swaps The Company uses interest rate swaps in conjunction with certain variable rate 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 OCI and are reclassified into income as interest payments are made. In the first quarter of 2023, the Company entered into a series of interest rate swaps with a scheduled maturity of December 2025. The swaps have the effect of converting $300.0 million of the New Term Loan from a floating interest rate to a fixed interest rate and are classified as cash flow hedges. The fixed rates provided by these swaps, ranging from 4.16% to 4.21%, replace the adjusted SOFR rate in the interest calculation. Fair Value of Other Financial Instruments |
Review of Operations by Segment
Review of Operations by Segment | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Review of Operations by Segment | Review of Operations by Segment Three Months Ended Six Months Ended June 30 June 30 (In thousands) 2024 2023 2024 2023 Revenues Harsco Environmental $ 292,929 $ 289,593 $ 592,048 $ 562,782 Clean Earth 236,105 230,575 462,135 453,039 Harsco Rail 80,959 88,848 156,127 153,900 Total Revenues $ 609,993 $ 609,016 $ 1,210,310 $ 1,169,721 Operating Income (Loss) from Continuing Operations Harsco Environmental $ 20,286 $ 12,733 $ 39,874 $ 35,018 Clean Earth 23,882 23,034 44,475 39,505 Harsco Rail (3,089) 8,924 (12,150) 11,269 Corporate (9,824) (11,004) (15,131) (20,190) Total Operating Income (Loss) from Continuing Operations $ 31,255 $ 33,687 $ 57,068 $ 65,602 Depreciation Harsco Environmental $ 27,450 $ 28,354 $ 56,239 $ 55,914 Clean Earth 8,249 5,547 15,662 10,474 Harsco Rail 1,023 — 1,384 — Corporate 304 556 661 1,108 Total Depreciation $ 37,026 $ 34,457 $ 73,946 $ 67,496 Amortization Harsco Environmental $ 975 $ 1,008 $ 1,993 $ 2,007 Clean Earth 5,989 6,113 12,156 12,142 Harsco Rail 67 — 89 — Corporate (a) 975 946 1,942 1,883 Total Amortization $ 8,006 $ 8,067 $ 16,180 $ 16,032 Capital Expenditures Harsco Environmental $ 24,216 $ 38,540 $ 44,769 $ 55,091 Clean Earth 8,730 4,974 14,064 9,804 Harsco Rail 622 571 1,587 1,236 Corporate 71 110 100 210 Total Capital Expenditures $ 33,639 $ 44,195 $ 60,520 $ 66,341 (a) Amortization expense on Corporate relates to the amortization of deferred financing costs. Reconciliation of Segment Operating Income to Income (Loss) From Continuing Operations before Income Taxes and Equity Income Three Months Ended Six Months Ended June 30 June 30 (In thousands) 2024 2023 2024 2023 Segment operating income (loss) $ 41,079 $ 44,691 $ 72,199 $ 85,792 General Corporate expense (9,824) (11,004) (15,131) (20,190) Operating income (loss) from continuing operations 31,255 33,687 57,068 65,602 Interest income 3,435 1,594 5,132 3,074 Interest expense (27,934) (26,409) (56,056) (51,404) Facility fees and debt-related income (expense) (2,920) (2,730) (5,709) (5,093) Defined benefit pension income (expense) (4,166) (5,400) (8,342) (10,729) Income (loss) from continuing operations before income taxes and equity income $ (330) $ 742 $ (7,907) $ 1,450 |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenues 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 and products. Service revenues include CE and the service components of HE and Rail. Product revenues include portions of HE and Rail. A summary of the Company's revenues by primary geographical markets as well as by key product and service groups is as follows: Three Months Ended June 30, 2024 (In thousands) Harsco Environmental Segment Clean Earth Segment Harsco Rail Segment Consolidated Totals Primary Geographical Markets (a) : North America $ 84,027 $ 236,105 $ 53,044 $ 373,176 Western Europe 109,620 — 18,652 128,272 Latin America (b) 41,280 — 1,918 43,198 Asia-Pacific 28,345 — 7,345 35,690 Middle East and Africa 25,182 — — 25,182 Eastern Europe 4,475 — — 4,475 Total Revenues $ 292,929 $ 236,105 $ 80,959 $ 609,993 Key Product and Service Groups: Environmental services related to resource recovery for metals manufacturing and related logistical services $ 253,685 $ — $ — $ 253,685 Ecoproducts 34,263 — — 34,263 Environmental systems for aluminum dross and scrap processing 4,981 — — 4,981 Railway track maintenance equipment — — 30,517 30,517 After market parts and services; safety and diagnostic technology — — 35,131 35,131 Railway contracting services — — 15,311 15,311 Hazardous waste processing solutions — 194,874 — 194,874 Soil and dredged materials processing and reuse solutions — 41,231 — 41,231 Total Revenues $ 292,929 $ 236,105 $ 80,959 $ 609,993 Three Months Ended June 30, 2023 (In thousands) Harsco Environmental Segment Clean Earth Harsco Rail Segment Consolidated Totals Primary Geographical Markets (a) : North America $ 81,616 $ 230,575 $ 69,450 $ 381,641 Western Europe 107,318 — 11,377 118,695 Latin America (b) 42,180 — 561 42,741 Asia-Pacific 32,339 — 7,460 39,799 Middle East and Africa 21,117 — — 21,117 Eastern Europe 5,023 — — 5,023 Total Revenues $ 289,593 $ 230,575 $ 88,848 $ 609,016 Key Product and Service Groups: Environmental services related to resource recovery for metals manufacturing and related logistical services $ 242,638 $ — $ — $ 242,638 Ecoproducts 40,504 — — 40,504 Environmental systems for aluminum dross and scrap processing 6,451 — — 6,451 Railway track maintenance equipment — — 44,796 44,796 After market parts and services; safety and diagnostic technology — — 34,530 34,530 Railway contracting services — — 9,522 9,522 Hazardous waste processing solutions — 197,506 — 197,506 Soil and dredged materials processing and reuse solutions — 33,069 — 33,069 Total Revenues $ 289,593 $ 230,575 $ 88,848 $ 609,016 Six Months Ended June 30, 2024 (In thousands) Harsco Environmental Segment Clean Earth Harsco Rail Segment Consolidated Totals Primary Geographical Markets (a) : North America $ 168,237 $ 462,135 $ 97,475 $ 727,847 Western Europe 219,895 — 40,024 259,919 Latin America (b) 84,201 — 2,958 87,159 Asia-Pacific 57,260 — 15,670 72,930 Middle East and Africa 53,531 — — 53,531 Eastern Europe 8,924 — — 8,924 Total Revenues $ 592,048 $ 462,135 $ 156,127 $ 1,210,310 Key Product and Service Groups: Environmental services related to resource recovery for metals manufacturing and related logistical services $ 511,813 $ — $ — $ 511,813 Ecoproducts 70,527 — — 70,527 Environmental systems for aluminum dross and scrap processing 9,708 — — 9,708 Railway track maintenance equipment — — 60,436 60,436 After-market parts and services; safety and diagnostic technology — — 66,007 66,007 Railway contracting services — — 29,684 29,684 Hazardous waste processing solutions — 386,784 — 386,784 Soil and dredged materials processing and reuse solutions — 75,351 — 75,351 Total Revenues $ 592,048 $ 462,135 $ 156,127 $ 1,210,310 Six Months Ended June 30, 2023 (In thousands) Harsco Environmental Segment Clean Earth Segment Harsco Rail Segment Consolidated Totals Primary Geographical Markets (a) : North America $ 160,089 $ 453,039 $ 113,612 $ 726,740 Western Europe 208,704 — 24,564 233,268 Latin America (b) 83,135 — 1,165 84,300 Asia-Pacific 61,300 — 14,559 75,859 Middle East and Africa 39,522 — — 39,522 Eastern Europe 10,032 — — 10,032 Total Revenues $ 562,782 $ 453,039 $ 153,900 $ 1,169,721 Key Product and Service Groups: Environmental services related to resource recovery for metals manufacturing and related logistical services $ 471,999 $ — $ — $ 471,999 Ecoproducts 78,906 — — 78,906 Environmental systems for aluminum dross and scrap processing 11,877 — — 11,877 Railway track maintenance equipment — — 74,240 74,240 After-market parts and services; safety and diagnostic technology — — 62,323 62,323 Railway contracting services — — 17,337 17,337 Hazardous waste processing solutions — 383,618 — 383,618 Soil and dredged materials processing and reuse solutions — 69,421 — 69,421 Total Revenues $ 562,782 $ 453,039 $ 153,900 $ 1,169,721 (a) Revenues are attributed to individual countries based on the location of the facility generating the revenue. (b) Includes Mexico. The Company may receive payments in advance of earning revenue (advances on contracts), which are included in Current portion of advances on contracts and Other liabilities on the Condensed Consolidated Balance Sheets. The Company may recognize revenue in advance of being able to contractually invoice the customer (contract assets), which is included in Current portion of contract assets and Other assets on the Condensed Consolidated Balance Sheets. Contract assets are transferred to Trade accounts receivable, net, when the right to payment becomes unconditional. Contract assets and advances on contracts 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 Rail. The Company had contract assets totaling $99.4 million and $86.9 million at June 30, 2024 and December 31, 2023, respectively. The Company had advances on contracts totaling $30.5 million and $38.6 million at June 30, 2024 and December 31, 2023, respectively. During the three and six months ended June 30, 2024, the Company recognized $9.8 million and $20.5 million of revenue related to amounts previously included in advances on contracts. During the three and six months ended June 30, 2023, the Company recognized revenues of $10.9 million and $22.5 million, respectively, related to amounts previously included in advances on contracts. At June 30, 2024, HE had remaining, fixed, unsatisfied performance obligations where the expected contract duration exceeds one year totaling $77.0 million. Of this amount, $21.6 million is expected to be fulfilled by June 30, 2025, $18.9 million by June 30, 2026, $14.5 million by June 30, 2027, $11.6 million by June 30, 2028 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 June 30, 2024, Rail had remaining, fixed, unsatisfied performance obligations where the expected contract duration exceeds one year totaling $128.7 million. Of this amount, $60.7 million is expected to be fulfilled by June 30, 2025, $34.2 million by June 30, 2026, $21.8 million by June 30, 2027, $8.0 million by June 30, 2028 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. Rail is currently manufacturing highly-engineered equipment under large long-term fixed-price contracts with SBB, Network Rail, and Deutsche Bahn. As previously disclosed, the Company recognized estimated forward loss provisions in 2021, 2022 and 2023 related to these contracts due to several factors, such as material and labor cost inflation, supply chain delays, the bankruptcy of a key vendor and increased engineering efforts. For the Network Rail contract, the Company recorded an additional loss provision of $2.0 million in the second quarter of 2024, primarily related to costs for redesign and increased manufacturing costs. During the second quarter of 2023, the Company reversed a portion of its previous estimated loss provision adjustment in the amount of $23.6 million. The favorable adjustment was the result of an amendment to the contract with Network Rail which extended the delivery schedule for the machines and reduced the estimate of liquidated damages. The majority of the reduction in liquidated damages was recorded as an increase to revenue and contract assets. Partially offsetting this were higher estimated material, engineering and labor costs due to additional experience gained during the manufacturing process. For the Deutsche Bahn contract, the Company recorded an additional loss provision of $7.2 million in the second quarter of 2024, related to supplier price increases, challenges with supplier quality on key components and increased engineering efforts that exceeded previous estimates. During the second quarter of 2023, the Company recorded an additional forward loss provision of $8.4 million. This loss provision was due to increased costs related to a critical supplier that had filed for bankruptcy in 2022 and ceased operations during the second quarter of 2023, as well as an increase in estimated component costs and engineering costs. For the SBB contract, a $0.2 million provision was recognized in the six months ended June 30, 2024. In the second quarter of 2023, the company recorded an additional forward loss provision of $6.1 million, due to increased costs related to increased estimates for material, engineering and commissioning costs for the remaining vehicles. The estimated forward loss provisions represent the Company's best estimate based on currently available information. It is possible that the Company's overall estimate of liquidated damages, penalties and costs to complete these contracts may change, which could result in an additional estimated forward loss provision at such time that could be material. The Company will continue to update its estimates to complete these contracts, which will include the effect of negotiations with the customers regarding price increases, change orders and extensions to delivery schedules. As of June 30, 2024, the contracts with Network Rail, Deutsche Bahn and SBB are 62%, 44% and 89% complete, respectively, based on costs incurred. The Company provides assurance type warranties primarily for product sales at Rail. 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. |
Other (Income) Expenses, Net
Other (Income) Expenses, Net | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Other (Income) Expenses, Net | Other (Income) Expenses, Net The major components of this Condensed Consolidated Statements of Operations caption were as follows: Three Months Ended Six Months Ended June 30 June 30 (In thousands) 2024 2023 2024 2023 Employee termination benefit costs $ 4,228 $ 193 $ 4,610 $ 167 Other costs (income) for exit activities (a) 339 (1,760) 887 (7,488) Impaired asset write-downs 4,612 — 4,612 — Gain on sale of business (1,877) — (1,877) — Net gains on sale of assets (179) — (3,549) (230) Other — 298 — 634 Other (income) expenses, net $ 7,123 $ (1,269) $ 4,683 $ (6,917) (a) The three and six months ended June 30, 2023 included a $3.0 million and $9.8 million net gain recognized related to a lease modification that resulted in lease incentive for the Company to relocate an HE site prior to the end of the expected lease term. |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss | Components of Accumulated Other Comprehensive Loss AOCI is included on the Condensed Consolidated Statements of Stockholders' Equity. The components of AOCI, net of the effect of income taxes, and activity for the six months ended June 30, 2023 and 2024 were as follows: 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, 2022 $ (213,104) $ 157 $ (354,699) $ 10 $ (567,636) OCI before reclassifications 23,035 (a) 1,554 (b) (12,405) (a) 6 12,190 Amounts reclassified from AOCI, net of tax — 320 9,043 — 9,363 Total OCI 23,035 1,874 (3,362) 6 21,553 Less: OCI attributable to noncontrolling interests 1,477 — — — 1,477 OCI attributable to Enviri Corporation 24,512 1,874 (3,362) 6 23,030 Balance at June 30, 2023 $ (188,592) $ 2,031 $ (358,061) $ 16 $ (544,606) 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, 2023 $ (183,499) $ (470) $ (355,740) $ 15 $ (539,694) OCI before reclassifications (27,340) (a) 3,712 (b) 2,058 (a) (3) (21,573) Amounts reclassified from AOCI, net of tax — (1,721) 9,395 — 7,674 Total OCI (27,340) 1,991 11,453 (3) (13,899) Less: OCI attributable to noncontrolling interests 1,045 — — — 1,045 OCI attributable to Enviri Corporation (26,295) 1,991 11,453 (3) (12,854) Balance at June 30, 2024 $ (209,794) $ 1,521 $ (344,287) $ 12 $ (552,548) (a) Principally foreign currency fluctuation. (b) Net change from periodic revaluations. Amounts reclassified from AOCI were as follows: (In thousands) Three Months Ended Six Months Ended Location on the Condensed Consolidated Statements of Operations June 30 June 30 2024 2023 2024 2023 Amortization of cash flow hedging instruments: Foreign currency exchange forward contracts $ (93) $ 866 $ (497) $ 1,277 Product revenues Interest rate swaps (871) (617) (1,753) (865) Interest expense Total before taxes (964) 249 (2,250) 412 Income taxes 245 (53) 529 (92) Total reclassification of cash flow hedging instruments, net of tax $ (719) $ 196 $ (1,721) $ 320 Amortization of defined benefit pension items (c) : Actuarial losses $ 4,839 $ 4,729 $ 9,685 $ 9,399 Defined benefit pension income (expense) Prior service costs 117 115 235 229 Defined benefit pension income (expense) Total before taxes 4,956 4,844 9,920 9,628 Income taxes (262) (293) (525) (585) Total reclassification of defined benefit pension items, net of tax $ 4,694 $ 4,551 $ 9,395 $ 9,043 (c) These AOCI components are included in the computation of net periodic pension costs. See Note 10, Employee Benefit Plans, for additional details. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) Attributable to Parent | $ (13,601) | $ (11,439) | $ (31,563) | $ (20,964) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The Company has prepared these unaudited condensed consolidated financial statements in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the SEC. Accordingly, the unaudited Condensed Consolidated Financial Statements do not include all information and disclosure required by U.S. GAAP for annual financial statements. The December 31, 2023 Condensed Consolidated Balance Sheet information contained in this Quarterly Report on Form 10-Q was derived from the 2023 audited consolidated financial statements. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, including the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments (all of which are of a normal recurring nature) that are necessary for a fair statement are reflected in these unaudited Condensed Consolidated Financial Statements. |
Liquidity | Going Concern The Company’s cash flow forecasts, existing cash and cash equivalents, borrowings available under the Senior Secured Credit Facilities and the AR Facility indicate sufficient liquidity to fund the Company’s operations for at least the next twelve months. As such, the Company’s unaudited Consolidated Financial Statements have been prepared on the basis that it will continue as a going concern for a period extending beyond twelve months from the date the unaudited Consolidated Financial Statements are issued. This assessment includes the expected ability to meet required financial covenants, the continued ability to draw down on the Senior Secured Credit Facilities (see Note 9, Debt and Credit Agreements) and successfully renewing the AR Facility (see Note 4 Accounts Receivable and Note Receivable). |
Reclassifications | Reclassifications |
Recently Adopted and Recently Issued Accounting Standards | Recently Adopted and Recently Issued Accounting Standards The Company has not adopted any accounting standards during the three and six months ended June 30, 2024: The following accounting standards have been issued and become effective for the Company at a future date: In November 2023, the FASB issued changes that require expansion of annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The changes become effective starting with the Company's annual financial statements for the year ended December 31, 2024. The Company is currently evaluating the impact that this change will have on the Company's disclosures and plans to apply the change retrospectively for all periods presented. In December 2023, the FASB issued changes which require greater disaggregation of income tax disclosures related to the income tax rate reconciliation and income taxes paid. The changes become effective starting with the Company's annual financial statements for the year ended December 31, 2025. The guidance should be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact that this change will have on the Company's disclosures. |
Discontinued Operations and D_2
Discontinued Operations and Dispositions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Balance sheet positions and financial information included in net income from discontinued operations and statements of cash flows | The reclassification of the Rail business's balance sheet positions as of December 31, 2023 had the following impacts on the Condensed Consolidated Balance Sheets and are summarized as follows: (in thousands) December 31 Trade accounts receivable, net $ 57,415 Other receivables 6,708 Inventories 103,077 Current portion of contract assets 56,341 Prepaid expenses 28,797 Other current assets 2,895 Property, plant and equipment, net 44,113 Right-of-use assets, net 7,050 Goodwill 13,026 Intangible assets, net 3,122 Deferred income tax assets 973 Other assets 22,792 Total assets $ 346,309 Accounts payable $ 44,703 Accrued compensation 6,056 Income taxes payable 1,434 Current portion of operating lease liabilities 3,656 Current portion of advances on contracts 32,912 Reserve for forward losses on contracts 52,725 Other current liabilities 30,550 Operating lease liabilities 3,331 Deferred tax liabilities 350 Other liabilities 494 Total liabilities $ 176,211 The reclassification of the results of the Rail business to continuing operations had the following impacts on the Consolidated Statement of Operations for the three and six months ended June 30, 2023: Three Months Ended Six Months Ended June 30 June 30 (In thousands) 2023 2023 Service revenues $ 10,765 $ 18,485 Product revenues 78,083 135,415 Total revenues 88,848 153,900 Cost of services sold 7,290 12,916 Cost of products sold 60,762 106,505 Total cost of sales 68,052 119,421 Selling, general and administrative expenses 9,951 19,877 Research and development expenses 519 863 Other expense (income), net 954 1,457 Total costs and expenses 79,476 141,618 Operating income (loss) from continuing operations 9,372 12,282 Interest income 27 52 Interest expense (685) (1,352) Defined benefit pension income (expense) 7 13 Income (loss) from continuing operations before income taxes and equity income 8,721 10,995 Income tax benefit (expense) from continuing operations (5,012) (6,106) Income (loss) from continuing operations $ 3,709 $ 4,889 |
Accounts Receivable and Note _2
Accounts Receivable and Note Receivable (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Schedule of accounts receivable | Accounts receivable consist of the following: (In thousands) June 30 December 31 Trade accounts receivable $ 327,452 $ 353,709 Less: Allowance for expected credit losses (14,259) (15,522) Trade accounts receivable, net $ 313,193 $ 338,187 Other receivables (a) $ 37,101 $ 40,565 (a) Other receivables include employee receivables, insurance receivable, tax claims and refunds and other miscellaneous items not included in Trade accounts receivable, net. (In millions) June 30 December 31 Note receivable, at amortized cost $ — $ 14.0 Note receivable, fair value — 15.4 |
Schedule of provision for doubtful accounts related to trade accounts receivable | The provision for expected credit losses related to trade accounts receivable was as follows: Three Months Ended Six Months Ended June 30 June 30 (In thousands) 2024 2023 2024 2023 Provision for expected credit losses related to trade accounts receivable $ 648 $ (113) $ 481 $ 394 |
Shedule of Net Amounts Sold and Program Capacities | The following table reflects balances for net amounts sold and program capacities for the arrangements: (In millions) June 30 December 31 Net amounts sold under factoring arrangements $ 16.9 $ 16.1 Program capacities 19.3 32.6 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories consist of the following: (In thousands) June 30 December 31 Finished goods $ 15,239 $ 16,171 Work-in-process 25,626 13,081 Raw materials and purchased parts 101,615 114,046 Stores and supplies 46,023 46,071 Total inventories $ 188,503 $ 189,369 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | Property, plant and equipment ("PP&E") consist of the following: (In thousands) June 30 December 31 Land and improvements $ 92,305 $ 93,793 Buildings and improvements 239,220 243,472 Machinery and equipment 1,682,296 1,729,637 Uncompleted construction 66,070 66,241 Gross property, plant and equipment 2,079,891 2,133,143 Less: Accumulated depreciation (1,387,475) (1,425,746) Property, plant and equipment, net $ 692,416 $ 707,397 During the three months ended June 30, 2023, the Company recorded an impairment charge of $14.1 million related to abandoned equipment at a customer site of HE China, which is included in the caption Property, plant and equipment impairment charge in the Condensed Consolidated Statements of Operations. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Components of lease expense | The components of lease expense were as follows: Three Months Ended Six Months Ended June 30 June 30 (In thousands) 2024 2023 2024 2023 Finance leases: Depreciation expense $ 3,023 $ 2,022 $ 5,601 $ 3,563 Interest on lease liabilities 1,085 578 1,900 932 Operating leases 9,961 9,742 19,793 19,220 Variable and short-term lease expense 13,755 13,900 27,799 26,530 Sublease income (2) (1) (4) (3) Total lease expense $ 27,822 $ 26,241 $ 55,089 $ 50,242 |
Debt and Credit Agreements (Tab
Debt and Credit Agreements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt instruments | Long-term debt consists of the following: (In thousands) June 30 December 31 Senior Secured Credit Facilities: New Term Loan $ 485,000 $ 487,500 Revolving Credit Facility 419,000 422,000 5.75% Senior Notes 475,000 475,000 Other financing payable (including finance leases) in varying amounts 66,858 44,469 Total debt obligations 1,445,858 1,428,969 Less: deferred financing costs (10,330) (11,974) Total debt obligations, net of deferred financing costs 1,435,528 1,416,995 Less: current maturities of long-term debt (17,752) (15,558) Long-term debt $ 1,417,776 $ 1,401,437 |
Schedule of facility fees and debt-related income (expense) | The components of the Condensed Consolidated Statements of Operations caption Facility fees and debt-related income (expense) were as follows: Three Months Ended Six Months Ended June 30 June 30 (In thousands) 2024 2023 2024 2023 Unused debt commitment and amendment fees $ — $ — $ — $ (12) Securitization and factoring fees (2,920) (2,730) (5,709) (5,081) Facility fees and debt-related income (expense) $ (2,920) $ (2,730) $ (5,709) $ (5,093) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of net benefit costs | Three Months Ended June 30 Defined Benefit Pension Plan Net Periodic Pension Cost (Benefit) U.S. Plans International Plans (In thousands) 2024 2023 2024 2023 Service costs $ — $ — $ 335 $ 314 Interest costs 2,419 2,543 7,434 7,552 Expected return on plan assets (2,236) (1,750) (8,344) (7,805) Recognized prior service costs — — 117 115 Recognized actuarial losses 1,045 1,150 3,794 3,580 Defined benefit pension plan net periodic pension cost (benefit) $ 1,228 $ 1,943 $ 3,336 $ 3,756 Six Months Ended June 30 Defined Benefit Pension Plans Net Periodic Pension Cost (Benefit) U.S. Plans International Plans (In thousands) 2024 2023 2024 2023 Service costs $ — $ — $ 673 $ 627 Interest costs 4,838 5,086 14,894 14,981 Expected return on plan assets (4,472) (3,500) (16,714) (15,483) Recognized prior service costs — — 235 229 Recognized actuarial losses 2,090 2,301 7,595 7,099 Defined benefit pension plans net periodic pension cost (benefit) $ 2,456 $ 3,887 $ 6,683 $ 7,453 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loss Contingencies by Contingency | The following table summarizes information related to the location and undiscounted amount of the Company's environmental liabilities: (In thousands) June 30 December 31 Current portion of environmental liabilities (a) $ 10,415 $ 7,540 Long-term environmental liabilities 24,540 25,682 Total environmental liabilities $ 34,955 $ 33,222 (a) The current portion of environmental liabilities is included in the caption Other current liabilities on the Condensed Consolidated Balance Sheets. |
Reconciliation of Basic and D_2
Reconciliation of Basic and Diluted Shares (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Reconciliation of basic and diluted shares | Three Months Ended Six Months Ended June 30 June 30 (In thousands, except per share amounts) 2024 2023 2024 2023 Income (loss) from continuing operations attributable to Enviri Corporation common stockholders $ (12,704) $ (10,499) $ (29,561) $ (18,876) Weighted-average shares outstanding: Weighted-average shares outstanding - basic 80,146 79,816 80,045 79,725 Dilutive effect of stock-based compensation — — — — Weighted-average shares outstanding - diluted 80,146 79,816 80,045 79,725 Earnings (loss) from continuing operations per common share, attributable to Enviri Corporation common stockholders: Basic $ (0.16) $ (0.13) $ (0.37) $ (0.24) Diluted $ (0.16) $ (0.13) $ (0.37) $ (0.24) |
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 (loss) per share because the effect was either antidilutive or the market conditions for the performance share units were not met: Three Months Ended Six Months Ended June 30 June 30 (In thousands) 2024 2023 2024 2023 Restricted stock units 1,657 1,023 1,672 1,012 Stock appreciation rights 2,786 2,429 2,837 2,451 Performance share units 1,844 1,411 1,862 1,402 |
Derivative Instruments, Hedgi_2
Derivative Instruments, Hedging Activities and Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value of outstanding derivative contracts | The fair value of outstanding derivative contracts recorded as assets and liabilities on the Company's Condensed 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 June 30, 2024 Asset derivatives (Level 2): Foreign currency exchange forward contracts Other current assets $ 150 $ 7,000 $ 7,150 Interest rate swaps Other current assets 2,191 — 2,191 Interest rate swaps Other assets 32 — 32 Total $ 2,373 $ 7,000 $ 9,373 Liability derivatives (Level 2): Foreign currency exchange forward contracts Other current liabilities $ 337 $ 1,828 $ 2,165 Interest rate swaps Other liabilities 4 — 4 Total $ 341 $ 1,828 $ 2,169 December 31, 2023 Asset derivatives (Level 2): Foreign currency exchange forward contracts Other current assets $ 77 $ 1,597 $ 1,674 Interest rate swaps Other current assets 1,443 — 1,443 Total $ 1,520 $ 1,597 $ 3,117 Liability derivatives (Level 2): Foreign currency exchange forward contracts Other current liabilities $ 561 $ 8,064 $ 8,625 Interest rate swaps Other liabilities 2,150 — 2,150 Total $ 2,711 $ 8,064 $ 10,775 |
Schedule of effect of derivative instruments | The effect of derivative instruments on the Company's Condensed Consolidated Statements of Comprehensive Income (Loss) was as follows: Derivatives Designated as Hedging Gain (Loss) Recognized in OCI on Derivatives Loss (Gain) Reclassified from AOCI into Income - Effective Portion or Equity Three Months Ended Three Months Ended June 30 June 30 (In thousands) 2024 2023 2024 2023 Foreign currency exchange forward contracts $ 27 $ (438) $ (93) $ 866 Interest rate swaps 1,097 6,152 (871) (617) $ 1,124 $ 5,714 $ (964) $ 249 Gain (Loss) Recognized in OCI on Derivatives Loss (Gain) Reclassified from Six Months Ended Six Months Ended June 30 June 30 (In thousands) 2024 2023 2024 2023 Foreign currency exchange forward contracts $ 250 $ (1,121) $ (497) $ 1,277 Interest rate swaps 4,678 3,265 (1,753) (865) $ 4,928 $ 2,144 $ (2,250) $ 412 The location and amount of gain (loss) recognized on the Company's Condensed Consolidated Statements of Operations was as follows: Three Months Ended June 30 2024 2023 (In thousands) Product Revenues Interest Expense Product Revenues Interest Expense Total amounts in the Condensed Consolidated Statement of Operations in which the effects of derivatives designated as hedging instruments are recorded $ 104,710 $ (27,934) $ 127,053 $ (26,409) Interest rate swaps: Gain or (loss) reclassified from AOCI into income — 871 — 617 Foreign exchange contracts: Gain or (loss) reclassified from AOCI into income 93 — (866) — Six Months Ended June 30 2024 2023 (In thousands) Product Revenues Interest Expense Product Revenues Interest Expense Total amounts in the Condensed Consolidated Statement of Operations in which the effects of derivatives designated as hedging instruments are recorded $ 205,873 $ (56,056) $ 226,198 $ (51,404) Interest rate swaps: Gain or (loss) reclassified from AOCI into income — 1,753 — 865 Foreign exchange contracts: Gain or (loss) reclassified from AOCI into income 497 — (1,277) — Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives (a) Amount of Gain (Loss) Recognized in Income on Derivatives (a) Three Months Ended Six Months Ended June 30 June 30 (In thousands) 2024 2023 2024 2023 Foreign currency exchange forward contracts Cost of services and products sold $ 2,311 $ 4,862 $ 12,225 $ 1,565 (a) These gains (losses) offset other amounts recognized in cost of services and products sold principally as a result of intercompany or third party foreign currency exposures. |
Review of Operations by Segme_2
Review of Operations by Segment (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of operations by segment | Three Months Ended Six Months Ended June 30 June 30 (In thousands) 2024 2023 2024 2023 Revenues Harsco Environmental $ 292,929 $ 289,593 $ 592,048 $ 562,782 Clean Earth 236,105 230,575 462,135 453,039 Harsco Rail 80,959 88,848 156,127 153,900 Total Revenues $ 609,993 $ 609,016 $ 1,210,310 $ 1,169,721 Operating Income (Loss) from Continuing Operations Harsco Environmental $ 20,286 $ 12,733 $ 39,874 $ 35,018 Clean Earth 23,882 23,034 44,475 39,505 Harsco Rail (3,089) 8,924 (12,150) 11,269 Corporate (9,824) (11,004) (15,131) (20,190) Total Operating Income (Loss) from Continuing Operations $ 31,255 $ 33,687 $ 57,068 $ 65,602 Depreciation Harsco Environmental $ 27,450 $ 28,354 $ 56,239 $ 55,914 Clean Earth 8,249 5,547 15,662 10,474 Harsco Rail 1,023 — 1,384 — Corporate 304 556 661 1,108 Total Depreciation $ 37,026 $ 34,457 $ 73,946 $ 67,496 Amortization Harsco Environmental $ 975 $ 1,008 $ 1,993 $ 2,007 Clean Earth 5,989 6,113 12,156 12,142 Harsco Rail 67 — 89 — Corporate (a) 975 946 1,942 1,883 Total Amortization $ 8,006 $ 8,067 $ 16,180 $ 16,032 Capital Expenditures Harsco Environmental $ 24,216 $ 38,540 $ 44,769 $ 55,091 Clean Earth 8,730 4,974 14,064 9,804 Harsco Rail 622 571 1,587 1,236 Corporate 71 110 100 210 Total Capital Expenditures $ 33,639 $ 44,195 $ 60,520 $ 66,341 (a) Amortization expense on Corporate relates to the amortization of deferred financing costs. |
Reconciliation of segment operating income to income from continuing operations before income taxes and equity income | Reconciliation of Segment Operating Income to Income (Loss) From Continuing Operations before Income Taxes and Equity Income Three Months Ended Six Months Ended June 30 June 30 (In thousands) 2024 2023 2024 2023 Segment operating income (loss) $ 41,079 $ 44,691 $ 72,199 $ 85,792 General Corporate expense (9,824) (11,004) (15,131) (20,190) Operating income (loss) from continuing operations 31,255 33,687 57,068 65,602 Interest income 3,435 1,594 5,132 3,074 Interest expense (27,934) (26,409) (56,056) (51,404) Facility fees and debt-related income (expense) (2,920) (2,730) (5,709) (5,093) Defined benefit pension income (expense) (4,166) (5,400) (8,342) (10,729) Income (loss) from continuing operations before income taxes and equity income $ (330) $ 742 $ (7,907) $ 1,450 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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: Three Months Ended June 30, 2024 (In thousands) Harsco Environmental Segment Clean Earth Segment Harsco Rail Segment Consolidated Totals Primary Geographical Markets (a) : North America $ 84,027 $ 236,105 $ 53,044 $ 373,176 Western Europe 109,620 — 18,652 128,272 Latin America (b) 41,280 — 1,918 43,198 Asia-Pacific 28,345 — 7,345 35,690 Middle East and Africa 25,182 — — 25,182 Eastern Europe 4,475 — — 4,475 Total Revenues $ 292,929 $ 236,105 $ 80,959 $ 609,993 Key Product and Service Groups: Environmental services related to resource recovery for metals manufacturing and related logistical services $ 253,685 $ — $ — $ 253,685 Ecoproducts 34,263 — — 34,263 Environmental systems for aluminum dross and scrap processing 4,981 — — 4,981 Railway track maintenance equipment — — 30,517 30,517 After market parts and services; safety and diagnostic technology — — 35,131 35,131 Railway contracting services — — 15,311 15,311 Hazardous waste processing solutions — 194,874 — 194,874 Soil and dredged materials processing and reuse solutions — 41,231 — 41,231 Total Revenues $ 292,929 $ 236,105 $ 80,959 $ 609,993 Three Months Ended June 30, 2023 (In thousands) Harsco Environmental Segment Clean Earth Harsco Rail Segment Consolidated Totals Primary Geographical Markets (a) : North America $ 81,616 $ 230,575 $ 69,450 $ 381,641 Western Europe 107,318 — 11,377 118,695 Latin America (b) 42,180 — 561 42,741 Asia-Pacific 32,339 — 7,460 39,799 Middle East and Africa 21,117 — — 21,117 Eastern Europe 5,023 — — 5,023 Total Revenues $ 289,593 $ 230,575 $ 88,848 $ 609,016 Key Product and Service Groups: Environmental services related to resource recovery for metals manufacturing and related logistical services $ 242,638 $ — $ — $ 242,638 Ecoproducts 40,504 — — 40,504 Environmental systems for aluminum dross and scrap processing 6,451 — — 6,451 Railway track maintenance equipment — — 44,796 44,796 After market parts and services; safety and diagnostic technology — — 34,530 34,530 Railway contracting services — — 9,522 9,522 Hazardous waste processing solutions — 197,506 — 197,506 Soil and dredged materials processing and reuse solutions — 33,069 — 33,069 Total Revenues $ 289,593 $ 230,575 $ 88,848 $ 609,016 Six Months Ended June 30, 2024 (In thousands) Harsco Environmental Segment Clean Earth Harsco Rail Segment Consolidated Totals Primary Geographical Markets (a) : North America $ 168,237 $ 462,135 $ 97,475 $ 727,847 Western Europe 219,895 — 40,024 259,919 Latin America (b) 84,201 — 2,958 87,159 Asia-Pacific 57,260 — 15,670 72,930 Middle East and Africa 53,531 — — 53,531 Eastern Europe 8,924 — — 8,924 Total Revenues $ 592,048 $ 462,135 $ 156,127 $ 1,210,310 Key Product and Service Groups: Environmental services related to resource recovery for metals manufacturing and related logistical services $ 511,813 $ — $ — $ 511,813 Ecoproducts 70,527 — — 70,527 Environmental systems for aluminum dross and scrap processing 9,708 — — 9,708 Railway track maintenance equipment — — 60,436 60,436 After-market parts and services; safety and diagnostic technology — — 66,007 66,007 Railway contracting services — — 29,684 29,684 Hazardous waste processing solutions — 386,784 — 386,784 Soil and dredged materials processing and reuse solutions — 75,351 — 75,351 Total Revenues $ 592,048 $ 462,135 $ 156,127 $ 1,210,310 Six Months Ended June 30, 2023 (In thousands) Harsco Environmental Segment Clean Earth Segment Harsco Rail Segment Consolidated Totals Primary Geographical Markets (a) : North America $ 160,089 $ 453,039 $ 113,612 $ 726,740 Western Europe 208,704 — 24,564 233,268 Latin America (b) 83,135 — 1,165 84,300 Asia-Pacific 61,300 — 14,559 75,859 Middle East and Africa 39,522 — — 39,522 Eastern Europe 10,032 — — 10,032 Total Revenues $ 562,782 $ 453,039 $ 153,900 $ 1,169,721 Key Product and Service Groups: Environmental services related to resource recovery for metals manufacturing and related logistical services $ 471,999 $ — $ — $ 471,999 Ecoproducts 78,906 — — 78,906 Environmental systems for aluminum dross and scrap processing 11,877 — — 11,877 Railway track maintenance equipment — — 74,240 74,240 After-market parts and services; safety and diagnostic technology — — 62,323 62,323 Railway contracting services — — 17,337 17,337 Hazardous waste processing solutions — 383,618 — 383,618 Soil and dredged materials processing and reuse solutions — 69,421 — 69,421 Total Revenues $ 562,782 $ 453,039 $ 153,900 $ 1,169,721 (a) Revenues are attributed to individual countries based on the location of the facility generating the revenue. (b) Includes Mexico. |
Other (Income) Expenses, Net (T
Other (Income) Expenses, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of other (income) expenses | The major components of this Condensed Consolidated Statements of Operations caption were as follows: Three Months Ended Six Months Ended June 30 June 30 (In thousands) 2024 2023 2024 2023 Employee termination benefit costs $ 4,228 $ 193 $ 4,610 $ 167 Other costs (income) for exit activities (a) 339 (1,760) 887 (7,488) Impaired asset write-downs 4,612 — 4,612 — Gain on sale of business (1,877) — (1,877) — Net gains on sale of assets (179) — (3,549) (230) Other — 298 — 634 Other (income) expenses, net $ 7,123 $ (1,269) $ 4,683 $ (6,917) (a) The three and six months ended June 30, 2023 included a $3.0 million and $9.8 million net gain recognized related to a lease modification that resulted in lease incentive for the Company to relocate an HE site prior to the end of the expected lease term. |
Components of Accumulated Oth_2
Components of Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive loss | The components of AOCI, net of the effect of income taxes, and activity for the six months ended June 30, 2023 and 2024 were as follows: 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, 2022 $ (213,104) $ 157 $ (354,699) $ 10 $ (567,636) OCI before reclassifications 23,035 (a) 1,554 (b) (12,405) (a) 6 12,190 Amounts reclassified from AOCI, net of tax — 320 9,043 — 9,363 Total OCI 23,035 1,874 (3,362) 6 21,553 Less: OCI attributable to noncontrolling interests 1,477 — — — 1,477 OCI attributable to Enviri Corporation 24,512 1,874 (3,362) 6 23,030 Balance at June 30, 2023 $ (188,592) $ 2,031 $ (358,061) $ 16 $ (544,606) 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, 2023 $ (183,499) $ (470) $ (355,740) $ 15 $ (539,694) OCI before reclassifications (27,340) (a) 3,712 (b) 2,058 (a) (3) (21,573) Amounts reclassified from AOCI, net of tax — (1,721) 9,395 — 7,674 Total OCI (27,340) 1,991 11,453 (3) (13,899) Less: OCI attributable to noncontrolling interests 1,045 — — — 1,045 OCI attributable to Enviri Corporation (26,295) 1,991 11,453 (3) (12,854) Balance at June 30, 2024 $ (209,794) $ 1,521 $ (344,287) $ 12 $ (552,548) (a) Principally foreign currency fluctuation. (b) Net change from periodic revaluations. |
Reclassification out of accumulated other comprehensive income | Amounts reclassified from AOCI were as follows: (In thousands) Three Months Ended Six Months Ended Location on the Condensed Consolidated Statements of Operations June 30 June 30 2024 2023 2024 2023 Amortization of cash flow hedging instruments: Foreign currency exchange forward contracts $ (93) $ 866 $ (497) $ 1,277 Product revenues Interest rate swaps (871) (617) (1,753) (865) Interest expense Total before taxes (964) 249 (2,250) 412 Income taxes 245 (53) 529 (92) Total reclassification of cash flow hedging instruments, net of tax $ (719) $ 196 $ (1,721) $ 320 Amortization of defined benefit pension items (c) : Actuarial losses $ 4,839 $ 4,729 $ 9,685 $ 9,399 Defined benefit pension income (expense) Prior service costs 117 115 235 229 Defined benefit pension income (expense) Total before taxes 4,956 4,844 9,920 9,628 Income taxes (262) (293) (525) (585) Total reclassification of defined benefit pension items, net of tax $ 4,694 $ 4,551 $ 9,395 $ 9,043 (c) These AOCI components are included in the computation of net periodic pension costs. See Note 10, Employee Benefit Plans, for additional details. |
Discontinued Operations and D_3
Discontinued Operations and Dispositions - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 01, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Business Acquisition [Line Items] | |||||
Proceeds from sale of business, gross of adjustments | $ 17,500 | ||||
Gain on sale of business | 1,900 | $ 1,877 | $ 0 | $ 1,877 | $ 0 |
Gain on sale of business, net of tax | $ 1,300 | ||||
Harsco Rail Segment | |||||
Business Acquisition [Line Items] | |||||
Reduction in carrying amount of assets | $ 10,700 | $ 10,700 |
Discontinued Operations and D_4
Discontinued Operations and Dispositions- Schedule of Balance Sheet from Disposal of Harsco Rail Segment (Details) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Trade accounts receivable, net | $ 313,193 | $ 338,187 |
Other receivables | 37,101 | 40,565 |
Inventories | 188,503 | 189,369 |
Current portion of contract assets | 70,067 | 64,875 |
Other current assets | 16,232 | 11,023 |
Property, plant and equipment, net | 692,416 | 707,397 |
Right-of-use assets, net | 101,281 | 102,891 |
Goodwill | 770,858 | 780,978 |
Intangible assets, net | 310,086 | 327,983 |
Deferred income tax assets | 15,338 | 16,295 |
Other assets | 95,449 | 91,798 |
Total assets | 2,768,667 | 2,854,698 |
Accounts payable | 231,384 | 243,279 |
Accrued compensation | 55,444 | 79,609 |
Income taxes payable | 2,178 | 7,567 |
Current portion of operating lease liabilities | 28,530 | 28,775 |
Current portion of advances on contracts | 30,278 | 38,313 |
Reserve for forward losses on contracts | 50,092 | 52,919 |
Other current liabilities | 170,807 | 174,342 |
Operating lease liabilities | 74,403 | 75,476 |
Deferred tax liabilities | 35,824 | 29,160 |
Other liabilities | 48,823 | 47,215 |
Total liabilities | $ 2,239,869 | 2,279,290 |
Harsco Rail Segment | Revision of Prior Period, Adjustment | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Trade accounts receivable, net | 57,415 | |
Other receivables | 6,708 | |
Inventories | 103,077 | |
Current portion of contract assets | 56,341 | |
Prepaid Expense | 28,797 | |
Other current assets | 2,895 | |
Property, plant and equipment, net | 44,113 | |
Right-of-use assets, net | 7,050 | |
Goodwill | 13,026 | |
Intangible assets, net | 3,122 | |
Deferred income tax assets | 973 | |
Other assets | 22,792 | |
Total assets | 346,309 | |
Accounts payable | 44,703 | |
Accrued compensation | 6,056 | |
Income taxes payable | 1,434 | |
Current portion of operating lease liabilities | 3,656 | |
Current portion of advances on contracts | 32,912 | |
Reserve for forward losses on contracts | 52,725 | |
Other current liabilities | 30,550 | |
Operating lease liabilities | 3,331 | |
Deferred tax liabilities | 350 | |
Other liabilities | 494 | |
Total liabilities | $ 176,211 |
Discontinued Operations and D_5
Discontinued Operations and Dispositions - Schedule of Income (Loss) from Discontinued Operations Harsco Rail (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total revenues | $ 609,993 | $ 609,016 | $ 1,210,310 | $ 1,169,721 |
Selling, general and administrative expenses | 90,454 | 86,801 | 177,580 | 168,662 |
Research and development expenses | 943 | 1,019 | 1,804 | 1,539 |
Other expense (income), net | (7,123) | 1,269 | (4,683) | 6,917 |
Total costs and expenses | 578,738 | 575,329 | 1,153,242 | 1,104,119 |
Operating income (loss) from continuing operations | 31,255 | 33,687 | 57,068 | 65,602 |
Interest income | 3,435 | 1,594 | 5,132 | 3,074 |
Interest expense | 27,934 | 26,409 | 56,056 | 51,404 |
Defined benefit pension income (expense) | 4,166 | 5,400 | 8,342 | 10,729 |
Income (loss) from continuing operations before income taxes and equity income | (330) | 742 | (7,907) | 1,450 |
Income tax benefit (expense) from continuing operations | 10,020 | 15,331 | 17,935 | 23,348 |
Income (loss) from continuing operations | (10,223) | (14,898) | (25,964) | (22,340) |
Revision of Prior Period, Adjustment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cost of services and products sold | 68,052 | 119,421 | ||
Harsco Rail Segment | Revision of Prior Period, Adjustment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total revenues | 88,848 | 153,900 | ||
Selling, general and administrative expenses | 9,951 | 19,877 | ||
Research and development expenses | 519 | 863 | ||
Other expense (income), net | 954 | 1,457 | ||
Total costs and expenses | 79,476 | 141,618 | ||
Operating income (loss) from continuing operations | 9,372 | 12,282 | ||
Interest income | 27 | 52 | ||
Interest expense | (685) | (1,352) | ||
Defined benefit pension income (expense) | 7 | 13 | ||
Income (loss) from continuing operations before income taxes and equity income | 8,721 | 10,995 | ||
Income tax benefit (expense) from continuing operations | (5,012) | (6,106) | ||
Income (loss) from continuing operations | 3,709 | 4,889 | ||
Service revenues | Harsco Rail Segment | Revision of Prior Period, Adjustment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total revenues | 10,765 | 18,485 | ||
Cost of services and products sold | 7,290 | 12,916 | ||
Product Revenues | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total revenues | 104,710 | 127,053 | 205,873 | 226,198 |
Cost of services and products sold | $ 91,996 | 101,148 | $ 177,406 | 183,697 |
Product Revenues | Harsco Rail Segment | Revision of Prior Period, Adjustment | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total revenues | 78,083 | 135,415 | ||
Cost of services and products sold | $ 60,762 | $ 106,505 |
Accounts Receivable and Note _3
Accounts Receivable and Note Receivable - Schedule of Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Receivables [Abstract] | ||
Trade accounts receivable | $ 327,452 | $ 353,709 |
Less: Allowance for expected credit losses | (14,259) | (15,522) |
Trade accounts receivable, net | 313,193 | 338,187 |
Other receivables | $ 37,101 | $ 40,565 |
Accounts Receivable and Note _4
Accounts Receivable and Note Receivable - Schedule of Changes in Provisions For Allowance For Credit Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Receivables [Abstract] | ||||
Provision for expected credit losses related to trade accounts receivable | $ 648 | $ (113) | $ 481 | $ 394 |
Accounts Receivable and Note _5
Accounts Receivable and Note Receivable - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Apr. 30, 2024 | Jun. 30, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Sep. 30, 2023 | Jan. 31, 2020 | Jan. 01, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Trade accounts receivable | $ 327,452 | $ 327,452 | $ 353,709 | |||||||
Trade accounts receivable, net | 313,193 | 313,193 | 338,187 | |||||||
Accounts receivable under factoring arrangement, program capacity | 19,300 | 19,300 | 32,600 | |||||||
Note receivable, face value | $ 40,000 | |||||||||
Note receivable, interest rate | 2.50% | |||||||||
Accounts receivable past due by twelve months or more | 9,800 | 9,800 | ||||||||
Interest income | 3,435 | $ 1,594 | 5,132 | $ 3,074 | ||||||
Proceeds from notes receivable | 17,023 | 11,238 | ||||||||
Greater than 12 months | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Trade accounts receivable | 17,600 | 17,600 | ||||||||
Harsco Industrial IKG | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Selling price | $ 85,000 | |||||||||
Interest income | $ 2,700 | |||||||||
Proceeds from notes receivable | $ 17,000 | |||||||||
Accounts Receivable Under Factoring Arrangement | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Trade accounts receivable, net | 16,900 | 16,900 | 16,100 | |||||||
PNC | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
AR facility term | 3 years | |||||||||
Accounts receivable securitization, maximum purchase commitment | $ 150,000 | |||||||||
Total outstanding trade receivables sold and derecognized | 150,000 | 150,000 | ||||||||
Accounts receivable from securitization | $ 71,500 | $ 71,500 | $ 82,200 | |||||||
Additional proceeds | $ 5,000 |
Accounts Receivable and Note _6
Accounts Receivable and Note Receivable - Schedule of Fair Value of Notes Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Receivables [Abstract] | ||
Note receivable, at amortized cost | $ 0 | $ 14,000 |
Note receivable, fair value | $ 0 | $ 15,400 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 15,239 | $ 16,171 |
Work-in-process | 25,626 | 13,081 |
Raw materials and purchased parts | 101,615 | 114,046 |
Stores and supplies | 46,023 | 46,071 |
Total inventories | $ 188,503 | $ 189,369 |
Property, Plant and Equipment -
Property, Plant and Equipment - Components (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment | ||
Gross property, plant and equipment | $ 2,079,891 | $ 2,133,143 |
Less: Accumulated depreciation | (1,387,475) | (1,425,746) |
Property, plant and equipment, net | 692,416 | 707,397 |
Land | ||
Property, Plant and Equipment | ||
Gross property, plant and equipment | 92,305 | 93,793 |
Buildings and improvements | ||
Property, Plant and Equipment | ||
Gross property, plant and equipment | 239,220 | 243,472 |
Machinery and equipment | ||
Property, Plant and Equipment | ||
Gross property, plant and equipment | 1,682,296 | 1,729,637 |
Uncompleted construction | ||
Property, Plant and Equipment | ||
Gross property, plant and equipment | $ 66,070 | $ 66,241 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Property, Plant and Equipment | |||||
Property, plant and equipment, net | $ 692,416 | $ 692,416 | $ 707,397 | ||
Remeasurement of long-lived assets | 0 | $ 0 | 10,695 | $ 0 | |
Impairment of Long-Lived Assets to be Disposed of | $ 0 | $ 14,099 | $ 0 | $ 14,099 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Finance leases: | ||||
Depreciation expense | $ 3,023 | $ 2,022 | $ 5,601 | $ 3,563 |
Interest on lease liabilities | 1,085 | 578 | 1,900 | 932 |
Operating leases | 9,961 | 9,742 | 19,793 | 19,220 |
Variable and short-term lease expense | 13,755 | 13,900 | 27,799 | 26,530 |
Sublease income | (2) | (1) | (4) | (3) |
Total lease expense | $ 27,822 | $ 26,241 | $ 55,089 | $ 50,242 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2024 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment of intangibles | $ 2.8 |
Debt and Credit Agreements - Sc
Debt and Credit Agreements - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Debt obligation | $ 1,445,858 | $ 1,428,969 |
Less: deferred financing costs | (10,330) | (11,974) |
Total debt obligations, net of deferred financing costs | 1,435,528 | 1,416,995 |
Current maturities of long-term debt | (17,752) | (15,558) |
Long-term debt | 1,417,776 | 1,401,437 |
Other financing payable (including finance leases) in varying amounts | ||
Debt Instrument [Line Items] | ||
Debt obligation | 66,858 | 44,469 |
Term Loan Facility | New Term Loan | ||
Debt Instrument [Line Items] | ||
Debt obligation | 485,000 | 487,500 |
Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt obligation | 419,000 | 422,000 |
Senior Notes | 5.75% Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt obligation | $ 475,000 | $ 475,000 |
Interest rate | 5.75% |
Debt and Credit Agreements - _2
Debt and Credit Agreements - Schedule of Facility Fees and Debt-Related Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Facility Fees and Debt-Related Income [Line Items] | ||||
Facility fees and debt-related income (expense) | $ (2,920) | $ (2,730) | $ (5,709) | $ (5,093) |
Facility Fees and Debt-Related Income (Expense) | ||||
Schedule of Facility Fees and Debt-Related Income [Line Items] | ||||
Unused Debt Commitment And Amendment Fees | 0 | 0 | 0 | (12) |
Securitization And Factoring Fees | $ (2,920) | $ (2,730) | $ (5,709) | $ (5,081) |
Debt and Credit Agreements - Na
Debt and Credit Agreements - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2025 | Dec. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2024 | |
Debt Instrument [Line Items] | ||||
Total net debt to consolidated adjusted EBITDA ratio | 3.93 | |||
Consolidated Adjusted EBITDA To Consolidated Interest Charges Ratio | 3.11 | |||
Revolving Credit Facility | Forecast | ||||
Debt Instrument [Line Items] | ||||
Threshold of consolidated adjusted EBITDA to consolidated interest charges ratio covenant | 3 | 2.75 | ||
Revolving Credit Facility | Maximum | ||||
Debt Instrument [Line Items] | ||||
Net debt to consolidated adjusted EBITDA ratio | 5 | |||
Revolving Credit Facility | Maximum | Forecast | ||||
Debt Instrument [Line Items] | ||||
Net debt to consolidated adjusted EBITDA ratio | 4 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - Pension Plan - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
U.S. Plans | ||||
Defined benefit plans: | ||||
Service costs | $ 0 | $ 0 | $ 0 | $ 0 |
Interest costs | 2,419 | 2,543 | 4,838 | 5,086 |
Expected return on plan assets | (2,236) | (1,750) | (4,472) | (3,500) |
Recognized prior service costs | 0 | 0 | 0 | 0 |
Recognized actuarial losses | 1,045 | 1,150 | 2,090 | 2,301 |
Defined benefit pension plans net periodic pension cost (benefit) | 1,228 | 1,943 | 2,456 | 3,887 |
Defined benefit pension plan | 800 | |||
Anticipated contributions to defined benefit pension plans during the remainder of the fiscal year | 6,900 | 6,900 | ||
International Plans | ||||
Defined benefit plans: | ||||
Service costs | 335 | 314 | 673 | 627 |
Interest costs | 7,434 | 7,552 | 14,894 | 14,981 |
Expected return on plan assets | (8,344) | (7,805) | (16,714) | (15,483) |
Recognized prior service costs | 117 | 115 | 235 | 229 |
Recognized actuarial losses | 3,794 | 3,580 | 7,595 | 7,099 |
Defined benefit pension plans net periodic pension cost (benefit) | 3,336 | $ 3,756 | 6,683 | $ 7,453 |
Defined benefit pension plan | 8,700 | |||
Anticipated contributions to defined benefit pension plans during the remainder of the fiscal year | $ 8,700 | $ 8,700 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Contingency [Line Items] | ||||
Income tax benefit (expense) from continuing operations | $ 10,020 | $ 15,331 | $ 17,935 | $ 23,348 |
Favorable adjustment | 23,600 | |||
Unrecognized tax benefits | 3,400 | 3,400 | ||
Unrecognized income tax benefit that will be recognized within the next twelve months | 600 | 600 | ||
Foreign Tax Authority | ||||
Income Tax Contingency [Line Items] | ||||
Valuation allowance | $ 3,700 | $ 3,700 |
Commitments and Contingencies (
Commitments and Contingencies (Details) € in Thousands | 3 Months Ended | 6 Months Ended | |||||||||||||||
Jun. 30, 2024 USD ($) claim | Mar. 31, 2024 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2024 USD ($) case claim | Jun. 30, 2023 USD ($) | Jul. 19, 2024 EUR (€) | Jul. 05, 2024 EUR (€) | Jun. 30, 2024 BRL (R$) claim | May 31, 2024 USD ($) | Apr. 26, 2024 USD ($) | Dec. 31, 2023 USD ($) | Nov. 30, 2022 USD ($) | Feb. 25, 2022 EUR (€) | Oct. 14, 2021 EUR (€) | Dec. 30, 2020 USD ($) | Jan. 27, 2020 party | |
Commitments and Contingencies | |||||||||||||||||
Number Of Potentially Related Parties | party | 20 | ||||||||||||||||
Reserve for loss contingencies | $ 5,100,000 | $ 5,100,000 | |||||||||||||||
Penalties | 6,000,000 | 6,000,000 | R$ 32000000 | ||||||||||||||
Current Portion of Environmental Liabilities | 10,415,000 | 10,415,000 | $ 7,540,000 | ||||||||||||||
Environmental liabilities | 24,540,000 | 24,540,000 | 25,682,000 | ||||||||||||||
Total environmental liabilities | 34,955,000 | 34,955,000 | $ 33,222,000 | ||||||||||||||
Malpractice Insurance, Deductible | 5,000,000 | ||||||||||||||||
Net income (loss) | (11,120,000) | $ (16,846,000) | $ (15,838,000) | $ (8,590,000) | (27,966,000) | $ (24,428,000) | |||||||||||
DTSC Investigation | |||||||||||||||||
Commitments and Contingencies | |||||||||||||||||
Current Portion of Environmental Liabilities | $ 3,100,000 | ||||||||||||||||
Sao Paulo State Revenue Authority | |||||||||||||||||
Commitments and Contingencies | |||||||||||||||||
Loss contingency reserves | $ 3,400,000 | ||||||||||||||||
BRAZIL | |||||||||||||||||
Commitments and Contingencies | |||||||||||||||||
Loss Contingencies, Unpaid Service Taxes | $ 1,900,000 | ||||||||||||||||
Loss Contingencies, Overall Liability | 5,700,000 | 5,700,000 | |||||||||||||||
Loss Contingency Accrual, Provision | 0 | ||||||||||||||||
Kentucky Department of Environmental Protection | |||||||||||||||||
Commitments and Contingencies | |||||||||||||||||
Current Portion of Environmental Liabilities | 200,000 | 200,000 | |||||||||||||||
Proposed civil penalty | $ 1,000,000 | $ 1,000,000 | $ 800,000 | ||||||||||||||
Other | |||||||||||||||||
Commitments and Contingencies | |||||||||||||||||
Number of pending claims | claim | 17,000 | 17,000 | 17,000 | ||||||||||||||
Number of claims dismissed to date by stipulation or summary judgment prior to trial | case | 28,400 | ||||||||||||||||
Loss Contingency Accrual, Provision | $ 0 | ||||||||||||||||
Alleged Violation of Environmental Permit in Ijmuiden, Netherland | Amsterdam Public Prosecutor’s Office | |||||||||||||||||
Commitments and Contingencies | |||||||||||||||||
Loss Contingency, Amount Seeking From Other Party | € | € 100 | ||||||||||||||||
Loss Contingency, Fine Issued By Court | € | € 5 | ||||||||||||||||
Alleged Violation of Environmental Permit in Ijmuiden, Netherland | Amsterdam Public Prosecutor’s Office | Subsequent Event | |||||||||||||||||
Commitments and Contingencies | |||||||||||||||||
Loss Contingency, Fine Issued By Court | € | € 25 | € 300 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Loss Contingencies by Contingency (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Current Portion of Environmental Liabilities | $ 10,415,000 | $ 7,540,000 |
Long-term environmental liabilities | 24,540,000 | 25,682,000 |
Total environmental liabilities | $ 34,955,000 | $ 33,222,000 |
Reconciliation of Basic and D_3
Reconciliation of Basic and Diluted Shares - Reconciliation of Basic and Diluted Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Income (loss) from continuing operations attributable to Enviri Corporation common stockholders | $ (12,704) | $ (10,499) | $ (29,561) | $ (18,876) |
Weighted-average shares outstanding - basic (in shares) | 80,146 | 79,816 | 80,045 | 79,725 |
Dilutive effect of stock-based compensation (in shares) | 0 | 0 | 0 | 0 |
Weighted-average shares outstanding - diluted (in shares) | 80,146 | 79,816 | 80,045 | 79,725 |
Earnings (loss) from continuing operations per common share, attributable to Enviri Corporation common stockholders: | ||||
Basic (in dollars per share) | $ (0.16) | $ (0.13) | $ (0.37) | $ (0.24) |
Diluted (in dollars per share) | $ (0.16) | $ (0.13) | $ (0.37) | $ (0.24) |
Reconciliation of Basic and D_4
Reconciliation of Basic and Diluted Shares - Antidilutive Securities Excluded from Computation of Earnings per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restricted stock units | ||||
Antidilutive securities | ||||
Number of securities not included in computation of diluted earnings per share (in shares) | 1,657 | 1,023 | 1,672 | 1,012 |
Stock appreciation rights | ||||
Antidilutive securities | ||||
Number of securities not included in computation of diluted earnings per share (in shares) | 2,786 | 2,429 | 2,837 | 2,451 |
Performance share units | ||||
Antidilutive securities | ||||
Number of securities not included in computation of diluted earnings per share (in shares) | 1,844 | 1,411 | 1,862 | 1,402 |
Derivative Instruments, Hedgi_3
Derivative Instruments, Hedging Activities and Fair Value - Fair Value of Outstanding Derivative Contracts (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative contracts | ||
Asset derivatives | $ 9,373 | $ 3,117 |
Liability derivatives | 2,169 | 10,775 |
Foreign currency exchange forward contracts | Other current assets | ||
Derivative contracts | ||
Asset derivatives | 7,150 | 1,674 |
Foreign currency exchange forward contracts | Other current liabilities | ||
Derivative contracts | ||
Liability derivatives | 2,165 | 8,625 |
Interest rate swaps | Other current assets | ||
Derivative contracts | ||
Asset derivatives | 2,191 | 1,443 |
Interest rate swaps | Other liabilities | ||
Derivative contracts | ||
Liability derivatives | 4 | 2,150 |
Interest rate swaps | Other assets | ||
Derivative contracts | ||
Asset derivatives | 32 | |
Fair Value of Derivatives Designated as Hedging Instruments | ||
Derivative contracts | ||
Asset derivatives | 2,373 | 1,520 |
Liability derivatives | 341 | 2,711 |
Fair Value of Derivatives Designated as Hedging Instruments | Foreign currency exchange forward contracts | Other current assets | ||
Derivative contracts | ||
Asset derivatives | 150 | 77 |
Fair Value of Derivatives Designated as Hedging Instruments | Foreign currency exchange forward contracts | Other current liabilities | ||
Derivative contracts | ||
Liability derivatives | 337 | 561 |
Fair Value of Derivatives Designated as Hedging Instruments | Interest rate swaps | Other current assets | ||
Derivative contracts | ||
Asset derivatives | 2,191 | 1,443 |
Fair Value of Derivatives Designated as Hedging Instruments | Interest rate swaps | Other liabilities | ||
Derivative contracts | ||
Liability derivatives | 4 | 2,150 |
Fair Value of Derivatives Designated as Hedging Instruments | Interest rate swaps | Other assets | ||
Derivative contracts | ||
Asset derivatives | 32 | |
Fair Value of Derivatives Not Designated as Hedging Instruments | ||
Derivative contracts | ||
Asset derivatives | 7,000 | 1,597 |
Liability derivatives | 1,828 | 8,064 |
Fair Value of Derivatives Not Designated as Hedging Instruments | Foreign currency exchange forward contracts | Other current assets | ||
Derivative contracts | ||
Asset derivatives | 7,000 | 1,597 |
Fair Value of Derivatives Not Designated as Hedging Instruments | Foreign currency exchange forward contracts | Other current liabilities | ||
Derivative contracts | ||
Liability derivatives | 1,828 | 8,064 |
Fair Value of Derivatives Not Designated as Hedging Instruments | Interest rate swaps | Other current assets | ||
Derivative contracts | ||
Asset derivatives | 0 | 0 |
Fair Value of Derivatives Not Designated as Hedging Instruments | Interest rate swaps | Other liabilities | ||
Derivative contracts | ||
Liability derivatives | 0 | $ 0 |
Fair Value of Derivatives Not Designated as Hedging Instruments | Interest rate swaps | Other assets | ||
Derivative contracts | ||
Asset derivatives | $ 0 |
Derivative Instruments, Hedgi_4
Derivative Instruments, Hedging Activities and Fair Value - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Foreign Currency Derivatives | |||||
Net asset (liability) offset against collateral | $ 1.1 | $ 1.1 | $ (0.5) | ||
Pre-tax net gains (losses) on certain loans designated as hedges of net investments in foreign subsidiaries | 0.5 | $ 1.1 | 1.2 | $ 1.5 | |
Long-term debt, fair value | 1,420.8 | 1,420.8 | 1,394.5 | ||
Foreign currency exchange forward contracts | |||||
Foreign Currency Derivatives | |||||
Derivative, Notional Amount | 595.9 | 595.9 | 633.3 | ||
Term Loan | |||||
Foreign Currency Derivatives | |||||
Principal amount | 300 | $ 300 | |||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Term Loan | Term Loan Facility, Fixed-Rate | Minimum | |||||
Foreign Currency Derivatives | |||||
Variable rate basis spread (as a percent) | 4.16% | ||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Term Loan | Term Loan Facility, Fixed-Rate | Maximum | |||||
Foreign Currency Derivatives | |||||
Variable rate basis spread (as a percent) | 4.21% | ||||
Reported Value Measurement | |||||
Foreign Currency Derivatives | |||||
Long-term Debt | $ 1,445.9 | $ 1,445.9 | $ 1,429 |
Derivative Instruments, Hedgi_5
Derivative Instruments, Hedging Activities and Fair Value - Effect of Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Effect of derivative instruments | ||||
Gain (Loss) Recognized in OCI on Derivatives | $ 1,124 | $ 5,714 | $ 4,928 | $ 2,144 |
Loss (Gain) Reclassified from AOCI into Income - Effective Portion or Equity | (964) | 249 | (2,250) | 412 |
Foreign currency exchange forward contracts | ||||
Effect of derivative instruments | ||||
Gain (Loss) Recognized in OCI on Derivatives | 27 | (438) | 250 | (1,121) |
Foreign currency exchange forward contracts | Income (Loss) from Discontinued Businesses | ||||
Effect of derivative instruments | ||||
Loss (Gain) Reclassified from AOCI into Income - Effective Portion or Equity | (93) | 866 | (497) | 1,277 |
Interest rate swaps | ||||
Effect of derivative instruments | ||||
Gain (Loss) Recognized in OCI on Derivatives | 1,097 | 6,152 | 4,678 | 3,265 |
Interest rate swaps | Interest Expense | ||||
Effect of derivative instruments | ||||
Loss (Gain) Reclassified from AOCI into Income - Effective Portion or Equity | $ (871) | $ (617) | $ (1,753) | $ (865) |
Derivative Instruments, Hedgi_6
Derivative Instruments, Hedging Activities and Fair Value - Derivatives Designated as Hedging Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative [Line Items] | ||||
Total revenues | $ 609,993 | $ 609,016 | $ 1,210,310 | $ 1,169,721 |
Interest expense | (27,934) | (26,409) | (56,056) | (51,404) |
Gain or (loss) reclassified from AOCI into income | 964 | (249) | 2,250 | (412) |
Product Revenues | ||||
Derivative [Line Items] | ||||
Total revenues | 104,710 | 127,053 | 205,873 | 226,198 |
Gain or (loss) reclassified from AOCI into income | 497 | (1,277) | ||
Fair Value of Derivatives Designated as Hedging Instruments | ||||
Derivative [Line Items] | ||||
Interest expense | (27,934) | (26,409) | (56,056) | (51,404) |
Interest Expense | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Gain or (loss) reclassified from AOCI into income | 871 | 617 | 1,753 | 865 |
Interest Expense | Foreign exchange contracts | ||||
Derivative [Line Items] | ||||
Gain or (loss) reclassified from AOCI into income | 0 | 0 | $ 0 | $ 0 |
Product Revenues | Interest rate swaps | ||||
Derivative [Line Items] | ||||
Gain or (loss) reclassified from AOCI into income | 0 | 0 | ||
Product Revenues | Foreign exchange contracts | ||||
Derivative [Line Items] | ||||
Gain or (loss) reclassified from AOCI into income | $ 93 | $ (866) |
Derivative Instruments, Hedgi_7
Derivative Instruments, Hedging Activities and Fair Value - Instrument Not Designated As Hedging Instrument (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Foreign currency exchange forward contracts | Cost of services and products sold | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 2,311 | $ 4,862 | $ 12,225 | $ 1,565 |
Review of Operations by Segme_3
Review of Operations by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Operations by segment | ||||
Revenues | $ 609,993 | $ 609,016 | $ 1,210,310 | $ 1,169,721 |
Operating income (loss) from continuing operations | 31,255 | 33,687 | 57,068 | 65,602 |
Interest income | 3,435 | 1,594 | 5,132 | 3,074 |
Interest expense | (27,934) | (26,409) | (56,056) | (51,404) |
Facility fees and debt-related income (expense) | (2,920) | (2,730) | (5,709) | (5,093) |
Defined benefit pension income (expense) | (4,166) | (5,400) | (8,342) | (10,729) |
Income (loss) from continuing operations before income taxes and equity income | (330) | 742 | (7,907) | 1,450 |
Depreciation | 37,026 | 34,457 | 73,946 | 67,496 |
Amortization | 8,006 | 8,067 | 16,180 | 16,032 |
Capital Expenditures | 33,639 | 44,195 | 60,520 | 66,341 |
Operating Segments | ||||
Operations by segment | ||||
Operating income (loss) from continuing operations | 41,079 | 44,691 | 72,199 | 85,792 |
Operating Segments | Harsco Environmental Segment | ||||
Operations by segment | ||||
Revenues | 292,929 | 289,593 | 592,048 | 562,782 |
Operating income (loss) from continuing operations | 20,286 | 12,733 | 39,874 | 35,018 |
Depreciation | 27,450 | 28,354 | 56,239 | 55,914 |
Amortization | 975 | 1,008 | 1,993 | 2,007 |
Capital Expenditures | 24,216 | 38,540 | 44,769 | 55,091 |
Operating Segments | Clean Earth Segment | ||||
Operations by segment | ||||
Revenues | 236,105 | 230,575 | 462,135 | 453,039 |
Operating income (loss) from continuing operations | 23,882 | 23,034 | 44,475 | 39,505 |
Depreciation | 8,249 | 5,547 | 15,662 | 10,474 |
Amortization | 5,989 | 6,113 | 12,156 | 12,142 |
Capital Expenditures | 8,730 | 4,974 | 14,064 | 9,804 |
Operating Segments | Harsco Rail Segment | ||||
Operations by segment | ||||
Revenues | 80,959 | 88,848 | 156,127 | 153,900 |
Operating income (loss) from continuing operations | (3,089) | 8,924 | (12,150) | 11,269 |
Depreciation | 1,023 | 0 | 1,384 | 0 |
Amortization | 67 | 0 | 89 | 0 |
Capital Expenditures | 622 | 571 | 1,587 | 1,236 |
Corporate | ||||
Operations by segment | ||||
Operating income (loss) from continuing operations | (9,824) | (11,004) | (15,131) | (20,190) |
Depreciation | 304 | 556 | 661 | 1,108 |
Amortization | 975 | 946 | 1,942 | 1,883 |
Capital Expenditures | $ 71 | $ 110 | $ 100 | $ 210 |
Revenue Recognition - Revenues
Revenue Recognition - Revenues by Primary Geographical Markets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 609,993 | $ 609,016 | $ 1,210,310 | $ 1,169,721 |
Environmental services related to resource recovery for metals manufacturing and related logistical services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 253,685 | 242,638 | 511,813 | 471,999 |
Ecoproducts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 34,263 | 40,504 | 70,527 | 78,906 |
Environmental systems for aluminum dross and scrap processing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4,981 | 6,451 | 9,708 | 11,877 |
Railway Track Maintenance Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 30,517 | 44,796 | 60,436 | 74,240 |
After-market Parts and Services; Safety and Diagnostic Technology | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 35,131 | 34,530 | 66,007 | 62,323 |
Railway Contracting Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 15,311 | 9,522 | 29,684 | 17,337 |
Hazardous waste processing solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 194,874 | 197,506 | 386,784 | 383,618 |
Soil and dredged materials processing and reuse solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 41,231 | 33,069 | 75,351 | 69,421 |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 373,176 | 381,641 | 727,847 | 726,740 |
Western Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 128,272 | 118,695 | 259,919 | 233,268 |
Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 43,198 | 42,741 | 87,159 | 84,300 |
Asia-Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 35,690 | 39,799 | 72,930 | 75,859 |
Middle East and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 25,182 | 21,117 | 53,531 | 39,522 |
Eastern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4,475 | 5,023 | 8,924 | 10,032 |
Operating Segments | Harsco Environmental Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 292,929 | 289,593 | 592,048 | 562,782 |
Operating Segments | Harsco Environmental Segment | Environmental services related to resource recovery for metals manufacturing and related logistical services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 253,685 | 242,638 | 511,813 | 471,999 |
Operating Segments | Harsco Environmental Segment | Ecoproducts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 34,263 | 40,504 | 70,527 | 78,906 |
Operating Segments | Harsco Environmental Segment | Environmental systems for aluminum dross and scrap processing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4,981 | 6,451 | 9,708 | 11,877 |
Operating Segments | Harsco Environmental Segment | Railway Track Maintenance Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Harsco Environmental Segment | After-market Parts and Services; Safety and Diagnostic Technology | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Harsco Environmental Segment | Railway Contracting Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Harsco Environmental Segment | Hazardous waste processing solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Harsco Environmental Segment | Soil and dredged materials processing and reuse solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Harsco Environmental Segment | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 84,027 | 81,616 | 168,237 | 160,089 |
Operating Segments | Harsco Environmental Segment | Western Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 109,620 | 107,318 | 219,895 | 208,704 |
Operating Segments | Harsco Environmental Segment | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 41,280 | 42,180 | 84,201 | 83,135 |
Operating Segments | Harsco Environmental Segment | Asia-Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 28,345 | 32,339 | 57,260 | 61,300 |
Operating Segments | Harsco Environmental Segment | Middle East and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 25,182 | 21,117 | 53,531 | 39,522 |
Operating Segments | Harsco Environmental Segment | Eastern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4,475 | 5,023 | 8,924 | 10,032 |
Operating Segments | Clean Earth Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 236,105 | 230,575 | 462,135 | 453,039 |
Operating Segments | Clean Earth Segment | Environmental services related to resource recovery for metals manufacturing and related logistical services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Clean Earth Segment | Ecoproducts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Clean Earth Segment | Environmental systems for aluminum dross and scrap processing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Clean Earth Segment | Railway Track Maintenance Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Clean Earth Segment | After-market Parts and Services; Safety and Diagnostic Technology | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Clean Earth Segment | Railway Contracting Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Clean Earth Segment | Hazardous waste processing solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 194,874 | 197,506 | 386,784 | 383,618 |
Operating Segments | Clean Earth Segment | Soil and dredged materials processing and reuse solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 41,231 | 33,069 | 75,351 | 69,421 |
Operating Segments | Clean Earth Segment | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 236,105 | 230,575 | 462,135 | 453,039 |
Operating Segments | Clean Earth Segment | Western Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Clean Earth Segment | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Clean Earth Segment | Asia-Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Clean Earth Segment | Middle East and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Clean Earth Segment | Eastern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Harsco Rail Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 80,959 | 88,848 | 156,127 | 153,900 |
Operating Segments | Harsco Rail Segment | Environmental services related to resource recovery for metals manufacturing and related logistical services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Harsco Rail Segment | Ecoproducts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Harsco Rail Segment | Environmental systems for aluminum dross and scrap processing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Harsco Rail Segment | Railway Track Maintenance Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 30,517 | 44,796 | 60,436 | 74,240 |
Operating Segments | Harsco Rail Segment | After-market Parts and Services; Safety and Diagnostic Technology | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 35,131 | 34,530 | 66,007 | 62,323 |
Operating Segments | Harsco Rail Segment | Railway Contracting Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 15,311 | 9,522 | 29,684 | 17,337 |
Operating Segments | Harsco Rail Segment | Hazardous waste processing solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Harsco Rail Segment | Soil and dredged materials processing and reuse solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | ||
Operating Segments | Harsco Rail Segment | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 53,044 | 69,450 | 97,475 | 113,612 |
Operating Segments | Harsco Rail Segment | Western Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 18,652 | 11,377 | 40,024 | 24,564 |
Operating Segments | Harsco Rail Segment | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,918 | 561 | 2,958 | 1,165 |
Operating Segments | Harsco Rail Segment | Asia-Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 7,345 | 7,460 | 15,670 | 14,559 |
Operating Segments | Harsco Rail Segment | Middle East and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Segments | Harsco Rail Segment | Eastern Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Total contract assets | $ 99.4 | $ 99.4 | $ 86.9 | ||
Total advances on contracts | 30.5 | 30.5 | $ 38.6 | ||
Revenue recognized | $ 9.8 | $ 10.9 | $ 20.5 | $ 22.5 | |
SBB | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Percentage complete | 89% | 89% | |||
Provisions recognized | 6.1 | $ 0.2 | |||
Network Rail | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Provisions recognized | $ 2 | 23.6 | |||
Deutsche Bahn | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Percentage complete | 44% | 44% | |||
Provisions recognized | $ 7.2 | $ 8.4 | |||
Contract | Network Rail | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Percentage complete | 62% | 62% | |||
Harsco Environmental Segment | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Remaining performance obligation | $ 77 | $ 77 | |||
Harsco Environmental Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Remaining performance obligation | 21.6 | 21.6 | |||
Harsco Environmental Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Remaining performance obligation | 18.9 | 18.9 | |||
Harsco Environmental Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Remaining performance obligation | 14.5 | 14.5 | |||
Harsco Environmental Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-07-01 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Remaining performance obligation | 11.6 | 11.6 | |||
Harsco Rail Segment | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Remaining performance obligation | 128.7 | 128.7 | |||
Harsco Rail Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Remaining performance obligation | 60.7 | 60.7 | |||
Harsco Rail Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Remaining performance obligation | 34.2 | 34.2 | |||
Harsco Rail Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Remaining performance obligation | 21.8 | 21.8 | |||
Harsco Rail Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-07-01 | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||||
Remaining performance obligation | $ 8 | $ 8 |
Revenue Recognition - Remaining
Revenue Recognition - Remaining Performance Obligation (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Harsco Environmental Segment | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 77 |
Harsco Environmental Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 21.6 |
Period of expected timing of satisfaction | 1 year |
Harsco Environmental Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 18.9 |
Period of expected timing of satisfaction | 1 year |
Harsco Environmental Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 14.5 |
Period of expected timing of satisfaction | 1 year |
Harsco Environmental Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 11.6 |
Period of expected timing of satisfaction | 1 year |
Harsco Environmental Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Period of expected timing of satisfaction | |
Harsco Rail Segment | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 128.7 |
Harsco Rail Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 60.7 |
Period of expected timing of satisfaction | 1 year |
Harsco Rail Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 34.2 |
Period of expected timing of satisfaction | 1 year |
Harsco Rail Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 21.8 |
Period of expected timing of satisfaction | 1 year |
Harsco Rail Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 8 |
Period of expected timing of satisfaction | 1 year |
Harsco Rail Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Period of expected timing of satisfaction |
Other (Income) Expenses, Net (D
Other (Income) Expenses, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 01, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | |||||
Employee termination benefit costs | $ 4,228 | $ 193 | $ 4,610 | $ 167 | |
Other costs (income) for exit activities (a) | 339 | (1,760) | 887 | (7,488) | |
Gain on sale of business | $ (1,900) | (1,877) | 0 | (1,877) | 0 |
Net gains on sale of assets | (179) | 0 | (3,549) | (230) | |
Other | 0 | 298 | 0 | 634 | |
Other (income) expenses, net | 7,123 | (1,269) | 4,683 | (6,917) | |
Net gain | (3,000) | (9,800) | |||
Impaired asset write-downs | $ 4,612 | $ 0 | $ 4,612 | $ 0 |
Components of Accumulated Oth_3
Components of Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Components of Accumulated Other Comprehensive Income [Roll Forward] | ||||||
Beginning balance | $ 546,124 | $ 575,408 | $ 623,952 | $ 623,042 | $ 575,408 | $ 623,042 |
OCI before reclassifications | (21,573) | 12,190 | ||||
Amounts reclassified from AOCI, net of tax | 7,674 | 9,363 | ||||
Total other comprehensive income (loss) | (6,240) | (7,659) | 14,401 | 7,152 | (13,899) | 21,553 |
Less: OCI attributable to noncontrolling interests | 1,045 | 1,477 | ||||
OCI attributable to Enviri Corporation | (12,854) | 23,030 | ||||
Ending balance | 528,798 | 546,124 | 627,407 | 623,952 | 528,798 | 627,407 |
Cumulative Foreign Exchange Translation Adjustments | ||||||
Components of Accumulated Other Comprehensive Income [Roll Forward] | ||||||
Beginning balance | (183,499) | (213,104) | (183,499) | (213,104) | ||
OCI before reclassifications | (27,340) | 23,035 | ||||
Amounts reclassified from AOCI, net of tax | 0 | 0 | ||||
Total other comprehensive income (loss) | (27,340) | 23,035 | ||||
Less: OCI attributable to noncontrolling interests | 1,045 | 1,477 | ||||
OCI attributable to Enviri Corporation | (26,295) | 24,512 | ||||
Ending balance | (209,794) | (188,592) | (209,794) | (188,592) | ||
Effective Portion of Derivatives Designated as Hedging Instruments | ||||||
Components of Accumulated Other Comprehensive Income [Roll Forward] | ||||||
Beginning balance | (470) | 157 | (470) | 157 | ||
OCI before reclassifications | 3,712 | 1,554 | ||||
Amounts reclassified from AOCI, net of tax | (1,721) | 320 | ||||
Total other comprehensive income (loss) | 1,991 | 1,874 | ||||
Less: OCI attributable to noncontrolling interests | 0 | 0 | ||||
OCI attributable to Enviri Corporation | 1,991 | 1,874 | ||||
Ending balance | 1,521 | 2,031 | 1,521 | 2,031 | ||
Cumulative Unrecognized Actuarial Losses on Pension Obligations | ||||||
Components of Accumulated Other Comprehensive Income [Roll Forward] | ||||||
Beginning balance | (355,740) | (354,699) | (355,740) | (354,699) | ||
OCI before reclassifications | 2,058 | (12,405) | ||||
Amounts reclassified from AOCI, net of tax | 9,395 | 9,043 | ||||
Total other comprehensive income (loss) | 11,453 | (3,362) | ||||
Less: OCI attributable to noncontrolling interests | 0 | 0 | ||||
OCI attributable to Enviri Corporation | 11,453 | (3,362) | ||||
Ending balance | (344,287) | (358,061) | (344,287) | (358,061) | ||
Unrealized Gain (Loss) on Marketable Securities | ||||||
Components of Accumulated Other Comprehensive Income [Roll Forward] | ||||||
Beginning balance | 15 | 10 | 15 | 10 | ||
OCI before reclassifications | (3) | 6 | ||||
Amounts reclassified from AOCI, net of tax | 0 | 0 | ||||
Total other comprehensive income (loss) | (3) | 6 | ||||
Less: OCI attributable to noncontrolling interests | 0 | 0 | ||||
OCI attributable to Enviri Corporation | (3) | 6 | ||||
Ending balance | 12 | 16 | 12 | 16 | ||
Accumulated Other Comprehensive Loss | ||||||
Components of Accumulated Other Comprehensive Income [Roll Forward] | ||||||
Beginning balance | (546,532) | (539,694) | (560,842) | (567,636) | (539,694) | (567,636) |
Total other comprehensive income (loss) | (6,016) | (6,838) | 16,236 | 6,794 | ||
Ending balance | $ (552,548) | $ (546,532) | $ (544,606) | $ (560,842) | $ (552,548) | $ (544,606) |
Components of Accumulated Oth_4
Components of Accumulated Other Comprehensive Loss - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Interest expense | $ 27,934 | $ 26,409 | $ 56,056 | $ 51,404 | ||
Income (loss) from continuing operations before income taxes and equity income | (330) | 742 | (7,907) | 1,450 | ||
Income tax benefit (expense) from continuing operations | 10,020 | 15,331 | 17,935 | 23,348 | ||
Net income (loss) | (11,120) | $ (16,846) | (15,838) | $ (8,590) | (27,966) | (24,428) |
Amount Reclassified from Accumulated Other Comprehensive Loss | Cash flow hedging intruments | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Income (loss) from continuing operations before income taxes and equity income | (964) | 249 | (2,250) | 412 | ||
Income tax benefit (expense) from continuing operations | 245 | (53) | 529 | (92) | ||
Net income (loss) | (719) | 196 | (1,721) | 320 | ||
Amount Reclassified from Accumulated Other Comprehensive Loss | Cash flow hedging intruments | Foreign currency exchange forward contracts | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Product revenues | (93) | 866 | (497) | 1,277 | ||
Amount Reclassified from Accumulated Other Comprehensive Loss | Cash flow hedging intruments | Interest rate swaps | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Interest expense | (871) | (617) | (1,753) | (865) | ||
Amount Reclassified from Accumulated Other Comprehensive Loss | Defined benefit pension items | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Income (loss) from continuing operations before income taxes and equity income | 4,956 | 4,844 | 9,920 | 9,628 | ||
Income tax benefit (expense) from continuing operations | (262) | (293) | (525) | (585) | ||
Net income (loss) | 4,694 | 4,551 | 9,395 | 9,043 | ||
Amount Reclassified from Accumulated Other Comprehensive Loss | Actuarial losses | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Defined benefit pension income (expense) | 4,839 | 4,729 | 9,685 | 9,399 | ||
Amount Reclassified from Accumulated Other Comprehensive Loss | Prior service costs | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Defined benefit pension income (expense) | $ 117 | $ 115 | $ 235 | $ 229 |