Schedule of New Accounting Pronouncements and Changes in Accounting Principles |
The cumulative effect of the changes made to the Condensed Consolidated Balance Sheet at January 1, 2018 was as follows: | | | | | | | | | | | | | | (In thousands) | | Balance at December 31, 2017 | | Impact of Adoption | | Balance at January 1, 2018 | ASSETS | | | | | | | Current assets: | | | | | | | Trade accounts receivable, net | | $ | 288,034 |
| | $ | 532 |
| | $ | 288,566 |
| Inventories | | 178,293 |
| | (59,793 | ) | | 118,500 |
| Current portion of contract assets | | — |
| | 18,248 |
| | 18,248 |
| Other current assets | | 39,332 |
| | 179 |
| | 39,511 |
| Total current assets | | 592,092 |
| | (40,834 | ) | | 551,258 |
| Contract assets | | — |
| | 3,566 |
| | 3,566 |
| Other assets | | 15,263 |
| | 1,337 |
| | 16,600 |
| Total assets | | 1,578,685 |
| | (35,931 | ) | | 1,542,754 |
| LIABILITIES | | | | | | | Current liabilities: | | | | | | | Current portion of advances on contracts | | 117,958 |
| | (78,507 | ) | | 39,451 |
| Other current liabilities | | 133,368 |
| | 13,995 |
| | 147,363 |
| Total current liabilities | | 474,128 |
| | (64,512 | ) | | 409,616 |
| Advances on contracts | | — |
| | 24,564 |
| | 24,564 |
| Other liabilities | | 40,846 |
| | 1,580 |
| | 42,426 |
| Total liabilities | | 1,363,520 |
| | (38,368 | ) | | 1,325,152 |
| HARSCO CORPORATION STOCKHOLDERS' EQUITY | | | | | | | Accumulated other comprehensive loss | | (546,582 | ) | | (1,520 | ) | | (548,102 | ) | Retained earnings | | 1,157,801 |
| | 3,957 |
| | 1,161,758 |
| Total Harsco Corporation stockholders' equity | | 170,451 |
| | 2,437 |
| | 172,888 |
| Total equity | | 215,165 |
| | 2,437 |
| | 217,602 |
| Total liabilities and equity | | 1,578,685 |
| | (35,931 | ) | | 1,542,754 |
|
The impact of modifying the Company's Condensed Consolidated Balance Sheet at March 31, 2018 and the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2018 are as follows: | | | | | | | | | | | | | | | | March 31, 2018 | (In thousands) | | As Reported | | Impact of Adoption | | As Reported - Less Impact of Adoption | ASSETS | | | | | | | Current assets: | | | | | | | Trade accounts receivable, net | | $ | 292,966 |
| | $ | (668 | ) | | $ | 292,298 |
| Inventories | | 132,352 |
| | 71,195 |
| | 203,547 |
| Current portion of contract assets | | 23,871 |
| | (23,871 | ) | | — |
| Other current assets | | 41,227 |
| | (177 | ) | | 41,050 |
| Total current assets | | 582,756 |
| | 46,479 |
| | 629,235 |
| Contract assets | | 3,566 |
| | (3,566 | ) | | — |
| Deferred income tax assets | | 49,900 |
| | 947 |
| | 50,847 |
| Other assets | | 19,100 |
| | (1,285 | ) | | 17,815 |
| Total assets | | 1,582,621 |
| | 42,575 |
| | 1,625,196 |
| LIABILITIES | | | | | | | Current liabilities: | | | | | | | Current portion of advances on contracts | | 38,147 |
| | 78,809 |
| | 116,956 |
| Other current liabilities | | 145,501 |
| | (11,801 | ) | | 133,700 |
| Total current liabilities | | 389,657 |
| | 67,008 |
| | 456,665 |
| Advances on contracts | | 21,837 |
| | (21,837 | ) | | — |
| Other liabilities | | 41,176 |
| | (381 | ) | | 40,795 |
| Total liabilities | | 1,336,276 |
| | 44,790 |
| | 1,381,066 |
| HARSCO CORPORATION STOCKHOLDERS' EQUITY | | | | | | | Accumulated other comprehensive loss | | (543,217 | ) | | 1,827 |
| | (541,390 | ) | Retained earnings | | 1,179,516 |
| | (4,042 | ) | | 1,175,474 |
| Total Harsco Corporation stockholders' equity | | 198,107 |
| | (2,215 | ) | | 195,892 |
| Total equity | | 246,345 |
| | (2,215 | ) | | 244,130 |
| Total liabilities and equity | | 1,582,621 |
| | 42,575 |
| | 1,625,196 |
|
| | | | | | | | | | | | | | | | Three Months Ended | | | March 31, 2018 | (In thousands, except per share amounts) | | As Reported | | Impact of Adoption | | As Reported - Less Impact of Adoption | Revenues from continuing operations: | | | | | | | Services revenues | | $ | 254,962 |
| | $ | 1,350 |
| | $ | 256,312 |
| Product revenues | | 153,076 |
| | (10,452 | ) | | 142,624 |
| Total revenues | | 408,038 |
| | (9,102 | ) | | 398,936 |
| Costs and expenses from continuing operations: | | | | | | | Costs of services sold | | 199,373 |
| | 1,358 |
| | 200,731 |
| Costs of products sold | | 111,980 |
| | (9,930 | ) | | 102,050 |
| Selling, general and administrative costs | | 57,083 |
| | 16 |
| | 57,099 |
| Total costs and expenses | | 371,497 |
| | (8,556 | ) | | 362,941 |
| Operating income from continuing operations | | 36,541 |
| | (546 | ) | | 35,995 |
| Interest expense | | (9,583 | ) | | 452 |
| | (9,131 | ) | Income from continuing operations before income taxes | | 28,295 |
| | (94 | ) | | 28,201 |
| Income tax expense | | (8,266 | ) | | (8 | ) | | (8,274 | ) | Income from continuing operations | | 20,029 |
| | (102 | ) | | 19,927 |
| Net income | | 19,577 |
| | (102 | ) | | 19,475 |
| Amounts attributable to Harsco Corporation common stockholders: | | | | | | | Income from continuing operations, net of tax | | 18,260 |
| | (102 | ) | | 18,158 |
| Net income attributable to Harsco Corporation common stockholders | | 17,808 |
| | (102 | ) | | 17,706 |
| Basic earnings per share attributable to Harsco Corporation common stockholders: | Continuing operations | | 0.23 |
| | — |
| | 0.23 |
| Basic earnings per share attributable to Harsco Corporation common stockholders | | 0.22 |
| | — |
| | 0.22 |
| Diluted earnings per share attributable to Harsco Corporation common stockholders: | Continuing operations | | 0.22 |
| | — |
| | 0.22 |
| Diluted earnings per share attributable to Harsco Corporation common stockholders | | 0.21 |
| | — |
| | 0.21 |
|
| | | | | | | | | | | | | | | | Three Months Ended March 31, 2018 | (In thousands) | | As Reported | | Impact of Adoption | | As Reported - Less Impact of Adoption | Cash flows from operating activities: | | | | | | | Net income | | $ | 19,577 |
| | $ | (102 | ) | | $ | 19,475 |
| Adjustments to reconcile net income to net cash used by operating activities: | Deferred income tax expense (benefit) | | 4,635 |
| | 8 |
| | 4,643 |
| Changes in assets and liabilities: | | | | | | | Accounts receivable | | (4,848 | ) | | 136 |
| | (4,712 | ) | Inventories | | (11,490 | ) | | (11,402 | ) | | (22,892 | ) | Contract assets | | (5,698 | ) | | 5,698 |
| | — |
| Advances on contracts | | (7,348 | ) | | 3,028 |
| | (4,320 | ) | Other assets and liabilities | | (7,375 | ) | | 2,634 |
| | (4,741 | ) | Net cash used by operating activities | | (8,243 | ) | | — |
| | (8,243 | ) |
|