Attached files
| file | filename |
|---|---|
| 10-K - 10-K - HARSCO CORP | hsc-201610kxq42016.htm |
| EX-32 - EXHIBIT 32 - HARSCO CORP | hsc-ex32_2016q4.htm |
| EX-31.2 - EXHIBIT 31.2 - HARSCO CORP | hsc-ex312_2016q4.htm |
| EX-31.1 - EXHIBIT 31.1 - HARSCO CORP | hsc-ex311_2016q4.htm |
| EX-23 - EXHIBIT 23 - HARSCO CORP | hsc-ex23_2016q4.htm |
| EX-21 - EXHIBIT 21 - HARSCO CORP | hsc-ex21_2016q4.htm |
| EX-10.L(II) - EXHIBIT 10.L(II) - HARSCO CORP | hsc-ex10lii_2016q4.htm |
| EX-10.JJ - EXHIBIT 10.JJ - HARSCO CORP | hsc-ex10jj_2016q4.htm |
| EX-10.II - EXHIBIT 10.II - HARSCO CORP | hsc-ex10ii_2016q4.htm |
| EX-10.HH - EXHIBIT 10.HH - HARSCO CORP | hsc-ex10hh_2016q4.htm |
Exhibit 12
HARSCO CORPORATION
Computation of Ratios of Earnings to Fixed Charges
YEARS ENDED DECEMBER 31 | ||||||||||||||||||||
(In thousands) | 2016 (a) | 2015 (a) | 2014 (a) | 2013 (a) | 2012 (a) | |||||||||||||||
Pre-tax income (loss) from continuing operations attributable to Harsco shareholders | $ | (79,699 | ) | (b) | $ | 34,846 | $ | 8,085 | $ | (199,381 | ) | (c) | $ | (227,211 | ) | (d) | ||||
Add: Consolidated Fixed Charges computed below | 63,649 | 62,720 | 67,181 | 78,637 | 80,073 | |||||||||||||||
Net adjustments for unconsolidated entities | (5,670 | ) | (147 | ) | 1,558 | (1,511 | ) | (256 | ) | |||||||||||
Net adjustments for capitalized interest | 194 | 466 | (46 | ) | 53 | 128 | ||||||||||||||
Consolidated Earnings Available for Fixed Charges | $ | (21,526 | ) | (b) | $ | 97,885 | $ | 76,778 | $ | (122,202 | ) | (c) | $ | (147,266 | ) | (d) | ||||
Consolidated Fixed Charges: | ||||||||||||||||||||
Interest expense per financial statements (e) | $ | 51,584 | $ | 46,804 | $ | 47,111 | $ | 49,654 | $ | 47,381 | ||||||||||
Interest expense capitalized | — | — | 541 | 577 | 476 | |||||||||||||||
Portion of rentals (1/3) representing a reasonable approximation of the interest factor | 12,065 | 15,916 | 19,529 | 28,406 | 32,216 | |||||||||||||||
Consolidated Fixed Charges | $ | 63,649 | $ | 62,720 | $ | 67,181 | $ | 78,637 | $ | 80,073 | ||||||||||
Consolidated Ratio of Earnings to Fixed Charges | — | (b) (f) | 1.56 | 1.14 | — | (c)(g) | — | (d)(h) | ||||||||||||
(a) | Does not include interest related to uncertain tax position obligations. |
(b) | During 2016, the Company recorded pre-tax charges of $43.5 million related to the sale of the Company's equity interest in Brand; pre-tax charges of $45.1 million related to an estimated forward loss provision related to the Company's contracts with the federal railway system of Switzerland; and pre-tax charges of $35.3 million loss on early extinguishment of debt. |
(c) | During 2013, the Company recorded a $272.3 million, non-cash pre-tax long-lived asset impairment charge. |
(d) | In the fourth quarter of 2012, the Company incurred a $265.0 million, pre-tax goodwill impairment charge. |
(e) | Includes amortization of debt discount. |
(f) | For the year ended December 31, 2016, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $85.2 million to achieve a coverage of 1:1. |
(g) | For the year ended December 31, 2013, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $200.8 million to achieve a coverage of 1:1. |
(h) | For the year ended December 31, 2012, the ratio coverage was less that 1:1. We would have needed to generate additional earnings of $227.3 million to achieve a coverage of 1:1. |