FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the fiscal year ended December 31, 1993
HARSCO CORPORATION SAVINGS PLAN
(Full title of the Plan)
HARSCO CORPORATION
(Name of issuer of the securities held pursuant to the Plan)
Camp Hill, PA 17001-8888
(Address of principal executive office)
Telephone - (717) 763-7064
Financial Statements and Exhibits
(a) Financial Statements.
The financial statements filed as part of this report are listed in the
Index to Financial Statements included herein.
(b) Exhibits.
(1) Consent of Independent Accountants
(2) Participant's Statement of Account
(3) Description of Federal Tax Considerations
HARSCO CORPORATION SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS
FORM 11-K ANNUAL REPORT
Report of Independent Accountants
Financial Statements:
Statements of Net Assets Available for Benefits with Fund
Information:
December 31, 1993 - Funds A and C (commingled), Funds B, E and F
December 31, 1992 - Funds A and C (commingled), Funds B, E and F
Statements of Changes in Net Assets Available for Benefits with Fund
Information for the year ended:
December 31, 1993 - Funds A and C (commingled), Funds B, E and F
Notes to Financial Statements
Supplemental Schedules:
Assets Held for Investment Purposes as of December 31, 1993 - 27(a)*
Reportable Transactions for the year ended December 31, 1993 - 27(d)*
* Refer to item numbers in Form 5500 (Annual Return/Report of Employee
Benefit Plan) for the plan year ended December 31, 1993.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Plan Administrative Committee
of the Harsco Corporation Savings Plan:
We have audited the accompanying financial statements of the Harsco
Corporation Savings Plan listed in the index on page 3 of this Form
11-K. These financial statements are the responsibility of the
Administrative Committee. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the net assets available for benefits
of the Plan as of December 31, 1993 and 1992, and the changes in net
assets available for benefits for the year ended December 31, 1993 in
conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedules
of Assets Held for Investment Purposes and Reportable Transactions are
presented for the purpose of additional analysis and are not a required
part of the basic financial statements but are supplementary information
required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security
Act of 1974. The Fund Information in the statement of net assets
available for benefits with fund information and the statement of
changes in net assets available for benefits with fund information is
presented for purposes of additional analysis rather than to present the
net assets available for plan benefits and changes in net assets
available for plan benefits of each fund. The supplemental schedules
and fund information have been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
As discussed in Note 2 to the financial statements, the Company changed
its method of accounting for participant withdrawals in 1993.
COOPERS & LYBRAND
Philadelphia, Pennsylvania
June 28, 1994
HARSCO CORPORATION SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
December 31, 1993
<TABLE>
<CAPTION>
Harsco
Common Fixed Managed Indexed
Stock Income Equity Equity
Total Funds A & C Fund B Fund E Fund F
<S> <C> <C> <C> <C> <C>
Assets
Investments, at fair value (Note 2)
Harsco Corporation 1,600,001 shares of
common stock (cost $35,950,538) $ 65,000,026 $ 65,000,026 $ - $ - $ -
Mutual Funds (cost $4,533,225 and
$2,165,754, respectively) 7,039,418 - - 4,741,050 2,298,368
Short-term investments
(at cost which approximates market) 622 388 143 64 27
____________ ____________ ____________ ____________ ____________
72,040,066 65,000,414 143 4,741,114 2,298,395
Investments, at contract value (Note 2)
Guaranteed rate group annuity contract 17,218,187 - 17,218,187 - -
____________ ____________ ____________ ____________ ____________
Total investments 89,258,253 65,000,414 17,218,330 4,741,114 2,298,395
____________ ____________ ____________ ____________ ____________
Contributions Receivable:
Employer's 365,228 365,228 - - -
Participants' 1,522,893 797,358 318,503 257,858 149,174
Interest Receivable 32,759 - - - 32,759
Receivable from Harsco Savings Plan II 43,817 43,817 - - -
____________ ____________ ____________ ____________ ____________
Total receivables 1,964,697 1,206,403 318,503 257,858 181,933
____________ ____________ ____________ ____________ ____________
Interfund balance - (19,188) 19,188 - -
Total assets 91,222,950 66,187,629 17,556,021 4,998,972 2,480,328
____________ ____________ ____________ ____________ ____________
Net assets available for benefits $ 91,222,950 $ 66,187,629 $ 17,556,021 $ 4,998,972 $ 2,480,328
____________ ____________ ____________ ____________ ____________
____________ ____________ ____________ ____________ ____________
</TABLE>
The accompanying notes are an integral part of the financial statements.
HARSCO CORPORATION SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
December 31, 1992
<TABLE>
<CAPTION>
Harsco
Common Fixed Managed Indexed
Stock Income Equity Equity
Total Funds A & C Fund B Fund E Fund F
<S> <C> <C> <C> <C> <C>
Assets
Investments, at fair value (Note 2)
Harsco Corporation 1,521,033 shares of
common stock (cost $31,846,466) $ 57,618,313 $ 57,618,313 $ - $ - $ -
Mutual Funds (cost $2,402,963 and
$1,090,057, respectively) 3,406,315 - - 2,285,430 1,120,885
Short-term investments
(at cost which approximates market) 1,236,344 381,911 467,177 257,189 130,067
____________ ____________ ____________ ____________ ____________
62,260,972 58,000,224 467,177 2,542,619 1,250,952
Investments, at contract value (Note 2)
Guaranteed rate group annuity contract 15,746,905 - 15,746,905 - -
____________ ____________ ____________ ____________ ____________
Total investments 78,007,877 58,000,224 16,214,082 2,542,619 1,250,952
____________ ____________ ____________ ____________ ____________
Contributions Receivable:
Employer's 178,144 178,144 - - -
Participants' 767,667 390,888 174,865 127,394 74,520
Interest Receivable 3,066 2,414 - 423 229
Receivable from Harsco Savings Plan II 3,831 3,672 - 159 -
____________ ____________ ____________ ____________ ____________
Total receivables 952,708 575,118 174,865 127,976 74,949
____________ ____________ ____________ ____________ ____________
Interfund balance - (82) (96) 2,224 (2,046)
Total assets 78,960,585 58,575,260 16,388,851 2,672,819 1,323,655
Liabilities
Payables for employee withdrawals (570,430) (348,467) (179,996) (20,113) (21,854)
____________ ____________ ____________ ____________ ____________
Net assets available for benefits $ 78,390,155 $ 58,226,793 $ 16,208,855 $ 2,652,706 $ 1,301,801
____________ ____________ ____________ ____________ ____________
____________ ____________ ____________ ____________ ____________
</TABLE>
The accompanying notes are an integral part of the financial statements.
HARSCO CORPORATION SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
For the year ended December 31, 1993
<TABLE>
<CAPTION>
Harsco
Common Fixed Managed Indexed
Stock Income Equity Equity
Total Funds A & C Fund B Fund E Fund F
<S> <C> <C> <C> <C> <C>
Assets
Additions to net assets attributed to:
Investment income
Net appreciation in fair value
of investments $ 4,468,987 $ 4,028,326 $ - $ 335,561 $ 105,100
Dividends 2,699,388 2,200,586 - 415,643 83,159
Interest - short-term investments 23,200 14,153 6,444 1,719 884
Interest - group annuity contract 1,091,766 - 1,091,766 - -
____________ ____________ ____________ ____________ ____________
8,283,341 6,243,065 1,098,210 752,923 189,143
Cash Contributions:
Employer's, less forfeitures
of $154,118 3,511,065 3,511,065 - - -
Participant's 9,840,855 5,057,746 2,070,329 1,724,455 988,325
Participants transferred from Harsco
Savings Plan II 50,373 40,311 6,828 1,875 1,359
____________ ____________ ____________ ____________ ____________
Total additions 21,685,634 14,852,187 3,175,367 2,479,253 1,178,827
____________ ____________ ____________ ____________ ____________
Deductions
Deductions from net assets attributed to:
Employee withdrawals 9,423,269 6,402,944 2,473,122 373,017 174,186
____________ ____________ ____________ ____________ ____________
Total deductions 9,423,269 6,402,944 2,473,122 373,017 174,186
____________ ____________ ____________ ____________ ____________
Net increase prior to interfund
transfers 12,262,365 8,449,243 702,245 2,106,236 1,004,641
Interfund transfers - (836,874) 464,925 219,917 152,032
____________ ____________ ____________ ____________ ____________
Net increase 12,262,365 7,612,369 1,167,170 2,326,153 1,156,673
Net assets available for benefits:
December 31, 1992, as previously reported 78,390,155 58,226,793 16,208,855 2,652,706 1,301,801
Cumulative effect of accounting
change (Note 2) 570,430 348,467 179,996 20,113 21,854
____________ ____________ ____________ ____________ ____________
December 31, 1992 78,960,585 58,575,260 16,388,851 2,672,819 1,323,665
____________ ____________ ____________ ____________ ____________
December 31, 1993 $ 91,222,950 $ 66,187,629 $ 17,556,021 $ 4,998,972 $ 2,480,328
____________ ____________ ____________ ____________ ____________
____________ ____________ ____________ ____________ ____________
</TABLE>
The accompanying notes are an integral part of the financial statements.
NOTES TO FINANCIAL STATEMENTS OF SAVINGS PLAN
1. General Description of Plan:
The following description of the Harsco Corporation Savings Plan
("Savings Plan") provides only general information. Participants should
refer to the Plan agreement for a more complete description of the
Plan's provisions.
The Savings Plan is a defined contribution plan designed to comply with
the requirements of the Employee Retirement Income Security Act of 1974
("ERISA") and with the requirements for qualification under Sections
401(a) and 401(k) of the Internal Revenue Code (the "Code").
All employees (including officers) who receive a stated weekly, hourly,
monthly or annual rate of compensation and are employed by Harsco
Corporation (the "Company") or any subsidiary of the Company in the
United States, its territories and possessions are deemed "Covered
Employees" with the exception of any such employees represented by a
collective bargaining agent unless the collective bargaining agreement
expressly provides otherwise. Any Covered Employee who has completed at
least one thousand (1,000) hours of service during the twelve (12) month
period beginning with the date of commencement of his employment is
deemed an "Eligible Employee".
To participate in the Savings Plan, an Eligible Employee must elect to
contribute to the Plan through payroll deductions each pay period in
whole percentages from 2% to 16% of compensation received for services
as an employee of the Company or any subsidiary of the Company. The
participant shall designate what percentage of such contributions will
be "After-Tax Contributions" and what percentage will be "Tax-Saver
Contributions." A participant who makes Matched After-Tax and/or
Matched Tax-Saver Contributions in an aggregate amount of 6% of his
compensation may also elect to contribute from 1% to 10% of his
compensation as an Unmatched After-Tax and/or Unmatched Tax-Saver
Contribution. In no event during the year may (a) Matched After-Tax and
Matched Tax-Saver Contributions exceed 6% of compensation, (b) Unmatched
After-Tax and Unmatched Tax-Saver Contribution exceed 10% of
compensation or (c) Tax-Saver Contributions exceed the amount specified
by the Internal Revenue Service code which is $8,994. Tax-Saver
Contributions shall constitute a reduction in the participant's taxable
income for purposes of Section 401(k) of the Code but for the purpose of
the Company's tax deductions, shall be considered contributions made by
the Company. After-Tax Contributions will be considered to be the
participant's contributions to the Savings Plan and shall not constitute
a reduction in the participant's taxable income for the purposes of
Section 401(k) of the Code.
Pursuant to the Savings Plan, the Company will make monthly
contributions either wholly or partially in cash or Common Stock of the
Company to the Trustee for the account of each participant in an amount
equal to 50% of the first 6% of such participants' compensation
designated as Matched After-Tax Contributions and/or Matched Tax-Saver
Contributions. These contributions are referred to as "Company
Contributions".
While the Company has not expressed any intent to discontinue the Plan,
it reserves the right to terminate the Plan at any time or discontinue
contributions thereunder. In the event such discontinuance resulted in
the termination of the Plan, the net assets of the Plan would be
distributed to plan participants and beneficiaries in proportion to
their respective account balances.
2. Summary of Significant Accounting Policies:
Basis of Accounting:
The financial statements of the Savings Plan are prepared under the
accrual method of accounting.
Payment of Benefits:
In 1993, the Savings Plan adopted the provisions of the AICPA Audit and
Accounting Guide, "Audits of Employee Benefits Plans", requiring that
amounts allocated to withdrawing participants not be reported as a
liability in the statement of net assets available for plan benefits.
As a result, the Plan recorded a cumulative effect adjustment at the
beginning of 1993 of $570,430. This represents the amounts allocated to
withdrawing participants but not yet paid at December 31, 1992. Prior
year's financial statements were not restated.
Investment Valuation:
The Harsco Corporation Common Stock is stated at market value, which
represents the closing price of the stock on the Composite Reporting
Tape of the stock exchanges on the last day of trading of the calendar
year. The Participant Group Annuity Contracts with Metropolitan Life
Insurance Company (Metropolitan), are stated at cost plus accrued
interest with principal and interest guaranteed by Metropolitan. Based
on available information at December 31, 1993, the Company believes that
the fair value of the Metropolitan Group Annuity Contracts is not
significantly different from cost plus accrued interest. The Fidelity
Magellan Mutual Fund shares in the Managed Equity Fund are stated at
market value, which represents the closing price of the fund on the last
trading day of the calendar year. The Vanguard 500 Portfolio Index
Trust Mutual Fund shares in the Indexed Equity Fund are stated at market
value, which represents the closing price of the fund on the last
trading day of the calendar year. Short-term investments, which
represent the temporary investment of funds until purchases of common
stock are completed, are invested in the CoreStates Liquidity Fund.
Other:
The plan presents in the Statement of Changes in Net Assets Available
for Benefits with Fund Information the net appreciation (depreciation)
in the market value of its investments which consists of the realized
gains or losses and the unrealized appreciation (depreciation) on those
investments.
Fund A and Fund C, described in Note 3, are commingled and share
proportionally in income distribution and realization of appreciation or
depreciation on investments.
The purchase and sales of investments are recorded on a trade-date
basis. Dividend income is recorded on the ex-dividend date. Income from
other investments is recorded as earned on an accrual basis.
Both participants' and Company contributions are accrued in the period
of the related payroll deductions. Forfeitures, a result of withdrawals
prior to full vesting in the plan, are used to reduce the amount of
future Company contributions.
3. Investment Programs:
The Savings Plan, comprised of participants' and Company contributions,
is divided into the following funds described below.
(1) Fund A-(Common Stock purchased with Company contributions): a fund
consisting of Common Stock of Harsco Corporation purchased in the open
market, from the Company, or through privately negotiated transactions
to the extent permitted by rules of the New York Stock Exchange and the
Securities and Exchange Commission.
(2) Fund B-(Fixed Income Fund, consisting of investments purchased with
participants' contributions): a fund currently maintained through an
agreement with one or more insurance companies or other financial
institutions, designated by the Company, under which the insurance
company or financial institution shall guarantee repayment of the
principal and payment of interest at a fixed annual rate for a specified
period of time in accordance with the terms of the agreement. However,
all participating employees earn interest at a pooled or "blended rate"
which is determined each year and is based upon the applicable specific
rates for the current and prior years. Consequently, the blended rate
for 1993 combines the specific rates for 1992 (6.26%) and 1991 (8.45%),
with the 6.70% rate for monies deposited and redeposited in 1993.
(3) Fund C-(Common Stock purchased with participants' contributions):
a fund consisting of Common Stock of Harsco Corporation purchased in the
open market, from the Company, or through privately negotiated
transactions to the extent permitted by rules of the New York Stock
Exchange and the Securities and Exchange Commission.
(4) Fund E-(Managed Equity Fund purchased with participants'
contributions): a fund consisting of shares of the Fidelity Magellan
Mutual Fund which is managed by Fidelity Management and Research
Company, Boston, Massachusetts.
(5) Fund F - (Indexed Equity Fund purchased with participants'
contributions): a fund consisting of shares of the Vanguard 500
Portfolio Index Trust mutual fund which is managed by the Vanguard
Group, Valley Forge, Pennsylvania.
If at any time it is not possible for the Trustee to purchase Common
Stock of the Company as required for Funds A and C, the Trustee will
invest such funds in short-term obligations of the United States
government or agencies thereof or in other types of short-term
investments, including commercial paper (other than obligations of the
Company or its affiliates).
Investment choices, which an Eligible Employee may elect, are as
follows:
A. Participant's Matched After-Tax and/or Matched Tax-Saver
Contributions - At the time an Eligible Employee enrolls for
participation in the Plan, he shall also elect to have his Matched
After-Tax and/or Matched Tax-Saver Contributions invested in accordance
with 1 or 2 below, depending upon whether or not he has attained the age
of fifty-five (55).
1. Under Age Fifty-five (55) - In multiples of 25% in Funds B, C, E
and/or F provided at least a minimum of 50% of the first 6% of the
Contribution is in Fund C.
2. Age Fifty-five (55) and over - In multiples of 25% in Funds B, C, E
and/or F in any combination thereof. No minimum percentage is required
to be in any of these Funds.
B. Participant's Unmatched After-Tax Contributions and/or Unmatched
Tax-Saver Contributions - At the time of enrollment for participation in
the Plan, or as of any subsequent enrollment date, a Participant who
elects to make Unmatched After-Tax and/or Unmatched Tax-Saver
Contributions shall also elect to have such Contributions invested,
whether or not he has attained age fifty-five (55), in multiples of 25%
in funds B, C, E and/or F in any combination thereof. No minimum
percentage is required to be in any of these Funds.
There were 3,518 participants at December 31, 1993 who participated in
one or more of the four investment funds. At December 31, 1993 the
number of participants selecting each of the investment funds for their
contributions was as follows:
Harsco Corporation Common Stock 3,416
Fixed Income Fund 1,764
Managed Equity Fund 1,256
Indexed Equity Fund 827
4. Reconciliation of Financial Statements to Form 5500:
The following is a reconciliation of net assets available for plan
benefits per the financial statements to the Form 5500:
1993
Net assets available for benefits per the financial statements $
91,222,950
Amounts allocated to withdrawing participants
(1,375,436)
Net assets available for benefits per the Form 5500 $
89,847,514
The following is a reconciliation of benefits paid to participants per
the financial statements to the Form 5500:
1993
Benefits paid to participants per the financial statements $
9,423,269
Add: Amounts allocated to withdrawing participants
at December 31, 1993
1,375,436
Less: Amounts allocated to withdrawing participants
at December 31, 1992
(570,430)
Benefits paid to participants per the Form 5500 $
10,228,275
Amounts allocated to withdrawing participants are recorded on the Form
5500 for benefit claims that have been processed and approved for
payment prior to December 31, but not yet paid as of that date.
5. Subsequent Event:
(1) On January 1, 1994 FMC Corporation and Harsco Corporation formed a
joint venture known as United Defense, L.P. Harsco's BMY-CS Division
will be jointly owned with FMC holding a majority interest of 60 percent
and Harsco holding the remaining 40 percent. According to the
provisions of the agreement, the partnership will establish as part of
its' Partnership Benefits Plans a Partnership 401(k) Plan which will be
a qualified plan under Section 401(a) of the Code. As soon as
practicable after the establishment of the Partnership 401(k) Plan,
subject to the receipt of all appropriate governmental actions, FMC and
Harsco, respectively, shall cause the trustee of its 401(k) Plan(s) to
transfer to a Partnership Master Trust established in connection with
the Partnership 401(k) Plan (a) the number of shares of FMC or Harsco
stock held under its 401(k) Plan for plan participants and (b) cash,
cash equivalents or other securities with a readily determinable market
value such that the total of (a) and (b) shall equal the fair market
value of the assets of the respective FMC and Harsco 401(k) Plans
representing the account balances of plan participants as of the date
such assets are transferred. At December 31, 1993 there were 722
participants in the Harsco Corporation Savings Plan that will transfer
into the Partnership 401(k) Plan when established.
(2) Effective January 1, 1994 Harsco Corporation Savings Plan II was
merged into the Harsco Corporation Savings Plan. As a result of this
merger, the remaining 122 participants in Plan II at December 31, 1993
that are not transferring into the Partnership 401(k) Plan will be
included in the Harsco Corporation Savings Plan.
6. Federal Income Taxes:
The Company received a determination from the Internal Revenue Service
on October 3, 1986, that the Plan, as amended July 1, 1985, is a
qualified plan under Sections 401(a) and 401(k) of the Internal Revenue
Code and is therefore exempt from Federal income taxes under the
provisions of Section 501(a). Further amendments have been made to the
Plan since July 1, 1985 and additional amendments are anticipated to be
made in order to comply with the requirements of the Internal Revenue
Code as amended. The Company believes that the Plan, as amended, is
currently designed and being applied in compliance with the applicable
requirements of the Internal Revenue Code and intends to submit the Plan
to the Internal Revenue Service for a determination of continued
qualification.
As to the Federal Income Tax status of the employee with respect to the
Plan, see "Description of Federal Tax Considerations", Exhibit (3),
incorporated by reference.
HARSCO SAVINGS PLAN
ASSETS HELD FOR INVESTMENT PURPOSES - ITEM 27(a) (FORM 5500)
December 31, 1993
<TABLE>
<CAPTION>
Shares or Current
Par Value Description of Investment Cost Value
<S> <C> <C> <C>
Common Stock
1,600,001 Harsco Corp. Common Stock, par value $1.25 $ 35,950,538 $ 65,000,026
_____________ _____________
Total Common Stock 35,950,538 65,000,026
_____________ _____________
Contracts - Insurance
$ 5,400,653 Metropolitan Life Insurance
GAC '11979, 8.45%, 1/1/1994 5,400,653 5,437,990
$ 5,628,232 Metropolitan Life Insurance
GAC '13400, 5.48%, 1/1/1996 5,628,232 5,653,885
$ 6,094,800 Metropolitan Life Insurance
GAC '12885, 6.26%, 1/1/1995 6,094,800 6,126,312
_____________ _____________
Total Contracts - Insurance 17,123,685 17,218,187
_____________ _____________
Mutual Funds
66,917 Fidelity Magellan Fund 4,553,225 4,741,050
51,999 Vanguard Instl Equity Index Fund 2,165,754 2,298,368
_____________ _____________
Total Mutual Funds 6,718,979 7,039,418
_____________ _____________
Total Assets $ 59,793,202 $ 89,257,631
_____________ _____________
_____________ _____________
</TABLE>
HARSCO CORPORATION SAVINGS PLAN
SCHEDULE OF REPORTABLE TRANSACTIONS - ITEM 27(d) (FORM 5500)
For the year ended December 31, 1993
<TABLE>
<CAPTION>
(i), (ii) (iii), (iv)
(a) (b) Total Number of Value of (v)
Identity of Description Purchases (P) or Purchases or Net Gain or
party involved of Asset Sales (S) Sales (Loss)
<S> <C> <C> <C> <C>
Harsco Corporation, Harsco Common (P) 127 $ 4,648,543 $ 0
plan sponsor Stock, Fund A and (S) 1 $ 303,018 $ 11,589
Fund C
Metropolitan Life Group Insurance (P) 8 $ 6,521,843 $ 0
Insurance Company Contract Fixed (P) 1 $ 5,408,668 $ 0
Income, Fund B, (S) 1 $ 5,408,668 $ 0
Interest range 5.48% (S) 3 $ 840,855 $ 0
to 8.45% guaranteed
rate, unit price $1
Corestates Financial Corestates Liquidity (P) 135 $ 15,036,942 $ 0
Corporation Fund, Money (S) 195 $ 13,497,214 $ 0
Market
</TABLE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Plan Administrative Committee has duly caused this annual report to be
signed by the undersigned thereunto duly authorized.
HARSCO CORPORATION SAVINGS PLAN
BY /S/ Richard C. Hawkins
R. C. Hawkins, Chairman
Plan Administrative Committee
June 28, 1994
HARSCO CORPORATION SAVINGS PLAN
Annual Report on Form 11-K
for the year ended December 31, 1993
INDEX TO EXHIBITS
Exhibit
Number Data Required Location in 11-K
1 Consent of Independent Accountants
2 Participant's Statement of Account
3 Description of Federal Tax Incorporated by
reference
Considerations from pages 50-56 Post
Effective
Amendment No. 2 to
form S-8
Registration
Statement
(Registration No.
33-5300)
effective April 30,
1990.
EXHIBIT 1
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in Post Effective Amendment
No. 2 to Form S-8 Registration Statement (Registration No. 33-5300) of
our report which includes explanatory paragraphs regarding 1)
supplemental schedules and fund information and (2) a change in method
of accounting for participant withdrawals in 1993, dated June 28, 1994,
on our audits of the net assets available for benefits of the Harsco
Corporation Savings Plan as of December 31, 1993 and 1992, and the
changes in net assets available for benefits for the year ended December
31, 1993, which report is included in this Annual Report on Form 11-K.
COOPERS & LYBRAND
Philadelphia, Pennsylvania
June 28, 1994
EXHIBIT 2
HARSCO CORPORATION SAVINGS PLAN
AS OF DECEMBER 31, 1993
Total Tax-Saver Contributions To-Date $0.00
Total After-Tax Contributions To-Date $0.00
Total Company Contributions To-Date $0.00
Total Earnings To-Date $0.00
Total Value of Your Account $0.00
Sample Participant SSN: 999-99-9999
123 Main Street Division 00
Anywhere, US 12345 Location 00
<TABLE>
<CAPTION>
Harsco Fixed Money Managed Indexed
Common Income Market Equity Equity
Stock Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C>
Balance as
of 1/1/93 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
Company
Contributions 0.00 0.00
Earnings<F1> 0.00 0.00
Adjustments
Tax Saver
Contributions 0.00 0.00 0.00 0.00 0.00 0.00
Earnings 0.00 0.00 0.00 0.00 0.00 0.00
Withdrawals
Transfers
Adjustments
After-Tax
Contributions 0.00 0.00 0.00 0.00 0.00 0.00
Earnings 0.00 0.00 0.00 0.00 0.00 0.00
Withdrawals
Transfers
Adjustments
Balance as
of 12/31/93 $ 0.00<F2> $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
Vested Balance as of 12/31/93 $ 0.00
Participant as of 07/01/83
<FN>
<F1> Includes dividends.
<F2> Includes $0.000 shares of Harsco Common Stock at $40.625 market value per share plus $0.00 of cash earning interest but not
yet invested in stock.
</TABLE>
