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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 1-15579
 http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13022635&doc=10
MSA SAFETY INCORPORATED
(Exact name of registrant as specified in its charter)
 
Pennsylvania
 
 46-4914539
(State or other jurisdiction of
incorporation or organization)
 
(IRS Employer
Identification No.)
 
 
 
1000 Cranberry Woods Drive
 
 
Cranberry Township,
Pennsylvania
 
16066-5207
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (724776-8600
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.    Yes  x   No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large Accelerated Filer
x

Accelerated filer
¨
Non-accelerated filer
¨
Smaller reporting company
 
 
 
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes     No  x
Securities registered pursuant to Section 12(b) of the Act: 
Title of each class
Trading Symbol(s)
Name of each exchange on which is registered
Common Stock, $0.00 par value
MSA
New York Stock Exchange
As of July 18, 2019, 38,719,169 shares of common stock, of the registrant were outstanding.




PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENT OF INCOME
Unaudited
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands, except per share amounts)
 
2019
 
2018
 
2019
 
2018
Net sales
 
$
349,675

 
$
339,331

 
$
675,713

 
$
665,225

Cost of products sold
 
188,591

 
185,495

 
364,647

 
364,050

Gross profit
 
161,084

 
153,836

 
311,066

 
301,175

 
 
 
 
 
 
 
 
 
Selling, general and administrative
 
84,009

 
81,962

 
162,437

 
162,213

Research and development
 
14,256

 
13,909

 
27,962

 
26,456

Restructuring charges (Note 4)
 
3,522

 
2,335

 
9,353

 
7,609

Currency exchange losses, net (Note 6)
 
1,290

 
815

 
18,251

 
2,823

Product liability expense (Note 18)
 
3,529

 
8,018

 
6,425

 
10,842

Operating income
 
54,478

 
46,797

 
86,638

 
91,232

 
 
 
 
 
 
 
 
 
Interest expense
 
4,470

 
5,181

 
6,830

 
9,962

Other income, net
 
(3,342
)
 
(1,701
)
 
(5,921
)
 
(4,041
)
Total other expense, net
 
1,128

 
3,480

 
909

 
5,921

 
 
 
 
 
 
 
 
 
Income before income taxes
 
53,350

 
43,317

 
85,729

 
85,311

Provision for income taxes (Note 10)
 
13,238

 
9,896

 
22,241

 
19,401

Net income
 
40,112

 
33,421

 
63,488

 
65,910

 
 
 
 
 
 
 
 
 
Net income attributable to noncontrolling interests
 
(306
)
 
(242
)
 
(450
)
 
(360
)
 
 
 
 
 
 
 
 
 
Net income attributable to MSA Safety Incorporated
 
$
39,806

 
$
33,179

 
$
63,038

 
$
65,550

 
 
 
 
 
 
 
 
 
Earnings per share attributable to MSA Safety Incorporated common shareholders:
 
 
 
 
 
 
 
 
       Basic
 
$
1.03

 
$
0.86

 
$
1.63

 
$
1.71

Diluted
 
$
1.01

 
$
0.85

 
$
1.61

 
$
1.69

Dividends per common share
 
$
0.42

 
$
0.38

 
$
0.80

 
$
0.73

The accompanying notes are an integral part of the consolidated financial statements.

-2-



MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In thousands)
 
2019
 
2018
 
2019
 
2018
Net income
 
$
40,112

 
$
33,421

 
$
63,488

 
$
65,910

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
     Foreign currency translation adjustments (Note 6)
 
(385
)
 
(27,880
)
 
(24
)
 
(14,480
)
     Pension and post-retirement plan actuarial gains, net of tax (Note 6)
 
1,378

 
3,059

 
3,401

 
5,388

Unrealized gains on available-for-sale securities (Note 6)
 
27

 

 
563

 

Reclassification of currency translation from accumulated other comprehensive (loss) into net income (Note 6)
 

 
(774
)
 
15,359

 
(774
)
Total other comprehensive income (loss), net of tax
 
1,020

 
(25,595
)
 
19,299

 
(9,866
)
Comprehensive income
 
41,132

 
7,826

 
82,787

 
56,044

Comprehensive (income) loss attributable to noncontrolling interests
 
(169
)
 
31

 
(456
)
 
(257
)
Comprehensive income attributable to MSA Safety Incorporated
 
$
40,963

 
$
7,857

 
$
82,331

 
$
55,787

The accompanying notes are an integral part of the consolidated financial statements.

-3-



MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEET
Unaudited 
(In thousands)
 
June 30, 2019
 
December 31, 2018
Assets
 
 
 
 
Cash and cash equivalents
 
$
111,511

 
$
140,095

Trade receivables, less allowance for doubtful accounts of $5,545 and $5,369
 
256,666

 
245,032

Inventories (Note 3)
 
187,779

 
156,602

Investments, short-term (Note 17)
 
72,461

 
55,106

Prepaid income taxes
 
13,751

 
10,769

Notes receivable, insurance companies (Note 18)
 
3,616

 
3,555

Prepaid expenses and other current assets
 
41,850

 
45,464

Total current assets
 
687,634

 
656,623

 
 
 
 
 
Property, plant and equipment, net (Note 5)
 
158,047

 
157,940

Operating lease assets, net (Note 14)
 
50,935

 

Prepaid pension cost
 
64,987

 
57,568

Deferred tax assets (Note 10)
 
30,153

 
32,522

Goodwill (Note 13)
 
433,156

 
413,640

Intangible assets (Note 13)
 
175,263

 
169,515

Notes receivable, insurance companies, noncurrent (Note 18)
 
56,724

 
56,012

Insurance receivable (Note 18) and other noncurrent assets
 
56,957

 
64,192

Total assets
 
$
1,713,856

 
$
1,608,012

 
 
 
 
 
Liabilities
 
 
 
 
Notes payable and current portion of long-term debt, net (Note 12)
 
$
20,127

 
$
20,063

Accounts payable
 
73,264

 
78,367

Employees’ compensation
 
36,171

 
51,386

Insurance and product liability (Note 18)
 
23,898

 
48,688

Income taxes payable (Note 10)
 
9,815

 

Warranty reserve (Note 18) and other current liabilities
 
94,242

 
83,556

Total current liabilities
 
257,517

 
282,060

 
 
 
 
 
Long-term debt, net (Note 12)
 
378,380

 
341,311

Pensions and other employee benefits
 
168,340

 
166,101

Noncurrent operating lease liabilities (Note 14)
 
40,710

 

Deferred tax liabilities (Note 10)
 
10,986

 
7,164

Product liability (Note 18) and other noncurrent liabilities
 
166,776

 
171,857

Total liabilities
 
$
1,022,709

 
$
968,493

Commitments and contingencies (Note 18)
 

 

 
 
 
 
 
Equity
 
 
 
 
Preferred stock, 4 1/2% cumulative, $50 par value (Note 7)
 
$
3,569

 
$
3,569

Common stock, no par value (Note 7)
 
218,801

 
211,806

Treasury shares, at cost (Note 7)
 
(305,363
)
 
(298,143
)
Accumulated other comprehensive loss (Note 6)
 
(203,406
)
 
(218,927
)
Retained earnings
 
971,453

 
935,577

Total MSA Safety Incorporated shareholders' equity
 
685,054

 
633,882

Noncontrolling interests
 
6,093

 
5,637

Total shareholders’ equity
 
691,147

 
639,519

Total liabilities and shareholders’ equity
 
$
1,713,856

 
$
1,608,012


The accompanying notes are an integral part of the consolidated financial statements.

-4-



MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited
 
 
Six Months Ended June 30,
(In thousands)
 
2019
 
2018
Operating Activities
 
 
 
 
Net income
 
$
63,488

 
$
65,910

Depreciation and amortization
 
18,792

 
19,207

Stock-based compensation (Note 11)
 
6,086

 
7,692

Pension expense (Note 15) and other charges
 
2,856

 
2,976

Deferred income tax provision (benefit) (Note 10)
 
849

 
(2,626
)
Loss on asset dispositions, net
 
233

 
1,148

Pension contributions (Note 15)
 
(3,534
)
 
(2,486
)
Currency exchange losses, net
 
18,251

 
2,823

Product liability expense (Note 18)
 
6,425

 
10,842

Collections on insurance receivables and notes receivable,
insurance companies (Note 18)
 
11,289

 
20,028

Product liability payments (Note 18)
 
(34,170
)
 
(27,700
)
Changes in:
 
 
 
 
     Trade receivables
 
(9,189
)
 
(1,897
)
     Inventories (Note 3)
 
(25,421
)
 
(29,257
)
     Prepaid expenses and other current assets
 
(3,489
)
 
9,509

     Accounts payable and accrued liabilities
 
(13,401
)
 
1,601

     Other noncurrent assets and liabilities
 
(1,520
)
 
(12,388
)
Cash Flow From Operating Activities
 
37,545

 
65,382

Investing Activities
 

 

Capital expenditures
 
(13,525
)
 
(8,812
)
Acquisition, net of cash acquired (Note 19)
 
(33,196
)
 

Purchase of short-term investments (Note 17)
 
(87,260
)
 

Proceeds from maturities of short-term investments (Note 17)
 
69,958

 

Property disposals
 
81

 
3,059

Cash Flow Used in Investing Activities
 
(63,942
)
 
(5,753
)
Financing Activities
 
 
 
 
Payments on short-term debt, net
 
64

 
215

Proceeds from long-term debt (Note 12)
 
375,000

 
248,500

Payments on long-term debt (Note 12)
 
(338,000
)
 
(291,000
)
Cash dividends paid
 
(30,934
)
 
(27,981
)
Company stock purchases (Note 7)
 
(10,967
)
 
(3,835
)
Exercise of stock options (Note 7)
 
3,232

 
4,293

Employee stock purchase plan (Note 7)
 
344

 
280

Cash Flow Used in Financing Activities
 
(1,261
)
 
(69,528
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
 
(985
)
 
(8,130
)
Decrease in cash, cash equivalents and restricted cash
 
(28,643
)
 
(18,029
)
Beginning cash, cash equivalents and restricted cash
 
140,604

 
137,889

Ending cash, cash equivalents and restricted cash
 
$
111,961

 
$
119,860

 
 
 
 
 
Supplemental cash flow information:
 
 
 
 
Cash and cash equivalents
 
$
111,511

 
$
116,650

Restricted cash included in prepaid expenses and other current assets
 
450

 
3,210

Total cash, cash equivalents and restricted cash
 
$
111,961

 
$
119,860

The accompanying notes are an integral part of the consolidated financial statements.

-5-



MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN RETAINED EARNINGS,
ACCUMULATED OTHER COMPREHENSIVE LOSS AND NONCONTROLLING INTERESTS
Unaudited
(In thousands)
Retained
Earnings
 
Accumulated
Other
Comprehensive
(Loss)
 
Noncontrolling Interests
Balances March 31, 2018
$
887,656

 
$
(156,203
)
 
$
5,265

Net income
33,421

 

 

Foreign currency translation adjustments

 
(27,880
)
 

Pension and post-retirement plan adjustments, net of tax of $614

 
3,059

 

Reclassification from accumulated other comprehensive (loss) into net income

 
(774
)
 

Income attributable to noncontrolling interests
(242
)
 
273

 
(31
)
Common dividends
(14,581
)
 

 

Preferred dividends ($0.5625 per share)
(10
)
 

 

Balances June 30, 2018
$
906,244

 
$
(181,525
)
 
$
5,234

 
 
 
 
 
 
Balances March 31, 2019
$
947,929

 
$
(204,563
)
 
$
5,924

Net income
40,112

 

 

Foreign currency translation adjustments

 
(385
)
 

Pension and post-retirement plan adjustments, net of tax of $1,384

 
1,378

 

Unrealized net gains on available-for-sale securities (Note 17)

 
27

 

Income attributable to noncontrolling interests
(306
)
 
137

 
169

Common dividends
(16,272
)
 

 

Preferred dividends ($0.5625 per share)
(10
)
 

 

Balances June 30, 2019
$
971,453

 
$
(203,406
)
 
$
6,093

 
 
 
 
 
 
Balances December 31, 2017
$
868,675

 
$
(171,762
)
 
$
4,977

Net income
65,910

 

 

Foreign currency translation adjustments

 
(14,480
)
 

Pension and post-retirement plan adjustments, net of tax of $1,682

 
5,388

 

Reclassification from accumulated other comprehensive (loss) into net income

 
(774
)
 

Income attributable to noncontrolling interests
(360
)
 
103

 
257

Common dividends
(27,961
)
 

 

Preferred dividends ($0.5625 per share)
(20
)
 

 

Balances June 30, 2018
$
906,244

 
$
(181,525
)
 
$
5,234

 
 
 
 
 
 
Balances December 31, 2018
$
935,577

 
$
(218,927
)
 
$
5,637

Net income
63,488

 

 

Foreign currency translation adjustments

 
(24
)
 

Pension and post-retirement plan adjustments, net of tax of $2,050

 
3,401

 

Unrealized net gains on available-for-sale securities (Note 17)

 
563

 

Reclassification of currency translation from accumulated other comprehensive (loss) into net income (Note 6)

 
15,359

 

Income attributable to noncontrolling interests
(450
)
 
(6
)
 
456

Common dividends
(30,914
)
 

 

Preferred dividends ($0.5625 per share)
(20
)
 

 

Reclassification due to the adoption of ASU 2018-02 (Note 2)
3,772

 
(3,772
)
 

Balances June 30, 2019
$
971,453

 
$
(203,406
)
 
$
6,093

The accompanying notes are an integral part of the consolidated financial statements.

-6-



MSA SAFETY INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Unaudited
Note 1—Basis of Presentation
The condensed consolidated financial statements of MSA Safety Incorporated and its subsidiaries ("MSA" or the "Company") are unaudited. These condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary by management to fairly state the Company's results. Intercompany accounts and transactions have been eliminated. The results reported in these condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. The December 31, 2018 Condensed Consolidated Balance Sheet data was derived from the audited consolidated balance sheet, but does not include all disclosures required by accounting principles generally accepted in the United States of America (U.S. GAAP). This Form 10-Q report should be read in conjunction with MSA's Form 10-K for the year ended December 31, 2018, which includes all disclosures required by U.S. GAAP.
Reclassifications - Certain reclassifications of prior years' data have been made to conform to the current year presentation. These reclassifications relate to (1) additional captions disclosed within the operating section of the unaudited Condensed Consolidated Statement of Cash Flows but do not change the overall cash flow from operating activities for the prior years as previously reported, and (2) additional captions disclosed for product warranty activity within the table that reconciles the changes in the Company's accrued warranty reserve (Note 18—Contingencies).
Note 2—Recently Adopted and Recently Issued Accounting Standards
In February 2016, the FASB issued ASU 2016-02, Leases. This ASU requires lessees to record a right-of-use asset and a liability for virtually all leases. This ASU was adopted on January 1, 2019, using the modified retrospective transition method at the adoption date. Comparative periods presented in our unaudited condensed consolidated financial statements are reported in accordance with ASC 840, Leases. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carry forward the historical lease classification. The Company also elected the practical expedient to not separate lease and non-lease components for new leases entered into after January 1, 2019 when calculating the lease liability under this ASU. Adoption of this ASU resulted in the recording of lease liabilities of approximately $54 million with the offset to lease right-of-use assets of $54 million. The standard did not materially impact our unaudited Condensed Consolidated Statement of Income and had no impact on our unaudited Condensed Consolidated Statement of Cash Flows. The new standard also requires increased disclosures to help financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. See additional disclosures in Note 14Leases.
In June 2016, the FASB issued ASU 2016-13, Allowance for Loan and Lease Losses. This ASU introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments, including loans, held-to-maturity debt securities, loan commitments, financial guarantees and net investments in leases, as well as reinsurance and trade/other receivables. This ASU will be effective beginning in 2020. Based on a review of its portfolio of financial instruments, the Company has developed a project plan and is in the process of assessing the impact that this ASU will have on our reserve for trade receivables as recorded in our unaudited Condensed Consolidated Balance Sheet. Additionally, we expect the adoption of this ASU to result in additional disclosures.
In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment. This ASU simplifies the accounting for goodwill impairments under Step 2 by eliminating the requirement to perform procedures to determine the fair value of the assets and liabilities of the reporting unit, including previously unrecognized assets and liabilities, in order to determine the fair value of the goodwill and any impairment charge to be recognized. Under this ASU, the impairment charge to be recognized should be the amount by which the reporting unit's carrying value exceeds the reporting unit's fair value as calculated under Step 1 provided that the loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. The Company adopted ASU 2017-04 on January 1, 2019 and adoption of this ASU may have a material effect on our unaudited condensed consolidated financial statements in the event that we determine that goodwill for any of our reporting units is impaired.


-7-



In January 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("AOCI"), which gives entities the option to reclassify to retained earnings the tax effects resulting from the new tax reform legislation commonly known as the Tax Cuts and Jobs Act ("the Act") related to items in AOCI that the FASB refers to as having been stranded in AOCI. The new guidance may be applied retrospectively to each period in which the effect of the Act is recognized in the period of adoption. ASU2018-02 requires new disclosures regarding the Company’s accounting policy for releasing the tax effects in accumulated other comprehensive loss and allows the Company to reclassify the effect of remeasuring deferred tax liabilities and assets related to items within accumulated other comprehensive loss using the then newly enacted 21% federal corporate income tax rate. The Company adopted ASU 2018-02 on January 1, 2019 and this adoption resulted in a reclassification that increased retained earnings by $3.8 million, with an offsetting increase to accumulated other comprehensive loss for the same amount.
In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which improves fair value disclosure requirements by removing disclosures that are not cost beneficial, clarifying disclosures’ specific requirements and adding relevant disclosure requirements. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted and an entity can choose to early adopt any removed or modified disclosures upon issuance of this ASU and delay adoption of the additional disclosures until their effective date. Based on a review of its portfolio of financial instruments, the Company does not believe the adoption of this ASU will have a material impact on the unaudited condensed consolidated financial statements but does expect changes to our disclosures.
In August 2018, the FASB issued ASU 2018-14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans, which improves defined benefit disclosure requirements by removing disclosures that are not cost beneficial, clarifying disclosures’ specific requirements and adding relevant disclosure requirements. This ASU is effective for fiscal years ending after December 15, 2020 and early adoption is permitted.  The amendments in this ASU are required to be applied on a retrospective basis to all periods presented. The Company is still evaluating the impact that the adoption of ASU 2018-14 will have on the unaudited condensed consolidated financial statements, but does expect changes to our disclosures.
In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which will now allow all cloud computing arrangements classified as service contracts to capitalize certain implementation costs in accordance with ASC 350-40, Intangibles - Goodwill and Other - Internal-Use Software, depending on the project stage within which the costs were incurred. This ASU is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal periods. Early adoption of the amendments in this ASU is permitted, including adoption in any interim period and the amendments can be applied either retrospectively or prospectively. In 2018, the Company adopted this ASU prospectively for all implementation costs incurred related to cloud computing arrangements and the implementation did not have a material impact on our unaudited condensed consolidated financial statements.
Note 3—Inventories
The following table sets forth the components of inventory:
(In thousands)
 
June 30, 2019
 
December 31, 2018
Finished products
 
$
82,184

 
$
65,965

Work in process
 
10,996

 
6,169

Raw materials and supplies
 
135,107

 
124,554

Inventories at current cost
 
228,287

 
196,688

Less: LIFO valuation
 
(40,508
)
 
(40,086
)
Total inventories
 
$
187,779

 
$
156,602



-8-



Note 4—Restructuring Charges
During the three and six months ended June 30, 2019, we recorded restructuring charges of $3.5 million and $9.4 million, respectively. International segment restructuring charges of $8.9 million during the six months ended June 30, 2019, were primarily related to severance costs for staff reductions associated with our ongoing initiatives to drive profitable growth and a non-cash settlement charge for the closure of our pension plan in the United Kingdom. Corporate segment restructuring charges of $0.4 million during the six months ended June 30, 2019, were related primarily to the legal and operational realignment of our U.S. and Canadian operations.
During the three and six months ended June 30, 2018, we recorded restructuring charges of $2.3 million and $7.6 million, respectively. Americas segment restructuring charges of $0.6 million during the six months ended June 30, 2018, were related to severance costs for staff reductions in our Latin America Region. International segment restructuring charges of $3.5 million during the six months ended June 30, 2018, were primarily related to severance costs for staff reductions associated with our ongoing initiatives to drive profitable growth in Europe. Corporate segment restructuring charges of $3.5 million during the six months ended June 30, 2018, were related primarily to the legal and operational realignment of our U.S. and Canadian operations.
Activity and reserve balances for restructuring charges by segment were as follows:
(In millions)
Americas
 
International
 
Corporate
 
Total
Reserve balances at December 31, 2017
$
0.5

 
$
3.6

 
$

 
$
4.1

Restructuring charges
2.3

 
5.6

 
5.3

 
13.2

Currency translation and other adjustments
(0.3
)
 
(0.3
)
 

 
(0.6
)
Cash payments
(2.0
)
 
(4.9
)
 
(5.3
)
 
(12.2
)
Reserve balances at December 31, 2018
$
0.5

 
$
4.0

 
$

 
$
4.5

Restructuring charges
0.1

 
8.9

 
0.4

 
9.4

Currency translation and other adjustments

 
(0.4
)
 

 
(0.4
)
Cash payments/utilization
(0.2
)
 
(5.6
)
 
(0.4
)
 
(6.2
)
Reserve balances at June 30, 2019
$
0.4

 
$
6.9

 
$

 
$
7.3


Note 5—Property, Plant and Equipment
The following table sets forth the components of property, plant and equipment:
(In thousands)
June 30, 2019
 
December 31, 2018
Land
$
3,047

 
$
3,188

Buildings
119,819

 
117,910

Machinery and equipment
393,327

 
386,690

Construction in progress
28,687

 
24,044

Total
544,880

 
531,832

Less: accumulated depreciation
(386,833
)
 
(373,892
)
Net property, plant and equipment
$
158,047

 
$
157,940



-9-



Note 6—Reclassifications Out of Accumulated Other Comprehensive Loss
We recognized non-cash cumulative translation losses of approximately $15.4 million, during the six months ended June 30, 2019, primarily as a result of the approval of our plan to close our South Africa affiliates. This charge is related to the historical translation of the elements of the financial statements for the business from the functional currency to the U.S. Dollar. The translation impact has been historically recorded as currency translation adjustment (“CTA”), a separate component of accumulated other comprehensive loss within the equity section of the unaudited Condensed Consolidated Balance Sheet and has been reclassified into net income during the six months ended June 30, 2019.
Changes in accumulated other comprehensive loss were as follows:
 
 
MSA Safety Incorporated
 
Noncontrolling Interests
 
 
Three Months Ended
June 30,
 
Three Months Ended June 30,
(In thousands)
 
2019
 
2018
 
2019
 
2018
Pension and other post-retirement benefits (a)
 
 
 
 
 
 
 
 
Balance at beginning of period
 
$
(117,266
)
 
$
(95,619
)
 
$

 
$

Amounts reclassified from accumulated other comprehensive loss into net income:
 
 
 
 
 
 
 
 
Amortization of prior service credit (Note 15)
 
11

 
(131
)
 

 

Recognized net actuarial losses (Note 15)
 
2,751

 
3,804

 

 

Tax benefit
 
(1,384
)
 
(614
)
 

 

Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income
 
1,378

 
3,059

 

 

Balance at end of period
 
$
(115,888
)
 
$
(92,560
)
 
$

 
$

Available-for-sale securities
 
 
 
 
 
 
 
 
Balance at beginning of period
 
(36
)
 

 

 

Unrealized gains on available-for-sale securities (Note 17)
 
27

 

 

 

Balance at end of period
 
$
(9
)
 
$

 
$

 
$

Foreign Currency Translation
 
 
 
 
 
 
 
 
Balance at beginning of period
 
(87,261
)
 
(60,584
)
 
639

 
971

Reclassification from accumulated other comprehensive loss into net income
 

 
(774
)
 

 

Foreign currency translation adjustments
 
$
(248
)
 
$
(27,607
)
 
$
(137
)
 
$
(273
)
Balance at end of period
 
$
(87,509
)
 
$
(88,965
)
 
$
502

 
$
698



-10-



 
 
MSA Safety Incorporated
 
Noncontrolling Interests
 
 
Six Months Ended
 June 30,
 
Six Months Ended
June 30,
(In thousands)
 
2019
 
2018
 
2019
 
2018
Pension and other post-retirement benefits (a)
 
 
 
 
 
 
 
 
Balance at beginning of period
 
$
(115,517
)
 
$
(97,948
)
 
$

 
$

Amounts reclassified from accumulated other comprehensive loss into net income:
 
 
 
 
 
 
 
 
Amortization of prior service credit (Note 15)
 
(94
)
 
(213
)