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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 September 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=13161230&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, no par value
MSA
New York Stock Exchange
As of October 21, 2019, 38,737,891 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 September 30,
 
Nine Months Ended September 30,
(In thousands, except per share amounts)
 
2019
 
2018
 
2019
 
2018
Net sales
 
$
351,014

 
$
331,096

 
$
1,026,726

 
$
996,320

Cost of products sold
 
192,313

 
182,794

 
556,959

 
546,844

Gross profit
 
158,701

 
148,302

 
469,767

 
449,476

 
 
 
 
 
 
 
 
 
Selling, general and administrative
 
82,900

 
78,013

 
245,337

 
240,226

Research and development
 
13,520

 
13,296

 
41,482

 
39,752

Restructuring charges (Note 4)
 
1,850

 
2,615

 
11,203

 
10,223

Currency exchange (gains) losses, net (Note 6)
 
(913
)
 
(252
)
 
17,338

 
2,571

Product liability expense (Note 18)
 
1,730

 
14,627

 
8,155

 
25,469

Operating income
 
59,614

 
40,003

 
146,252

 
131,235

 
 
 
 
 
 
 
 
 
Interest expense
 
4,259

 
4,492

 
11,089

 
14,454

Loss on extinguishment of debt (Note 12)
 

 
1,494

 

 
1,494

Other income, net
 
(2,929
)
 
(4,252
)
 
(8,850
)
 
(8,292
)
Total other expense, net
 
1,330

 
1,734

 
2,239

 
7,656

 
 
 
 
 
 
 
 
 
Income before income taxes
 
58,284

 
38,269

 
144,013

 
123,579

Provision for income taxes (Note 10)
 
15,673

 
4,206

 
37,913

 
23,606

Net income
 
42,611

 
34,063

 
106,100

 
99,973

 
 
 
 
 
 
 
 
 
Net income attributable to noncontrolling interests
 
(372
)
 
(346
)
 
(822
)
 
(706
)
 
 
 
 
 
 
 
 
 
Net income attributable to MSA Safety Incorporated
 
$
42,239

 
$
33,717

 
$
105,278

 
$
99,267

 
 
 
 
 
 
 
 
 
Earnings per share attributable to MSA Safety Incorporated common shareholders:
 
 
 
 
 
 
 
 
       Basic
 
$
1.09

 
$
0.88

 
$
2.72

 
$
2.59

Diluted
 
$
1.08

 
$
0.86

 
$
2.69

 
$
2.55

Dividends per common share
 
$
0.42

 
$
0.38

 
$
1.22

 
$
1.11

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 September 30,
 
Nine Months Ended September 30,
(In thousands)
 
2019
 
2018
 
2019
 
2018
Net income
 
$
42,611

 
$
34,063

 
$
106,100

 
$
99,973

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
     Foreign currency translation adjustments (Note 6)
 
(16,091
)
 
(4,755
)
 
(16,115
)
 
(19,235
)
     Pension and post-retirement plan actuarial gains, net of tax (Note 6)
 
2,257

 
2,651

 
5,658

 
8,039

Unrealized (loss) gain on available-for-sale securities (Note 6)
 
(9
)
 

 
554

 

Reclassification of currency translation from accumulated other comprehensive income(loss) into net income (Note 6)
 
(212
)
 

 
15,147

 
(774
)
Total other comprehensive (loss) income, net of tax
 
(14,055
)
 
(2,104
)
 
5,244

 
(11,970
)
Comprehensive income
 
28,556

 
31,959

 
111,344

 
88,003

Comprehensive income attributable to noncontrolling interests
 
(145
)
 
(152
)
 
(601
)
 
(409
)
Comprehensive income attributable to MSA Safety Incorporated
 
$
28,411

 
$
31,807

 
$
110,743

 
$
87,594

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

-3-



MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEET
Unaudited 
(In thousands)
 
September 30, 2019
 
December 31, 2018
Assets
 
 
 
 
Cash and cash equivalents
 
$
108,481

 
$
140,095

Trade receivables, less allowance for doubtful accounts of $4,950 and $5,369
 
248,406

 
245,032

Inventories (Note 3)
 
192,199

 
156,602

Investments, short-term (Note 17)
 
72,166

 
55,106

Prepaid income taxes
 
15,996

 
10,769

Notes receivable, insurance companies (Note 18)
 
3,646

 
3,555

Prepaid expenses and other current assets
 
45,534

 
45,464

Total current assets
 
686,428

 
656,623

 
 
 
 
 
Property, plant and equipment, net (Note 5)
 
158,957

 
157,940

Operating lease assets, net (Note 14)
 
50,470

 

Prepaid pension cost
 
68,387

 
57,568

Deferred tax assets (Note 10)
 
29,297

 
32,522

Goodwill (Note 13)
 
428,629

 
413,640

Intangible assets (Note 13)
 
171,066

 
169,515

Notes receivable, insurance companies, noncurrent (Note 18)
 
51,980

 
56,012

Insurance receivable (Note 18) and other noncurrent assets
 
53,929

 
64,192

Total assets
 
$
1,699,143

 
$
1,608,012

 
 
 
 
 
Liabilities
 
 
 
 
Notes payable and current portion of long-term debt, net (Note 12)
 
$
20,000

 
$
20,063

Accounts payable
 
69,773

 
78,367

Employees’ compensation
 
38,840

 
51,386

Insurance and product liability (Note 18)
 
20,988

 
48,688

Income taxes payable (Note 10)
 
11,612

 

Warranty reserve (Note 18) and other current liabilities
 
100,995

 
83,556

Total current liabilities
 
262,208

 
282,060

 
 
 
 
 
Long-term debt, net (Note 12)
 
352,073

 
341,311

Pensions and other employee benefits
 
163,342

 
166,101

Noncurrent operating lease liabilities (Note 14)
 
40,836

 

Deferred tax liabilities (Note 10)
 
11,251

 
7,164

Product liability (Note 18) and other noncurrent liabilities
 
161,128

 
171,857

Total liabilities
 
$
990,838

 
$
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)
 
223,412

 
211,806

Treasury shares, at cost (Note 7)
 
(305,092
)
 
(298,143
)
Accumulated other comprehensive loss (Note 6)
 
(217,234
)
 
(218,927
)
Retained earnings
 
997,412

 
935,577

Total MSA Safety Incorporated shareholders' equity
 
702,067

 
633,882

Noncontrolling interests
 
6,238

 
5,637

Total shareholders’ equity
 
708,305

 
639,519

Total liabilities and shareholders’ equity
 
$
1,699,143

 
$
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
 
 
Nine Months Ended September 30,
(In thousands)
 
2019
 
2018
Operating Activities
 
 
 
 
Net income
 
$
106,100

 
$
99,973

Depreciation and amortization
 
28,339

 
28,585

Stock-based compensation (Note 11)
 
10,130

 
9,595

Pension expense (Note 15) and other charges
 
3,101

 
4,464

Deferred income tax provision (benefit) (Note 10)
 
424

 
(5,152
)
Loss on asset dispositions, net
 
271

 
416

Pension contributions (Note 15)
 
(5,300
)
 
(3,729
)
Currency exchange losses, net
 
17,338

 
2,571

Product liability expense (Note 18)
 
8,155

 
25,469

Collections on insurance receivables and notes receivable,
insurance companies (Note 18)
 
18,724

 
94,875

Product liability payments (Note 18)
 
(43,851
)
 
(44,041
)
Loss on extinguishment of debt
 

 
1,494

Changes in:
 
 
 
 
     Trade receivables
 
(5,414
)
 
598

     Inventories (Note 3)
 
(33,996
)
 
(36,467
)
     Prepaid expenses and other current assets
 
(10,755
)
 
(5,732
)
     Accounts payable and accrued liabilities
 
(3,647
)
 
11,514

     Other noncurrent assets and liabilities
 
(1,369
)
 
1,764

Cash Flow From Operating Activities
 
88,250

 
186,197

Investing Activities
 

 

Capital expenditures
 
(23,523
)
 
(18,620
)
Acquisition, net of cash acquired (Note 19)
 
(33,196
)
 

Purchase of short-term investments (Note 17)
 
(149,359
)
 
(57,090
)
Proceeds from maturities of short-term investments (Note 17)
 
132,170

 

Property disposals
 
123

 
4,001

Cash Flow Used in Investing Activities
 
(73,785
)
 
(71,709
)
Financing Activities
 
 
 
 
Payments on short-term debt, net
 
(63
)
 
(8
)
Proceeds from long-term debt (Note 12)
 
621,000

 
340,500

Payments on long-term debt (Note 12)
 
(608,000
)
 
(421,167
)
Debt issuance costs
 

 
(1,216
)
Cash dividends paid
 
(47,215
)
 
(42,605
)
Company stock purchases (Note 7)
 
(11,060
)
 
(4,299
)
Exercise of stock options (Note 7)
 
4,161

 
6,154

Employee stock purchase plan (Note 7)
 
344

 
280

Other, net
 

 
(1,494
)
Cash Flow Used in Financing Activities
 
(40,833
)
 
(123,855
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
 
(5,378
)
 
(9,952
)
Decrease in cash, cash equivalents and restricted cash
 
(31,746
)
 
(19,319
)
Beginning cash, cash equivalents and restricted cash
 
140,604

 
137,889

Ending cash, cash equivalents and restricted cash
 
$
108,858

 
$
118,570

 
 
 
 
 
Supplemental cash flow information:
 
 
 
 
Cash and cash equivalents
 
$
108,481

 
$
118,161

Restricted cash included in prepaid expenses and other current assets
 
377

 
409

Total cash, cash equivalents and restricted cash
 
$
108,858

 
$
118,570

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 June 30, 2018
$
906,244

 
$
(181,525
)
 
$
5,234

Net income
34,063

 

 

Foreign currency translation adjustments

 
(4,755
)
 

Pension and post-retirement plan adjustments, net of tax of $886

 
2,651

 

Income attributable to noncontrolling interests
(346
)
 
194

 
152

Common dividends
(14,614
)
 

 

Preferred dividends ($0.5625 per share)
(10
)
 

 

Balances September 30, 2018
$
925,337

 
$
(183,435
)
 
$
5,386

 
 
 
 
 
 
Balances June 30, 2019
$
971,453

 
$
(203,406
)
 
$
6,093

Net income
42,611

 

 

Foreign currency translation adjustments

 
(16,091
)
 

Pension and post-retirement plan adjustments, net of tax of $468

 
2,257

 

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

 
(9
)
 

Reclassification from accumulated other comprehensive (loss) into net income

 
(212
)
 

Income attributable to noncontrolling interests
(372
)
 
227

 
145

Common dividends
(16,270
)
 

 

Preferred dividends ($0.5625 per share)
(10
)
 

 

Balances September 30, 2019
$
997,412

 
$
(217,234
)
 
$
6,238

 
 
 
 
 
 
Balances December 31, 2017
$
868,675

 
$
(171,762
)
 
$
4,977

Net income
99,973

 

 

Foreign currency translation adjustments

 
(19,235
)
 

Pension and post-retirement plan adjustments, net of tax of $2,566

 
8,039

 

Reclassification from accumulated other comprehensive (loss) into net income

 
(774
)
 

Income attributable to noncontrolling interests
(706
)
 
297

 
409

Common dividends
(42,575
)
 

 

Preferred dividends ($0.5625 per share)
(30
)
 

 

Balances September 30, 2018
$
925,337

 
$
(183,435
)
 
$
5,386

 
 
 
 
 
 
Balances December 31, 2018
$
935,577

 
$
(218,927
)
 
$
5,637

Net income
106,100

 

 

Foreign currency translation adjustments

 
(16,115
)
 

Pension and post-retirement plan adjustments, net of tax of $2,518

 
5,658

 

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

 
554

 

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

 
15,147

 

Income attributable to noncontrolling interests
(822
)
 
221

 
601

Common dividends
(47,185
)
 

 

Preferred dividends ($0.5625 per share)
(30
)
 

 

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

 
(3,772
)
 

Balances September 30, 2019
$
997,412

 
$
(217,234
)
 
$
6,238

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. 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 change to our 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)
 
September 30, 2019
 
December 31, 2018
Finished products
 
$
80,118

 
$
65,965

Work in process
 
11,971

 
6,169

Raw materials and supplies
 
140,485

 
124,554

Inventories at current cost
 
232,574

 
196,688

Less: LIFO valuation
 
(40,375
)
 
(40,086
)
Total inventories
 
$
192,199

 
$
156,602



-8-



Note 4—Restructuring Charges
During the three and nine months ended September 30, 2019, we recorded restructuring charges of $1.9 million and $11.2 million, respectively. International segment restructuring charges of $10.5 million during the nine months ended September 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 termination of our pension plan in the United Kingdom. Corporate segment restructuring charges of $0.5 million during the nine months ended September 30, 2019, were primarily related to the legal and operational realignment of our U.S. and Canadian operations.
During the three and nine months ended September 30, 2018, we recorded restructuring charges of $2.6 million and $10.2 million, respectively. Americas segment restructuring charges of $2.0 million during the nine months ended September 30, 2018, were related to severance costs for staff reductions in our Northern North America and Latin America Regions. International segment restructuring charges of $3.5 million during the nine months ended September 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 $4.7 million during the nine months ended September 30, 2018, were primarily related 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
0.2

 
10.5

 
0.5

 
11.2

Currency translation and other adjustments
(0.1
)
 
(1.8
)
 

 
(1.9
)
Cash payments/utilization
(0.3
)
 
(7.7
)
 
(0.5
)
 
(8.5
)
Reserve balances at September 30, 2019
$
0.3

 
$
5.0

 
$

 
$
5.3


Note 5—Property, Plant and Equipment
The following table sets forth the components of property, plant and equipment:
(In thousands)
September 30, 2019
 
December 31, 2018
Land
$
2,984

 
$
3,188

Buildings
120,001

 
117,910

Machinery and equipment
393,969

 
386,690

Construction in progress
30,517

 
24,044

Total
547,471

 
531,832

Less: accumulated depreciation
(388,514
)
 
(373,892
)
Net property, plant and equipment
$
158,957

 
$
157,940



-9-



Note 6—Reclassifications Out of Accumulated Other Comprehensive Loss
We recognized non-cash cumulative translation losses of approximately $15.1 million, during the nine months ended September 30, 2019, primarily related to 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 nine months ended September 30, 2019.
Changes in accumulated other comprehensive loss were as follows:
 
 
MSA Safety Incorporated
 
Noncontrolling Interests
 
 
Three Months Ended September 30,
 
Three Months Ended September 30,
(In thousands)
 
2019
 
2018
 
2019
 
2018
Pension and other post-retirement benefits (a)
 
 
 
 
 
 
 
 
Balance at beginning of period
 
$
(115,888
)
 
$
(92,560
)
 
$

 
$

Amounts reclassified from accumulated other comprehensive loss into net income:
 
 
 
 
 
 
 
 
Amortization of prior service credit (Note 15)
 
(47
)
 
(105
)
 

 

Recognized net actuarial losses (Note 15)
 
2,772

 
3,642

 

 

Tax benefit
 
(468
)
 
(886
)
 

 

Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income
 
2,257

 
2,651

 

 

Balance at end of period
 
$
(113,631
)
 
$
(89,909
)
 
$

 
$

Available-for-sale securities
 
 
 
 
 
 
 
 
Balance at beginning of period
 
(9
)
 

 

 

Unrealized loss on available-for-sale securities (Note 17)
 
(9
)
 

 

 

Balance at end of period
 
$
(18
)
 
$

 
$

 
$

Foreign Currency Translation
 
 
 
 
 
 
 
 
Balance at beginning of period
 
(87,509
)
 
(88,965
)
 
502

 
698

Reclassification from accumulated other comprehensive loss into net income
 
(212
)
 

 

 

Foreign currency translation adjustments
 
(15,864
)
 
(4,561
)
 
(227
)
 
(194
)
Balance at end of period
 
$
(103,585
)
 
$
(93,526
)
 
$
275

 
$
504

(a) Reclassifications out of accumulated other comprehensive loss and into net income are included in the computation of net periodic pension and other post-retirement benefit costs (refer to Note 15—Pensions and Other Post-retirement Benefits).

-10-




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