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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, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 1-15579
 https://cdn.kscope.io/ee0fedfefe2e0dd748a8c336df945752-msa-20200930_g1.jpg
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
Former name or former address, if changed since last report: N/A
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 FilerxAccelerated 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 classTrading Symbol(s)Name of each exchange on which is registered
Common Stock, no par valueMSANew York Stock Exchange
As of October 23, 2020, 38,953,300 shares of common stock, of the registrant were outstanding.



PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Unaudited
 Three Months Ended September 30,Nine Months Ended September 30,
(In thousands, except per share amounts)2020201920202019
Net sales$304,392 $351,014 $959,975 $1,026,726 
Cost of products sold172,160 192,313 528,799 556,959 
Gross profit132,232 158,701 431,176 469,767 
Selling, general and administrative64,793 82,900 214,066 245,337 
Research and development13,851 13,520 41,723 41,482 
Restructuring charges (Note 4)7,603 1,850 18,475 11,203 
Currency exchange losses (gains), net (Note 6)2,759 (913)3,821 17,338 
Product liability expense (Note 17)2,077 1,730 4,878 8,155 
Operating income41,149 59,614 148,213 146,252 
Interest expense2,305 4,259 7,907 11,089 
Other income, net(1,117)(2,929)(4,376)(8,850)
Total other expense, net1,188 1,330 3,531 2,239 
Income before income taxes39,961 58,284 144,682 144,013 
Provision for income taxes (Note 10)11,727 15,673 36,251 37,913 
Net income28,234 42,611 108,431 106,100 
Net income attributable to noncontrolling interests(200)(372)(668)(822)
Net income attributable to MSA Safety Incorporated$28,034 $42,239 $107,763 $105,278 
Earnings per share attributable to MSA Safety Incorporated common shareholders (Note 9):
       Basic$0.72 $1.09 $2.77 $2.72 
Diluted$0.71 $1.08 $2.74 $2.69 
Dividends per common share$0.43 $0.42 $1.28 $1.22 
The accompanying notes are an integral part of the condensed consolidated financial statements.
-2-


MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited
 Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2020201920202019
Net income$28,234 $42,611 $108,431 $106,100 
Other comprehensive income (loss), net of tax:
     Foreign currency translation adjustments (Note 6)15,520 (16,091)(2,758)(16,115)
     Pension and post-retirement plan actuarial gains, net of tax (Note 6)3,058 2,257 9,250 5,658 
Unrealized (loss) gain on available-for-sale securities (Note 6)(74)(9)(12)554 
Reclassification of currency translation from accumulated other comprehensive (loss) into net income (Note 6) (212)720 15,147 
Total other comprehensive income (loss), net of tax18,504 (14,055)7,200 5,244 
Comprehensive income 46,738 28,556 115,631 111,344 
Comprehensive income attributable to noncontrolling interests(494)(145)(865)(601)
Comprehensive income attributable to MSA Safety Incorporated$46,244 $28,411 $114,766 $110,743 
The accompanying notes are an integral part of the condensed consolidated financial statements.
-3-


MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited 
(In thousands)September 30, 2020December 31, 2019
Assets
Cash and cash equivalents$132,830 $152,195 
Trade receivables, less allowance for credit loss of $5,068 and $4,860
229,293 255,082 
Inventories (Note 3)252,856 185,027 
Investments, short-term (Note 16)69,940 49,892 
Prepaid income taxes18,030 13,072 
Notes receivable, insurance companies (Note 17)3,766 3,676 
Prepaid expenses and other current assets 37,374 34,419 
Total current assets
744,089 693,363 
Property, plant and equipment, net (Note 5)178,064 167,038 
Operating lease assets, net52,331 51,675 
Prepaid pension cost (Note 14)83,447 75,066 
Deferred tax assets (Note 10)33,490 32,596 
Goodwill (Note 13)436,273 436,679 
Intangible assets, net (Note 13)161,765 171,326 
Notes receivable, insurance companies, noncurrent (Note 17)48,214 52,336 
Insurance receivable (Note 17) and other noncurrent assets54,992 59,614 
Total assets
$1,792,665 $1,739,693 
Liabilities
Notes payable and current portion of long-term debt (Note 12)$20,000 $20,000 
Accounts payable79,774 89,120 
Employees’ compensation41,213 41,882 
Insurance and product liability (Note 17)26,576 25,870 
Income taxes payable (Note 10)8,822 6,739 
Warranty reserve (Note 17) and other current liabilities108,273 93,898 
Total current liabilities
284,658 277,509 
Long-term debt, net (Note 12)321,694 328,394 
Pensions and other employee benefits190,073 186,697 
Noncurrent operating lease liabilities43,639 42,632 
Deferred tax liabilities (Note 10)11,425 9,787 
Product liability (Note 17) and other noncurrent liabilities161,073 162,101 
Total liabilities
$1,012,562 $1,007,120 
Equity
Preferred stock, 4.5% cumulative, $50 par value (Note 7)
$3,569 $3,569 
Common stock, no par value (Note 7)
234,703 229,127 
Treasury shares, at cost (Note 7)(329,025)(305,159)
Accumulated other comprehensive loss (Note 6)(207,000)(214,003)
Retained earnings1,070,218 1,012,266 
Total MSA Safety Incorporated shareholders' equity
772,465 725,800 
Noncontrolling interests7,638 6,773 
Total shareholders’ equity
780,103 732,573 
Total liabilities and shareholders’ equity
$1,792,665 $1,739,693 
The accompanying notes are an integral part of the condensed consolidated financial statements.
-4-


MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
 Nine Months Ended September 30,
(In thousands)20202019
Operating Activities
Net income$108,431 $106,100 
Depreciation and amortization29,284 28,339 
Stock-based compensation (Note 11)3,042 10,130 
Pension expense (Note 14)6,647 3,101 
Deferred income tax (benefit) provision (Note 10)(1,312)424 
Loss on asset dispositions, net189 271 
Pension contributions (Note 14)(5,672)(5,300)
Currency exchange losses, net3,821 17,338 
Product liability expense (Note 17)4,878 8,155 
Collections on insurance receivables and notes receivable,
insurance companies (Note 17)
10,844 18,724 
Product liability payments (Note 17)(6,648)(43,851)
Changes in:
     Trade receivables23,744 (5,414)
     Inventories (Note 3)(70,148)(33,996)
     Prepaid expenses and other current assets(7,673)(10,755)
     Accounts payable and accrued liabilities10,782 (3,647)
     Other noncurrent assets and liabilities(54)(1,369)
Cash Flow From Operating Activities110,155 88,250 
Investing Activities
Capital expenditures(32,698)(23,523)
Acquisition, net of cash acquired (33,196)
Purchase of short-term investments (Note 16)(174,337)(149,359)
Proceeds from maturities of short-term investments (Note 16)155,000 132,170 
Property disposals 334 123 
Cash Flow Used in Investing Activities(51,701)(73,785)
Financing Activities
Payments on short-term debt, net  (63)
Proceeds from long-term debt (Note 12)779,000 621,000 
Payments on long-term debt (Note 12)(784,000)(608,000)
Cash dividends paid(49,811)(47,215)
Company stock purchases (Note 7)(28,691)(11,060)
Exercise of stock options (Note 7)6,969 4,161 
Employee stock purchase plan (Note 7)390 344 
Cash Flow Used in Financing Activities(76,143)(40,833)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(1,668)(5,378)
Decrease in cash, cash equivalents and restricted cash(19,357)(31,746)
Beginning cash, cash equivalents and restricted cash152,543 140,604 
Ending cash, cash equivalents and restricted cash$133,186 $108,858 
Supplemental cash flow information:
Cash and cash equivalents$132,830 $108,481 
Restricted cash included in prepaid expenses and other current assets356 377 
Total cash, cash equivalents and restricted cash$133,186 $108,858 
The accompanying notes are an integral part of the condensed consolidated financial statements.
-5-


MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS 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, 2019$971,453 $(203,406)$6,093 
Net income42,611 — — 
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(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 June 30, 2020$1,058,955 $(225,210)$7,144 
Net income28,234 — — 
Foreign currency translation adjustments— 15,520 — 
Pension and post-retirement plan adjustments, net of tax of $1,111
— 3,058 — 
Unrealized net loss on available-for-sale securities (Note 17)— (74)— 
Income attributable to noncontrolling interests(200)(294)494 
Common dividends (16,761)— — 
Preferred dividends ($0.5625 per share)
(10)— — 
Balances September 30, 2020$1,070,218 $(207,000)$7,638 
Balances December 31, 2018$935,577 $(218,927)$5,637 
Net income106,100 — — 
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 16)— 554 — 
Reclassification 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)— — 
Cumulative effect of the adoption of ASU 2018-023,772 (3,772)— 
Balances September 30, 2019$997,412 $(217,234)$6,238 
Balances December 31, 2019$1,012,266 $(214,003)$6,773 
Net income108,431 — — 
Foreign currency translation adjustments— (2,758)— 
Pension and post-retirement plan adjustments, net of tax of $3,257
— 9,250 — 
Unrealized net loss on available-for-sale securities (Note 16)— (12)— 
Reclassification of currency translation from accumulated other comprehensive (loss) into net income (Note 6)— 720 — 
Income attributable to noncontrolling interests(668)(197)865 
Common dividends(49,781)— — 
Preferred dividends ($0.5625 per share)
(30)— — 
Balances September 30, 2020$1,070,218 $(207,000)$7,638 
The accompanying notes are an integral part of the condensed 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, 2019, 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, 2019, which includes all disclosures required by U.S. GAAP.
Note 2—Recently Adopted and Recently Issued Accounting Standards
In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit 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 receivables. This ASU was adopted on January 1, 2020, which did not have an impact on the unaudited condensed consolidated financial statements.
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. The Company adopted this ASU on January 1, 2020. The adoption of this ASU did not have a material impact on the unaudited condensed consolidated financial statements. The Company expects to include changes to our annual disclosures as a result of the adoption of this ASU.
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 this ASU will have on our consolidated financial statements.
Note 3—Inventories
The following table sets forth the components of inventory:
(In thousands)September 30, 2020December 31, 2019
Finished products$101,490 $71,918 
Work in process8,610 4,083 
Raw materials and supplies187,012 151,129 
Inventories at current cost297,112 227,130 
Less: LIFO valuation(44,256)(42,103)
Total inventories$252,856 $185,027 
-7-


Note 4—Restructuring Charges

During the three and nine months ended September 30, 2020, we recorded restructuring charges of $7.6 million and $18.5 million, respectively. International segment restructuring charges of $13.7 million during the nine months ended September 30, 2020, were primarily related to severance costs for staff reductions and footprint optimization associated with our ongoing initiatives to drive profitable growth. Americas segment restructuring charges of $3.7 million during the nine months ended September 30, 2020, were primarily related to costs associated with our global Fixed Gas & Flame Detection manufacturing footprint optimization as well as programs to adjust our operations in response to current business conditions.
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 closure 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.
Activity and reserve balances for restructuring charges by segment were as follows:
(In millions)AmericasInternationalCorporateTotal
Reserve balances at December 31, 2018$0.5 $4.0 $ $4.5 
Restructuring charges0.5 12.7 0.6 13.8 
Currency translation and other adjustments(0.1)(0.6) (0.7)
Cash payments / utilization (0.6)(10.2)(0.6)(11.4)
Reserve balances at December 31, 2019$0.3 $5.9 $ $6.2 
Restructuring charges3.7 13.7 1.1 18.5 
Currency translation and other adjustments(0.1)(0.2) (0.3)
Cash payments(0.3)(4.5)(0.3)(5.1)
Reserve balances at September 30, 2020$3.6 $14.9 $0.8 $19.3 
Note 5—Property, Plant and Equipment
The following table sets forth the components of property, plant and equipment, net:
(In thousands)September 30, 2020December 31, 2019
Land$4,184 $4,194 
Buildings126,600 125,223 
Machinery and equipment412,013 397,287 
Construction in progress40,570 24,759 
Total583,367 551,463 
Less: accumulated depreciation(405,303)(384,425)
Property, plant and equipment, net$178,064 $167,038 
-8-


Note 6—Reclassifications Out of Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss were as follows:
MSA Safety IncorporatedNoncontrolling Interests
Three Months Ended  
September 30,
Three Months Ended  
September 30,
(In thousands)2020201920202019
Pension and other post-retirement benefits (a)
Balance at beginning of period$(118,656)$(115,888)$ $ 
Amounts reclassified from accumulated other comprehensive loss into net income:
Amortization of prior service credit (Note 14)(52)(47)  
Recognized net actuarial losses (Note 14)4,221 2,772   
Tax benefit(1,111)(468)  
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income3,058 2,257   
Balance at end of period$(115,598)$(113,631)$ $ 
Available-for-sale securities
Balance at beginning of period$68 $(9)$ $ 
Unrealized loss on available-for-sale securities (Note 16)(74)(9)  
Balance at end of period$(6)$(18)$ $ 
Foreign currency translation
Balance at beginning of period$(106,622)$(87,509)$326 $502 
Reclassification from accumulated other comprehensive loss into net income (212)
(b)
  
Foreign currency translation adjustments15,226 (15,864)294 (227)
Balance at end of period$(91,396)$(103,585)$620 $275 
(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 14—Pensions and Other Post-retirement Benefits).
(b) Reclassifications into net income relate primarily to the closure of several subsidiaries in our Europe, Middle East & Africa ("EMEA") operating segment and are included in Currency exchange losses (gains), net, within the unaudited Condensed Consolidated Statement of Income.
-9-


MSA Safety IncorporatedNoncontrolling Interests
Nine Months Ended 
September 30,
Nine Months Ended 
September 30,
(In thousands)2020201920202019
Pension and other post-retirement benefits (a)
Balance at beginning of period$(124,848)$(115,517)$ $ 
Amounts reclassified from accumulated other comprehensive loss into net income:
Amortization of prior service credit (Note 14)(156)(141)  
Recognized net actuarial losses (Note 14)12,663 8,317   
Tax benefit(3,257)(2,518)  
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income9,250 5,658   
Reclassification to retained earnings due to adoption of ASU 2018-02 (3,772)  
Balance at end of period$(115,598)$(113,631)$ $ 
Available-for-sale securities
Balance at beginning of period$6 $(572)$ $ 
Unrealized (loss) gain on available-for-sale securities (Note 16)(12)554   
Balance at end of period$(6)$(18)$ $ 
Foreign currency translation
Balance at beginning of period$(89,161)$(102,838)$423 $496 
Reclassification from accumulated other comprehensive loss into net income720 
(b)
15,147 
(c)
  
Foreign currency translation adjustments(2,955)(15,894)197 (221)
Balance at end of period$(91,396)$(103,585)$620 $275 
(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 14—Pensions and Other Post-retirement Benefits).
(b) Reclassifications into net income relate primarily to the approval of our plan to close several subsidiaries in our Europe, Middle East & Africa ("EMEA") operating segment and are included in Currency exchange losses (gains), net, within the unaudited Condensed Consolidated Statement of Income.
(c) Reclassifications out of accumulated other comprehensive loss into net income relate primarily to the closure of our South Africa subsidiaries and are included in Currency exchange losses (gains), net, within the unaudited Condensed Consolidated Statement of Income.
-10-


Note 7—Capital Stock
Preferred Stock - The Company has authorized 100,000 shares of $50 par value 4.5% cumulative preferred nonvoting stock which is callable at $52.50. There are 71,340 shares issued and 52,998 shares held in treasury at September 30, 2020. The Treasury shares at cost line on the unaudited Condensed Consolidated Balance Sheet includes $1.8 million related to preferred stock. There were treasury purchases of 120 preferred stock shares during the nine months ended September 30, 2020. There were no treasury purchases of preferred stock during the nine months ended September 30, 2019. The Company has also authorized 1,000,000 shares of $10 par value second cumulative preferred voting stock. No shares have been issued as of September 30, 2020.
Common Stock - The Company has authorized 180,000,000 shares of no par value common stock. There were 62,081,391 shares issued as of December 31, 2019. No new shares were issued during the nine months ended September 30, 2020, or 2019. There were 38,950,467 and 38,841,194 shares outstanding at September 30, 2020, and December 31, 2019, respectively.
Treasury Shares - The Company's share repurchase program authorizes up to $100.0 million to repurchase MSA common stock in the open market and in private transactions. The share repurchase program has no expiration date. The maximum number of shares that may be repurchased is calculated based on the dollars remaining under the program and the respective month-end closing share price. During the nine months ended September 30, 2020, 175,000 shares were repurchased under this program and all of the repurchases occurred during the first quarter. During the nine months ended September 30, 2019, 33,465 shares were repurchased under the program. There were 23,130,924 and 23,240,197 Treasury Shares at September 30, 2020, and December 31, 2019, respectively.
The Company issues Treasury Shares for all stock-based compensation plans. Shares are issued from Treasury at the average Treasury Share cost on the date of the transaction. There were 66,893 and 320,718 Treasury Shares issued for these purposes during the nine months ended September 30, 2020 and 2019, respectively.
Common stock activity is summarized as follows:
Three Months Ended September 30, 2020Three Months Ended September 30, 2019
(In thousands)Common
Stock
Treasury
Cost
Common
Stock
Treasury
Cost
Balance at beginning of period$233,786 $(327,997)$218,801 $(303,744)
Stock compensation expense(1,309) 4,044  
Restricted and performance stock awards(50)50 (70)70 
Stock options exercised2,276 954 637 292 
Treasury shares purchased (439) (118)
Balance at end of period$234,703 $(327,432)$