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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, 2021
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/3009fd81556b8d2f65ea74aac1a9caeb-msa-20210630_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 July 23, 2021, 39,189,632 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 June 30,Six Months Ended June 30,
(In thousands, except per share amounts)2021202020212020
Net sales$341,289 $314,438 $649,717 $655,583 
Cost of products sold188,374 172,841 362,063 356,627 
Gross profit152,915 141,597 287,654 298,956 
Selling, general and administrative83,426 69,034 158,889 149,271 
Research and development13,970 13,760 27,204 27,872 
Restructuring charges (Note 3)7,078 8,865 8,385 10,872 
Currency exchange losses (gains), net (Note 5)1,640 793 (459)1,063 
Product liability expense (Note 17)11,751 851 14,547 2,802 
Operating income35,050 48,294 79,088 107,076 
Interest expense2,172 2,459 4,082 5,602 
Other income, net(2,293)(2,000)(6,506)(3,258)
Total other (income) expense, net(121)459 (2,424)2,344 
Income before income taxes35,171 47,835 81,512 104,732 
Provision for income taxes (Note 9)9,784 11,429 19,525 24,523 
Net income25,387 36,406 61,987 80,209 
Net income attributable to noncontrolling interests(262)(340)(448)(468)
Net income attributable to MSA Safety Incorporated$25,125 $36,066 $61,539 $79,741 
Earnings per share attributable to MSA Safety Incorporated common shareholders (Note 8):
       Basic$0.64 $0.93 $1.57 $2.05 
Diluted$0.64 $0.92 $1.56 $2.03 
Dividends per common share$0.44 $0.43 $0.87 $0.85 
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 June 30,Six Months Ended June 30,
(In thousands)2021202020212020
Net income$25,387 $36,406 $61,987 $80,209 
Other comprehensive income (loss), net of tax:
     Foreign currency translation adjustments (Note 5)6,018 4,669 (4,205)(18,278)
     Pension and post-retirement plan actuarial gains, net of tax
    (Note 5)
3,657 3,090 7,369 6,192 
Unrealized gain (loss) on available-for-sale securities (Note 5)1 124 (4)62 
Reclassification of currency translation from accumulated other comprehensive loss into net income (Note 5)   720 
Total other comprehensive income (loss), net of tax9,676 7,883 3,160 (11,304)
Comprehensive income 35,063 44,289 65,147 68,905 
Less: Comprehensive income attributable to noncontrolling interests(135)(358)(356)(371)
Comprehensive income attributable to MSA Safety Incorporated$34,928 $43,931 $64,791 $68,534 
The accompanying notes are an integral part of the condensed consolidated financial statements.
-3-


MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited 
(In thousands)June 30, 2021December 31, 2020
Assets
Cash and cash equivalents$174,078 $160,672 
Trade receivables, less allowance for credit loss of $4,537 and $5,344
226,575 252,283 
Inventories (Note 2)232,658 197,819 
Investments, short-term (Note 16)49,982 74,982 
Prepaid income taxes33,595 26,185 
Notes receivable, insurance companies (Note 17)3,855 3,796 
Prepaid expenses and other current assets 49,239 38,541 
Total current assets
769,982 754,278 
Property, plant and equipment, net (Note 4)201,163 189,620 
Operating lease assets, net67,383 53,451 
Prepaid pension cost (Note 14)105,078 97,545 
Deferred tax assets (Note 9)37,007 35,665 
Goodwill (Note 12)447,267 443,272 
Intangible assets, net (Note 12)161,402 161,051 
Notes receivable, insurance companies, noncurrent (Note 17)49,133 48,540 
Net investment in sales-type leases, noncurrent (Note 13)29,383  
Insurance receivable (Note 17) and other noncurrent assets95,435 89,062 
Total assets
$1,963,233 $1,872,484 
Liabilities
Notes payable and current portion of long-term debt (Note 11)$20,000 $20,000 
Accounts payable89,086 86,854 
Employees’ compensation37,533 40,277 
Insurance and product liability (Note 17)43,857 43,706 
Income taxes payable (Note 9)19,871 3,580 
Other current liabilities107,494 116,128 
Total current liabilities
317,841 310,545 
Long-term debt, net (Note 11)314,587 287,157 
Pensions and other employee benefits201,311 208,068 
Noncurrent operating lease liabilities58,877 44,639 
Deferred tax liabilities (Note 9)13,017 10,916 
Product liability (Note 17) and other noncurrent liabilities208,832 201,268 
Total liabilities
$1,114,465 $1,062,593 
Equity
Preferred stock, 4.5% cumulative, $50 par value (Note 6)
$3,569 $3,569 
Common stock, no par value (Note 6)
253,773 242,693 
Treasury shares, at cost (Note 6)(331,039)(327,756)
Accumulated other comprehensive loss (Note 5)(179,145)(182,397)
Retained earnings1,093,261 1,065,789 
Total MSA Safety Incorporated shareholders' equity
840,419 801,898 
Noncontrolling interests8,349 7,993 
Total shareholders’ equity
848,768 809,891 
Total liabilities and shareholders’ equity
$1,963,233 $1,872,484 
The accompanying notes are an integral part of the condensed consolidated financial statements.
-4-


MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
 Six Months Ended June 30,
(In thousands)20212020
Operating Activities
Net income$61,987 $80,209 
Depreciation and amortization22,088 19,428 
Stock-based compensation (Note 10)10,695 4,352 
Pension expense (Note 14)919 4,430 
Deferred income tax benefit (Note 9)(3,448)(711)
Loss on asset dispositions, net48 127 
Pension contributions (Note 14)(3,845)(3,781)
Currency exchange (gains) losses, net(459)1,063 
Product liability expense (Note 17)14,547 2,802 
Collections on insurance receivables and notes receivable,
insurance companies (Note 17)
6,069 5,736 
Product liability payments (Note 17)(22,574)(4,672)
Changes in:
     Trade receivables27,248 9,286 
     Inventories (Note 2)(21,431)(46,886)
Accounts payable(1,563)8,806 
Other current assets and liabilities(6,503)3,423 
     Other noncurrent assets and liabilities136 (581)
Cash Flow From Operating Activities83,914 83,031 
Investing Activities
Capital expenditures(20,288)(19,834)
Acquisition, net of cash acquired (Note 18)(62,992) 
Purchase of short-term investments (Note 16)(74,955)(119,402)
Proceeds from maturities of short-term investments (Note 16)100,000 110,000 
Property disposals 60 83 
Cash Flow Used in Investing Activities(58,175)(29,153)
Financing Activities
Proceeds from long-term debt (Note 11)605,733 581,000 
Payments on long-term debt (Note 11)(578,729)(590,000)
Debt issuance costs(1,494) 
Cash dividends paid(34,067)(33,052)
Company stock purchases (Note 6)(5,511)(28,254)
Exercise of stock options (Note 6)2,161 3,740 
Employee stock purchase plan (Note 6)452 390 
Cash Flow Used in Financing Activities(11,455)(66,176)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(907)(3,654)
Increase (decrease) in cash, cash equivalents and restricted cash13,377 (15,952)
Beginning cash, cash equivalents and restricted cash161,034 152,543 
Ending cash, cash equivalents and restricted cash$174,411 $136,591 
Supplemental cash flow information:
Cash and cash equivalents$174,078 $136,238 
Restricted cash included in prepaid expenses and other current assets333 353 
Total cash, cash equivalents and restricted cash$174,411 $136,591 
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 March 31, 2020$1,039,609 $(233,075)$6,786 
Net income36,406 — — 
Foreign currency translation adjustments— 4,669 — 
Pension and post-retirement plan adjustments, net of tax of $1,079
— 3,090 — 
Unrealized net gains on available-for-sale securities (Note 16)— 124 — 
Income attributable to noncontrolling interests(340)(18)358 
Common dividends (16,710)— — 
Preferred dividends ($0.5625 per share)
(10)— — 
Balances June 30, 2020$1,058,955 $(225,210)$7,144 
Balances March 31, 2021$1,085,383 $(188,948)$8,214 
Net income25,387 — — 
Foreign currency translation adjustments— 6,018 — 
Pension and post-retirement plan adjustments, net of tax of $1,139
— 3,657 — 
Unrealized net gains on available-for-sale securities (Note 16)— 1 — 
Income attributable to noncontrolling interests(262)127 135 
Common dividends (17,237)— — 
Preferred dividends ($0.5625 per share)
(10)— — 
Balances June 30, 2021$1,093,261 $(179,145)$8,349 
Balances December 31, 2019$1,012,266 $(214,003)$6,773 
Net income80,209 — — 
Foreign currency translation adjustments— (18,278)— 
Pension and post-retirement plan adjustments, net of tax of $2,146
— 6,192 — 
Unrealized net gains on available-for-sale securities (Note 16)— 62 — 
Reclassification from accumulated other comprehensive (loss) into net income (Note 5)— 720 — 
Income attributable to noncontrolling interests(468)97 371 
Common dividends(33,032)— — 
Preferred dividends ($0.5625 per share)
(20)— — 
Balances June 30, 2020$1,058,955 $(225,210)$7,144 
Balances December 31, 2020$1,065,789 $(182,397)$7,993 
Net income61,987 — — 
Foreign currency translation adjustments— (4,205)— 
Pension and post-retirement plan adjustments, net of tax of $2,223
— 7,369 — 
Unrealized net losses on available-for-sale securities (Note 16)— (4)— 
Income attributable to noncontrolling interests(448)92 356 
Common dividends(34,047)— — 
Preferred dividends ($0.5625 per share)
(20)— — 
Balances June 30, 2021$1,093,261 $(179,145)$8,349 
The accompanying notes are an integral part of the condensed consolidated financial statements.
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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, 2020, 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, 2020, 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 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.
Note 2—Inventories
The following table sets forth the components of inventory:
(In thousands)June 30, 2021December 31, 2020
Finished products$100,181 $81,048 
Work in process5,619 2,618 
Raw materials and supplies174,135 161,300 
Inventories at current cost279,935 244,966 
Less: LIFO valuation(47,277)(47,147)
Total inventories$232,658 $197,819 
Note 3—Restructuring Charges

During the three and six months ended June 30, 2021, we recorded restructuring charges of $7.1 million and $8.4 million, respectively. International segment restructuring charges of $7.6 million during the six months ended June 30, 2021, were primarily related to our ongoing initiatives to drive profitable growth and right size our operations. Americas segment restructuring charges of $0.8 million during the six months ended June 30, 2021, 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 six months ended June 30, 2020, we recorded restructuring charges of $8.9 million and $10.9 million, respectively. International segment restructuring charges of $8.5 million during the six months ended June 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 $2.2 million during the six months ended June 30, 2020, were primarily related to costs associated with our global Fixed Gas & Flame Detection manufacturing footprint optimization.
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Activity and reserve balances for restructuring charges by segment were as follows:
(In millions)AmericasInternationalCorporateTotal
Reserve balances at December 31, 2019$0.3 $5.9 $ $6.2 
Restructuring charges4.7 21.9 0.8 27.4 
Currency translation and other adjustments(0.1)0.1   
Cash payments / utilization (2.1)(8.6)(0.4)(11.1)
Reserve balances at December 31, 2020$2.8 $19.3 $0.4 $22.5 
Restructuring charges0.8 7.6  8.4 
Currency translation and other adjustments(0.1)(0.7) (0.8)
Cash payments(0.8)(6.5)(0.1)(7.4)
Reserve balances at June 30, 2021$2.7 $19.7 $0.3 $22.7 
Restructuring reserves are included in Other current liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets.
Note 4—Property, Plant and Equipment
The following table sets forth the components of property, plant and equipment, net:
(In thousands)June 30, 2021December 31, 2020
Land$5,215 $4,275 
Buildings129,838 128,887 
Machinery and equipment443,025 422,333 
Construction in progress35,910 38,753 
Total613,988 594,249 
Less: accumulated depreciation(412,825)(404,629)
Property, plant and equipment, net$201,163 $189,620 

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Note 5—Reclassifications Out of Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss were as follows:
MSA Safety IncorporatedNoncontrolling Interests
Three Months Ended  
June 30,
Three Months Ended  
June 30,
(In thousands)2021202020212020
Pension and other post-retirement benefits (a)
Balance at beginning of period$(111,840)$(121,746)$ $ 
Amounts reclassified from accumulated other comprehensive loss into net income:
Amortization of prior service credit (Note 14)(24)(52)  
Recognized net actuarial losses (Note 14)4,820 4,221   
Tax benefit(1,139)(1,079)  
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income3,657 3,090   
Balance at end of period$(108,183)$(118,656)$ $ 
Available-for-sale securities
Balance at beginning of period$(6)$(56)$ $ 
Unrealized gain on available-for-sale securities (Note 16)1 124   
Balance at end of period$(5)$68 $ $ 
Foreign currency translation
Balance at beginning of period$(77,102)$(111,273)$617 $308 
Foreign currency translation adjustments6,145 4,651 (127)18 
Balance at end of period$(70,957)$(106,622)$490 $326 
(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).

-9-


MSA Safety IncorporatedNoncontrolling Interests
Six Months Ended  
June 30,
Six Months Ended  
June 30,
(In thousands)2021202020212020
Pension and other post-retirement benefits (a)
Balance at beginning of period$(115,552)$(124,848)$ $ 
Amounts reclassified from accumulated other comprehensive loss into net income:
Amortization of prior service credit (Note 14)(48)(104)  
Recognized net actuarial losses (Note 14)9,640 8,442   
Tax benefit(2,223)(2,146)  
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income7,369 6,192   
Balance at end of period$(108,183)$(118,656)$ $ 
Available-for-sale securities
Balance at beginning of period$(1)$6 $ $ 
Unrealized (loss) gain on available-for-sale securities (Note 16)(4)62   
Balance at end of period$(5)$68 $ $ 
Foreign currency translation
Balance at beginning of period$(66,844)$(89,161)$582 $423 
Reclassification from accumulated other comprehensive loss into net income 720 
(b)
  
Foreign currency translation adjustments(4,113)(18,181)(92)(97)
Balance at end of period$(70,957)$(106,622)$490 $326 
(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.
Note 6—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 June 30, 2021. The Treasury shares at cost line on the unaudited Condensed Consolidated Balance Sheets includes $1.8 million related to preferred stock. There were no treasury purchases of preferred stock shares during the six months ended June 30, 2021. There were treasury purchases of 120 preferred stock shares during the six months ended June 30, 2020. 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 June 30, 2021.
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, 2020. No new shares were issued during the six months ended June 30, 2021, or 2020. There were 39,189,632 and 39,067,902 shares outstanding at June 30, 2021, and December 31, 2020, 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 six months ended June 30, 2021, no shares were repurchased under this program. During the six months ended June 30, 2020, 175,000 shares were repurchased under the program. There were 22,891,759 and 23,013,489 Treasury Shares at June 30, 2021, and December 31, 2020, 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 33,625 and 63,405 Treasury Shares issued for these purposes during the six months ended June 30, 2021 and 2020, respectively.
Common stock activity is summarized as follows:
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Three Months Ended June 30, 2021Three Months Ended June 30, 2020
(In thousands)Common
Stock
Treasury
Cost
Common
Stock
Treasury
Cost
Balance at beginning of period$245,887 $(329,615)$232,167 $(328,081)
Stock compensation expense7,403  830  
Restricted and performance stock awards(170)170 (226)226 
Stock options exercised244 126 677 330 
Treasury shares purchased (163) (524)
Employee stock purchase program409 43 338 52 
Balance at end of period$253,773 $(329,439)$233,786 $(327,997)

Six Months Ended June 30, 2021Six Months Ended June 30, 2020
(In thousands)Common
Stock
Treasury
Cost
Common
Stock
Treasury
Cost
Balance at beginning of period