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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, 2021
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File No. 1-15579
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: (724) 776-8600
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 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 22, 2021, 39,207,411 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) | | 2021 | | 2020 | | 2021 | | 2020 |
Net sales | | $ | 340,197 | | | $ | 304,392 | | | $ | 989,915 | | | $ | 959,975 | |
Cost of products sold | | 194,199 | | | 172,160 | | | 556,263 | | | 528,799 | |
Gross profit | | 145,998 | | | 132,232 | | | 433,652 | | | 431,176 | |
| | | | | | | | |
Selling, general and administrative | | 87,450 | | | 64,793 | | | 246,339 | | | 214,066 | |
Research and development | | 14,946 | | | 13,851 | | | 42,149 | | | 41,723 | |
Restructuring charges (Note 4) | | 3,853 | | | 7,603 | | | 12,239 | | | 18,475 | |
Currency exchange losses (gains), net (Note 6) | | 100 | | | 2,759 | | | (359) | | | 3,821 | |
Product liability expense (Note 18) | | 10,688 | | | 2,077 | | | 25,235 | | | 4,878 | |
Operating income | | 28,961 | | | 41,149 | | | 108,049 | | | 148,213 | |
| | | | | | | | |
Interest expense | | 3,764 | | | 2,305 | | | 7,847 | | | 7,907 | |
| | | | | | | | |
Other income, net | | (2,266) | | | (1,117) | | | (8,773) | | | (4,376) | |
Total other expense (income), net | | 1,498 | | | 1,188 | | | (926) | | | 3,531 | |
| | | | | | | | |
Income before income taxes | | 27,463 | | | 39,961 | | | 108,975 | | | 144,682 | |
Provision for income taxes (Note 10) | | 8,640 | | | 11,727 | | | 28,165 | | | 36,251 | |
Net income | | 18,823 | | | 28,234 | | | 80,810 | | | 108,431 | |
| | | | | | | | |
Net income attributable to noncontrolling interests | | — | | | (200) | | | (448) | | | (668) | |
| | | | | | | | |
Net income attributable to MSA Safety Incorporated | | $ | 18,823 | | | $ | 28,034 | | | $ | 80,362 | | | $ | 107,763 | |
| | | | | | | | |
Earnings per share attributable to MSA Safety Incorporated common shareholders (Note 9): | | | | | | | | |
Basic | | $ | 0.48 | | | $ | 0.72 | | | $ | 2.05 | | | $ | 2.77 | |
Diluted | | $ | 0.48 | | | $ | 0.71 | | | $ | 2.04 | | | $ | 2.74 | |
Dividends per common share | | $ | 0.44 | | | $ | 0.43 | | | $ | 1.31 | | | $ | 1.28 | |
The accompanying notes are an integral part of the condensed consolidated financial statements.
MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
(In thousands) | | 2021 | | 2020 | | 2021 | | 2020 |
Net income | | $ | 18,823 | | | $ | 28,234 | | | $ | 80,810 | | | $ | 108,431 | |
Other comprehensive income (loss), net of tax: | | | | | | | | |
Foreign currency translation adjustments (Note 6) | | (13,868) | | | 15,520 | | | (18,073) | | | (2,758) | |
Pension and post-retirement plan actuarial gains, net of tax (Note 6) | | 3,701 | | | 3,058 | | | 11,070 | | | 9,250 | |
Unrealized loss on available-for-sale securities (Note 6) | | (11) | | | (74) | | | (15) | | | (12) | |
Reclassification of currency translation from accumulated other comprehensive loss into net income (Note 6) | | — | | | — | | | — | | | 720 | |
Total other comprehensive (loss) income, net of tax | | (10,178) | | | 18,504 | | | (7,018) | | | 7,200 | |
Comprehensive income | | 8,645 | | | 46,738 | | | 73,792 | | | 115,631 | |
Less: Comprehensive income attributable to noncontrolling interests | | — | | | (494) | | | (356) | | | (865) | |
Comprehensive income attributable to MSA Safety Incorporated | | $ | 8,645 | | | $ | 46,244 | | | $ | 73,436 | | | $ | 114,766 | |
The accompanying notes are an integral part of the condensed consolidated financial statements.
MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
| | | | | | | | | | | | | | |
(In thousands) | | September 30, 2021 | | December 31, 2020 |
Assets | | | | |
Cash and cash equivalents (Note 2) | | $ | 117,302 | | | $ | 160,672 | |
Trade receivables, less allowance for credit loss of $4,930 and $5,344 | | 219,481 | | | 252,283 | |
Inventories (Note 3) | | 249,449 | | | 197,819 | |
Investments, short-term (Note 17) | | 48,972 | | | 74,982 | |
Prepaid income taxes | | 41,098 | | | 26,185 | |
Notes receivable, insurance companies (Note 18) | | 3,884 | | | 3,796 | |
Prepaid expenses and other current assets | | 45,193 | | | 38,541 | |
Total current assets | | 725,379 | | | 754,278 | |
| | | | |
Property, plant and equipment, net (Note 5) | | 204,410 | | | 189,620 | |
Operating lease assets, net | | 50,731 | | | 53,451 | |
Prepaid pension cost (Note 15) | | 108,842 | | | 97,545 | |
Deferred tax assets (Note 10) | | 44,587 | | | 35,665 | |
Goodwill (Note 13) | | 636,113 | | | 443,272 | |
Intangible assets, net (Note 13) | | 312,606 | | | 161,051 | |
Notes receivable, insurance companies, noncurrent (Note 18) | | 44,330 | | | 48,540 | |
Net investment in sales-type leases, noncurrent (Note 14) | | 27,202 | | | — | |
Insurance receivable (Note 18) and other noncurrent assets | | 105,252 | | | 89,062 | |
Total assets | | $ | 2,259,452 | | | $ | 1,872,484 | |
| | | | |
Liabilities | | | | |
Notes payable and current portion of long-term debt (Note 12) | | $ | 20,000 | | | $ | 20,000 | |
Accounts payable | | 92,634 | | | 86,854 | |
Employees’ compensation | | 48,307 | | | 40,277 | |
Insurance and product liability (Note 18) | | 40,188 | | | 43,706 | |
Income taxes payable (Note 10) | | 22,608 | | | 3,580 | |
Other current liabilities | | 113,084 | | | 116,128 | |
Total current liabilities | | 336,821 | | | 310,545 | |
| | | | |
Long-term debt, net (Note 12) | | 592,742 | | | 287,157 | |
Pensions and other employee benefits | | 199,486 | | | 208,068 | |
Noncurrent operating lease liabilities | | 40,854 | | | 44,639 | |
Deferred tax liabilities (Note 10) | | 49,898 | | | 10,916 | |
Product liability (Note 18) and other noncurrent liabilities | | 215,474 | | | 201,268 | |
Total liabilities | | $ | 1,435,275 | | | $ | 1,062,593 | |
| | | | |
Equity | | | | |
Preferred stock, 4.5% cumulative, $50 par value (Note 7) | | $ | 3,569 | | | $ | 3,569 | |
Common stock, no par value (Note 7) | | 252,084 | | | 242,693 | |
Treasury shares, at cost (Note 7) | | (331,350) | | | (327,756) | |
Accumulated other comprehensive loss (Note 6) | | (189,323) | | | (182,397) | |
Retained earnings | | 1,089,197 | | | 1,065,789 | |
Total MSA Safety Incorporated shareholders' equity | | 824,177 | | | 801,898 | |
Noncontrolling interests (Note 19) | | — | | | 7,993 | |
Total shareholders’ equity | | 824,177 | | | 809,891 | |
Total liabilities and shareholders’ equity | | $ | 2,259,452 | | | $ | 1,872,484 | |
The accompanying notes are an integral part of the condensed consolidated financial statements.
MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
| | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
(In thousands) | | 2021 | | 2020 |
Operating Activities | | | | |
Net income | | $ | 80,810 | | | $ | 108,431 | |
Depreciation and amortization | | 36,270 | | | 29,284 | |
| | | | |
Stock-based compensation (Note 11) | | 13,562 | | | 3,042 | |
Pension expense (Note 15) | | 2,079 | | | 6,647 | |
Deferred income tax benefit (Note 10) | | (6,665) | | | (1,312) | |
Loss on asset dispositions, net | | 423 | | | 189 | |
Pension contributions (Note 15) | | (5,768) | | | (5,672) | |
Currency exchange (gains) losses, net | | (359) | | | 3,821 | |
Product liability expense (Note 18) | | 25,235 | | | 4,878 | |
Collections on insurance receivables and notes receivable, insurance companies (Note 18) | | 15,437 | | | 10,844 | |
Product liability payments (Note 18) | | (32,499) | | | (6,648) | |
| | | | |
Changes in: | | | | |
Trade receivables | | 40,167 | | | 23,744 | |
Inventories (Note 3) | | (32,765) | | | (70,148) | |
Accounts payable | | (855) | | | (8,956) | |
Other current assets and liabilities | | (2,410) | | | 12,065 | |
Other noncurrent assets and liabilities | | (2,519) | | | (54) | |
Cash Flow From Operating Activities | | 130,143 | | | 110,155 | |
Investing Activities | | | | |
Capital expenditures | | (30,963) | | | (32,698) | |
Acquisition, net of cash acquired (Note 19) | | (392,437) | | | — | |
Purchase of short-term investments (Note 17) | | (108,938) | | | (174,337) | |
Proceeds from maturities of short-term investments (Note 17) | | 135,000 | | | 155,000 | |
Property disposals and other investing | | (5,249) | | | 334 | |
Cash Flow Used in Investing Activities | | (402,587) | | | (51,701) | |
Financing Activities | | | | |
| | | | |
Proceeds from long-term debt (Note 12) | | 1,341,734 | | | 779,000 | |
Payments on long-term debt (Note 12) | | (1,032,875) | | | (784,000) | |
Debt issuance costs | | (2,080) | | | — | |
Cash dividends paid | | (51,322) | | | (49,811) | |
Acquisition of noncontrolling interest in consolidated subsidiaries (Note 19) | | (13,381) | | | — | |
Distributions to noncontrolling interests (Note 19) | | (5,632) | | | — | |
Company stock purchases (Note 7) | | (6,137) | | | (28,691) | |
Exercise of stock options (Note 7) | | 2,671 | | | 6,969 | |
Employee stock purchase plan (Note 7) | | 452 | | | 390 | |
| | | | |
Cash Flow From (Used in) Financing Activities | | 233,430 | | | (76,143) | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | | (4,177) | | | (1,668) | |
Decrease in cash, cash equivalents and restricted cash | | (43,191) | | | (19,357) | |
Beginning cash, cash equivalents and restricted cash | | 161,034 | | | 152,543 | |
Ending cash, cash equivalents and restricted cash | | $ | 117,843 | | | $ | 133,186 | |
| | | | |
Supplemental cash flow information: | | | | |
Cash and cash equivalents (Note 2) | | $ | 117,302 | | | $ | 132,830 | |
Restricted cash included in prepaid expenses and other current assets | | 541 | | | 356 | |
Total cash, cash equivalents and restricted cash | | $ | 117,843 | | | $ | 133,186 | |
The accompanying notes are an integral part of the condensed consolidated financial statements.
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, 2020 | $ | 1,058,955 | | | $ | (225,210) | | | $ | 7,144 | |
Net income | 28,234 | | | — | | | — | |
Foreign currency translation adjustments | — | | | 15,520 | | | — | |
Pension and post-retirement plan adjustments, net of tax of $1,111 | — | | | 3,058 | | | — | |
Unrealized net gains on available-for-sale securities (Note 17) | — | | | (74) | | | — | |
| | | | | |
Income attributable to noncontrolling interests | (200) | | | (294) | | | 494 | |
Common dividends ($0.43 per share) | (16,761) | | | — | | | — | |
Preferred dividends ($0.5625 per share) | (10) | | | — | | | — | |
Balances September 30, 2020 | $ | 1,070,218 | | | $ | (207,000) | | | $ | 7,638 | |
| | | | | |
Balances June 30, 2021 | $ | 1,093,261 | | | $ | (179,145) | | | $ | 8,349 | |
Net income | 18,823 | | | — | | | — | |
Foreign currency translation adjustments | — | | | (13,868) | | | — | |
Pension and post-retirement plan adjustments, net of tax of $1,095 | — | | | 3,701 | | | — | |
Unrealized net gains on available-for-sale securities (Note 17) | — | | | (11) | | | — | |
| | | | | |
| | | | | |
Acquisition of noncontrolling interest in consolidated subsidiaries (Note 19) | — | | | — | | | (8,349) | |
Distributions to noncontrolling interests (Note 19) | (5,632) | | | — | | | — | |
Common dividends ($0.44 per share) | (17,245) | | | — | | | — | |
Preferred dividends ($0.5625 per share) | (10) | | | — | | | — | |
Balances September 30, 2021 | $ | 1,089,197 | | | $ | (189,323) | | | $ | — | |
| | | | | |
Balances December 31, 2019 | $ | 1,012,266 | | | $ | (214,003) | | | $ | 6,773 | |
Net income | 108,431 | | | — | | | — | |
Foreign currency translation adjustments | — | | | (2,758) | | | — | |
Pension and post-retirement plan adjustments, net of tax of $3,257 | — | | | 9,250 | | | — | |
Unrealized net gains on available-for-sale securities (Note 17) | — | | | (12) | | | — | |
Reclassification from accumulated other comprehensive (loss) into net income (Note 6) | — | | | 720 | | | — | |
Income attributable to noncontrolling interests | (668) | | | (197) | | | 865 | |
Common dividends ($1.28 per share) | (49,781) | | | — | | | — | |
Preferred dividends ($1.6875 per share) | (30) | | | — | | | — | |
| | | | | |
Balances September 30, 2020 | $ | 1,070,218 | | | $ | (207,000) | | | $ | 7,638 | |
| | | | | |
Balances December 31, 2020 | $ | 1,065,789 | | | $ | (182,397) | | | $ | 7,993 | |
Net income | 80,810 | | | — | | | — | |
Foreign currency translation adjustments | — | | | (18,073) | | | — | |
Pension and post-retirement plan adjustments, net of tax of $3,318 | — | | | 11,070 | | | — | |
Unrealized net losses on available-for-sale securities (Note 17) | — | | | (15) | | | — | |
| | | | | |
Income attributable to noncontrolling interests | (448) | | | 92 | | | 356 | |
Acquisition of noncontrolling interest in consolidated subsidiaries (Note 19) | — | | | — | | | (8,349) | |
Distributions to noncontrolling interests (Note 19) | (5,632) | | | — | | | — | |
Common dividends ($1.31 per share) | (51,292) | | | — | | | — | |
Preferred dividends ($1.6875 per share) | (30) | | | — | | | — | |
| | | | | |
Balances September 30, 2021 | $ | 1,089,197 | | | $ | (189,323) | | | $ | — | |
The accompanying notes are an integral part of the condensed consolidated financial statements.
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 Statements of Cash Flows, but do not change the overall cash flow from operating activities for the prior years as previously reported.
Note 2—Cash and Cash Equivalents
Several of the Company's affiliates participate in a notional cash pooling arrangement to manage global liquidity requirements. As part of a master netting arrangement, the participants combine their cash balances in pooling accounts at the same financial institution with the ability to offset bank overdrafts of one participant against positive cash account balances held by another participant. Under the terms of the master netting arrangement, the financial institution has the right, ability and intent to offset a positive balance in one account against an overdrawn amount in another account. Amounts in each of the accounts are unencumbered and unrestricted with respect to use. As such, the net cash balance related to this pooling arrangement is included in Cash and cash equivalents in the unaudited Condensed Consolidated Balance Sheets.
The Company's net cash pool position consisted of the following:
| | | | | | | | |
(In thousands) | | September 30, 2021 |
Gross cash pool position | | $ | 22,508 | |
Less: cash pool borrowings | | (22,000) | |
Net cash pool position | | 508 | |
Note 3—Inventories
The following table sets forth the components of inventory:
| | | | | | | | | | | | | | |
(In thousands) | | September 30, 2021 | | December 31, 2020 |
Finished products | | $ | 102,426 | | | $ | 81,048 | |
Work in process | | 9,863 | | | 2,618 | |
Raw materials and supplies | | 187,878 | | | 161,300 | |
Inventories at current cost | | 300,167 | | | 244,966 | |
Less: LIFO valuation | | (50,718) | | | (47,147) | |
Total inventories | | $ | 249,449 | | | $ | 197,819 | |
Note 4—Restructuring Charges
During the three and nine months ended September 30, 2021, we recorded restructuring charges of $3.9 million and $12.2 million, respectively. International segment restructuring charges of $10.0 million during the nine months ended September 30, 2021, were primarily related to our initiatives to drive profitable growth and right size our operations. Americas segment restructuring charges of $2.1 million during the nine months ended September 30, 2021, were primarily related to integration related activities and 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, 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.
Activity and reserve balances for restructuring charges by segment were as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
(In millions) | Americas | | International | | Corporate | | Total |
Reserve balances at December 31, 2019 | $ | 0.3 | | | $ | 5.9 | | | $ | — | | | $ | 6.2 | |
Restructuring charges | 4.7 | | | 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 charges | 2.1 | | | 10.0 | | | 0.1 | | | 12.2 | |
Currency translation and other adjustments | (0.1) | | | (0.7) | | | — | | | (0.8) | |
Cash payments / utilization | (2.7) | | | (8.4) | | | (0.2) | | | (11.3) | |
Reserve balances at September 30, 2021 | $ | 2.1 | | | $ | 20.2 | | | $ | 0.3 | | | $ | 22.6 | |
Restructuring reserves are included in Other current liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets.
Note 5—Property, Plant and Equipment
The following table sets forth the components of property, plant and equipment, net:
| | | | | | | | | | | |
(In thousands) | September 30, 2021 | | December 31, 2020 |
Land | $ | 5,139 | | | $ | 4,275 | |
Finance lease assets | 1,057 | | | — | |
Buildings | 134,509 | | | 128,887 | |
Machinery and equipment | 449,185 | | | 422,333 | |
Construction in progress | 31,702 | | | 38,753 | |
Total | 621,592 | | | 594,249 | |
Less: accumulated depreciation | (417,182) | | | (404,629) | |
Property, plant and equipment, net | $ | 204,410 | | | $ | 189,620 | |
Note 6—Reclassifications Out of Accumulated Other Comprehensive Loss
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) | 2021 | | 2020 | | 2021 | | 2020 |
Pension and other post-retirement benefits (a) | | | | | | | |
Balance at beginning of period | $ | (108,183) | | | $ | (118,656) | | | $ | — | | | $ | — | |
Amounts reclassified from accumulated other comprehensive loss into net income: | | | | | | | |
Amortization of prior service credit (Note 15) | (24) | | | (52) | | | — | | | — | |
Recognized net actuarial losses (Note 15) | 4,820 | | | 4,221 | | | — | | | — | |
Tax benefit | (1,095) | | | (1,111) | | | — | | | — | |
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income | 3,701 | | | 3,058 | | | — | | | — | |
| | | | | | | |
Balance at end of period | $ | (104,482) | | | $ | (115,598) | | | $ | — | | | $ | — | |
Available-for-sale securities | | | | | | | |
Balance at beginning of period | $ | (5) | | | $ | 68 | | | $ | — | | | $ | — | |
Unrealized loss on available-for-sale securities (Note 17) | (11) | | | (74) | | | — | | | — | |
Balance at end of period | $ | (16) | | | $ | (6) | | | $ | — | | | $ | — | |
Foreign currency translation | | | | | | | |
Balance at beginning of period | $ | (70,957) | | | $ | (106,622) | | | $ | 280 | | | $ | 326 | |
| | | | | | | |
Acquisition of noncontrolling interest in consolidated subsidiaries (Note 19) | — | | | — | | | (280) | | | — | |
Foreign currency translation adjustments | (13,868) | | | 15,226 | | | — | | | 294 | |
Balance at end of period | $ | (84,825) | | | $ | (91,396) | | | $ | — | | | $ | 620 | |
(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).
| | | | | | | | | | | | | | | | | | | | | | | | | |
| MSA Safety Incorporated | | Noncontrolling Interests | | |
| Nine Months Ended September 30, | | Nine Months Ended September 30, | | |
(In thousands) | 2021 | | 2020 | | 2021 | | 2020 | | |
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 15) | (72) | | | (156) | | | — | | | — | | | |
Recognized net actuarial losses (Note 15) | 14,460 | | | 12,663 | | | — | | | — | | | |
Tax benefit | (3,318) | | | (3,257) | | | — | | | — | | | |
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income | 11,070 | | | 9,250 | | | — | | | — | | | |
| | | | | | | | | |
Balance at end of period | $ | (104,482) | | | $ | (115,598) | | | $ | — | | | $ | — | | | |
Available-for-sale securities | | | | | | | | | |
Balance at beginning of period | $ | (1) | | | $ | 6 | | | $ | — | | | $ | — | | | |
Unrealized loss on available-for-sale securities (Note 17) | (15) | | | (12) | | | — | | | — | | | |
Balance at end of period | $ | (16) | | | $ | (6) | | | $ | — | | | $ | — | | | |
Foreign currency translation | | | | | | | | | |
Balance at beginning of period | $ | (66,844) | | | $ | (89,161) | | | $ | 372 | | | $ | 423 | | | |
Reclassification from accumulated other comprehensive loss into net income | — | | | 720 | | (b) | — | | | — | | | |
Acquisition of noncontrolling interest in consolidated subsidiaries (Note 19) | — | | | — | | | (280) | | | — | | | |
Foreign currency translation adjustments | (17,981) | | | (2,955) | | | (92) | | | 197 | | | |
Balance at end of period | $ | (84,825) | | | $ | (91,396) | | | $ | — | | | $ | 620 | | | |
(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).(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 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, 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 nine months ended September 30, 2021. There were treasury purchases of 120 preferred stock shares during the nine months ended September 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 September 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 nine months ended September 30, 2021, or 2020. There were 39,207,440 and 39,067,902 shares outstanding at September 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 nine months ended September 30, 2021, no shares were repurchased under this program. During the nine months ended September 30, 2020, 175,000 shares were repurchased under the program. There were 22,873,951 and 23,013,489 Treasury Shares at September 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