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Table of Contents
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, 2023
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/70110d1b69121fa8fc4c9825759dfc9a-image0a02a16.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 21, 2023, 39,300,935 shares of common stock, of the registrant were outstanding.


Table of Contents
Item No.Page
Part I
1.
2.
3.
4.
Part II
2.
6.


Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
 Three Months Ended June 30,Six Months Ended June 30,
(In thousands, except per share values)2023202220232022
Net sales$447,299 $372,313 $845,561 $703,005 
Cost of products sold233,503 207,913 450,367 395,821 
Gross profit213,796 164,400 395,194 307,184 
Selling, general and administrative96,336 86,076 187,427 164,625 
Research and development15,992 15,268 31,224 28,601 
Restructuring charges (Note 3)3,350 57 5,097 2,247 
Currency exchange losses (gains), net3,110 (1,463)7,285 1,809 
Loss on divestiture of MSA LLC (Note 17)  129,211  
Product liability expense (Note 17) 2,926 3 5,698 
Operating income95,008 61,536 34,947 104,204 
Interest expense13,175 4,578 24,651 8,196 
Other income, net(5,650)(6,419)(9,450)(12,762)
Total other expense (income), net7,525 (1,841)15,201 (4,566)
Income before income taxes87,483 63,377 19,746 108,770 
Provision for income taxes (Note 10)20,393 15,684 102,829 25,535 
Net income (loss)$67,090 $47,693 $(83,083)$83,235 
Earnings (loss) per share attributable to common shareholders (Note 9):
       Basic$1.71 $1.21 $(2.12)$2.12 
Diluted$1.70 $1.21 $(2.12)$2.11 
Dividends per common share$0.47 $0.46 $0.93 $0.90 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
-3-

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MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Unaudited
 Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2023202220232022
Net income (loss)$67,090 $47,693 $(83,083)$83,235 
Other comprehensive gains (losses), net of tax:
Foreign currency translation adjustments
(Note 6)
5,039 (31,606)16,233 (25,714)
Pension and post-retirement plan actuarial gains, net of tax (Note 6)115 2,330 554 4,594 
Unrealized (loss) gain on available-for-sale securities (Note 6) (9)2 (18)
Total other comprehensive income (loss), net of tax5,154 (29,285)16,789 (21,138)
Comprehensive income (loss)$72,244 $18,408 $(66,294)$62,097 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
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MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited 
(In thousands)June 30, 2023December 31, 2022
Assets
Cash and cash equivalents$146,897 $162,902 
Trade receivables, less allowance for credit loss of $7,124 and $6,769
302,201 297,028 
Inventories (Note 4)337,954 338,316 
Investments, short-term (Note 16) 9,905 
Prepaid income taxes26,900 21,700 
Notes receivable, insurance companies (Note 17) 5,931 
Prepaid expenses and other current assets 36,428 44,344 
Total current assets
850,380 880,126 
Property, plant and equipment, net (Note 5)206,066 207,552 
Operating lease right-of-use assets, net42,330 44,142 
Prepaid pension cost (Note 14)148,172 141,643 
Deferred tax assets (Note 10)26,867 25,490 
Goodwill (Note 13)626,262 620,622 
Intangible assets, net (Note 13)275,305 281,853 
Notes receivable, insurance companies (Note 17) 38,695 
Insurance receivables (Note 17) and other noncurrent assets23,769 136,853 
Total assets
$2,199,151 $2,376,976 
Liabilities
Notes payable and current portion of long-term debt (Note 12)$26,492 $7,387 
Accounts payable107,046 112,532 
Employees’ compensation39,812 45,077 
Insurance and product liability (Note 17)9,613 73,898 
Income taxes payable (Note 10)25,191 6,149 
Accrued restructuring (Note 3) and other current liabilities91,796 100,822 
Total current liabilities
299,950 345,865 
Long-term debt, net (Note 12)787,527 565,445 
Pensions and other employee benefits (Note 14) 139,783 137,810 
Noncurrent operating lease liabilities33,870 35,345 
Deferred tax liabilities (Note 10)102,744 31,881 
Product liability (Note 17) and other noncurrent liabilities4,146 336,889 
Total liabilities
$1,368,020 $1,453,235 
Equity
Preferred stock, 4.5% cumulative, $50 par value (Note 7)
$3,569 $3,569 
Common stock, no par value (Note 7)
294,364 281,980 
Treasury shares, at cost (Note 7)(363,624)(361,438)
Accumulated other comprehensive loss (Note 6)(141,928)(158,717)
Retained earnings1,038,750 1,158,347 
Total shareholders’ equity
831,131 923,741 
Total liabilities and shareholders’ equity
$2,199,151 $2,376,976 
    

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
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MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
 Six Months Ended June 30,
(In thousands)20232022
Operating Activities
Net (loss) income$(83,083)$83,235 
Depreciation and amortization29,461 28,087 
Tax-effected loss on divestiture of MSA LLC (Note 17)199,578  
Stock-based compensation (Note 11)13,029 8,358 
Pension income (Note 14)(4,040)(5,304)
Deferred income tax benefit (Note 10)(393)(1,526)
(Gain) loss on asset dispositions, net(713)124 
Pension contributions (Note 14)(4,092)(3,829)
Currency exchange losses, net7,285 1,809 
Product liability expense (Note 17)3 5,698 
Collections on insurance receivables and notes receivable,
insurance companies (Note 17)
 3,906 
Product liability payments (Note 17)(5,250)(3,653)
Contribution on divestiture of MSA LLC (Note 17)(341,186) 
Changes in:
     Trade receivables(10,410)(12,505)
     Inventories (Note 4)5,896 (69,726)
Accounts payable(6,756)7,106 
Other current assets and liabilities5,943 (3,590)
     Other noncurrent assets and liabilities3,887 1,786 
Cash Flow (Used in) From Operating Activities(190,841)39,976 
Investing Activities
Capital expenditures(18,322)(19,805)
Proceeds from maturities of short-term investments (Note 16) 69,000 
Purchase of short-term investments (Note 16) (54,793)
Property disposals and other investing2,674  
Cash Flow Used in Investing Activities(15,648)(5,598)
Financing Activities
Proceeds from long-term debt (Note 12)1,108,000 572,000 
Payments on long-term debt (Note 12)(871,102)(535,000)
Debt issuance costs(963) 
Cash dividends paid(36,514)(35,401)
Company stock purchases (Note 7)(3,871)(32,156)
Exercise of stock options (Note 7)542 298 
Employee stock purchase plan (Note 7)497 486 
Cash Flow From (Used in) Financing Activities196,589 (29,773)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(5,651)(10,474)
Decrease in cash, cash equivalents and restricted cash(15,551)(5,869)
Beginning cash, cash equivalents and restricted cash164,428 141,438 
Ending cash, cash equivalents and restricted cash$148,877 $135,569 
Supplemental cash flow information:
Cash and cash equivalents$146,897 $134,047 
Restricted cash included in prepaid expenses and other current assets1,980 1,522 
Total cash, cash equivalents and restricted cash$148,877 $135,569 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
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MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN RETAINED EARNINGS
AND ACCUMULATED OTHER COMPREHENSIVE LOSS
Unaudited
(In thousands, except per share values)Retained
Earnings
Accumulated
Other
Comprehensive
(Loss)
Balances March 31, 2022$1,068,464 $(140,993)
Net income47,693 — 
Foreign currency translation adjustments— (31,606)
Pension and post-retirement plan adjustments, net of tax of $950
— 2,330 
Unrealized net losses on available-for-sale securities (Note 16)— (9)
Common dividends ($0.46 per share)
(18,099)— 
Preferred dividends ($0.5625 per share)
(10)— 
Balances June 30, 2022$1,098,048 $(170,278)
Balances March 31, 2023$990,129 $(147,082)
Net income67,090 — 
Foreign currency translation adjustments— 5,039 
Pension and post-retirement plan adjustments, net of tax of $46
— 115 
Common dividends ($0.47 per share)
(18,459)— 
Preferred dividends ($0.5625 per share)
(10)— 
Balances June 30, 2023$1,038,750 $(141,928)
Balances December 31, 2021$1,050,214 $(149,140)
Net income83,235 — 
Foreign currency translation adjustments— (25,714)
Pension and post-retirement plan adjustments, net of tax of $1,966
— 4,594 
Unrecognized net losses on available-for-sale securities (Note 16)— (18)
Common dividends ($0.90 per share)
(35,381)— 
Preferred dividends ($1.125 per share)
(20)— 
Balances June 30, 2022$1,098,048 $(170,278)
Balances December 31, 2022$1,158,347 $(158,717)
Net loss(83,083)— 
Foreign currency translation adjustments— 16,233 
Pension and post-retirement plan adjustments, net of tax of $232
— 554 
Unrecognized net gains on available-for-sale securities (Note 16)— 2 
Common dividends ($0.93 per share)
(36,494)— 
Preferred dividends ($1.125 per share)
(20)— 
Balances June 30, 2023$1,038,750 $(141,928)

The accompanying notes are an integral part of the unaudited 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 unaudited 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 unaudited condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. The December 31, 2022, Balance Sheet data was derived from the audited Consolidated Balance Sheets, 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, 2022, which includes all disclosures required by U.S. GAAP.
Note 2—Cash and Cash Equivalents
Several of the Company's subsidiaries 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)June 30, 2023
Gross cash pool position$84,369 
Less: cash pool borrowings(82,278)
Net cash pool position$2,091 
Note 3—Restructuring Charges
During the three and six months ended June 30, 2023, we recorded restructuring charges of $3.4 million and $5.1 million, respectively. Americas segment restructuring charges of $2.2 million during the six months ended June 30, 2023, were related to manufacturing footprint optimization activities. International segment restructuring charges of $1.5 million during the six months ended June 30, 2023, were related to ongoing initiatives to drive profitable growth and rightsize our operations including the expansion of our European Shared Service Center in Warsaw, Poland.
During the three and six months ended June 30, 2022, we recorded restructuring charges of $0.1 million and $2.2 million, respectively. International segment restructuring charges of $2.1 million during the six months ended June 30, 2022, were primarily related to the expansion of our European Shared Service Center in Warsaw, Poland. Americas segment restructuring charges of $0.3 million during the six months ended June 30, 2022, were primarily related to initiatives to optimize our manufacturing footprint.
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Restructuring reserves are included in Accrued restructuring and other current liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets. Activity and reserve balances for restructuring by segment were as follows:
(In millions)AmericasInternationalCorporateTotal
Reserve balances at December 31, 2021$3.3 $17.4 $0.3 $21.0 
Restructuring charges2.3 5.1 0.6 8.0 
Currency translation0.1 (1.3) (1.2)
Cash payments / utilization (4.0)(8.4)(0.4)(12.8)
Reserve balances at December 31, 2022$1.7 $12.8 $0.5 $15.0 
Restructuring charges2.2 1.5 1.4 5.1 
Currency translation 0.1  0.1 
Cash payments(2.9)(4.1)(1.2)(8.2)
Reserve balances at June 30, 2023$1.0 $10.3 $0.7 $12.0 
Note 4—Inventories
The following table sets forth the components of inventory:
(In thousands)June 30, 2023December 31, 2022
Finished products$100,992 $97,142 
Work in process23,400 16,360 
Raw materials and supplies213,562 224,814 
Total inventories$337,954 $338,316 
Note 5—Property, Plant and Equipment
The following table sets forth the components of property, plant and equipment, net:
(In thousands)June 30, 2023December 31, 2022
Land$4,321 $4,884 
Buildings138,194 138,618 
Machinery and equipment480,637 466,394 
Construction in progress21,746 22,097 
Total644,898 631,993 
Less: accumulated depreciation(438,832)(424,441)
Property, plant and equipment, net$206,066 $207,552 

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Note 6—Reclassifications Out of Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss were as follows:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2023202220232022
Pension and other post-retirement benefits (a)
Balance at beginning of period$(49,896)$(55,032)$(50,335)$(57,296)
Amounts reclassified from accumulated other comprehensive loss into net income (loss):
Amortization of prior service credit (Note 14)(24)(48)(48)(96)
Recognized net actuarial losses (Note 14)185 3,328 370 6,656 
Tax (benefit) expense(46)(950)232 (1,966)
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income (loss)115 2,330 554 4,594 
Balance at end of period$(49,781)$(52,702)$(49,781)$(52,702)
Available-for-sale securities
Balance at beginning of period$ $(14)$(2)$(5)
Unrealized net (losses) gains on available-for-sale securities (Note 16) (9)2 (18)
Balance at end of period$ $(23)$ $(23)
Foreign currency translation
Balance at beginning of period$(97,186)$(85,947)$(108,380)$(91,839)
Foreign currency translation adjustments5,039 (31,606)16,233 (25,714)
Balance at end of period$(92,147)$(117,553)$(92,147)$(117,553)
(a) Reclassifications out of accumulated other comprehensive loss and into net income (loss) 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).
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 both June 30, 2023 and December 31, 2022. The Treasury shares at cost line in the unaudited Condensed Consolidated Balance Sheets includes $1.8 million related to preferred stock. There were no shares of preferred stock purchased and subsequently held in treasury during the six months ended June 30, 2023 or 2022. 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, 2023.
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 June 30, 2023 and December 31, 2022. No new shares were issued during the six months ended June 30, 2023 or 2022. There were 39,290,833 and 39,213,064 shares outstanding at June 30, 2023 and December 31, 2022, respectively.
Treasury Shares - The Company's stock repurchase program authorizes up to $100.0 million to repurchase MSA common stock in the open market and in private transactions. The stock 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, 2023, no shares were repurchased under the program. During the six months ended June 30, 2022, 231,835 shares were repurchased under the program. There were 22,790,558 and 22,868,327 Treasury shares at June 30, 2023 and December 31, 2022, respectively.
The Company issues Treasury shares for all stock-based benefit plans. Shares are issued from Treasury at the average Treasury share cost on the date of the transaction. There were 105,894 and 110,696 Treasury shares issued for these purposes during the six months ended June 30, 2023 and 2022, respectively.
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Common stock activity is summarized as follows:
Three Months Ended June 30, 2023Three Months Ended June 30, 2022
(In thousands)Common
Stock
Treasury
Cost
Common
Stock
Treasury
Cost
Balance at beginning of period$287,009 $(362,280)$262,627 $(331,160)
Stock compensation expense6,759  4,629  
Restricted and performance stock awards(190)190 (201)201 
Stock options exercised354 184 166 80 
Treasury shares purchased for stock compensation programs (184) (272)
Employee stock purchase program432 65 424 62 
Share repurchase program   (28,225)
Balance at end of period$294,364 $(362,025)$267,645 $(359,314)
Six Months Ended June 30, 2023 Six Months Ended June 30, 2022
(In thousands)Common
Stock
Treasury
Cost
Common
Stock
Treasury
Cost
Balance at beginning of period$281,980 $(359,838)$260,121 $(328,776)
Stock compensation expense13,029  8,358  
Restricted and performance stock awards(1,434)1,434 (1,461)1,461 
Stock options exercised357 185 203 95 
Treasury shares purchased for stock compensation programs (3,871) (3,931)
Employee stock purchase program432 65 424 62 
Share repurchase program   (28,225)
Balance at end of period$294,364 $(362,025)$267,645 $(359,314)
Note 8—Segment Information
The Company is organized into four geographical operating segments that are based on management responsibilities: Northern North America, Latin America, Europe, Middle East & Africa, and Asia Pacific. The operating segments have been aggregated (based on economic similarities, the nature of their products, end-user markets and methods of distribution) into three reportable segments: Americas, International, and Corporate.
The Americas segment is comprised of our operations in Northern North American and Latin American geographies. The International segment is comprised of our operations in all geographies outside of the Americas. Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived.
The Company's sales are allocated to each segment based primarily on the country destination of the end-customer.
Adjusted operating income (loss), adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are the measures used by the chief operating decision maker to evaluate segment performance and allocate resources. Adjusted operating income (loss) is defined as operating income (loss) excluding restructuring charges, currency exchange (gains) losses, product liability expense, loss on divestiture of MSA LLC, transaction costs and acquisition-related amortization. Adjusted operating margin is defined as adjusted operating income (loss) divided by segment net sales to external customers. Adjusted EBITDA is defined as adjusted operating income (loss) plus depreciation and amortization. Adjusted EBITDA margin is defined as adjusted EBITDA divided by segment net sales to external customers.
The accounting principles applied at the operating segment level in determining operating income (loss) are generally the same as those applied at the unaudited condensed consolidated financial statement level. Sales and transfers between operating segments are accounted for at market-based transaction prices and are eliminated in consolidation.
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Reportable segment information is presented in the following table:
(In thousands, except percentages)AmericasInternationalCorporateConsolidated
Totals
Three Months Ended June 30, 2023
Net sales to external customers$308,378 $138,921 $ $447,299 
Operating income95,008 
Restructuring charges (Note 3)3,350 
Currency exchange losses, net3,110 
Amortization of acquisition-related intangible assets2,315 
Adjusted operating income (loss)94,816 21,743 (12,776)103,783 
Adjusted operating margin %30.7 %15.7 %
Depreciation and amortization12,574 
Adjusted EBITDA103,977 24,949 (12,569)116,357 
Adjusted EBITDA margin %33.7 %18.0 %
Three Months Ended June 30, 2022
Net sales to external customers$252,386 $119,927 $ $372,313 
Operating income61,536 
Restructuring charges (Note 3)57 
Currency exchange gains, net(1,463)
Product liability expense (Note 17)2,926 
Amortization of acquisition-related intangible assets2,318 
Transaction costs(a)
239 
Adjusted operating income (loss)57,141 17,207 (8,735)65,613 
Adjusted operating margin %22.6 %14.3 %
Depreciation and amortization11,604 
Adjusted EBITDA65,461 20,370 (8,614)77,217 
Adjusted EBITDA margin %25.9 %17.0 %
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations.
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(In thousands, except percentages)AmericasInternationalCorporateConsolidated
Totals
Six Months Ended June 30, 2023
Net sales to external customers$588,645 $256,916 $ $845,561 
Operating income34,947 
Restructuring charges (Note 3)5,097 
Currency exchange losses, net7,285 
Loss on divestiture of MSA LLC (Note 17)129,211 
Product liability expense (Note 17)3 
Amortization of acquisition-related intangible assets4,620 
Adjusted operating income (loss)166,510 37,522 (22,869)181,163 
Adjusted operating margin %28.3 %14.6 %
Depreciation and amortization24,841 
Adjusted EBITDA184,471 44,007 (22,474)206,004 
Adjusted EBITDA margin %31.3 %17.1 %
Six Months Ended June 30, 2022
Net sales to external customers$478,034 $224,971 $ $703,005 
Operating income104,204 
Restructuring charges (Note 3)2,247 
Currency exchange losses, net1,809 
Product liability expense (Note 17)5,698 
Amortization of acquisition-related intangible assets4,667 
Transaction costs(a)
832 
Adjusted operating income (loss)109,577 26,196 (16,316)119,457 
Adjusted operating margin %22.9 %11.6 %
Depreciation and amortization23,420 
Adjusted EBITDA126,256 32,698 (16,077)142,877 
Adjusted EBITDA margin %26.4 %14.5 %
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations.
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Total sales by product group was as follows:
Three Months Ended June 30, 2023ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fixed Gas & Flame Detection$105,855 24%$66,387 22%$39,468 29%
Breathing Apparatus101,231 23%69,268 22%31,963 23%
Firefighter Helmets & Protective Apparel65,259 15%51,889 17%13,370 10%
Portable Gas Detection52,387 12%37,987 12%14,400 10%
Industrial Head Protection47,164 10%36,092 12%11,072 8%
Fall Protection33,882 7%22,475 7%11,407 8%
Other41,521 9%24,280 8%17,241 12%
Total$447,299 100%$308,378 100%$138,921 100%
Three Months Ended June 30, 2022ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fixed Gas & Flame Detection$80,498 22%$50,514 20%$29,984 25%
Breathing Apparatus91,950 25%64,610 26%27,340 23%
Firefighter Helmets & Protective Apparel47,899 13%35,037 14%12,862 11%
Portable Gas Detection44,892 12%31,665 13%13,227 11%
Industrial Head Protection43,724 12%34,023 13%9,701 8%
Fall Protection26,614 7%17,005 7%9,609 8%
Other36,736 9%19,532 7%17,204 14%
Total$372,313 100%$252,386 100%$119,927 100%
Six Months Ended June 30, 2023ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fixed Gas & Flame Detection$199,490 24%$127,530 22%$71,960 28%
Breathing Apparatus177,952 21%122,037 21%55,915 22%
Firefighter Helmets & Protective Apparel127,926 15%101,176 17%26,750 10%
Portable Gas Detection105,353 12%76,155 13%29,198 11%
Industrial Head Protection90,071 11%69,717 12%20,354 8%
Fall Protection65,039 8%42,933 7%22,106 9%
Other79,730 9%49,097 8%30,633 12%
Total$845,561 100%$588,645 100%$256,916 100%
Six Months Ended June 30, 2022ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fixed Gas & Flame Detection$163,575 23%$105,135 22%$58,440 26%
Breathing Apparatus162,901 23%115,008 24%47,893 21%
Firefighter Helmets & Protective Apparel96,360 14%68,513 14%27,847 12%
Portable Gas Detection81,635 12%57,456 12%24,179 11%
Industrial Head Protection79,881 11%62,188 13%17,693 8%
Fall Protection51,275 7%33,282 7%17,993 8%
Other67,378 10%36,452 8%30,926 14%
Total$703,005 100%$478,034 100%$224,971 100%
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Note 9—Earnings (Loss) per Share
Basic earnings (loss) per share is computed by dividing net income, after the deduction of preferred stock dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding not classified as participating securities. Participating securities are defined as unvested stock-based compensation awards that contain nonforfeitable rights to dividends.
Three Months Ended June 30,Six Months Ended June 30,
(In thousands, except per share values)2023202220232022
Net income (loss)$67,090 $47,693 $(83,083)$83,235 
Preferred stock dividends(10)(10)(20)(20)
Net income (loss) attributable to common equity67,080 47,683 (83,103)83,215 
Dividends and undistributed earnings allocated to participating securities(8)(8)(8)(13)
Net income (loss) attributable to common shareholders67,072 47,675 (83,111)83,202 
Basic weighted-average shares outstanding39,274 39,266 39,249 39,279 
Stock-based compensation awards (a)
135 155  193 
Diluted weighted-average shares outstanding39,409 39,421 39,249 39,472 
Antidilutive shares  158  
Earnings (loss) per share:
Basic$1.71 $1.21 $(2.12)$2.12 
Diluted$1.70 $1.21 $(2.12)$2.11 
(a) During periods in which the Company incurs a net loss, stock-based compensation awards are excluded from the computation of diluted earnings per share because their effect would be anti-dilutive. As such, during periods in which the Company incurs a net loss, diluted weighted average shares outstanding are equivalent to basic weighted average shares outstanding.
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Note 10—Income Taxes
The Company's effective tax rate for the three months ended June 30, 2023, was 23.3%, which differs from the United States of America ("U.S.") federal statutory rate of 21% primarily due to state income taxes. The Company's effective tax rate for the three months ended June 30, 2022, was 24.7%, which differs from the U.S. federal statutory rate of 21% primarily due to state income taxes and increased profitability in higher tax jurisdictions.
The Company's effective tax rate for the six months ended June 30, 2023, was 520.8%, which differs from the United States of America ("U.S.") federal statutory rate of 21% primarily due to the divestiture of MSA LLC and the non-deductible loss recorded on the derecognition of the product liability reserves and related assets. Refer to Note 17—Contingencies to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q for further information on this transaction. The Company's effective tax rate for the six months ended June 30, 2022, was 23.5%, which differs from the U.S. federal statutory rate of 21% primarily due to state income taxes.
At June 30, 2023, the Company had a gross liability for unrecognized tax benefits of $3.4 million. The Company has recognized tax benefits associated with these liabilities of $1.8 million at June 30, 2023. The gross liability includes amounts associated with foreign tax exposure in prior periods.

The Company recognizes interest and penalties related to unrecognized tax benefits in interest expense and operating expenses, respectively. The Company's liability for accrued interest related to uncertain tax positions was $0.3 million at June 30, 2023.
We are subject to regular review and audit by both foreign and domestic tax authorities. While we believe our tax positions will be sustained, the final outcome of tax audits and related litigation may differ materially from the tax amounts recorded in our unaudited condensed consolidated financial statements.
Note 11—Stock Plans
The 2016 Management Equity Incentive Plan provides for various forms of stock-based compensation for eligible employees through May 2026 including stock options, restricted stock awards, restricted stock units and performance stock units. The 2017 Non-Employee Directors’ Equity Incentive Plan provides for grants of stock options and restricted stock to non-employee directors through May 2027.
Stock compensation expense, included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations, is as follows:
 Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2023202220232022
Stock compensation expense$6,759 $4,629 $13,029 $8,358 
Income tax benefit1,656 1,134 3,192 2,048 
Stock compensation expense, net of tax$5,103 $3,495 $9,837 $6,310 
We have not capitalized any stock-based compensation expense.
A summary of stock option activity for the six months ended June 30, 2023, is as follows:
SharesWeighted Average
Exercise Price
Outstanding at January 1, 202358,156 $46.48 
Exercised(11,533)46.99 
Outstanding and exercisable at June 30, 202346,623 $46.35 

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Restricted stock awards and restricted stock units are valued at the market value of the stock on the grant date. A summary of restricted stock activity for the six months ended June 30, 2023, is as follows:
SharesWeighted Average
Grant Date Fair Value
Unvested at January 1, 2023145,886 $137.36 
Granted68,996 137.31 
Vested(38,950)124.37 
Forfeited