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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, 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/ec13c1fe18154dc514c4b5a47ee63c54-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: (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 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 20, 2023, 39,311,193 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 September 30,Nine Months Ended September 30,
(In thousands, except per share values)2023202220232022
Net sales$446,728 $381,694 $1,292,290 $1,084,699 
Cost of products sold227,967 212,299 678,335 608,120 
Gross profit218,761 169,395 613,955 476,579 
Selling, general and administrative102,175 82,753 289,602 247,378 
Research and development17,682 14,416 48,906 43,017 
Restructuring charges (Note 3)3,285 899 8,382 3,146 
Currency exchange losses, net1,496 2,979 8,781 4,788 
Loss on divestiture of MSA LLC (Note 17)— — 129,211 — 
Product liability expense (Note 17)— 4,035 3 9,733 
Operating income94,123 64,313 129,070 168,517 
Interest expense12,498 5,962 37,149 14,158 
Other income, net(6,037)(2,359)(15,487)(15,121)
Total other expense (income), net6,461 3,603 21,662 (963)
Income before income taxes87,662 60,710 107,408 169,480 
Provision for income taxes (Note 10)22,406 15,804 125,235 41,339 
Net income (loss)$65,256 $44,906 $(17,827)$128,141 
Earnings (loss) per share attributable to common shareholders (Note 9):
Basic$1.66 $1.15 $(0.46)$3.26 
Diluted$1.65 $1.14 $(0.46)$3.25 
Dividends per common share$0.47 $0.46 $1.40 $1.36 

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 September 30,Nine Months Ended September 30,
(In thousands)2023202220232022
Net income (loss)$65,256 $44,906 $(17,827)$128,141 
Other comprehensive gains (losses), net of tax:
Foreign currency translation adjustments
(Note 6)		(18,771)(32,361)(2,538)(58,075)
Pension and post-retirement plan actuarial gains, net of tax (Note 6)188 2,299 742 6,893 
Unrealized gain (loss) on available-for-sale securities (Note 6)— 13 2 (5)
Reclassifications of currency translation from accumulated other comprehensive loss into net income (Note 6)101 2,912 101 2,912 
Total other comprehensive loss, net of tax(18,482)(27,137)(1,693)(48,275)
Comprehensive income (loss)$46,774 $17,769 $(19,520)$79,866 

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)September 30, 2023December 31, 2022
Assets
Cash and cash equivalents$164,499 $162,902 
Trade receivables, less allowance for credit loss of $7,262 and $6,769
294,907 297,028 
Inventories (Note 4)324,077 338,316 
Investments, short-term (Note 16)— 9,905 
Prepaid income taxes29,379 21,700 
Notes receivable, insurance companies (Note 17)— 5,931 
Prepaid expenses and other current assets 38,957 44,344 
Total current assets
851,819 880,126 
Property, plant and equipment, net (Note 5)205,650 207,552 
Operating lease right-of-use assets, net49,125 44,142 
Prepaid pension cost (Note 14)151,400 141,643 
Deferred tax assets (Note 10)25,966 25,490 
Goodwill (Note 13)620,343 620,622 
Intangible assets, net (Note 13)268,321 281,853 
Notes receivable, insurance companies (Note 17)— 38,695 
Insurance receivables (Note 17) and other noncurrent assets21,711 136,853 
Total assets
$2,194,335 $2,376,976 
Liabilities
Notes payable and current portion of long-term debt (Note 12)$26,198 $7,387 
Accounts payable108,554 112,532 
Employees’ compensation58,821 45,077 
Insurance and product liability (Note 17)9,551 73,898 
Income taxes payable (Note 10)28,205 6,149 
Accrued restructuring (Note 3) and other current liabilities94,072 100,822 
Total current liabilities
325,401 345,865 
Long-term debt, net (Note 12)715,814 565,445 
Pensions and other employee benefits (Note 14) 137,563 137,810 
Noncurrent operating lease liabilities40,913 35,345 
Deferred tax liabilities (Note 10)102,155 31,881 
Product liability (Note 17) and other noncurrent liabilities3,763 336,889 
Total liabilities
$1,325,609 $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)
303,417 281,980 
Treasury shares, at cost (Note 7)(363,371)(361,438)
Accumulated other comprehensive loss (Note 6)(160,410)(158,717)
Retained earnings1,085,521 1,158,347 
Total shareholders’ equity
868,726 923,741 
Total liabilities and shareholders’ equity
$2,194,335 $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
 Nine Months Ended September 30,
(In thousands)20232022
Operating Activities
Net (loss) income$(17,827)$128,141 
Depreciation and amortization44,965 41,883 
Tax-effected loss on divestiture of MSA LLC (Note 17)199,578 — 
Stock-based compensation (Note 11)21,506 11,325 
Pension income (Note 14)(6,060)(7,956)
Deferred income tax benefit (Note 10)(531)(2,451)
(Gain) loss on asset dispositions, net(671)4,776 
Pension contributions (Note 14)(4,274)(5,743)
Currency exchange losses, net8,781 4,788 
Product liability expense (Note 17)3 9,733 
Collections on insurance receivables and notes receivable,
insurance companies (Note 17)		— 9,510 
Product liability payments (Note 17)(5,250)(9,076)
Contribution on divestiture of MSA LLC (Note 17)(341,186)— 
Changes in:
Trade receivables(7,449)1,958 
Inventories (Note 4)15,386 (86,599)
Accounts payable(4,225)2,629 
Other current assets and liabilities26,518 270 
Other noncurrent assets and liabilities4,679 715 
Cash Flow (Used in) From Operating Activities(66,057)103,903 
Investing Activities
Capital expenditures(30,979)(28,753)
Proceeds from maturities of short-term investments (Note 16)— 94,000 
Purchase of short-term investments (Note 16)— (69,680)
Property disposals and other investing2,690 38 
Cash Flow Used in Investing Activities(28,289)(4,395)
Financing Activities
Proceeds from long-term debt (Note 12)1,507,000 798,000 
Payments on long-term debt (Note 12)(1,338,352)(771,000)
Debt issuance costs(1,138)— 
Cash dividends paid(54,999)(53,447)
Company stock purchases (Note 7)(3,941)(34,365)
Exercise of stock options (Note 7)1,440 4,163 
Employee stock purchase plan (Note 7)497 486 
Cash Flow From (Used in) Financing Activities110,507 (56,163)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(14,152)(23,498)
Increase in cash, cash equivalents and restricted cash2,009 19,847 
Beginning cash, cash equivalents and restricted cash164,428 141,438 
Ending cash, cash equivalents and restricted cash$166,437 $161,285 
Supplemental cash flow information:
Cash and cash equivalents$164,499 $159,613 
Restricted cash included in prepaid expenses and other current assets1,938 1,672 
Total cash, cash equivalents and restricted cash$166,437 $161,285 

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 June 30, 2022$1,098,048 $(170,278)
Net income44,906 — 
Foreign currency translation adjustments— (32,361)
Pension and post-retirement plan adjustments, net of tax benefit of $981
— 2,299 
Unrealized net losses on available-for-sale securities (Note 16)— 13 
Reclassification from accumulated other comprehensive loss into net income— 2,912 
Common dividends ($0.46 per share)
(18,036)— 
Preferred dividends ($0.5625 per share)
(10)— 
Balances September 30, 2022$1,124,908 $(197,415)
Balances June 30, 2023$1,038,750 $(141,928)
Net income65,256 — 
Foreign currency translation adjustments— (18,771)
Pension and post-retirement plan adjustments, net of tax expense of $27
— 188 
Reclassification from accumulated other comprehensive loss into net income (Note 6)— 101 
Common dividends ($0.47 per share)
(18,475)— 
Preferred dividends ($0.5625 per share)
(10)— 
Balances September 30, 2023$1,085,521 $(160,410)
Balances December 31, 2021$1,050,214 $(149,140)
Net income128,141 — 
Foreign currency translation adjustments— (58,075)
Pension and post-retirement plan adjustments, net of tax benefit of $2,947
— 6,893 
Unrecognized net losses on available-for-sale securities (Note 16)— (5)
Reclassification from accumulated other comprehensive loss into net income (Note 6)— 2,912 
Common dividends ($1.36 per share)
(53,417)— 
Preferred dividends ($1.6875 per share)
(30)— 
Balances September 30, 2022$1,124,908 $(197,415)
Balances December 31, 2022$1,158,347 $(158,717)
Net loss(17,827)— 
Foreign currency translation adjustments— (2,538)
Pension and post-retirement plan adjustments, net of tax expense of $259
— 742 
Unrecognized net gains on available-for-sale securities (Note 16)— 2 
Reclassification from accumulated other comprehensive loss into net income (Note 6)— 101 
Common dividends ($1.40 per share)
(54,969)— 
Preferred dividends ($1.6875 per share)
(30)— 
Balances September 30, 2023$1,085,521 $(160,410)
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)September 30, 2023
Gross cash pool position$103,618 
Less: cash pool borrowings95,416 
Net cash pool position$8,202 
Note 3—Restructuring Charges
During the three and nine months ended September 30, 2023, we recorded restructuring charges of $3.3 million and $8.4 million, respectively. Americas segment restructuring charges of $2.7 million during the nine months ended September 30, 2023, were related to manufacturing footprint optimization activities. International segment restructuring charges of $3.6 million during the nine months ended September 30, 2023, were related to ongoing initiatives to drive profitable growth and improve productivity. Corporate segment restructuring charges of $2.1 million during the nine months ended September 30, 2023, were related to footprint optimization activities and management restructuring.
During the three and nine months ended September 30, 2022, we recorded restructuring charges of $0.9 million and $3.1 million, respectively. International segment restructuring charges of $2.2 million during the nine months ended September 30, 2022, were primarily related to the implementation of our European Shared Service Center in Warsaw, Poland. Americas segment restructuring charges of $1.0 million during the nine months ended September 30, 2022, were primarily related to various optimization activities.
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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 charges2.7 3.6 2.1 8.4 
Currency translation(0.2)(0.2)— (0.4)
Cash payments(3.2)(6.5)(2.3)(12.0)
Reserve balances at September 30, 2023$1.0 $9.7 $0.3 $11.0 
Note 4—Inventories
The following table sets forth the components of inventory:
(In thousands)September 30, 2023December 31, 2022
Finished products$99,588 $97,142 
Work in process22,904 16,360 
Raw materials and supplies201,585 224,814 
Total inventories$324,077 $338,316 
Note 5—Property, Plant and Equipment
The following table sets forth the components of property, plant and equipment, net:
(In thousands)September 30, 2023December 31, 2022
Land$4,253 $4,884 
Buildings135,544 138,618 
Machinery and equipment481,614 466,394 
Construction in progress26,202 22,097 
Total647,613 631,993 
Less: accumulated depreciation(441,963)(424,441)
Property, plant and equipment, net$205,650 $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 September 30,Nine Months Ended September 30,
(In thousands)2023202220232022
Pension and other post-retirement benefits (a)
Balance at beginning of period$(49,781)$(52,702)$(50,335)$(57,296)
Amounts reclassified from accumulated other comprehensive loss into net income (loss):
Amortization of prior service credit (Note 14)(24)(48)(72)(144)
Recognized net actuarial losses (Note 14)185 3,328 555 9,984 
Tax expense (benefit)27 (981)259 (2,947)
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income (loss)188 2,299 742 6,893 
Balance at end of period$(49,593)$(50,403)$(49,593)$(50,403)
Available-for-sale securities
Balance at beginning of period$— $(23)$(2)$(5)
Unrealized net gains (losses) on available-for-sale securities (Note 16)— 13 2 (5)
Balance at end of period$— $(10)$— $(10)
Foreign currency translation
Balance at beginning of period$(92,147)$(117,553)$(108,380)$(91,839)
Reclassification from accumulated other comprehensive loss into net income (loss)(b)
101 2,912 101 2,912 
Foreign currency translation adjustments(18,771)(32,361)(2,538)(58,075)
Balance at end of period$(110,817)$(147,002)$(110,817)$(147,002)
(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).
(b) Reclassifications out of accumulated other comprehensive loss and into net income (loss) relate primarily to the approval of our plan to close a foreign subsidiary.
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 were 71,340 shares issued and 52,998 shares held in treasury at both September 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 nine months ended September 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 September 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 September 30, 2023 and December 31, 2022. No new shares were issued during the nine months ended September 30, 2023 or 2022. There were 39,310,511 and 39,213,064 shares outstanding at September 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 nine months ended September 30, 2023, no shares were repurchased under this program. During the nine months ended September 30, 2022, 251,408 shares were repurchased under this program. There were 22,770,880 and 22,868,327 treasury shares at September 30, 2023 and December 31, 2022, respectively.
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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 125,967 and 203,619 Treasury shares issued for these purposes during the nine months ended September 30, 2023 and 2022, respectively.
Common stock activity is summarized as follows:
Three Months Ended September 30, 2023Three Months Ended September 30, 2022
(In thousands)Common
Stock
Treasury
Cost(a)
Common
Stock
Treasury
Cost(a)
Balance at beginning of period$294,364 $(362,025)$267,645 $(359,314)
Stock compensation expense8,477 — 2,967 — 
Restricted and performance stock awards(15)15 (103)103 
Stock options exercised591 307 2,501 1,364 
Treasury shares purchased for stock compensation programs— (70)— (59)
Share repurchase program— — — (2,150)
Balance at end of period$303,417 $(361,773)$273,010 $(360,056)
(a)Excludes treasury cost related to preferred stock.
Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022
(In thousands)Common
Stock
Treasury
Cost(a)
Common
Stock
Treasury
Cost(a)
Balance at beginning of period$281,980 $(359,838)$260,121 $(328,776)
Stock compensation expense21,506 — 11,325 — 
Restricted and performance stock awards(1,449)1,449 (1,564)1,564 
Stock options exercised948 492 2,704 1,459 
Treasury shares purchased for stock compensation programs— (3,941)— (3,990)
Employee stock purchase program432 65 424 62 
Share repurchase program— — — (30,375)
Balance at end of period$303,417 $(361,773)$273,010 $(360,056)
(a)Excludes treasury cost related to preferred stock.
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 Mine Safety Appliances Company, LLC ("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.
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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.
Reportable segment information is presented in the following table:
(In thousands, except percentages)AmericasInternationalCorporateConsolidated
Totals
Three Months Ended September 30, 2023
Net sales to external customers$314,273 $132,455 $— $446,728 
Operating income94,123 
Restructuring charges (Note 3)3,285 
Currency exchange losses, net1,496 
Amortization of acquisition-related intangible assets2,315 
Transaction costs(a)
78 
Adjusted operating income (loss)93,918 22,577 (15,198)101,297 
Adjusted operating margin %29.9 %17.0 %
Depreciation and amortization13,189 
Adjusted EBITDA103,157 26,289 (14,960)114,486 
Adjusted EBITDA margin %32.8 %19.8 %
Three Months Ended September 30, 2022
Net sales to external customers$276,082 $105,612 $— $381,694 
Operating income64,313 
Restructuring charges (Note 3)899 
Currency exchange losses, net2,979 
Product liability expense (Note 17)4,035 
Amortization of acquisition-related intangible assets2,279 
Transaction costs(a)
620 
Adjusted operating income (loss)75,088 8,448 (8,411)75,125 
Adjusted operating margin %27.2 %8.0 %
Depreciation and amortization11,518 
Adjusted EBITDA83,945 10,980 (8,282)86,643 
Adjusted EBITDA margin %30.4 %10.4 %
(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
Nine Months Ended September 30, 2023
Net sales to external customers$902,918 $389,372 $— $1,292,290 
Operating income129,070 
Restructuring charges (Note 3)8,382 
Currency exchange losses, net8,781 
Loss on divestiture of MSA LLC (Note 17)129,211 
Product liability expense (Note 17)3 
Amortization of acquisition-related intangible assets6,936 
Transaction costs(a)
78 
Adjusted operating income (loss)260,428 60,099 (38,066)282,461 
Adjusted operating margin %28.8 %15.4 %
Depreciation and amortization38,029 
Adjusted EBITDA287,628 70,296 (37,434)320,490 
Adjusted EBITDA margin %31.9 %18.1 %
Nine Months Ended September 30, 2022
Net sales to external customers$754,116 $330,583 $— $1,084,699 
Operating income168,517 
Restructuring charges (Note 3)3,146 
Currency exchange losses, net4,788 
Product liability expense (Note 17)9,733 
Amortization of acquisition-related intangible assets6,922 
Transaction costs(a)
1,476 
Adjusted operating income (loss)184,664 34,674 (24,756)194,582 
Adjusted operating margin %24.5 %10.5 %
Depreciation and amortization34,961 
Adjusted EBITDA210,201 43,708 (24,366)229,543 
Adjusted EBITDA margin %27.9 %13.2 %
(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 September 30, 2023ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fixed Gas & Flame Detection$112,012 25%$73,074 23%$38,938 29%
Breathing Apparatus111,024 25%79,908 25%31,116 24%
Firefighter Helmets & Protective Apparel64,707 15%51,608 16%13,099 10%
Portable Gas Detection43,682 10%31,933 10%11,749 9%
Industrial Head Protection45,780 10%36,402 12%9,378 7%
Fall Protection31,980 7%20,235 7%11,745 9%
Other37,543 8%21,113 7%16,430 12%
Total$446,728 100%$314,273 100%$132,455 100%
Three Months Ended September 30, 2022ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fixed Gas & Flame Detection$87,746 23%$62,134 23%$25,612 24%
Breathing Apparatus91,977 24%70,482 26%21,495 20%
Firefighter Helmets & Protective Apparel54,738 14%41,958 15%12,780 12%
Portable Gas Detection39,481 10%28,358 10%11,123 11%
Industrial Head Protection43,608 11%34,620 13%8,988 9%
Fall Protection27,839 7%17,658 6%10,181 10%
Other36,305 11%20,872 7%15,433 14%
Total$381,694 100%$276,082 100%$105,612 100%
Nine Months Ended September 30, 2023ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fixed Gas & Flame Detection$311,502 24%$200,604 22%$110,898 28%
Breathing Apparatus288,976 22%201,945 22%87,031 22%
Firefighter Helmets & Protective Apparel192,634 15%152,784 17%39,850 10%
Portable Gas Detection149,036 12%108,088 12%40,948 11%
Industrial Head Protection135,851 11%106,120 12%29,731 8%
Fall Protection97,019 7%63,168 7%33,851 9%
Other117,272 9%70,209 8%47,063 12%
Total$1,292,290 100%$902,918 100%$389,372 100%
Nine Months Ended September 30, 2022ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fixed Gas & Flame Detection$251,321 23%$167,269 22%$84,052 25%
Breathing Apparatus254,878 23%185,490 25%69,388 21%
Firefighter Helmets & Protective Apparel151,097 14%110,471 15%40,626 12%
Portable Gas Detection121,116 11%85,815 11%35,301 11%
Industrial Head Protection123,489 11%96,808 13%26,681 8%
Fall Protection79,114 7%50,940 7%28,174 9%
Other103,684 11%57,323 7%46,361 14%
Total$1,084,699 100%$754,116 100%$330,583 100%
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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 September 30,Nine Months Ended September 30,
(In thousands, except per share values)2023202220232022
Net income (loss)$65,256 $44,906 $(17,827)$128,141 
Preferred stock dividends(10)(10)(30)(30)
Net income (loss) attributable to common equity65,246 44,896 (17,857)128,111 
Dividends and undistributed earnings allocated to participating securities(8)(8)(16)(21)
Net income (loss) attributable to common shareholders65,238 44,888 (17,873)128,090 
Basic weighted-average shares outstanding39,303 39,172 39,267 39,243 
Stock-based compensation awards (a)
147 127 — 171 
Diluted weighted-average shares outstanding39,450 39,299 39,267 39,414 
Antidilutive shares— — 154 — 
Earnings (loss) per share:
Basic$1.66 $1.15 $(0.46)$