0000066570-24-000045 | 10-Q | XBRL Viewer

Capital Stock

9 Months Ended

Sep. 30, 2024

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, 2024 and December 31, 2023. 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, 2024 or 2023. 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, 2024, or December 31, 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, 2024 and December 31, 2023. No new shares were issued during the nine months ended September 30, 2024 or 2023. There were 39,309,938 and 39,317,212 shares outstanding at September 30, 2024 and December 31, 2023, respectively.

Treasury Shares - The Company has a stock repurchase program that authorizes up to $200.0 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, 2024, and 2023, the Company repurchased 108,917 and no shares, respectively, under this and the prior stock repurchase program. There were 22,771,453 and 22,764,179 treasury shares at September 30, 2024 and December 31, 2023, 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 141,618 and 125,967 Treasury shares issued for these purposes during the nine months ended September 30, 2024, and 2023, respectively.

Common stock activity is summarized as follows:


	Three Months Ended September 30, 2024				Three Months Ended September 30, 2023
(In thousands)	Common Stock		Treasury Cost(a)		Common Stock		Treasury Cost(a)
Balance at beginning of period	$	320,556	$	(376,556)	$	294,364	$	(362,025)
Stock compensation expense	4,217		—		8,477		—
Restricted and performance stock awards	(275)		275		(15)		15
Stock options exercised	111		57		591		307
Treasury shares purchased for stock compensation programs	—		(571)		—		(70)


Share repurchase program	—		(10,027)		—		—
Balance at end of period	$	324,609	$	(386,822)	$	303,417	$	(361,773)
(a)Excludes treasury cost related to preferred stock.


	Nine Months Ended September 30, 2024				Nine Months Ended September 30, 2023
(In thousands)	Common Stock		Treasury Cost(a)		Common Stock		Treasury Cost(a)
Balance at beginning of period	$	312,324	$	(361,684)	$	281,980	$	(359,838)
Stock compensation expense	13,446		—		21,506		—
Restricted and performance stock awards	(2,058)		2,058		(1,449)		1,449
Stock options exercised	323		171		948		492
Treasury shares purchased for stock compensation programs	—		(7,400)		—		(3,941)

Employee stock purchase program	574		60		432		65
Share repurchase program	—		(20,027)		—		—
Balance at end of period	$	324,609	$	(386,822)	$	303,417	$	(361,773)
(a)Excludes treasury cost related to preferred stock.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are: •Level 1—Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets. •Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. •Level 3—Unobservable inputs for the asset or liability. The valuation methodologies we used to measure financial assets and liabilities are also used to value the derivative financial instruments described in Note 15—Derivative Financial Instruments. We estimate the fair value of the derivative financial instruments, consisting of foreign currency forward contracts, based upon valuation models with inputs that generally can be verified by observable market conditions and do not involve significant management judgment. Accordingly, the fair values of the derivative financial instruments are classified within Level 2 of the fair value hierarchy. With the exception of our fixed rate long-term debt, we believe that the reported carrying amounts of our financial assets and liabilities approximate their fair values. The reported carrying amount of our fixed rate long-term debt was $307.2 million and $312.2 million at September 30, 2024, and December 31, 2023, respectively. The fair value of this debt was $278.1 million and $278.7 million at September 30, 2024, and December 31, 2023, respectively. The fair value of this debt was determined using Level 2 inputs by evaluating similarly rated companies with publicly traded bonds where available or current borrowing rates available for financings with similar terms and maturities.

Segment Information - Percentage of Total Sales by Product Group (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from External Customer [Line Items]
Revenues	$ 432,679	$ 446,728	$ 1,308,443	$ 1,292,290
Fire Service
Revenue from External Customer [Line Items]
Revenues	160,515	175,732	496,478	481,610
Detection
Revenue from External Customer [Line Items]
Revenues	163,150	155,694	473,214	460,537
Industrial PPE and Other
Revenue from External Customer [Line Items]
Revenues	$ 109,014	$ 115,302	$ 338,751	$ 350,143
Revenue Benchmark \| Product Concentration Risk
Revenue from External Customer [Line Items]
Concentration risk percentage	100.00%	100.00%	100.00%	100.00%
Revenue Benchmark \| Fire Service \| Product Concentration Risk
Revenue from External Customer [Line Items]
Concentration risk percentage	37.00%	39.00%	38.00%	37.00%
Revenue Benchmark \| Detection \| Product Concentration Risk
Revenue from External Customer [Line Items]
Concentration risk percentage	38.00%	35.00%	36.00%	36.00%
Revenue Benchmark \| Industrial PPE and Other \| Product Concentration Risk
Revenue from External Customer [Line Items]
Concentration risk percentage	25.00%	26.00%	26.00%	27.00%
Americas
Revenue from External Customer [Line Items]
Revenues	$ 299,497	$ 314,273	$ 909,745	$ 902,918
Americas \| Fire Service
Revenue from External Customer [Line Items]
Revenues	111,992	131,516	352,730	354,729
Americas \| Detection
Revenue from External Customer [Line Items]
Revenues	110,459	105,007	318,159	308,692
Americas \| Industrial PPE and Other
Revenue from External Customer [Line Items]
Revenues	$ 77,046	$ 77,750	$ 238,856	$ 239,497
Americas \| Revenue Benchmark \| Product Concentration Risk
Revenue from External Customer [Line Items]
Concentration risk percentage	100.00%	100.00%	100.00%	100.00%
Americas \| Revenue Benchmark \| Fire Service \| Product Concentration Risk
Revenue from External Customer [Line Items]
Concentration risk percentage	37.00%	42.00%	39.00%	39.00%
Americas \| Revenue Benchmark \| Detection \| Product Concentration Risk
Revenue from External Customer [Line Items]
Concentration risk percentage	37.00%	33.00%	35.00%	34.00%
Americas \| Revenue Benchmark \| Industrial PPE and Other \| Product Concentration Risk
Revenue from External Customer [Line Items]
Concentration risk percentage	26.00%	25.00%	26.00%	27.00%
International
Revenue from External Customer [Line Items]
Revenues	$ 133,182	$ 132,455	$ 398,698	$ 389,372
International \| Fire Service
Revenue from External Customer [Line Items]
Revenues	48,523	44,216	143,748	126,881
International \| Detection
Revenue from External Customer [Line Items]
Revenues	52,691	50,687	155,055	151,845
International \| Industrial PPE and Other
Revenue from External Customer [Line Items]
Revenues	$ 31,968	$ 37,552	$ 99,895	$ 110,646
International \| Revenue Benchmark \| Product Concentration Risk
Revenue from External Customer [Line Items]
Concentration risk percentage	100.00%	100.00%	100.00%	100.00%
International \| Revenue Benchmark \| Fire Service \| Product Concentration Risk
Revenue from External Customer [Line Items]
Concentration risk percentage	36.00%	33.00%	36.00%	33.00%
International \| Revenue Benchmark \| Detection \| Product Concentration Risk
Revenue from External Customer [Line Items]
Concentration risk percentage	40.00%	38.00%	39.00%	39.00%
International \| Revenue Benchmark \| Industrial PPE and Other \| Product Concentration Risk
Revenue from External Customer [Line Items]
Concentration risk percentage	24.00%	29.00%	25.00%	28.00%

Stock Plans - Additional Information (Details)	9 Months Ended
Stock Plans - Additional Information (Details)	Sep. 30, 2024
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target award based on achieving targeted performance conditions	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target award based on achieving targeted performance conditions	200.00%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value assumptions, average closing price used to calculate expected dividend rate, period (years)	1 year
Stock beta, daily price data period (years)	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities
Net income (loss)	$ 197,021	$ (17,827)
Depreciation and amortization	47,563	44,965
Loss on divestiture of MSA LLC (Note 17)	0	199,578
Stock-based compensation (Note 11)	13,446	21,506
Pension income (Note 14)	(5,316)	(6,060)
Deferred income tax benefit (Note 10)	(1,928)	(531)
Loss (gain) on asset dispositions, net	959	(671)
Pension contributions (Note 14)	(3,948)	(4,274)
Currency exchange losses, net	4,715	8,781
Product liability expense (Note 17)	0	3
Product liability payments (Note 17)	0	(5,250)
Contribution on divestiture of MSA LLC (Note 17)	0	(341,186)
Changes in:
Trade receivables	7,965	(7,449)
Inventories (Note 4)	(59,531)	15,386
Accounts payable	17,309	(4,225)
Other current assets and liabilities	(34,186)	26,518
Other noncurrent assets and liabilities	4,451	4,679
Cash Flow From (Used in) Operating Activities	188,520	(66,057)
Investing Activities
Capital expenditures	(39,814)	(30,979)
Property disposals and other investing	90	2,690
Cash Flow Used in Investing Activities	(39,724)	(28,289)
Financing Activities
Proceeds from long-term debt (Note 12)	868,644	1,507,000
Payments on long-term debt (Note 12)	(919,647)	(1,338,352)
Debt issuance costs	(200)	(1,138)
Cash dividends paid	(58,670)	(54,999)
Company stock purchases (Note 7)	(27,427)	(3,941)
Exercise of stock options (Note 7)	494	1,440
Employee stock purchase plan (Note 7)	634	497
Cash Flow (Used in) From Financing Activities	(136,172)	110,507
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(6,062)	(14,152)
Change in cash, cash equivalents and restricted cash	6,562	2,009
Beginning cash, cash equivalents and restricted cash	148,408	164,428
Ending cash, cash equivalents and restricted cash	154,970	166,437
Supplemental cash flow information:
Cash and cash equivalents	154,371	164,499
Restricted cash included in prepaid expenses and other current assets	599	1,938
Total cash, cash equivalents and restricted cash	$ 154,970	$ 166,437

Goodwill and Intangible Assets, Net

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Changes in goodwill during the nine months ended September 30, 2024, were as follows:



(In thousands)	Goodwill
Balance at January 1, 2024	$	627,534

Currency translation	5,303
Balance at September 30, 2024	$	632,837

At September 30, 2024, goodwill of $447.6 million and $185.2 million related to the Americas and International reportable segments, respectively.

Changes in intangible assets, net, during the nine months ended September 30, 2024, were as follows:



(In thousands)	Intangible Assets
Net balance at January 1, 2024	$	266,134

Amortization expense	(13,392)
Currency translation	1,622
Net balance at September 30, 2024	$	254,364

At September 30, 2024, intangible assets, net, includes a trade name related to Globe Manufacturing Company, LLC ("Globe") with an indefinite life totaling $60.0 million

Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income (loss)	$ 66,648	$ 65,256	$ 197,021	$ (17,827)
Preferred stock dividends	(10)	(10)	(30)	(30)
Net income (loss) attributable to common equity	66,638	65,246	196,991	(17,857)
Dividends and undistributed earnings allocated to participating securities	(6)	(8)	(19)	(16)
Net income (loss) attributable to common shareholders	$ 66,632	$ 65,238	$ 196,972	$ (17,873)
Basic weighted-average shares outstanding (shares)	39,362	39,303	39,370	39,267
Stock-based compensation awards (shares)	133	147	160	0
Diluted weighted-average shares outstanding (shares)	39,495	39,450	39,530	39,267
Antidilutive stock options (shares)	0	0	0	154
Earnings (loss) per share:
Basic (in dollars per share)	$ 1.69	$ 1.66	$ 5.00	$ (0.46)
Diluted (in dollars per share)	$ 1.69	$ 1.65	$ 4.98	$ (0.46)

Capital Stock (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Common Stock Activity

Common stock activity is summarized as follows:


	Three Months Ended September 30, 2024				Three Months Ended September 30, 2023
(In thousands)	Common Stock		Treasury Cost(a)		Common Stock		Treasury Cost(a)
Balance at beginning of period	$	320,556	$	(376,556)	$	294,364	$	(362,025)
Stock compensation expense	4,217		—		8,477		—
Restricted and performance stock awards	(275)		275		(15)		15
Stock options exercised	111		57		591		307
Treasury shares purchased for stock compensation programs	—		(571)		—		(70)


Share repurchase program	—		(10,027)		—		—
Balance at end of period	$	324,609	$	(386,822)	$	303,417	$	(361,773)
(a)Excludes treasury cost related to preferred stock.


	Nine Months Ended September 30, 2024				Nine Months Ended September 30, 2023
(In thousands)	Common Stock		Treasury Cost(a)		Common Stock		Treasury Cost(a)
Balance at beginning of period	$	312,324	$	(361,684)	$	281,980	$	(359,838)
Stock compensation expense	13,446		—		21,506		—
Restricted and performance stock awards	(2,058)		2,058		(1,449)		1,449
Stock options exercised	323		171		948		492
Treasury shares purchased for stock compensation programs	—		(7,400)		—		(3,941)

Employee stock purchase program	574		60		432		65
Share repurchase program	—		(20,027)		—		—
Balance at end of period	$	324,609	$	(386,822)	$	303,417	$	(361,773)
(a)Excludes treasury cost related to preferred stock.

Pensions and Other Post-retirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2,315	$ 1,884	$ 6,945	$ 5,652
Interest cost	5,970	5,918	17,910	17,754
Expected return on plan assets	(10,812)	(9,906)	(32,436)	(29,718)
Amortization of prior service cost (credit)	37	37	111	111
Recognized net actuarial losses	282	47	846	141
Settlements			1,308	0
Net periodic benefit (income) cost	(2,208)	(2,020)	(5,316)	(6,060)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	44	53	132	159
Interest cost	248	273	744	819
Expected return on plan assets	0	0	0	0
Amortization of prior service cost (credit)	(46)	(61)	(138)	(183)
Recognized net actuarial losses	115	138	345	414
Settlements			0	0
Net periodic benefit (income) cost	$ 361	$ 403	$ 1,083	$ 1,209

Long-Term Debt - Additional Information (Details)					9 Months Ended
Long-Term Debt - Additional Information (Details)	Jun. 29, 2023 USD ($)	Jan. 05, 2023 USD ($)	May 24, 2021 USD ($)	Jan. 04, 2019	Sep. 30, 2024 USD ($)	Sep. 30, 2024 GBP (£)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jul. 01, 2021 USD ($)
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 900,000,000.0
Weighted average revolving interest rate, percentage					5.80%
Line of credit facility, remaining borrowing capacity					$ 861,500,000
Line of credit facility, accordion feature					400,000,000
Amounts due within one year					26,915,000		$ 26,522,000
Minimum fixed charges coverage ratio (not less than)				1.50
Maximum consolidated leverage ratio (not to exceed)				3.50
Consolidated leverage ratio (not more than)				4.00
Long term debt					554,722,000		601,692,000
Restricted cash included in prepaid expenses and other current assets					599,000			$ 1,938,000
Standby Letters of Credit
Debt Instrument [Line Items]
Proceeds from lines of credit					10,000,000.0
Senior Revolving Credit Facility Maturing in 2023 \| Standby Letters of Credit
Debt Instrument [Line Items]
Proceeds from lines of credit					$ 1,500,000
Series C Senior Notes Due July 2036
Debt Instrument [Line Items]
Debt instrument, stated interest rate percentage					2.69%	2.69%
Series A Senior Notes Due 2036
Debt Instrument [Line Items]
Debt instrument, stated interest rate percentage					2.69%	2.69%
Senior Notes \| Series C Senior Notes Due July 2036
Debt Instrument [Line Items]
Aggregate principal amount									$ 100,000,000
Debt instrument, stated interest rate percentage									2.69%
Senior Notes \| Series A Senior Notes Due 2036
Debt Instrument [Line Items]
Aggregate principal amount									$ 100,000,000
Debt instrument, stated interest rate percentage									2.69%
Senior Notes \| NYL Note Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity									$ 200,000,000
Senior Notes \| Senior Notes Due 2028
Debt Instrument [Line Items]
Aggregate principal amount	$ 50,000,000
Debt instrument, stated interest rate percentage	5.25%				5.25%	5.25%
Principal of debt amount due in year before maturity	$ 25,000,000
Principal of debt amount due at maturity	$ 25,000,000
Long term debt					$ 49,949,000		49,939,000
Unsecured Debt \| Series C Senior Notes Due July 2036
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity									$ 335,000,000
Notes Payable \| Multi-currency Notes Due in 2031
Debt Instrument [Line Items]
Aggregate principal amount					$ 57,200,000	£ 42,700,000
Debt instrument, stated interest rate percentage					3.40%	3.40%
Amounts due within one year					$ 8,200,000	£ 6,100,000
Line of Credit \| 2023 Term Loan credit agreement maturing in 2026, net of debt issuance costs \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, stated interest rate percentage					6.35%	6.35%
Long term debt		$ 250,000,000			$ 212,055,000		$ 230,604,000
Base Rate \| Senior Revolving Credit Facility Maturing in 2023
Debt Instrument [Line Items]
Interest rate margin, percentage			0.00%
Overnight Bank Funding Rate \| Senior Revolving Credit Facility Maturing in 2023
Debt Instrument [Line Items]
Interest rate margin, percentage			0.50%
Secured Overnight Financing Rate (SOFR) \| Senior Revolving Credit Facility Maturing in 2023
Debt Instrument [Line Items]
Interest rate margin, percentage			1.00%
Minimum \| Senior Revolving Credit Facility Maturing in 2023
Debt Instrument [Line Items]
Interest rate margin, percentage			0.00%
Minimum \| Line of Credit \| 2023 Term Loan credit agreement maturing in 2026, net of debt issuance costs \| Secured Debt
Debt Instrument [Line Items]
Basis spread on EBITDA leverage ratio and elected rate		0.00%
Maximum \| Senior Revolving Credit Facility Maturing in 2023
Debt Instrument [Line Items]
Interest rate margin, percentage			1.75%
Maximum \| Line of Credit \| 2023 Term Loan credit agreement maturing in 2026, net of debt issuance costs \| Secured Debt
Debt Instrument [Line Items]
Basis spread on EBITDA leverage ratio and elected rate		2.00%

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate for the three months ended September 30, 2024, was 24.4%, 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 September 30, 2023, was 25.6%, which differs from the U.S. federal statutory rate of 21% primarily due to higher earnings in higher tax jurisdictions and nondeductible compensation. The Company's effective tax rate for the nine months ended September 30, 2024, was 23.7%, which differs from the United States of America ("U.S.") federal statutory rate of 21% primarily due to state income taxes and nondeductible compensation. The Company's effective tax rate for the nine months ended September 30, 2023, was 116.6%, which differs from the 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—Commitments and Contingencies to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q for further information on this transaction. At September 30, 2024, the Company had a gross liability for unrecognized tax benefits of $7.2 million. The Company has recognized tax benefits associated with these liabilities of $0.6 million at September 30, 2024. 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 $0.2 million at September 30, 2024. 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.

- Definition

The entire disclosure for income tax.

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+ Details

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Balance Sheet Location and Fair Value of Assets Associated with Derivative Financial Instruments

The following table presents the unaudited Condensed Consolidated Balance Sheets location and fair value of assets and liabilities associated with derivative financial instruments:


(In thousands)	September 30, 2024		December 31, 2023
Derivatives not designated as hedging instruments:
Foreign exchange contracts: prepaid expenses and other current assets	$	—	$	2,210
Foreign exchange contracts: other current liabilities	1,038		242

Income Statement Location and Impact of Derivative Financial Instruments

The following table presents the unaudited Condensed Consolidated Statements of Operations and unaudited Condensed Consolidated Statements of Cash Flows location and the loss impact of derivative financial instruments:


	Nine Months Ended September 30,
(In thousands)	2024		2023
Derivatives not designated as hedging instruments:
Foreign exchange contracts: currency exchange losses, net	$	1,683	$	2,986

Goodwill and Intangible Assets, Net - Changes in Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 627,534
Currency translation	5,303
Ending balance	$ 632,837

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Reclassifications Out of Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

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)	2024		2023		2024		2023
Pension and other post-retirement benefits (a)
Balance at beginning of period	$	(40,256)	$	(49,781)	$	(42,652)	$	(50,335)
Amounts reclassified from accumulated other comprehensive loss into net income (loss):
Amortization of prior service credit (Note 14)	(9)		(24)		(27)		(72)
Recognized net actuarial losses (Note 14)	397		185		3,065		555
Tax (benefit) expense	(374)		27		(628)		259
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income (loss)	14		188		2,410		742

Balance at end of period	$	(40,242)	$	(49,593)	$	(40,242)	$	(49,593)
Available-for-sale securities
Balance at beginning of period	$	—	$	—	$	—	$	(2)
Unrealized net gains on available-for-sale securities (Note 16)	—		—		—		2
Balance at end of period	$	—	$	—	$	—	$	—
Foreign currency translation
Balance at beginning of period	$	(107,292)	$	(92,147)	$	(86,597)	$	(108,380)
Reclassification from accumulated other comprehensive loss into net income (loss)(b)	—		101		(1,200)		101
Foreign currency translation adjustments	21,329		(18,771)		1,834		(2,538)
Balance at end of period	$	(85,963)	$	(110,817)	$	(85,963)	$	(110,817)
(a) Amounts reclassified from accumulated other comprehensive loss 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) Reclassification from accumulated other comprehensive loss into net income (loss) relates primarily to the recognition of non-cash net cumulative translation gains associated with certain foreign subsidiaries. The reclassifications are included in Currency exchange losses, net, within the unaudited Condensed Consolidated Statements of Income.

Segment Information - Reconciliation of Total Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting [Abstract]
Adjusted operating income (loss)	$ 97,915	$ 101,297	$ 294,114	$ 282,461
Restructuring charges	1,184	3,285	5,744	8,382
Currency exchange gains (losses), net	2,985	1,496	4,715	8,781
Interest expense	9,153	12,498	29,556	37,149
Other income, net	(5,833)	(6,037)	(16,215)	(15,487)
Amortization of acquisition-related intangible assets	2,269	2,315	6,888	6,936
Transaction costs	0	78	234	78
Net cost for product related legal matter	0	0	5,000	0
Loss on divestiture of MSA LLC (Note 17)	0	0	0	129,211
Product liability expense (Note 17)	0	0	0	3
Income before income taxes	$ 88,157	$ 87,662	$ 258,192	$ 107,408

Restructuring Charges (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Activity and Reserve Balance for Restructuring Charges by Segment

Activity and reserve balances for restructuring by segment were as follows:


(In millions)	Americas		International		Corporate		Total
Reserve balances at December 31, 2022	$	1.7	$	12.8	$	0.5	$	15.0
Restructuring charges	3.1		4.7		2.1		9.9
Currency translation	(0.1)		0.1		—		—
Cash payments / utilization	(3.9)		(8.6)		(2.6)		(15.1)
Reserve balances at December 31, 2023	$	0.8	$	9.0	$	—	$	9.8
Restructuring charges	1.3		3.2		1.2		5.7

Cash payments	(1.9)		(8.0)		(1.2)		(11.1)
Reserve balances at September 30, 2024	$	0.2	$	4.2	$	—	$	4.4

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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, 2023, 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, 2023, which includes all disclosures required by U.S. GAAP. In November 2023, the FASB issued ASU No. 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires annual and interim disclosures that are expected to improve reportable segment disclosures, primarily through enhanced disclosures about significant expenses in determining segment profit or loss. The provisions of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We will apply the new disclosure requirements of ASU 2023-07 in our 2024 Form 10-K and, with the exception of expanding disclosures about significant segment expenses, do not expect that the adoption of ASU 2023-07 will have a material effect on our consolidated financial statements taken as a whole.

Restructuring Charges - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1,184	$ 3,285	$ 5,744	$ 8,382
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges			1,200	2,100
Americas \| Reportable Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges			1,300	2,700
International \| Reportable Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 3,200	$ 3,600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stock Plans - Weighted Average Risk Assumptions (Details) - Performance Stock Unit	9 Months Ended
	Sep. 30, 2024 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per unit (dollars per share)	$ 177.34
Monte Carlo Approach
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per unit (dollars per share)	$ 181.31
Risk-free interest rate	4.34%
Expected dividend yield	1.19%
Expected volatility	25.90%
MSA stock beta	0.728

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Reportable Segment Information

Reportable segment information is presented in the following table:


(In thousands)	Americas		International		Corporate		Consolidated Totals
Three Months Ended September 30, 2024
Net sales to external customers	$	299,497	$	133,182	$	—	$	432,679









Adjusted operating income (loss)	91,822		18,174		(12,081)		97,915










Three Months Ended September 30, 2023
Net sales to external customers	$	314,273	$	132,455	$	—	$	446,728








Adjusted operating income (loss)	93,918		22,577		(15,198)		101,297


(In thousands)	Americas		International		Corporate		Consolidated Totals
Nine Months Ended September 30, 2024
Net sales to external customers	$	909,745	$	398,698	$	—	$	1,308,443









Adjusted operating income (loss)	276,523		55,944		(38,353)		294,114





Nine Months Ended September 30, 2023
Net sales to external customers	$	902,918	$	389,372	$	—	$	1,292,290









Adjusted operating income (loss)	260,428		60,099		(38,066)		282,461

A reconciliation of total Adjusted operating income from reportable segments to Income before income taxes is presented in the following table:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023













Adjusted operating income	$	97,915	$	101,297	$	294,114	$	282,461
Less:
Restructuring charges (Note 3)	1,184		3,285		5,744		8,382
Currency exchange losses, net	2,985		1,496		4,715		8,781

Interest expense	9,153		12,498		29,556		37,149
Other income, net	(5,833)		(6,037)		(16,215)		(15,487)
Amortization of acquisition-related intangible assets	2,269		2,315		6,888		6,936
Transaction costs(a)	—		78		234		78
Net cost for product related legal matter	—		—		5,000		—
Loss on divestiture of MSA LLC (Note 17)	—		—		—		129,211
Product liability expense (Note 17)	—		—		—		3
Income before income taxes	88,157		87,662		258,192		107,408



















(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations.

Percentage of Total Sales by Product Group

Total sales by product group was as follows:


Three Months Ended September 30, 2024	Consolidated			Americas			International
(In thousands, except percentages)	Dollars		Percent		Dollars		Percent	Dollars		Percent
Fire Service (a)	$	160,515	37%		$	111,992	37%	$	48,523	36%
Detection (b)	163,150		38%		110,459		37%	52,691		40%
Industrial PPE and Other (c)	109,014		25%		77,046		26%	31,968		24%
Total	$	432,679	100%		$	299,497	100%	$	133,182	100%

Three Months Ended September 30, 2023	Consolidated			Americas			International
(In thousands, except percentages)	Dollars		Percent		Dollars		Percent	Dollars		Percent
Fire Service (a)	$	175,732	39%		$	131,516	42%	$	44,216	33%
Detection (b)	155,694		35%		105,007		33%	50,687		38%
Industrial PPE and Other (c)	115,302		26%		77,750		25%	37,552		29%
Total	$	446,728	100%		$	314,273	100%	$	132,455	100%

Nine Months Ended September 30, 2024	Consolidated			Americas			International
(In thousands, except percentages)	Dollars		Percent		Dollars		Percent	Dollars		Percent
Fire Service (a)	$	496,478	38%		$	352,730	39%	$	143,748	36%
Detection (b)	473,214		36%		318,159		35%	155,055		39%
Industrial PPE and Other (c)	338,751		26%		238,856		26%	99,895		25%
Total	$	1,308,443	100%		$	909,745	100%	$	398,698	100%

Nine Months Ended September 30, 2023	Consolidated			Americas			International
(In thousands, except percentages)	Dollars		Percent		Dollars		Percent	Dollars		Percent
Fire Service (a)	$	481,610	37%		$	354,729	39%	$	126,881	33%
Detection (b)	460,537		36%		308,692		34%	151,845		39%
Industrial PPE and Other (c)	350,143		27%		239,497		27%	110,646		28%
Total	$	1,292,290	100%		$	902,918	100%	$	389,372	100%
(a) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel. (b) Detection includes Fixed Gas and Flame Detection and Portable Gas detection. (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability

The following table reconciles changes in the Company's accrued warranty reserve:


(In thousands)	Nine Months Ended September 30, 2024		Year Ended December 31, 2023
Beginning warranty reserve	$	14,288	$	15,230
Warranty payments	(8,518)		(9,794)
Warranty claims	7,370		8,899
Provision for product warranties and other adjustments	515		(47)
Ending warranty reserve	$	13,655	$	14,288

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	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, 2023, 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, 2023, which includes all disclosures required by U.S. GAAP.
Recently Adopted and Recently Issued Accounting Standards	In November 2023, the FASB issued ASU No. 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires annual and interim disclosures that are expected to improve reportable segment disclosures, primarily through enhanced disclosures about significant expenses in determining segment profit or loss. The provisions of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We will apply the new disclosure requirements of ASU 2023-07 in our 2024 Form 10-K and, with the exception of expanding disclosures about significant segment expenses, do not expect that the adoption of ASU 2023-07 will have a material effect on our consolidated financial statements taken as a whole.

Inventories

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories

The following table sets forth the components of inventory:


(In thousands)	September 30, 2024		December 31, 2023
Finished products	$	118,294	$	88,687
Work in process	17,369		15,378
Raw materials and supplies	216,142		188,539
Total inventories	$	351,805	$	292,604

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

The following table sets forth the components of inventory:


(In thousands)	September 30, 2024		December 31, 2023
Finished products	$	118,294	$	88,687
Work in process	17,369		15,378
Raw materials and supplies	216,142		188,539
Total inventories	$	351,805	$	292,604

Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period			$ 966,802
Reclassification from accumulated other comprehensive loss into net income (loss)(b)	$ 0	$ 101	(1,200)	$ 101
Other comprehensive income (loss)	21,343	(18,482)	3,044	(1,693)
Balance at end of period	1,095,345		1,095,345
Accumulated defined benefit plans adjustment attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(40,256)	(49,781)	(42,652)	(50,335)
Tax (benefit) expense	(374)	27	(628)	259
Reclassification from accumulated other comprehensive loss into net income (loss)(b)	14	188	2,410	742
Balance at end of period	(40,242)	(49,593)	(40,242)	(49,593)
Accumulated defined benefit plans adjustment, net prior service attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Amounts reclassified from accumulated other comprehensive loss	(9)	(24)	(27)	(72)
Accumulated defined benefit plans adjustment, net gain (loss) attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Amounts reclassified from accumulated other comprehensive loss	397	185	3,065	555
Accumulated net investment gain (loss) attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	0	0	0	(2)
Other comprehensive income (loss)	0	0	0	2
Balance at end of period	0	0	0	0
Accumulated foreign currency adjustment attributable to parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(107,292)	(92,147)	(86,597)	(108,380)
Reclassification from accumulated other comprehensive loss into net income (loss)(b)	0	101	(1,200)	101
Other comprehensive income (loss)	21,329	(18,771)	1,834	(2,538)
Balance at end of period	$ (85,963)	$ (110,817)	$ (85,963)	$ (110,817)

Stock Plans - Summary of Restricted Stock and Unit Activity (Details) - Restricted Stock Activity	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Shares
Unvested, beginning balance (in shares) \| shares	173,851
Granted (in shares) \| shares	82,905
Vested (in shares) \| shares	(48,596)
Forfeited (in shares) \| shares	(25,482)
Unvested, ending balance (in shares) \| shares	182,678
Weighted Average Grant Date Fair Value
Unvested, beginning balance (dollars per share) \| $ / shares	$ 142.73
Granted (dollars per share) \| $ / shares	178.59
Vested (dollars per share) \| $ / shares	164.57
Forfeited (dollars per share) \| $ / shares	164.47
Unvested, ending Balance (dollars per share) \| $ / shares	$ 150.16

Pensions and Other Post-retirement Benefits

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Pensions and Other Post-retirement Benefits

Components of Net periodic benefit (income) cost consisted of the following:


	Pension Benefits				Other Benefits
(In thousands)	2024		2023		2024		2023
Three Months Ended September 30,
Service cost	$	2,315	$	1,884	$	44	$	53
Interest cost	5,970		5,918		248		273
Expected return on plan assets	(10,812)		(9,906)		—		—
Amortization of prior service cost (credit)	37		37		(46)		(61)
Recognized net actuarial losses	282		47		115		138

Net periodic benefit (income) cost (a)	$	(2,208)	$	(2,020)	$	361	$	403


Nine Months Ended September 30,
Service cost	$	6,945	$	5,652	$	132	$	159
Interest cost	17,910		17,754		744		819
Expected return on plan assets	(32,436)		(29,718)		—		—
Amortization of prior service cost (credit)	111		111		(138)		(183)
Recognized net actuarial losses	846		141		345		414
Settlements	1,308		—		—		—
Net periodic benefit (income) cost (a)	$	(5,316)	$	(6,060)	$	1,083	$	1,209
(a) Components of Net periodic benefit (income) cost other than service cost are included in the line item Other income, net, and service costs are included in the line items Cost of products sold and Selling, general and administrative in the unaudited Condensed Consolidated Statements of Operations.

We made contributions of $3.9 million and $4.3 million to our pension plans during the nine months ended September 30, 2024, and 2023, respectively. We expect to make net contributions of $5.3 million to our pension plans in 2024, which are primarily associated with statutorily required plans in the International reporting segment.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 66,648	$ 65,256	$ 197,021	$ (17,827)
Other comprehensive gain (loss), net of tax:
Foreign currency translation adjustments (Note 6)	21,329	(18,771)	1,834	(2,538)
Pension and post-retirement plan adjustments, net of tax (Note 6)	14	188	2,410	742
Unrealized gain on available-for-sale securities (Note 6)	0	0	0	2
Reclassification of currency translation from accumulated other comprehensive loss into net income (Note 6)	0	101	(1,200)	101
Total other comprehensive gain (loss), net of tax	21,343	(18,482)	3,044	(1,693)
Comprehensive income (loss)	$ 87,991	$ 46,774	$ 200,065	$ (19,520)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

Segment Information - Additional Information (Details)	9 Months Ended
Segment Information - Additional Information (Details)	Sep. 30, 2024 Segment
Segment Reporting [Abstract]
Number of geographical segments (in segments)	4
Number of reportable segments (in segments)	3

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 154,371	$ 146,442
Trade receivables, less allowance for credit loss of $7,937 and $7,065	277,346	294,678
Inventories (Note 4)	351,805	292,604
Prepaid expenses and other current assets	59,147	52,546
Total current assets	842,669	786,270
Property, plant and equipment, net (Note 5)	216,646	211,877
Operating lease right-of-use assets, net	59,393	53,298
Prepaid pension cost (Note 14)	183,915	172,161
Deferred tax assets (Note 10)	34,513	33,065
Goodwill (Note 13)	632,837	627,534
Intangible assets, net (Note 13)	254,364	266,134
Other noncurrent assets	17,590	19,811
Total assets	2,241,927	2,170,150
Liabilities
Notes payable and current portion of long-term debt (Note 12)	26,915	26,522
Accounts payable	128,031	111,872
Employees’ compensation	56,831	73,386
Other current liabilities	102,701	121,038
Total current liabilities	314,478	332,818
Long-term debt, net (Note 12)	527,807	575,170
Pensions and other employee benefits (Note 14)	144,105	143,967
Noncurrent operating lease liabilities	49,337	44,495
Deferred tax liabilities (Note 10)	103,175	102,419
Other noncurrent liabilities	7,680	4,479
Total liabilities	1,146,582	1,203,348
Equity
Preferred stock, 4.5% cumulative, $50 par value (Note 7)	3,569	3,569
Common stock, no par value (Note 7)	324,609	312,324
Treasury shares, at cost (Note 7)	(388,421)	(363,284)
Accumulated other comprehensive loss (Note 6)	(126,205)	(129,249)
Retained earnings	1,281,793	1,143,442
Total shareholders’ equity	1,095,345	966,802
Total liabilities and shareholders’ equity	$ 2,241,927	$ 2,170,150

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 687,300	$ 667,911
Less: accumulated depreciation	(470,654)	(456,034)
Property, plant and equipment, net	216,646	211,877
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,379	4,332
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	144,364	141,027
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	511,075	498,148
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 27,482	$ 24,404

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Components of Property, Plant and Equipment

The following table sets forth the components of property, plant and equipment, net:


(In thousands)	September 30, 2024		December 31, 2023
Land	$	4,379	$	4,332

Buildings	144,364		141,027
Machinery and equipment	511,075		498,148
Construction in progress	27,482		24,404
Total	687,300		667,911
Less: accumulated depreciation	(470,654)		(456,034)
Property, plant and equipment, net	$	216,646	$	211,877

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Jun. 29, 2023	Jan. 05, 2023	Jul. 01, 2021
Debt Instrument [Line Items]
Senior revolving credit facility maturing in 2026, net of debt issuance costs	$ 36,153	$ 59,602
Total	554,722	601,692
Amounts due within one year	26,915	26,522
Long-term debt, net of debt issuance costs	$ 527,807	575,170
2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs
Debt Instrument [Line Items]
Debt instrument, stated interest rate percentage	3.40%
Senior notes payable	$ 57,067	62,081
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs
Debt Instrument [Line Items]
Debt instrument, stated interest rate percentage	2.69%
Senior notes payable	$ 99,749	99,733
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate percentage					2.69%
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs
Debt Instrument [Line Items]
Debt instrument, stated interest rate percentage	2.69%
Senior notes payable	$ 99,749	99,733
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate percentage					2.69%
2023 Term Loan credit agreement maturing in 2026, net of debt issuance costs \| Secured Debt \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, stated interest rate percentage	6.35%
Total	$ 212,055	230,604		$ 250,000
2023 Senior Notes payable through 2028, 5.25%, net of debt issuance costs \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, stated interest rate percentage	5.25%		5.25%
Total	$ 49,949	$ 49,939

Stock Plans (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Compensation Expense

Stock compensation expense, included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations, is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Stock compensation expense	$	4,217	$	8,477	$	13,446	$	21,506
Income tax benefit	1,033		2,077		3,294		5,269
Stock compensation expense, net of tax	$	3,184	$	6,400	$	10,152	$	16,237

We have not capitalized any stock-based compensation expense.

Summary of Stock Option Activity

A summary of stock option activity for the nine months ended September 30, 2024, is as follows:


	Shares	Weighted Average Exercise Price
Outstanding at January 1, 2024	26,536	$	45.95

Exercised	(10,531)	46.95
Forfeited	(852)	48.65

Outstanding and exercisable at September 30, 2024	15,153	$	45.10

Summary of Restricted Stock and Unit Activity

A summary of restricted stock activity for the nine months ended September 30, 2024, is as follows:


	Shares	Weighted Average Grant Date Fair Value
Unvested at January 1, 2024	173,851	$	142.73
Granted	82,905	178.59
Vested	(48,596)	164.57
Forfeited	(25,482)	164.47
Unvested at September 30, 2024	182,678	$	150.16

Schedule of Fair Value Assumptions for Units

The following weighted average assumptions were used in estimating the fair value of the performance stock units granted in the first quarter of 2024.


Fair value per unit			$181.31
Risk-free interest rate			4.34%
Expected dividend yield			1.19%
Expected volatility			25.9%
MSA stock beta			0.728

Summary of Performance Stock Unit Activity

A summary of performance stock unit activity for the nine months ended September 30, 2024, is as follows:


	Shares	Weighted Average Grant Date Fair Value
Unvested at January 1, 2024	189,221	$	146.17
Granted	40,787	177.34
Performance adjustments(a)	20,488	194.10
Vested	(77,544)	174.13
Forfeited	(10,619)	149.13
Unvested at September 30, 2024	162,333	$	146.50
(a)Performance adjustments relate primarily to the final number of shares issued for the 2021 performance unit awards which vested in the first quarter of 2024 at 174% of the target award based on both cumulative performance against EBITDA margin and revenue growth targets and MSA's TSR during the three-year performance period.

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Foreign Exchange Forward
Derivative [Line Items]
Notional amount of open forward contracts	$ 184.8	$ 110.9

Commitments and Contingencies - Additional Information (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 05, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Oct. 15, 2024 lawsuit claim classAction	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Product liability expense		$ 0	$ 0	$ 0	$ 3
Tax-effected loss on divestiture				0	199,578
Product warranty expense				7,900	6,700
Product liability expense (Note 17)		0	$ 0	5,000	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Loss Contingencies [Line Items]
Remaining performance obligation, amount		$ 28,700		$ 28,700
Remaining performance obligation, expected timing of satisfaction		3 years		3 years
MSA LLC \| Joint Venture By R&Q Insurance Holdings Ltd. And Obra Capital, Inc.
Loss Contingencies [Line Items]
Contributed cash and cash equivalents by acquiree	$ 35,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| MSA LLC
Loss Contingencies [Line Items]
Disposal group, contributed cash and cash equivalents	$ 341,200
Tax-effected loss on divestiture		$ 199,600
Disposal group, transaction costs				$ 5,600
Single incident
Loss Contingencies [Line Items]
Product liability accrual		$ 800		800			$ 1,300
Product liability expense				$ 200	$ 100
Damages From Product Substances \| Subsequent Event
Loss Contingencies [Line Items]
Number of pending lawsuits \| lawsuit						535
Number of pending claims \| claim						7,850
Number of pending class actions \| classAction						2

Capital Stock - Schedule of Common Stock Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Common Stock
Common Stock Activity [Roll Forward]
Beginning balance	$ 320,556	$ 294,364	$ 312,324	$ 281,980
Stock compensation expense	4,217	8,477	13,446	21,506
Ending balance	324,609	303,417	324,609	303,417
Treasury Cost
Common Stock Activity [Roll Forward]
Beginning balance	(376,556)	(362,025)	(361,684)	(359,838)
Stock compensation expense	0	0	0	0
Ending balance	(386,822)	(361,773)	(386,822)	(361,773)
Restricted and performance stock awards \| Common Stock
Common Stock Activity [Roll Forward]
Restricted and performance stock awards	(275)	(15)	(2,058)	(1,449)
Restricted and performance stock awards \| Treasury Cost
Common Stock Activity [Roll Forward]
Restricted and performance stock awards	275	15	2,058	1,449
Stock options exercised \| Common Stock
Common Stock Activity [Roll Forward]
Stock compensation expense	111	591	323	948
Stock options exercised \| Treasury Cost
Common Stock Activity [Roll Forward]
Stock compensation expense	57	307	171	492
Treasury shares purchased for stock compensation programs \| Common Stock
Common Stock Activity [Roll Forward]
Treasury shares purchased for stock compensation programs	0	0	0	0
Treasury shares purchased for stock compensation programs \| Treasury Cost
Common Stock Activity [Roll Forward]
Treasury shares purchased for stock compensation programs	(571)	(70)	(7,400)	(3,941)
Employee stock purchase program \| Common Stock
Common Stock Activity [Roll Forward]
Stock compensation expense			574	432
Employee stock purchase program \| Treasury Cost
Common Stock Activity [Roll Forward]
Stock compensation expense			60	65
Share repurchase program \| Common Stock
Common Stock Activity [Roll Forward]
Stock compensation expense	0	0	0	0
Share repurchase program \| Treasury Cost
Common Stock Activity [Roll Forward]
Stock compensation expense	$ (10,027)	$ 0	$ (20,027)	$ 0

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 18, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-15579
Entity Registrant Name	MSA SAFETY INC
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	46-4914539
Entity Address, Address Line One	1000 Cranberry Woods Drive
Entity Address, City or Town	Cranberry Township,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	16066-5207
City Area Code	724
Local Phone Number	776-8600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	MSA
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding (in shares)		39,309,950
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000066570
Current Fiscal Year End Date	--12-31

Long-Term Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt


(In thousands)	September 30, 2024		December 31, 2023
2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs	$	57,067	$	62,081
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs	99,749		99,733
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs	99,749		99,733
2023 Term Loan credit agreement maturing in 2026, net of debt issuance costs	212,055		230,604
2023 Senior Notes payable through 2028, 5.25%, net of debt issuance costs	49,949		49,939
Senior revolving credit facility maturing in 2026, net of debt issuance costs	36,153		59,602
Total	554,722		601,692
Amounts due within one year	26,915		26,522
Long-term debt, net of debt issuance costs	$	527,807	$	575,170

On May 24, 2021, the Company entered into a Fourth Amended and Restated Credit Agreement (the “Revolving Credit Facility" or "Facility”) that extended its term through May 24, 2026 and increased the capacity to $900.0 million. The agreement was amended in August 2021 and June 2023 to transition from Sterling LIBOR reference rates and U.S. LIBOR reference rates. Under the amended agreement, the Company may elect either a Base rate of interest (“BASE”) or an interest rate based on Secured Overnight Financing Rate (“SOFR”). The BASE is a daily fluctuating per annum rate equal to the highest of (i) 0.00%, (ii) the Overnight Bank Funding Rate, plus 0.5%, (iii) the Prime Rate (iv) the Daily Simple SOFR rate, plus 1.00%. The Company pays a credit spread of 0 to 175 basis points based on the Company’s net EBITDA leverage ratio and elected rate (BASE or SOFR). The Company has a weighted average revolver interest rate of 5.80% as of September 30, 2024. At September 30, 2024, $861.5 million of the existing $900.0 million Revolving Credit Facility was unused, including letters of credit issued under the Facility. The Facility also provides an accordion feature that allows the Company to access an additional $400.0 million of capacity pending approval by MSA’s board of directors and from the bank group.

On July 1, 2024, the Company entered into Amendment No. 3 to the Third Amended and Restated Multi-Currency Note Purchase and Private Shelf Agreement (the “Prudential Note Agreement”) with PGIM, Inc. (“Prudential”). The Prudential Note Agreement provided for (i) the issuance of $100.0 million of 2.69% Series C Senior Notes due July 1, 2036 and (ii) the establishment of an uncommitted note issuance facility whereby the Company may request, subject to Prudential’s acceptance in its sole discretion, the issuance of up to $335.0 million aggregate principal amount of senior unsecured notes. As of September 30, 2024, the Company has outstanding £42.7 million (approximately $57.2 million at September 30, 2024) of 3.4% Series B Senior Notes due January 22, 2031. Remaining maturities of this note are £6.1 million (approximately $8.2 million at September 30, 2024) due annually through January 2031.

On July 1, 2024, the Company entered into Amendment No. 3 to the Second Amended and Restated Master Note Facility (the “NYL Note Facility”) with NYL Investors. The NYL Note Facility provided for (i) the issuance of $100.0 million of 2.69% Series A Senior Notes due July 1, 2036, and (ii) the establishment of an uncommitted note issuance facility whereby the Company may request, subject to NYL Investors’ acceptance in its sole discretion, the issuance of up to $200.0 million aggregate principal amount of senior unsecured notes.

On June 29, 2023, the Company issued $50 million of 5.25% Series B Senior Notes due July 1, 2028, pursuant to the NYL Note Facility (the "Notes"). The Notes bear interest at 5.25% per annum, payable semi-annually, and mature on July 1, 2028. The Notes provide for a principal payment of $25 million on July 1, 2027, with the remaining $25 million due on July 1, 2028. The Notes may be redeemed at the Company’s option prior to their maturity at a make-whole redemption price calculated as provided in the NYL Note Facility. The proceeds of the Notes were used on June 29, 2023, to pay down an equivalent amount of borrowings under the Company’s Revolving Credit Facility with PNC Bank, National Association, as Administrative Agent.

On January 5, 2023, the Company entered into a new $250 million term loan facility to fund the divestiture of MSA LLC, a wholly owned subsidiary. Under the agreement, the Company may elect either BASE or an interest rate based on SOFR. The Company pays a credit spread of 0 to 200 basis points based on the Company's net EBITDA leverage ratio and elected rate. The Company had a Term Loan interest rate of 6.35% as of September 30, 2024.

The Revolving Credit Facility, Prudential Note Agreement and NYL Note Facility require the Company to comply with specified financial covenants, including a requirement to maintain a minimum fixed charges coverage ratio of not less than 1.50 to 1.00 and a consolidated leverage ratio not to exceed 3.50 to 1.00; except during an acquisition period, defined as four consecutive fiscal quarters beginning with the quarter of acquisition, in which case the consolidated net leverage ratio shall not exceed 4.00 to 1.00; in each case calculated on the basis of the trailing four fiscal quarters. In addition, the agreements contain negative covenants limiting the ability of the Company and its subsidiaries to incur additional indebtedness or issue guarantees, create or incur liens, make loans and investments, make acquisitions, transfer or sell assets, enter into transactions with affiliated parties, make changes in its organizational documents that are materially adverse to lenders or modify the nature of the Company's or its subsidiaries' business. All credit facilities exclude MSA LLC prior to the divestiture of this subsidiary on January 5, 2023, as discussed further in Note 17—Commitments and Contingencies to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q for further information on this transaction.

As of September 30, 2024, the Company was in full compliance with the restrictive covenants under its various credit agreements.

The Company had outstanding bank guarantees and standby letters of credit with banks as of September 30, 2024, totaling $10.0 million, of which $1.5 million relate to the Revolving Credit Facility. The letters of credit serve to cover customer requirements in connection with certain sales orders and insurance companies. The Company is also required to provide cash collateral in connection with certain arrangements. At September 30, 2024, the Company has $0.6 million of restricted cash in support of these arrangements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Derivative Financial Instruments - Balance Sheet Location and Fair Value of Assets Associated with Derivative Financial Instruments (Details) - Not designated as hedging instrument - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other current liabilities
Derivatives, Fair Value [Line Items]
Derivatives not designated as hedging instruments:	$ 1,038	$ 242
Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Foreign exchange contracts: other current liabilities	$ 0	$ 2,210

Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

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) is the measure 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"), net cost for product related legal matter, transaction costs and acquisition-related amortization.

The accounting principles applied at the operating segment level in determining the segment measure of profit or loss are 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)	Americas		International		Corporate		Consolidated Totals
Three Months Ended September 30, 2024
Net sales to external customers	$	299,497	$	133,182	$	—	$	432,679









Adjusted operating income (loss)	91,822		18,174		(12,081)		97,915










Three Months Ended September 30, 2023
Net sales to external customers	$	314,273	$	132,455	$	—	$	446,728








Adjusted operating income (loss)	93,918		22,577		(15,198)		101,297


(In thousands)	Americas		International		Corporate		Consolidated Totals
Nine Months Ended September 30, 2024
Net sales to external customers	$	909,745	$	398,698	$	—	$	1,308,443









Adjusted operating income (loss)	276,523		55,944		(38,353)		294,114





Nine Months Ended September 30, 2023
Net sales to external customers	$	902,918	$	389,372	$	—	$	1,292,290









Adjusted operating income (loss)	260,428		60,099		(38,066)		282,461

A reconciliation of total Adjusted operating income from reportable segments to Income before income taxes is presented in the following table:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023













Adjusted operating income	$	97,915	$	101,297	$	294,114	$	282,461
Less:
Restructuring charges (Note 3)	1,184		3,285		5,744		8,382
Currency exchange losses, net	2,985		1,496		4,715		8,781

Interest expense	9,153		12,498		29,556		37,149
Other income, net	(5,833)		(6,037)		(16,215)		(15,487)
Amortization of acquisition-related intangible assets	2,269		2,315		6,888		6,936
Transaction costs(a)	—		78		234		78
Net cost for product related legal matter	—		—		5,000		—
Loss on divestiture of MSA LLC (Note 17)	—		—		—		129,211
Product liability expense (Note 17)	—		—		—		3
Income before income taxes	88,157		87,662		258,192		107,408



















(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations.

Total sales by product group was as follows:


Three Months Ended September 30, 2024	Consolidated			Americas			International
(In thousands, except percentages)	Dollars		Percent		Dollars		Percent	Dollars		Percent
Fire Service (a)	$	160,515	37%		$	111,992	37%	$	48,523	36%
Detection (b)	163,150		38%		110,459		37%	52,691		40%
Industrial PPE and Other (c)	109,014		25%		77,046		26%	31,968		24%
Total	$	432,679	100%		$	299,497	100%	$	133,182	100%

Three Months Ended September 30, 2023	Consolidated			Americas			International
(In thousands, except percentages)	Dollars		Percent		Dollars		Percent	Dollars		Percent
Fire Service (a)	$	175,732	39%		$	131,516	42%	$	44,216	33%
Detection (b)	155,694		35%		105,007		33%	50,687		38%
Industrial PPE and Other (c)	115,302		26%		77,750		25%	37,552		29%
Total	$	446,728	100%		$	314,273	100%	$	132,455	100%

Nine Months Ended September 30, 2024	Consolidated			Americas			International
(In thousands, except percentages)	Dollars		Percent		Dollars		Percent	Dollars		Percent
Fire Service (a)	$	496,478	38%		$	352,730	39%	$	143,748	36%
Detection (b)	473,214		36%		318,159		35%	155,055		39%
Industrial PPE and Other (c)	338,751		26%		238,856		26%	99,895		25%
Total	$	1,308,443	100%		$	909,745	100%	$	398,698	100%

Nine Months Ended September 30, 2023	Consolidated			Americas			International
(In thousands, except percentages)	Dollars		Percent		Dollars		Percent	Dollars		Percent
Fire Service (a)	$	481,610	37%		$	354,729	39%	$	126,881	33%
Detection (b)	460,537		36%		308,692		34%	151,845		39%
Industrial PPE and Other (c)	350,143		27%		239,497		27%	110,646		28%
Total	$	1,292,290	100%		$	902,918	100%	$	389,372	100%
(a) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel. (b) Detection includes Fixed Gas and Flame Detection and Portable Gas detection. (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

As part of our currency exchange rate risk management strategy, we enter into certain derivative foreign currency forward contracts that do not meet the U.S. GAAP criteria for hedge accounting but have the impact of partially offsetting certain of our foreign currency exposures. We account for these forward contracts at fair value and report the related gains or losses in currency exchange losses, net, in the unaudited Condensed Consolidated Statements of Operations. The notional amount of open forward contracts was $184.8 million and $110.9 million at September 30, 2024, and December 31, 2023, respectively.

The following table presents the unaudited Condensed Consolidated Balance Sheets location and fair value of assets and liabilities associated with derivative financial instruments:


(In thousands)	September 30, 2024		December 31, 2023
Derivatives not designated as hedging instruments:
Foreign exchange contracts: prepaid expenses and other current assets	$	—	$	2,210
Foreign exchange contracts: other current liabilities	1,038		242


	Nine Months Ended September 30,
(In thousands)	2024		2023
Derivatives not designated as hedging instruments:
Foreign exchange contracts: currency exchange losses, net	$	1,683	$	2,986

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Contingency [Line Items]
Effective income tax rate	24.40%	25.60%	23.70%	116.60%
Unrecognized tax benefits	$ 7,200		$ 7,200
Insurance receivable and other noncurrent assets	17,590		17,590		$ 19,811
Accrued interest and penalties related to uncertain tax positions	200		200
Deferred tax asset
Income Tax Contingency [Line Items]
Insurance receivable and other noncurrent assets	$ 600		$ 600

Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 632,837	$ 627,534
Americas
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill	447,600
International
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill	185,200
Trade name \| Globe Holding Company LLC
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 60,000

- Definition

+ References

+ Details

Condensed Consolidated Statements of Changes in Retained Earnings, Accumulated Other Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ 66,648	$ 65,256	$ 197,021	$ (17,827)
Pension and post-retirement plan adjustments, net of tax	14	188	2,410	742
Reclassification from accumulated other comprehensive loss into net income (loss)(b)	0	101	(1,200)	101
Preferred dividends	(10)	(10)	(30)	(30)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,235,226	1,038,750	1,143,442	1,158,347
Net loss	66,648	65,256	197,021	(17,827)
Common dividends	(20,071)	(18,475)	(58,640)	(54,969)
Preferred dividends	(10)	(10)	(30)	(30)
Ending balance	1,281,793	1,085,521	1,281,793	1,085,521
Accumulated Other Comprehensive (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(147,548)	(141,928)	(129,249)	(158,717)
Foreign currency translation adjustments	21,329	(18,771)	1,834	(2,538)
Pension and post-retirement plan adjustments, net of tax	14	188	2,410	742
Unrealized net gains (losses) on available-for-sale securities				2
Reclassification from accumulated other comprehensive loss into net income (loss)(b)		101	(1,200)	101
Ending balance	$ (126,205)	$ (160,410)	$ (126,205)	$ (160,410)

Capital Stock - Narrative (Details) - USD ($)	9 Months Ended		12 Months Ended
Capital Stock - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Capital Unit [Line Items]
Preferred stock, par value (dollars per share)	$ 50,000		$ 50,000
Cumulative preferred stock (percent)	4.50%		4.50%
Treasury shares, at cost	$ 388,421,000		$ 363,284,000
Common stock, shares authorized (shares)	180,000,000
Common stock, shares, outstanding (shares)	39,309,938		39,317,212
Treasury stock, common, shares (shares)	22,771,453		22,764,179
Preferred stock
Capital Unit [Line Items]
Treasury shares, at cost	$ 1,800,000
Cumulative Preferred Stock
Capital Unit [Line Items]
Preferred stock, shares authorized (shares)	100,000
Preferred stock, par value (dollars per share)	$ 50
Cumulative preferred stock (percent)	4.50%
Preferred stock, callable price per share (dollars per share)	$ 52.50
Preferred stock, shares issued (shares)	71,340		71,340
Treasury stock, preferred, shares (shares)	52,998		52,998
Purchase of treasury shares (shares)	0	0
Second Cumulative Preferred Voting Stock
Capital Unit [Line Items]
Preferred stock, shares authorized (shares)	1,000,000
Preferred stock, par value (dollars per share)	$ 10
Preferred stock, shares issued (shares)	0		0
Common Stock
Capital Unit [Line Items]
Purchase of treasury shares (shares)	108,917	0
Common stock, shares issued (shares)	62,081,391		62,081,391
Stock issued during period, new issues (shares)	0	0
Common stock, value, issued (up to)	$ 200,000,000.0
Treasury stock
Capital Unit [Line Items]
Reissued shares (shares)	141,618	125,967

Stock Plans - Schedule of Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	$ 4,217	$ 8,477	$ 13,446	$ 21,506
Income tax benefit	1,033	2,077	3,294	5,269
Stock compensation expense, net of tax	$ 3,184	$ 6,400	$ 10,152	$ 16,237

Restructuring Charges - Activity and Reserve Balance for Restructuring Charges by Segment (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 9.8	$ 15.0
Restructuring charges		9.9
Restructuring charges	5.7
Currency translation		0.0
Cash payments	(11.1)	(15.1)
Restructuring reserve, ending balance	4.4	9.8
Corporate
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0.0	0.5
Restructuring charges		2.1
Restructuring charges	1.2
Currency translation		0.0
Cash payments	(1.2)	(2.6)
Restructuring reserve, ending balance	0.0	0.0
Americas \| Reportable Segments
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0.8	1.7
Restructuring charges		3.1
Restructuring charges	1.3
Currency translation		(0.1)
Cash payments	(1.9)	(3.9)
Restructuring reserve, ending balance	0.2	0.8
International \| Reportable Segments
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	9.0	12.8
Restructuring charges		4.7
Restructuring charges	3.2
Currency translation		0.1
Cash payments	(8.0)	(8.6)
Restructuring reserve, ending balance	$ 4.2	$ 9.0

Earnings (Loss) per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share values)	2024		2023		2024		2023
Net income (loss)	$	66,648	$	65,256	$	197,021	$	(17,827)
Preferred stock dividends	(10)		(10)		(30)		(30)
Net income (loss) attributable to common equity	66,638		65,246		196,991		(17,857)
Dividends and undistributed earnings allocated to participating securities	(6)		(8)		(19)		(16)
Net income (loss) attributable to common shareholders	66,632		65,238		196,972		(17,873)

Basic weighted-average shares outstanding	39,362		39,303		39,370		39,267
Stock-based compensation awards(a)	133		147		160		—
Diluted weighted-average shares outstanding	39,495		39,450		39,530		39,267
Antidilutive shares	—		—		—		154

Earnings (loss) per share:
Basic	$	1.69	$	1.66	$	5.00	$	(0.46)
Diluted	$	1.69	$	1.65	$	4.98	$	(0.46)
(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.

Reclassifications Out of Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Reclassification 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)	2024		2023		2024		2023
Pension and other post-retirement benefits (a)
Balance at beginning of period	$	(40,256)	$	(49,781)	$	(42,652)	$	(50,335)
Amounts reclassified from accumulated other comprehensive loss into net income (loss):
Amortization of prior service credit (Note 14)	(9)		(24)		(27)		(72)
Recognized net actuarial losses (Note 14)	397		185		3,065		555
Tax (benefit) expense	(374)		27		(628)		259
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income (loss)	14		188		2,410		742

Balance at end of period	$	(40,242)	$	(49,593)	$	(40,242)	$	(49,593)
Available-for-sale securities
Balance at beginning of period	$	—	$	—	$	—	$	(2)
Unrealized net gains on available-for-sale securities (Note 16)	—		—		—		2
Balance at end of period	$	—	$	—	$	—	$	—
Foreign currency translation
Balance at beginning of period	$	(107,292)	$	(92,147)	$	(86,597)	$	(108,380)
Reclassification from accumulated other comprehensive loss into net income (loss)(b)	—		101		(1,200)		101
Foreign currency translation adjustments	21,329		(18,771)		1,834		(2,538)
Balance at end of period	$	(85,963)	$	(110,817)	$	(85,963)	$	(110,817)
(a) Amounts reclassified from accumulated other comprehensive loss 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) Reclassification from accumulated other comprehensive loss into net income (loss) relates primarily to the recognition of non-cash net cumulative translation gains associated with certain foreign subsidiaries. The reclassifications are included in Currency exchange losses, net, within the unaudited Condensed Consolidated Statements of Income.

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 432,679	$ 446,728	$ 1,308,443	$ 1,292,290
Cost of products sold	225,223	227,967	682,427	678,335
Gross profit	207,456	218,761	626,016	613,955
Selling, general and administrative	95,103	102,175	294,329	289,602
Research and development	16,707	17,682	49,695	48,906
Restructuring charges (Note 3)	1,184	3,285	5,744	8,382
Currency exchange losses, net	2,985	1,496	4,715	8,781
Loss on divestiture of MSA LLC (Note 17)	0	0	0	129,211
Product liability expense (Note 17)	0	0	0	3
Operating income	91,477	94,123	271,533	129,070
Interest expense	9,153	12,498	29,556	37,149
Other income, net	(5,833)	(6,037)	(16,215)	(15,487)
Total other expense, net	3,320	6,461	13,341	21,662
Income before income taxes	88,157	87,662	258,192	107,408
Provision for income taxes (Note 10)	21,509	22,406	61,171	125,235
Net income (loss)	$ 66,648	$ 65,256	$ 197,021	$ (17,827)
Earnings (loss) per share attributable to common shareholders (Note 9):
Basic (in dollars per share)	$ 1.69	$ 1.66	$ 5.00	$ (0.46)
Diluted (in dollars per share)	1.69	1.65	4.98	(0.46)
Dividends per common share (in dollars per share)	$ 0.51	$ 0.47	$ 1.49	$ 1.40

Cash and Cash Equivalents (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Cash and Cash Equivalents [Abstract]
Gross cash pool position	$ 69,117
Less: cash pool borrowings	(65,712)
Net cash pool position	$ 3,405

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt


(In thousands)	September 30, 2024		December 31, 2023
2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs	$	57,067	$	62,081
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs	99,749		99,733
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs	99,749		99,733
2023 Term Loan credit agreement maturing in 2026, net of debt issuance costs	212,055		230,604
2023 Senior Notes payable through 2028, 5.25%, net of debt issuance costs	49,949		49,939
Senior revolving credit facility maturing in 2026, net of debt issuance costs	36,153		59,602
Total	554,722		601,692
Amounts due within one year	26,915		26,522
Long-term debt, net of debt issuance costs	$	527,807	$	575,170

Goodwill and Intangible Assets, Net - Changes in Intangible Assets, Net of Accumulated Amortization (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 266,134
Amortization expense	(13,392)
Currency translation	1,622
Ending balance	$ 254,364

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished products	$ 118,294	$ 88,687
Work in process	17,369	15,378
Raw materials and supplies	216,142	188,539
Total inventories	$ 351,805	$ 292,604

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The following table sets forth the components of property, plant and equipment, net:


(In thousands)	September 30, 2024		December 31, 2023
Land	$	4,379	$	4,332

Buildings	144,364		141,027
Machinery and equipment	511,075		498,148
Construction in progress	27,482		24,404
Total	687,300		667,911
Less: accumulated depreciation	(470,654)		(456,034)
Property, plant and equipment, net	$	216,646	$	211,877

Segment Information - Schedule of Reportable Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net sales to external customers	$ 432,679	$ 446,728	$ 1,308,443	$ 1,292,290
Adjusted operating income (loss)	97,915	101,297	294,114	282,461
Americas
Segment Reporting Information [Line Items]
Net sales to external customers	299,497	314,273	909,745	902,918
Reportable Segments \| Americas
Segment Reporting Information [Line Items]
Net sales to external customers	299,497	314,273	909,745	902,918
Adjusted operating income (loss)	91,822	93,918	276,523	260,428
Reportable Segments \| International
Segment Reporting Information [Line Items]
Net sales to external customers	133,182	132,455	398,698	389,372
Adjusted operating income (loss)	18,174	22,577	55,944	60,099
Corporate
Segment Reporting Information [Line Items]
Net sales to external customers	0	0	0	0
Adjusted operating income (loss)	$ (12,081)	$ (15,198)	$ (38,353)	$ (38,066)

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

Stock Plans - Summary of Stock Option Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Shares
Outstanding, beginning balance (in shares) \| shares	26,536
Exercised (in shares) \| shares	(10,531)
Forfeited (in shares) \| shares	(852)
Outstanding, ending balance (in shares) \| shares	15,153
Exercisable (in shares) \| shares	15,153
Weighted Average Grant Date Fair Value
Outstanding, beginning balance (dollars per share) \| $ / shares	$ 45.95
Exercised (dollars per share) \| $ / shares	46.95
Forfeited (dollars per share) \| $ / shares	48.65
Outstanding, ending balance (dollars per share) \| $ / shares	45.10
Exercisable (dollars per share) \| $ / shares	$ 45.10

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 66,648	$ 65,256	$ 197,021	$ (17,827)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Goodwill and Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Goodwill

Changes in goodwill during the nine months ended September 30, 2024, were as follows:



(In thousands)	Goodwill
Balance at January 1, 2024	$	627,534

Currency translation	5,303
Balance at September 30, 2024	$	632,837

Changes in Intangible Assets, Net of Accumulated Amortization

Changes in intangible assets, net, during the nine months ended September 30, 2024, were as follows:



(In thousands)	Intangible Assets
Net balance at January 1, 2024	$	266,134

Amortization expense	(13,392)
Currency translation	1,622
Net balance at September 30, 2024	$	254,364

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Pensions and Other Post-retirement Benefits (Tables)

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost

Components of Net periodic benefit (income) cost consisted of the following:


	Pension Benefits				Other Benefits
(In thousands)	2024		2023		2024		2023
Three Months Ended September 30,
Service cost	$	2,315	$	1,884	$	44	$	53
Interest cost	5,970		5,918		248		273
Expected return on plan assets	(10,812)		(9,906)		—		—
Amortization of prior service cost (credit)	37		37		(46)		(61)
Recognized net actuarial losses	282		47		115		138

Net periodic benefit (income) cost (a)	$	(2,208)	$	(2,020)	$	361	$	403


Nine Months Ended September 30,
Service cost	$	6,945	$	5,652	$	132	$	159
Interest cost	17,910		17,754		744		819
Expected return on plan assets	(32,436)		(29,718)		—		—
Amortization of prior service cost (credit)	111		111		(138)		(183)
Recognized net actuarial losses	846		141		345		414
Settlements	1,308		—		—		—
Net periodic benefit (income) cost (a)	$	(5,316)	$	(6,060)	$	1,083	$	1,209
(a) Components of Net periodic benefit (income) cost other than service cost are included in the line item Other income, net, and service costs are included in the line items Cost of products sold and Selling, general and administrative in the unaudited Condensed Consolidated Statements of Operations.

Condensed Consolidated Statements of Changes in Retained Earnings, Accumulated Other Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Tax reclassification adjustment	$ 374	$ 27	$ 628	$ 259
Common stock, dividends (in dollars per share)	$ 0.51	$ 0.47	$ 1.49	$ 1.40
Preferred stock, dividends (in dollars per share)	$ 0.5625	$ 0.5625	$ 1.6875	$ 1.6875

Derivative Financial Instruments - Income Statement Location and Impact of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Not designated as hedging instrument
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange contracts: currency exchange losses, net	$ 1,683	$ 2,986

Stock Plans - Summary of Performance Stock Unit Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Weighted Average Grant Date Fair Value
Percentage of target award based on achieving specified performance targets	174.00%
Performance Stock Unit
Shares
Unvested, beginning balance (in shares) \| shares	189,221
Granted (in shares) \| shares	40,787
Performance adjustments (in shares) \| shares	20,488
Vested (in shares) \| shares	(77,544)
Forfeited (in shares) \| shares	(10,619)
Unvested, ending balance (in shares) \| shares	162,333
Weighted Average Grant Date Fair Value
Unvested, beginning balance (dollars per share) \| $ / shares	$ 146.17
Granted (dollars per share) \| $ / shares	177.34
Performance adjustments (dollars per share) \| $ / shares	194.10
Vested (dollars per share) \| $ / shares	174.13
Forfeited (dollars per share) \| $ / shares	149.13
Unvested, ending Balance (dollars per share) \| $ / shares	$ 146.50
Award vesting period	3 years

Contingencies - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning warranty reserve	$ 14,288	$ 15,230
Warranty payments	(8,518)	(9,794)
Warranty claims	7,370	8,899
Provision for product warranties and other adjustments	515	(47)
Ending warranty reserve	$ 13,655	$ 14,288

Pensions and Other Post-retirement Benefits - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Pension plans contributions	$ 3.9	$ 4.3
Total estimated pension plans contributions for the fiscal year	$ 5.3

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Product liability

The Company and its subsidiaries face an inherent business risk of exposure to legal claims arising from the alleged failure of our products to prevent the types of personal injury or death against which they are designed to protect. Product liability claims are categorized as either single incident or cumulative trauma.

Single incident product liability claims. Single incident product liability claims involve incidents of short duration that are typically known when they occur and involve observable injuries, which provide an objective basis for quantifying damages. Management has established reserves for the single incident product liability claims of the Company's various subsidiaries, including asserted single incident product liability claims and incurred but not reported ("IBNR") single incident claims. To determine the reserves, Management makes reasonable estimates of losses for single incident claims based on the number and characteristics of asserted claims, historical experience, sales volumes, expected settlement costs, and other relevant information. The reserve for single incident product liability claims was $0.8 million at September 30, 2024 and $1.3 million at December 31, 2023. Single incident product liability benefit was $0.2 million and $0.1 million for the nine months ended September 30, 2024, and 2023, respectively. Single incident product liability exposures are evaluated on an annual basis, or more frequently if changing circumstances warrant. Adjustments are made to the reserve as appropriate. The reserve has not been discounted to present value and does not include future amounts which will be spent to defend the claims.

During the first nine months of 2024, the Company recorded $5.0 million of net cost for product related legal matter. The expense is reflected within the selling, general and administration line of the unaudited Condensed Consolidated Statement of Operations.

Cumulative trauma product liability claims. Cumulative trauma product liability claims involve alleged exposures to harmful substances (e.g., silica, asbestos and coal dust) that occurred years ago and may have developed over long periods of time into diseases such as silicosis, asbestosis, mesothelioma, or coal worker’s pneumoconiosis. Prior to the divestiture described below, one of the Company's former subsidiaries, MSA LLC, was named as a defendant in various lawsuits related to such claims. These lawsuits mainly involve respiratory protection products allegedly manufactured and sold by MSA LLC or its predecessors.

On January 5, 2023, the Company entered into a membership interest purchase agreement (the “Purchase Agreement”) with Sag Main Holdings, LLC (the “Buyer”). The Buyer was a joint venture between R&Q Insurance Holdings Ltd. (“R&Q”) and Obra Capital, Inc. (“Obra”). Under the Purchase Agreement, on January 5, 2023, the Company transferred to the Buyer all of the issued and outstanding limited liability company interests of MSA LLC (the “Sale”). In connection with the closing, the Company contributed $341.2 million in cash and cash equivalents, while R&Q and Obra contributed an additional $35.0 million.

MSA LLC was the obligor for the claims to which the Company's legacy cumulative trauma product liability reserves relate and policyholder of the related insurance assets. The rights and obligations related to these items remained with MSA LLC upon the sale to the Buyer. In addition, pursuant to the Purchase Agreement, the Buyer and MSA LLC have agreed to indemnify the Company and its affiliates for legacy cumulative trauma product liabilities and other product liabilities, and a subsidiary of the Company has agreed to indemnify MSA LLC for all other historical liabilities of MSA LLC. This indemnification is not subject to any cap or time limitation. In connection with the sale, the Company and its Board of Directors received a solvency opinion from an independent advisory firm that MSA LLC was solvent and adequately capitalized after giving effect to the transaction.

Following the completion of the transaction, the Company no longer has any obligation with respect to pending and future cumulative trauma product liability claims relating to these matters. As such, all legacy cumulative trauma product liability reserves, related insurance assets, and associated deferred tax assets of the divested subsidiary were derecognized from our balance sheet and the Company incurred a tax-effected loss on the divestiture of MSA LLC of $199.6 million, including transaction related costs of $5.6 million. The Buyer has assumed management of the divested subsidiary, including the management of its claims and associated assets.

Other Litigation

Globe, a subsidiary of the Company, is defending claims in which plaintiffs assert that certain products allegedly containing per- and polyfluoroalkyl substances (“PFAS”) have caused harm, including injury or health issues. PFAS are a large class of substances that are widely used in everyday products. Specifically, Globe builds firefighter turnout gear from technical fabrics sourced from a small pool of specialty textile manufacturers. These protective fabrics have been tested and certified to meet current National Fire Protection Association safety standards, and some of them as supplied to Globe contain or historically have contained PFAS to achieve performance characteristics such as water, oil, or chemical resistance.

Globe believes it has valid defenses to these claims. These matters are at a very early stage with numerous factual and legal issues to be resolved. Defense costs relating to these lawsuits are recognized in the unaudited Condensed Consolidated Statements of Operations as incurred. Globe is also pursuing insurance coverage and indemnification related to the lawsuits. As of October 15, 2024, Globe was named as a defendant in 535 lawsuits comprised of 7,850 claims, predominantly styled as individual personal injury claims and including two putative class actions. Certain of these lawsuits include MSA Safety Inc. or other Globe affiliates as defendants.

MSA LLC is also a defendant in a number of PFAS lawsuits predominantly relating to Aqueous Film-Forming Foam. The Buyer assumed responsibility for these and any similar future claims specific to MSA LLC, including such claims that have been or may be brought against MSA Safety Inc. or its subsidiaries, under the terms of the divestiture on January 5, 2023. Further information about the transaction can be found in the Company’s Current Report on Form 8-K filed on January 6, 2023.

Product Warranty

The Company provides warranties on certain product sales. Product warranty reserves are established in the same period that revenue from the sale of the related products is recognized, or in the period that a specific issue arises as to the functionality of the Company's product. The determination of such reserves requires the Company to make estimates of product return rates and expected costs to repair or to replace the products under warranty.

The amounts of the reserves are based on established terms and the Company's best estimate of the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. If actual return rates and/or repair and replacement costs differ significantly from estimates, adjustments to recognize additional cost of sales may be required in future periods.

The following table reconciles changes in the Company's accrued warranty reserve:


(In thousands)	Nine Months Ended September 30, 2024		Year Ended December 31, 2023
Beginning warranty reserve	$	14,288	$	15,230
Warranty payments	(8,518)		(9,794)
Warranty claims	7,370		8,899
Provision for product warranties and other adjustments	515		(47)
Ending warranty reserve	$	13,655	$	14,288

Warranty expense was $7.9 million and $6.7 million for the nine months ended September 30, 2024, and 2023, respectively, and is included in Costs of products sold on the unaudited Condensed Consolidated Statements of Operations.

Outstanding Performance Obligations

The Company derives a portion of its revenue from various leasing arrangements where the Company is the lessor, primarily fire service contracts entered into by Bristol. Such arrangements provide for monthly payments covering equipment provided, maintenance and interest. These arrangements meet the criteria to be accounted for as sales-type leases under Accounting Standards Codification ("ASC") 842 and contain both lease and non-lease components.

Revenue from equipment provided is considered a lease component and recognized with point in time revenue recognition upon lease commencement. Maintenance revenue, which is considered a non-lease component, and interest is recognized monthly over the lease term. As of September 30, 2024, the Company had remaining maintenance performance obligations of approximately $28.7 million which are expected to be recognized to revenue in approximately three years.

Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value disclosure	$ 307.2	$ 312.2
Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value disclosure	$ 278.1	$ 278.7

Stock Plans

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock Plans

The 2023 Management Equity Incentive Plan provides for various forms of stock-based compensation for eligible employees through May 2033 including stock options, restricted stock awards, restricted stock units and performance stock units. The 2024 Non-Employee Directors’ Equity Incentive Plan provides for grants of stock options, restricted stock awards and restricted stock units to non-employee directors through May 2034.

Stock compensation expense, included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations, is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Stock compensation expense	$	4,217	$	8,477	$	13,446	$	21,506
Income tax benefit	1,033		2,077		3,294		5,269
Stock compensation expense, net of tax	$	3,184	$	6,400	$	10,152	$	16,237

We have not capitalized any stock-based compensation expense.

A summary of stock option activity for the nine months ended September 30, 2024, is as follows:


	Shares	Weighted Average Exercise Price
Outstanding at January 1, 2024	26,536	$	45.95

Exercised	(10,531)	46.95
Forfeited	(852)	48.65

Outstanding and exercisable at September 30, 2024	15,153	$	45.10

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 nine months ended September 30, 2024, is as follows:


	Shares	Weighted Average Grant Date Fair Value
Unvested at January 1, 2024	173,851	$	142.73
Granted	82,905	178.59
Vested	(48,596)	164.57
Forfeited	(25,482)	164.47
Unvested at September 30, 2024	182,678	$	150.16

Performance stock units that have a market condition modifier are valued at an estimated fair value using a Monte Carlo model. The final number of shares to be issued for performance stock units granted in the first quarter of 2024 may range from 0% to 200% of the target award based on achieving the specified performance targets over the performance period plus an additional modifier based on total shareholder return ("TSR") over the performance period. The following weighted average assumptions were used in estimating the fair value of the performance stock units granted in the first quarter of 2024.


Fair value per unit			$181.31
Risk-free interest rate			4.34%
Expected dividend yield			1.19%
Expected volatility			25.9%
MSA stock beta			0.728

The risk-free interest rate is based on the U.S. Treasury Constant Maturity rates as of the grant date converted into an implied spot rate yield curve. Expected dividend yield is based on the most recent annualized dividend divided by the one year average closing share price. Expected volatility is based on the three year historical volatility preceding the grant date using daily stock prices. Expected life is based on historical stock option exercise data.

A summary of performance stock unit activity for the nine months ended September 30, 2024, is as follows:


	Shares	Weighted Average Grant Date Fair Value
Unvested at January 1, 2024	189,221	$	146.17
Granted	40,787	177.34
Performance adjustments(a)	20,488	194.10
Vested	(77,544)	174.13
Forfeited	(10,619)	149.13
Unvested at September 30, 2024	162,333	$	146.50
(a)Performance adjustments relate primarily to the final number of shares issued for the 2021 performance unit awards which vested in the first quarter of 2024 at 174% of the target award based on both cumulative performance against EBITDA margin and revenue growth targets and MSA's TSR during the three-year performance period.

Cash and Cash Equivalents (Tables)

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

The Company's net cash pool position consisted of the following:


(In thousands)	September 30, 2024
Gross cash pool position	$	69,117
Less: cash pool borrowings	(65,712)
Net cash pool position	$	3,405

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Trade receivables, allowance for credit loss	$ 7,937	$ 7,065
Cumulative preferred stock (percent)	4.50%	4.50%
Preferred stock, par value (dollars per share)	$ 50,000	$ 50,000

Cash and Cash Equivalents

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents [Abstract]

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, 2024
Gross cash pool position	$	69,117
Less: cash pool borrowings	(65,712)
Net cash pool position	$	3,405

Earnings (Loss) per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

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)	2024		2023		2024		2023
Net income (loss)	$	66,648	$	65,256	$	197,021	$	(17,827)
Preferred stock dividends	(10)		(10)		(30)		(30)
Net income (loss) attributable to common equity	66,638		65,246		196,991		(17,857)
Dividends and undistributed earnings allocated to participating securities	(6)		(8)		(19)		(16)
Net income (loss) attributable to common shareholders	66,632		65,238		196,972		(17,873)

Basic weighted-average shares outstanding	39,362		39,303		39,370		39,267
Stock-based compensation awards(a)	133		147		160		—
Diluted weighted-average shares outstanding	39,495		39,450		39,530		39,267
Antidilutive shares	—		—		—		154

Earnings (loss) per share:
Basic	$	1.69	$	1.66	$	5.00	$	(0.46)
Diluted	$	1.69	$	1.65	$	4.98	$	(0.46)
(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.

Restructuring Charges

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring Charges

During the three and nine months ended September 30, 2024, we recorded restructuring charges of $1.2 million and $5.7 million, respectively. Americas segment restructuring charges of $1.3 million during the nine months ended September 30, 2024, were related to manufacturing footprint optimization activities. International segment restructuring charges of $3.2 million during the nine months ended September 30, 2024, were related to ongoing initiatives to optimize our manufacturing footprint and improve productivity as well as management restructuring. Corporate segment restructuring charges of $1.2 million during the nine months ended September 30, 2024, were related to management restructuring.

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.

Restructuring reserves are included in Other current liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets. Activity and reserve balances for restructuring by segment were as follows:


(In millions)	Americas		International		Corporate		Total
Reserve balances at December 31, 2022	$	1.7	$	12.8	$	0.5	$	15.0
Restructuring charges	3.1		4.7		2.1		9.9
Currency translation	(0.1)		0.1		—		—
Cash payments / utilization	(3.9)		(8.6)		(2.6)		(15.1)
Reserve balances at December 31, 2023	$	0.8	$	9.0	$	—	$	9.8
Restructuring charges	1.3		3.2		1.2		5.7

Cash payments	(1.9)		(8.0)		(1.2)		(11.1)
Reserve balances at September 30, 2024	$	0.2	$	4.2	$	—	$	4.4