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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q
 
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended September 30, 2023
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 1-15579
 image0a02a16.jpg
MSA SAFETY INCORPORATED
(Exact name of registrant as specified in its charter)
 
Pennsylvania 46-4914539
(State or other jurisdiction of
incorporation or organization)		 (IRS Employer
Identification No.)
1000 Cranberry Woods Drive
Cranberry Township,Pennsylvania 16066-5207
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (724) 776-8600
Former name or former address, if changed since last report: N/A
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes  x   No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large Accelerated FilerxAccelerated filer¨Non-accelerated filer¨Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐   No  x
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading Symbol(s)Name of each exchange on which is registered
Common Stock, no par valueMSANew York Stock Exchange
As of October 20, 2023, 39,311,193 shares of common stock, of the registrant were outstanding.


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

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
-3-
MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Unaudited
 Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2023202220232022
Net income (loss)$65,256 $44,906 $(17,827)$128,141 
Other comprehensive gains (losses), net of tax:
Foreign currency translation adjustments
(Note 6)		(18,771)(32,361)(2,538)(58,075)
Pension and post-retirement plan actuarial gains, net of tax (Note 6)188 2,299 742 6,893 
Unrealized gain (loss) on available-for-sale securities (Note 6)— 13 2 (5)
Reclassifications of currency translation from accumulated other comprehensive loss into net income (Note 6)101 2,912 101 2,912 
Total other comprehensive loss, net of tax(18,482)(27,137)(1,693)(48,275)
Comprehensive income (loss)$46,774 $17,769 $(19,520)$79,866 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
-4-
MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited 
(In thousands)September 30, 2023December 31, 2022
Assets
Cash and cash equivalents$164,499 $162,902 
Trade receivables, less allowance for credit loss of $7,262 and $6,769
294,907 297,028 
Inventories (Note 4)324,077 338,316 
Investments, short-term (Note 16)— 9,905 
Prepaid income taxes29,379 21,700 
Notes receivable, insurance companies (Note 17)— 5,931 
Prepaid expenses and other current assets 38,957 44,344 
Total current assets
851,819 880,126 
Property, plant and equipment, net (Note 5)205,650 207,552 
Operating lease right-of-use assets, net49,125 44,142 
Prepaid pension cost (Note 14)151,400 141,643 
Deferred tax assets (Note 10)25,966 25,490 
Goodwill (Note 13)620,343 620,622 
Intangible assets, net (Note 13)268,321 281,853 
Notes receivable, insurance companies (Note 17)— 38,695 
Insurance receivables (Note 17) and other noncurrent assets21,711 136,853 
Total assets
$2,194,335 $2,376,976 
Liabilities
Notes payable and current portion of long-term debt (Note 12)$26,198 $7,387 
Accounts payable108,554 112,532 
Employees’ compensation58,821 45,077 
Insurance and product liability (Note 17)9,551 73,898 
Income taxes payable (Note 10)28,205 6,149 
Accrued restructuring (Note 3) and other current liabilities94,072 100,822 
Total current liabilities
325,401 345,865 
Long-term debt, net (Note 12)715,814 565,445 
Pensions and other employee benefits (Note 14) 137,563 137,810 
Noncurrent operating lease liabilities40,913 35,345 
Deferred tax liabilities (Note 10)102,155 31,881 
Product liability (Note 17) and other noncurrent liabilities3,763 336,889 
Total liabilities
$1,325,609 $1,453,235 
Equity
Preferred stock, 4.5% cumulative, $50 par value (Note 7)
$3,569 $3,569 
Common stock, no par value (Note 7)
303,417 281,980 
Treasury shares, at cost (Note 7)(363,371)(361,438)
Accumulated other comprehensive loss (Note 6)(160,410)(158,717)
Retained earnings1,085,521 1,158,347 
Total shareholders’ equity
868,726 923,741 
Total liabilities and shareholders’ equity
$2,194,335 $2,376,976 
    

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
-5-
MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
 Nine Months Ended September 30,
(In thousands)20232022
Operating Activities
Net (loss) income$(17,827)$128,141 
Depreciation and amortization44,965 41,883 
Tax-effected loss on divestiture of MSA LLC (Note 17)199,578 — 
Stock-based compensation (Note 11)21,506 11,325 
Pension income (Note 14)(6,060)(7,956)
Deferred income tax benefit (Note 10)(531)(2,451)
(Gain) loss on asset dispositions, net(671)4,776 
Pension contributions (Note 14)(4,274)(5,743)
Currency exchange losses, net8,781 4,788 
Product liability expense (Note 17)3 9,733 
Collections on insurance receivables and notes receivable,
insurance companies (Note 17)		— 9,510 
Product liability payments (Note 17)(5,250)(9,076)
Contribution on divestiture of MSA LLC (Note 17)(341,186)— 
Changes in:
Trade receivables(7,449)1,958 
Inventories (Note 4)15,386 (86,599)
Accounts payable(4,225)2,629 
Other current assets and liabilities26,518 270 
Other noncurrent assets and liabilities4,679 715 
Cash Flow (Used in) From Operating Activities(66,057)103,903 
Investing Activities
Capital expenditures(30,979)(28,753)
Proceeds from maturities of short-term investments (Note 16)— 94,000 
Purchase of short-term investments (Note 16)— (69,680)
Property disposals and other investing2,690 38 
Cash Flow Used in Investing Activities(28,289)(4,395)
Financing Activities
Proceeds from long-term debt (Note 12)1,507,000 798,000 
Payments on long-term debt (Note 12)(1,338,352)(771,000)
Debt issuance costs(1,138)— 
Cash dividends paid(54,999)(53,447)
Company stock purchases (Note 7)(3,941)(34,365)
Exercise of stock options (Note 7)1,440 4,163 
Employee stock purchase plan (Note 7)497 486 
Cash Flow From (Used in) Financing Activities110,507 (56,163)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(14,152)(23,498)
Increase in cash, cash equivalents and restricted cash2,009 19,847 
Beginning cash, cash equivalents and restricted cash164,428 141,438 
Ending cash, cash equivalents and restricted cash$166,437 $161,285 
Supplemental cash flow information:
Cash and cash equivalents$164,499 $159,613 
Restricted cash included in prepaid expenses and other current assets1,938 1,672 
Total cash, cash equivalents and restricted cash$166,437 $161,285 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
-6-
MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN RETAINED EARNINGS
AND ACCUMULATED OTHER COMPREHENSIVE LOSS
Unaudited
(In thousands, except per share values)Retained
Earnings		Accumulated
Other
Comprehensive
(Loss)
Balances June 30, 2022$1,098,048 $(170,278)
Net income44,906 — 
Foreign currency translation adjustments— (32,361)
Pension and post-retirement plan adjustments, net of tax benefit of $981
— 2,299 
Unrealized net losses on available-for-sale securities (Note 16)— 13 
Reclassification from accumulated other comprehensive loss into net income— 2,912 
Common dividends ($0.46 per share)
(18,036)— 
Preferred dividends ($0.5625 per share)
(10)— 
Balances September 30, 2022$1,124,908 $(197,415)
Balances June 30, 2023$1,038,750 $(141,928)
Net income65,256 — 
Foreign currency translation adjustments— (18,771)
Pension and post-retirement plan adjustments, net of tax expense of $27
— 188 
Reclassification from accumulated other comprehensive loss into net income (Note 6)— 101 
Common dividends ($0.47 per share)
(18,475)— 
Preferred dividends ($0.5625 per share)
(10)— 
Balances September 30, 2023$1,085,521 $(160,410)
Balances December 31, 2021$1,050,214 $(149,140)
Net income128,141 — 
Foreign currency translation adjustments— (58,075)
Pension and post-retirement plan adjustments, net of tax benefit of $2,947
— 6,893 
Unrecognized net losses on available-for-sale securities (Note 16)— (5)
Reclassification from accumulated other comprehensive loss into net income (Note 6)— 2,912 
Common dividends ($1.36 per share)
(53,417)— 
Preferred dividends ($1.6875 per share)
(30)— 
Balances September 30, 2022$1,124,908 $(197,415)
Balances December 31, 2022$1,158,347 $(158,717)
Net loss(17,827)— 
Foreign currency translation adjustments— (2,538)
Pension and post-retirement plan adjustments, net of tax expense of $259
— 742 
Unrecognized net gains on available-for-sale securities (Note 16)— 2 
Reclassification from accumulated other comprehensive loss into net income (Note 6)— 101 
Common dividends ($1.40 per share)
(54,969)— 
Preferred dividends ($1.6875 per share)
(30)— 
Balances September 30, 2023$1,085,521 $(160,410)
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
-7-
MSA SAFETY INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Unaudited
Note 1—Basis of Presentation
The condensed consolidated financial statements of MSA Safety Incorporated and its subsidiaries ("MSA" or "the Company") are unaudited. These unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary by management to fairly state the Company's results. Intercompany accounts and transactions have been eliminated. The results reported in these unaudited condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. The December 31, 2022, Balance Sheet data was derived from the audited Consolidated Balance Sheets, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("U.S. GAAP"). This Form 10-Q report should be read in conjunction with MSA's Form 10-K for the year ended December 31, 2022, which includes all disclosures required by U.S. GAAP.
Note 2—Cash and Cash Equivalents
Several of the Company's subsidiaries participate in a notional cash pooling arrangement to manage global liquidity requirements. As part of a master netting arrangement, the participants combine their cash balances in pooling accounts at the same financial institution with the ability to offset bank overdrafts of one participant against positive cash account balances held by another participant. Under the terms of the master netting arrangement, the financial institution has the right, ability and intent to offset a positive balance in one account against an overdrawn amount in another account. Amounts in each of the accounts are unencumbered and unrestricted with respect to use. As such, the net cash balance related to this pooling arrangement is included in Cash and cash equivalents in the unaudited Condensed Consolidated Balance Sheets.
The Company's net cash pool position consisted of the following:
(In thousands)September 30, 2023
Gross cash pool position$103,618 
Less: cash pool borrowings95,416 
Net cash pool position$8,202 
Note 3—Restructuring Charges
During the three and nine months ended September 30, 2023, we recorded restructuring charges of $3.3 million and $8.4 million, respectively. Americas segment restructuring charges of $2.7 million during the nine months ended September 30, 2023, were related to manufacturing footprint optimization activities. International segment restructuring charges of $3.6 million during the nine months ended September 30, 2023, were related to ongoing initiatives to drive profitable growth and improve productivity. Corporate segment restructuring charges of $2.1 million during the nine months ended September 30, 2023, were related to footprint optimization activities and management restructuring.
During the three and nine months ended September 30, 2022, we recorded restructuring charges of $0.9 million and $3.1 million, respectively. International segment restructuring charges of $2.2 million during the nine months ended September 30, 2022, were primarily related to the implementation of our European Shared Service Center in Warsaw, Poland. Americas segment restructuring charges of $1.0 million during the nine months ended September 30, 2022, were primarily related to various optimization activities.
-8-
Restructuring reserves are included in Accrued restructuring and other current liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets. Activity and reserve balances for restructuring by segment were as follows:
(In millions)AmericasInternationalCorporateTotal
Reserve balances at December 31, 2021$3.3 $17.4 $0.3 $21.0 
Restructuring charges2.3 5.1 0.6 8.0 
Currency translation0.1 (1.3)— (1.2)
Cash payments / utilization (4.0)(8.4)(0.4)(12.8)
Reserve balances at December 31, 2022$1.7 $12.8 $0.5 $15.0 
Restructuring charges2.7 3.6 2.1 8.4 
Currency translation(0.2)(0.2)— (0.4)
Cash payments(3.2)(6.5)(2.3)(12.0)
Reserve balances at September 30, 2023$1.0 $9.7 $0.3 $11.0 
Note 4—Inventories
The following table sets forth the components of inventory:
(In thousands)September 30, 2023December 31, 2022
Finished products$99,588 $97,142 
Work in process22,904 16,360 
Raw materials and supplies201,585 224,814 
Total inventories$324,077 $338,316 
Note 5—Property, Plant and Equipment
The following table sets forth the components of property, plant and equipment, net:
(In thousands)September 30, 2023December 31, 2022
Land$4,253 $4,884 
Buildings135,544 138,618 
Machinery and equipment481,614 466,394 
Construction in progress26,202 22,097 
Total647,613 631,993 
Less: accumulated depreciation(441,963)(424,441)
Property, plant and equipment, net$205,650 $207,552 

-9-
Note 6—Reclassifications Out of Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2023202220232022
Pension and other post-retirement benefits (a)
Balance at beginning of period$(49,781)$(52,702)$(50,335)$(57,296)
Amounts reclassified from accumulated other comprehensive loss into net income (loss):
Amortization of prior service credit (Note 14)(24)(48)(72)(144)
Recognized net actuarial losses (Note 14)185 3,328 555 9,984 
Tax expense (benefit)27 (981)259 (2,947)
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income (loss)188 2,299 742 6,893 
Balance at end of period$(49,593)$(50,403)$(49,593)$(50,403)
Available-for-sale securities
Balance at beginning of period$— $(23)$(2)$(5)
Unrealized net gains (losses) on available-for-sale securities (Note 16)— 13 2 (5)
Balance at end of period$— $(10)$— $(10)
Foreign currency translation
Balance at beginning of period$(92,147)$(117,553)$(108,380)$(91,839)
Reclassification from accumulated other comprehensive loss into net income (loss)(b)
101 2,912 101 2,912 
Foreign currency translation adjustments(18,771)(32,361)(2,538)(58,075)
Balance at end of period$(110,817)$(147,002)$(110,817)$(147,002)
(a) Reclassifications out of accumulated other comprehensive loss and into net income (loss) are included in the computation of net periodic pension and other post-retirement benefit costs (refer to Note 14—Pensions and Other Post-retirement Benefits).
(b) Reclassifications out of accumulated other comprehensive loss and into net income (loss) relate primarily to the approval of our plan to close a foreign subsidiary.
Note 7—Capital Stock
Preferred Stock - The Company has authorized 100,000 shares of $50 par value 4.5% cumulative preferred nonvoting stock which is callable at $52.50. There were 71,340 shares issued and 52,998 shares held in treasury at both September 30, 2023 and December 31, 2022. The Treasury shares at cost line in the unaudited Condensed Consolidated Balance Sheets includes $1.8 million related to preferred stock. There were no shares of preferred stock purchased and subsequently held in treasury during the nine months ended September 30, 2023 or 2022. The Company has also authorized 1,000,000 shares of $10 par value second cumulative preferred voting stock. No shares have been issued as of September 30, 2023.
Common Stock - The Company has authorized 180,000,000 shares of no par value common stock. There were 62,081,391 shares issued as of September 30, 2023 and December 31, 2022. No new shares were issued during the nine months ended September 30, 2023 or 2022. There were 39,310,511 and 39,213,064 shares outstanding at September 30, 2023 and December 31, 2022, respectively.
Treasury Shares - The Company's stock repurchase program authorizes up to $100.0 million to repurchase MSA common stock in the open market and in private transactions. The stock repurchase program has no expiration date. The maximum number of shares that may be repurchased is calculated based on the dollars remaining under the program and the respective month-end closing share price. During the nine months ended September 30, 2023, no shares were repurchased under this program. During the nine months ended September 30, 2022, 251,408 shares were repurchased under this program. There were 22,770,880 and 22,868,327 treasury shares at September 30, 2023 and December 31, 2022, respectively.
-10-
The Company issues treasury shares for all stock-based benefit plans. Shares are issued from treasury at the average treasury share cost on the date of the transaction. There were 125,967 and 203,619 Treasury shares issued for these purposes during the nine months ended September 30, 2023 and 2022, respectively.
Common stock activity is summarized as follows:
Three Months Ended September 30, 2023Three Months Ended September 30, 2022
(In thousands)Common
Stock
Treasury
Cost(a)
Common
Stock
Treasury
Cost(a)
Balance at beginning of period$294,364 $(362,025)$267,645 $(359,314)
Stock compensation expense8,477 — 2,967 — 
Restricted and performance stock awards(15)15 (103)103 
Stock options exercised591 307 2,501 1,364 
Treasury shares purchased for stock compensation programs— (70)— (59)
Share repurchase program— — — (2,150)
Balance at end of period$303,417 $(361,773)$273,010 $(360,056)
(a)Excludes treasury cost related to preferred stock.
Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022
(In thousands)Common
Stock
Treasury
Cost(a)
Common
Stock
Treasury
Cost(a)
Balance at beginning of period$281,980 $(359,838)$260,121 $(328,776)
Stock compensation expense21,506 — 11,325 — 
Restricted and performance stock awards(1,449)1,449 (1,564)1,564 
Stock options exercised948 492 2,704 1,459 
Treasury shares purchased for stock compensation programs— (3,941)— (3,990)
Employee stock purchase program432 65 424 62 
Share repurchase program— — — (30,375)
Balance at end of period$303,417 $(361,773)$273,010 $(360,056)
(a)Excludes treasury cost related to preferred stock.
Note 8—Segment Information
The Company is organized into four geographical operating segments that are based on management responsibilities: Northern North America; Latin America; Europe, Middle East & Africa; and Asia Pacific. The operating segments have been aggregated (based on economic similarities, the nature of their products, end-user markets and methods of distribution) into three reportable segments: Americas, International, and Corporate.
The Americas segment is comprised of our operations in Northern North American and Latin American geographies. The International segment is comprised of our operations in all geographies outside of the Americas. Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived.
The Company's sales are allocated to each segment based primarily on the country destination of the end-customer.
Adjusted operating income (loss), adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are the measures used by the chief operating decision maker to evaluate segment performance and allocate resources. Adjusted operating income (loss) is defined as operating income (loss) excluding restructuring charges, currency exchange (gains) losses, product liability expense, loss on divestiture of Mine Safety Appliances Company, LLC ("MSA LLC"), transaction costs and acquisition-related amortization. Adjusted operating margin is defined as adjusted operating income (loss) divided by segment net sales to external customers. Adjusted EBITDA is defined as adjusted operating income (loss) plus depreciation and amortization. Adjusted EBITDA margin is defined as adjusted EBITDA divided by segment net sales to external customers.
-11-
The accounting principles applied at the operating segment level in determining operating income (loss) are generally the same as those applied at the unaudited condensed consolidated financial statement level. Sales and transfers between operating segments are accounted for at market-based transaction prices and are eliminated in consolidation.
Reportable segment information is presented in the following table:
(In thousands, except percentages)AmericasInternationalCorporateConsolidated
Totals
Three Months Ended September 30, 2023
Net sales to external customers$314,273 $132,455 $— $446,728 
Operating income94,123 
Restructuring charges (Note 3)3,285 
Currency exchange losses, net1,496 
Amortization of acquisition-related intangible assets2,315 
Transaction costs(a)
78 
Adjusted operating income (loss)93,918 22,577 (15,198)101,297 
Adjusted operating margin %29.9 %17.0 %
Depreciation and amortization13,189 
Adjusted EBITDA103,157 26,289 (14,960)114,486 
Adjusted EBITDA margin %32.8 %19.8 %
Three Months Ended September 30, 2022
Net sales to external customers$276,082 $105,612 $— $381,694 
Operating income64,313 
Restructuring charges (Note 3)899 
Currency exchange losses, net2,979 
Product liability expense (Note 17)4,035 
Amortization of acquisition-related intangible assets2,279 
Transaction costs(a)
620 
Adjusted operating income (loss)75,088 8,448 (8,411)75,125 
Adjusted operating margin %27.2 %8.0 %
Depreciation and amortization11,518 
Adjusted EBITDA83,945 10,980 (8,282)86,643 
Adjusted EBITDA margin %30.4 %10.4 %
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations.
-12-
(In thousands, except percentages)AmericasInternationalCorporateConsolidated
Totals
Nine Months Ended September 30, 2023
Net sales to external customers$902,918 $389,372 $— $1,292,290 
Operating income129,070 
Restructuring charges (Note 3)8,382 
Currency exchange losses, net8,781 
Loss on divestiture of MSA LLC (Note 17)129,211 
Product liability expense (Note 17)3 
Amortization of acquisition-related intangible assets6,936 
Transaction costs(a)
78 
Adjusted operating income (loss)260,428 60,099 (38,066)282,461 
Adjusted operating margin %28.8 %15.4 %
Depreciation and amortization38,029 
Adjusted EBITDA287,628 70,296 (37,434)320,490 
Adjusted EBITDA margin %31.9 %18.1 %
Nine Months Ended September 30, 2022
Net sales to external customers$754,116 $330,583 $— $1,084,699 
Operating income168,517 
Restructuring charges (Note 3)3,146 
Currency exchange losses, net4,788 
Product liability expense (Note 17)9,733 
Amortization of acquisition-related intangible assets6,922 
Transaction costs(a)
1,476 
Adjusted operating income (loss)184,664 34,674 (24,756)194,582 
Adjusted operating margin %24.5 %10.5 %
Depreciation and amortization34,961 
Adjusted EBITDA210,201 43,708 (24,366)229,543 
Adjusted EBITDA margin %27.9 %13.2 %
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations.
-13-
Total sales by product group was as follows:
Three Months Ended September 30, 2023ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fixed Gas & Flame Detection$112,012 25%$73,074 23%$38,938 29%
Breathing Apparatus111,024 25%79,908 25%31,116 24%
Firefighter Helmets & Protective Apparel64,707 15%51,608 16%13,099 10%
Portable Gas Detection43,682 10%31,933 10%11,749 9%
Industrial Head Protection45,780 10%36,402 12%9,378 7%
Fall Protection31,980 7%20,235 7%11,745 9%
Other37,543 8%21,113 7%16,430 12%
Total$446,728 100%$314,273 100%$132,455 100%
Three Months Ended September 30, 2022ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fixed Gas & Flame Detection$87,746 23%$62,134 23%$25,612 24%
Breathing Apparatus91,977 24%70,482 26%21,495 20%
Firefighter Helmets & Protective Apparel54,738 14%41,958 15%12,780 12%
Portable Gas Detection39,481 10%28,358 10%11,123 11%
Industrial Head Protection43,608 11%34,620 13%8,988 9%
Fall Protection27,839 7%17,658 6%10,181 10%
Other36,305 11%20,872 7%15,433 14%
Total$381,694 100%$276,082 100%$105,612 100%
Nine Months Ended September 30, 2023ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fixed Gas & Flame Detection$311,502 24%$200,604 22%$110,898 28%
Breathing Apparatus288,976 22%201,945 22%87,031 22%
Firefighter Helmets & Protective Apparel192,634 15%152,784 17%39,850 10%
Portable Gas Detection149,036 12%108,088 12%40,948 11%
Industrial Head Protection135,851 11%106,120 12%29,731 8%
Fall Protection97,019 7%63,168 7%33,851 9%
Other117,272 9%70,209 8%47,063 12%
Total$1,292,290 100%$902,918 100%$389,372 100%
Nine Months Ended September 30, 2022ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fixed Gas & Flame Detection$251,321 23%$167,269 22%$84,052 25%
Breathing Apparatus254,878 23%185,490 25%69,388 21%
Firefighter Helmets & Protective Apparel151,097 14%110,471 15%40,626 12%
Portable Gas Detection121,116 11%85,815 11%35,301 11%
Industrial Head Protection123,489 11%96,808 13%26,681 8%
Fall Protection79,114 7%50,940 7%28,174 9%
Other103,684 11%57,323 7%46,361 14%
Total$1,084,699 100%$754,116 100%$330,583 100%
-14-
Note 9—Earnings (Loss) per Share
Basic earnings (loss) per share is computed by dividing net income, after the deduction of preferred stock dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding not classified as participating securities. Participating securities are defined as unvested stock-based compensation awards that contain nonforfeitable rights to dividends.
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands, except per share values)2023202220232022
Net income (loss)$65,256 $44,906 $(17,827)$128,141 
Preferred stock dividends(10)(10)(30)(30)
Net income (loss) attributable to common equity65,246 44,896 (17,857)128,111 
Dividends and undistributed earnings allocated to participating securities(8)(8)(16)(21)
Net income (loss) attributable to common shareholders65,238 44,888 (17,873)128,090 
Basic weighted-average shares outstanding39,303 39,172 39,267 39,243 
Stock-based compensation awards (a)
147 127 — 171 
Diluted weighted-average shares outstanding39,450 39,299 39,267 39,414 
Antidilutive shares— — 154 — 
Earnings (loss) per share:
Basic$1.66 $1.15 $(0.46)$3.26 
Diluted$1.65 $1.14 $(0.46)$3.25 
(a) During periods in which the Company incurs a net loss, stock-based compensation awards are excluded from the computation of diluted earnings per share because their effect would be anti-dilutive. As such, during periods in which the Company incurs a net loss, diluted weighted-average shares outstanding are equivalent to basic weighted-average shares outstanding.
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Note 10—Income Taxes
The Company's effective tax rate for the three months ended September 30, 2023, was 25.6%, which differs from the United States of America ("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 three months ended September 30, 2022, was 26.0%, which differs from the U.S. federal statutory rate of 21% primarily due to state income taxes and nondeductible foreign exchange on entity closures.
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—Contingencies to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q for further information on this transaction. The Company's effective tax rate for the nine months ended September 30, 2022, was 24.4%, which differs from the U.S. federal statutory rate of 21% primarily due to state income taxes and nondeductible foreign exchange on entity closures.
At September 30, 2023, the Company had a gross liability for unrecognized tax benefits of $3.4 million. The Company has recognized tax benefits associated with these liabilities of $1.7 million at September 30, 2023. The gross liability includes amounts associated with foreign tax exposure in prior periods.

The Company recognizes interest and penalties related to unrecognized tax benefits in interest expense and operating expenses, respectively. The Company's liability for accrued interest related to uncertain tax positions was $0.3 million at September 30, 2023.
We are subject to regular review and audit by both foreign and domestic tax authorities. While we believe our tax positions will be sustained, the final outcome of tax audits and related litigation may differ materially from the tax amounts recorded in our unaudited condensed consolidated financial statements.
Note 11—Stock Plans
The 2016 Management Equity Incentive Plan provides for various forms of stock-based compensation for eligible employees through May 2026 including stock options, restricted stock awards, restricted stock units and performance stock units. The 2017 Non-Employee Directors’ Equity Incentive Plan provides for grants of stock options, restricted stock awards and restricted stock units to non-employee directors through May 2027.
Stock compensation expense, included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations, is as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2023202220232022
Stock compensation expense$8,477 $2,967 $21,506 $11,325 
Income tax benefit2,077 727 5,269 2,775 
Stock compensation expense, net of tax$6,400 $2,240 $16,237 $8,550 
We have not capitalized any stock-based compensation expense.
A summary of stock option activity for the nine months ended September 30, 2023, is as follows:
SharesWeighted Average
Exercise Price
Outstanding at January 1, 202358,156 $46.48 
Exercised(30,735)46.86 
Forfeited(226)49.44 
Outstanding and exercisable at September 30, 202327,195 $46.02 
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Restricted stock awards and restricted stock units are valued at the market value of the stock on the grant date. A summary of restricted stock activity for the nine months ended September 30, 2023, is as follows:
SharesWeighted Average
Grant Date
Fair Value
Unvested at January 1, 2023145,886 $137.36 
Granted74,004 140.37 
Vested(39,895)124.51 
Forfeited(8,463)141.17 
Unvested at September 30, 2023171,532 $141.66 
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 2023 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 2023.
Fair value per unit$131.46
Risk-free interest rate4.4%
Expected dividend yield1.43%
Expected volatility36.7%
MSA stock beta0.739
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, 2023, is as follows:
SharesWeighted Average
Grant Date
Fair Value
Unvested at January 1, 2023178,760 $146.28 
Granted77,654 132.39 
Performance adjustments(a)
(3,009)127.40 
Vested(53,407)127.36 
Forfeited(10,146)147.83 
Unvested at September 30, 2023189,852 $146.14 
(a)Performance adjustments relate primarily to the final number of shares issued for the 2020 performance unit awards which vested in the first quarter of 2023 at 94.9% 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.
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Note 12—Long-Term Debt
(In thousands)September 30, 2023December 31, 2022
2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs
$59,489 $66,379 
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs
99,723 99,711 
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs
99,723 99,711 
2023 Term Loan credit agreement maturing in 2026, net of debt issuance costs236,788 — 
2023 Senior Notes payable through 2028, 5.25%, net of debt issuance costs
49,936 — 
Senior revolving credit facility maturing in 2026, net of debt issuance costs196,353 307,031 
Total742,012 572,832 
Amounts due within one year26,198 7,387 
Long-term debt, net of debt issuance costs$715,814 $565,445 
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. Under the amended agreement, the Company may elect either a Base rate of interest (“BASE”) or an interest rate based on the London Interbank Offered Rate (“LIBOR”). The BASE is a daily fluctuating per annum rate equal to the highest of (i) 0.00%, (ii) the Prime Rate, (iii) the Federal Funds Open Rate plus one half of one percent (0.5%), (iv) the Overnight Bank Funding Rate, plus one half of one percent (0.5%), or (v) the Daily LIBOR Rate plus one percent (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 LIBOR). The Company has a weighted average revolver interest rate of 6.72% as of September 30, 2023. At September 30, 2023, $700.8 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, 2021, the Company entered into a 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, 2023, the Company has outstanding £48.8 million (approximately $59.6 million at September 30, 2023) of 3.4% Series B Senior Notes due January 22, 2031. Remaining maturities of this note are £6.1 million (approximately $7.4 million at September 30, 2023) due January 22, 2024, with annual maturities of £6.1 million through January 2031.
On July 1, 2021, the Company entered into a 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.
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, subject to certain exceptions and limitations, including carve-outs and baskets. All credit facilities exclude MSA LLC prior to the divestiture of this subsidiary on January 5, 2023, as discussed further in Note 17.
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During August 2021 and June 2023, respectively, the Company amended its Revolving Credit Facility to transition from Sterling LIBOR reference rates to Sterling Overnight Interbank Average Rate ("SONIA") reference rates and from U.S. LIBOR reference rates to Secured Overnight Financing Rate ("SOFR") reference rates. The Company will apply the optional expedients in ASC 848, Reference Rate Reform, to these modifications driven by reference rate reform, accounting for the modifications as a continuation of the existing contracts. Therefore, these modifications will not require remeasurement at the modification date or a reassessment of previous accounting determinations. As such, the Company does not anticipate the change in reference rates will have an impact on the Company’s unaudited condensed consolidated financial statements.
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 6.93% as of September 30, 2023.
As of September 30, 2023, 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, 2023, totaling $9.2 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, 2023, the Company has $1.9 million of restricted cash in support of these arrangements.
Note 13—Goodwill and Intangible Assets, Net
Changes in goodwill during the nine months ended September 30, 2023, were as follows:
(In thousands)Goodwill
Balance at January 1, 2023$620,622 
Currency translation(279)
Balance at September 30, 2023$620,343 
At September 30, 2023, goodwill of $447.6 million and $172.7 million related to the Americas and International reportable segments, respectively.
Changes in intangible assets, net, during the nine months ended September 30, 2023, were as follows:
(In thousands)Intangible Assets
Net balance at January 1, 2023$281,853 
Amortization expense(13,570)
Currency translation38 
Net balance at September 30, 2023$268,321 
At September 30, 2023, intangible assets, net, includes a trade name related to Globe Manufacturing Company, LLC ("Globe") with an indefinite life totaling $60.0 million.
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Note 14—Pensions and Other Post-retirement Benefits
Components of net periodic benefit (income) cost consisted of the following:
 Pension BenefitsOther Benefits
(In thousands)2023202220232022
Three Months Ended September 30,
Service cost$1,884 $3,099 $53 $82 
Interest cost5,918 3,613 273 148 
Expected return on plan assets(9,906)(12,418)— — 
Amortization of prior service cost (credit)37 36 (61)(84)
Recognized net actuarial losses47 3,018 138 310 
Net periodic benefit (income) cost (a)
$(2,020)$(2,652)$403 $456 
Nine Months Ended September 30,
Service cost$5,652 $9,297 $159 $246 
Interest cost17,754 10,839 819 444 
Expected return on plan assets(29,718)(37,254)— — 
Amortization of prior service cost (credit)111 108 (183)(252)
Recognized net actuarial losses141 9,054 414 930 
Net periodic benefit (income) cost (a)
$(6,060)$(7,956)$1,209 $1,368 
(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 $4.3 million and $5.7 million to our pension plans during the nine months ended September 30, 2023, and 2022, respectively. We expect to make total contributions of $5.7 million to our pension plans in 2023, which are primarily associated with statutorily required plans in the International reporting segment.
Note 15—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 $106.4 million and $103.0 million at September 30, 2023, and December 31, 2022, 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, 2023December 31, 2022
Derivatives not designated as hedging instruments:
Foreign exchange contracts: prepaid expenses and other current assets$21 $724 
Foreign exchange contracts: accrued restructuring and other current liabilities1,610 85 
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)20232022
Derivatives not designated as hedging instruments:
Foreign exchange contracts: currency exchange losses, net$2,986 $13,586 
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Note 16—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 include 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 investments in marketable securities and fixed rate long-term debt, we believe that the reported carrying amounts of our financial assets and liabilities approximate their fair values.
Our investments in available-for-sale marketable securities, primarily fixed income, were transferred to Sag Main Holdings, LLC, on January 5, 2023, as part of our MSA LLC divestiture as described in Note 17—Contingencies. Prior to the divestiture, these investments were valued at fair value using quoted market prices for similar securities or pricing models. Accordingly, the fair values of the investments were classified within Level 2 of the fair value hierarchy. The amortized cost basis of our investments was $9.9 million as of December 31, 2022. The fair value was $9.9 million as of December 31, 2022, which was reported in Investments, short-term in the accompanying unaudited Condensed Consolidated Balance Sheets. Prior to the divestiture, changes in fair value were recorded in Other comprehensive income (loss), net of tax. No impairment losses relating to these securities occurred during the three months ended March 31, 2023. All investments in marketable securities had maturities of one year or less and were in an unrealized loss position as of December 31, 2022.
The reported carrying amount of our fixed rate long-term debt was $309.6 million and $266.5 million at September 30, 2023, and December 31, 2022, respectively. The fair value of this debt was $255.1 million and $218.3 million at September 30, 2023, and December 31, 2022, 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.
Note 17—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 $1.3 million at September 30, 2023 and $1.4 million at December 31, 2022. Single incident product liability benefit was $0.1 million for the nine months ended September 30, 2023, and expense was $0.1 million for the nine months ended September 30, 2022. 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.
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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.
Management previously established a reserve for MSA LLC's potential exposure to cumulative trauma product liability claims. Prior to its divestiture, MSA LLC's total cumulative trauma product liability reserve was $395.1 million, including $13.4 million for claims settled but not yet paid and related defense costs, as of December 31, 2022. The reserve included estimated amounts related to asserted and IBNR asbestos, silica, and coal dust claims expected to be resolved through the year 2075. The reserve was not discounted to present value and did not include future amounts which will be spent to defend the claims. Defense costs were recognized in the unaudited Condensed Consolidated Statements of Operations as incurred.
At December 31, 2022, $65.1 million of the total reserve for cumulative trauma product liability claims was recorded in the Insurance and product liability line within other current liabilities in the Consolidated Balance Sheets and the remainder, $330.0 million, is recorded in the Product liability and other noncurrent liabilities line.
Prior to the divestiture, MSA LLC's cumulative trauma product liability reserve was based upon an estimate of MSA LLC’s current and potential future liability for cumulative trauma product liability claims, in accordance with applicable accounting principles. See further discussion on the process and assumptions used to derive this estimate in Note 20—Contingencies of the consolidated financial statements in Part II Item 8 of MSA's Form 10-K for the year ended December 31, 2022.
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 is 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.
As MSA LLC was the obligor for the Company's legacy cumulative trauma product liability reserves and policyholder of the related insurance assets, the rights and obligations related to these items transferred 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 sale and transfer, 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 $5.6 million. R&Q and Obra's joint venture has assumed management of the divested subsidiary, including the management of its claims and associated assets.
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Below is a summary of the impact of the divestiture of MSA LLC on our unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 (no additional impact for the three months ended September 30, 2023):
(In millions)Three Months Ended March 31, 2023
Cash and cash equivalents$(341.2)
Current insurance receivables(17.3)
Notes receivable, insurance companies(5.9)
Noncurrent insurance receivables(110.3)
Notes receivable, insurance companies, noncurrent(38.7)
Current product liability65.1 
Noncurrent product liability324.7 
Loss on divestiture of MSA LLC before transaction costs(123.6)
Transaction costs(5.6)
Loss on divestiture of MSA LLC(129.2)
Income tax expense (a)
(70.4)
Tax-effected loss on divestiture of MSA LLC$(199.6)
(a) Related to the write-off of deferred tax asset related to product liability reserve
Insurance Receivable and Notes Receivable, Insurance Companies
Many years ago, MSA LLC purchased insurance policies from various insurance carriers that, subject to common contract exclusions, provided coverage for cumulative trauma product liability losses (the "Occurrence-Based Policies").
Prior to the divestiture of MSA LLC, when adjustments were made to amounts recorded in the cumulative trauma product liability reserve, we calculated amounts due to be reimbursed pursuant to the terms of the negotiated Coverage-In-Place Agreements, including cumulative trauma product liability losses and related defense costs, and we recorded the amounts probable of reimbursement as insurance receivables.
Insurance receivables at December 31, 2022 totaled $127.6 million, of which $17.3 million was reported in Prepaid expenses and other current assets in the unaudited Condensed Consolidated Balance Sheets and $110.3 million was reported in Insurance receivables and other noncurrent assets.
A summary of insurance receivables balance and activity related to cumulative trauma product liability losses and divestiture of MSA LLC is as follows:
(In millions)Nine Months Ended September 30, 2023Year Ended
December 31, 2022
Balance beginning of period$127.6 $130.2 
Divestiture of MSA LLC(127.6)— 
Additions— 1.8 
Collections and other adjustments— (4.4)
Balance end of period$— $127.6 
Prior to the divestiture of MSA LLC, notes receivable from insurance companies at December 31, 2022 totaled $44.6 million of which $5.9 million was reported in Notes receivable, insurance companies, current in the unaudited Condensed Consolidated Balance Sheets and $38.7 million was reported in Notes receivable, insurance companies, noncurrent.
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A summary of notes receivables from insurance companies balance is as follows:
(In millions)Nine Months Ended September 30, 2023Year Ended
December 31, 2022
Balance beginning of period$44.6 $48.5 
Divestiture of MSA LLC(44.6)— 
Additions— 1.2 
Collections — (5.1)
Balance end of period$— $44.6 
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 turnout gear from technical fabrics sourced from a small pool of specialty textile manufacturers. These protective fabrics have been tested and certified to meet industry standards, and some of them contain PFAS to achieve water, oil, or chemical resistance. At this time, no manufacturer of firefighter protective clothing is able to meet current National Fire Protection Association safety standards while offering coats or pants that are completely PFAS free.
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 20, 2023, Globe was named as a defendant in 165 lawsuits comprised of approximately 8,432 claims, plus one action filed on behalf of a putative class of Florida firefighters and certain of their dependents.
MSA LLC is also a defendant in a number of PFAS lawsuits and the Buyer assumed responsibility for these and any similar future claims specific to MSA LLC in connection with the divestiture on January 5, 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, 2023Year Ended
December 31, 2022
Beginning warranty reserve$15,230 $12,423 
Warranty payments(7,364)(10,631)
Warranty claims6,832 14,544 
Provision for product warranties and other adjustments(91)(1,106)
Ending warranty reserve$14,607 $15,230 
Warranty expense was $6.7 million and $9.0 million for the nine months ended September 30, 2023, and 2022, respectively, and is included in Costs of products sold on the unaudited Condensed Consolidated Statements of Operations.
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Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with the historical financial statements and other financial information included elsewhere in this quarterly report on Form 10-Q. This discussion may contain forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed in the sections of our annual report entitled “Forward-Looking Statements” and “Risk Factors,” and those discussed in our Form 10-Q quarterly reports filed after such annual report (such as in Part II, Item 1A, “Risk Factors.”)

BUSINESS OVERVIEW
MSA is a global leader in the development, manufacture and supply of safety products and solutions that protect people and facility infrastructures. Recognized for their market leading innovation, many MSA products integrate a combination of electronics, mechanical systems and advanced materials to protect users against hazardous or life-threatening situations. The Company's comprehensive product line, which is governed by rigorous safety standards across highly regulated industries, is used by workers around the world in a broad range of markets, including fire service, oil, gas and petrochemical industry, construction, industrial manufacturing applications, utilities, mining and the military. MSA's core products include breathing apparatus, fixed gas and flame detection systems ("FGFD"), portable gas detection instruments, industrial head protection products, firefighter helmets and protective apparel, and fall protection devices. We are committed to providing our customers with service unmatched in the safety industry and, in the process, enhancing our ability to provide a growing line of safety solutions for customers in key global markets.
On January 5, 2023, the Company divested Mine Safety Appliances, LLC ("MSA LLC"), a wholly owned subsidiary that holds legacy product liability claims relating to coal dust, asbestos, silica, and other exposures, to Sag Main Holdings, LLC, a joint venture between R&Q Insurance Holdings Ltd. (“R&Q”) and Obra Capital, Inc. (“Obra”). In connection with the closing, MSA contributed $341.2 million in cash and cash equivalents, while R&Q and Obra contributed an additional $35.0 million. As a result of the transaction, MSA derecognized all legacy cumulative trauma product liability reserves, related insurance assets, and associated deferred tax assets of the divested subsidiary from its balance sheet in the first quarter of 2023. R&Q and Obra have assumed management of the divested subsidiary, including the management of its claims. Refer to Note 17—Contingencies to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q for further information.
We tailor our product offerings and distribution strategy to satisfy distinct customer preferences that vary across geographic regions. To best serve these customer preferences, we have organized our business into four geographical operating segments that are aggregated into three reportable geographic segments: Americas, International and Corporate.
Americas. Our largest manufacturing and research and development facilities are located in the United States. We serve our markets across the Americas with manufacturing facilities in the U.S., Mexico and Brazil. Operations in the other countries within the Americas segment focus primarily on sales and distribution in their respective home country markets.
International. Our International segment includes companies in Europe, the Middle East and Africa ("EMEA") and the Asia Pacific region. In our largest International subsidiaries (in Germany, France, U.K., Ireland and China), we develop, manufacture and sell a wide variety of products. In China, the products manufactured are sold primarily in China as well as in regional markets. Operations in other International segment countries focus primarily on sales and distribution in their respective home country markets. Although some of these companies may perform limited production, most of their sales are of products manufactured in our plants in Germany, France, the U.S., U.K., Ireland and China or are purchased from third-party vendors.
Corporate. The Corporate segment primarily consists of general and administrative expenses incurred in our corporate headquarters, costs associated with corporate development initiatives, legal expense, interest expense, foreign exchange gains or losses and other centrally-managed costs. Corporate general and administrative costs comprise the majority of the expense in the Corporate segment.
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PRINCIPAL PRODUCTS
The following is a brief description of each of our principal product categories:
MSA's corporate strategy includes a focus on driving sales of core products, where we have leading market positions and a distinct competitive advantage. Core products, as mentioned above, include breathing apparatus where self-contained breathing apparatus is the principal product, FGFD systems, portable gas detection instruments, industrial head protection products, firefighter helmets and protective apparel, and fall protection devices. Core products comprised approximately 92% and 89% of sales, respectively, for the three months ended September 30, 2023 and 2022. MSA also maintains a portfolio of non-core products. Non-core products reinforce and extend the core offerings, drawing upon our customer relationships, distribution channels, geographical presence and technical experience. These products are complementary to the core offerings and sometimes reflect more episodic or contract-driven growth patterns. Non-core products include air-purifying respirators, eye and face protection, ballistic helmets and gas masks.
MSA's diversified portfolio of safety products protects workers and facility infrastructure across a broad array of end markets including fire service, the oil, gas and petrochemical industry, construction, industrial manufacturing applications, heating, ventilation, air conditioning and refrigeration, utilities, mining and the military.
A detailed listing of our significant product offerings in the aforementioned product groups above is included in MSA's Annual Report on Form 10-K for the year ended December 31, 2022.
RESULTS OF OPERATIONS
Three Months Ended September 30, 2023, Compared to Three Months Ended September 30, 2022
Net Sales. Net sales for the three months ended September 30, 2023, were $446.7 million, an increase of $65.0 million, or 17.0%, compared to $381.7 million in the same period last year, driven by volume growth and pricing actions. We saw healthy growth across product categories and both reporting segments. Please refer to the Net Sales table for a reconciliation of the quarter over quarter sales change.
Net SalesThree Months Ended September 30,Dollar
Increase 		Percent
Increase
(In millions)20232022
Consolidated$446.7$381.7$65.017.0%
Americas314.3276.138.213.8%
International132.4105.626.825.4%
Net Sales Three Months Ended
September 30, 2023 versus September 30, 2022
(Percent Change)AmericasInternational Consolidated
GAAP reported sales change13.8%25.4%17.0%
Currency translation effects(1.5)%(4.7)%(2.3)%
Constant currency sales change12.3%20.7%14.7%
Note: Constant currency sales change is a non-GAAP financial measure provided by the Company to give a better understanding of the Company's underlying business performance. Constant currency sales change is calculated by deducting the percentage impact from currency translation effects from the overall percentage change in net sales.
Net sales for the Americas segment were $314.3 million in the third quarter of 2023, an increase of $38.2 million, or 13.8%, compared to $276.1 million in the third quarter of 2022. Constant currency sales in the Americas segment increased 12.3%. This growth was driven by increases in all products, particularly firefighter protective apparel, FGFD, fall protection, portable instruments and breathing apparatus associated with healthy demand and backlog conversion as a result of supply chain improvements.
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Net sales for the International segment were $132.4 million in the third quarter of 2023, an increase of $26.8 million, or 25.4%, compared to $105.6 million for the third quarter of 2022. Constant currency sales in the International segment increased 20.7% during the quarter. This growth was driven by increases in most products, particularly FGFD and breathing apparatus, associated with backlog conversion as a result of supply chain improvements.
Looking ahead, we continue to operate in a dynamic environment. There are a number of other evolving factors that will continue to influence our revenue and earnings outlook. These factors include, among other things, supply chain constraints, raw material availability, industrial employment rates, interest rate changes, military conflict, currency exchange volatility, the pace of economic recovery, and geopolitical risk. These or other conditions could impact our future results and growth expectations through the balance of 2023.
Refer to Note 8—Segment Information to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q, for information regarding sales by product group.
Gross profit. Gross profit for the third quarter of 2023 was $218.8 million, an increase of $49.4 million or 29.1%, compared to $169.4 million for the third quarter of 2022. The ratio of gross profit to net sales was 49.0% in the third quarter of 2023 compared to 44.4% in the same quarter last year. Volume leverage, price/cost management, and productivity efforts contributed to the gross profit improvement.
Selling, general and administrative expenses. Selling, general and administrative ("SG&A") expenses were $102.2 million during the third quarter of 2023, an increase of $19.4 million or 23.5%, compared to $82.8 million for the same period a year ago. Overall, SG&A expenses were 22.9% of net sales during the third quarter of 2023, compared to 21.7% of net sales during the same period in 2022. Constant currency SG&A increased by approximately $17.7 million or 21.2%. The increase in SG&A was driven by the higher level of sales, increased variable compensation, targeted investments and inflation.
Please refer to the SG&A expenses table for a reconciliation of the quarter over quarter expense change.
Selling, general, and administrative expensesThree Months Ended
September 30, 2023 versus September 30, 2022
(Percent Change)Consolidated
GAAP reported change23.5%
Currency translation effects(2.3)%
Constant currency change21.2%
Research and development expense. Research and development expense was $17.7 million during the third quarter of 2023, an increase of $3.3 million, compared to $14.4 million during the third quarter of 2022. Research and development expense was 4.0% of net sales in the third quarter of 2023 compared to 3.8% in the same period of 2022.
During the third quarter of 2023 and 2022, we capitalized $3.3 million and $2.2 million of software development costs, respectively. Depreciation expense for capitalized software development cost of $2.7 million and $2.1 million during the third quarter of 2023 and 2022, respectively, was recorded in costs of products sold on the unaudited Condensed Consolidated Statements of Operations.
MSA remains committed to dedicating significant resources to research and development activities, including the development of technology-based safety solutions. As we continue to invest a significant portion of our new product development into technology-based safety solutions, we anticipate that the historical relationship of research and development expense to net sales will continue to evolve; however, we do not anticipate reductions in the relative level of total spend on research and development activities on an annual basis. Total spend on both software development and research and development activities was $21.0 million and $16.6 million during the third quarter of September 30, 2023, and 2022, respectively.
Restructuring charges. Restructuring charges of $3.3 million during the third quarter of 2023 were primarily related to manufacturing footprint optimization activities and ongoing initiatives to drive profitable growth. Restructuring charges of $0.9 million during the third quarter of 2022 were related to various optimization activities including the implementation of our European Shared Service Center in Warsaw, Poland and other optimization activities. We remain focused on executing programs to further optimize our cost structure.
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Currency exchange. Currency exchange losses were $1.5 million in the third quarter of 2023 compared to $3.0 million in the third quarter of 2022. Currency exchange activity for both periods related primarily to foreign currency exposure on unsettled inter-company balances. Refer to Note 15—Derivative Financial Instruments to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q, for information regarding our currency exchange rate risk management strategy.
Product liability expense. There was no product liability expense for the third quarter of 2023 due to our divestiture of MSA LLC, as discussed further in Note 17—Contingencies to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q. This compared to $4.0 million in the third quarter of 2022 which related primarily to defense costs incurred for cumulative trauma product liability claims.
GAAP operating income. Consolidated operating income for the third quarter of 2023 was $94.1 million compared to $64.3 million in the same period last year. The increase in operating income was primarily driven by higher sales and gross margin partially offset by increased SG&A.
Adjusted operating income. Americas adjusted operating income for the third quarter of 2023 was $93.9 million, an increase of $18.8 million or 25.1% compared to $75.1 million in the prior year third quarter. The increase in adjusted operating income is attributable to higher sales and gross margin.
International adjusted operating income for the third quarter of 2023 was $22.6 million, an increase of $14.1 million, or 167.2%, compared to $8.4 million in the prior year third quarter. The increase in adjusted operating income is primarily attributable to higher sales and gross margin.
Corporate segment adjusted operating loss for the third quarter of 2023 was $15.2 million, an increase of $6.8 million in comparison to an adjusted operating loss of $8.4 million in the third quarter of 2022, driven by higher performance based compensation expense related to sales growth and improved results from prior year.
The following tables represent a reconciliation from GAAP operating income to adjusted operating income (loss) and adjusted EBITDA. Adjusted operating margin % is calculated as adjusted operating income (loss) divided by net sales and adjusted EBITDA margin % is calculated as adjusted EBITDA divided by net sales.
Adjusted operating income (loss)Three Months Ended September 30, 2023
(In thousands)AmericasInternationalCorporateConsolidated
Net sales$314,273 $132,455 $— $446,728 
GAAP operating income94,123 
Restructuring charges (Note 3)3,285 
Currency exchange losses, net1,496 
Amortization of acquisition-related intangible assets2,315 
Transaction costs(a)
78 
Adjusted operating income (loss)93,918 22,577 (15,198)101,297 
Adjusted operating margin %29.9 %17.0 %
Depreciation and amortization13,189 
Adjusted EBITDA103,157 26,289 (14,960)114,486 
Adjusted EBITDA margin %32.8 %19.8 %
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Adjusted operating income (loss)Three Months Ended September 30, 2022
(In thousands)AmericasInternationalCorporateConsolidated
Net sales$276,082 $105,612 $— $381,694 
GAAP operating income64,313 
Restructuring charges (Note 3)899 
Currency exchange losses, net2,979 
Product liability expense (Note 17)4,035 
Amortization of acquisition-related intangible assets2,279 
Transaction costs(a)
620 
Adjusted operating income (loss)75,088 8,448 (8,411)75,125 
Adjusted operating margin %27.2 %8.0 %
Depreciation and amortization11,518 
Adjusted EBITDA83,945 10,980 (8,282)86,643 
Adjusted EBITDA margin %30.4 %10.4 %
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations.
Note: Adjusted operating income (loss) and adjusted EBITDA are non-GAAP financial measures. Adjusted operating income (loss) is reconciled above to the nearest GAAP financial measure, Operating income (loss), and excludes restructuring, currency exchange, product liability expense, loss on divestiture of MSA LLC, transaction costs and acquisition-related amortization. Adjusted EBITDA is reconciled above to the nearest GAAP financial measure, Operating income (loss) and excludes depreciation and amortization expense.
Total other expense (income), net. Total other expense, net, for the third quarter of 2023 was $6.5 million, compared to $3.6 million for the same period in 2022 driven primarily by higher interest expense related to higher interest rates, increased debt balances and decreased pension income driven by a lower expected rate of return.
Income taxes. The reported effective tax rate for the third quarter of 2023 was 25.6% compared to 26.0% for the third quarter of 2022. This decrease from the prior year is primarily due to a one time expense recorded in the third quarter of 2022 related to state income tax audits and an increase in the research and development credit, partially offset by higher profits in higher tax jurisdictions and an increase in nondeductible compensation.
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.
Net income. Net income was $65.3 million for the third quarter of 2023, or $1.65 per diluted share compared to net income of $44.9 million, or $1.14 per diluted share, for the same period last year.

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Nine Months Ended September 30, 2023, Compared to Nine Months Ended September 30, 2022
Net Sales. Net sales for the nine months ended September 30, 2023, were $1.3 billion, an increase of $207.6 million, or 19.1%, compared to $1.1 billion in the same period last year, driven by volume growth and price realization. We saw healthy growth across most of our core products and both reporting segments. Please refer to the Net Sales table for a reconciliation of the period over period sales change.
Net SalesNine Months Ended September 30,Dollar
Increase		Percent
Increase
(In millions)20232022
Consolidated$1,292.3$1,084.7$207.619.1%
Americas902.9754.1148.819.7%
International389.4330.658.817.8%
Net Sales Nine Months Ended
September 30, 2023 versus September 30, 2022
(Percent Change)AmericasInternational Consolidated
GAAP reported sales change19.7%17.8%19.1%
Currency translation effects(0.9)%0.5%(0.5)%
Constant currency sales change18.8%18.3%18.6%
Note: Constant currency sales change is a non-GAAP financial measure provided by the Company to give a better understanding of the Company's underlying business performance. Constant currency sales change is calculated by deducting the percentage impact from currency translation effects from the overall percentage change in net sales.
Net sales for the Americas segment were $902.9 million in the nine months ended September 30, 2023, an increase of $148.8 million, or 19.7%, compared to $754.1 million in the same period last year. Constant currency sales in the Americas segment increased 18.8% compared to the prior year period. This growth was driven by increases in all products, particularly firefighter protective apparel, portable instruments and FGFD associated with healthy demand and improved output as well as backlog conversion as a result of continued progress with the supply chain.
Net sales for the International segment were $389.4 million in the nine months ended September 30, 2023, an increase of $58.8 million, or 17.8%, compared to $330.6 million in the same period last year. Constant currency sales in the International segment increased 18.3% during the period. This growth was driven by strength across most core products, partially offset by a decrease in firefighter helmets and protective apparel.
Refer to Note 8—Segment Information to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q, for information regarding sales by product group.
Gross profit. Gross profit for the nine months ended September 30, 2023, was $614.0 million, an increase of $137.4 million or 28.8%, compared to $476.6 million during the same period last year. The ratio of gross profit to net sales was 47.5% during the nine months ended September 30, 2023 compared to 43.9% during the same period last year. Volume leverage, price/cost management, favorable product mix and productivity efforts contributed to the gross profit improvement.
Selling, general and administrative expenses. SG&A expenses were $289.6 million during the nine months ended September 30, 2023, an increase of $42.2 million or 17.1%, compared to $247.4 million during the same period last year. Overall, SG&A expenses were 22.4% of net sales during the nine months ended September 30, 2023, compared to 22.8% of net sales during the same period in 2022. Constant currency SG&A increased $41.3 million or 16.8%, demonstrating strong leverage on revenue growth. The increase in SG&A was driven by the higher level of sales, increased variable compensation and inflation.
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Please refer to the selling, general, and administrative expenses table for a reconciliation of the period over period expense change.
Selling, general, and administrative expensesNine Months Ended
September 30, 2023 versus September 30, 2022
(Percent Change)Consolidated
GAAP reported change17.1%
Currency translation effects(0.3)%
Constant currency change16.8%
Research and development expense. Research and development expense was $48.9 million during the nine months ended September 30, 2023, an increase of $5.9 million, compared to $43.0 million during the same period last year. Research and development expense was 3.8% of net sales in the first nine months ended September 30, 2023 and 4.0% in the same period of 2022.
During the nine months ended September 30, 2023 and 2022, we capitalized $9.4 million and $6.5 million of software development costs, respectively. Depreciation expense for capitalized software development cost of $7.5 million and $5.7 million during the nine months ended September 30, 2023 and 2022, respectively, was recorded in costs of products sold on the unaudited Condensed Consolidated Statements of Operations.
MSA remains committed to dedicating significant resources to research and development activities, including the development of technology-based safety solutions. As we continue to invest a significant portion of our new product development into technology-based safety solutions, we anticipate that the historical relationship of research and development expense to net sales will continue to evolve; however, we do not anticipate reductions in the relative level of total spend on research and development activities on an annual basis. Total spend on both software development and research and development activities was $58.3 million and $49.5 million during the nine months ended September 30, 2023, and 2022, respectively.
Restructuring charges. Restructuring charges of $8.4 million during the nine months ended September 30, 2023 related to our ongoing initiatives to adjust our cost structure and improve productivity. Restructuring charges of $3.1 million during nine months ended September 30, 2022 related to our ongoing initiatives to drive profitable growth and rightsize our operations. We remain focused on executing programs to optimize our cost structure.
Currency exchange. Currency exchange losses were $8.8 million during the nine months ended September 30, 2023, compared to $4.8 million in the same period of 2022. Currency exchange activity for both periods related primarily due to foreign currency exposure on unsettled inter-company balances. During 2022, we also recognized non-cash cumulative translation losses as a result of our plan to close a foreign subsidiary.
Refer to Note 15—Derivative Financial Instruments to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q, for information regarding our currency exchange rate risk management strategy.
Product liability expense. Product liability expense for the nine months ended September 30, 2023 was minimal due to our divestiture of MSA LLC. This compared to $9.7 million in the same period of 2022 which related primarily to defense costs incurred for cumulative trauma product liability claims.
Loss on divestiture of MSA LLC. The $129.2 million pre-tax loss on divestiture of MSA LLC for the nine months ended September 30, 2023 relates to the derecognition of all legacy cumulative trauma product liability reserves and related insurance assets of the divested subsidiary during the first quarter of 2023. The loss also includes a $341.2 million contribution of cash and cash equivalents, as well as transaction related costs of $5.6 million. Refer to Note 17—Contingencies to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q for further information.
GAAP operating income. Consolidated operating income for the nine months ended September 30, 2023, was $129.1 million compared to $168.5 million in the same period last year. The decrease in operating results was primarily driven by the loss on divestiture of MSA LLC, partially offset by higher sales and gross margin.
Adjusted operating income. Americas adjusted operating income for the nine months ended September 30, 2023 was $260.4 million, an increase of $75.7 million, or 41.0%, compared to $184.7 million in the prior year. The increase in adjusted operating income is primarily attributable to higher sales and gross margin, partially offset by higher SG&A expenses to support business growth.
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International adjusted operating income for the nine months ended September 30, 2023, was $60.1 million, an increase of $25.4 million, or 73.3%, compared to $34.7 million in the prior year. The increase in adjusted operating income is primarily attributable to higher sales and gross margin.
Corporate segment adjusted operating loss for the nine months ended September 30, 2023, was $38.1 million, an increase of $13.3 million compared to an adjusted operating loss of $24.8 million in the same period of 2022 driven by higher performance based compensation expense related to sales growth and improved results from prior year.
The following tables represent a reconciliation from GAAP operating income to adjusted operating income (loss) and adjusted EBITDA. Adjusted operating margin % is calculated as adjusted operating income (loss) divided by net sales and adjusted EBITDA margin % is calculated as adjusted EBITDA divided by net sales.
Adjusted operating income (loss)Nine Months Ended September 30, 2023
(In thousands)AmericasInternationalCorporateConsolidated
Net sales$902,918 $389,372 $— $1,292,290 
GAAP operating income129,070 
Restructuring charges (Note 3)8,382 
Currency exchange losses, net8,781 
Loss on divestiture of MSA LLC (Note 17)129,211 
Product liability expense (Note 17)3 
Amortization of acquisition-related intangible assets6,936 
Transaction costs(a)
78 
Adjusted operating income (loss)260,428 60,099 (38,066)282,461 
Adjusted operating margin %28.8 %15.4 %
Depreciation and amortization(a)
38,029 
Adjusted EBITDA287,628 70,296 (37,434)320,490 
Adjusted EBITDA margin %31.9 %18.1 %
Adjusted operating income (loss)Nine Months Ended September 30, 2022
(In thousands)AmericasInternationalCorporateConsolidated
Net sales$754,116 $330,583 $— $1,084,699 
GAAP operating income168,517 
Restructuring charges (Note 3)3,146 
Currency exchange losses, net4,788 
Product liability expense (Note 17)9,733 
Amortization of acquisition-related intangible assets6,922 
Transaction costs(a)
1,476 
Adjusted operating income (loss)184,664 34,674 (24,756)194,582 
Adjusted operating margin %24.5 %10.5 %
Depreciation and amortization(a)
34,961 
Adjusted EBITDA210,201 43,708 (24,366)229,543 
Adjusted EBITDA margin %27.9 %13.2 %
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations.
Note: Adjusted operating income (loss) and adjusted EBITDA are non-GAAP financial measures. Adjusted operating income (loss) is reconciled above to the nearest GAAP financial measure, Operating income (loss), and excludes restructuring, currency exchange, product liability expense, loss on divestiture of MSA LLC, transaction costs and acquisition-related amortization. Adjusted EBITDA is reconciled above to the nearest GAAP financial measure, Operating income (loss) and excludes depreciation and amortization expense.

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Total other (expense) income, net. Total other expense, net, for the nine months ended September 30, 2023 was $21.7 million, compared to total other income, net, of $1.0 million for the same period in 2022 driven primarily by higher interest expense related to higher interest rates, increased debt balances and decreased pension income driven by a lower expected rate of return.
Income taxes. The reported effective tax rate for the nine months ended September 30, 2023 was 116.6% compared to 24.4% for the same period in 2022. This significant variance from the prior year is primarily due to the divestiture of MSA LLC and the non-deductible loss recorded on the derecognition of the product liability reserves and related assets. Refer to Note 17—Contingencies to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q for further information on this transaction.
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.
Net (loss) income attributable to MSA Safety Incorporated. Net loss was $17.8 million for the nine months ended September 30, 2023, or $(0.46) per diluted share compared to net income of $128.1 million, or $3.25 per diluted share, for the same period last year.

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LIQUIDITY AND CAPITAL RESOURCES
Our main source of liquidity is operating cash flows, supplemented by borrowings. Our principal liquidity requirements are for working capital, capital expenditures, principal and interest payments on debt, declared dividend payments and acquisitions. At September 30, 2023, approximately 42% of our long-term debt is at fixed interest rates with repayment schedules through 2036. The remainder of our long-term debt is at variable rates on an unsecured revolving credit facility and a term loan, both due in 2026. At September 30, 2023, approximately 87% of our borrowings are denominated in U.S. dollars, which limits our exposure to currency exchange rate fluctuations.
At September 30, 2023, the Company had cash and cash equivalents totaling $164.5 million and access to sufficient capital, providing ample liquidity and flexibility to continue to maintain our balanced capital allocation strategy that prioritizes growth investments, funding our dividends and servicing debt obligations. Cash, cash equivalents and restricted cash increased $2.0 million during the nine months ended September 30, 2023. The cash flow activity reflects strong operating results and working capital performance being mostly offset by the MSA LLC divestiture as discussed below. This compared to cash increasing $19.8 million during the same period in 2022. We believe MSA's healthy balance sheet and access to significant capital at September 30, 2023, positions us well to navigate through challenging business conditions and supply chain constraints or other unexpected events.
Operating activities. Operating activities used cash of $66.1 million during the nine months ended September 30, 2023, compared to providing $103.9 million during the same period in 2022. The decreased operating cash flow as compared to the same period in 2022 was primarily related to the contribution of $341.2 million in the divestiture of MSA LLC. Refer to Note 17—Contingencies to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q for further information. This decrease was partially offset by working capital improvements, notably for inventories, and improved operating results.
Investing activities. Investing activities used cash of $28.3 million during the nine months ended September 30, 2023, compared to using $4.4 million during the same period in 2022. The increase in cash used in investing activities as compared to the same period in 2022 was primarily related to the absence of short-term investment activity. Our investments in available-for-sale marketable securities, primarily fixed income, were transferred to Sag Main Holdings, LLC, as part of our MSA LLC divestiture as described in Note 17—Contingencies to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q. We remain committed to evaluating additional acquisition opportunities that will allow us to continue to grow in key end markets and geographies.
Financing activities. Financing activities provided cash of $110.5 million during the nine months ended September 30, 2023, compared to using cash of $56.2 million during the same period in 2022. During the nine months ended September 30, 2023, we had net proceeds from long-term debt of $168.6 million to fund the MSA LLC divestiture as compared to net proceeds from long-term debt of $27.0 million during the same period in 2022. Since the MSA LLC divestiture in January 2023, we have paid down $146 million of our outstanding borrowings. We paid cash dividends of $55.0 million during the nine months ended September 30, 2023, compared to $53.4 million in the same period in 2022. We used cash of $3.9 million during the nine months ended September 30, 2023 to repurchase shares related to our employee stock compensation transactions. We used cash of $34.4 million during the nine months ended September 30, 2022, including $30.4 million related to our share repurchase program with the remainder related to employee stock compensation transactions.
CUMULATIVE TRANSLATION ADJUSTMENTS
The position of the U.S. dollar relative to international currencies, primarily the euro, British pound and Mexican peso, at September 30, 2023, resulted in a translation loss of $2.5 million being recorded to the cumulative translation adjustments shareholders' equity account during the nine months ended September 30, 2023, compared to a $58.1 million translation loss being recorded to the cumulative translation adjustments shareholders' equity account during the same period in 2022.
COMMITMENTS AND CONTINGENCIES
We made contributions of $4.3 million to our pension plans during the nine months ended September 30, 2023. We expect to make total contributions of approximately $5.7 million to our pension plans in 2023 primarily associated with statutorily required plans in the International segment.
The Company had outstanding bank guarantees and standby letters of credit with banks as of September 30, 2023, totaling $9.2 million, of which $1.5 million relate to the senior revolving credit facility. These 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, 2023, the Company has $1.9 million of restricted cash in support of these arrangements.
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We have purchase commitments for materials, supplies, services, and property, plant and equipment as part of our ordinary conduct of business.
Please refer to Note 17—Contingencies to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q for further discussion on the Company's single incident and cumulative trauma product liabilities.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
We prepare our unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosures. We evaluate these estimates and judgments on an on-going basis based on historical experience and various assumptions that we believe to be reasonable under the circumstances. However, different amounts could be reported if we had used different assumptions and in light of different facts and circumstances. Actual amounts could differ from the estimates and judgments reflected in our unaudited condensed consolidated financial statements.
The more critical judgments and estimates used in the preparation of our unaudited condensed consolidated financial statements are discussed in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2022.
RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS
None.
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Item 3.Quantitative and Qualitative Disclosures About Market Risk
Market risk represents the risk of adverse changes in the value of a financial instrument caused by changes in currency exchange rates, interest rates and equity prices. We are exposed to market risks related to currency exchange rates and interest rates.
Currency exchange rate sensitivity. We are subject to the effects of fluctuations in currency exchange rates on various transactions and on the translation of the reported financial position and operating results of our non-U.S. companies from local currencies to U.S. dollars. A hypothetical 10% strengthening or weakening of the U.S. dollar would decrease or increase our reported sales and net income by approximately $17.3 million or 3.9% and $0.6 million or 0.9%, respectively, for the three months ended September 30, 2023.
When appropriate, we may attempt to limit our transactional exposure to changes in currency exchange rates through forward contracts or other actions intended to reduce existing exposures by creating offsetting currency exposures. At September 30, 2023, we had open foreign currency forward contracts with a U.S. dollar notional value of $106.4 million. A hypothetical 10% strengthening or weakening of the U.S. dollar would result in a $10.6 million increase or decrease in the fair value of these contracts at September 30, 2023.
Interest rates. We are exposed to changes in interest rates primarily as a result of borrowing and investing activities used to maintain liquidity and fund business operations.
At September 30, 2023, we had $309.6 million of fixed rate debt which matures at various dates through 2036. The incremental increase in the fair value of fixed rate long-term debt resulting from a hypothetical 10% decrease in interest rates would be approximately $10.0 million. However, our sensitivity to interest rate declines and the corresponding increase in the fair value of our debt portfolio would unfavorably affect earnings and cash flows only to the extent that we elected to repurchase or retire all or a portion of our fixed rate debt portfolio at prices above carrying values.
At September 30, 2023, we had $435.2 million of variable rate borrowings. A 100 basis point increase or decrease in interest rates would have a $4.6 million impact on future annual earnings under our current capital structure.
Item 4.Controls and Procedures
(a)Evaluation of disclosure controls and procedures. Based on their evaluation as of the end of the period covered by this Form 10-Q, the Company’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)) are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms and (ii) accumulated and communicated to our management, including the principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
(b)Changes in internal control. There were no changes in the Company’s internal control over financial reporting that occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
-36-
PART II. OTHER INFORMATION
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
(c)Issuer Purchases of Equity Securities
PeriodTotal Number of
Shares
Purchased		Average Price Paid
Per Share		Total Number of
Shares Purchased
As Part of Publicly
Announced Plans or
Programs		Maximum Number
of Shares
That May Yet Be
Purchased Under
the Plans or
Programs
July 202363 $157.39 — 164,334 
August 2023332 177.63 — 149,329 
September 2023— — — 173,038 
The share repurchase program authorizes up to $100.0 million in repurchases of MSA common stock in the open market and in private transactions. The share repurchase program has no expiration date. The maximum number of shares that may be purchased is calculated based on the dollars remaining under the program and the respective month-end closing share price. There were no shares repurchased during the quarter ended September 30, 2023, under this program. We do not have any other share repurchase programs.
The above shares purchased during the quarter are related to stock-based compensation transactions.
Item 6.Exhibits
(a) Exhibits
101.INS        XBRL Instance Document
101.SCH    XBRL Taxonomy Extension Schema Document
101.CAL    XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF    XBRL Taxonomy Extension Definition Linkbase Document
101.LAB    XBRL Taxonomy Extension Label Linkbase Document
101.PRE        XBRL Taxonomy Extension Presentation Linkbase Document

-37-
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
  MSA SAFETY INCORPORATED
October 25, 2023 /s/ Lee B. McChesney
 Lee B. McChesney
 Senior Vice President and Chief Financial Officer
/s/ Jonathan D. Buck
Jonathan D. Buck
Chief Accounting Officer and Controller (Principal Accounting Officer)

-38-

EXHIBIT 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13a-14(a)
I, Nishan J. Vartanian, certify that:
1. I have reviewed this quarterly report on Form 10-Q of MSA Safety Incorporated;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
October 25, 2023 /s/ Nishan J. Vartanian
 Nishan J. Vartanian
 Chief Executive Officer


EXHIBIT 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13a-14(a)
I, Lee B. McChesney certify that:
1. I have reviewed this quarterly report on Form 10-Q of MSA Safety Incorporated;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
October 25, 2023 /s/ Lee B. McChesney
 Lee B. McChesney
 Senior Vice President and Chief Financial Officer


EXHIBIT 32
CERTIFICATION
Pursuant to 18 U.S.C. (S) 1350, the undersigned officers of MSA Safety Incorporated (the “Company”), hereby certify, to the best of their knowledge, that the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, (the “Report”) fully complies with the requirements of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
October 25, 2023 /s/ Nishan J. Vartanian
 Nishan J. Vartanian
 Chief Executive Officer
 /s/ Lee B. McChesney
 Lee B. McChesney
 Senior Vice President and Chief Financial Officer

v3.23.3
Cover - shares
 9 Months Ended
Sep. 30, 2023
Oct. 20, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2023  
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)   39,311,193
Amendment Flag false  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0000066570  
Current Fiscal Year End Date --12-31  
v3.23.3
Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Statement [Abstract]        
Net sales $ 446,728 $ 381,694 $ 1,292,290 $ 1,084,699
Cost of products sold 227,967 212,299 678,335 608,120
Gross profit 218,761 169,395 613,955 476,579
Selling, general and administrative 102,175 82,753 289,602 247,378
Research and development 17,682 14,416 48,906 43,017
Restructuring charges (Note 3) 3,285 899 8,382 3,146
Currency exchange losses, net 1,496 2,979 8,781 4,788
Loss on divestiture of MSA LLC (Note 17) 0 0 129,211 0
Product liability expense (Note 17) 0 4,035 3 9,733
Operating income 94,123 64,313 129,070 168,517
Interest expense 12,498 5,962 37,149 14,158
Other income, net (6,037) (2,359) (15,487) (15,121)
Total other expense (income), net 6,461 3,603 21,662 (963)
Income before income taxes 87,662 60,710 107,408 169,480
Provision for income taxes (Note 10) 22,406 15,804 125,235 41,339
Net income (loss) $ 65,256 $ 44,906 $ (17,827) $ 128,141
Earnings (loss) per share attributable to common shareholders (Note 9):        
Basic (in dollars per share) $ 1.66 $ 1.15 $ (0.46) $ 3.26
Diluted (in dollars per share) 1.65 1.14 (0.46) 3.25
Dividends per common share (in dollars per share) $ 0.47 $ 0.46 $ 1.40 $ 1.36
v3.23.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 65,256 $ 44,906 $ (17,827) $ 128,141
Other comprehensive gains (losses), net of tax:        
Foreign currency translation adjustments (Note 6) (18,771) (32,361) (2,538) (58,075)
Pension and post-retirement plan actuarial gains, net of tax (Note 6) 188 2,299 742 6,893
Unrealized gain (loss) on available-for-sale securities (Note 6) 0 13 2 (5)
Total other comprehensive loss, net of tax (18,482) (27,137) (1,693) (48,275)
Comprehensive income (loss) $ 46,774 $ 17,769 $ (19,520) $ 79,866
v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Assets    
Cash and cash equivalents $ 164,499 $ 162,902
Trade receivables, less allowance for credit loss of $7,262 and $6,769 294,907 297,028
Inventories (Note 4) 324,077 338,316
Investments, short-term (Note 16) 0 9,905
Prepaid income taxes 29,379 21,700
Notes receivable, insurance companies (Note 17) 0 5,931
Prepaid expenses and other current assets 38,957 44,344
Total current assets 851,819 880,126
Property, plant and equipment, net (Note 5) 205,650 207,552
Operating lease right-of-use assets, net 49,125 44,142
Prepaid pension cost (Note 14) 151,400 141,643
Deferred tax assets (Note 10) 25,966 25,490
Goodwill (Note 13) 620,343 620,622
Intangible assets, net (Note 13) 268,321 281,853
Notes receivable, insurance companies (Note 17) 0 38,695
Insurance receivables (Note 17) and other noncurrent assets 21,711 136,853
Total assets 2,194,335 2,376,976
Liabilities    
Notes payable and current portion of long-term debt (Note 12) 26,198 7,387
Accounts payable 108,554 112,532
Employees’ compensation 58,821 45,077
Insurance and product liability (Note 17) 9,551 73,898
Income taxes payable (Note 10) 28,205 6,149
Accrued restructuring (Note 3) and other current liabilities 94,072 100,822
Total current liabilities 325,401 345,865
Long-term debt, net (Note 12) 715,814 565,445
Pensions and other employee benefits (Note 14) 137,563 137,810
Noncurrent operating lease liabilities 40,913 35,345
Deferred tax liabilities (Note 10) 102,155 31,881
Product liability (Note 17) and other noncurrent liabilities 3,763 336,889
Total liabilities 1,325,609 1,453,235
Equity    
Preferred stock, 4.5% cumulative, $50 par value (Note 7) 3,569 3,569
Common stock, no par value (Note 7) 303,417 281,980
Treasury shares, at cost (Note 7) (363,371) (361,438)
Accumulated other comprehensive loss (Note 6) (160,410) (158,717)
Retained earnings 1,085,521 1,158,347
Total shareholders’ equity 868,726 923,741
Total liabilities and shareholders’ equity $ 2,194,335 $ 2,376,976
v3.23.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Trade receivables, allowance for credit loss $ 7,262 $ 6,769
Cumulative preferred stock (percent) 4.50%  
Preferred stock, par value (dollars per share) $ 50,000 $ 50,000
v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities    
Net income (loss) $ (17,827) $ 128,141
Depreciation and amortization 44,965 41,883
Tax-effected loss on divestiture of MSA LLC (Note 17) 199,578 0
Stock-based compensation (Note 11) 21,506 11,325
Pension income (Note 14) (6,060) (7,956)
Deferred income tax benefit (Note 10) (531) (2,451)
(Gain) loss on asset dispositions, net (671) 4,776
Pension contributions (Note 14) (4,274) (5,743)
Currency exchange losses, net 8,781 4,788
Product liability expense (Note 17) 3 9,733
Collections on insurance receivables and notes receivable, insurance companies (Note 17) 0 9,510
Product liability payments (Note 17) (5,250) (9,076)
Contribution on divestiture of MSA LLC (Note 17) (341,186) 0
Changes in:    
Trade receivables (7,449) 1,958
Inventories (Note 4) 15,386 (86,599)
Accounts payable (4,225) 2,629
Other current assets and liabilities 26,518 270
Other noncurrent assets and liabilities 4,679 715
Cash Flow (Used in) From Operating Activities (66,057) 103,903
Investing Activities    
Capital expenditures (30,979) (28,753)
Proceeds from maturities of short-term investments (Note 16) 0 94,000
Purchase of short-term investments (Note 16) 0 (69,680)
Property disposals and other investing 2,690 38
Cash Flow Used in Investing Activities (28,289) (4,395)
Financing Activities    
Proceeds from long-term debt (Note 12) 1,507,000 798,000
Payments on long-term debt (Note 12) (1,338,352) (771,000)
Debt issuance costs (1,138) 0
Cash dividends paid (54,999) (53,447)
Company stock purchases (Note 7) (3,941) (34,365)
Exercise of stock options (Note 7) 1,440 4,163
Employee stock purchase plan (Note 7) 497 486
Cash Flow From (Used in) Financing Activities 110,507 (56,163)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (14,152) (23,498)
Increase in cash, cash equivalents and restricted cash 2,009 19,847
Beginning cash, cash equivalents and restricted cash 164,428 141,438
Ending cash, cash equivalents and restricted cash 166,437 161,285
Supplemental cash flow information:    
Cash and cash equivalents 164,499 159,613
Restricted cash included in prepaid expenses and other current assets 1,938 1,672
Total cash, cash equivalents and restricted cash $ 166,437 $ 161,285
v3.23.3
Condensed Consolidated Statements of Changes in Retained Earnings, Accumulated Other Comprehensive Loss and Noncontrolling Interests - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net income $ 65,256 $ 44,906 $ (17,827) $ 128,141
Pension and post-retirement plan adjustments, net of tax 188 2,299 742 6,893
Reclassification from accumulated other comprehensive (loss) into net income 101 2,912 101 2,912
Preferred dividends (10) (10) (30) (30)
Retained Earnings        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance 1,038,750 1,098,048 1,158,347 1,050,214
Net income 65,256 44,906 (17,827) 128,141
Common dividends (18,475) (18,036) (54,969) (53,417)
Preferred dividends (10) (10) (30) (30)
Ending balance 1,085,521 1,124,908 1,085,521 1,124,908
Accumulated Other Comprehensive (Loss)        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance (141,928) (170,278) (158,717) (149,140)
Foreign currency translation adjustments (18,771) (32,361) (2,538) (58,075)
Pension and post-retirement plan adjustments, net of tax 188 2,299 742 6,893
Unrealized net gains (losses) on available-for-sale securities   13 2 (5)
Reclassification from accumulated other comprehensive (loss) into net income 101 2,912 101 2,912
Ending balance $ (160,410) $ (197,415) $ (160,410) $ (197,415)
v3.23.3
Condensed Consolidated Statements of Changes in Retained Earnings, Accumulated Other Comprehensive Loss and Noncontrolling Interests (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]        
Tax reclassification adjustment $ 27 $ 981 $ 259 $ 2,947
Common stock, dividends (in dollars per share) $ 0.47 $ 0.46 $ 1.40 $ 1.36
Preferred stock, dividends (in dollars per share) $ 0.5625 $ 0.5625 $ 1.6875 $ 1.6875
v3.23.3
Basis of Presentation
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of PresentationThe condensed consolidated financial statements of MSA Safety Incorporated and its subsidiaries ("MSA" or "the Company") are unaudited. These unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary by management to fairly state the Company's results. Intercompany accounts and transactions have been eliminated. The results reported in these unaudited condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. The December 31, 2022, Balance Sheet data was derived from the audited Consolidated Balance Sheets, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("U.S. GAAP"). This Form 10-Q report should be read in conjunction with MSA's Form 10-K for the year ended December 31, 2022, which includes all disclosures required by U.S. GAAP.
v3.23.3
Cash and Cash Equivalents
 9 Months Ended
Sep. 30, 2023
Cash and Cash Equivalents [Abstract]  
Cash and Cash Equivalents Cash and Cash Equivalents
Several of the Company's subsidiaries participate in a notional cash pooling arrangement to manage global liquidity requirements. As part of a master netting arrangement, the participants combine their cash balances in pooling accounts at the same financial institution with the ability to offset bank overdrafts of one participant against positive cash account balances held by another participant. Under the terms of the master netting arrangement, the financial institution has the right, ability and intent to offset a positive balance in one account against an overdrawn amount in another account. Amounts in each of the accounts are unencumbered and unrestricted with respect to use. As such, the net cash balance related to this pooling arrangement is included in Cash and cash equivalents in the unaudited Condensed Consolidated Balance Sheets.
The Company's net cash pool position consisted of the following:
(In thousands)September 30, 2023
Gross cash pool position$103,618 
Less: cash pool borrowings95,416 
Net cash pool position$8,202 
v3.23.3
Restructuring Charges
 9 Months Ended
Sep. 30, 2023
Restructuring and Related Activities [Abstract]  
Restructuring Charges Restructuring Charges
During the three and nine months ended September 30, 2023, we recorded restructuring charges of $3.3 million and $8.4 million, respectively. Americas segment restructuring charges of $2.7 million during the nine months ended September 30, 2023, were related to manufacturing footprint optimization activities. International segment restructuring charges of $3.6 million during the nine months ended September 30, 2023, were related to ongoing initiatives to drive profitable growth and improve productivity. Corporate segment restructuring charges of $2.1 million during the nine months ended September 30, 2023, were related to footprint optimization activities and management restructuring.
During the three and nine months ended September 30, 2022, we recorded restructuring charges of $0.9 million and $3.1 million, respectively. International segment restructuring charges of $2.2 million during the nine months ended September 30, 2022, were primarily related to the implementation of our European Shared Service Center in Warsaw, Poland. Americas segment restructuring charges of $1.0 million during the nine months ended September 30, 2022, were primarily related to various optimization activities.
Restructuring reserves are included in Accrued restructuring and other current liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets. Activity and reserve balances for restructuring by segment were as follows:
(In millions)AmericasInternationalCorporateTotal
Reserve balances at December 31, 2021$3.3 $17.4 $0.3 $21.0 
Restructuring charges2.3 5.1 0.6 8.0 
Currency translation0.1 (1.3)— (1.2)
Cash payments / utilization (4.0)(8.4)(0.4)(12.8)
Reserve balances at December 31, 2022$1.7 $12.8 $0.5 $15.0 
Restructuring charges2.7 3.6 2.1 8.4 
Currency translation(0.2)(0.2)— (0.4)
Cash payments(3.2)(6.5)(2.3)(12.0)
Reserve balances at September 30, 2023$1.0 $9.7 $0.3 $11.0 
v3.23.3
Inventories
 9 Months Ended
Sep. 30, 2023
Inventory Disclosure [Abstract]  
Inventories Inventories
The following table sets forth the components of inventory:
(In thousands)September 30, 2023December 31, 2022
Finished products$99,588 $97,142 
Work in process22,904 16,360 
Raw materials and supplies201,585 224,814 
Total inventories$324,077 $338,316 
v3.23.3
Property, Plant and Equipment
 9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
The following table sets forth the components of property, plant and equipment, net:
(In thousands)September 30, 2023December 31, 2022
Land$4,253 $4,884 
Buildings135,544 138,618 
Machinery and equipment481,614 466,394 
Construction in progress26,202 22,097 
Total647,613 631,993 
Less: accumulated depreciation(441,963)(424,441)
Property, plant and equipment, net$205,650 $207,552 
v3.23.3
Reclassifications Out of Accumulated Other Comprehensive Loss
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Reclassifications Out of Accumulated Other Comprehensive Loss Reclassifications Out of Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2023202220232022
Pension and other post-retirement benefits (a)
Balance at beginning of period$(49,781)$(52,702)$(50,335)$(57,296)
Amounts reclassified from accumulated other comprehensive loss into net income (loss):
Amortization of prior service credit (Note 14)(24)(48)(72)(144)
Recognized net actuarial losses (Note 14)185 3,328 555 9,984 
Tax expense (benefit)27 (981)259 (2,947)
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income (loss)188 2,299 742 6,893 
Balance at end of period$(49,593)$(50,403)$(49,593)$(50,403)
Available-for-sale securities
Balance at beginning of period$— $(23)$(2)$(5)
Unrealized net gains (losses) on available-for-sale securities (Note 16)— 13 2 (5)
Balance at end of period$— $(10)$— $(10)
Foreign currency translation
Balance at beginning of period$(92,147)$(117,553)$(108,380)$(91,839)
Reclassification from accumulated other comprehensive loss into net income (loss)(b)
101 2,912 101 2,912 
Foreign currency translation adjustments(18,771)(32,361)(2,538)(58,075)
Balance at end of period$(110,817)$(147,002)$(110,817)$(147,002)
(a) Reclassifications out of accumulated other comprehensive loss and into net income (loss) are included in the computation of net periodic pension and other post-retirement benefit costs (refer to Note 14—Pensions and Other Post-retirement Benefits).
(b) Reclassifications out of accumulated other comprehensive loss and into net income (loss) relate primarily to the approval of our plan to close a foreign subsidiary.
v3.23.3
Capital Stock
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Capital Stock Capital Stock
Preferred Stock - The Company has authorized 100,000 shares of $50 par value 4.5% cumulative preferred nonvoting stock which is callable at $52.50. There were 71,340 shares issued and 52,998 shares held in treasury at both September 30, 2023 and December 31, 2022. The Treasury shares at cost line in the unaudited Condensed Consolidated Balance Sheets includes $1.8 million related to preferred stock. There were no shares of preferred stock purchased and subsequently held in treasury during the nine months ended September 30, 2023 or 2022. The Company has also authorized 1,000,000 shares of $10 par value second cumulative preferred voting stock. No shares have been issued as of September 30, 2023.
Common Stock - The Company has authorized 180,000,000 shares of no par value common stock. There were 62,081,391 shares issued as of September 30, 2023 and December 31, 2022. No new shares were issued during the nine months ended September 30, 2023 or 2022. There were 39,310,511 and 39,213,064 shares outstanding at September 30, 2023 and December 31, 2022, respectively.
Treasury Shares - The Company's stock repurchase program authorizes up to $100.0 million to repurchase MSA common stock in the open market and in private transactions. The stock repurchase program has no expiration date. The maximum number of shares that may be repurchased is calculated based on the dollars remaining under the program and the respective month-end closing share price. During the nine months ended September 30, 2023, no shares were repurchased under this program. During the nine months ended September 30, 2022, 251,408 shares were repurchased under this program. There were 22,770,880 and 22,868,327 treasury shares at September 30, 2023 and December 31, 2022, respectively.
The Company issues treasury shares for all stock-based benefit plans. Shares are issued from treasury at the average treasury share cost on the date of the transaction. There were 125,967 and 203,619 Treasury shares issued for these purposes during the nine months ended September 30, 2023 and 2022, respectively.
Common stock activity is summarized as follows:
Three Months Ended September 30, 2023Three Months Ended September 30, 2022
(In thousands)Common
Stock
Treasury
Cost(a)
Common
Stock
Treasury
Cost(a)
Balance at beginning of period$294,364 $(362,025)$267,645 $(359,314)
Stock compensation expense8,477 — 2,967 — 
Restricted and performance stock awards(15)15 (103)103 
Stock options exercised591 307 2,501 1,364 
Treasury shares purchased for stock compensation programs— (70)— (59)
Share repurchase program— — — (2,150)
Balance at end of period$303,417 $(361,773)$273,010 $(360,056)
(a)Excludes treasury cost related to preferred stock.
Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022
(In thousands)Common
Stock
Treasury
Cost(a)
Common
Stock
Treasury
Cost(a)
Balance at beginning of period$281,980 $(359,838)$260,121 $(328,776)
Stock compensation expense21,506 — 11,325 — 
Restricted and performance stock awards(1,449)1,449 (1,564)1,564 
Stock options exercised948 492 2,704 1,459 
Treasury shares purchased for stock compensation programs— (3,941)— (3,990)
Employee stock purchase program432 65 424 62 
Share repurchase program— — — (30,375)
Balance at end of period$303,417 $(361,773)$273,010 $(360,056)
(a)Excludes treasury cost related to preferred stock.
v3.23.3
Segment Information
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company is organized into four geographical operating segments that are based on management responsibilities: Northern North America; Latin America; Europe, Middle East & Africa; and Asia Pacific. The operating segments have been aggregated (based on economic similarities, the nature of their products, end-user markets and methods of distribution) into three reportable segments: Americas, International, and Corporate.
The Americas segment is comprised of our operations in Northern North American and Latin American geographies. The International segment is comprised of our operations in all geographies outside of the Americas. Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived.
The Company's sales are allocated to each segment based primarily on the country destination of the end-customer.
Adjusted operating income (loss), adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are the measures used by the chief operating decision maker to evaluate segment performance and allocate resources. Adjusted operating income (loss) is defined as operating income (loss) excluding restructuring charges, currency exchange (gains) losses, product liability expense, loss on divestiture of Mine Safety Appliances Company, LLC ("MSA LLC"), transaction costs and acquisition-related amortization. Adjusted operating margin is defined as adjusted operating income (loss) divided by segment net sales to external customers. Adjusted EBITDA is defined as adjusted operating income (loss) plus depreciation and amortization. Adjusted EBITDA margin is defined as adjusted EBITDA divided by segment net sales to external customers.
The accounting principles applied at the operating segment level in determining operating income (loss) are generally the same as those applied at the unaudited condensed consolidated financial statement level. Sales and transfers between operating segments are accounted for at market-based transaction prices and are eliminated in consolidation.
Reportable segment information is presented in the following table:
(In thousands, except percentages)AmericasInternationalCorporateConsolidated
Totals
Three Months Ended September 30, 2023
Net sales to external customers$314,273 $132,455 $— $446,728 
Operating income94,123 
Restructuring charges (Note 3)3,285 
Currency exchange losses, net1,496 
Amortization of acquisition-related intangible assets2,315 
Transaction costs(a)
78 
Adjusted operating income (loss)93,918 22,577 (15,198)101,297 
Adjusted operating margin %29.9 %17.0 %
Depreciation and amortization13,189 
Adjusted EBITDA103,157 26,289 (14,960)114,486 
Adjusted EBITDA margin %32.8 %19.8 %
Three Months Ended September 30, 2022
Net sales to external customers$276,082 $105,612 $— $381,694 
Operating income64,313 
Restructuring charges (Note 3)899 
Currency exchange losses, net2,979 
Product liability expense (Note 17)4,035 
Amortization of acquisition-related intangible assets2,279 
Transaction costs(a)
620 
Adjusted operating income (loss)75,088 8,448 (8,411)75,125 
Adjusted operating margin %27.2 %8.0 %
Depreciation and amortization11,518 
Adjusted EBITDA83,945 10,980 (8,282)86,643 
Adjusted EBITDA margin %30.4 %10.4 %
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations.
(In thousands, except percentages)AmericasInternationalCorporateConsolidated
Totals
Nine Months Ended September 30, 2023
Net sales to external customers$902,918 $389,372 $— $1,292,290 
Operating income129,070 
Restructuring charges (Note 3)8,382 
Currency exchange losses, net8,781 
Loss on divestiture of MSA LLC (Note 17)129,211 
Product liability expense (Note 17)3 
Amortization of acquisition-related intangible assets6,936 
Transaction costs(a)
78 
Adjusted operating income (loss)260,428 60,099 (38,066)282,461 
Adjusted operating margin %28.8 %15.4 %
Depreciation and amortization38,029 
Adjusted EBITDA287,628 70,296 (37,434)320,490 
Adjusted EBITDA margin %31.9 %18.1 %
Nine Months Ended September 30, 2022
Net sales to external customers$754,116 $330,583 $— $1,084,699 
Operating income168,517 
Restructuring charges (Note 3)3,146 
Currency exchange losses, net4,788 
Product liability expense (Note 17)9,733 
Amortization of acquisition-related intangible assets6,922 
Transaction costs(a)
1,476 
Adjusted operating income (loss)184,664 34,674 (24,756)194,582 
Adjusted operating margin %24.5 %10.5 %
Depreciation and amortization34,961 
Adjusted EBITDA210,201 43,708 (24,366)229,543 
Adjusted EBITDA margin %27.9 %13.2 %
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations.
Total sales by product group was as follows:
Three Months Ended September 30, 2023ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fixed Gas & Flame Detection$112,012 25%$73,074 23%$38,938 29%
Breathing Apparatus111,024 25%79,908 25%31,116 24%
Firefighter Helmets & Protective Apparel64,707 15%51,608 16%13,099 10%
Portable Gas Detection43,682 10%31,933 10%11,749 9%
Industrial Head Protection45,780 10%36,402 12%9,378 7%
Fall Protection31,980 7%20,235 7%11,745 9%
Other37,543 8%21,113 7%16,430 12%
Total$446,728 100%$314,273 100%$132,455 100%
Three Months Ended September 30, 2022ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fixed Gas & Flame Detection$87,746 23%$62,134 23%$25,612 24%
Breathing Apparatus91,977 24%70,482 26%21,495 20%
Firefighter Helmets & Protective Apparel54,738 14%41,958 15%12,780 12%
Portable Gas Detection39,481 10%28,358 10%11,123 11%
Industrial Head Protection43,608 11%34,620 13%8,988 9%
Fall Protection27,839 7%17,658 6%10,181 10%
Other36,305 11%20,872 7%15,433 14%
Total$381,694 100%$276,082 100%$105,612 100%
Nine Months Ended September 30, 2023ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fixed Gas & Flame Detection$311,502 24%$200,604 22%$110,898 28%
Breathing Apparatus288,976 22%201,945 22%87,031 22%
Firefighter Helmets & Protective Apparel192,634 15%152,784 17%39,850 10%
Portable Gas Detection149,036 12%108,088 12%40,948 11%
Industrial Head Protection135,851 11%106,120 12%29,731 8%
Fall Protection97,019 7%63,168 7%33,851 9%
Other117,272 9%70,209 8%47,063 12%
Total$1,292,290 100%$902,918 100%$389,372 100%
Nine Months Ended September 30, 2022ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fixed Gas & Flame Detection$251,321 23%$167,269 22%$84,052 25%
Breathing Apparatus254,878 23%185,490 25%69,388 21%
Firefighter Helmets & Protective Apparel151,097 14%110,471 15%40,626 12%
Portable Gas Detection121,116 11%85,815 11%35,301 11%
Industrial Head Protection123,489 11%96,808 13%26,681 8%
Fall Protection79,114 7%50,940 7%28,174 9%
Other103,684 11%57,323 7%46,361 14%
Total$1,084,699 100%$754,116 100%$330,583 100%
v3.23.3
Earnings per Share
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Earnings per Share arnings (Loss) per Share
Basic earnings (loss) per share is computed by dividing net income, after the deduction of preferred stock dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding not classified as participating securities. Participating securities are defined as unvested stock-based compensation awards that contain nonforfeitable rights to dividends.
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands, except per share values)2023202220232022
Net income (loss)$65,256 $44,906 $(17,827)$128,141 
Preferred stock dividends(10)(10)(30)(30)
Net income (loss) attributable to common equity65,246 44,896 (17,857)128,111 
Dividends and undistributed earnings allocated to participating securities(8)(8)(16)(21)
Net income (loss) attributable to common shareholders65,238 44,888 (17,873)128,090 
Basic weighted-average shares outstanding39,303 39,172 39,267 39,243 
Stock-based compensation awards (a)
147 127 — 171 
Diluted weighted-average shares outstanding39,450 39,299 39,267 39,414 
Antidilutive shares— — 154 — 
Earnings (loss) per share:
Basic$1.66 $1.15 $(0.46)$3.26 
Diluted$1.65 $1.14 $(0.46)$3.25 
(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.
v3.23.3
Income Taxes
 9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company's effective tax rate for the three months ended September 30, 2023, was 25.6%, which differs from the United States of America ("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 three months ended September 30, 2022, was 26.0%, which differs from the U.S. federal statutory rate of 21% primarily due to state income taxes and nondeductible foreign exchange on entity closures.
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—Contingencies to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q for further information on this transaction. The Company's effective tax rate for the nine months ended September 30, 2022, was 24.4%, which differs from the U.S. federal statutory rate of 21% primarily due to state income taxes and nondeductible foreign exchange on entity closures.
At September 30, 2023, the Company had a gross liability for unrecognized tax benefits of $3.4 million. The Company has recognized tax benefits associated with these liabilities of $1.7 million at September 30, 2023. The gross liability includes amounts associated with foreign tax exposure in prior periods.

The Company recognizes interest and penalties related to unrecognized tax benefits in interest expense and operating expenses, respectively. The Company's liability for accrued interest related to uncertain tax positions was $0.3 million at September 30, 2023.
We are subject to regular review and audit by both foreign and domestic tax authorities. While we believe our tax positions will be sustained, the final outcome of tax audits and related litigation may differ materially from the tax amounts recorded in our unaudited condensed consolidated financial statements.
v3.23.3
Stock Plans
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock Plans Stock Plans
The 2016 Management Equity Incentive Plan provides for various forms of stock-based compensation for eligible employees through May 2026 including stock options, restricted stock awards, restricted stock units and performance stock units. The 2017 Non-Employee Directors’ Equity Incentive Plan provides for grants of stock options, restricted stock awards and restricted stock units to non-employee directors through May 2027.
Stock compensation expense, included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations, is as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2023202220232022
Stock compensation expense$8,477 $2,967 $21,506 $11,325 
Income tax benefit2,077 727 5,269 2,775 
Stock compensation expense, net of tax$6,400 $2,240 $16,237 $8,550 
We have not capitalized any stock-based compensation expense.
A summary of stock option activity for the nine months ended September 30, 2023, is as follows:
SharesWeighted Average
Exercise Price
Outstanding at January 1, 202358,156 $46.48 
Exercised(30,735)46.86 
Forfeited(226)49.44 
Outstanding and exercisable at September 30, 202327,195 $46.02 
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, 2023, is as follows:
SharesWeighted Average
Grant Date
Fair Value
Unvested at January 1, 2023145,886 $137.36 
Granted74,004 140.37 
Vested(39,895)124.51 
Forfeited(8,463)141.17 
Unvested at September 30, 2023171,532 $141.66 
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 2023 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 2023.
Fair value per unit$131.46
Risk-free interest rate4.4%
Expected dividend yield1.43%
Expected volatility36.7%
MSA stock beta0.739
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, 2023, is as follows:
SharesWeighted Average
Grant Date
Fair Value
Unvested at January 1, 2023178,760 $146.28 
Granted77,654 132.39 
Performance adjustments(a)
(3,009)127.40 
Vested(53,407)127.36 
Forfeited(10,146)147.83 
Unvested at September 30, 2023189,852 $146.14 
(a)Performance adjustments relate primarily to the final number of shares issued for the 2020 performance unit awards which vested in the first quarter of 2023 at 94.9% 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.
v3.23.3
Long-Term Debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
(In thousands)September 30, 2023December 31, 2022
2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs
$59,489 $66,379 
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs
99,723 99,711 
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs
99,723 99,711 
2023 Term Loan credit agreement maturing in 2026, net of debt issuance costs236,788 — 
2023 Senior Notes payable through 2028, 5.25%, net of debt issuance costs
49,936 — 
Senior revolving credit facility maturing in 2026, net of debt issuance costs196,353 307,031 
Total742,012 572,832 
Amounts due within one year26,198 7,387 
Long-term debt, net of debt issuance costs$715,814 $565,445 
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. Under the amended agreement, the Company may elect either a Base rate of interest (“BASE”) or an interest rate based on the London Interbank Offered Rate (“LIBOR”). The BASE is a daily fluctuating per annum rate equal to the highest of (i) 0.00%, (ii) the Prime Rate, (iii) the Federal Funds Open Rate plus one half of one percent (0.5%), (iv) the Overnight Bank Funding Rate, plus one half of one percent (0.5%), or (v) the Daily LIBOR Rate plus one percent (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 LIBOR). The Company has a weighted average revolver interest rate of 6.72% as of September 30, 2023. At September 30, 2023, $700.8 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, 2021, the Company entered into a 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, 2023, the Company has outstanding £48.8 million (approximately $59.6 million at September 30, 2023) of 3.4% Series B Senior Notes due January 22, 2031. Remaining maturities of this note are £6.1 million (approximately $7.4 million at September 30, 2023) due January 22, 2024, with annual maturities of £6.1 million through January 2031.
On July 1, 2021, the Company entered into a 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.
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, subject to certain exceptions and limitations, including carve-outs and baskets. All credit facilities exclude MSA LLC prior to the divestiture of this subsidiary on January 5, 2023, as discussed further in Note 17.
During August 2021 and June 2023, respectively, the Company amended its Revolving Credit Facility to transition from Sterling LIBOR reference rates to Sterling Overnight Interbank Average Rate ("SONIA") reference rates and from U.S. LIBOR reference rates to Secured Overnight Financing Rate ("SOFR") reference rates. The Company will apply the optional expedients in ASC 848, Reference Rate Reform, to these modifications driven by reference rate reform, accounting for the modifications as a continuation of the existing contracts. Therefore, these modifications will not require remeasurement at the modification date or a reassessment of previous accounting determinations. As such, the Company does not anticipate the change in reference rates will have an impact on the Company’s unaudited condensed consolidated financial statements.
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 6.93% as of September 30, 2023.
As of September 30, 2023, 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, 2023, totaling $9.2 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, 2023, the Company has $1.9 million of restricted cash in support of these arrangements.
v3.23.3
Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets, Net
Changes in goodwill during the nine months ended September 30, 2023, were as follows:
(In thousands)Goodwill
Balance at January 1, 2023$620,622 
Currency translation(279)
Balance at September 30, 2023$620,343 
At September 30, 2023, goodwill of $447.6 million and $172.7 million related to the Americas and International reportable segments, respectively.
Changes in intangible assets, net, during the nine months ended September 30, 2023, were as follows:
(In thousands)Intangible Assets
Net balance at January 1, 2023$281,853 
Amortization expense(13,570)
Currency translation38 
Net balance at September 30, 2023$268,321 
At September 30, 2023, intangible assets, net, includes a trade name related to Globe Manufacturing Company, LLC ("Globe") with an indefinite life totaling $60.0 million
v3.23.3
Pensions and Other Post-retirement Benefits
 9 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
Pensions and Other Post-retirement Benefits Pensions and Other Post-retirement Benefits
Components of net periodic benefit (income) cost consisted of the following:
 Pension BenefitsOther Benefits
(In thousands)2023202220232022
Three Months Ended September 30,
Service cost$1,884 $3,099 $53 $82 
Interest cost5,918 3,613 273 148 
Expected return on plan assets(9,906)(12,418)— — 
Amortization of prior service cost (credit)37 36 (61)(84)
Recognized net actuarial losses47 3,018 138 310 
Net periodic benefit (income) cost (a)
$(2,020)$(2,652)$403 $456 
Nine Months Ended September 30,
Service cost$5,652 $9,297 $159 $246 
Interest cost17,754 10,839 819 444 
Expected return on plan assets(29,718)(37,254)— — 
Amortization of prior service cost (credit)111 108 (183)(252)
Recognized net actuarial losses141 9,054 414 930 
Net periodic benefit (income) cost (a)
$(6,060)$(7,956)$1,209 $1,368 
(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 $4.3 million and $5.7 million to our pension plans during the nine months ended September 30, 2023, and 2022, respectively. We expect to make total contributions of $5.7 million to our pension plans in 2023, which are primarily associated with statutorily required plans in the International reporting segment.
v3.23.3
Derivative Financial Instruments
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments 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 $106.4 million and $103.0 million at September 30, 2023, and December 31, 2022, 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, 2023December 31, 2022
Derivatives not designated as hedging instruments:
Foreign exchange contracts: prepaid expenses and other current assets$21 $724 
Foreign exchange contracts: accrued restructuring and other current liabilities1,610 85 
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)20232022
Derivatives not designated as hedging instruments:
Foreign exchange contracts: currency exchange losses, net$2,986 $13,586 
v3.23.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2023
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 include 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 investments in marketable securities and fixed rate long-term debt, we believe that the reported carrying amounts of our financial assets and liabilities approximate their fair values.
Our investments in available-for-sale marketable securities, primarily fixed income, were transferred to Sag Main Holdings, LLC, on January 5, 2023, as part of our MSA LLC divestiture as described in Note 17—Contingencies. Prior to the divestiture, these investments were valued at fair value using quoted market prices for similar securities or pricing models. Accordingly, the fair values of the investments were classified within Level 2 of the fair value hierarchy. The amortized cost basis of our investments was $9.9 million as of December 31, 2022. The fair value was $9.9 million as of December 31, 2022, which was reported in Investments, short-term in the accompanying unaudited Condensed Consolidated Balance Sheets. Prior to the divestiture, changes in fair value were recorded in Other comprehensive income (loss), net of tax. No impairment losses relating to these securities occurred during the three months ended March 31, 2023. All investments in marketable securities had maturities of one year or less and were in an unrealized loss position as of December 31, 2022.
The reported carrying amount of our fixed rate long-term debt was $309.6 million and $266.5 million at September 30, 2023, and December 31, 2022, respectively. The fair value of this debt was $255.1 million and $218.3 million at September 30, 2023, and December 31, 2022, 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.
v3.23.3
Contingencies
 9 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Contingencies 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 $1.3 million at September 30, 2023 and $1.4 million at December 31, 2022. Single incident product liability benefit was $0.1 million for the nine months ended September 30, 2023, and expense was $0.1 million for the nine months ended September 30, 2022. 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.
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.
Management previously established a reserve for MSA LLC's potential exposure to cumulative trauma product liability claims. Prior to its divestiture, MSA LLC's total cumulative trauma product liability reserve was $395.1 million, including $13.4 million for claims settled but not yet paid and related defense costs, as of December 31, 2022. The reserve included estimated amounts related to asserted and IBNR asbestos, silica, and coal dust claims expected to be resolved through the year 2075. The reserve was not discounted to present value and did not include future amounts which will be spent to defend the claims. Defense costs were recognized in the unaudited Condensed Consolidated Statements of Operations as incurred.
At December 31, 2022, $65.1 million of the total reserve for cumulative trauma product liability claims was recorded in the Insurance and product liability line within other current liabilities in the Consolidated Balance Sheets and the remainder, $330.0 million, is recorded in the Product liability and other noncurrent liabilities line.
Prior to the divestiture, MSA LLC's cumulative trauma product liability reserve was based upon an estimate of MSA LLC’s current and potential future liability for cumulative trauma product liability claims, in accordance with applicable accounting principles. See further discussion on the process and assumptions used to derive this estimate in Note 20—Contingencies of the consolidated financial statements in Part II Item 8 of MSA's Form 10-K for the year ended December 31, 2022.
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 is 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.
As MSA LLC was the obligor for the Company's legacy cumulative trauma product liability reserves and policyholder of the related insurance assets, the rights and obligations related to these items transferred 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 sale and transfer, 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 $5.6 million. R&Q and Obra's joint venture has assumed management of the divested subsidiary, including the management of its claims and associated assets.
Below is a summary of the impact of the divestiture of MSA LLC on our unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 (no additional impact for the three months ended September 30, 2023):
(In millions)Three Months Ended March 31, 2023
Cash and cash equivalents$(341.2)
Current insurance receivables(17.3)
Notes receivable, insurance companies(5.9)
Noncurrent insurance receivables(110.3)
Notes receivable, insurance companies, noncurrent(38.7)
Current product liability65.1 
Noncurrent product liability324.7 
Loss on divestiture of MSA LLC before transaction costs(123.6)
Transaction costs(5.6)
Loss on divestiture of MSA LLC(129.2)
Income tax expense (a)
(70.4)
Tax-effected loss on divestiture of MSA LLC$(199.6)
(a) Related to the write-off of deferred tax asset related to product liability reserve
Insurance Receivable and Notes Receivable, Insurance Companies
Many years ago, MSA LLC purchased insurance policies from various insurance carriers that, subject to common contract exclusions, provided coverage for cumulative trauma product liability losses (the "Occurrence-Based Policies").
Prior to the divestiture of MSA LLC, when adjustments were made to amounts recorded in the cumulative trauma product liability reserve, we calculated amounts due to be reimbursed pursuant to the terms of the negotiated Coverage-In-Place Agreements, including cumulative trauma product liability losses and related defense costs, and we recorded the amounts probable of reimbursement as insurance receivables.
Insurance receivables at December 31, 2022 totaled $127.6 million, of which $17.3 million was reported in Prepaid expenses and other current assets in the unaudited Condensed Consolidated Balance Sheets and $110.3 million was reported in Insurance receivables and other noncurrent assets.
A summary of insurance receivables balance and activity related to cumulative trauma product liability losses and divestiture of MSA LLC is as follows:
(In millions)Nine Months Ended September 30, 2023Year Ended
December 31, 2022
Balance beginning of period$127.6 $130.2 
Divestiture of MSA LLC(127.6)— 
Additions— 1.8 
Collections and other adjustments— (4.4)
Balance end of period$— $127.6 
Prior to the divestiture of MSA LLC, notes receivable from insurance companies at December 31, 2022 totaled $44.6 million of which $5.9 million was reported in Notes receivable, insurance companies, current in the unaudited Condensed Consolidated Balance Sheets and $38.7 million was reported in Notes receivable, insurance companies, noncurrent.
A summary of notes receivables from insurance companies balance is as follows:
(In millions)Nine Months Ended September 30, 2023Year Ended
December 31, 2022
Balance beginning of period$44.6 $48.5 
Divestiture of MSA LLC(44.6)— 
Additions— 1.2 
Collections — (5.1)
Balance end of period$— $44.6 
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 turnout gear from technical fabrics sourced from a small pool of specialty textile manufacturers. These protective fabrics have been tested and certified to meet industry standards, and some of them contain PFAS to achieve water, oil, or chemical resistance. At this time, no manufacturer of firefighter protective clothing is able to meet current National Fire Protection Association safety standards while offering coats or pants that are completely PFAS free.
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 20, 2023, Globe was named as a defendant in 165 lawsuits comprised of approximately 8,432 claims, plus one action filed on behalf of a putative class of Florida firefighters and certain of their dependents.
MSA LLC is also a defendant in a number of PFAS lawsuits and the Buyer assumed responsibility for these and any similar future claims specific to MSA LLC in connection with the divestiture on January 5, 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, 2023Year Ended
December 31, 2022
Beginning warranty reserve$15,230 $12,423 
Warranty payments(7,364)(10,631)
Warranty claims6,832 14,544 
Provision for product warranties and other adjustments(91)(1,106)
Ending warranty reserve$14,607 $15,230 
Warranty expense was $6.7 million and $9.0 million for the nine months ended September 30, 2023, and 2022, respectively, and is included in Costs of products sold on the unaudited Condensed Consolidated Statements of Operations.
v3.23.3
Basis of Presentation (Policies)
 9 Months Ended
Sep. 30, 2023
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, 2022, Balance Sheet data was derived from the audited Consolidated Balance Sheets, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("U.S. GAAP"). This Form 10-Q report should be read in conjunction with MSA's Form 10-K for the year ended December 31, 2022, which includes all disclosures required by U.S. GAAP.
v3.23.3
Cash and Cash Equivalents (Tables)
 9 Months Ended
Sep. 30, 2023
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, 2023
Gross cash pool position$103,618 
Less: cash pool borrowings95,416 
Net cash pool position$8,202 
v3.23.3
Restructuring Charges (Tables)
 9 Months Ended
Sep. 30, 2023
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)AmericasInternationalCorporateTotal
Reserve balances at December 31, 2021$3.3 $17.4 $0.3 $21.0 
Restructuring charges2.3 5.1 0.6 8.0 
Currency translation0.1 (1.3)— (1.2)
Cash payments / utilization (4.0)(8.4)(0.4)(12.8)
Reserve balances at December 31, 2022$1.7 $12.8 $0.5 $15.0 
Restructuring charges2.7 3.6 2.1 8.4 
Currency translation(0.2)(0.2)— (0.4)
Cash payments(3.2)(6.5)(2.3)(12.0)
Reserve balances at September 30, 2023$1.0 $9.7 $0.3 $11.0 
v3.23.3
Inventories (Tables)
 9 Months Ended
Sep. 30, 2023
Inventory Disclosure [Abstract]  
Schedule of Inventories
The following table sets forth the components of inventory:
(In thousands)September 30, 2023December 31, 2022
Finished products$99,588 $97,142 
Work in process22,904 16,360 
Raw materials and supplies201,585 224,814 
Total inventories$324,077 $338,316 
v3.23.3
Property, Plant and Equipment (Tables)
 9 Months Ended
Sep. 30, 2023
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, 2023December 31, 2022
Land$4,253 $4,884 
Buildings135,544 138,618 
Machinery and equipment481,614 466,394 
Construction in progress26,202 22,097 
Total647,613 631,993 
Less: accumulated depreciation(441,963)(424,441)
Property, plant and equipment, net$205,650 $207,552 
v3.23.3
Reclassifications Out of Accumulated Other Comprehensive Loss (Tables)
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Reclassification Out of Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2023202220232022
Pension and other post-retirement benefits (a)
Balance at beginning of period$(49,781)$(52,702)$(50,335)$(57,296)
Amounts reclassified from accumulated other comprehensive loss into net income (loss):
Amortization of prior service credit (Note 14)(24)(48)(72)(144)
Recognized net actuarial losses (Note 14)185 3,328 555 9,984 
Tax expense (benefit)27 (981)259 (2,947)
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income (loss)188 2,299 742 6,893 
Balance at end of period$(49,593)$(50,403)$(49,593)$(50,403)
Available-for-sale securities
Balance at beginning of period$— $(23)$(2)$(5)
Unrealized net gains (losses) on available-for-sale securities (Note 16)— 13 2 (5)
Balance at end of period$— $(10)$— $(10)
Foreign currency translation
Balance at beginning of period$(92,147)$(117,553)$(108,380)$(91,839)
Reclassification from accumulated other comprehensive loss into net income (loss)(b)
101 2,912 101 2,912 
Foreign currency translation adjustments(18,771)(32,361)(2,538)(58,075)
Balance at end of period$(110,817)$(147,002)$(110,817)$(147,002)
(a) Reclassifications out of accumulated other comprehensive loss and into net income (loss) are included in the computation of net periodic pension and other post-retirement benefit costs (refer to Note 14—Pensions and Other Post-retirement Benefits).
(b) Reclassifications out of accumulated other comprehensive loss and into net income (loss) relate primarily to the approval of our plan to close a foreign subsidiary.
v3.23.3
Capital Stock (Tables)
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Common Stock Activity
Common stock activity is summarized as follows:
Three Months Ended September 30, 2023Three Months Ended September 30, 2022
(In thousands)Common
Stock
Treasury
Cost(a)
Common
Stock
Treasury
Cost(a)
Balance at beginning of period$294,364 $(362,025)$267,645 $(359,314)
Stock compensation expense8,477 — 2,967 — 
Restricted and performance stock awards(15)15 (103)103 
Stock options exercised591 307 2,501 1,364 
Treasury shares purchased for stock compensation programs— (70)— (59)
Share repurchase program— — — (2,150)
Balance at end of period$303,417 $(361,773)$273,010 $(360,056)
(a)Excludes treasury cost related to preferred stock.
Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022
(In thousands)Common
Stock
Treasury
Cost(a)
Common
Stock
Treasury
Cost(a)
Balance at beginning of period$281,980 $(359,838)$260,121 $(328,776)
Stock compensation expense21,506 — 11,325 — 
Restricted and performance stock awards(1,449)1,449 (1,564)1,564 
Stock options exercised948 492 2,704 1,459 
Treasury shares purchased for stock compensation programs— (3,941)— (3,990)
Employee stock purchase program432 65 424 62 
Share repurchase program— — — (30,375)
Balance at end of period$303,417 $(361,773)$273,010 $(360,056)
(a)Excludes treasury cost related to preferred stock.
v3.23.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Schedule of Reportable Segment Information Reportable segment information is presented in the following table:
(In thousands, except percentages)AmericasInternationalCorporateConsolidated
Totals
Three Months Ended September 30, 2023
Net sales to external customers$314,273 $132,455 $— $446,728 
Operating income94,123 
Restructuring charges (Note 3)3,285 
Currency exchange losses, net1,496 
Amortization of acquisition-related intangible assets2,315 
Transaction costs(a)
78 
Adjusted operating income (loss)93,918 22,577 (15,198)101,297 
Adjusted operating margin %29.9 %17.0 %
Depreciation and amortization13,189 
Adjusted EBITDA103,157 26,289 (14,960)114,486 
Adjusted EBITDA margin %32.8 %19.8 %
Three Months Ended September 30, 2022
Net sales to external customers$276,082 $105,612 $— $381,694 
Operating income64,313 
Restructuring charges (Note 3)899 
Currency exchange losses, net2,979 
Product liability expense (Note 17)4,035 
Amortization of acquisition-related intangible assets2,279 
Transaction costs(a)
620 
Adjusted operating income (loss)75,088 8,448 (8,411)75,125 
Adjusted operating margin %27.2 %8.0 %
Depreciation and amortization11,518 
Adjusted EBITDA83,945 10,980 (8,282)86,643 
Adjusted EBITDA margin %30.4 %10.4 %
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations.
(In thousands, except percentages)AmericasInternationalCorporateConsolidated
Totals
Nine Months Ended September 30, 2023
Net sales to external customers$902,918 $389,372 $— $1,292,290 
Operating income129,070 
Restructuring charges (Note 3)8,382 
Currency exchange losses, net8,781 
Loss on divestiture of MSA LLC (Note 17)129,211 
Product liability expense (Note 17)3 
Amortization of acquisition-related intangible assets6,936 
Transaction costs(a)
78 
Adjusted operating income (loss)260,428 60,099 (38,066)282,461 
Adjusted operating margin %28.8 %15.4 %
Depreciation and amortization38,029 
Adjusted EBITDA287,628 70,296 (37,434)320,490 
Adjusted EBITDA margin %31.9 %18.1 %
Nine Months Ended September 30, 2022
Net sales to external customers$754,116 $330,583 $— $1,084,699 
Operating income168,517 
Restructuring charges (Note 3)3,146 
Currency exchange losses, net4,788 
Product liability expense (Note 17)9,733 
Amortization of acquisition-related intangible assets6,922 
Transaction costs(a)
1,476 
Adjusted operating income (loss)184,664 34,674 (24,756)194,582 
Adjusted operating margin %24.5 %10.5 %
Depreciation and amortization34,961 
Adjusted EBITDA210,201 43,708 (24,366)229,543 
Adjusted EBITDA margin %27.9 %13.2 %
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations.
Percentage of Total Sales by Product Group
Total sales by product group was as follows:
Three Months Ended September 30, 2023ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fixed Gas & Flame Detection$112,012 25%$73,074 23%$38,938 29%
Breathing Apparatus111,024 25%79,908 25%31,116 24%
Firefighter Helmets & Protective Apparel64,707 15%51,608 16%13,099 10%
Portable Gas Detection43,682 10%31,933 10%11,749 9%
Industrial Head Protection45,780 10%36,402 12%9,378 7%
Fall Protection31,980 7%20,235 7%11,745 9%
Other37,543 8%21,113 7%16,430 12%
Total$446,728 100%$314,273 100%$132,455 100%
Three Months Ended September 30, 2022ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fixed Gas & Flame Detection$87,746 23%$62,134 23%$25,612 24%
Breathing Apparatus91,977 24%70,482 26%21,495 20%
Firefighter Helmets & Protective Apparel54,738 14%41,958 15%12,780 12%
Portable Gas Detection39,481 10%28,358 10%11,123 11%
Industrial Head Protection43,608 11%34,620 13%8,988 9%
Fall Protection27,839 7%17,658 6%10,181 10%
Other36,305 11%20,872 7%15,433 14%
Total$381,694 100%$276,082 100%$105,612 100%
Nine Months Ended September 30, 2023ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fixed Gas & Flame Detection$311,502 24%$200,604 22%$110,898 28%
Breathing Apparatus288,976 22%201,945 22%87,031 22%
Firefighter Helmets & Protective Apparel192,634 15%152,784 17%39,850 10%
Portable Gas Detection149,036 12%108,088 12%40,948 11%
Industrial Head Protection135,851 11%106,120 12%29,731 8%
Fall Protection97,019 7%63,168 7%33,851 9%
Other117,272 9%70,209 8%47,063 12%
Total$1,292,290 100%$902,918 100%$389,372 100%
Nine Months Ended September 30, 2022ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fixed Gas & Flame Detection$251,321 23%$167,269 22%$84,052 25%
Breathing Apparatus254,878 23%185,490 25%69,388 21%
Firefighter Helmets & Protective Apparel151,097 14%110,471 15%40,626 12%
Portable Gas Detection121,116 11%85,815 11%35,301 11%
Industrial Head Protection123,489 11%96,808 13%26,681 8%
Fall Protection79,114 7%50,940 7%28,174 9%
Other103,684 11%57,323 7%46,361 14%
Total$1,084,699 100%$754,116 100%$330,583 100%
v3.23.3
Earnings per Share (Tables)
 9 Months Ended
Sep. 30, 2023
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)2023202220232022
Net income (loss)$65,256 $44,906 $(17,827)$128,141 
Preferred stock dividends(10)(10)(30)(30)
Net income (loss) attributable to common equity65,246 44,896 (17,857)128,111 
Dividends and undistributed earnings allocated to participating securities(8)(8)(16)(21)
Net income (loss) attributable to common shareholders65,238 44,888 (17,873)128,090 
Basic weighted-average shares outstanding39,303 39,172 39,267 39,243 
Stock-based compensation awards (a)
147 127 — 171 
Diluted weighted-average shares outstanding39,450 39,299 39,267 39,414 
Antidilutive shares— — 154 — 
Earnings (loss) per share:
Basic$1.66 $1.15 $(0.46)$3.26 
Diluted$1.65 $1.14 $(0.46)$3.25 
(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.
v3.23.3
Stock Plans (Tables)
 9 Months Ended
Sep. 30, 2023
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)2023202220232022
Stock compensation expense$8,477 $2,967 $21,506 $11,325 
Income tax benefit2,077 727 5,269 2,775 
Stock compensation expense, net of tax$6,400 $2,240 $16,237 $8,550 
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, 2023, is as follows:
SharesWeighted Average
Exercise Price
Outstanding at January 1, 202358,156 $46.48 
Exercised(30,735)46.86 
Forfeited(226)49.44 
Outstanding and exercisable at September 30, 202327,195 $46.02 
Summary of Restricted Stock and Unit Activity A summary of restricted stock activity for the nine months ended September 30, 2023, is as follows:
SharesWeighted Average
Grant Date
Fair Value
Unvested at January 1, 2023145,886 $137.36 
Granted74,004 140.37 
Vested(39,895)124.51 
Forfeited(8,463)141.17 
Unvested at September 30, 2023171,532 $141.66 
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 2023.
Fair value per unit$131.46
Risk-free interest rate4.4%
Expected dividend yield1.43%
Expected volatility36.7%
MSA stock beta0.739
Summary of Performance Stock Unit Activity
A summary of performance stock unit activity for the nine months ended September 30, 2023, is as follows:
SharesWeighted Average
Grant Date
Fair Value
Unvested at January 1, 2023178,760 $146.28 
Granted77,654 132.39 
Performance adjustments(a)
(3,009)127.40 
Vested(53,407)127.36 
Forfeited(10,146)147.83 
Unvested at September 30, 2023189,852 $146.14 
(a)Performance adjustments relate primarily to the final number of shares issued for the 2020 performance unit awards which vested in the first quarter of 2023 at 94.9% 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.
v3.23.3
Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
(In thousands)September 30, 2023December 31, 2022
2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs
$59,489 $66,379 
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs
99,723 99,711 
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs
99,723 99,711 
2023 Term Loan credit agreement maturing in 2026, net of debt issuance costs236,788 — 
2023 Senior Notes payable through 2028, 5.25%, net of debt issuance costs
49,936 — 
Senior revolving credit facility maturing in 2026, net of debt issuance costs196,353 307,031 
Total742,012 572,832 
Amounts due within one year26,198 7,387 
Long-term debt, net of debt issuance costs$715,814 $565,445 
v3.23.3
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in Goodwill
Changes in goodwill during the nine months ended September 30, 2023, were as follows:
(In thousands)Goodwill
Balance at January 1, 2023$620,622 
Currency translation(279)
Balance at September 30, 2023$620,343 
Changes in Intangible Assets, Net of Accumulated Amortization
Changes in intangible assets, net, during the nine months ended September 30, 2023, were as follows:
(In thousands)Intangible Assets
Net balance at January 1, 2023$281,853 
Amortization expense(13,570)
Currency translation38 
Net balance at September 30, 2023$268,321 
v3.23.3
Pensions and Other Post-retirement Benefits (Tables)
 9 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost
Components of net periodic benefit (income) cost consisted of the following:
 Pension BenefitsOther Benefits
(In thousands)2023202220232022
Three Months Ended September 30,
Service cost$1,884 $3,099 $53 $82 
Interest cost5,918 3,613 273 148 
Expected return on plan assets(9,906)(12,418)— — 
Amortization of prior service cost (credit)37 36 (61)(84)
Recognized net actuarial losses47 3,018 138 310 
Net periodic benefit (income) cost (a)
$(2,020)$(2,652)$403 $456 
Nine Months Ended September 30,
Service cost$5,652 $9,297 $159 $246 
Interest cost17,754 10,839 819 444 
Expected return on plan assets(29,718)(37,254)— — 
Amortization of prior service cost (credit)111 108 (183)(252)
Recognized net actuarial losses141 9,054 414 930 
Net periodic benefit (income) cost (a)
$(6,060)$(7,956)$1,209 $1,368 
(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.
v3.23.3
Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2023
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, 2023December 31, 2022
Derivatives not designated as hedging instruments:
Foreign exchange contracts: prepaid expenses and other current assets$21 $724 
Foreign exchange contracts: accrued restructuring and other current liabilities1,610 85 
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)20232022
Derivatives not designated as hedging instruments:
Foreign exchange contracts: currency exchange losses, net$2,986 $13,586 
v3.23.3
Contingencies (Tables)
 9 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Disposal Groups, Including Discontinued Operations
Below is a summary of the impact of the divestiture of MSA LLC on our unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2023 (no additional impact for the three months ended September 30, 2023):
(In millions)Three Months Ended March 31, 2023
Cash and cash equivalents$(341.2)
Current insurance receivables(17.3)
Notes receivable, insurance companies(5.9)
Noncurrent insurance receivables(110.3)
Notes receivable, insurance companies, noncurrent(38.7)
Current product liability65.1 
Noncurrent product liability324.7 
Loss on divestiture of MSA LLC before transaction costs(123.6)
Transaction costs(5.6)
Loss on divestiture of MSA LLC(129.2)
Income tax expense (a)
(70.4)
Tax-effected loss on divestiture of MSA LLC$(199.6)
(a) Related to the write-off of deferred tax asset related to product liability reserve
Summary of Insurance Receivable Balances and Activity Related to Cumulative Trauma Product Liability Losses
A summary of insurance receivables balance and activity related to cumulative trauma product liability losses and divestiture of MSA LLC is as follows:
(In millions)Nine Months Ended September 30, 2023Year Ended
December 31, 2022
Balance beginning of period$127.6 $130.2 
Divestiture of MSA LLC(127.6)— 
Additions— 1.8 
Collections and other adjustments— (4.4)
Balance end of period$— $127.6 
Schedule of Notes Receivable Balances from Insurance Companies
A summary of notes receivables from insurance companies balance is as follows:
(In millions)Nine Months Ended September 30, 2023Year Ended
December 31, 2022
Balance beginning of period$44.6 $48.5 
Divestiture of MSA LLC(44.6)— 
Additions— 1.2 
Collections — (5.1)
Balance end of period$— $44.6 
Schedule of Product Warranty Liability
The following table reconciles changes in the Company's accrued warranty reserve:
(In thousands)Nine Months Ended September 30, 2023Year Ended
December 31, 2022
Beginning warranty reserve$15,230 $12,423 
Warranty payments(7,364)(10,631)
Warranty claims6,832 14,544 
Provision for product warranties and other adjustments(91)(1,106)
Ending warranty reserve$14,607 $15,230 
v3.23.3
Cash and Cash Equivalents (Details)
$ in Thousands
Sep. 30, 2023
USD ($)
Cash and Cash Equivalents [Abstract]  
Gross cash pool position $ 103,618
Less: cash pool borrowings 95,416
Net cash pool position $ 8,202
v3.23.3
Restructuring Charges - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 3,285 $ 899 $ 8,382 $ 3,146
Corporate        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     2,100  
Americas        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges       1,000
Americas | Reportable Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     2,700  
International        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges       $ 2,200
International | Reportable Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     $ 3,600  
v3.23.3
Restructuring Charges - Activity and Reserve Balance for Restructuring Charges by Segment (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Restructuring Reserve [Roll Forward]    
Restructuring reserve, beginning balance $ 15.0 $ 21.0
Restructuring charges   8.0
Restructuring charges 8.4  
Currency translation (0.4) (1.2)
Cash payments (12.0) (12.8)
Restructuring reserve, ending balance 11.0 15.0
Corporate    
Restructuring Reserve [Roll Forward]    
Restructuring reserve, beginning balance 0.5 0.3
Restructuring charges   0.6
Restructuring charges 2.1  
Currency translation 0.0 0.0
Cash payments (2.3) (0.4)
Restructuring reserve, ending balance 0.3 0.5
Americas | Reportable Segments    
Restructuring Reserve [Roll Forward]    
Restructuring reserve, beginning balance 1.7 3.3
Restructuring charges   2.3
Restructuring charges 2.7  
Currency translation (0.2) 0.1
Cash payments (3.2) (4.0)
Restructuring reserve, ending balance 1.0 1.7
International | Reportable Segments    
Restructuring Reserve [Roll Forward]    
Restructuring reserve, beginning balance 12.8 17.4
Restructuring charges   5.1
Restructuring charges 3.6  
Currency translation (0.2) (1.3)
Cash payments (6.5) (8.4)
Restructuring reserve, ending balance $ 9.7 $ 12.8
v3.23.3
Inventories - Schedule of Inventories (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Inventory Disclosure [Abstract]    
Finished products $ 99,588 $ 97,142
Work in process 22,904 16,360
Raw materials and supplies 201,585 224,814
Total inventories $ 324,077 $ 338,316
v3.23.3
Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 647,613 $ 631,993
Less: accumulated depreciation (441,963) (424,441)
Property, plant and equipment, net 205,650 207,552
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 4,253 4,884
Buildings    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 135,544 138,618
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 481,614 466,394
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 26,202 $ 22,097
v3.23.3
Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance at beginning of period     $ 923,741  
Reclassification from accumulated other comprehensive loss into net income (loss)(b) $ 101 $ 2,912 101 $ 2,912
Other comprehensive income (loss) (18,482) (27,137) (1,693) (48,275)
Balance at end of period 868,726   868,726  
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 (49,781) (52,702) (50,335) (57,296)
Tax expense (benefit) 27 (981) 259 (2,947)
Reclassification from accumulated other comprehensive loss into net income (loss)(b) 188 2,299 742 6,893
Balance at end of period (49,593) (50,403) (49,593) (50,403)
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 (24) (48) (72) (144)
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 185 3,328 555 9,984
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 (23) (2) (5)
Other comprehensive income (loss) 0 13 2 (5)
Balance at end of period 0 (10) 0 (10)
Accumulated foreign currency adjustment attributable to parent        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance at beginning of period (92,147) (117,553) (108,380) (91,839)
Reclassification from accumulated other comprehensive loss into net income (loss)(b) 101 2,912 101 2,912
Other comprehensive income (loss) (18,771) (32,361) (2,538) (58,075)
Balance at end of period $ (110,817) $ (147,002) $ (110,817) $ (147,002)
v3.23.3
Capital Stock - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Mar. 31, 2023
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
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   $ 363,371,000   $ 361,438,000
Common stock, shares authorized (shares)   180,000,000    
Common stock, par value (dollars per share)   $ 0    
Common stock, shares, outstanding (shares)   39,310,511   39,213,064
Treasury stock, common, shares (shares)   22,770,880   22,868,327
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    
Treasury stock, preferred, shares (shares)   52,998    
Purchase of treasury shares (shares)   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    
Common Stock        
Capital Unit [Line Items]        
Purchase of treasury shares (shares)   0 251,408  
Common stock, shares issued (shares)       62,081,391
Stock issued during period, new issues (shares)   0 0  
Common stock, value, issued (up to)   $ 100,000,000    
Treasury stock        
Capital Unit [Line Items]        
Reissued shares (shares)   125,967 203,619  
v3.23.3
Capital Stock - Schedule of Common Stock Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Common Stock        
Common Stock Activity [Roll Forward]        
Beginning balance $ 294,364 $ 267,645 $ 281,980 $ 260,121
Stock compensation expense 8,477 2,967 21,506 11,325
Ending balance 303,417 273,010 303,417 273,010
Treasury Cost        
Common Stock Activity [Roll Forward]        
Beginning balance (362,025) (359,314) (359,838) (328,776)
Stock compensation expense 0 0 0 0
Ending balance (361,773) (360,056) (361,773) (360,056)
Restricted and performance stock awards | Common Stock        
Common Stock Activity [Roll Forward]        
Restricted and performance stock awards (15) (103) (1,449) (1,564)
Restricted and performance stock awards | Treasury Cost        
Common Stock Activity [Roll Forward]        
Restricted and performance stock awards 15 103 1,449 1,564
Stock options exercised | Common Stock        
Common Stock Activity [Roll Forward]        
Stock compensation expense 591 2,501 948 2,704
Stock options exercised | Treasury Cost        
Common Stock Activity [Roll Forward]        
Stock compensation expense 307 1,364 492 1,459
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 (70) (59) (3,941) (3,990)
Employee stock purchase program | Common Stock        
Common Stock Activity [Roll Forward]        
Stock compensation expense     432 424
Employee stock purchase program | Treasury Cost        
Common Stock Activity [Roll Forward]        
Stock compensation expense     65 62
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 $ 0 $ (2,150) $ 0 $ (30,375)
v3.23.3
Segment Information - Additional Information (Details)
 9 Months Ended
Sep. 30, 2023
Segment
Segment Reporting [Abstract]  
Number of geographical segments (in segments) 4
Number of reportable segments (in segments) 3
v3.23.3
Segment Information - Schedule of Reportable Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Segment Reporting Information [Line Items]        
Net sales to external customers $ 446,728 $ 381,694 $ 1,292,290 $ 1,084,699
Operating income 94,123 64,313 129,070 168,517
Restructuring charges 3,285 899 8,382 3,146
Currency exchange gains (losses), net 1,496 2,979 8,781 4,788
Loss on divestiture of MSA LLC 0 0 129,211 0
Product liability expense   4,035 3 9,733
Amortization of acquisition-related intangible assets 2,315 2,279 6,936 6,922
Acquisition related costs 78 620 78 1,476
Adjusted operating income (loss) 101,297 75,125 282,461 194,582
Depreciation and amortization 13,189 11,518 38,029 34,961
Adjusted EBITDA 114,486 86,643 320,490 229,543
Americas        
Segment Reporting Information [Line Items]        
Net sales to external customers 314,273 276,082 902,918 754,116
Restructuring charges       1,000
Reportable Segments | Americas        
Segment Reporting Information [Line Items]        
Net sales to external customers 314,273 276,082 902,918 754,116
Restructuring charges     2,700  
Adjusted operating income (loss) $ 93,918 $ 75,088 $ 260,428 $ 184,664
Adjusted operating margin, percentage 29.90% 27.20% 28.80% 24.50%
Adjusted EBITDA $ 103,157 $ 83,945 $ 287,628 $ 210,201
Adjusted EBITDA, percentage 32.80% 30.40% 31.90% 27.90%
Reportable Segments | International        
Segment Reporting Information [Line Items]        
Net sales to external customers $ 132,455 $ 105,612 $ 389,372 $ 330,583
Adjusted operating income (loss) $ 22,577 $ 8,448 $ 60,099 $ 34,674
Adjusted operating margin, percentage 17.00% 8.00% 15.40% 10.50%
Adjusted EBITDA $ 26,289 $ 10,980 $ 70,296 $ 43,708
Adjusted EBITDA, percentage 19.80% 10.40% 18.10% 13.20%
Corporate        
Segment Reporting Information [Line Items]        
Net sales to external customers $ 0 $ 0 $ 0 $ 0
Restructuring charges     2,100  
Adjusted operating income (loss) (15,198) (8,411) (38,066) (24,756)
Adjusted EBITDA $ (14,960) $ (8,282) $ (37,434) $ (24,366)
v3.23.3
Segment Information - Percentage of Total Sales by Product Group (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenue from External Customer [Line Items]        
Revenues $ 446,728 $ 381,694 $ 1,292,290 $ 1,084,699
Breathing Apparatus        
Revenue from External Customer [Line Items]        
Revenues 111,024 91,977 288,976 254,878
Fixed Gas & Flame Detection        
Revenue from External Customer [Line Items]        
Revenues 112,012 87,746 311,502 251,321
Firefighter Helmets & Protective Apparel        
Revenue from External Customer [Line Items]        
Revenues 64,707 54,738 192,634 151,097
Portable Gas Detection        
Revenue from External Customer [Line Items]        
Revenues 43,682 39,481 149,036 121,116
Industrial Head Protection        
Revenue from External Customer [Line Items]        
Revenues 45,780 43,608 135,851 123,489
Fall Protection        
Revenue from External Customer [Line Items]        
Revenues 31,980 27,839 97,019 79,114
Other        
Revenue from External Customer [Line Items]        
Revenues $ 37,543 $ 36,305 $ 117,272 $ 103,684
Revenue Benchmark | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 100.00% 100.00% 100.00% 100.00%
Revenue Benchmark | Breathing Apparatus | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 25.00% 24.00% 22.00% 23.00%
Revenue Benchmark | Fixed Gas & Flame Detection | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 25.00% 23.00% 24.00% 23.00%
Revenue Benchmark | Firefighter Helmets & Protective Apparel | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 15.00% 14.00% 15.00% 14.00%
Revenue Benchmark | Portable Gas Detection | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 10.00% 10.00% 12.00% 11.00%
Revenue Benchmark | Industrial Head Protection | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 10.00% 11.00% 11.00% 11.00%
Revenue Benchmark | Fall Protection | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 7.00% 7.00% 7.00% 7.00%
Revenue Benchmark | Other | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 8.00% 11.00% 9.00% 11.00%
Americas        
Revenue from External Customer [Line Items]        
Revenues $ 314,273 $ 276,082 $ 902,918 $ 754,116
Americas | Breathing Apparatus        
Revenue from External Customer [Line Items]        
Revenues 79,908 70,482 201,945 185,490
Americas | Fixed Gas & Flame Detection        
Revenue from External Customer [Line Items]        
Revenues 73,074 62,134 200,604 167,269
Americas | Firefighter Helmets & Protective Apparel        
Revenue from External Customer [Line Items]        
Revenues 51,608 41,958 152,784 110,471
Americas | Portable Gas Detection        
Revenue from External Customer [Line Items]        
Revenues 31,933 28,358 108,088 85,815
Americas | Industrial Head Protection        
Revenue from External Customer [Line Items]        
Revenues 36,402 34,620 106,120 96,808
Americas | Fall Protection        
Revenue from External Customer [Line Items]        
Revenues 20,235 17,658 63,168 50,940
Americas | Other        
Revenue from External Customer [Line Items]        
Revenues $ 21,113 $ 20,872 $ 70,209 $ 57,323
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 | Breathing Apparatus | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 25.00% 26.00% 22.00% 25.00%
Americas | Revenue Benchmark | Fixed Gas & Flame Detection | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 23.00% 23.00% 22.00% 22.00%
Americas | Revenue Benchmark | Firefighter Helmets & Protective Apparel | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 16.00% 15.00% 17.00% 15.00%
Americas | Revenue Benchmark | Portable Gas Detection | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 10.00% 10.00% 12.00% 11.00%
Americas | Revenue Benchmark | Industrial Head Protection | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 12.00% 13.00% 12.00% 13.00%
Americas | Revenue Benchmark | Fall Protection | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 7.00% 6.00% 7.00% 7.00%
Americas | Revenue Benchmark | Other | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 7.00% 7.00% 8.00% 7.00%
International        
Revenue from External Customer [Line Items]        
Revenues $ 132,455 $ 105,612 $ 389,372 $ 330,583
International | Breathing Apparatus        
Revenue from External Customer [Line Items]        
Revenues 31,116 21,495 87,031 69,388
International | Fixed Gas & Flame Detection        
Revenue from External Customer [Line Items]        
Revenues 38,938 25,612 110,898 84,052
International | Firefighter Helmets & Protective Apparel        
Revenue from External Customer [Line Items]        
Revenues 13,099 12,780 39,850 40,626
International | Portable Gas Detection        
Revenue from External Customer [Line Items]        
Revenues 11,749 11,123 40,948 35,301
International | Industrial Head Protection        
Revenue from External Customer [Line Items]        
Revenues 9,378 8,988 29,731 26,681
International | Fall Protection        
Revenue from External Customer [Line Items]        
Revenues 11,745 10,181 33,851 28,174
International | Other        
Revenue from External Customer [Line Items]        
Revenues $ 16,430 $ 15,433 $ 47,063 $ 46,361
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 | Breathing Apparatus | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 24.00% 20.00% 22.00% 21.00%
International | Revenue Benchmark | Fixed Gas & Flame Detection | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 29.00% 24.00% 28.00% 25.00%
International | Revenue Benchmark | Firefighter Helmets & Protective Apparel | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 10.00% 12.00% 10.00% 12.00%
International | Revenue Benchmark | Portable Gas Detection | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 9.00% 11.00% 11.00% 11.00%
International | Revenue Benchmark | Industrial Head Protection | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 7.00% 9.00% 8.00% 8.00%
International | Revenue Benchmark | Fall Protection | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 9.00% 10.00% 9.00% 9.00%
International | Revenue Benchmark | Other | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 12.00% 14.00% 12.00% 14.00%
v3.23.3
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Earnings Per Share [Abstract]        
Net income (loss) $ 65,256 $ 44,906 $ (17,827) $ 128,141
Preferred stock dividends (10) (10) (30) (30)
Net income (loss) attributable to common equity 65,246 44,896 (17,857) 128,111
Dividends and undistributed earnings allocated to participating securities (8) (8) (16) (21)
Net income (loss) attributable to common shareholders $ 65,238 $ 44,888 $ (17,873) $ 128,090
Basic weighted-average shares outstanding (shares) 39,303 39,172 39,267 39,243
Stock-based compensation awards (shares) 147 127 0 171
Diluted weighted-average shares outstanding (shares) 39,450 39,299 39,267 39,414
Antidilutive stock options (shares) 0 0 154 0
Earnings (loss) per share:        
Basic (in dollars per share) $ 1.66 $ 1.15 $ (0.46) $ 3.26
Diluted (in dollars per share) $ 1.65 $ 1.14 $ (0.46) $ 3.25
v3.23.3
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Income Tax Contingency [Line Items]          
Effective income tax rate 25.60% 26.00% 116.60% 24.40%  
Unrecognized tax benefits $ 3,400   $ 3,400    
Insurance receivable and other noncurrent assets 21,711   21,711   $ 136,853
Accrued interest and penalties related to uncertain tax positions 300   300    
Deferred tax asset          
Income Tax Contingency [Line Items]          
Insurance receivable and other noncurrent assets $ 1,700   $ 1,700    
v3.23.3
Stock Plans - Schedule of Stock Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]        
Stock compensation expense $ 8,477 $ 2,967 $ 21,506 $ 11,325
Income tax benefit 2,077 727 5,269 2,775
Stock compensation expense, net of tax $ 6,400 $ 2,240 $ 16,237 $ 8,550
v3.23.3
Stock Plans - Summary of Stock Option Activity (Details)
 9 Months Ended
Sep. 30, 2023
$ / shares
shares
Shares  
Outstanding, beginning balance (in shares) | shares 58,156
Exercised (in shares) | shares (30,735)
Forfeited (in shares) | shares (226)
Outstanding, ending balance (in shares) | shares 27,195
Exercisable (in shares) | shares 27,195
Weighted Average Grant Date Fair Value  
Outstanding, beginning balance (dollars per share) | $ / shares $ 46.48
Exercised (dollars per share) | $ / shares 46.86
Forfeited (dollars per share) | $ / shares 49.44
Outstanding, ending balance (dollars per share) | $ / shares 46.02
Exercisable (dollars per share) | $ / shares $ 46.02
v3.23.3
Stock Plans - Summary of Restricted Stock and Unit Activity (Details) - Restricted Stock Activity
 9 Months Ended
Sep. 30, 2023
$ / shares
shares
Shares  
Unvested, beginning balance (in shares) | shares 145,886
Granted (in shares) | shares 74,004
Vested (in shares) | shares (39,895)
Forfeited (in shares) | shares (8,463)
Unvested, ending balance (in shares) | shares 171,532
Weighted Average Grant Date Fair Value  
Unvested, beginning balance (dollars per share) | $ / shares $ 137.36
Granted (dollars per share) | $ / shares 140.37
Vested (dollars per share) | $ / shares 124.51
Forfeited (dollars per share) | $ / shares 141.17
Unvested, ending Balance (dollars per share) | $ / shares $ 141.66
v3.23.3
Stock Plans - Additional Information (Details)
 9 Months Ended
Sep. 30, 2023
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
v3.23.3
Stock Plans - Weighted Average Risk Assumptions (Details) - Performance Stock Unit
 9 Months Ended
Sep. 30, 2023
$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Fair value per unit (dollars per share) $ 132.39
Monte Carlo Approach  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Fair value per unit (dollars per share) $ 131.46
Risk-free interest rate 4.40%
Expected dividend yield 1.43%
Expected volatility 36.70%
MSA stock beta 0.739
v3.23.3
Stock Plans - Summary of Performance Stock Unit Activity (Details)
 9 Months Ended
Sep. 30, 2023
$ / shares
shares
Weighted Average Grant Date Fair Value  
Percentage of target award based on achieving specified performance targets 94.90%
Performance Stock Unit  
Shares  
Unvested, beginning balance (in shares) | shares 178,760
Granted (in shares) | shares 77,654
Performance adjustments (in shares) | shares (3,009)
Vested (in shares) | shares (53,407)
Forfeited (in shares) | shares (10,146)
Unvested, ending balance (in shares) | shares 189,852
Weighted Average Grant Date Fair Value  
Unvested, beginning balance (dollars per share) | $ / shares $ 146.28
Granted (dollars per share) | $ / shares 132.39
Performance adjustments (dollars per share) | $ / shares 127.40
Vested (dollars per share) | $ / shares 127.36
Forfeited (dollars per share) | $ / shares 147.83
Unvested, ending Balance (dollars per share) | $ / shares $ 146.14
Award vesting period 3 years
v3.23.3
Long-Term Debt - Schedule of Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Jun. 29, 2023
Jan. 05, 2023
Dec. 31, 2022
Jul. 01, 2021
Debt Instrument [Line Items]          
Senior revolving credit facility maturing in 2026, net of debt issuance costs $ 196,353     $ 307,031  
Total 742,012     572,832  
Amounts due within one year 26,198     7,387  
Long-term debt, net of debt issuance costs $ 715,814     565,445  
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 $ 59,489     66,379  
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 $ 99,723     99,711  
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 $ 99,723     99,711  
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 6.93%        
Total $ 236,788   $ 250,000 0  
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 $ 49,936     $ 0  
v3.23.3
Long-Term Debt - Additional Information (Details)
 9 Months Ended
Jun. 29, 2023
USD ($)
Jan. 05, 2023
USD ($)
May 24, 2021
USD ($)
Jan. 04, 2019
Sep. 30, 2023
GBP (£)
Sep. 30, 2023
USD ($)
Sep. 30, 2023
GBP (£)
Dec. 31, 2022
USD ($)
Sep. 30, 2022
USD ($)
Jul. 01, 2021
USD ($)
Debt Instrument [Line Items]                    
Line of credit facility, maximum borrowing capacity     $ 900,000,000              
Weighted average revolving interest rate, percentage         6.72%          
Line of credit facility, remaining borrowing capacity           $ 700,800,000        
Line of credit facility, accordion feature           400,000,000        
Amounts due within one year           26,198,000   $ 7,387,000    
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           742,012,000   572,832,000    
Restricted cash included in prepaid expenses and other current assets           1,938,000     $ 1,672,000  
Standby Letters of Credit                    
Debt Instrument [Line Items]                    
Proceeds from lines of credit           9,200,000        
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           $ 49,936,000   0    
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           $ 59,600,000 £ 48,800,000      
Debt instrument, stated interest rate percentage           3.40% 3.40%      
Amounts due within one year           $ 7,400,000 £ 6,100,000      
Annual installment debt payments | £         £ 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           6.93% 6.93%      
Long term debt   $ 250,000,000       $ 236,788,000   $ 0    
Base Rate | Senior Revolving Credit Facility Maturing in 2023                    
Debt Instrument [Line Items]                    
Interest rate margin, percentage     0.00%              
Federal Funds Open Rate | Senior Revolving Credit Facility Maturing in 2023                    
Debt Instrument [Line Items]                    
Interest rate margin, percentage     0.50%              
Overnight Bank Funding Rate | Senior Revolving Credit Facility Maturing in 2023                    
Debt Instrument [Line Items]                    
Interest rate margin, percentage     0.50%              
London Interbank Offered Rate (LIBOR) | 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%                
v3.23.3
Goodwill and Intangible Assets - Changes in Goodwill (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 620,622
Currency translation (279)
Ending balance $ 620,343
v3.23.3
Goodwill and Intangible Assets - Additional Information (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]    
Goodwill $ 620,343 $ 620,622
Americas    
Acquired Finite-Lived Intangible Assets [Line Items]    
Goodwill 447,600  
International    
Acquired Finite-Lived Intangible Assets [Line Items]    
Goodwill 172,700  
Trade name | Globe Holding Company LLC    
Acquired Finite-Lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets $ 60,000  
v3.23.3
Goodwill and Intangible Assets - Changes in Intangible Assets, Net of Accumulated Amortization (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
USD ($)
Finite-lived Intangible Assets [Roll Forward]  
Beginning balance $ 281,853
Amortization expense (13,570)
Currency translation 38
Ending balance $ 268,321
v3.23.3
Pensions and Other Post-retirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Pension Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 1,884 $ 3,099 $ 5,652 $ 9,297
Interest cost 5,918 3,613 17,754 10,839
Expected return on plan assets (9,906) (12,418) (29,718) (37,254)
Amortization of prior service cost (credit) 37 36 111 108
Recognized net actuarial losses 47 3,018 141 9,054
Net periodic benefit (income) cost (2,020) (2,652) (6,060) (7,956)
Other Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 53 82 159 246
Interest cost 273 148 819 444
Expected return on plan assets 0 0 0 0
Amortization of prior service cost (credit) (61) (84) (183) (252)
Recognized net actuarial losses 138 310 414 930
Net periodic benefit (income) cost $ 403 $ 456 $ 1,209 $ 1,368
v3.23.3
Pensions and Other Post-retirement Benefits - Additional Information (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Retirement Benefits [Abstract]    
Pension plans contributions $ 4.3 $ 5.7
Total estimated pension plans contributions for the fiscal year $ 5.7  
v3.23.3
Derivative Financial Instruments - Additional Information (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Foreign Exchange Forward    
Derivative [Line Items]    
Notional amount of open forward contracts $ 106.4 $ 103.0
v3.23.3
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, 2023
Dec. 31, 2022
Other current liabilities    
Derivatives, Fair Value [Line Items]    
Derivatives not designated as hedging instruments: $ 1,610 $ 85
Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Foreign exchange contracts: accrued restructuring and other current liabilities $ 21 $ 724
v3.23.3
Derivative Financial Instruments - Income Statement Location and Impact of Derivative Financial Instruments (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Not designated as hedging instrument    
Derivative Instruments, Gain (Loss) [Line Items]    
Foreign exchange contracts: currency exchange losses, net $ 2,986 $ 13,586
v3.23.3
Fair Value Measurements (Details) - USD ($)
 3 Months Ended
Jun. 30, 2023
Sep. 30, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Available-for-sale securities, amortized cost basis     $ 9,900,000
investments, fair value     9,900,000
Gain (loss) on investment $ 0    
Reported Value Measurement      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term debt, fair value disclosure   $ 309,600,000 266,500,000
Estimate of Fair Value Measurement      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term debt, fair value disclosure   $ 255,100,000 $ 218,300,000
v3.23.3
Contingencies - Additional Information (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 05, 2023
USD ($)
Sep. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Oct. 10, 2023
lawsuit
claim
class_action
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Loss Contingencies [Line Items]                  
Product liability expense   $ 0   $ 4,035 $ 3 $ 9,733      
Tax-effected loss on divestiture         199,578 0      
Insurance receivables   0     0     $ 127,600 $ 130,200
Insurance receivables, current               17,300  
Insurance receivables, noncurrent               110,300  
Notes receivable from insurance companies   0     0     44,600 $ 48,500
Notes receivable from insurance companies, current   0     0     5,931  
Amount reported in notes receivable, insurance companies, noncurrent               38,700  
Product warranty expense         6,700 $ 9,000      
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   $ 341,200            
Tax-effected loss on divestiture   199,600 199,600            
Disposal group, transaction costs     $ 5,600   5,600        
Single incident                  
Loss Contingencies [Line Items]                  
Product liability accrual   $ 1,300     1,300     1,400  
Product liability benefit         100        
Product liability expense         $ 100        
Cumulative trauma                  
Loss Contingencies [Line Items]                  
Product liability accrual               395,100  
Claims settled, but not yet paid                  
Loss Contingencies [Line Items]                  
Product liability accrual               13,400  
Damages From Product Substances | Subsequent Event                  
Loss Contingencies [Line Items]                  
Number of pending lawsuits | lawsuit             165    
Number of pending claims | claim             8,432    
Number of pending class actions | class_action             1    
Other current liabilities | Cumulative trauma                  
Loss Contingencies [Line Items]                  
Product liability accrual               65,100  
Other noncurrent liabilities | Cumulative trauma                  
Loss Contingencies [Line Items]                  
Product liability accrual               $ 330,000  
v3.23.3
Contingencies - Impact of Divestiture (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 05, 2023
Sep. 30, 2023
Jun. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Loss on divestiture of MSA LLC   $ 0   $ 0 $ (129,211) $ 0
Tax-effected loss on divestiture of MSA LLC         (199,578) $ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | MSA LLC            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Cash and cash equivalents $ (341,200)   $ (341,200)      
Current insurance receivables     (17,300)      
Notes receivable, insurance companies     (5,900)      
Noncurrent insurance receivables     (110,300)      
Notes receivable, insurance companies, noncurrent     (38,700)      
Current product liability     65,100      
Noncurrent product liability     324,700      
Loss on divestiture of MSA LLC before transaction costs     (123,600)      
Transaction costs     (5,600)   $ (5,600)  
Loss on divestiture of MSA LLC     (129,200)      
Income tax expense     (70,400)      
Tax-effected loss on divestiture of MSA LLC   $ (199,600) $ (199,600)      
v3.23.3
Contingencies - Summary of Insurance Receivable Balances and Activity Related to Cumulative Trauma Product Liability Losses (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]    
Balance beginning of period $ 127.6 $ 130.2
Divestiture of MSA LLC (127.6) 0.0
Additions 0.0 1.8
Collections and other adjustments 0.0 (4.4)
Balance end of period $ 0.0 $ 127.6
v3.23.3
Contingencies - Schedule of Notes Receivable Balances from Insurance Companies (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2023
Sep. 30, 2023
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]    
Balance beginning of period $ 44.6 $ 44.6
Divestiture of MSA LLC 0.0 (44.6)
Additions 1.2 0.0
Collections $ (5.1) 0.0
Balance end of period   $ 0.0
v3.23.3
Contingencies - Schedule of Product Warranty Liability (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]    
Beginning warranty reserve $ 15,230 $ 12,423
Warranty payments (7,364) (10,631)
Warranty claims 6,832 14,544
Provision for product warranties and other adjustments (91) (1,106)
Ending warranty reserve $ 14,607 $ 15,230
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