Company Quick10K Filing
MSA Safety
Price108.70 EPS3
Shares39 P/E40
MCap4,255 P/FCF48
Net Debt263 EBIT155
TEV4,518 TEV/EBIT29
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-10-24
10-Q 2019-06-30 Filed 2019-07-25
10-Q 2019-03-31 Filed 2019-04-25
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-10-25
10-Q 2018-06-30 Filed 2018-07-26
10-Q 2018-03-31 Filed 2018-04-24
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-10-20
10-Q 2017-06-30 Filed 2017-08-07
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-02
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-10-22
10-Q 2015-06-30 Filed 2015-07-23
10-Q 2015-03-31 Filed 2015-04-28
10-K 2014-12-31 Filed 2015-02-25
10-Q 2014-09-30 Filed 2014-10-23
10-Q 2014-06-30 Filed 2014-07-24
10-Q 2014-03-31 Filed 2014-04-23
10-K 2013-12-31 Filed 2014-02-24
10-Q 2013-09-30 Filed 2013-10-23
10-Q 2013-06-30 Filed 2013-07-24
10-Q 2013-03-31 Filed 2013-04-24
10-K 2012-12-31 Filed 2013-02-20
10-Q 2012-09-30 Filed 2012-10-24
10-Q 2012-06-30 Filed 2012-07-25
10-Q 2012-03-31 Filed 2012-04-25
10-K 2011-12-31 Filed 2012-02-22
10-Q 2011-09-30 Filed 2011-10-27
10-Q 2011-06-30 Filed 2011-07-28
10-Q 2011-03-31 Filed 2011-04-28
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-10-28
10-Q 2010-06-30 Filed 2010-07-28
10-Q 2010-03-31 Filed 2010-04-29
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-06-21
8-K 2020-05-12
8-K 2020-04-29
8-K 2020-03-19
8-K 2020-03-12
8-K 2020-02-26
8-K 2020-02-19
8-K 2019-10-23
8-K 2019-10-03
8-K 2019-07-24
8-K 2019-05-20
8-K 2019-05-17
8-K 2019-04-24
8-K 2019-03-28
8-K 2019-02-25
8-K 2019-02-20
8-K 2019-01-22
8-K 2018-10-24
8-K 2018-09-07
8-K 2018-09-04
8-K 2018-07-25
8-K 2018-05-18
8-K 2018-05-15
8-K 2018-04-23
8-K 2018-03-14
8-K 2018-02-20
8-K 2018-01-02

MSA 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Recently Adopted and Recently Issued Accounting Standards
Note 3 - Inventories
Note 4 - Restructuring Charges
Note 5 - Property, Plant and Equipment
Note 6 - Reclassifications Out of Accumulated Other Comprehensive Loss
Note 7 - Capital Stock
Note 8 - Segment Information
Note 9 - Earnings per Share
Note 10 - Income Taxes
Note 11 - Stock Plans
Note 12 - Long - Term Debt
Note 13 - Goodwill and Intangible Assets
Note 14 - Pensions and Other Post - Retirement Benefits
Note 15 - Derivative Financial Instruments
Note 16 - Fair Value Measurements
Note 17 - Contingencies
Note 18 - Acquisitions
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
EX-31.1 ex311-q22020.htm
EX-31.2 ex312-q22020.htm
EX-32 ex32-q22020.htm

MSA Safety Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.81.41.10.70.40.02012201420172020
Assets, Equity
0.40.30.20.10.0-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

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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 June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 1-15579
 msa-20200630_g1.jpg
MSA SAFETY INCORPORATED
(Exact name of registrant as specified in its charter)
 
Pennsylvania 46-4914539
(State or other jurisdiction of
incorporation or organization)
 (IRS Employer
Identification No.)
1000 Cranberry Woods Drive
Cranberry Township,Pennsylvania 16066-5207
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (724776-8600
Former name or former address, if changed since last report: N/A
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.    Yes  x   No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large Accelerated FilerxAccelerated filer¨Non-accelerated filer¨Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes     No  x
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading Symbol(s)Name of each exchange on which is registered
Common Stock, no par valueMSANew York Stock Exchange
As of July 24, 2020, 38,883,634 shares of common stock, of the registrant were outstanding.



PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Unaudited
 Three Months Ended June 30,Six Months Ended June 30,
(In thousands, except per share amounts)2020201920202019
Net sales$314,438  $349,675  $655,583  $675,713  
Cost of products sold172,841  188,591  356,627  364,647  
Gross profit141,597  161,084  298,956  311,066  
Selling, general and administrative69,034  84,009  149,271  162,437  
Research and development13,760  14,256  27,872  27,962  
Restructuring charges (Note 4)8,865  3,522  10,872  9,353  
Currency exchange losses, net (Note 6)793  1,290  1,063  18,251  
Product liability expense (Note 17)851  3,529  2,802  6,425  
Operating income48,294  54,478  107,076  86,638  
Interest expense2,459  4,470  5,602  6,830  
Other income, net(2,000) (3,342) (3,258) (5,921) 
Total other expense, net459  1,128  2,344  909  
Income before income taxes47,835  53,350  104,732  85,729  
Provision for income taxes (Note 10)11,429  13,238  24,523  22,241  
Net income36,406  40,112  80,209  63,488  
Net income attributable to noncontrolling interests(340) (306) (468) (450) 
Net income attributable to MSA Safety Incorporated$36,066  $39,806  $79,741  $63,038  
Earnings per share attributable to MSA Safety Incorporated common shareholders (Note 9):
       Basic$0.93  $1.03  $2.05  $1.63  
Diluted$0.92  $1.01  $2.03  $1.61  
Dividends per common share$0.43  $0.42  $0.85  $0.80  
The accompanying notes are an integral part of the condensed consolidated financial statements.
-2-


MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited
 Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2020201920202019
Net income$36,406  $40,112  $80,209  $63,488  
Other comprehensive income (loss), net of tax:
     Foreign currency translation adjustments (Note 6)4,669  (385) (18,278) (24) 
     Pension and post-retirement plan actuarial gains, net of tax (Note 6)3,090  1,378  6,192  3,401  
Unrealized gain on available-for-sale securities (Note 6)124  27  62  563  
Reclassification of currency translation from accumulated other comprehensive (loss) into net income (Note 6)    720  15,359  
Total other comprehensive income (loss), net of tax7,883  1,020  (11,304) 19,299  
Comprehensive income 44,289  41,132  68,905  82,787  
Comprehensive income attributable to noncontrolling interests(358) (169) (371) (456) 
Comprehensive income attributable to MSA Safety Incorporated$43,931  $40,963  $68,534  $82,331  
The accompanying notes are an integral part of the condensed consolidated financial statements.
-3-


MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited 
(In thousands)June 30, 2020December 31, 2019
Assets
Cash and cash equivalents$136,238  $152,195  
Trade receivables, less allowance for credit loss of $5,044 and $4,860
240,137  255,082  
Inventories (Note 3)225,410  185,027  
Investments, short-term (Note 16)59,945  49,892  
Prepaid income taxes16,418  13,072  
Notes receivable, insurance companies (Note 17)3,736  3,676  
Prepaid expenses and other current assets 39,666  34,419  
Total current assets
721,550  693,363  
Property, plant and equipment, net (Note 5)170,184  167,038  
Operating lease assets, net47,106  51,675  
Prepaid pension cost (Note 14)80,775  75,066  
Deferred tax assets (Note 10)32,030  32,596  
Goodwill (Note 13)430,671  436,679  
Intangible assets, net (Note 13)162,907  171,326  
Notes receivable, insurance companies, noncurrent (Note 17)52,988  52,336  
Insurance receivable (Note 17) and other noncurrent assets54,724  59,614  
Total assets
$1,752,935  $1,739,693  
Liabilities
Notes payable and current portion of long-term debt (Note 12)$20,000  $20,000  
Accounts payable96,513  89,120  
Employees’ compensation34,783  41,882  
Insurance and product liability (Note 17)27,876  25,870  
Income taxes payable (Note 10)22,415  6,739  
Warranty reserve (Note 17) and other current liabilities91,771  93,898  
Total current liabilities
293,358  277,509  
Long-term debt, net (Note 12)314,500  328,394  
Pensions and other employee benefits185,464  186,697  
Noncurrent operating lease liabilities38,826  42,632  
Deferred tax liabilities (Note 10)10,533  9,787  
Product liability (Note 17) and other noncurrent liabilities161,600  162,101  
Total liabilities
$1,004,281  $1,007,120  
Equity
Preferred stock, 4.5% cumulative, $50 par value (Note 7)
$3,569  $3,569  
Common stock, no par value (Note 7)
233,786  229,127  
Treasury shares, at cost (Note 7)(329,590) (305,159) 
Accumulated other comprehensive loss (Note 6)(225,210) (214,003) 
Retained earnings1,058,955  1,012,266  
Total MSA Safety Incorporated shareholders' equity
741,510  725,800  
Noncontrolling interests7,144  6,773  
Total shareholders’ equity
748,654  732,573  
Total liabilities and shareholders’ equity
$1,752,935  $1,739,693  
The accompanying notes are an integral part of the condensed consolidated financial statements.
-4-


MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
 Six Months Ended June 30,
(In thousands)20202019
Operating Activities
Net income$80,209  $63,488  
Depreciation and amortization19,428  18,792  
Stock-based compensation (Note 11)4,352  6,086  
Pension expense (Note 14)4,430  2,856  
Deferred income (benefit) tax provision (Note 10)(711) 849  
Loss on asset dispositions, net127  233  
Pension contributions (Note 14)(3,781) (3,534) 
Currency exchange losses, net1,063  18,251  
Product liability expense (Note 17)2,802  6,425  
Collections on insurance receivables and notes receivable,
insurance companies (Note 17)
5,736  11,289  
Product liability payments (Note 17)(4,672) (34,170) 
Changes in:
     Trade receivables9,286  (9,189) 
     Inventories (Note 3)(46,886) (25,421) 
     Prepaid expenses and other current assets(10,424) (3,489) 
     Accounts payable and accrued liabilities22,653  (13,401) 
     Other noncurrent assets and liabilities(581) (1,520) 
Cash Flow From Operating Activities83,031  37,545  
Investing Activities
Capital expenditures(19,834) (13,525) 
Acquisition, net of cash acquired (Note 19)  (33,196) 
Purchase of short-term investments (Note 16)(119,402) (87,260) 
Proceeds from maturities of short-term investments (Note 16)110,000  69,958  
Property disposals 83  81  
Cash Flow Used in Investing Activities(29,153) (63,942) 
Financing Activities
Payments on short-term debt, net   64  
Proceeds from long-term debt (Note 12)581,000  375,000  
Payments on long-term debt (Note 12)(590,000) (338,000) 
Cash dividends paid(33,052) (30,934) 
Company stock purchases (Note 7)(28,254) (10,967) 
Exercise of stock options (Note 7)3,740  3,232  
Employee stock purchase plan (Note 7)390  344  
Cash Flow Used in Financing Activities(66,176) (1,261) 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(3,654) (985) 
Decrease in cash, cash equivalents and restricted cash(15,952) (28,643) 
Beginning cash, cash equivalents and restricted cash152,543  140,604  
Ending cash, cash equivalents and restricted cash$136,591  $111,961  
Supplemental cash flow information:
Cash and cash equivalents$136,238  $111,511  
Restricted cash included in prepaid expenses and other current assets353  450  
Total cash, cash equivalents and restricted cash$136,591  $111,961  
The accompanying notes are an integral part of the condensed consolidated financial statements.
-5-


MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN RETAINED EARNINGS,
ACCUMULATED OTHER COMPREHENSIVE LOSS AND NONCONTROLLING INTERESTS
Unaudited
(In thousands)Retained
Earnings
Accumulated
Other
Comprehensive
(Loss)
Noncontrolling Interests
Balances March 31, 2019$947,929  $(204,563) $5,924  
Net income40,112  —  —  
Foreign currency translation adjustments—  (385) —  
Pension and post-retirement plan adjustments, net of tax of $1,384
—  1,378  —  
Unrealized net gain on available-for-sale securities—  27  —  
Income attributable to noncontrolling interests(306) 137  169  
Common dividends (16,272) —  —  
Preferred dividends ($0.5625 per share)
(10) —  —  
Balances June 30, 2019$971,453  $(203,406) $6,093  
Balances March 31, 2020$1,039,609  $(233,075) $6,786  
Net income36,406  —  —  
Foreign currency translation adjustments—  4,669  —  
Pension and post-retirement plan adjustments, net of tax of $1,079
—  3,090  —  
Unrealized net gain on available-for-sale securities (Note 17)—  124  —  
Reclassification from accumulated other comprehensive (loss) into net income—    —  
Income attributable to noncontrolling interests(340) (18) 358  
Common dividends (16,710) —  —  
Preferred dividends ($0.5625 per share)
(10) —  —  
Balances June 30, 2020$1,058,955  $(225,210) $7,144  
Balances December 31, 2018$935,577  $(218,927) $5,637  
Net income63,488  —  —  
Foreign currency translation adjustments—  (24) —  
Pension and post-retirement plan adjustments, net of tax of $666
—  3,401  —  
Unrealized net gain on available-for-sale securities (Note 16)—  563  —  
Reclassification from accumulated other comprehensive (loss) into net income (Note 6)—  15,359  —  
Income attributable to noncontrolling interests(450) (6) 456  
Common dividends(30,914) —  —  
Preferred dividends ($0.5625 per share)
(20) —  —  
Cumulative effect of the adoption of ASU 2018-023,772  (3,772) —  
Balances June 30, 2019$971,453  $(203,406) $6,093  
Balances December 31, 2019$1,012,266  $(214,003) $6,773  
Net income