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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, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 1-15579
 msa-20220630_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 22, 2022, 39,125,719 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)2022202120222021
Net sales$372,313 $341,289 $703,005 $649,717 
Cost of products sold207,913 188,289 395,821 361,934 
Gross profit164,400 153,000 307,184 287,783 
Selling, general and administrative86,076 83,426 164,625 158,889 
Research and development15,268 13,970 28,601 27,204 
Restructuring charges (Note 3)57 7,078 2,247 8,385 
Currency exchange (gains) losses, net(1,463)1,640 1,809 (459)
Product liability expense (Note 18)2,926 11,751 5,698 14,547 
Operating income61,536 35,135 104,204 79,217 
Interest expense4,578 2,172 8,196 4,082 
Other income, net(6,419)(2,293)(12,762)(6,506)
Total other income, net(1,841)(121)(4,566)(2,424)
Income before income taxes63,377 35,256 108,770 81,641 
Provision for income taxes (Note 10)15,684 9,808 25,535 19,557 
Net income47,693 25,448 83,235 62,084 
Net income attributable to noncontrolling interests (262) (448)
Net income attributable to MSA Safety Incorporated$47,693 $25,186 $83,235 $61,636 
Earnings per share attributable to MSA Safety Incorporated common shareholders (Note 9):
       Basic$1.21 $0.64 $2.12 $1.57 
Diluted$1.21 $0.64 $2.11 $1.56 
Dividends per common share$0.46 $0.44 $0.90 $0.87 
*Prior periods have been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.

The accompanying notes are an integral part of the unaudited 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)2022202120222021
Net income$47,693 $25,448 $83,235 $62,084 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments (Note 6)(31,606)6,018 (25,714)(4,205)
Pension and post-retirement plan actuarial gains, net of tax (Note 6)2,330 3,657 4,594 7,369 
Unrealized (losses) gains on available-for-sale securities (Note 6)(9)1 (18)(4)
Total other comprehensive (loss) income, net of tax(29,285)9,676 (21,138)3,160 
Comprehensive income 18,408 35,124 62,097 65,244 
Less: Comprehensive income attributable to noncontrolling interests (135) (356)
Comprehensive income attributable to MSA Safety Incorporated$18,408 $34,989 $62,097 $64,888 
*Prior periods have been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.

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


MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited 
(In thousands)June 30, 2022December 31, 2021
Assets
Cash and cash equivalents$134,047 $140,895 
Trade receivables, less allowance for credit loss of $6,051 and $5,789
265,290 254,187 
Inventories (Note 4)341,544 280,617 
Investments, short-term (Note 17)34,857 48,974 
Prepaid income taxes26,789 21,235 
Notes receivable, insurance companies (Note 18)3,972 3,914 
Prepaid expenses and other current assets 37,980 42,982 
Total current assets
844,479 792,804 
Property, plant and equipment, net (Note 5)203,036 207,793 
Operating lease right-of-use assets, net46,641 50,178 
Prepaid pension cost (Note 15)176,373 163,283 
Deferred tax assets (Note 10)33,724 35,257 
Goodwill (Note 13)619,449 636,858 
Intangible assets, net (Note 13)290,221 306,948 
Notes receivable, insurance companies, noncurrent (Note 18)45,161 44,626 
Insurance receivables (Note 18) and other noncurrent assets149,363 158,649 
Total assets
$2,408,447 $2,396,396 
Liabilities
Notes payable and current portion of long-term debt (Note 12)$7,433 $ 
Accounts payable111,861 106,780 
Employees’ compensation38,197 49,884 
Insurance and product liability (Note 18)58,661 55,125 
Income taxes payable (Note 10)19,058 5,366 
Accrued restructuring and other current liabilities101,048 113,451 
Total current liabilities
336,258 330,606 
Long-term debt, net (Note 12)615,778 597,651 
Pensions (Note 15) and other employee benefits181,958 189,973 
Noncurrent operating lease liabilities37,626 40,706 
Deferred tax liabilities (Note 10)31,342 33,337 
Product liability (Note 18) and other noncurrent liabilities367,415 369,735 
Total liabilities
$1,570,377 $1,562,008 
Equity
Preferred stock, 4.5% cumulative, $50 par value (Note 7)
$3,569 $3,569 
Common stock, no par value (Note 7)
267,645 260,121 
Treasury shares, at cost (Note 7)(360,914)(330,376)
Accumulated other comprehensive loss (Note 6)(170,278)(149,140)
Retained earnings1,098,048 1,050,214 
Total shareholders’ equity
838,070 834,388 
Total liabilities and shareholders’ equity
$2,408,447 $2,396,396 
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
-4-


MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
 Six Months Ended June 30,
(In thousands)20222021
Operating Activities
Net income$83,235 $62,084 
Depreciation and amortization28,087 22,088 
Stock-based compensation (Note 11)8,358 10,695 
Pension (income) expense (Note 15)(5,304)919 
Deferred income tax benefit (Note 10)(1,526)(3,415)
Loss on asset dispositions, net124 48 
Pension contributions (Note 15)(3,829)(3,845)
Currency exchange losses (gains), net1,809 (459)
Product liability expense (Note 18)5,698 14,547 
Collections on insurance receivables and notes receivable,
insurance companies (Note 18)
3,906 6,069 
Product liability payments (Note 18)(3,653)(22,574)
Changes in:
     Trade receivables(12,505)27,248 
     Inventories (Note 4)(69,726)(21,561)
Accounts payable7,106 (1,563)
Other current assets and liabilities(3,590)(6,503)
     Other noncurrent assets and liabilities1,786 136 
Cash Flow From Operating Activities39,976 83,914 
Investing Activities
Capital expenditures(19,805)(20,288)
Acquisition, net of cash acquired (Note 14) (62,992)
Purchase of short-term investments (Note 17)(54,793)(74,955)
Proceeds from maturities of short-term investments (Note 17)69,000 100,000 
Property disposals and other investing 60 
Cash Flow Used in Investing Activities(5,598)(58,175)
Financing Activities
Proceeds from long-term debt (Note 12)572,000 605,733 
Payments on long-term debt (Note 12)(535,000)(578,729)
Debt issuance costs (1,494)
Cash dividends paid(35,401)(34,067)
Company stock purchases (Note 7)(32,156)(5,511)
Exercise of stock options (Note 7)298 2,161 
Employee stock purchase plan (Note 7)486 452 
Cash Flow Used In Financing Activities(29,773)(11,455)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(10,474)(907)
(Decrease) Increase in cash, cash equivalents and restricted cash(5,869)13,377 
Beginning cash, cash equivalents and restricted cash141,438 161,034 
Ending cash, cash equivalents and restricted cash$135,569 $174,411 
Supplemental cash flow information:
Cash and cash equivalents$134,047 $174,078 
Restricted cash included in prepaid expenses and other current assets1,522 333 
Total cash, cash equivalents and restricted cash$135,569 $174,411 
*Prior period has been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
The accompanying notes are an integral part of the unaudited 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, except per share amounts)Retained
Earnings
Accumulated
Other
Comprehensive
(Loss)
Noncontrolling Interests
Balances March 31, 2021$1,122,722 $(188,948)$8,214 
Net income25,448 — — 
Foreign currency translation adjustments— 6,018 — 
Pension and post-retirement plan adjustments, net of tax of $1,139
— 3,657 — 
Unrealized net gains on available-for-sale securities (Note 17)— 1 — 
Income attributable to noncontrolling interests(262)127 135 
Common dividends ($0.44 per share)
(17,237)— — 
Preferred dividends ($0.5625 per share)
(10)— — 
Balances June 30, 2021$1,130,661 $(179,145)$8,349 
Balances March 31, 2022$1,068,464 $(140,993)$ 
Net income47,693 — — 
Foreign currency translation adjustments— (31,606)— 
Pension and post-retirement plan adjustments, net of tax of $950
— 2,330 — 
Unrealized net losses on available-for-sale securities (Note 17)— (9)— 
Common dividends ($0.46 per share)
(18,099)— — 
Preferred dividends ($0.5625 per share)
(10)— — 
Balances June 30, 2022$1,098,048 $(170,278)$ 
Balances December 31, 2020$1,103,092 $(182,397)$7,993 
Net income62,084 — — 
Foreign currency translation adjustments— (4,205)— 
Pension and post-retirement plan adjustments, net of tax of $2,223
— 7,369 — 
Unrecognized net losses on available-for-sale securities (Note 17)— (4)— 
Income attributable to noncontrolling interests(448)92 356 
Common dividends ($0.87 per share)
(34,047)— — 
Preferred dividends ($0.5625 per share)
(20)— — 
Balances June 30, 2021$1,130,661 $(179,145)$8,349 
Balances December 31, 2021$1,050,214 $(149,140)$ 
Net income83,235 — — 
Foreign currency translation adjustments— (25,714)— 
Pension and post-retirement plan adjustments, net of tax of $1,966
— 4,594 — 
Unrecognized net losses on available-for-sale securities (Note 17)— (18)— 
Common dividends ($0.90 per share)
(35,381)— — 
Preferred dividends ($0.5625 per share)
(20)— — 
Balances June 30, 2022$1,098,048 $(170,278)$ 
*Prior periods have been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K.
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
-6-


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, 2021, Balance Sheet data was derived from the audited Consolidated Balance Sheet, 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, 2021, which includes all disclosures required by U.S. GAAP.
During the fourth quarter of 2021, the Company changed its method of accounting for certain inventory in the United States from the last-in, first-out ("LIFO") method to the first-in, first-out ("FIFO") method. The FIFO method of accounting for inventory is preferable because it conforms the Company's entire inventory to a single method of accounting and improves comparability with the Company's peers. The effects of the change in accounting method from LIFO to FIFO have been retrospectively applied to all periods presented in all sections of this Quarterly Report. Refer to Note 4—Inventory of the consolidated financial statements in Part II Item 8 of our 2021 Form 10-K for further information related to the change in accounting principle.
Note 2—Cash and Cash Equivalents
Several of the Company's affiliates participate in a notional cash pooling arrangement to manage global liquidity requirements. As part of a master netting arrangement, the participants combine their cash balances in pooling accounts at the same financial institution with the ability to offset bank overdrafts of one participant against positive cash account balances held by another participant. Under the terms of the master netting arrangement, the financial institution has the right, ability and intent to offset a positive balance in one account against an overdrawn amount in another account. Amounts in each of the accounts are unencumbered and unrestricted with respect to use. As such, the net cash balance related to this pooling arrangement is included in Cash and cash equivalents in the unaudited Condensed Consolidated Balance Sheets.
The Company's net cash pool position consisted of the following:
(In thousands)June 30, 2022
Gross cash pool position$62,496 
Less: cash pool borrowings(60,062)
Net cash pool position$2,434 
Note 3—Restructuring Charges

During the three and six months ended June 30, 2022, we recorded restructuring charges of $0.1 million and $2.2 million, respectively. International segment restructuring charges of $2.1 million during the six months ended June 30, 2022, were primarily related to the implementation of our new European Shared Service Center in Warsaw, Poland. Americas segment restructuring charges of $0.3 million during the six months ended June 30, 2022, were primarily related to initiatives to optimize our manufacturing footprint.
During the three and six months ended June 30, 2021, we recorded restructuring charges of $7.1 million and $8.4 million, respectively. International segment restructuring charges of $7.6 million during the six months ended June 30, 2021, were primarily related to our ongoing initiatives to drive profitable growth and rightsize our operations. Americas segment restructuring charges of $0.8 million during the six months ended June 30, 2021, were primarily related to costs associated with our global Fixed Gas & Flame Detection manufacturing footprint optimization as well as programs to adjust our operations in response to current business conditions.
-7-


Activity and reserve balances for restructuring charges by segment were as follows:
(In millions)AmericasInternationalCorporateTotal
Reserve balances at December 31, 2020$2.8 $19.3 $0.4 $22.5 
Restructuring charges4.6 11.2 0.6 16.4 
Currency translation(0.1)(0.2) (0.3)
Cash payments / utilization (4.0)(12.9)(0.7)(17.6)
Reserve balances at December 31, 2021$3.3 $17.4 $0.3 $21.0 
Restructuring charges (releases)0.3 2.1 (0.2)2.2 
Currency translation and other adjustments0.1 (1.4) (1.3)
Cash payments(2.2)(3.8) (6.0)
Reserve balances at June 30, 2022$1.5 $14.3 $0.1 $15.9 
Restructuring reserves are included in Accrued restructuring and other current liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets.
Note 4—Inventories
The following table sets forth the components of inventory:
(In thousands)June 30, 2022December 31, 2021
Finished products$92,068 $87,657 
Work in process18,579 6,534 
Raw materials and supplies230,897 186,426 
Total inventories$341,544 $280,617 
Note 5—Property, Plant and Equipment
The following table sets forth the components of property, plant and equipment, net:
(In thousands)June 30, 2022December 31, 2021
Land$4,888 $5,131 
Buildings137,924 136,272 
Machinery and equipment448,686 435,652 
Construction in progress25,662 36,552 
Total617,160 613,607 
Less: accumulated depreciation(414,124)(405,814)
Property, plant and equipment, net$203,036 $207,793 

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Note 6—Reclassifications Out of Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss were as follows:
MSA Safety IncorporatedNoncontrolling Interests
Three Months Ended  
June 30,
Three Months Ended  
June 30,
(In thousands)2022202120222021
Pension and other post-retirement benefits (a)
Balance at beginning of period$(55,032)$(111,840)$ $ 
Amounts reclassified from accumulated other comprehensive loss into net income:
Amortization of prior service credit (Note 15)(48)(24)  
Recognized net actuarial losses (Note 15)3,328 4,820   
Tax benefit(950)(1,139)  
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income2,330 3,657   
Balance at end of period$(52,702)$(108,183)$ $ 
Available-for-sale securities
Balance at beginning of period$(14)$(6)$ $ 
Unrealized net (losses) gains on available-for-sale securities (Note 17)(9)1   
Balance at end of period$(23)$(5)$ $ 
Foreign currency translation
Balance at beginning of period$(85,947)$(77,102)$ $617 
Foreign currency translation adjustments(31,606)6,145  (127)
Balance at end of period$(117,553)$(70,957)$ $490 
(a) Reclassifications out of accumulated other comprehensive loss and into net income are included in the computation of net periodic pension and other post-retirement benefit costs (refer to Note 15—Pensions and Other Post-retirement Benefits).
-9-


MSA Safety IncorporatedNoncontrolling Interests
Six Months Ended June 30,Six Months Ended June 30,
(In thousands)2022202120222021
Pension and other post-retirement benefits (a)
Balance at beginning of period$(57,296)$(115,552)$ $ 
Amounts reclassified from accumulated other comprehensive loss into net income:
Amortization of prior service credit (Note 15)(96)(48)  
Recognized net actuarial losses (Note 15)6,656 9,640   
Tax benefit(1,966)(2,223)  
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income4,594 7,369   
Balance at end of period$(52,702)$(108,183)$ $ 
Available-for-sale securities
Balance at beginning of period$(5)$(1)$ $ 
Unrealized net losses on available-for-sale securities (Note 17)(18)(4)  
Balance at end of period$(23)$(5)$ $ 
Foreign currency translation
Balance at beginning of period$(91,839)$(66,844)$ $582 
Foreign currency translation adjustments(25,714)(4,113) (92)
Balance at end of period$(117,553)$(70,957)$ $490 
(a) Reclassifications out of accumulated other comprehensive loss and into net income are included in the computation of net periodic pension and other post-retirement benefit costs (refer to Note 15—Pensions and Other Post-retirement Benefits).
Note 7—Capital Stock
Preferred Stock - The Company has authorized 100,000 shares of $50 par value 4.5% cumulative preferred nonvoting stock which is callable at $52.50. There are 71,340 shares issued and 52,998 shares held in treasury at June 30, 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 treasury purchases of preferred stock shares during both the six months ended June 30, 2022 and 2021. The Company has also authorized 1,000,000 shares of $10 par value second cumulative preferred voting stock. No shares have been issued as of June 30, 2022.
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 December 31, 2021. No new shares were issued during the six months ended June 30, 2022, or 2021. There were 39,124,837 and 39,276,518 shares outstanding at June 30, 2022 and December 31, 2021, respectively.
Treasury Shares - The Company's share repurchase program authorizes up to $100.0 million to repurchase 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 repurchased is calculated based on the dollars remaining under the program and the respective month-end closing share price. During the six months ended June 30, 2022, 231,835 shares were repurchased under this program. During the six months ended June 30, 2021, no shares were repurchased under this program. There were 22,956,554 and 22,804,873 Treasury Shares at June 30, 2022 and December 31, 2021, respectively.
The Company issues Treasury Shares for all stock-based compensation plans. Shares are issued from Treasury at the average Treasury Share cost on the date of the transaction. There were 110,696 and 33,625 Treasury Shares issued for these purposes during the six months ended June 30, 2022 and 2021, respectively.
-10-


Common stock activity is summarized as follows:
Three Months Ended June 30, 2022Three Months Ended June 30, 2021
(In thousands)Common
Stock
Treasury
Cost
Common
Stock
Treasury
Cost
Balance at beginning of period$262,627 $(331,160)$245,887 $(329,615)
Stock compensation expense4,629  7,403  
Restricted and performance stock awards(201)201 (170)170 
Stock options exercised166 80 244 126 
Treasury shares purchased for stock compensation programs (272) (163)
Employee stock purchase program424 62 409 43 
Share repurchase program (28,225) —</