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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, 2024
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 July 19, 2024, 39,352,993 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 June 30,Six Months Ended June 30,
(In thousands, except per share values)2024202320242023
Net sales$462,463 $447,299 $875,765 $845,561 
Cost of products sold239,434 233,503 457,205 450,367 
Gross profit223,029 213,796 418,560 395,194 
Selling, general and administrative105,075 96,336 199,226 187,427 
Research and development17,070 15,992 32,988 31,224 
Restructuring charges (Note 3)1,543 3,350 4,560 5,097 
Currency exchange (gains) losses, net(603)3,110 1,730 7,285 
Loss on divestiture of MSA LLC (Note 17)— — — 129,211 
Product liability expense (Note 17)— — — 3 
Operating income99,944 95,008 180,056 34,947 
Interest expense9,664 13,175 20,403 24,651 
Other income, net(4,148)(5,650)(10,382)(9,450)
Total other expense, net5,516 7,525 10,021 15,201 
Income before income taxes94,428 87,483 170,035 19,746 
Provision for income taxes (Note 10)22,194 20,393 39,662 102,829 
Net income (loss)$72,234 $67,090 $130,373 $(83,083)
Earnings (loss) per share attributable to common shareholders (Note 9):
Basic$1.83 $1.71 $3.31 $(2.12)
Diluted$1.83 $1.70 $3.30 $(2.12)
Dividends per common share$0.51 $0.47 $0.98 $0.93 

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 June 30,Six Months Ended June 30,
(In thousands)2024202320242023
Net income (loss)$72,234 $67,090 $130,373 $(83,083)
Other comprehensive (loss) gain, net of tax:
Foreign currency translation adjustments (Note 6)(8,822)5,039 (19,495)16,233 
Pension and post-retirement plan adjustments, net of tax (Note 6)2,022 115 2,396 554 
Unrealized gain on available-for-sale securities (Note 6)— — — 2 
Reclassification of currency translation from accumulated other comprehensive loss into net income (Note 6)(1,200)— (1,200)— 
Total other comprehensive (loss) gain, net of tax(8,000)5,154 (18,299)16,789 
Comprehensive income (loss)$64,234 $72,244 $112,074 $(66,294)

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)June 30, 2024December 31, 2023
Assets
Cash and cash equivalents$146,830 $146,442 
Trade receivables, less allowance for credit loss of $7,692 and $7,065
299,053 294,678 
Inventories (Note 4)320,899 292,604 
Prepaid income taxes39,772 12,912 
Prepaid expenses and other current assets 54,891 39,634 
Total current assets
861,445 786,270 
Property, plant and equipment, net (Note 5)213,159 211,877 
Operating lease right-of-use assets, net56,058 53,298 
Prepaid pension cost (Note 14)180,182 172,161 
Deferred tax assets (Note 10)33,712 33,065 
Goodwill (Note 13)624,637 627,534 
Intangible assets, net (Note 13)256,328 266,134 
Other noncurrent assets18,050 19,811 
Total assets
$2,243,571 $2,170,150 
Liabilities
Notes payable and current portion of long-term debt (Note 12)$26,472 $26,522 
Accounts payable131,774 111,872 
Employees’ compensation42,377 73,386 
Income taxes payable (Note 10)41,105 19,972 
Other current liabilities110,023 101,066 
Total current liabilities
351,751 332,818 
Long-term debt, net (Note 12)561,771 575,170 
Pensions and other employee benefits (Note 14) 141,262 143,967 
Noncurrent operating lease liabilities46,418 44,495 
Deferred tax liabilities (Note 10)102,334 102,419 
Other noncurrent liabilities6,388 4,479 
Total liabilities
$1,209,924 $1,203,348 
Equity
Preferred stock, 4.5% cumulative, $50 par value (Note 7)
$3,569 $3,569 
Common stock, no par value (Note 7)
320,556 312,324 
Treasury shares, at cost (Note 7)(378,156)(363,284)
Accumulated other comprehensive loss (Note 6)(147,548)(129,249)
Retained earnings1,235,226 1,143,442 
Total shareholders’ equity
1,033,647 966,802 
Total liabilities and shareholders’ equity
$2,243,571 $2,170,150 
    

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
 Six Months Ended June 30,
(In thousands)20242023
Operating Activities
Net income (loss)$130,373 $(83,083)
Depreciation and amortization31,605 29,461 
Tax-effected loss on divestiture of MSA LLC (Note 17)— 199,578 
Stock-based compensation (Note 11)9,229 13,029 
Pension income (Note 14)(3,108)(4,040)
Deferred income tax benefit (Note 10)(2,226)(393)
Loss (gain) on asset dispositions, net752 (713)
Pension contributions (Note 14)(2,632)(4,092)
Currency exchange losses, net1,730 7,285 
Product liability expense (Note 17)— 3 
Product liability payments (Note 17)— (5,250)
Contribution on divestiture of MSA LLC (Note 17)— (341,186)
Changes in:
Trade receivables(15,798)(10,410)
Inventories (Note 4)(32,798)5,896 
Accounts payable20,980 (6,756)
Other current assets and liabilities(35,109)5,943 
Other noncurrent assets and liabilities1,190 3,887 
Cash Flow From (Used in) Operating Activities104,188 (190,841)
Investing Activities
Capital expenditures(25,560)(18,322)
Property disposals and other investing74 2,674 
Cash Flow Used in Investing Activities(25,486)(15,648)
Financing Activities
Proceeds from long-term debt (Note 12)598,000 1,108,000 
Payments on long-term debt (Note 12)(611,260)(871,102)
Debt issuance costs— (963)
Cash dividends paid(38,589)(36,514)
Company stock purchases (Note 7)(16,829)(3,871)
Exercise of stock options (Note 7)326 542 
Employee stock purchase plan (Note 7)634 497 
Cash Flow (Used in) From Financing Activities(67,718)196,589 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(10,557)(5,651)
Increase (decrease) in cash, cash equivalents and restricted cash427 (15,551)
Beginning cash, cash equivalents and restricted cash148,408 164,428 
Ending cash, cash equivalents and restricted cash$148,835 $148,877 
Supplemental cash flow information:
Cash and cash equivalents$146,830 $146,897 
Restricted cash included in prepaid expenses and other current assets2,005 1,980 
Total cash, cash equivalents and restricted cash$148,835 $148,877 

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 March 31, 2023$990,129 $(147,082)
Net income67,090 — 
Foreign currency translation adjustments— 5,039 
Pension and post-retirement plan adjustments, net of tax benefit of $46
— 115 
Common dividends ($0.47 per share)
(18,459)— 
Preferred dividends ($0.5625 per share)
(10)— 
Balances June 30, 2023$1,038,750 $(141,928)
Balances March 31, 2024$1,183,091 $(139,548)
Net income72,234 — 
Foreign currency translation adjustments— (8,822)
Pension and post-retirement plan adjustments, net of tax benefit of $240
— 2,022 
Reclassification from accumulated other comprehensive loss into net income (Note 6)— (1,200)
Common dividends ($0.51 per share)
(20,089)— 
Preferred dividends ($0.5625 per share)
(10)— 
Balances June 30, 2024$1,235,226 $(147,548)
Balances December 31, 2022$1,158,347 $(158,717)
Net loss(83,083)— 
Foreign currency translation adjustments— 16,233 
Pension and post-retirement plan adjustments, net of tax expense of $232
— 554 
Unrecognized net gains on available-for-sale securities (Note 16)— 2 
Common dividends ($0.93 per share)
(36,494)— 
Preferred dividends ($1.125 per share)
(20)— 
Balances June 30, 2023$1,038,750 $(141,928)
Balances December 31, 2023$1,143,442 $(129,249)
Net income130,373 — 
Foreign currency translation adjustments— (19,495)
Pension and post-retirement plan adjustments, net of tax benefit of $254
— 2,396 
Reclassification from accumulated other comprehensive loss into net income (Note 6)— (1,200)
Common dividends ($0.98 per share)
(38,569)— 
Preferred dividends ($1.125 per share)
(20)— 
Balances June 30, 2024$1,235,226 $(147,548)
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, 2023, Balance Sheet data was derived from the audited Consolidated Balance Sheets, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("U.S. GAAP"). This Form 10-Q report should be read in conjunction with MSA's Form 10-K for the year ended December 31, 2023, which includes all disclosures required by U.S. GAAP.
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)June 30, 2024
Gross cash pool position$96,109 
Less: cash pool borrowings(91,690)
Net cash pool position$4,419 
Note 3—Restructuring Charges
During the three and six months ended June 30, 2024, we recorded restructuring charges of $1.5 million and $4.6 million, respectively. Americas segment restructuring charges of $0.8 million during the six months ended June 30, 2024, were related to manufacturing footprint optimization activities. International segment restructuring charges of $2.9 million during the six months ended June 30, 2024, were related to ongoing initiatives to optimize our manufacturing footprint and improve productivity as well as management restructuring. Corporate segment restructuring charges of $0.9 million during the six months ended June 30, 2024, were related to management restructuring.
During the three and six months ended June 30, 2023, we recorded restructuring charges of $3.4 million and $5.1 million, respectively. Americas segment restructuring charges of $2.2 million during the six months ended June 30, 2023, were related to manufacturing footprint optimization activities. International segment restructuring charges of $1.5 million during the six months ended June 30, 2023, were related to ongoing initiatives to drive profitable growth and rightsize our operations including the expansion of our European Shared Service Center in Warsaw, Poland.
-8-
Restructuring reserves are included in Other current liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets. Activity and reserve balances for restructuring by segment were as follows:
(In millions)AmericasInternationalCorporateTotal
Reserve balances at December 31, 2022$1.7 $12.8 $0.5 $15.0 
Restructuring charges3.1 4.7 2.1 9.9 
Currency translation(0.1)0.1 — — 
Cash payments / utilization (3.9)(8.6)(2.6)(15.1)
Reserve balances at December 31, 2023$0.8 $9.0 $— $9.8 
Restructuring charges0.8 2.9 0.9 4.6 
Currency translation(0.1)(0.2)— (0.3)
Cash payments(1.2)(5.5)(0.9)(7.6)
Reserve balances at June 30, 2024$0.3 $6.2 $— $6.5 
Note 4—Inventories
The following table sets forth the components of inventory:
(In thousands)June 30, 2024December 31, 2023
Finished products$104,057 $88,687 
Work in process18,704 15,378 
Raw materials and supplies198,138 188,539 
Total inventories$320,899 $292,604 
Note 5—Property, Plant and Equipment
The following table sets forth the components of property, plant and equipment, net:
(In thousands)June 30, 2024December 31, 2023
Land$4,292 $4,332 
Buildings142,335 141,027 
Machinery and equipment496,349 498,148 
Construction in progress26,334 24,404 
Total669,310 667,911 
Less: accumulated depreciation(456,151)(456,034)
Property, plant and equipment, net$213,159 $211,877 

-9-
Note 6—Reclassifications Out of Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss were as follows:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2024202320242023
Pension and other post-retirement benefits (a)
Balance at beginning of period$(42,278)$(49,896)$(42,652)$(50,335)
Amounts reclassified from accumulated other comprehensive loss into net income (loss):
Amortization of prior service credit (Note 14)(9)(24)(18)(48)
Recognized net actuarial losses (Note 14)2,271 185 2,668 370 
Tax (benefit) expense(240)(46)(254)232 
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income (loss)2,022 115 2,396 554 
Balance at end of period$(40,256)$(49,781)$(40,256)$(49,781)
Available-for-sale securities
Balance at beginning of period$— $— $— $(2)
Unrealized net gains on available-for-sale securities (Note 16)— — — 2 
Balance at end of period$— $— $— $— 
Foreign currency translation
Balance at beginning of period$(97,270)$(97,186)$(86,597)$(108,380)
Reclassification from accumulated other comprehensive loss into net income (loss)(b)
(1,200)— (1,200)— 
Foreign currency translation adjustments(8,822)5,039 (19,495)16,233 
Balance at end of period$(107,292)$(92,147)$(107,292)$(92,147)
(a) Amounts reclassified from accumulated other comprehensive loss into net income (loss) are included in the computation of net periodic pension and other post-retirement benefit costs (refer to Note 14—Pensions and Other Post-retirement Benefits).
(b) Reclassification from accumulated other comprehensive loss into net income (loss) relates primarily to the recognition of non-cash net cumulative translation gains associated with certain foreign subsidiaries. The reclassifications are included in Currency exchange (gains) losses, net, within the unaudited Condensed Consolidated Statements of Income.

-10-
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 June 30, 2024 and December 31, 2023. The Treasury shares at cost line in the unaudited Condensed Consolidated Balance Sheets includes $1.8 million related to preferred stock. There were no shares of preferred stock purchased and subsequently held in treasury during the six months ended June 30, 2024 or 2023. The Company has also authorized 1,000,000 shares of $10 par value second cumulative preferred voting stock. No shares have been issued as of June 30, 2024, or December 31, 2023.
Common Stock - The Company has authorized 180,000,000 shares of no par value common stock. There were 62,081,391 shares issued as of June 30, 2024 and December 31, 2023. No new shares were issued during the six months ended June 30, 2024 or 2023. There were 39,349,528 and 39,317,212 shares outstanding at June 30, 2024 and December 31, 2023, respectively.
Treasury Shares - The Company has a stock repurchase program that authorizes up to $200.0 million to repurchase MSA common stock in the open market and in private transactions. The stock repurchase program has no expiration date. The maximum number of shares that may be repurchased is calculated based on the dollars remaining under the program and the respective month-end closing share price. During the six months ended June 30, 2024, and 2023, the Company repurchased 52,561 and no shares, respectively, under this program. There were 22,731,863 and 22,764,179 treasury shares at June 30, 2024 and December 31, 2023, respectively.
The Company issues treasury shares for all stock-based benefit plans. Shares are issued from treasury at the average treasury share cost on the date of the transaction. There were 121,790 and 105,894 Treasury shares issued for these purposes during the six months ended June 30, 2024 and 2023, respectively.
Common stock activity is summarized as follows:
Three Months Ended June 30, 2024Three Months Ended June 30, 2023
(In thousands)Common
Stock
Treasury
Cost(a)
Common
Stock
Treasury
Cost(a)
Balance at beginning of period$315,241 $(365,999)$287,009 $(362,280)
Stock compensation expense5,042 — 6,759 — 
Restricted and performance stock awards(348)348 (190)190 
Stock options exercised47 27 354 184 
Treasury shares purchased for stock compensation programs— (992)— (184)
Employee stock purchase program574 60 432 65 
Share repurchase program— (10,000)— — 
Balance at end of period$320,556 $(376,556)$294,364 $(362,025)
(a)Excludes treasury cost related to preferred stock.
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
(In thousands)Common
Stock
Treasury
Cost(a)
Common
Stock
Treasury
Cost(a)
Balance at beginning of period$312,324 $(361,684)$281,980 $(359,838)
Stock compensation expense9,229 — 13,029 — 
Restricted and performance stock awards(1,783)1,783 (1,434)1,434 
Stock options exercised212 114 357 185 
Treasury shares purchased for stock compensation programs— (6,829)— (3,871)
Employee stock purchase program574 60 432 65 
Share repurchase program— (10,000)— — 
Balance at end of period$320,556 $(376,556)$294,364 $(362,025)
(a)Excludes treasury cost related to preferred stock.
-11-
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"), net cost for product related legal matter, 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 June 30, 2024
Net sales to external customers$314,711 $147,752 $— $462,463 
Operating income99,944 
Restructuring charges (Note 3)1,543 
Currency exchange gains, net(603)
Net cost for product related legal matter5,000 
Amortization of acquisition-related intangible assets2,306 
Adjusted operating income (loss)98,468 24,285 (14,563)108,190 
Adjusted operating margin %31.3 %16.4 %
Depreciation and amortization13,741 
Adjusted EBITDA108,230 28,052 (14,351)121,931 
Adjusted EBITDA margin %34.4 %19.0 %
Three Months Ended June 30, 2023
Net sales to external customers$308,378 $138,921 $— $447,299 
Operating income95,008 
Restructuring charges (Note 3)3,350 
Currency exchange losses, net3,110 
Amortization of acquisition-related intangible assets2,315 
Adjusted operating income (loss)94,816 21,743 (12,776)103,783 
Adjusted operating margin %30.7 %15.7 %
Depreciation and amortization12,574 
Adjusted EBITDA103,977 24,949 (12,569)116,357 
Adjusted EBITDA margin %33.7 %18.0 %
-12-
(In thousands, except percentages)AmericasInternationalCorporateConsolidated
Totals
Six Months Ended June 30, 2024
Net sales to external customers$610,249 $265,516 $— $875,765 
Operating income180,056 
Restructuring charges (Note 3)4,560 
Currency exchange losses, net1,730 
Net cost for product related legal matter5,000 
Amortization of acquisition-related intangible assets4,620 
Transaction costs(a)
234 
Adjusted operating income (loss)184,688 37,770 (26,258)196,200 
Adjusted operating margin %30.3 %14.2 %
Depreciation and amortization26,985 
Adjusted EBITDA203,923 45,097 (25,835)223,185 
Adjusted EBITDA margin %33.4 %17.0 %
Six Months Ended June 30, 2023
Net sales to external customers$588,645 $256,916 $— $845,561 
Operating income34,947 
Restructuring charges (Note 3)5,097 
Currency exchange losses, net7,285 
Loss on divestiture of MSA LLC (Note 17)129,211 
Product liability expense (Note 17)3 
Amortization of acquisition-related intangible assets4,620 
Adjusted operating income (loss)166,510 37,522 (22,869)181,163 
Adjusted operating margin %28.3 %14.6 %
Depreciation and amortization24,841 
Adjusted EBITDA184,471 44,007 (22,474)206,004 
Adjusted EBITDA margin %31.3 %17.1 %
(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 June 30, 2024ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$172,269 37%$118,487 38%$53,782 37%
Detection (b)
170,848 37%111,405 35%59,443 40%
Industrial PPE and Other (c)
119,346 26%84,819 27%34,527 23%
Total$462,463 100%$314,711 100%$147,752 100%
Three Months Ended June 30, 2023ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$166,490 37%$121,157 39%$45,333 33%
Detection (b)
158,242 35%104,374 34%53,868 39%
Industrial PPE and Other (c)
122,567 28%82,847 27%39,720 28%
Total$447,299 100%$308,378 100%$138,921 100%
Six Months Ended June 30, 2024ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$335,962 39%$240,738 39%$95,224 36%
Detection (b)
310,064 35%207,700 34%102,364 38%
Industrial PPE and Other (c)
229,739 26%161,811 27%67,928 26%
Total$875,765 100%$610,249 100%$265,516 100%
Six Months Ended June 30, 2023ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$305,878 36%$223,213 38%$82,665 32%
Detection (b)
304,843 36%203,685 35%101,158 39%
Industrial PPE and Other (c)
234,840 28%161,747 27%73,093 29%
Total$845,561 100%$588,645 100%$256,916 100%
(a) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.
(b) Detection includes Fixed Gas and Flame Detection and Portable Gas detection.
(c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.

-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 June 30,Six Months Ended June 30,
(In thousands, except per share values)2024202320242023
Net income (loss)$72,234 $67,090 $130,373 $(83,083)
Preferred stock dividends(10)(10)(20)(20)
Net income (loss) attributable to common equity72,224 67,080 130,353 (83,103)
Dividends and undistributed earnings allocated to participating securities(6)(8)(13)(8)
Net income (loss) attributable to common shareholders72,218 67,072 130,340 (83,111)
Basic weighted-average shares outstanding39,389 39,274 39,375 39,249 
Stock-based compensation awards (a)
152 135 174 — 
Diluted weighted-average shares outstanding39,541 39,409 39,549 39,249 
Antidilutive shares— — — 158 
Earnings (loss) per share:
Basic$1.83 $1.71 $3.31 $(2.12)
Diluted$1.83 $1.70 $3.30 $(2.12)
(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.
Note 10—Income Taxes
The Company's effective tax rate for the three months ended June 30, 2024, was 23.5%, which differs from the United States of America ("U.S.") federal statutory rate of 21% primarily due to state income taxes. The Company's effective tax rate for the three months ended June 30, 2023, was 23.3%, which differs from the U.S. federal statutory rate of 21% primarily due to state income taxes.
The Company's effective tax rate for the six months ended June 30, 2024, was 23.3%, which differs from the United States of America ("U.S.") federal statutory rate of 21% primarily due to state income taxes and nondeductible compensation. The Company's effective tax rate for the six months ended June 30, 2023, was 520.8%, which differs from the U.S. federal statutory rate of 21% primarily due to the divestiture of MSA LLC and the non-deductible loss recorded on the derecognition of the product liability reserves and related assets. Refer to Note 17—Commitments and Contingencies to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q for further information on this transaction.
At June 30, 2024, the Company had a gross liability for unrecognized tax benefits of $7.3 million. The Company has recognized tax benefits associated with these liabilities of $0.6 million at June 30, 2024. The gross liability includes amounts associated with foreign tax exposure in prior periods.

The Company recognizes interest and penalties related to unrecognized tax benefits in interest expense and operating expenses, respectively. The Company's liability for accrued interest related to uncertain tax positions was $0.2 million at June 30, 2024.
We are subject to regular review and audit by both foreign and domestic tax authorities. While we believe our tax positions will be sustained, the final outcome of tax audits and related litigation may differ materially from the tax amounts recorded in our unaudited condensed consolidated financial statements.
-15-
Note 11—Stock Plans
The 2023 Management Equity Incentive Plan provides for various forms of stock-based compensation for eligible employees through May 2033 including stock options, restricted stock awards, restricted stock units and performance stock units. The 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 June 30,Six Months Ended June 30,
(In thousands)2024202320242023
Stock compensation expense$5,042 $6,759 $9,229 $13,029 
Income tax benefit1,235 1,656 2,261 3,192 
Stock compensation expense, net of tax$3,807 $5,103 $6,968 $9,837 
We have not capitalized any stock-based compensation expense.
A summary of stock option activity for the six months ended June 30, 2024, is as follows:
SharesWeighted Average
Exercise Price
Outstanding at January 1, 202426,536 $45.95 
Exercised(7,070)46.13 
Forfeited(852)48.65 
Outstanding and exercisable at June 30, 202418,614 $45.76 
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 six months ended June 30, 2024, is as follows:
SharesWeighted Average
Grant Date
Fair Value
Unvested at January 1, 2024173,851 $142.73 
Granted81,658 178.52 
Vested(43,946)165.12 
Forfeited(21,904)166.54 
Unvested at June 30, 2024189,659 $150.08 
Performance stock units that have a market condition modifier are valued at an estimated fair value using a Monte Carlo model. The final number of shares to be issued for performance stock units granted in the first quarter of 2024 may range from 0% to 200% of the target award based on achieving the specified performance targets over the performance period plus an additional modifier based on total shareholder return ("TSR") over the performance period. The following weighted average assumptions were used in estimating the fair value of the performance stock units granted in the first quarter of 2024.
Fair value per unit$181.31
Risk-free interest rate4.34%
Expected dividend yield1.19%
Expected volatility25.9%
MSA stock beta0.728
The risk-free interest rate is based on the U.S. Treasury Constant Maturity rates as of the grant date converted into an implied spot rate yield curve. Expected dividend yield is based on the most recent annualized dividend divided by the one year average closing share price. Expected volatility is based on the three year historical volatility preceding the grant date using daily stock prices. Expected life is based on historical stock option exercise data.
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A summary of performance stock unit activity for the six months ended June 30, 2024, is as follows:
SharesWeighted Average
Grant Date
Fair Value
Unvested at January 1, 2024189,221 $146.17 
Granted40,231 177.30 
Performance adjustments(a)
21,143 193.10 
Vested(78,199)174.03 
Forfeited(5,895)158.69 
Unvested at June 30, 2024166,501 $146.13 
(a)Performance adjustments relate primarily to the final number of shares issued for the 2021 performance unit awards which vested in the first quarter of 2024 at 174% of the target award based on both cumulative performance against EBITDA margin and revenue growth targets and MSA's TSR during the three-year performance period.
Note 12—Long-Term Debt
(In thousands)June 30, 2024December 31, 2023
2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs
$53,966 $62,081 
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs
99,743 99,733 
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs
99,743 99,733 
2023 Term Loan credit agreement maturing in 2026, net of debt issuance costs218,238 230,604 
2023 Senior Notes payable through 2028, 5.25%, net of debt issuance costs
49,946 49,939 
Senior revolving credit facility maturing in 2026, net of debt issuance costs66,607 59,602 
Total588,243 601,692 
Amounts due within one year26,472 26,522 
Long-term debt, net of debt issuance costs$561,771 $575,170 
On May 24, 2021, the Company entered into a Fourth Amended and Restated Credit Agreement (the “Revolving Credit Facility" or "Facility”) that extended its term through May 24, 2026 and increased the capacity to $900.0 million. The agreement was amended in August 2021 and June 2023 to transition from Sterling LIBOR reference rates and U.S. LIBOR reference rates. Under the amended agreement, the Company may elect either a Base rate of interest (“BASE”) or an interest rate based on Secured Overnight Financing Rate (“SOFR”). The BASE is a daily fluctuating per annum rate equal to the highest of (i) 0.00%, (ii) the Overnight Bank Funding Rate, plus 0.5%, (iii) the Prime Rate (iv) the Daily Simple SOFR rate, plus 1.00%. The Company pays a credit spread of 0 to 175 basis points based on the Company’s net EBITDA leverage ratio and elected rate (BASE or SOFR). The Company has a weighted average revolver interest rate of 6.23% as of June 30, 2024. At June 30, 2024, $831.4 million of the existing $900.0 million Revolving Credit Facility was unused, including letters of credit issued under the Facility. The Facility also provides an accordion feature that allows the Company to access an additional $400.0 million of capacity pending approval by MSA’s board of directors and from the bank group.
On July 1, 2024, the Company entered into Amendment No. 3 to the Third Amended and Restated Multi-Currency Note Purchase and Private Shelf Agreement (the “Prudential Note Agreement”) with PGIM, Inc. (“Prudential”). The Prudential Note Agreement provided for (i) the issuance of $100.0 million of 2.69% Series C Senior Notes due July 1, 2036 and (ii) the establishment of an uncommitted note issuance facility whereby the Company may request, subject to Prudential’s acceptance in its sole discretion, the issuance of up to $335.0 million aggregate principal amount of senior unsecured notes. As of June 30, 2024, the Company has outstanding £42.7 million (approximately $54.1 million at June 30, 2024) of 3.4% Series B Senior Notes due January 22, 2031. Remaining maturities of this note are £6.1 million (approximately $7.7 million at June 30, 2024) due annually through January 2031.
On July 1, 2024, the Company entered into Amendment No. 3 to the Second Amended and Restated Master Note Facility (the “NYL Note Facility”) with NYL Investors. The NYL Note Facility provided for (i) the issuance of $100.0 million of 2.69% Series A Senior Notes due July 1, 2036, and (ii) the establishment of an uncommitted note issuance facility whereby the Company may request, subject to NYL Investors’ acceptance in its sole discretion, the issuance of up to $200.0 million aggregate principal amount of senior unsecured notes.
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On June 29, 2023, the Company issued $50 million of 5.25% Series B Senior Notes due July 1, 2028, pursuant to the NYL Note Facility (the "Notes"). The Notes bear interest at 5.25% per annum, payable semi-annually, and mature on July 1, 2028. The Notes provide for a principal payment of $25 million on July 1, 2027, with the remaining $25 million due on July 1, 2028. The Notes may be redeemed at the Company’s option prior to their maturity at a make-whole redemption price calculated as provided in the NYL Note Facility. The proceeds of the Notes were used on June 29, 2023, to pay down an equivalent amount of borrowings under the Company’s Revolving Credit Facility with PNC Bank, National Association, as Administrative Agent.
On January 5, 2023, the Company entered into a new $250 million term loan facility to fund the divestiture of MSA LLC, a wholly owned subsidiary. Under the agreement, the Company may elect either BASE or an interest rate based on SOFR. The Company pays a credit spread of 0 to 200 basis points based on the Company's net EBITDA leverage ratio and elected rate. The Company had a Term Loan interest rate of 6.43% as of June 30, 2024.
The Revolving Credit Facility, Prudential Note Agreement and NYL Note Facility require the Company to comply with specified financial covenants, including a requirement to maintain a minimum fixed charges coverage ratio of not less than 1.50 to 1.00 and a consolidated leverage ratio not to exceed 3.50 to 1.00; except during an acquisition period, defined as four consecutive fiscal quarters beginning with the quarter of acquisition, in which case the consolidated net leverage ratio shall not exceed 4.00 to 1.00; in each case calculated on the basis of the trailing four fiscal quarters. In addition, the agreements contain negative covenants limiting the ability of the Company and its subsidiaries to incur additional indebtedness or issue guarantees, create or incur liens, make loans and investments, make acquisitions, transfer or sell assets, enter into transactions with affiliated parties, make changes in its organizational documents that are materially adverse to lenders or modify the nature of the Company's or its subsidiaries' business. All credit facilities exclude MSA LLC prior to the divestiture of this subsidiary on January 5, 2023, as discussed further in Note 17—Commitments and Contingencies to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q for further information on this transaction.
As of June 30, 2024, the Company was in full compliance with the restrictive covenants under its various credit agreements.
The Company had outstanding bank guarantees and standby letters of credit with banks as of June 30, 2024, totaling $10.2 million, of which $1.1 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 June 30, 2024, the Company has $2.0 million of restricted cash in support of these arrangements.
Note 13—Goodwill and Intangible Assets, Net
Changes in goodwill during the six months ended June 30, 2024, were as follows:
(In thousands)Goodwill
Balance at January 1, 2024$627,534 
Currency translation(2,897)
Balance at June 30, 2024$624,637 
At June 30, 2024, goodwill of $447.6 million and $177.0 million related to the Americas and International reportable segments, respectively.
Changes in intangible assets, net, during the six months ended June 30, 2024, were as follows:
(In thousands)Intangible Assets
Net balance at January 1, 2024$266,134 
Amortization expense(8,967)
Currency translation(839)
Net balance at June 30, 2024$256,328 
At June 30, 2024, 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)2024202320242023
Three Months Ended June 30,
Service cost$2,315 $1,884 $44 $53 
Interest cost5,970 5,918 248 273 
Expected return on plan assets(10,812)(9,906)— — 
Amortization of prior service cost (credit)37 37 (46)(61)
Recognized net actuarial losses282 47 115 138 
Settlements1,308 — — — 
Net periodic benefit (income) cost (a)
$(900)$(2,020)$361 $403 
Six Months Ended June 30,
Service cost$4,630 $3,768 $88 $106 
Interest cost11,940 11,836 496 546 
Expected return on plan assets(21,624)(19,812)— — 
Amortization of prior service cost (credit)74 74 (92)(122)