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

Commission File No. 1-15579
 msa-20220930_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 October 21, 2022, 39,198,350 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 September 30,Nine Months Ended September 30,
(In thousands, except per share amounts)2022202120222021
Net sales$381,694 $340,197 $1,084,699 $989,915 
Cost of products sold212,299 190,758 608,120 552,693 
Gross profit169,395 149,439 476,579 437,222 
Selling, general and administrative82,753 87,450 247,378 246,339 
Research and development14,416 14,946 43,017 42,149 
Restructuring charges (Note 3)899 3,853 3,146 12,239 
Currency exchange losses (gains), net2,979 100 4,788 (359)
Product liability expense (Note 18)4,035 10,688 9,733 25,235 
Operating income64,313 32,402 168,517 111,619 
Interest expense5,962 3,764 14,158 7,847 
Other income, net(2,359)(2,266)(15,121)(8,773)
Total other expense (income), net3,603 1,498 (963)(926)
Income before income taxes60,710 30,904 169,480 112,545 
Provision for income taxes (Note 10)15,804 9,724 41,339 29,281 
Net income44,906 21,180 128,141 83,264 
Net income attributable to noncontrolling interests   (448)
Net income attributable to MSA Safety Incorporated$44,906 $21,180 $128,141 $82,816 
Earnings per share attributable to MSA Safety Incorporated common shareholders (Note 9):
       Basic$1.15 $0.54 $3.26 $2.11 
Diluted$1.14 $0.54 $3.25 $2.10 
Dividends per common share$0.46 $0.44 $1.36 $1.31 
*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 September 30,Nine Months Ended September 30,
(In thousands)2022202120222021
Net income$44,906 $21,180 $128,141 $83,264 
Other comprehensive loss, net of tax:
Foreign currency translation adjustments (Note 6)(32,361)(13,868)(58,075)(18,073)
Pension and post-retirement plan actuarial gains, net of tax (Note 6)2,299 3,701 6,893 11,070 
Unrealized gains (losses) on available-for-sale securities (Note 6)13 (11)(5)(15)
Reclassifications of currency translation from accumulated other comprehensive (loss) into net income (Note 6)2,912  2,912  
Total other comprehensive loss, net of tax(27,137)(10,178)(48,275)(7,018)
Comprehensive income 17,769 11,002 79,866 76,246 
Less: Comprehensive income attributable to noncontrolling interests   (356)
Comprehensive income attributable to MSA Safety Incorporated$17,769 $11,002 $79,866 $75,890 
*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)September 30, 2022December 31, 2021
Assets
Cash and cash equivalents$159,613 $140,895 
Trade receivables, less allowance for credit loss of $6,460 and $5,789
249,298 254,187 
Inventories (Note 4)349,664 280,617 
Investments, short-term (Note 17)24,930 48,974 
Prepaid income taxes30,286 21,235 
Notes receivable, insurance companies (Note 18)5,901 3,914 
Prepaid expenses and other current assets 42,408 42,982 
Total current assets
862,100 792,804 
Property, plant and equipment, net (Note 5)199,530 207,793 
Operating lease right-of-use assets, net43,924 50,178 
Prepaid pension cost (Note 15)182,794 163,283 
Deferred tax assets (Note 10)32,039 35,257 
Goodwill (Note 13)607,161 636,858 
Intangible assets, net (Note 13)281,461 306,948 
Notes receivable, insurance companies (Note 18)38,428 44,626 
Insurance receivables (Note 18) and other noncurrent assets139,852 158,649 
Total assets
$2,387,289 $2,396,396 
Liabilities
Notes payable and current portion of long-term debt (Note 12)$6,820 $ 
Accounts payable104,972 106,780 
Employees’ compensation47,499 49,884 
Insurance and product liability (Note 18)67,716 55,125 
Income taxes payable (Note 10)22,555 5,366 
Accrued restructuring and other current liabilities99,576 113,451 
Total current liabilities
349,138 330,606 
Long-term debt, net (Note 12)597,844 597,651 
Pensions (Note 15) and other employee benefits173,654 189,973 
Noncurrent operating lease liabilities35,412 40,706 
Deferred tax liabilities (Note 10)30,409 33,337 
Product liability (Note 18) and other noncurrent liabilities358,417 369,735 
Total liabilities
$1,544,874 $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)
273,010 260,121 
Treasury shares, at cost (Note 7)(361,657)(330,376)
Accumulated other comprehensive loss (Note 6)(197,415)(149,140)
Retained earnings1,124,908 1,050,214 
Total shareholders’ equity
842,415 834,388 
Total liabilities and shareholders’ equity
$2,387,289 $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
 Nine Months Ended September 30,
(In thousands)20222021
Operating Activities
Net income$128,141 $83,264 
Depreciation and amortization41,883 36,270 
Stock-based compensation (Note 11)11,325 13,562 
Pension (income) expense (Note 15)(7,956)2,079 
Deferred income tax benefit (Note 10)(2,451)(5,548)
Loss on asset write-down and dispositions, net4,776 423 
Pension contributions (Note 15)(5,743)(5,768)
Currency exchange losses (gains), net4,788 (359)
Product liability expense (Note 18)9,733 25,235 
Collections on insurance receivables and notes receivable,
insurance companies (Note 18)
9,510 15,437 
Product liability payments (Note 18)(9,076)(32,499)
Changes in:
     Trade receivables1,958 40,167 
     Inventories (Note 4)(86,599)(36,336)
Accounts payable2,629 (855)
Other current assets and liabilities270 (2,410)
     Other noncurrent assets and liabilities715 (2,519)
Cash Flow From Operating Activities103,903 130,143 
Investing Activities
Capital expenditures(28,753)(30,963)
Proceeds from maturities of short-term investments (Note 17)94,000 135,000 
Purchase of short-term investments (Note 17)(69,680)(108,938)
Property disposals and other investing38 (5,249)
Acquisitions, net of cash acquired (Note 14) (392,437)
Cash Flow Used in Investing Activities(4,395)(402,587)
Financing Activities
Proceeds from long-term debt (Note 12)798,000 1,341,734 
Payments on long-term debt (Note 12)(771,000)(1,032,875)
Cash dividends paid(53,447)(51,322)
Company stock purchases (Note 7)(34,365)(6,137)
Exercise of stock options (Note 7)4,163 2,671 
Employee stock purchase plan (Note 7)486 452 
Acquisition of noncontrolling interest in consolidated subsidiaries
 (13,381)
Distributions to noncontrolling interests (5,632)
Debt issuance costs (2,080)
Cash Flow (Used In) From Financing Activities(56,163)233,430 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(23,498)(4,177)
Increase (Decrease) in cash, cash equivalents and restricted cash19,847 (43,191)
Beginning cash, cash equivalents and restricted cash141,438 161,034 
Ending cash, cash equivalents and restricted cash$161,285 $117,843 
Supplemental cash flow information:
Cash and cash equivalents$159,613 $117,302 
Restricted cash included in prepaid expenses and other current assets1,672 541 
Total cash, cash equivalents and restricted cash$161,285 $117,843 
*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 June 30, 2021$1,130,661 $(179,145)$8,349 
Net income21,180 — — 
Foreign currency translation adjustments— (13,868)— 
Pension and post-retirement plan adjustments, net of tax of $1,095
— 3,701 — 
Unrealized net losses on available-for-sale securities (Note 17)— (11)— 
Acquisition of noncontrolling interest in consolidated subsidiaries— — (8,349)
Distributions to noncontrolling interests(5,632)— — 
Common dividends ($0.44 per share)
(17,245)— — 
Preferred dividends ($0.5625 per share)
(10)— — 
Balances September 30, 2021$1,128,954 $(189,323)$ 
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 of $981
— 2,299 — 
Unrealized net gains on available-for-sale securities (Note 17)— 13 — 
Reclassifications of currency translation from accumulated other comprehensive (loss) into net income (Note 6)— 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 December 31, 2020$1,103,092 $(182,397)$7,993 
Net income83,264 — — 
Foreign currency translation adjustments— (18,073)— 
Pension and post-retirement plan adjustments, net of tax of $3,318
— 11,070 — 
Unrecognized net losses on available-for-sale securities (Note 17)— (15)— 
Income attributable to noncontrolling interests(448)92 356 
Acquisition of noncontrolling interest in consolidated subsidiaries— — (8,349)
Distributions to noncontrolling interests(5,632)— — 
Common dividends ($1.31 per share)
(51,292)— — 
Preferred dividends ($1.6875 per share)
(30)— — 
Balances September 30, 2021$1,128,954 $(189,323)$ 
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 of $2,947
— 6,893 — 
Unrecognized net losses on available-for-sale securities (Note 17)— (5)— 
Reclassifications of currency translation 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 $(197,415)$ 
*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 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, 2022
Gross cash pool position$60,019 
Less: cash pool borrowings(58,071)
Net cash pool position$1,948 
Note 3—Restructuring Charges

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 new European Shared Service Center in Warsaw, Poland. Americas segment restructuring charges of $1.0 million during the nine months ended September 30, 2022, were related to various optimization activities.
During the three and nine months ended September 30, 2021, we recorded restructuring charges of $3.9 million and $12.2 million, respectively. International segment restructuring charges of $10.0 million during the nine months ended September 30, 2021, were primarily related to our ongoing initiatives to drive profitable growth and rightsize our operations. Americas segment restructuring charges of $2.1 million during the nine months ended September 30, 2021, were primarily related to integration activities and 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.
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Activity and reserve balances for restructuring 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)1.0 2.2 (0.1)3.1 
Currency translation and other adjustments0.1 (2.2) (2.1)
Cash payments(3.2)(6.2)(0.2)(9.6)
Reserve balances at September 30, 2022$1.2 $11.2 $ $12.4 
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)September 30, 2022December 31, 2021
Finished products$97,758 $87,657 
Work in process23,193 6,534 
Raw materials and supplies228,713 186,426 
Total inventories$349,664 $280,617 
Note 5—Property, Plant and Equipment
The following table sets forth the components of property, plant and equipment, net:
(In thousands)September 30, 2022December 31, 2021
Land$4,697 $5,131 
Buildings134,567 136,272 
Machinery and equipment443,705 435,652 
Construction in progress27,753 36,552 
Total610,722 613,607 
Less: accumulated depreciation(411,192)(405,814)
Property, plant and equipment, net$199,530 $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  
September 30,
Three Months Ended  
September 30,
(In thousands)2022202120222021
Pension and other post-retirement benefits (a)
Balance at beginning of period$(52,702)$(108,183)$ $ 
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(981)(1,095)  
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income2,299 3,701   
Balance at end of period$(50,403)$(104,482)$ $ 
Available-for-sale securities
Balance at beginning of period$(23)$(5)$ $ 
Unrealized net gains (losses) on available-for-sale securities (Note 17)13 (11)  
Balance at end of period$(10)$(16)$ $ 
Foreign currency translation
Balance at beginning of period$(117,553)$(70,957)$ $280 
Reclassification from accumulated other comprehensive loss into net income2,912 
(b)
   
Acquisition of noncontrolling interest in consolidated subsidiaries
   (280)
Foreign currency translation adjustments(32,361)(13,868) 
Balance at end of period$(147,002)$(84,825)$ $ 
(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).
(b) Reclassifications out of accumulated other comprehensive loss and into net income relate primarily to the approval of our plan to close a foreign subsidiary.
-9-


MSA Safety IncorporatedNoncontrolling Interests
Nine Months Ended September 30,Nine Months Ended September 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)(144)(72)  
Recognized net actuarial losses (Note 15)9,984 14,460   
Tax benefit(2,947)(3,318)  
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income6,893 11,070   
Balance at end of period$(50,403)$(104,482)$ $ 
Available-for-sale securities
Balance at beginning of period$(5)$(1)$ $ 
Unrealized net losses on available-for-sale securities (Note 17)(5)(15)  
Balance at end of period$(10)$(16)$ $ 
Foreign currency translation
Balance at beginning of period$(91,839)$(66,844)$ $372 
Reclassification from accumulated other comprehensive loss into net income2,912 
(b)
— — — 
Acquisition of noncontrolling interest in consolidated subsidiaries (Note 14)
— — — (280)
Foreign currency translation adjustments$(58,075)$(17,981)$ $(92)
Balance at end of period$(147,002)$(84,825)$ $ 
(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).
(b) Reclassifications out of accumulated other comprehensive loss and into net income 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 are 71,340 shares issued and 52,998 shares held in treasury at September 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 nine months ended September 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 September 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 nine months ended September 30, 2022 or 2021. There were 39,197,700 and 39,276,518 shares outstanding at September 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 nine months ended September 30, 2022, 251,408 shares were repurchased under this program. During the nine months ended September 30, 2021, no shares were repurchased under this program. There were 22,883,691 and 22,804,873 Treasury Shares at September 30, 2022 and December 31, 2021, respectively.
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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 203,619 and 37,478 Treasury Shares issued for these purposes during the nine months ended September 30, 2022 and 2021, respectively.
Common stock activity is summarized as follows:
Three Months Ended September 30, 2022Three Months Ended September 30, 2021
(In thousands)Common
Stock
Treasury
Cost
Common
Stock
Treasury
Cost
Balance at beginning of period$267,645 $