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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, 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 October 18, 2024, 39,309,950 shares of common stock, of the registrant were outstanding.


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
 Three Months Ended September 30,Nine Months Ended September 30,
(In thousands, except per share values)2024202320242023
Net sales$432,679 $446,728 $1,308,443 $1,292,290 
Cost of products sold225,223 227,967 682,427 678,335 
Gross profit207,456 218,761 626,016 613,955 
Selling, general and administrative95,103 102,175 294,329 289,602 
Research and development16,707 17,682 49,695 48,906 
Restructuring charges (Note 3)1,184 3,285 5,744 8,382 
Currency exchange losses, net2,985 1,496 4,715 8,781 
Loss on divestiture of MSA LLC (Note 17)— — — 129,211 
Product liability expense (Note 17)— — — 3 
Operating income91,477 94,123 271,533 129,070 
Interest expense9,153 12,498 29,556 37,149 
Other income, net(5,833)(6,037)(16,215)(15,487)
Total other expense, net3,320 6,461 13,341 21,662 
Income before income taxes88,157 87,662 258,192 107,408 
Provision for income taxes (Note 10)21,509 22,406 61,171 125,235 
Net income (loss)$66,648 $65,256 $197,021 $(17,827)
Earnings (loss) per share attributable to common shareholders (Note 9):
Basic$1.69 $1.66 $5.00 $(0.46)
Diluted$1.69 $1.65 $4.98 $(0.46)
Dividends per common share$0.51 $0.47 $1.49 $1.40 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
-3-
MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Unaudited
 Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2024202320242023
Net income (loss)$66,648 $65,256 $197,021 $(17,827)
Other comprehensive gain (loss), net of tax:
Foreign currency translation adjustments (Note 6)21,329 (18,771)1,834 (2,538)
Pension and post-retirement plan adjustments, net of tax (Note 6)14 188 2,410 742 
Unrealized gain on available-for-sale securities (Note 6)— — — 2 
Reclassification of currency translation from accumulated other comprehensive loss into net income (Note 6)— 101 (1,200)101 
Total other comprehensive gain (loss), net of tax21,343 (18,482)3,044 (1,693)
Comprehensive income (loss)$87,991 $46,774 $200,065 $(19,520)

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
-4-
MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited 
(In thousands)September 30, 2024December 31, 2023
Assets
Cash and cash equivalents$154,371 $146,442 
Trade receivables, less allowance for credit loss of $7,937 and $7,065
277,346 294,678 
Inventories (Note 4)351,805 292,604 
Prepaid expenses and other current assets 59,147 52,546 
Total current assets
842,669 786,270 
Property, plant and equipment, net (Note 5)216,646 211,877 
Operating lease right-of-use assets, net59,393 53,298 
Prepaid pension cost (Note 14)183,915 172,161 
Deferred tax assets (Note 10)34,513 33,065 
Goodwill (Note 13)632,837 627,534 
Intangible assets, net (Note 13)254,364 266,134 
Other noncurrent assets17,590 19,811 
Total assets
$2,241,927 $2,170,150 
Liabilities
Notes payable and current portion of long-term debt (Note 12)$26,915 $26,522 
Accounts payable128,031 111,872 
Employees’ compensation56,831 73,386 
Other current liabilities102,701 121,038 
Total current liabilities
314,478 332,818 
Long-term debt, net (Note 12)527,807 575,170 
Pensions and other employee benefits (Note 14) 144,105 143,967 
Noncurrent operating lease liabilities49,337 44,495 
Deferred tax liabilities (Note 10)103,175 102,419 
Other noncurrent liabilities7,680 4,479 
Total liabilities
$1,146,582 $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)
324,609 312,324 
Treasury shares, at cost (Note 7)(388,421)(363,284)
Accumulated other comprehensive loss (Note 6)(126,205)(129,249)
Retained earnings1,281,793 1,143,442 
Total shareholders’ equity
1,095,345 966,802 
Total liabilities and shareholders’ equity
$2,241,927 $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
 Nine Months Ended September 30,
(In thousands)20242023
Operating Activities
Net income (loss)$197,021 $(17,827)
Depreciation and amortization47,563 44,965 
Tax-effected loss on divestiture of MSA LLC (Note 17)— 199,578 
Stock-based compensation (Note 11)13,446 21,506 
Pension income (Note 14)(5,316)(6,060)
Deferred income tax benefit (Note 10)(1,928)(531)
Loss (gain) on asset dispositions, net959 (671)
Pension contributions (Note 14)(3,948)(4,274)
Currency exchange losses, net4,715 8,781 
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 receivables7,965 (7,449)
Inventories (Note 4)(59,531)15,386 
Accounts payable17,309 (4,225)
Other current assets and liabilities(34,186)26,518 
Other noncurrent assets and liabilities4,451 4,679 
Cash Flow From (Used in) Operating Activities188,520 (66,057)
Investing Activities
Capital expenditures(39,814)(30,979)
Property disposals and other investing90 2,690 
Cash Flow Used in Investing Activities(39,724)(28,289)
Financing Activities
Proceeds from long-term debt (Note 12)868,644 1,507,000 
Payments on long-term debt (Note 12)(919,647)(1,338,352)
Debt issuance costs(200)(1,138)
Cash dividends paid(58,670)(54,999)
Company stock purchases (Note 7)(27,427)(3,941)
Exercise of stock options (Note 7)494 1,440 
Employee stock purchase plan (Note 7)634 497 
Cash Flow (Used in) From Financing Activities(136,172)110,507 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(6,062)(14,152)
Change in cash, cash equivalents and restricted cash6,562 2,009 
Beginning cash, cash equivalents and restricted cash148,408 164,428 
Ending cash, cash equivalents and restricted cash$154,970 $166,437 
Supplemental cash flow information:
Cash and cash equivalents$154,371 $164,499 
Restricted cash included in prepaid expenses and other current assets599 1,938 
Total cash, cash equivalents and restricted cash$154,970 $166,437 

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.
-6-
MSA SAFETY INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN RETAINED EARNINGS
AND ACCUMULATED OTHER COMPREHENSIVE LOSS
Unaudited
(In thousands, except per share values)Retained
Earnings		Accumulated
Other
Comprehensive
(Loss)
Balances June 30, 2023$1,038,750 $(141,928)
Net income65,256 — 
Foreign currency translation adjustments— (18,771)
Pension and post-retirement plan adjustments, net of tax expense of $27
— 188 
Reclassification from accumulated other comprehensive loss into net income (Note 6)— 101 
Common dividends ($0.47 per share)
(18,475)— 
Preferred dividends ($0.5625 per share)
(10)— 
Balances September 30, 2023$1,085,521 $(160,410)
Balances June 30, 2024$1,235,226 $(147,548)
Net income66,648 — 
Foreign currency translation adjustments— 21,329 
Pension and post-retirement plan adjustments, net of tax benefit of $374
— 14 
Common dividends ($0.51 per share)
(20,071)— 
Preferred dividends ($0.5625 per share)
(10)— 
Balances September 30, 2024$1,281,793 $(126,205)
Balances December 31, 2022$1,158,347 $(158,717)
Net loss(17,827)— 
Foreign currency translation adjustments— (2,538)
Pension and post-retirement plan adjustments, net of tax expense of $259
— 742 
Unrecognized net gains on available-for-sale securities (Note 16)— 2 
Reclassification from accumulated other comprehensive loss into net income (Note 6)— 101 
Common dividends ($1.40 per share)
(54,969)— 
Preferred dividends ($1.6875 per share)
(30)— 
Balances September 30, 2023$1,085,521 $(160,410)
Balances December 31, 2023$1,143,442 $(129,249)
Net income197,021 — 
Foreign currency translation adjustments— 1,834 
Pension and post-retirement plan adjustments, net of tax benefit of $628
— 2,410 
Reclassification from accumulated other comprehensive loss into net income (Note 6)— (1,200)
Common dividends ($1.49 per share)
(58,640)— 
Preferred dividends ($1.6875 per share)
(30)— 
Balances September 30, 2024$1,281,793 $(126,205)
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.
In November 2023, the FASB issued ASU No. 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires annual and interim disclosures that are expected to improve reportable segment disclosures, primarily through enhanced disclosures about significant expenses in determining segment profit or loss. The provisions of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We will apply the new disclosure requirements of ASU 2023-07 in our 2024 Form 10-K and, with the exception of expanding disclosures about significant segment expenses, do not expect that the adoption of ASU 2023-07 will have a material effect on our consolidated financial statements taken as a whole.
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, 2024
Gross cash pool position$69,117 
Less: cash pool borrowings(65,712)
Net cash pool position$3,405 
Note 3—Restructuring Charges
During the three and nine months ended September 30, 2024, we recorded restructuring charges of $1.2 million and $5.7 million, respectively. Americas segment restructuring charges of $1.3 million during the nine months ended September 30, 2024, were related to manufacturing footprint optimization activities. International segment restructuring charges of $3.2 million during the nine months ended September 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 $1.2 million during the nine months ended September 30, 2024, were related to management restructuring.
During the three and nine months ended September 30, 2023, we recorded restructuring charges of $3.3 million and $8.4 million, respectively. Americas segment restructuring charges of $2.7 million during the nine months ended September 30, 2023, were related to manufacturing footprint optimization activities. International segment restructuring charges of $3.6 million during the nine months ended September 30, 2023, were related to ongoing initiatives to drive profitable growth and improve productivity. Corporate segment restructuring charges of $2.1 million during the nine months ended September 30, 2023, were related to footprint optimization activities and management restructuring.
-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 charges1.3 3.2 1.2 5.7 
Cash payments(1.9)(8.0)(1.2)(11.1)
Reserve balances at September 30, 2024$0.2 $4.2 $— $4.4 
Note 4—Inventories
The following table sets forth the components of inventory:
(In thousands)September 30, 2024December 31, 2023
Finished products$118,294 $88,687 
Work in process17,369 15,378 
Raw materials and supplies216,142 188,539 
Total inventories$351,805 $292,604 
Note 5—Property, Plant and Equipment
The following table sets forth the components of property, plant and equipment, net:
(In thousands)September 30, 2024December 31, 2023
Land$4,379 $4,332 
Buildings144,364 141,027 
Machinery and equipment511,075 498,148 
Construction in progress27,482 24,404 
Total687,300 667,911 
Less: accumulated depreciation(470,654)(456,034)
Property, plant and equipment, net$216,646 $211,877 

-9-
Note 6—Reclassifications Out of Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2024202320242023
Pension and other post-retirement benefits (a)
Balance at beginning of period$(40,256)$(49,781)$(42,652)$(50,335)
Amounts reclassified from accumulated other comprehensive loss into net income (loss):
Amortization of prior service credit (Note 14)(9)(24)(27)(72)
Recognized net actuarial losses (Note 14)397 185 3,065 555 
Tax (benefit) expense(374)27 (628)259 
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income (loss)14 188 2,410 742 
Balance at end of period$(40,242)$(49,593)$(40,242)$(49,593)
Available-for-sale securities
Balance at beginning of period$— $— $— $(2)
Unrealized net gains on available-for-sale securities (Note 16)— — — 2 
Balance at end of period$— $— $— $— 
Foreign currency translation
Balance at beginning of period$(107,292)$(92,147)$(86,597)$(108,380)
Reclassification from accumulated other comprehensive loss into net income (loss)(b)
— 101 (1,200)101 
Foreign currency translation adjustments21,329 (18,771)1,834 (2,538)
Balance at end of period$(85,963)$(110,817)$(85,963)$(110,817)
(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 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 September 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 nine months ended September 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 September 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 September 30, 2024 and December 31, 2023. No new shares were issued during the nine months ended September 30, 2024 or 2023. There were 39,309,938 and 39,317,212 shares outstanding at September 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 nine months ended September 30, 2024, and 2023, the Company repurchased 108,917 and no shares, respectively, under this and the prior stock repurchase program. There were 22,771,453 and 22,764,179 treasury shares at September 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 141,618 and 125,967 Treasury shares issued for these purposes during the nine months ended September 30, 2024, and 2023, respectively.
Common stock activity is summarized as follows:
Three Months Ended September 30, 2024Three Months Ended September 30, 2023
(In thousands)Common
Stock
Treasury
Cost(a)
Common
Stock
Treasury
Cost(a)
Balance at beginning of period$320,556 $(376,556)$294,364 $(362,025)
Stock compensation expense4,217 — 8,477 — 
Restricted and performance stock awards(275)275 (15)15 
Stock options exercised111 57 591 307 
Treasury shares purchased for stock compensation programs— (571)— (70)
Share repurchase program— (10,027)— — 
Balance at end of period$324,609 $(386,822)$303,417 $(361,773)
(a)Excludes treasury cost related to preferred stock.
Nine Months Ended September 30, 2024Nine Months Ended September 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 expense13,446 — 21,506 — 
Restricted and performance stock awards(2,058)2,058 (1,449)1,449 
Stock options exercised323 171 948 492 
Treasury shares purchased for stock compensation programs— (7,400)— (3,941)
Employee stock purchase program574 60 432 65 
Share repurchase program— (20,027)— — 
Balance at end of period$324,609 $(386,822)$303,417 $(361,773)
(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) is the measure 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.
The accounting principles applied at the operating segment level in determining the segment measure of profit or loss are 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)AmericasInternationalCorporateConsolidated
Totals
Three Months Ended September 30, 2024
Net sales to external customers$299,497 $133,182 $— $432,679 
Adjusted operating income (loss)91,822 18,174 (12,081)97,915 
Three Months Ended September 30, 2023
Net sales to external customers$314,273 $132,455 $— $446,728 
Adjusted operating income (loss)93,918 22,577 (15,198)101,297 
(In thousands)AmericasInternationalCorporateConsolidated
Totals
Nine Months Ended September 30, 2024
Net sales to external customers$909,745 $398,698 $— $1,308,443 
Adjusted operating income (loss)276,523 55,944 (38,353)294,114 
Nine Months Ended September 30, 2023
Net sales to external customers$902,918 $389,372 $— $1,292,290 
Adjusted operating income (loss)260,428 60,099 (38,066)282,461 

-12-
A reconciliation of total Adjusted operating income from reportable segments to Income before income taxes is presented in the following table:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2024202320242023
Adjusted operating income$97,915$101,297$294,114$282,461
Less:
Restructuring charges (Note 3)1,1843,2855,7448,382
Currency exchange losses, net2,9851,4964,7158,781
Interest expense9,15312,49829,55637,149
Other income, net(5,833)(6,037)(16,215)(15,487)
Amortization of acquisition-related intangible assets2,2692,3156,8886,936
Transaction costs(a)
—7823478
Net cost for product related legal matter——5,000—
Loss on divestiture of MSA LLC (Note 17)———129,211
Product liability expense (Note 17)———3
Income before income taxes88,15787,662258,192107,408
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations.
-13-
Total sales by product group was as follows:
Three Months Ended September 30, 2024ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$160,515 37%$111,992 37%$48,523 36%
Detection (b)
163,150 38%110,459 37%52,691 40%
Industrial PPE and Other (c)
109,014 25%77,046 26%31,968 24%
Total$432,679 100%$299,497 100%$133,182 100%
Three Months Ended September 30, 2023ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$175,732 39%$131,516 42%$44,216 33%
Detection (b)
155,694 35%105,007 33%50,687 38%
Industrial PPE and Other (c)
115,302 26%77,750 25%37,552 29%
Total$446,728 100%$314,273 100%$132,455 100%
Nine Months Ended September 30, 2024ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$496,478 38%$352,730 39%$143,748 36%
Detection (b)
473,214 36%318,159 35%155,055 39%
Industrial PPE and Other (c)
338,751 26%238,856 26%99,895 25%
Total$1,308,443 100%$909,745 100%$398,698 100%
Nine Months Ended September 30, 2023ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$481,610 37%$354,729 39%$126,881 33%
Detection (b)
460,537 36%308,692 34%151,845 39%
Industrial PPE and Other (c)
350,143 27%239,497 27%110,646 28%
Total$1,292,290 100%$902,918 100%$389,372 100%
(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 September 30,Nine Months Ended September 30,
(In thousands, except per share values)2024202320242023
Net income (loss)$66,648 $65,256 $197,021 $(17,827)
Preferred stock dividends(10)(10)(30)(30)
Net income (loss) attributable to common equity66,638 65,246 196,991 (17,857)
Dividends and undistributed earnings allocated to participating securities(6)(8)(19)(16)
Net income (loss) attributable to common shareholders66,632 65,238 196,972 (17,873)
Basic weighted-average shares outstanding39,362 39,303 39,370 39,267 
Stock-based compensation awards(a)
133 147 160 — 
Diluted weighted-average shares outstanding39,495 39,450 39,530 39,267 
Antidilutive shares— — — 154 
Earnings (loss) per share:
Basic$1.69 $1.66 $5.00 $(0.46)
Diluted$1.69 $1.65 $4.98 $(0.46)
(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 September 30, 2024, was 24.4%, 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 September 30, 2023, was 25.6%, which differs from the U.S. federal statutory rate of 21% primarily due to higher earnings in higher tax jurisdictions and nondeductible compensation.
The Company's effective tax rate for the nine months ended September 30, 2024, was 23.7%, 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 nine months ended September 30, 2023, was 116.6%, which differs from the U.S. federal statutory rate of 21% primarily due to the divestiture of MSA LLC and the non-deductible loss recorded on the derecognition of the product liability reserves and related assets. Refer to Note 17—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 September 30, 2024, the Company had a gross liability for unrecognized tax benefits of $7.2 million. The Company has recognized tax benefits associated with these liabilities of $0.6 million at September 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 September 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 2024 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 2034.
Stock compensation expense, included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations, is as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2024202320242023
Stock compensation expense$4,217 $8,477 $13,446 $21,506 
Income tax benefit1,033 2,077 3,294 5,269 
Stock compensation expense, net of tax$3,184 $6,400 $10,152 $16,237 
We have not capitalized any stock-based compensation expense.
A summary of stock option activity for the nine months ended September 30, 2024, is as follows:
SharesWeighted Average
Exercise Price
Outstanding at January 1, 202426,536 $45.95 
Exercised(10,531)46.95 
Forfeited(852)48.65 
Outstanding and exercisable at September 30, 202415,153 $45.10 
Restricted stock awards and restricted stock units are valued at the market value of the stock on the grant date. A summary of restricted stock activity for the nine months ended September 30, 2024, is as follows:
SharesWeighted Average
Grant Date
Fair Value
Unvested at January 1, 2024173,851 $142.73 
Granted82,905 178.59 
Vested(48,596)164.57 
Forfeited(25,482)164.47 
Unvested at September 30, 2024182,678 $150.16 
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 nine months ended September 30, 2024, is as follows:
SharesWeighted Average
Grant Date
Fair Value
Unvested at January 1, 2024189,221 $146.17 
Granted40,787 177.34 
Performance adjustments(a)
20,488 194.10 
Vested(77,544)174.13 
Forfeited(10,619)149.13 
Unvested at September 30, 2024162,333 $146.50 
(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)September 30, 2024December 31, 2023
2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs
$57,067 $62,081 
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs
99,749 99,733 
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs
99,749 99,733 
2023 Term Loan credit agreement maturing in 2026, net of debt issuance costs212,055 230,604 
2023 Senior Notes payable through 2028, 5.25%, net of debt issuance costs
49,949 49,939 
Senior revolving credit facility maturing in 2026, net of debt issuance costs36,153 59,602 
Total554,722 601,692 
Amounts due within one year26,915 26,522 
Long-term debt, net of debt issuance costs$527,807 $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 5.80% as of September 30, 2024. At September 30, 2024, $861.5 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 September 30, 2024, the Company has outstanding £42.7 million (approximately $57.2 million at September 30, 2024) of 3.4% Series B Senior Notes due January 22, 2031. Remaining maturities of this note are £6.1 million (approximately $8.2 million at September 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 6.35% as of September 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 September 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 September 30, 2024, totaling $10.0 million, of which $1.5 million relate to the Revolving Credit Facility. The letters of credit serve to cover customer requirements in connection with certain sales orders and insurance companies. The Company is also required to provide cash collateral in connection with certain arrangements. At September 30, 2024, the Company has $0.6 million of restricted cash in support of these arrangements.
Note 13—Goodwill and Intangible Assets, Net
Changes in goodwill during the nine months ended September 30, 2024, were as follows:
(In thousands)Goodwill
Balance at January 1, 2024$627,534 
Currency translation5,303 
Balance at September 30, 2024$632,837 
At September 30, 2024, goodwill of $447.6 million and $185.2 million related to the Americas and International reportable segments, respectively.
Changes in intangible assets, net, during the nine months ended September 30, 2024, were as follows:
(In thousands)Intangible Assets
Net balance at January 1, 2024$266,134 
Amortization expense(13,392)
Currency translation1,622 
Net balance at September 30, 2024$254,364 
At September 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 September 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 
Net periodic benefit (income) cost (a)
$(2,208)$(2,020)$361 $403 
Nine Months Ended September 30,
Service cost$6,945 $5,652 $132 $159 
Interest cost17,910 17,754 744 819 
Expected return on plan assets(32,436)(29,718)— — 
Amortization of prior service cost (credit)111 111 (138)(183)
Recognized net actuarial losses846 141 345 414 
Settlements1,308 — 

— — 
Net periodic benefit (income) cost (a)
$(5,316)$(6,060)$1,083 $1,209 
(a) Components of Net periodic benefit (income) cost other than service cost are included in the line item Other income, net, and service costs are included in the line items Cost of products sold and Selling, general and administrative in the unaudited Condensed Consolidated Statements of Operations.
We made contributions of $3.9 million and $4.3 million to our pension plans during the nine months ended September 30, 2024, and 2023, respectively. We expect to make net contributions of $5.3 million to our pension plans in 2024, which are primarily associated with statutorily required plans in the International reporting segment.
Note 15—Derivative Financial Instruments
As part of our currency exchange rate risk management strategy, we enter into certain derivative foreign currency forward contracts that do not meet the U.S. GAAP criteria for hedge accounting but have the impact of partially offsetting certain of our foreign currency exposures. We account for these forward contracts at fair value and report the related gains or losses in currency exchange losses, net, in the unaudited Condensed Consolidated Statements of Operations. The notional amount of open forward contracts was $184.8 million and $110.9 million at September 30, 2024, and December 31, 2023, respectively.
The following table presents the unaudited Condensed Consolidated Balance Sheets location and fair value of assets and liabilities associated with derivative financial instruments:
(In thousands)September 30, 2024December 31, 2023
Derivatives not designated as hedging instruments:
Foreign exchange contracts: prepaid expenses and other current assets$— $2,210 
Foreign exchange contracts: other current liabilities1,038 242 
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The following table presents the unaudited Condensed Consolidated Statements of Operations and unaudited Condensed Consolidated Statements of Cash Flows location and the loss impact of derivative financial instruments:
 Nine Months Ended September 30,
(In thousands)20242023
Derivatives not designated as hedging instruments:
Foreign exchange contracts: currency exchange losses, net$1,683 $2,986 
Note 16—Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are:
•Level 1—Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets.
•Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
•Level 3—Unobservable inputs for the asset or liability.
The valuation methodologies we used to measure financial assets and liabilities are also used to value the derivative financial instruments described in Note 15—Derivative Financial Instruments. We estimate the fair value of the derivative financial instruments, consisting of foreign currency forward contracts, based upon valuation models with inputs that generally can be verified by observable market conditions and do not involve significant management judgment. Accordingly, the fair values of the derivative financial instruments are classified within Level 2 of the fair value hierarchy. With the exception of our fixed rate long-term debt, we believe that the reported carrying amounts of our financial assets and liabilities approximate their fair values.
The reported carrying amount of our fixed rate long-term debt was $307.2 million and $312.2 million at September 30, 2024, and December 31, 2023, respectively. The fair value of this debt was $278.1 million and $278.7 million at September 30, 2024, and December 31, 2023, respectively. The fair value of this debt was determined using Level 2 inputs by evaluating similarly rated companies with publicly traded bonds where available or current borrowing rates available for financings with similar terms and maturities.
Note 17—Commitments and Contingencies
Product liability
The Company and its subsidiaries face an inherent business risk of exposure to legal claims arising from the alleged failure of our products to prevent the types of personal injury or death against which they are designed to protect. Product liability claims are categorized as either single incident or cumulative trauma.
Single incident product liability claims. Single incident product liability claims involve incidents of short duration that are typically known when they occur and involve observable injuries, which provide an objective basis for quantifying damages. Management has established reserves for the single incident product liability claims of the Company's various subsidiaries, including asserted single incident product liability claims and incurred but not reported ("IBNR") single incident claims. To determine the reserves, Management makes reasonable estimates of losses for single incident claims based on the number and characteristics of asserted claims, historical experience, sales volumes, expected settlement costs, and other relevant information. The reserve for single incident product liability claims was $0.8 million at September 30, 2024 and $1.3 million at December 31, 2023. Single incident product liability benefit was $0.2 million and $0.1 million for the nine months ended September 30, 2024, and 2023, respectively. Single incident product liability exposures are evaluated on an annual basis, or more frequently if changing circumstances warrant. Adjustments are made to the reserve as appropriate. The reserve has not been discounted to present value and does not include future amounts which will be spent to defend the claims.
During the first nine months of 2024, the Company recorded $5.0 million of net cost for product related legal matter. The expense is reflected within the selling, general and administration line of the unaudited Condensed Consolidated Statement of Operations.
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Cumulative trauma product liability claims. Cumulative trauma product liability claims involve alleged exposures to harmful substances (e.g., silica, asbestos and coal dust) that occurred years ago and may have developed over long periods of time into diseases such as silicosis, asbestosis, mesothelioma, or coal worker’s pneumoconiosis. Prior to the divestiture described below, one of the Company's former subsidiaries, MSA LLC, was named as a defendant in various lawsuits related to such claims. These lawsuits mainly involve respiratory protection products allegedly manufactured and sold by MSA LLC or its predecessors.
On January 5, 2023, the Company entered into a membership interest purchase agreement (the “Purchase Agreement”) with Sag Main Holdings, LLC (the “Buyer”). The Buyer was a joint venture between R&Q Insurance Holdings Ltd. (“R&Q”) and Obra Capital, Inc. (“Obra”). Under the Purchase Agreement, on January 5, 2023, the Company transferred to the Buyer all of the issued and outstanding limited liability company interests of MSA LLC (the “Sale”). In connection with the closing, the Company contributed $341.2 million in cash and cash equivalents, while R&Q and Obra contributed an additional $35.0 million.
MSA LLC was the obligor for the claims to which the Company's legacy cumulative trauma product liability reserves relate and policyholder of the related insurance assets. The rights and obligations related to these items remained with MSA LLC upon the sale to the Buyer. In addition, pursuant to the Purchase Agreement, the Buyer and MSA LLC have agreed to indemnify the Company and its affiliates for legacy cumulative trauma product liabilities and other product liabilities, and a subsidiary of the Company has agreed to indemnify MSA LLC for all other historical liabilities of MSA LLC. This indemnification is not subject to any cap or time limitation. In connection with the sale, the Company and its Board of Directors received a solvency opinion from an independent advisory firm that MSA LLC was solvent and adequately capitalized after giving effect to the transaction.
Following the completion of the transaction, the Company no longer has any obligation with respect to pending and future cumulative trauma product liability claims relating to these matters. As such, all legacy cumulative trauma product liability reserves, related insurance assets, and associated deferred tax assets of the divested subsidiary were derecognized from our balance sheet and the Company incurred a tax-effected loss on the divestiture of MSA LLC of $199.6 million, including transaction related costs of $5.6 million. The Buyer has assumed management of the divested subsidiary, including the management of its claims and associated assets.
Other Litigation
Globe, a subsidiary of the Company, is defending claims in which plaintiffs assert that certain products allegedly containing per- and polyfluoroalkyl substances (“PFAS”) have caused harm, including injury or health issues. PFAS are a large class of substances that are widely used in everyday products. Specifically, Globe builds firefighter turnout gear from technical fabrics sourced from a small pool of specialty textile manufacturers. These protective fabrics have been tested and certified to meet current National Fire Protection Association safety standards, and some of them as supplied to Globe contain or historically have contained PFAS to achieve performance characteristics such as water, oil, or chemical resistance.
Globe believes it has valid defenses to these claims. These matters are at a very early stage with numerous factual and legal issues to be resolved. Defense costs relating to these lawsuits are recognized in the unaudited Condensed Consolidated Statements of Operations as incurred. Globe is also pursuing insurance coverage and indemnification related to the lawsuits. As of October 15, 2024, Globe was named as a defendant in 535 lawsuits comprised of 7,850 claims, predominantly styled as individual personal injury claims and including two putative class actions. Certain of these lawsuits include MSA Safety Inc. or other Globe affiliates as defendants.
MSA LLC is also a defendant in a number of PFAS lawsuits predominantly relating to Aqueous Film-Forming Foam. The Buyer assumed responsibility for these and any similar future claims specific to MSA LLC, including such claims that have been or may be brought against MSA Safety Inc. or its subsidiaries, under the terms of the divestiture on January 5, 2023. Further information about the transaction can be found in the Company’s Current Report on Form 8-K filed on January 6, 2023.
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Product Warranty
The Company provides warranties on certain product sales. Product warranty reserves are established in the same period that revenue from the sale of the related products is recognized, or in the period that a specific issue arises as to the functionality of the Company's product. The determination of such reserves requires the Company to make estimates of product return rates and expected costs to repair or to replace the products under warranty.
The amounts of the reserves are based on established terms and the Company's best estimate of the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. If actual return rates and/or repair and replacement costs differ significantly from estimates, adjustments to recognize additional cost of sales may be required in future periods.
The following table reconciles changes in the Company's accrued warranty reserve:
(In thousands)Nine Months Ended September 30, 2024Year Ended
December 31, 2023
Beginning warranty reserve$14,288 $15,230 
Warranty payments(8,518)(9,794)
Warranty claims7,370 8,899 
Provision for product warranties and other adjustments515 (47)
Ending warranty reserve$13,655 $14,288 
Warranty expense was $7.9 million and $6.7 million for the nine months ended September 30, 2024, and 2023, respectively, and is included in Costs of products sold on the unaudited Condensed Consolidated Statements of Operations.
Outstanding Performance Obligations
The Company derives a portion of its revenue from various leasing arrangements where the Company is the lessor, primarily fire service contracts entered into by Bristol. Such arrangements provide for monthly payments covering equipment provided, maintenance and interest. These arrangements meet the criteria to be accounted for as sales-type leases under Accounting Standards Codification ("ASC") 842 and contain both lease and non-lease components.
Revenue from equipment provided is considered a lease component and recognized with point in time revenue recognition upon lease commencement. Maintenance revenue, which is considered a non-lease component, and interest is recognized monthly over the lease term. As of September 30, 2024, the Company had remaining maintenance performance obligations of approximately $28.7 million which are expected to be recognized to revenue in approximately three years.
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Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with the historical financial statements and other financial information included elsewhere in this quarterly report on Form 10-Q. This discussion may contain forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed in the sections of our annual report entitled “Forward-Looking Statements” and “Risk Factors,” and those discussed in our Form 10-Q quarterly reports filed after such annual report (such as in Part II, Item 1A, “Risk Factors.”)

BUSINESS OVERVIEW
MSA Safety Incorporated is the global leader in advanced safety products, technology and solutions. Driven by its singular mission of safety, the Company has been at the forefront of safety innovation since 1914, protecting workers and facility infrastructure around the world across a broad range of diverse end markets while creating sustainable value for shareholders. The Company's comprehensive product line, which is governed by rigorous safety standards across highly regulated industries, is used to protect workers and facility infrastructures around the world in a broad range of markets, including fire service, energy, utility, construction and industrial manufacturing applications as well as heating, ventilation, air conditioning and refrigeration ("HVAC-R"). The Company's product portfolio includes fire service where core products include self-contained breathing apparatus ("SCBA"), protective apparel and helmets; detection where core products include fixed gas and flame detection ("FGFD") systems and portable gas detection instruments; and industrial personal protective equipment ("PPE") where core products include industrial head protection and fall protection devices.
A detailed listing of our significant product offerings in the aforementioned product groups above is included in MSA's Annual Report on Form 10-K for the year ended December 31, 2023.
We tailor our product offerings and distribution strategy to satisfy distinct customer preferences that vary across geographic regions. To best serve these customer preferences, we have organized our business into four geographical operating segments that are aggregated into three reportable segments: Americas, International and Corporate.
Americas. Our largest manufacturing and research and development facilities are located in the United States. We serve our markets across the Americas with manufacturing facilities in the U.S., Mexico and Brazil. Operations in the other countries within the Americas segment focus primarily on sales and distribution in their respective home country markets.
International. Our International segment includes companies in Europe, the Middle East and Africa ("EMEA") and the Asia Pacific region. In our largest International subsidiaries (Germany, France, U.K., Ireland and China), we develop, manufacture and sell a wide variety of products. In China, the products manufactured are sold primarily in China as well as in regional markets. Operations in other International segment countries focus primarily on sales and distribution in their respective home country markets. Although some of these companies may perform limited production, most of their sales are of products manufactured in our plants in Germany, France, the U.S., U.K., Ireland, Morocco and China or are purchased from third-party vendors.
Corporate. The Corporate segment primarily consists of general and administrative expenses incurred in our corporate headquarters, costs associated with corporate development initiatives, legal expense, interest expense, foreign exchange gains or losses and other centrally-managed costs. Corporate general and administrative costs comprise the majority of the expense in the Corporate segment.
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RESULTS OF OPERATIONS
Three Months Ended September 30, 2024, Compared to Three Months Ended September 30, 2023
Net Sales. Net sales for the three months ended September 30, 2024, were $432.7 million, a decrease of $14.0 million, or 3.1%, compared to $446.7 million in the same period last year. Please refer to the Net Sales table for a reconciliation of the quarter over quarter sales change.
Net SalesThree Months Ended September 30,Dollar
(Decrease)
Increase 		Percent
(Decrease)
Increase
(In millions, except percentage change)20242023
Consolidated$432.7$446.7$(14.0)(3.1)%
Americas299.5314.3(14.8)(4.7)%
International133.2132.40.80.6%
Net Sales Three Months Ended
September 30, 2024 versus September 30, 2023
(Percent Change)AmericasInternational Consolidated
GAAP reported sales change(4.7)%0.6%(3.1)%
Currency translation effects1.3%(1.4)%0.5%
Organic constant currency sales change(3.4)%(0.8)%(2.6)%
Note: Organic constant currency sales change is a non-GAAP financial measure. See the "Non-GAAP Financial Measures" section below.
Net sales for the Americas segment were $299.5 million in the third quarter of 2024, a decrease of $14.8 million, or 4.7%, compared to $314.3 million in the third quarter of 2023. Organic constant currency sales in the Americas segment decreased 3.4% during the period. This decrease was driven by a decline in fire service, primarily SCBA where delayed timing of large order delivery was a factor, partially offset by an increase in detection, primarily portables.
Net sales for the International segment were $133.2 million in the third quarter of 2024, an increase of $0.8 million, or 0.6%, compared to $132.4 million for the third quarter of 2023. Organic constant currency sales in the International segment decreased 0.8% during the period. Growth in fire service and detection was mostly offset by a decline in industrial PPE.
The operating environment remains dynamic. Looking forward, we expect to finish 2024 with mid-single-digit sales growth in the fourth quarter, resulting in low-single-digit top-line growth for the full year.
Refer to Note 8—Segment Information to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q, for information regarding sales by product group.
Gross profit. Gross profit for the third quarter of 2024 was $207.5 million, a decrease of $11.3 million or 5.2%, compared to $218.8 million for the third quarter of 2023. The ratio of gross profit to net sales was 47.9% in the third quarter of 2024 compared to 49.0% in the same quarter last year. The decrease in gross profit margin is primarily related to lower sales volume. Effective price/cost management and productivity improvements offset inflationary pressures.
Selling, general and administrative expenses. Selling, general and administrative ("SG&A") expenses were $95.1 million during the third quarter of 2024, a decrease of $7.1 million or 6.9%, compared to $102.2 million for the same period a year ago. Overall, SG&A expenses were 22.0% of net sales during the third quarter of 2024, compared to 22.9% of net sales during the same period in 2023. Organic constant currency SG&A decreased by approximately $6.9 million or 6.7%. The decrease in SG&A was driven by lower variable compensation and discretionary expense management, partially offset by inflation and professional service expense related to strategic initiatives.
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Please refer to the SG&A expenses table for a reconciliation of the quarter over quarter expense change.
Selling, general, and administrative expensesThree Months Ended
September 30, 2024 versus September 30, 2023
(Percent Change)Consolidated
GAAP reported change(6.9)%
Currency translation effects0.2%
Organic Constant currency change(6.7)%
Note: Organic constant currency SG&A change is a non-GAAP financial measure. See the "Non-GAAP Financial Measures" section below.
Research and development expense. Research and development expense was $16.7 million during the third quarter of 2024, a decrease of $1.0 million, compared to $17.7 million during the third quarter of 2023. Research and development expense was 3.9% of net sales in the third quarter of 2024 and 4.0% in the third quarter of 2023.
During the third quarter of 2024 and 2023, we capitalized $3.2 million and $3.3 million of software development costs, respectively. Depreciation expense for capitalized software development costs of $2.7 million for both the third quarter of 2024 and 2023, was recorded in costs of products sold on the unaudited Condensed Consolidated Statements of Operations.
MSA remains committed to dedicating significant resources to research and development activities, including the development of technology-based safety solutions. As we continue to invest a significant portion of our new product development into technology-based safety solutions, we anticipate that the historical relationship of research and development expense to net sales will continue to evolve; however, we do not anticipate reductions in the relative level of total spend on research and development activities on an annual basis. Total spend on both software development and research and development activities was $19.9 million and $21.0 million during the third quarter of September 30, 2024, and 2023, respectively.
Restructuring charges. Restructuring charges of $1.2 million during the third quarter of 2024 were primarily related to initiatives to optimize our manufacturing footprint and improve productivity. Restructuring charges of $3.3 million during the third quarter of 2023 were primarily related to initiatives to optimize our manufacturing footprint and drive profitable growth.
Currency exchange. Currency exchange losses were $3.0 million in the third quarter of 2024 compared to $1.5 million in the third quarter of 2023. The currency exchange activity for both periods related primarily to foreign currency exposure on unsettled inter-company balances and recognized exchange loss for our Argentina affiliate operating in a hyper-inflationary environment. Refer to Note 15—Derivative Financial Instruments to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q, for information regarding our currency exchange rate risk management strategy.
GAAP operating income. Consolidated operating income for the third quarter of 2024 was $91.5 million compared to $94.1 million in the same period last year. The decrease in operating income was primarily driven by lower sales and gross profit partially offset by productivity improvements and lower SG&A as discussed further above.
Adjusted operating income. Americas adjusted operating income for the third quarter of 2024 was $91.8 million, a decrease of $2.1 million or 2.2% compared to $93.9 million in the prior year third quarter. The decrease in adjusted operating income is attributable to lower sales volumes partially offset by a decline in SG&A expenses. Effective price/cost management and productivity improvements offset inflationary pressures.
International adjusted operating income for the third quarter of 2024 was $18.2 million, a decrease of $4.4 million, or 19.5%, compared to $22.6 million in the prior year third quarter. The decrease in adjusted operating income is attributable to lower sales volumes partially offset by productivity improvements and pricing.
Corporate segment adjusted operating loss for the third quarter of 2024 was $12.1 million, a decrease of $3.1 million, compared to an adjusted operating loss of $15.2 million in the third quarter of 2023, driven by lower variable compensation partially offset by inflation and increased professional service fees associated with various strategic initiatives.
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The following tables represent a reconciliation from GAAP operating income to adjusted operating income (loss) and adjusted EBITDA. Adjusted operating margin % is calculated as adjusted operating income (loss) divided by net sales and adjusted EBITDA margin % is calculated as adjusted EBITDA divided by net sales.
Adjusted operating income (loss)Three Months Ended September 30, 2024
(In thousands)AmericasInternationalCorporateConsolidated
Net sales to external customers$299,497 $133,182 $— $432,679 
Operating income91,477 
Restructuring charges (Note 3)1,184 
Currency exchange losses, net2,985 
Amortization of acquisition-related intangible assets2,269 
Adjusted operating income (loss)91,822 18,174 (12,081)97,915 
Adjusted operating margin %30.7 %13.6 %
Depreciation and amortization13,690 
Adjusted EBITDA101,339 22,119 (11,853)111,605 
Adjusted EBITDA margin %33.8 %16.6 %
Adjusted operating income (loss)Three Months Ended September 30, 2023
(In thousands)AmericasInternationalCorporateConsolidated
Net sales to external customers$314,273 $132,455 $— $446,728 
Operating income94,123 
Restructuring charges (Note 3)3,285 
Currency exchange losses, net1,496 
Amortization of acquisition-related intangible assets2,315 
Transaction costs(a)
78 
Adjusted operating income (loss)93,918 22,577 (15,198)101,297 
Adjusted operating margin %29.9 %17.0 %
Depreciation and amortization13,189 
Adjusted EBITDA103,157 26,289 (14,960)114,486 
Adjusted EBITDA margin %32.8 %19.8 %
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations.
Note: Adjusted operating income (loss), adjusted operating margin %, adjusted EBITDA and adjusted EBITDA margin % are non-GAAP financial measures. See the "Non-GAAP Financial Measures" section below.
Total other expense, net. Total other expense, net, for the third quarter of 2024 was $3.3 million, compared to $6.5 million for the same period in 2023, driven primarily by decreased interest expense related to reduced debt balances related to prior year borrowings associated with the MSA LLC divestiture as well as increased pension income driven by a higher expected rate of return.

Income taxes. The reported effective tax rate for the third quarter of 2024 was 24.4% compared to 25.6% for the third quarter of 2023. The decrease from the prior year was primarily driven by discrete benefits booked in the third quarter of 2024 related to the filing of prior period tax returns and a decrease in nondeductible compensation.
We are subject to regular review and audit by both foreign and domestic tax authorities. While we believe our tax positions will be sustained, the final outcome of tax audits and related litigation may differ materially from the tax amounts recorded in our unaudited condensed consolidated financial statements.
Net income. Net income was $66.6 million for the third quarter of 2024, or $1.69 per diluted share compared to $65.3 million, or $1.65 per diluted share, for the same period last year.
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Nine Months Ended September 30, 2024, Compared to Nine Months Ended September 30, 2023
Net Sales. Net sales for the nine months ended September 30, 2024, were $1.31 billion, an increase of $16.1 million, or 1.2%, compared to $1.29 billion in the same period last year. Please refer to the Net Sales table for a reconciliation of the period over period sales change.
Net SalesNine Months Ended September 30,Dollar
Increase		Percent
Increase
(In millions, except percentage change)20242023
Consolidated$1,308.4$1,292.3$16.11.2%
Americas909.7902.96.80.8%
International398.7389.49.32.4%
Net Sales Nine Months Ended
September 30, 2024 versus September 30, 2023
(Percent Change)AmericasInternational Consolidated
GAAP reported sales change0.8%2.4%1.2%
Currency translation effects0.3%(0.5)%0.2%
Organic constant currency sales change1.1%1.9%1.4%
Note: Organic constant currency sales change is a non-GAAP financial measure. See the "Non-GAAP Financial Measures" section below.
Net sales for the Americas segment were $909.7 million in the nine months ended September 30, 2024, an increase of $6.8 million, or 0.8%, compared to $902.9 million in the same period last year. Organic constant currency sales in the Americas segment increased 1.1% during the period. This growth was driven by an increase in detection.
Net sales for the International segment were $398.7 million in the nine months ended September 30, 2024, an increase of $9.3 million, or 2.4%, compared to $389.4 million in the same period last year. Organic constant currency sales in the International segment increased 1.9% during the period. This growth was driven by strength across fire service and detection, partially offset by a decline in industrial PPE.
Refer to Note 8—Segment Information to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q, for information regarding sales by product group.
Gross profit. Gross profit for the nine months ended September 30, 2024, was $626.0 million, an increase of $12.0 million or 2.0%, compared to $614.0 million during the same period last year. The ratio of gross profit to net sales was 47.8% during the nine months ended September 30, 2024 compared to 47.5% during the same period last year. Volume leverage, price/cost management and productivity efforts offset inflationary pressures and contributed to the gross profit margin improvement.
Selling, general and administrative expenses. SG&A expenses were $294.3 million during the nine months ended September 30, 2024, an increase of $4.7 million or 1.6%, compared to $289.6 million during the same period last year. Overall, SG&A expenses were 22.5% of net sales during the nine months ended September 30, 2024, compared to 22.4% of net sales during the same period in 2023. Organic constant currency SG&A increased $5.1 million or 1.8%. The increase in SG&A was driven by higher commercial costs associated with volume growth, inflation, net cost for product related legal matter and higher professional service expense partially offset by lower variable compensation and discretionary cost management.
Please refer to the selling, general, and administrative expenses table for a reconciliation of the period over period expense change.
Selling, general, and administrative expensesNine Months Ended
September 30, 2024 versus September 30, 2023
(Percent Change)Consolidated
GAAP reported change1.6%
Currency translation effects0.2%
Organic constant currency change1.8%
Note: Organic constant currency SG&A change is a non-GAAP financial measure. See the "Non-GAAP Financial Measures" section below.

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Research and development expense. Research and development expense was $49.7 million during the nine months ended September 30, 2024, an increase of $0.8 million, compared to $48.9 million during the same period last year. Research and development expense was 3.8% of net sales in both the nine months ended September 30, 2024 and 2023.
During the nine months ended September 30, 2024 and 2023, we capitalized $10.0 million and $9.4 million of software development costs, respectively. Depreciation expense for capitalized software development costs of $8.2 million and $7.5 million during the nine months ended September 30, 2024 and 2023, respectively, was recorded in costs of products sold on the unaudited Condensed Consolidated Statements of Operations.
MSA remains committed to dedicating significant resources to research and development activities, including the development of technology-based safety solutions. As we continue to invest a significant portion of our new product development into technology-based safety solutions, we anticipate that the historical relationship of research and development expense to net sales will continue to evolve; however, we do not anticipate reductions in the relative level of total spend on research and development activities on an annual basis. Total spend on both software development and research and development activities was $59.7 million and $58.3 million during the nine months ended September 30, 2024, and 2023, respectively.
Restructuring charges. Restructuring charges of $5.7 million during the nine months ended September 30, 2024 were primarily related to ongoing initiatives to optimize our manufacturing footprint and improve productivity as well as management restructuring. Restructuring charges of $8.4 million during nine months ended September 30, 2023 related to our ongoing initiatives to adjust our cost structure and improve productivity. We remain focused on executing programs to optimize our cost structure.
Currency exchange. Currency exchange losses were $4.7 million during the nine months ended September 30, 2024, compared to $8.8 million in the same period of 2023. During 2024, we recognized non-cash net cumulative translation gains of $1.2 million associated with certain foreign subsidiaries. The remaining currency exchange activity for both periods related primarily due to foreign currency exposure on unsettled inter-company balances and recognized exchange loss for our Argentina affiliate operating in a hyper-inflationary environment.
Refer to Note 15—Derivative Financial Instruments to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q, for information regarding our currency exchange rate risk management strategy.
Product liability expense. Product liability expense for the nine months ended September 30, 2024, and 2023, was minimal due to our divestiture of MSA LLC in January 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.
Loss on divestiture of MSA LLC. The $129.2 million pre-tax loss on divestiture of MSA LLC for the nine months ended September 30, 2023, relates to the derecognition of all legacy cumulative trauma product liability reserves and related insurance assets of the divested subsidiary during the first quarter of 2023. The loss also includes a $341.2 million contribution of cash and cash equivalents, as well as transaction related costs of $5.6 million. Refer to Note 17—Commitments and Contingencies to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q for further information.
GAAP operating income. Consolidated operating income for the nine months ended September 30, 2024, was $271.5 million compared to $129.1 million in the same period last year. The increase in operating results was driven by the higher sales and gross profit margin as well as the absence of loss on divestiture of MSA LLC that was recognized in 2023, partially offset by increased SG&A expense.
Adjusted operating income. Americas adjusted operating income for the nine months ended September 30, 2024 was $276.5 million, an increase of $16.1 million, or 6.2%, compared to $260.4 million in the prior year. The increase in adjusted operating income is primarily attributable to higher sales and gross profit margin due to effective price/cost management partially offset by higher SG&A expense to support business growth.
International adjusted operating income for the nine months ended September 30, 2024, was $55.9 million, a decrease of $4.2 million, or 6.9%, compared to $60.1 million in the prior year. The decrease in adjusted operating income is primarily attributable to lower sales volumes and unfavorable mix.
Corporate segment adjusted operating loss for the nine months ended September 30, 2024, was $38.4 million, an increase of $0.3 million compared to an adjusted operating loss of $38.1 million in the same period of 2023 driven by inflation and increased professional service fees associated with various strategic initiatives partially offset by lower variable compensation.
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The following tables represent a reconciliation from GAAP operating income to adjusted operating income (loss) and adjusted EBITDA. Adjusted operating margin % is calculated as adjusted operating income (loss) divided by net sales and adjusted EBITDA margin % is calculated as adjusted EBITDA divided by net sales.
Adjusted operating income (loss)Nine Months Ended September 30, 2024
(In thousands)AmericasInternationalCorporateConsolidated
Net sales to external customers$909,745 $398,698 $— $1,308,443 
GAAP operating income271,533 
Restructuring charges (Note 3)5,744 
Currency exchange losses, net4,715 
Net cost for product related legal matter5,000 
Amortization of acquisition-related intangible assets6,888 
Transaction costs(a)
234 
Adjusted operating income (loss)276,523 55,944 (38,353)294,114 
Adjusted operating margin %30.4 %14.0 %
Depreciation and amortization40,675 
Adjusted EBITDA305,275 67,216 (37,702)334,789 
Adjusted EBITDA margin %33.6 %16.9 %
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations.
Adjusted operating income (loss)Nine Months Ended September 30, 2023
(In thousands)AmericasInternationalCorporateConsolidated
Net sales to external customers$902,918 $389,372 $— $1,292,290 
GAAP operating income129,070 
Restructuring charges (Note 3)8,382 
Currency exchange losses, net8,781 
Loss on divestiture of MSA LLC (Note 17)129,211 
Product liability expense (Note 17)3 
Amortization of acquisition-related intangible assets6,936 
Transaction costs(a)
78 
Adjusted operating income (loss)260,428 60,099 (38,066)282,461 
Adjusted operating margin %28.8 %15.4 %
Depreciation and amortization38,029 
Adjusted EBITDA287,628 70,296 (37,434)320,490 
Adjusted EBITDA margin %31.9 %18.1 %
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations.
Note: Adjusted operating income (loss), adjusted operating margin %, adjusted EBITDA and adjusted EBITDA margin % are non-GAAP financial measures. See the "Non-GAAP Financial Measures" section below.

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Total other expense, net. Total other expense, net, for the nine months ended September 30, 2024 was $13.3 million, compared to $21.7 million for the same period in 2023. The decrease in total other expense, net is primarily due to decreased interest expense related to reduced debt balances related to prior year borrowings associated with the MSA LLC divestiture as well as increased pension income driven by a higher expected rate of return partially offset by pension settlement expense recognized in the current year.
Income taxes. The reported effective tax rate for the nine months ended September 30, 2024 was 23.7% compared to 116.6% for the same period in 2023. This significant variance is primarily due to the divestiture of MSA LLC and the non-deductible loss recorded on the derecognition of the product liability reserves and related assets in the prior year. 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.
We are subject to regular review and audit by both foreign and domestic tax authorities. While we believe our tax positions will be sustained, the final outcome of tax audits and related litigation may differ materially from the tax amounts recorded in our unaudited condensed consolidated financial statements.
Net income (loss) attributable to MSA Safety Incorporated. Net income was $197.0 million for the nine months ended September 30, 2024, or $4.98 per diluted share compared to net loss of $17.8 million, or $(0.46) per diluted share, for the same period last year.
Non-GAAP Financial Measures
This report includes certain non-GAAP financial measures and operating ratios derived from non-GAAP financial measures. These financial measures and ratios include organic constant currency revenue growth, organic constant currency SG&A change, adjusted operating income (loss), adjusted operating margin %, adjusted EBITDA and adjusted EBITDA margin %.
Organic constant currency sales and SG&A change are non-GAAP financial measures provided by the Company to give a better understanding of the Company's underlying business performance. Organic constant currency sales and SG&A change are calculated by deducting the percentage impact from currency translation effects from the overall percentage change in net sales and SG&A. The Company believes that organic constant currency revenue growth and SG&A change are useful metrics for investors, as foreign currency translation can have a material impact on revenue and SG&A trends. Organic constant currency revenue growth and SG&A change highlight ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of the Company's control.
Adjusted operating income (loss), adjusted operating margin %, adjusted EBITDA and adjusted EBITDA margin % are non-GAAP financial measures and operating ratios derived from non-GAAP measures. Adjusted operating income (loss) is reconciled above to the nearest GAAP financial measure, Operating income (loss), and excludes restructuring, currency exchange, product liability expense, loss on divestiture of MSA LLC, net cost for product related legal matter, transaction costs and acquisition-related amortization. Adjusted EBITDA is reconciled above to the nearest GAAP financial measure, Operating income (loss) and excludes depreciation and amortization expense. Adjusted operating margin % is defined as adjusted operating income (loss) divided by segment net sales to external customers and adjusted EBITDA margin % is defined as adjusted EBITDA divided by segment net sales to external customers. These metrics are consistent with how the Company's chief operating decision maker ("CODM") evaluates segment results and makes strategic decisions about the business. Additionally, these non-gaap financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers.
Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities as well as to allocate resources. The non-GAAP financial measures and key performance indicators we use, and computational methods with respect thereto, may differ from the non-GAAP financial measures and key performance indicators, and computational methods, that our peers use to assess their performance and trends. The presentation of these non-GAAP financial measures does not comply with U.S. GAAP. These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP.
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LIQUIDITY AND CAPITAL RESOURCES
Our main source of liquidity is operating cash flows, supplemented by borrowings. Our principal liquidity requirements are for working capital, capital expenditures, principal and interest payments on debt, declared dividend payments and acquisitions. At September 30, 2024, approximately 55% of our long-term debt is at fixed interest rates with repayment schedules through 2036. The remainder of our long-term debt is at variable rates on an unsecured revolving credit facility and a term loan, both due in 2026. At September 30, 2024, approximately 90% of our borrowings are denominated in U.S. dollars, which limits our exposure to currency exchange rate fluctuations.
At September 30, 2024, the Company had cash and cash equivalents totaling $154.4 million and access to sufficient capital, providing ample liquidity and flexibility to continue to maintain our balanced capital allocation strategy that prioritizes growth investments, funding our dividends and servicing debt obligations. Cash, cash equivalents and restricted cash increased $6.6 million during the nine months ended September 30, 2024 compared to increasing $2.0 million during the same period in 2023. We believe MSA's healthy balance sheet and access to significant capital at September 30, 2024, positions us well to navigate through challenging business conditions, supply chain constraints and other unexpected events.
Operating activities. Operating activities provided cash of $188.5 million during the nine months ended September 30, 2024, compared to using cash of $66.1 million during the same period in 2023. The improved cash flow from operating activities as compared to the same period in 2023 was primarily related to the prior year contribution of $341.2 million in the divestiture of MSA LLC. 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. Excluding the cash flow impact of the MSA LLC divestiture for 2023, cash flow provided by operating activities decreased by $91.9 million, as improved operating results were completely offset by higher cash usage for working capital needs as well as increased cash usage for variable compensation payouts and tax prepayments both driven by prior year performance. The working capital cash usage increase related primarily to inventory purchases to support customer demand which were partially offset by improved accounts payable and accounts receivable management.
Investing activities. Investing activities used cash of $39.7 million during the nine months ended September 30, 2024, compared to using $28.3 million during the same period in 2023. The increase in cash used in investing activities as compared to the same period in 2023 was related to increased capital expenditures to support our manufacturing footprint optimization activities and IT systems implementation. We remain committed to evaluating additional acquisition opportunities that will allow us to continue to grow in key end markets and geographies.
Financing activities. Financing activities used cash of $136.2 million during the nine months ended September 30, 2024, compared to providing cash of $110.5 million during the same period in 2023. During the nine months ended September 30, 2024, we had net payments on long-term debt of $51.0 million as compared to net proceeds from long-term debt of $168.6 million during the same period in 2023 to fund the MSA LLC divestiture. We paid cash dividends of $58.7 million during the nine months ended September 30, 2024, compared to $55.0 million in the same period in 2023. We used cash of $27.4 million during the nine months ended September 30, 2024, to repurchase shares, including $20.0 million related to our share repurchase program and the remainder related to our employee stock compensation transactions compared to $3.9 million in the same period in 2023, all of which related to our employee stock compensation transactions.
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CUMULATIVE TRANSLATION ADJUSTMENTS
The position of the U.S. dollar relative to international currencies, primarily the euro, at September 30, 2024, resulted in a translation gain of $1.8 million being recorded to the cumulative translation adjustments shareholders' equity account during the nine months ended September 30, 2024, compared to a $2.5 million translation loss being recorded to the cumulative translation adjustments shareholders' equity account during the same period in 2023.
COMMITMENTS AND CONTINGENCIES
We made contributions of $3.9 million to our pension plans during the nine months ended September 30, 2024. We expect to make total contributions of approximately $5.3 million to our pension plans in 2024 primarily associated with statutorily required plans in the International segment.
The Company had outstanding bank guarantees and standby letters of credit with banks as of September 30, 2024, totaling $10 million, of which $1.5 million relate to the senior revolving credit facility. These letters of credit serve to cover customer requirements in connection with certain sales orders and insurance companies. The Company is also required to provide cash collateral in connection with certain arrangements. At September 30, 2024, the Company has $0.6 million of restricted cash in support of these arrangements.
We have purchase commitments for materials, supplies, services, and property, plant and equipment as part of our ordinary conduct of business.
Please refer to Note 17—Commitments and Contingencies to the unaudited condensed consolidated financial statements in Part I Item 1 of this Form 10-Q for further discussion on the Company's single incident and cumulative trauma product liabilities.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
We prepare our unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosures. We evaluate these estimates and judgments on an on-going basis based on historical experience and various assumptions that we believe to be reasonable under the circumstances. However, different amounts could be reported if we had used different assumptions and in light of different facts and circumstances. Actual amounts could differ from the estimates and judgments reflected in our unaudited condensed consolidated financial statements.
The more critical judgments and estimates used in the preparation of our unaudited condensed consolidated financial statements are discussed in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2023.
RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING STANDARDS
None.
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Item 3.Quantitative and Qualitative Disclosures About Market Risk
Market risk represents the risk of adverse changes in the value of a financial instrument caused by changes in currency exchange rates, interest rates and equity prices. We are exposed to market risks related to currency exchange rates and interest rates.
Currency exchange rate sensitivity. We are subject to the effects of fluctuations in currency exchange rates on various transactions and on the translation of the reported financial position and operating results of our non-U.S. companies from local currencies to U.S. dollars. A hypothetical 10% strengthening or weakening of the U.S. dollar would decrease or increase our reported sales and net income by approximately $17.5 million or 4.0% and $1.9 million or 2.8%, respectively, for the three months ended September 30, 2024.
When appropriate, we may attempt to limit our transactional exposure to changes in currency exchange rates through forward contracts or other actions intended to reduce existing exposures by creating offsetting currency exposures. At September 30, 2024, we had open foreign currency forward contracts with a U.S. dollar notional value of $184.8 million. A hypothetical 10% strengthening or weakening of the U.S. dollar would result in a $18.5 million increase or decrease in the fair value of these contracts at September 30, 2024.
Interest rates. We are exposed to changes in interest rates primarily as a result of borrowing and investing activities used to maintain liquidity and fund business operations.
At September 30, 2024, we had $307.2 million of fixed rate debt which matures at various dates through 2036. The incremental increase in the fair value of fixed rate long-term debt resulting from a hypothetical 10% decrease in interest rates would be approximately $7.6 million. However, our sensitivity to interest rate declines and the corresponding increase in the fair value of our debt portfolio would unfavorably affect earnings and cash flows only to the extent that we elected to repurchase or retire all or a portion of our fixed rate debt portfolio at prices above carrying values.
At September 30, 2024, we had $249.5 million of variable rate borrowings. A 100 basis point increase or decrease in interest rates would have a $2.6 million impact on future annual earnings under our current capital structure.
Item 4.Controls and Procedures
(a)Evaluation of disclosure controls and procedures. Based on their evaluation as of the end of the period covered by this Form 10-Q, the Company’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)) are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms and (ii) accumulated and communicated to our management, including the principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
(b)Changes in internal control. There were no changes in the Company’s internal control over financial reporting that occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II. OTHER INFORMATION
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
(c)Issuer Purchases of Equity Securities
PeriodTotal Number of
Shares
Purchased		Average Price Paid
Per Share		Total Number of
Shares Purchased
As Part of Publicly
Announced Plans or
Programs		Maximum Number
of Shares
That May Yet Be
Purchased Under
the Plans or
Programs
July 20244,717 $188.84 4,545 1,002,611 
August 202438,652 179.05 36,395 1,000,084 
September 202416,097 173.70 15,416 1,014,850 
The share repurchase program authorizes up to $200.0 million in repurchases of MSA common stock in the open market and in private transactions. The share repurchase program has no expiration date. The maximum number of shares that may be purchased is calculated based on the dollars remaining under the program and the respective month-end closing share price. There were 56,356 shares repurchased during the quarter ended September 30, 2024, under this program. We do not have any other share repurchase programs.
The shares purchased during the quarter, excluding those related to the share repurchase program, are related to stock-based compensation transactions.

Item 5.Other Information
During the three months ended September 30, 2024, no director or officer of the Company, nor the Company itself, adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Item 6.Exhibits
(a) Exhibits
101.INS        XBRL Instance Document
101.SCH    XBRL Taxonomy Extension Schema Document
101.CAL    XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF    XBRL Taxonomy Extension Definition Linkbase Document
101.LAB    XBRL Taxonomy Extension Label Linkbase Document
101.PRE        XBRL Taxonomy Extension Presentation Linkbase Document
104        Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
  MSA SAFETY INCORPORATED
October 24, 2024 /s/ Lee B. McChesney
 Lee B. McChesney
 Senior Vice President and Chief Financial Officer
/s/ Jonathan D. Buck
Jonathan D. Buck
Chief Accounting Officer and Controller (Principal Accounting Officer)

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EXHIBIT 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13a-14(a)
I, Steven C. Blanco, certify that:
1. I have reviewed this quarterly report on Form 10-Q of MSA Safety Incorporated;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
October 24, 2024 /s/ Steven C. Blanco
 Steven C. Blanco
 President and Chief Executive Officer


EXHIBIT 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13a-14(a)
I, Lee B. McChesney certify that:
1. I have reviewed this quarterly report on Form 10-Q of MSA Safety Incorporated;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
October 24, 2024 /s/ Lee B. McChesney
 Lee B. McChesney
 Senior Vice President and Chief Financial Officer


EXHIBIT 32
CERTIFICATION
Pursuant to 18 U.S.C. (S) 1350, the undersigned officers of MSA Safety Incorporated (the “Company”), hereby certify, to the best of their knowledge, that the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, (the “Report”) fully complies with the requirements of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
October 24, 2024 /s/ Steven C. Blanco
 Steven C. Blanco
 President and Chief Executive Officer
 /s/ Lee B. McChesney
 Lee B. McChesney
 Senior Vice President and Chief Financial Officer

v3.24.3
Cover - shares
 9 Months Ended
Sep. 30, 2024
Oct. 18, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 1-15579  
Entity Registrant Name MSA SAFETY INC  
Entity Incorporation, State or Country Code PA  
Entity Tax Identification Number 46-4914539  
Entity Address, Address Line One 1000 Cranberry Woods Drive  
Entity Address, City or Town Cranberry Township,  
Entity Address, State or Province PA  
Entity Address, Postal Zip Code 16066-5207  
City Area Code 724  
Local Phone Number 776-8600  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Title of 12(b) Security Common Stock, no par value  
Trading Symbol MSA  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding (in shares)   39,309,950
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000066570  
Current Fiscal Year End Date --12-31  
v3.24.3
Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Net sales $ 432,679 $ 446,728 $ 1,308,443 $ 1,292,290
Cost of products sold 225,223 227,967 682,427 678,335
Gross profit 207,456 218,761 626,016 613,955
Selling, general and administrative 95,103 102,175 294,329 289,602
Research and development 16,707 17,682 49,695 48,906
Restructuring charges (Note 3) 1,184 3,285 5,744 8,382
Currency exchange losses, net 2,985 1,496 4,715 8,781
Loss on divestiture of MSA LLC (Note 17) 0 0 0 129,211
Product liability expense (Note 17) 0 0 0 3
Operating income 91,477 94,123 271,533 129,070
Interest expense 9,153 12,498 29,556 37,149
Other income, net (5,833) (6,037) (16,215) (15,487)
Total other expense, net 3,320 6,461 13,341 21,662
Income before income taxes 88,157 87,662 258,192 107,408
Provision for income taxes (Note 10) 21,509 22,406 61,171 125,235
Net income (loss) $ 66,648 $ 65,256 $ 197,021 $ (17,827)
Earnings (loss) per share attributable to common shareholders (Note 9):        
Basic (in dollars per share) $ 1.69 $ 1.66 $ 5.00 $ (0.46)
Diluted (in dollars per share) 1.69 1.65 4.98 (0.46)
Dividends per common share (in dollars per share) $ 0.51 $ 0.47 $ 1.49 $ 1.40
v3.24.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 66,648 $ 65,256 $ 197,021 $ (17,827)
Other comprehensive gain (loss), net of tax:        
Foreign currency translation adjustments (Note 6) 21,329 (18,771) 1,834 (2,538)
Pension and post-retirement plan adjustments, net of tax (Note 6) 14 188 2,410 742
Unrealized gain on available-for-sale securities (Note 6) 0 0 0 2
Reclassification of currency translation from accumulated other comprehensive loss into net income (Note 6) 0 101 (1,200) 101
Total other comprehensive gain (loss), net of tax 21,343 (18,482) 3,044 (1,693)
Comprehensive income (loss) $ 87,991 $ 46,774 $ 200,065 $ (19,520)
v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents $ 154,371 $ 146,442
Trade receivables, less allowance for credit loss of $7,937 and $7,065 277,346 294,678
Inventories (Note 4) 351,805 292,604
Prepaid expenses and other current assets 59,147 52,546
Total current assets 842,669 786,270
Property, plant and equipment, net (Note 5) 216,646 211,877
Operating lease right-of-use assets, net 59,393 53,298
Prepaid pension cost (Note 14) 183,915 172,161
Deferred tax assets (Note 10) 34,513 33,065
Goodwill (Note 13) 632,837 627,534
Intangible assets, net (Note 13) 254,364 266,134
Other noncurrent assets 17,590 19,811
Total assets 2,241,927 2,170,150
Liabilities    
Notes payable and current portion of long-term debt (Note 12) 26,915 26,522
Accounts payable 128,031 111,872
Employees’ compensation 56,831 73,386
Other current liabilities 102,701 121,038
Total current liabilities 314,478 332,818
Long-term debt, net (Note 12) 527,807 575,170
Pensions and other employee benefits (Note 14) 144,105 143,967
Noncurrent operating lease liabilities 49,337 44,495
Deferred tax liabilities (Note 10) 103,175 102,419
Other noncurrent liabilities 7,680 4,479
Total liabilities 1,146,582 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) 324,609 312,324
Treasury shares, at cost (Note 7) (388,421) (363,284)
Accumulated other comprehensive loss (Note 6) (126,205) (129,249)
Retained earnings 1,281,793 1,143,442
Total shareholders’ equity 1,095,345 966,802
Total liabilities and shareholders’ equity $ 2,241,927 $ 2,170,150
v3.24.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Trade receivables, allowance for credit loss $ 7,937 $ 7,065
Cumulative preferred stock (percent) 4.50% 4.50%
Preferred stock, par value (dollars per share) $ 50,000 $ 50,000
v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities    
Net income (loss) $ 197,021 $ (17,827)
Depreciation and amortization 47,563 44,965
Loss on divestiture of MSA LLC (Note 17) 0 199,578
Stock-based compensation (Note 11) 13,446 21,506
Pension income (Note 14) (5,316) (6,060)
Deferred income tax benefit (Note 10) (1,928) (531)
Loss (gain) on asset dispositions, net 959 (671)
Pension contributions (Note 14) (3,948) (4,274)
Currency exchange losses, net 4,715 8,781
Product liability expense (Note 17) 0 3
Product liability payments (Note 17) 0 (5,250)
Contribution on divestiture of MSA LLC (Note 17) 0 (341,186)
Changes in:    
Trade receivables 7,965 (7,449)
Inventories (Note 4) (59,531) 15,386
Accounts payable 17,309 (4,225)
Other current assets and liabilities (34,186) 26,518
Other noncurrent assets and liabilities 4,451 4,679
Cash Flow From (Used in) Operating Activities 188,520 (66,057)
Investing Activities    
Capital expenditures (39,814) (30,979)
Property disposals and other investing 90 2,690
Cash Flow Used in Investing Activities (39,724) (28,289)
Financing Activities    
Proceeds from long-term debt (Note 12) 868,644 1,507,000
Payments on long-term debt (Note 12) (919,647) (1,338,352)
Debt issuance costs (200) (1,138)
Cash dividends paid (58,670) (54,999)
Company stock purchases (Note 7) (27,427) (3,941)
Exercise of stock options (Note 7) 494 1,440
Employee stock purchase plan (Note 7) 634 497
Cash Flow (Used in) From Financing Activities (136,172) 110,507
Effect of exchange rate changes on cash, cash equivalents and restricted cash (6,062) (14,152)
Change in cash, cash equivalents and restricted cash 6,562 2,009
Beginning cash, cash equivalents and restricted cash 148,408 164,428
Ending cash, cash equivalents and restricted cash 154,970 166,437
Supplemental cash flow information:    
Cash and cash equivalents 154,371 164,499
Restricted cash included in prepaid expenses and other current assets 599 1,938
Total cash, cash equivalents and restricted cash $ 154,970 $ 166,437
v3.24.3
Condensed Consolidated Statements of Changes in Retained Earnings, Accumulated Other Comprehensive Loss - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Net loss $ 66,648 $ 65,256 $ 197,021 $ (17,827)
Pension and post-retirement plan adjustments, net of tax 14 188 2,410 742
Reclassification from accumulated other comprehensive loss into net income (loss)(b) 0 101 (1,200) 101
Preferred dividends (10) (10) (30) (30)
Retained Earnings        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance 1,235,226 1,038,750 1,143,442 1,158,347
Net loss 66,648 65,256 197,021 (17,827)
Common dividends (20,071) (18,475) (58,640) (54,969)
Preferred dividends (10) (10) (30) (30)
Ending balance 1,281,793 1,085,521 1,281,793 1,085,521
Accumulated Other Comprehensive (Loss)        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance (147,548) (141,928) (129,249) (158,717)
Foreign currency translation adjustments 21,329 (18,771) 1,834 (2,538)
Pension and post-retirement plan adjustments, net of tax 14 188 2,410 742
Unrealized net gains (losses) on available-for-sale securities       2
Reclassification from accumulated other comprehensive loss into net income (loss)(b)   101 (1,200) 101
Ending balance $ (126,205) $ (160,410) $ (126,205) $ (160,410)
v3.24.3
Condensed Consolidated Statements of Changes in Retained Earnings, Accumulated Other Comprehensive Loss (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]        
Tax reclassification adjustment $ 374 $ 27 $ 628 $ 259
Common stock, dividends (in dollars per share) $ 0.51 $ 0.47 $ 1.49 $ 1.40
Preferred stock, dividends (in dollars per share) $ 0.5625 $ 0.5625 $ 1.6875 $ 1.6875
v3.24.3
Basis of Presentation
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation 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.
In November 2023, the FASB issued ASU No. 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires annual and interim disclosures that are expected to improve reportable segment disclosures, primarily through enhanced disclosures about significant expenses in determining segment profit or loss. The provisions of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We will apply the new disclosure requirements of ASU 2023-07 in our 2024 Form 10-K and, with the exception of expanding disclosures about significant segment expenses, do not expect that the adoption of ASU 2023-07 will have a material effect on our consolidated financial statements taken as a whole.
v3.24.3
Cash and Cash Equivalents
 9 Months Ended
Sep. 30, 2024
Cash and Cash Equivalents [Abstract]  
Cash and Cash Equivalents Cash and Cash Equivalents
Several of the Company's subsidiaries participate in a notional cash pooling arrangement to manage global liquidity requirements. As part of a master netting arrangement, the participants combine their cash balances in pooling accounts at the same financial institution with the ability to offset bank overdrafts of one participant against positive cash account balances held by another participant. Under the terms of the master netting arrangement, the financial institution has the right, ability and intent to offset a positive balance in one account against an overdrawn amount in another account. Amounts in each of the accounts are unencumbered and unrestricted with respect to use. As such, the net cash balance related to this pooling arrangement is included in Cash and cash equivalents in the unaudited Condensed Consolidated Balance Sheets.
The Company's net cash pool position consisted of the following:
(In thousands)September 30, 2024
Gross cash pool position$69,117 
Less: cash pool borrowings(65,712)
Net cash pool position$3,405 
v3.24.3
Restructuring Charges
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Charges Restructuring Charges
During the three and nine months ended September 30, 2024, we recorded restructuring charges of $1.2 million and $5.7 million, respectively. Americas segment restructuring charges of $1.3 million during the nine months ended September 30, 2024, were related to manufacturing footprint optimization activities. International segment restructuring charges of $3.2 million during the nine months ended September 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 $1.2 million during the nine months ended September 30, 2024, were related to management restructuring.
During the three and nine months ended September 30, 2023, we recorded restructuring charges of $3.3 million and $8.4 million, respectively. Americas segment restructuring charges of $2.7 million during the nine months ended September 30, 2023, were related to manufacturing footprint optimization activities. International segment restructuring charges of $3.6 million during the nine months ended September 30, 2023, were related to ongoing initiatives to drive profitable growth and improve productivity. Corporate segment restructuring charges of $2.1 million during the nine months ended September 30, 2023, were related to footprint optimization activities and management restructuring.
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 charges1.3 3.2 1.2 5.7 
Cash payments(1.9)(8.0)(1.2)(11.1)
Reserve balances at September 30, 2024$0.2 $4.2 $— $4.4 
v3.24.3
Inventories
 9 Months Ended
Sep. 30, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
The following table sets forth the components of inventory:
(In thousands)September 30, 2024December 31, 2023
Finished products$118,294 $88,687 
Work in process17,369 15,378 
Raw materials and supplies216,142 188,539 
Total inventories$351,805 $292,604 
v3.24.3
Property, Plant and Equipment
 9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
The following table sets forth the components of property, plant and equipment, net:
(In thousands)September 30, 2024December 31, 2023
Land$4,379 $4,332 
Buildings144,364 141,027 
Machinery and equipment511,075 498,148 
Construction in progress27,482 24,404 
Total687,300 667,911 
Less: accumulated depreciation(470,654)(456,034)
Property, plant and equipment, net$216,646 $211,877 
v3.24.3
Reclassifications Out of Accumulated Other Comprehensive Loss
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Reclassifications Out of Accumulated Other Comprehensive Loss Reclassifications Out of Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2024202320242023
Pension and other post-retirement benefits (a)
Balance at beginning of period$(40,256)$(49,781)$(42,652)$(50,335)
Amounts reclassified from accumulated other comprehensive loss into net income (loss):
Amortization of prior service credit (Note 14)(9)(24)(27)(72)
Recognized net actuarial losses (Note 14)397 185 3,065 555 
Tax (benefit) expense(374)27 (628)259 
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income (loss)14 188 2,410 742 
Balance at end of period$(40,242)$(49,593)$(40,242)$(49,593)
Available-for-sale securities
Balance at beginning of period$— $— $— $(2)
Unrealized net gains on available-for-sale securities (Note 16)— — — 2 
Balance at end of period$— $— $— $— 
Foreign currency translation
Balance at beginning of period$(107,292)$(92,147)$(86,597)$(108,380)
Reclassification from accumulated other comprehensive loss into net income (loss)(b)
— 101 (1,200)101 
Foreign currency translation adjustments21,329 (18,771)1,834 (2,538)
Balance at end of period$(85,963)$(110,817)$(85,963)$(110,817)
(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 losses, net, within the unaudited Condensed Consolidated Statements of Income.
v3.24.3
Capital Stock
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Capital Stock Capital Stock
Preferred Stock - The Company has authorized 100,000 shares of $50 par value 4.5% cumulative preferred nonvoting stock which is callable at $52.50. There were 71,340 shares issued and 52,998 shares held in treasury at both September 30, 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 nine months ended September 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 September 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 September 30, 2024 and December 31, 2023. No new shares were issued during the nine months ended September 30, 2024 or 2023. There were 39,309,938 and 39,317,212 shares outstanding at September 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 nine months ended September 30, 2024, and 2023, the Company repurchased 108,917 and no shares, respectively, under this and the prior stock repurchase program. There were 22,771,453 and 22,764,179 treasury shares at September 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 141,618 and 125,967 Treasury shares issued for these purposes during the nine months ended September 30, 2024, and 2023, respectively.
Common stock activity is summarized as follows:
Three Months Ended September 30, 2024Three Months Ended September 30, 2023
(In thousands)Common
Stock
Treasury
Cost(a)
Common
Stock
Treasury
Cost(a)
Balance at beginning of period$320,556 $(376,556)$294,364 $(362,025)
Stock compensation expense4,217 — 8,477 — 
Restricted and performance stock awards(275)275 (15)15 
Stock options exercised111 57 591 307 
Treasury shares purchased for stock compensation programs— (571)— (70)
Share repurchase program— (10,027)— — 
Balance at end of period$324,609 $(386,822)$303,417 $(361,773)
(a)Excludes treasury cost related to preferred stock.
Nine Months Ended September 30, 2024Nine Months Ended September 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 expense13,446 — 21,506 — 
Restricted and performance stock awards(2,058)2,058 (1,449)1,449 
Stock options exercised323 171 948 492 
Treasury shares purchased for stock compensation programs— (7,400)— (3,941)
Employee stock purchase program574 60 432 65 
Share repurchase program— (20,027)— — 
Balance at end of period$324,609 $(386,822)$303,417 $(361,773)
(a)Excludes treasury cost related to preferred stock.
v3.24.3
Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company is organized into four geographical operating segments that are based on management responsibilities: Northern North America; Latin America; Europe, Middle East & Africa; and Asia Pacific. The operating segments have been aggregated (based on economic similarities, the nature of their products, end-user markets and methods of distribution) into three reportable segments: Americas, International, and Corporate.
The Americas segment is comprised of our operations in Northern North American and Latin American geographies. The International segment is comprised of our operations in all geographies outside of the Americas. Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived.
The Company's sales are allocated to each segment based primarily on the country destination of the end-customer.
Adjusted operating income (loss) is the measure 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.
The accounting principles applied at the operating segment level in determining the segment measure of profit or loss are 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)AmericasInternationalCorporateConsolidated
Totals
Three Months Ended September 30, 2024
Net sales to external customers$299,497 $133,182 $— $432,679 
Adjusted operating income (loss)91,822 18,174 (12,081)97,915 
Three Months Ended September 30, 2023
Net sales to external customers$314,273 $132,455 $— $446,728 
Adjusted operating income (loss)93,918 22,577 (15,198)101,297 
(In thousands)AmericasInternationalCorporateConsolidated
Totals
Nine Months Ended September 30, 2024
Net sales to external customers$909,745 $398,698 $— $1,308,443 
Adjusted operating income (loss)276,523 55,944 (38,353)294,114 
Nine Months Ended September 30, 2023
Net sales to external customers$902,918 $389,372 $— $1,292,290 
Adjusted operating income (loss)260,428 60,099 (38,066)282,461 
A reconciliation of total Adjusted operating income from reportable segments to Income before income taxes is presented in the following table:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2024202320242023
Adjusted operating income$97,915$101,297$294,114$282,461
Less:
Restructuring charges (Note 3)1,1843,2855,7448,382
Currency exchange losses, net2,9851,4964,7158,781
Interest expense9,15312,49829,55637,149
Other income, net(5,833)(6,037)(16,215)(15,487)
Amortization of acquisition-related intangible assets2,2692,3156,8886,936
Transaction costs(a)
—7823478
Net cost for product related legal matter——5,000—
Loss on divestiture of MSA LLC (Note 17)———129,211
Product liability expense (Note 17)———3
Income before income taxes88,15787,662258,192107,408
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations.
Total sales by product group was as follows:
Three Months Ended September 30, 2024ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$160,515 37%$111,992 37%$48,523 36%
Detection (b)
163,150 38%110,459 37%52,691 40%
Industrial PPE and Other (c)
109,014 25%77,046 26%31,968 24%
Total$432,679 100%$299,497 100%$133,182 100%
Three Months Ended September 30, 2023ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$175,732 39%$131,516 42%$44,216 33%
Detection (b)
155,694 35%105,007 33%50,687 38%
Industrial PPE and Other (c)
115,302 26%77,750 25%37,552 29%
Total$446,728 100%$314,273 100%$132,455 100%
Nine Months Ended September 30, 2024ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$496,478 38%$352,730 39%$143,748 36%
Detection (b)
473,214 36%318,159 35%155,055 39%
Industrial PPE and Other (c)
338,751 26%238,856 26%99,895 25%
Total$1,308,443 100%$909,745 100%$398,698 100%
Nine Months Ended September 30, 2023ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$481,610 37%$354,729 39%$126,881 33%
Detection (b)
460,537 36%308,692 34%151,845 39%
Industrial PPE and Other (c)
350,143 27%239,497 27%110,646 28%
Total$1,292,290 100%$902,918 100%$389,372 100%
(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.
v3.24.3
Earnings (Loss) per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings (Loss) per Share Earnings (Loss) per Share
Basic earnings (loss) per share is computed by dividing net income, after the deduction of preferred stock dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share assumes the issuance of common stock for all potentially dilutive share equivalents outstanding not classified as participating securities. Participating securities are defined as unvested stock-based compensation awards that contain nonforfeitable rights to dividends.
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands, except per share values)2024202320242023
Net income (loss)$66,648 $65,256 $197,021 $(17,827)
Preferred stock dividends(10)(10)(30)(30)
Net income (loss) attributable to common equity66,638 65,246 196,991 (17,857)
Dividends and undistributed earnings allocated to participating securities(6)(8)(19)(16)
Net income (loss) attributable to common shareholders66,632 65,238 196,972 (17,873)
Basic weighted-average shares outstanding39,362 39,303 39,370 39,267 
Stock-based compensation awards(a)
133 147 160 — 
Diluted weighted-average shares outstanding39,495 39,450 39,530 39,267 
Antidilutive shares— — — 154 
Earnings (loss) per share:
Basic$1.69 $1.66 $5.00 $(0.46)
Diluted$1.69 $1.65 $4.98 $(0.46)
(a) During periods in which the Company incurs a net loss, stock-based compensation awards are excluded from the computation of diluted earnings per share because their effect would be anti-dilutive. As such, during periods in which the Company incurs a net loss, diluted weighted-average shares outstanding are equivalent to basic weighted-average shares outstanding.
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company's effective tax rate for the three months ended September 30, 2024, was 24.4%, 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 September 30, 2023, was 25.6%, which differs from the U.S. federal statutory rate of 21% primarily due to higher earnings in higher tax jurisdictions and nondeductible compensation.
The Company's effective tax rate for the nine months ended September 30, 2024, was 23.7%, 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 nine months ended September 30, 2023, was 116.6%, which differs from the U.S. federal statutory rate of 21% primarily due to the divestiture of MSA LLC and the non-deductible loss recorded on the derecognition of the product liability reserves and related assets. Refer to Note 17—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 September 30, 2024, the Company had a gross liability for unrecognized tax benefits of $7.2 million. The Company has recognized tax benefits associated with these liabilities of $0.6 million at September 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 September 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.
v3.24.3
Stock Plans
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock Plans 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 2024 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 2034.
Stock compensation expense, included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations, is as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2024202320242023
Stock compensation expense$4,217 $8,477 $13,446 $21,506 
Income tax benefit1,033 2,077 3,294 5,269 
Stock compensation expense, net of tax$3,184 $6,400 $10,152 $16,237 
We have not capitalized any stock-based compensation expense.
A summary of stock option activity for the nine months ended September 30, 2024, is as follows:
SharesWeighted Average
Exercise Price
Outstanding at January 1, 202426,536 $45.95 
Exercised(10,531)46.95 
Forfeited(852)48.65 
Outstanding and exercisable at September 30, 202415,153 $45.10 
Restricted stock awards and restricted stock units are valued at the market value of the stock on the grant date. A summary of restricted stock activity for the nine months ended September 30, 2024, is as follows:
SharesWeighted Average
Grant Date
Fair Value
Unvested at January 1, 2024173,851 $142.73 
Granted82,905 178.59 
Vested(48,596)164.57 
Forfeited(25,482)164.47 
Unvested at September 30, 2024182,678 $150.16 
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.
A summary of performance stock unit activity for the nine months ended September 30, 2024, is as follows:
SharesWeighted Average
Grant Date
Fair Value
Unvested at January 1, 2024189,221 $146.17 
Granted40,787 177.34 
Performance adjustments(a)
20,488 194.10 
Vested(77,544)174.13 
Forfeited(10,619)149.13 
Unvested at September 30, 2024162,333 $146.50 
(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.
v3.24.3
Long-Term Debt
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
(In thousands)September 30, 2024December 31, 2023
2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs
$57,067 $62,081 
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs
99,749 99,733 
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs
99,749 99,733 
2023 Term Loan credit agreement maturing in 2026, net of debt issuance costs212,055 230,604 
2023 Senior Notes payable through 2028, 5.25%, net of debt issuance costs
49,949 49,939 
Senior revolving credit facility maturing in 2026, net of debt issuance costs36,153 59,602 
Total554,722 601,692 
Amounts due within one year26,915 26,522 
Long-term debt, net of debt issuance costs$527,807 $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 5.80% as of September 30, 2024. At September 30, 2024, $861.5 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 September 30, 2024, the Company has outstanding £42.7 million (approximately $57.2 million at September 30, 2024) of 3.4% Series B Senior Notes due January 22, 2031. Remaining maturities of this note are £6.1 million (approximately $8.2 million at September 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.
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 6.35% as of September 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 September 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 September 30, 2024, totaling $10.0 million, of which $1.5 million relate to the Revolving Credit Facility. The letters of credit serve to cover customer requirements in connection with certain sales orders and insurance companies. The Company is also required to provide cash collateral in connection with certain arrangements. At September 30, 2024, the Company has $0.6 million of restricted cash in support of these arrangements.
v3.24.3
Goodwill and Intangible Assets, Net
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
Changes in goodwill during the nine months ended September 30, 2024, were as follows:
(In thousands)Goodwill
Balance at January 1, 2024$627,534 
Currency translation5,303 
Balance at September 30, 2024$632,837 
At September 30, 2024, goodwill of $447.6 million and $185.2 million related to the Americas and International reportable segments, respectively.
Changes in intangible assets, net, during the nine months ended September 30, 2024, were as follows:
(In thousands)Intangible Assets
Net balance at January 1, 2024$266,134 
Amortization expense(13,392)
Currency translation1,622 
Net balance at September 30, 2024$254,364 
At September 30, 2024, intangible assets, net, includes a trade name related to Globe Manufacturing Company, LLC ("Globe") with an indefinite life totaling $60.0 million
v3.24.3
Pensions and Other Post-retirement Benefits
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Pensions and Other Post-retirement Benefits Pensions and Other Post-retirement Benefits
Components of Net periodic benefit (income) cost consisted of the following:
 Pension BenefitsOther Benefits
(In thousands)2024202320242023
Three Months Ended September 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 
Net periodic benefit (income) cost (a)
$(2,208)$(2,020)$361 $403 
Nine Months Ended September 30,
Service cost$6,945 $5,652 $132 $159 
Interest cost17,910 17,754 744 819 
Expected return on plan assets(32,436)(29,718)— — 
Amortization of prior service cost (credit)111 111 (138)(183)
Recognized net actuarial losses846 141 345 414 
Settlements1,308 — 

— — 
Net periodic benefit (income) cost (a)
$(5,316)$(6,060)$1,083 $1,209 
(a) Components of Net periodic benefit (income) cost other than service cost are included in the line item Other income, net, and service costs are included in the line items Cost of products sold and Selling, general and administrative in the unaudited Condensed Consolidated Statements of Operations.
We made contributions of $3.9 million and $4.3 million to our pension plans during the nine months ended September 30, 2024, and 2023, respectively. We expect to make net contributions of $5.3 million to our pension plans in 2024, which are primarily associated with statutorily required plans in the International reporting segment.
v3.24.3
Derivative Financial Instruments
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
As part of our currency exchange rate risk management strategy, we enter into certain derivative foreign currency forward contracts that do not meet the U.S. GAAP criteria for hedge accounting but have the impact of partially offsetting certain of our foreign currency exposures. We account for these forward contracts at fair value and report the related gains or losses in currency exchange losses, net, in the unaudited Condensed Consolidated Statements of Operations. The notional amount of open forward contracts was $184.8 million and $110.9 million at September 30, 2024, and December 31, 2023, respectively.
The following table presents the unaudited Condensed Consolidated Balance Sheets location and fair value of assets and liabilities associated with derivative financial instruments:
(In thousands)September 30, 2024December 31, 2023
Derivatives not designated as hedging instruments:
Foreign exchange contracts: prepaid expenses and other current assets$— $2,210 
Foreign exchange contracts: other current liabilities1,038 242 
The following table presents the unaudited Condensed Consolidated Statements of Operations and unaudited Condensed Consolidated Statements of Cash Flows location and the loss impact of derivative financial instruments:
 Nine Months Ended September 30,
(In thousands)20242023
Derivatives not designated as hedging instruments:
Foreign exchange contracts: currency exchange losses, net$1,683 $2,986 
v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are:
•Level 1—Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets.
•Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
•Level 3—Unobservable inputs for the asset or liability.
The valuation methodologies we used to measure financial assets and liabilities are also used to value the derivative financial instruments described in Note 15—Derivative Financial Instruments. We estimate the fair value of the derivative financial instruments, consisting of foreign currency forward contracts, based upon valuation models with inputs that generally can be verified by observable market conditions and do not involve significant management judgment. Accordingly, the fair values of the derivative financial instruments are classified within Level 2 of the fair value hierarchy. With the exception of our fixed rate long-term debt, we believe that the reported carrying amounts of our financial assets and liabilities approximate their fair values.
The reported carrying amount of our fixed rate long-term debt was $307.2 million and $312.2 million at September 30, 2024, and December 31, 2023, respectively. The fair value of this debt was $278.1 million and $278.7 million at September 30, 2024, and December 31, 2023, respectively. The fair value of this debt was determined using Level 2 inputs by evaluating similarly rated companies with publicly traded bonds where available or current borrowing rates available for financings with similar terms and maturities.
v3.24.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Product liability
The Company and its subsidiaries face an inherent business risk of exposure to legal claims arising from the alleged failure of our products to prevent the types of personal injury or death against which they are designed to protect. Product liability claims are categorized as either single incident or cumulative trauma.
Single incident product liability claims. Single incident product liability claims involve incidents of short duration that are typically known when they occur and involve observable injuries, which provide an objective basis for quantifying damages. Management has established reserves for the single incident product liability claims of the Company's various subsidiaries, including asserted single incident product liability claims and incurred but not reported ("IBNR") single incident claims. To determine the reserves, Management makes reasonable estimates of losses for single incident claims based on the number and characteristics of asserted claims, historical experience, sales volumes, expected settlement costs, and other relevant information. The reserve for single incident product liability claims was $0.8 million at September 30, 2024 and $1.3 million at December 31, 2023. Single incident product liability benefit was $0.2 million and $0.1 million for the nine months ended September 30, 2024, and 2023, respectively. Single incident product liability exposures are evaluated on an annual basis, or more frequently if changing circumstances warrant. Adjustments are made to the reserve as appropriate. The reserve has not been discounted to present value and does not include future amounts which will be spent to defend the claims.
During the first nine months of 2024, the Company recorded $5.0 million of net cost for product related legal matter. The expense is reflected within the selling, general and administration line of the unaudited Condensed Consolidated Statement of Operations.
Cumulative trauma product liability claims. Cumulative trauma product liability claims involve alleged exposures to harmful substances (e.g., silica, asbestos and coal dust) that occurred years ago and may have developed over long periods of time into diseases such as silicosis, asbestosis, mesothelioma, or coal worker’s pneumoconiosis. Prior to the divestiture described below, one of the Company's former subsidiaries, MSA LLC, was named as a defendant in various lawsuits related to such claims. These lawsuits mainly involve respiratory protection products allegedly manufactured and sold by MSA LLC or its predecessors.
On January 5, 2023, the Company entered into a membership interest purchase agreement (the “Purchase Agreement”) with Sag Main Holdings, LLC (the “Buyer”). The Buyer was a joint venture between R&Q Insurance Holdings Ltd. (“R&Q”) and Obra Capital, Inc. (“Obra”). Under the Purchase Agreement, on January 5, 2023, the Company transferred to the Buyer all of the issued and outstanding limited liability company interests of MSA LLC (the “Sale”). In connection with the closing, the Company contributed $341.2 million in cash and cash equivalents, while R&Q and Obra contributed an additional $35.0 million.
MSA LLC was the obligor for the claims to which the Company's legacy cumulative trauma product liability reserves relate and policyholder of the related insurance assets. The rights and obligations related to these items remained with MSA LLC upon the sale to the Buyer. In addition, pursuant to the Purchase Agreement, the Buyer and MSA LLC have agreed to indemnify the Company and its affiliates for legacy cumulative trauma product liabilities and other product liabilities, and a subsidiary of the Company has agreed to indemnify MSA LLC for all other historical liabilities of MSA LLC. This indemnification is not subject to any cap or time limitation. In connection with the sale, the Company and its Board of Directors received a solvency opinion from an independent advisory firm that MSA LLC was solvent and adequately capitalized after giving effect to the transaction.
Following the completion of the transaction, the Company no longer has any obligation with respect to pending and future cumulative trauma product liability claims relating to these matters. As such, all legacy cumulative trauma product liability reserves, related insurance assets, and associated deferred tax assets of the divested subsidiary were derecognized from our balance sheet and the Company incurred a tax-effected loss on the divestiture of MSA LLC of $199.6 million, including transaction related costs of $5.6 million. The Buyer has assumed management of the divested subsidiary, including the management of its claims and associated assets.
Other Litigation
Globe, a subsidiary of the Company, is defending claims in which plaintiffs assert that certain products allegedly containing per- and polyfluoroalkyl substances (“PFAS”) have caused harm, including injury or health issues. PFAS are a large class of substances that are widely used in everyday products. Specifically, Globe builds firefighter turnout gear from technical fabrics sourced from a small pool of specialty textile manufacturers. These protective fabrics have been tested and certified to meet current National Fire Protection Association safety standards, and some of them as supplied to Globe contain or historically have contained PFAS to achieve performance characteristics such as water, oil, or chemical resistance.
Globe believes it has valid defenses to these claims. These matters are at a very early stage with numerous factual and legal issues to be resolved. Defense costs relating to these lawsuits are recognized in the unaudited Condensed Consolidated Statements of Operations as incurred. Globe is also pursuing insurance coverage and indemnification related to the lawsuits. As of October 15, 2024, Globe was named as a defendant in 535 lawsuits comprised of 7,850 claims, predominantly styled as individual personal injury claims and including two putative class actions. Certain of these lawsuits include MSA Safety Inc. or other Globe affiliates as defendants.
MSA LLC is also a defendant in a number of PFAS lawsuits predominantly relating to Aqueous Film-Forming Foam. The Buyer assumed responsibility for these and any similar future claims specific to MSA LLC, including such claims that have been or may be brought against MSA Safety Inc. or its subsidiaries, under the terms of the divestiture on January 5, 2023. Further information about the transaction can be found in the Company’s Current Report on Form 8-K filed on January 6, 2023.
Product Warranty
The Company provides warranties on certain product sales. Product warranty reserves are established in the same period that revenue from the sale of the related products is recognized, or in the period that a specific issue arises as to the functionality of the Company's product. The determination of such reserves requires the Company to make estimates of product return rates and expected costs to repair or to replace the products under warranty.
The amounts of the reserves are based on established terms and the Company's best estimate of the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. If actual return rates and/or repair and replacement costs differ significantly from estimates, adjustments to recognize additional cost of sales may be required in future periods.
The following table reconciles changes in the Company's accrued warranty reserve:
(In thousands)Nine Months Ended September 30, 2024Year Ended
December 31, 2023
Beginning warranty reserve$14,288 $15,230 
Warranty payments(8,518)(9,794)
Warranty claims7,370 8,899 
Provision for product warranties and other adjustments515 (47)
Ending warranty reserve$13,655 $14,288 
Warranty expense was $7.9 million and $6.7 million for the nine months ended September 30, 2024, and 2023, respectively, and is included in Costs of products sold on the unaudited Condensed Consolidated Statements of Operations.
Outstanding Performance Obligations
The Company derives a portion of its revenue from various leasing arrangements where the Company is the lessor, primarily fire service contracts entered into by Bristol. Such arrangements provide for monthly payments covering equipment provided, maintenance and interest. These arrangements meet the criteria to be accounted for as sales-type leases under Accounting Standards Codification ("ASC") 842 and contain both lease and non-lease components.
Revenue from equipment provided is considered a lease component and recognized with point in time revenue recognition upon lease commencement. Maintenance revenue, which is considered a non-lease component, and interest is recognized monthly over the lease term. As of September 30, 2024, the Company had remaining maintenance performance obligations of approximately $28.7 million which are expected to be recognized to revenue in approximately three years.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net income (loss) $ 66,648 $ 65,256 $ 197,021 $ (17,827)
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Basis of Presentation (Policies)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidation The condensed consolidated financial statements of MSA Safety Incorporated and its subsidiaries ("MSA" or "the Company") are unaudited. These unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary by management to fairly state the Company's results. Intercompany accounts and transactions have been eliminated. The results reported in these unaudited condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. The December 31, 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.
Recently Adopted and Recently Issued Accounting Standards
In November 2023, the FASB issued ASU No. 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires annual and interim disclosures that are expected to improve reportable segment disclosures, primarily through enhanced disclosures about significant expenses in determining segment profit or loss. The provisions of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We will apply the new disclosure requirements of ASU 2023-07 in our 2024 Form 10-K and, with the exception of expanding disclosures about significant segment expenses, do not expect that the adoption of ASU 2023-07 will have a material effect on our consolidated financial statements taken as a whole.
v3.24.3
Cash and Cash Equivalents (Tables)
 9 Months Ended
Sep. 30, 2024
Cash and Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents
The Company's net cash pool position consisted of the following:
(In thousands)September 30, 2024
Gross cash pool position$69,117 
Less: cash pool borrowings(65,712)
Net cash pool position$3,405 
v3.24.3
Restructuring Charges (Tables)
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Activity and Reserve Balance for Restructuring Charges by Segment Activity and reserve balances for restructuring by segment were as follows:
(In millions)AmericasInternationalCorporateTotal
Reserve balances at December 31, 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 charges1.3 3.2 1.2 5.7 
Cash payments(1.9)(8.0)(1.2)(11.1)
Reserve balances at September 30, 2024$0.2 $4.2 $— $4.4 
v3.24.3
Inventories (Tables)
 9 Months Ended
Sep. 30, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories
The following table sets forth the components of inventory:
(In thousands)September 30, 2024December 31, 2023
Finished products$118,294 $88,687 
Work in process17,369 15,378 
Raw materials and supplies216,142 188,539 
Total inventories$351,805 $292,604 
v3.24.3
Property, Plant and Equipment (Tables)
 9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Components of Property, Plant and Equipment
The following table sets forth the components of property, plant and equipment, net:
(In thousands)September 30, 2024December 31, 2023
Land$4,379 $4,332 
Buildings144,364 141,027 
Machinery and equipment511,075 498,148 
Construction in progress27,482 24,404 
Total687,300 667,911 
Less: accumulated depreciation(470,654)(456,034)
Property, plant and equipment, net$216,646 $211,877 
v3.24.3
Reclassifications Out of Accumulated Other Comprehensive Loss (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Reclassification Out of Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2024202320242023
Pension and other post-retirement benefits (a)
Balance at beginning of period$(40,256)$(49,781)$(42,652)$(50,335)
Amounts reclassified from accumulated other comprehensive loss into net income (loss):
Amortization of prior service credit (Note 14)(9)(24)(27)(72)
Recognized net actuarial losses (Note 14)397 185 3,065 555 
Tax (benefit) expense(374)27 (628)259 
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income (loss)14 188 2,410 742 
Balance at end of period$(40,242)$(49,593)$(40,242)$(49,593)
Available-for-sale securities
Balance at beginning of period$— $— $— $(2)
Unrealized net gains on available-for-sale securities (Note 16)— — — 2 
Balance at end of period$— $— $— $— 
Foreign currency translation
Balance at beginning of period$(107,292)$(92,147)$(86,597)$(108,380)
Reclassification from accumulated other comprehensive loss into net income (loss)(b)
— 101 (1,200)101 
Foreign currency translation adjustments21,329 (18,771)1,834 (2,538)
Balance at end of period$(85,963)$(110,817)$(85,963)$(110,817)
(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 losses, net, within the unaudited Condensed Consolidated Statements of Income.
v3.24.3
Capital Stock (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Common Stock Activity
Common stock activity is summarized as follows:
Three Months Ended September 30, 2024Three Months Ended September 30, 2023
(In thousands)Common
Stock
Treasury
Cost(a)
Common
Stock
Treasury
Cost(a)
Balance at beginning of period$320,556 $(376,556)$294,364 $(362,025)
Stock compensation expense4,217 — 8,477 — 
Restricted and performance stock awards(275)275 (15)15 
Stock options exercised111 57 591 307 
Treasury shares purchased for stock compensation programs— (571)— (70)
Share repurchase program— (10,027)— — 
Balance at end of period$324,609 $(386,822)$303,417 $(361,773)
(a)Excludes treasury cost related to preferred stock.
Nine Months Ended September 30, 2024Nine Months Ended September 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 expense13,446 — 21,506 — 
Restricted and performance stock awards(2,058)2,058 (1,449)1,449 
Stock options exercised323 171 948 492 
Treasury shares purchased for stock compensation programs— (7,400)— (3,941)
Employee stock purchase program574 60 432 65 
Share repurchase program— (20,027)— — 
Balance at end of period$324,609 $(386,822)$303,417 $(361,773)
(a)Excludes treasury cost related to preferred stock.
v3.24.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Reportable Segment Information
Reportable segment information is presented in the following table:
(In thousands)AmericasInternationalCorporateConsolidated
Totals
Three Months Ended September 30, 2024
Net sales to external customers$299,497 $133,182 $— $432,679 
Adjusted operating income (loss)91,822 18,174 (12,081)97,915 
Three Months Ended September 30, 2023
Net sales to external customers$314,273 $132,455 $— $446,728 
Adjusted operating income (loss)93,918 22,577 (15,198)101,297 
(In thousands)AmericasInternationalCorporateConsolidated
Totals
Nine Months Ended September 30, 2024
Net sales to external customers$909,745 $398,698 $— $1,308,443 
Adjusted operating income (loss)276,523 55,944 (38,353)294,114 
Nine Months Ended September 30, 2023
Net sales to external customers$902,918 $389,372 $— $1,292,290 
Adjusted operating income (loss)260,428 60,099 (38,066)282,461 
A reconciliation of total Adjusted operating income from reportable segments to Income before income taxes is presented in the following table:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2024202320242023
Adjusted operating income$97,915$101,297$294,114$282,461
Less:
Restructuring charges (Note 3)1,1843,2855,7448,382
Currency exchange losses, net2,9851,4964,7158,781
Interest expense9,15312,49829,55637,149
Other income, net(5,833)(6,037)(16,215)(15,487)
Amortization of acquisition-related intangible assets2,2692,3156,8886,936
Transaction costs(a)
—7823478
Net cost for product related legal matter——5,000—
Loss on divestiture of MSA LLC (Note 17)———129,211
Product liability expense (Note 17)———3
Income before income taxes88,15787,662258,192107,408
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations.
Percentage of Total Sales by Product Group
Total sales by product group was as follows:
Three Months Ended September 30, 2024ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$160,515 37%$111,992 37%$48,523 36%
Detection (b)
163,150 38%110,459 37%52,691 40%
Industrial PPE and Other (c)
109,014 25%77,046 26%31,968 24%
Total$432,679 100%$299,497 100%$133,182 100%
Three Months Ended September 30, 2023ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$175,732 39%$131,516 42%$44,216 33%
Detection (b)
155,694 35%105,007 33%50,687 38%
Industrial PPE and Other (c)
115,302 26%77,750 25%37,552 29%
Total$446,728 100%$314,273 100%$132,455 100%
Nine Months Ended September 30, 2024ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$496,478 38%$352,730 39%$143,748 36%
Detection (b)
473,214 36%318,159 35%155,055 39%
Industrial PPE and Other (c)
338,751 26%238,856 26%99,895 25%
Total$1,308,443 100%$909,745 100%$398,698 100%
Nine Months Ended September 30, 2023ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$481,610 37%$354,729 39%$126,881 33%
Detection (b)
460,537 36%308,692 34%151,845 39%
Industrial PPE and Other (c)
350,143 27%239,497 27%110,646 28%
Total$1,292,290 100%$902,918 100%$389,372 100%
(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.
v3.24.3
Earnings (Loss) per Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands, except per share values)2024202320242023
Net income (loss)$66,648 $65,256 $197,021 $(17,827)
Preferred stock dividends(10)(10)(30)(30)
Net income (loss) attributable to common equity66,638 65,246 196,991 (17,857)
Dividends and undistributed earnings allocated to participating securities(6)(8)(19)(16)
Net income (loss) attributable to common shareholders66,632 65,238 196,972 (17,873)
Basic weighted-average shares outstanding39,362 39,303 39,370 39,267 
Stock-based compensation awards(a)
133 147 160 — 
Diluted weighted-average shares outstanding39,495 39,450 39,530 39,267 
Antidilutive shares— — — 154 
Earnings (loss) per share:
Basic$1.69 $1.66 $5.00 $(0.46)
Diluted$1.69 $1.65 $4.98 $(0.46)
(a) During periods in which the Company incurs a net loss, stock-based compensation awards are excluded from the computation of diluted earnings per share because their effect would be anti-dilutive. As such, during periods in which the Company incurs a net loss, diluted weighted-average shares outstanding are equivalent to basic weighted-average shares outstanding.
v3.24.3
Stock Plans (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Compensation Expense
Stock compensation expense, included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations, is as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2024202320242023
Stock compensation expense$4,217 $8,477 $13,446 $21,506 
Income tax benefit1,033 2,077 3,294 5,269 
Stock compensation expense, net of tax$3,184 $6,400 $10,152 $16,237 
We have not capitalized any stock-based compensation expense.
Summary of Stock Option Activity
A summary of stock option activity for the nine months ended September 30, 2024, is as follows:
SharesWeighted Average
Exercise Price
Outstanding at January 1, 202426,536 $45.95 
Exercised(10,531)46.95 
Forfeited(852)48.65 
Outstanding and exercisable at September 30, 202415,153 $45.10 
Summary of Restricted Stock and Unit Activity A summary of restricted stock activity for the nine months ended September 30, 2024, is as follows:
SharesWeighted Average
Grant Date
Fair Value
Unvested at January 1, 2024173,851 $142.73 
Granted82,905 178.59 
Vested(48,596)164.57 
Forfeited(25,482)164.47 
Unvested at September 30, 2024182,678 $150.16 
Schedule of Fair Value Assumptions for Units The following weighted average assumptions were used in estimating the fair value of the performance stock units granted in the first quarter of 2024.
Fair value per unit$181.31
Risk-free interest rate4.34%
Expected dividend yield1.19%
Expected volatility25.9%
MSA stock beta0.728
Summary of Performance Stock Unit Activity
A summary of performance stock unit activity for the nine months ended September 30, 2024, is as follows:
SharesWeighted Average
Grant Date
Fair Value
Unvested at January 1, 2024189,221 $146.17 
Granted40,787 177.34 
Performance adjustments(a)
20,488 194.10 
Vested(77,544)174.13 
Forfeited(10,619)149.13 
Unvested at September 30, 2024162,333 $146.50 
(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.
v3.24.3
Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
(In thousands)September 30, 2024December 31, 2023
2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs
$57,067 $62,081 
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs
99,749 99,733 
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs
99,749 99,733 
2023 Term Loan credit agreement maturing in 2026, net of debt issuance costs212,055 230,604 
2023 Senior Notes payable through 2028, 5.25%, net of debt issuance costs
49,949 49,939 
Senior revolving credit facility maturing in 2026, net of debt issuance costs36,153 59,602 
Total554,722 601,692 
Amounts due within one year26,915 26,522 
Long-term debt, net of debt issuance costs$527,807 $575,170 
v3.24.3
Goodwill and Intangible Assets, Net (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in Goodwill
Changes in goodwill during the nine months ended September 30, 2024, were as follows:
(In thousands)Goodwill
Balance at January 1, 2024$627,534 
Currency translation5,303 
Balance at September 30, 2024$632,837 
Changes in Intangible Assets, Net of Accumulated Amortization
Changes in intangible assets, net, during the nine months ended September 30, 2024, were as follows:
(In thousands)Intangible Assets
Net balance at January 1, 2024$266,134 
Amortization expense(13,392)
Currency translation1,622 
Net balance at September 30, 2024$254,364 
v3.24.3
Pensions and Other Post-retirement Benefits (Tables)
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost
Components of Net periodic benefit (income) cost consisted of the following:
 Pension BenefitsOther Benefits
(In thousands)2024202320242023
Three Months Ended September 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 
Net periodic benefit (income) cost (a)
$(2,208)$(2,020)$361 $403 
Nine Months Ended September 30,
Service cost$6,945 $5,652 $132 $159 
Interest cost17,910 17,754 744 819 
Expected return on plan assets(32,436)(29,718)— — 
Amortization of prior service cost (credit)111 111 (138)(183)
Recognized net actuarial losses846 141 345 414 
Settlements1,308 — 

— — 
Net periodic benefit (income) cost (a)
$(5,316)$(6,060)$1,083 $1,209 
(a) Components of Net periodic benefit (income) cost other than service cost are included in the line item Other income, net, and service costs are included in the line items Cost of products sold and Selling, general and administrative in the unaudited Condensed Consolidated Statements of Operations.
v3.24.3
Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Balance Sheet Location and Fair Value of Assets Associated with Derivative Financial Instruments
The following table presents the unaudited Condensed Consolidated Balance Sheets location and fair value of assets and liabilities associated with derivative financial instruments:
(In thousands)September 30, 2024December 31, 2023
Derivatives not designated as hedging instruments:
Foreign exchange contracts: prepaid expenses and other current assets$— $2,210 
Foreign exchange contracts: other current liabilities1,038 242 
Income Statement Location and Impact of Derivative Financial Instruments
The following table presents the unaudited Condensed Consolidated Statements of Operations and unaudited Condensed Consolidated Statements of Cash Flows location and the loss impact of derivative financial instruments:
 Nine Months Ended September 30,
(In thousands)20242023
Derivatives not designated as hedging instruments:
Foreign exchange contracts: currency exchange losses, net$1,683 $2,986 
v3.24.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Product Warranty Liability
The following table reconciles changes in the Company's accrued warranty reserve:
(In thousands)Nine Months Ended September 30, 2024Year Ended
December 31, 2023
Beginning warranty reserve$14,288 $15,230 
Warranty payments(8,518)(9,794)
Warranty claims7,370 8,899 
Provision for product warranties and other adjustments515 (47)
Ending warranty reserve$13,655 $14,288 
v3.24.3
Cash and Cash Equivalents (Details)
$ in Thousands
Sep. 30, 2024
USD ($)
Cash and Cash Equivalents [Abstract]  
Gross cash pool position $ 69,117
Less: cash pool borrowings (65,712)
Net cash pool position $ 3,405
v3.24.3
Restructuring Charges - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 1,184 $ 3,285 $ 5,744 $ 8,382
Corporate        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     1,200 2,100
Americas | Reportable Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     1,300 2,700
International | Reportable Segments        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     $ 3,200 $ 3,600
v3.24.3
Restructuring Charges - Activity and Reserve Balance for Restructuring Charges by Segment (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Restructuring Reserve [Roll Forward]    
Restructuring reserve, beginning balance $ 9.8 $ 15.0
Restructuring charges   9.9
Restructuring charges 5.7  
Currency translation   0.0
Cash payments (11.1) (15.1)
Restructuring reserve, ending balance 4.4 9.8
Corporate    
Restructuring Reserve [Roll Forward]    
Restructuring reserve, beginning balance 0.0 0.5
Restructuring charges   2.1
Restructuring charges 1.2  
Currency translation   0.0
Cash payments (1.2) (2.6)
Restructuring reserve, ending balance 0.0 0.0
Americas | Reportable Segments    
Restructuring Reserve [Roll Forward]    
Restructuring reserve, beginning balance 0.8 1.7
Restructuring charges   3.1
Restructuring charges 1.3  
Currency translation   (0.1)
Cash payments (1.9) (3.9)
Restructuring reserve, ending balance 0.2 0.8
International | Reportable Segments    
Restructuring Reserve [Roll Forward]    
Restructuring reserve, beginning balance 9.0 12.8
Restructuring charges   4.7
Restructuring charges 3.2  
Currency translation   0.1
Cash payments (8.0) (8.6)
Restructuring reserve, ending balance $ 4.2 $ 9.0
v3.24.3
Inventories - Schedule of Inventories (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Finished products $ 118,294 $ 88,687
Work in process 17,369 15,378
Raw materials and supplies 216,142 188,539
Total inventories $ 351,805 $ 292,604
v3.24.3
Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 687,300 $ 667,911
Less: accumulated depreciation (470,654) (456,034)
Property, plant and equipment, net 216,646 211,877
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 4,379 4,332
Buildings    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 144,364 141,027
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 511,075 498,148
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 27,482 $ 24,404
v3.24.3
Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance at beginning of period     $ 966,802  
Reclassification from accumulated other comprehensive loss into net income (loss)(b) $ 0 $ 101 (1,200) $ 101
Other comprehensive income (loss) 21,343 (18,482) 3,044 (1,693)
Balance at end of period 1,095,345   1,095,345  
Accumulated defined benefit plans adjustment attributable to parent        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance at beginning of period (40,256) (49,781) (42,652) (50,335)
Tax (benefit) expense (374) 27 (628) 259
Reclassification from accumulated other comprehensive loss into net income (loss)(b) 14 188 2,410 742
Balance at end of period (40,242) (49,593) (40,242) (49,593)
Accumulated defined benefit plans adjustment, net prior service attributable to parent        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Amounts reclassified from accumulated other comprehensive loss (9) (24) (27) (72)
Accumulated defined benefit plans adjustment, net gain (loss) attributable to parent        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Amounts reclassified from accumulated other comprehensive loss 397 185 3,065 555
Accumulated net investment gain (loss) attributable to parent        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance at beginning of period 0 0 0 (2)
Other comprehensive income (loss) 0 0 0 2
Balance at end of period 0 0 0 0
Accumulated foreign currency adjustment attributable to parent        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance at beginning of period (107,292) (92,147) (86,597) (108,380)
Reclassification from accumulated other comprehensive loss into net income (loss)(b) 0 101 (1,200) 101
Other comprehensive income (loss) 21,329 (18,771) 1,834 (2,538)
Balance at end of period $ (85,963) $ (110,817) $ (85,963) $ (110,817)
v3.24.3
Capital Stock - Narrative (Details) - USD ($)
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Capital Unit [Line Items]      
Preferred stock, par value (dollars per share) $ 50,000   $ 50,000
Cumulative preferred stock (percent) 4.50%   4.50%
Treasury shares, at cost $ 388,421,000   $ 363,284,000
Common stock, shares authorized (shares) 180,000,000    
Common stock, shares, outstanding (shares) 39,309,938   39,317,212
Treasury stock, common, shares (shares) 22,771,453   22,764,179
Preferred stock      
Capital Unit [Line Items]      
Treasury shares, at cost $ 1,800,000    
Cumulative Preferred Stock      
Capital Unit [Line Items]      
Preferred stock, shares authorized (shares) 100,000    
Preferred stock, par value (dollars per share) $ 50    
Cumulative preferred stock (percent) 4.50%    
Preferred stock, callable price per share (dollars per share) $ 52.50    
Preferred stock, shares issued (shares) 71,340   71,340
Treasury stock, preferred, shares (shares) 52,998   52,998
Purchase of treasury shares (shares) 0 0  
Second Cumulative Preferred Voting Stock      
Capital Unit [Line Items]      
Preferred stock, shares authorized (shares) 1,000,000    
Preferred stock, par value (dollars per share) $ 10    
Preferred stock, shares issued (shares) 0   0
Common Stock      
Capital Unit [Line Items]      
Purchase of treasury shares (shares) 108,917 0  
Common stock, shares issued (shares) 62,081,391   62,081,391
Stock issued during period, new issues (shares) 0 0  
Common stock, value, issued (up to) $ 200,000,000.0    
Treasury stock      
Capital Unit [Line Items]      
Reissued shares (shares) 141,618 125,967  
v3.24.3
Capital Stock - Schedule of Common Stock Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Common Stock        
Common Stock Activity [Roll Forward]        
Beginning balance $ 320,556 $ 294,364 $ 312,324 $ 281,980
Stock compensation expense 4,217 8,477 13,446 21,506
Ending balance 324,609 303,417 324,609 303,417
Treasury Cost        
Common Stock Activity [Roll Forward]        
Beginning balance (376,556) (362,025) (361,684) (359,838)
Stock compensation expense 0 0 0 0
Ending balance (386,822) (361,773) (386,822) (361,773)
Restricted and performance stock awards | Common Stock        
Common Stock Activity [Roll Forward]        
Restricted and performance stock awards (275) (15) (2,058) (1,449)
Restricted and performance stock awards | Treasury Cost        
Common Stock Activity [Roll Forward]        
Restricted and performance stock awards 275 15 2,058 1,449
Stock options exercised | Common Stock        
Common Stock Activity [Roll Forward]        
Stock compensation expense 111 591 323 948
Stock options exercised | Treasury Cost        
Common Stock Activity [Roll Forward]        
Stock compensation expense 57 307 171 492
Treasury shares purchased for stock compensation programs | Common Stock        
Common Stock Activity [Roll Forward]        
Treasury shares purchased for stock compensation programs 0 0 0 0
Treasury shares purchased for stock compensation programs | Treasury Cost        
Common Stock Activity [Roll Forward]        
Treasury shares purchased for stock compensation programs (571) (70) (7,400) (3,941)
Employee stock purchase program | Common Stock        
Common Stock Activity [Roll Forward]        
Stock compensation expense     574 432
Employee stock purchase program | Treasury Cost        
Common Stock Activity [Roll Forward]        
Stock compensation expense     60 65
Share repurchase program | Common Stock        
Common Stock Activity [Roll Forward]        
Stock compensation expense 0 0 0 0
Share repurchase program | Treasury Cost        
Common Stock Activity [Roll Forward]        
Stock compensation expense $ (10,027) $ 0 $ (20,027) $ 0
v3.24.3
Segment Information - Additional Information (Details)
 9 Months Ended
Sep. 30, 2024
Segment
Segment Reporting [Abstract]  
Number of geographical segments (in segments) 4
Number of reportable segments (in segments) 3
v3.24.3
Segment Information - Schedule of Reportable Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Net sales to external customers $ 432,679 $ 446,728 $ 1,308,443 $ 1,292,290
Adjusted operating income (loss) 97,915 101,297 294,114 282,461
Americas        
Segment Reporting Information [Line Items]        
Net sales to external customers 299,497 314,273 909,745 902,918
Reportable Segments | Americas        
Segment Reporting Information [Line Items]        
Net sales to external customers 299,497 314,273 909,745 902,918
Adjusted operating income (loss) 91,822 93,918 276,523 260,428
Reportable Segments | International        
Segment Reporting Information [Line Items]        
Net sales to external customers 133,182 132,455 398,698 389,372
Adjusted operating income (loss) 18,174 22,577 55,944 60,099
Corporate        
Segment Reporting Information [Line Items]        
Net sales to external customers 0 0 0 0
Adjusted operating income (loss) $ (12,081) $ (15,198) $ (38,353) $ (38,066)
v3.24.3
Segment Information - Reconciliation of Total Adjusted EBITDA (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting [Abstract]        
Adjusted operating income (loss) $ 97,915 $ 101,297 $ 294,114 $ 282,461
Restructuring charges 1,184 3,285 5,744 8,382
Currency exchange gains (losses), net 2,985 1,496 4,715 8,781
Interest expense 9,153 12,498 29,556 37,149
Other income, net (5,833) (6,037) (16,215) (15,487)
Amortization of acquisition-related intangible assets 2,269 2,315 6,888 6,936
Transaction costs 0 78 234 78
Net cost for product related legal matter 0 0 5,000 0
Loss on divestiture of MSA LLC (Note 17) 0 0 0 129,211
Product liability expense (Note 17) 0 0 0 3
Income before income taxes $ 88,157 $ 87,662 $ 258,192 $ 107,408
v3.24.3
Segment Information - Percentage of Total Sales by Product Group (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue from External Customer [Line Items]        
Revenues $ 432,679 $ 446,728 $ 1,308,443 $ 1,292,290
Fire Service        
Revenue from External Customer [Line Items]        
Revenues 160,515 175,732 496,478 481,610
Detection        
Revenue from External Customer [Line Items]        
Revenues 163,150 155,694 473,214 460,537
Industrial PPE and Other        
Revenue from External Customer [Line Items]        
Revenues $ 109,014 $ 115,302 $ 338,751 $ 350,143
Revenue Benchmark | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 100.00% 100.00% 100.00% 100.00%
Revenue Benchmark | Fire Service | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 37.00% 39.00% 38.00% 37.00%
Revenue Benchmark | Detection | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 38.00% 35.00% 36.00% 36.00%
Revenue Benchmark | Industrial PPE and Other | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 25.00% 26.00% 26.00% 27.00%
Americas        
Revenue from External Customer [Line Items]        
Revenues $ 299,497 $ 314,273 $ 909,745 $ 902,918
Americas | Fire Service        
Revenue from External Customer [Line Items]        
Revenues 111,992 131,516 352,730 354,729
Americas | Detection        
Revenue from External Customer [Line Items]        
Revenues 110,459 105,007 318,159 308,692
Americas | Industrial PPE and Other        
Revenue from External Customer [Line Items]        
Revenues $ 77,046 $ 77,750 $ 238,856 $ 239,497
Americas | Revenue Benchmark | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 100.00% 100.00% 100.00% 100.00%
Americas | Revenue Benchmark | Fire Service | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 37.00% 42.00% 39.00% 39.00%
Americas | Revenue Benchmark | Detection | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 37.00% 33.00% 35.00% 34.00%
Americas | Revenue Benchmark | Industrial PPE and Other | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 26.00% 25.00% 26.00% 27.00%
International        
Revenue from External Customer [Line Items]        
Revenues $ 133,182 $ 132,455 $ 398,698 $ 389,372
International | Fire Service        
Revenue from External Customer [Line Items]        
Revenues 48,523 44,216 143,748 126,881
International | Detection        
Revenue from External Customer [Line Items]        
Revenues 52,691 50,687 155,055 151,845
International | Industrial PPE and Other        
Revenue from External Customer [Line Items]        
Revenues $ 31,968 $ 37,552 $ 99,895 $ 110,646
International | Revenue Benchmark | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 100.00% 100.00% 100.00% 100.00%
International | Revenue Benchmark | Fire Service | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 36.00% 33.00% 36.00% 33.00%
International | Revenue Benchmark | Detection | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 40.00% 38.00% 39.00% 39.00%
International | Revenue Benchmark | Industrial PPE and Other | Product Concentration Risk        
Revenue from External Customer [Line Items]        
Concentration risk percentage 24.00% 29.00% 25.00% 28.00%
v3.24.3
Earnings (Loss) per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share [Abstract]        
Net income (loss) $ 66,648 $ 65,256 $ 197,021 $ (17,827)
Preferred stock dividends (10) (10) (30) (30)
Net income (loss) attributable to common equity 66,638 65,246 196,991 (17,857)
Dividends and undistributed earnings allocated to participating securities (6) (8) (19) (16)
Net income (loss) attributable to common shareholders $ 66,632 $ 65,238 $ 196,972 $ (17,873)
Basic weighted-average shares outstanding (shares) 39,362 39,303 39,370 39,267
Stock-based compensation awards (shares) 133 147 160 0
Diluted weighted-average shares outstanding (shares) 39,495 39,450 39,530 39,267
Antidilutive stock options (shares) 0 0 0 154
Earnings (loss) per share:        
Basic (in dollars per share) $ 1.69 $ 1.66 $ 5.00 $ (0.46)
Diluted (in dollars per share) $ 1.69 $ 1.65 $ 4.98 $ (0.46)
v3.24.3
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Income Tax Contingency [Line Items]          
Effective income tax rate 24.40% 25.60% 23.70% 116.60%  
Unrecognized tax benefits $ 7,200   $ 7,200    
Insurance receivable and other noncurrent assets 17,590   17,590   $ 19,811
Accrued interest and penalties related to uncertain tax positions 200   200    
Deferred tax asset          
Income Tax Contingency [Line Items]          
Insurance receivable and other noncurrent assets $ 600   $ 600    
v3.24.3
Stock Plans - Schedule of Stock Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]        
Stock compensation expense $ 4,217 $ 8,477 $ 13,446 $ 21,506
Income tax benefit 1,033 2,077 3,294 5,269
Stock compensation expense, net of tax $ 3,184 $ 6,400 $ 10,152 $ 16,237
v3.24.3
Stock Plans - Summary of Stock Option Activity (Details)
 9 Months Ended
Sep. 30, 2024
$ / shares
shares
Shares  
Outstanding, beginning balance (in shares) | shares 26,536
Exercised (in shares) | shares (10,531)
Forfeited (in shares) | shares (852)
Outstanding, ending balance (in shares) | shares 15,153
Exercisable (in shares) | shares 15,153
Weighted Average Grant Date Fair Value  
Outstanding, beginning balance (dollars per share) | $ / shares $ 45.95
Exercised (dollars per share) | $ / shares 46.95
Forfeited (dollars per share) | $ / shares 48.65
Outstanding, ending balance (dollars per share) | $ / shares 45.10
Exercisable (dollars per share) | $ / shares $ 45.10
v3.24.3
Stock Plans - Summary of Restricted Stock and Unit Activity (Details) - Restricted Stock Activity
 9 Months Ended
Sep. 30, 2024
$ / shares
shares
Shares  
Unvested, beginning balance (in shares) | shares 173,851
Granted (in shares) | shares 82,905
Vested (in shares) | shares (48,596)
Forfeited (in shares) | shares (25,482)
Unvested, ending balance (in shares) | shares 182,678
Weighted Average Grant Date Fair Value  
Unvested, beginning balance (dollars per share) | $ / shares $ 142.73
Granted (dollars per share) | $ / shares 178.59
Vested (dollars per share) | $ / shares 164.57
Forfeited (dollars per share) | $ / shares 164.47
Unvested, ending Balance (dollars per share) | $ / shares $ 150.16
v3.24.3
Stock Plans - Additional Information (Details)
 9 Months Ended
Sep. 30, 2024
Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Percentage of target award based on achieving targeted performance conditions 0.00%
Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Percentage of target award based on achieving targeted performance conditions 200.00%
Performance Shares  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Fair value assumptions, average closing price used to calculate expected dividend rate, period (years) 1 year
Stock beta, daily price data period (years) 3 years
v3.24.3
Stock Plans - Weighted Average Risk Assumptions (Details) - Performance Stock Unit
 9 Months Ended
Sep. 30, 2024
$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Fair value per unit (dollars per share) $ 177.34
Monte Carlo Approach  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Fair value per unit (dollars per share) $ 181.31
Risk-free interest rate 4.34%
Expected dividend yield 1.19%
Expected volatility 25.90%
MSA stock beta 0.728
v3.24.3
Stock Plans - Summary of Performance Stock Unit Activity (Details)
 9 Months Ended
Sep. 30, 2024
$ / shares
shares
Weighted Average Grant Date Fair Value  
Percentage of target award based on achieving specified performance targets 174.00%
Performance Stock Unit  
Shares  
Unvested, beginning balance (in shares) | shares 189,221
Granted (in shares) | shares 40,787
Performance adjustments (in shares) | shares 20,488
Vested (in shares) | shares (77,544)
Forfeited (in shares) | shares (10,619)
Unvested, ending balance (in shares) | shares 162,333
Weighted Average Grant Date Fair Value  
Unvested, beginning balance (dollars per share) | $ / shares $ 146.17
Granted (dollars per share) | $ / shares 177.34
Performance adjustments (dollars per share) | $ / shares 194.10
Vested (dollars per share) | $ / shares 174.13
Forfeited (dollars per share) | $ / shares 149.13
Unvested, ending Balance (dollars per share) | $ / shares $ 146.50
Award vesting period 3 years
v3.24.3
Long-Term Debt - Schedule of Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Jun. 29, 2023
Jan. 05, 2023
Jul. 01, 2021
Debt Instrument [Line Items]          
Senior revolving credit facility maturing in 2026, net of debt issuance costs $ 36,153 $ 59,602      
Total 554,722 601,692      
Amounts due within one year 26,915 26,522      
Long-term debt, net of debt issuance costs $ 527,807 575,170      
2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs          
Debt Instrument [Line Items]          
Debt instrument, stated interest rate percentage 3.40%        
Senior notes payable $ 57,067 62,081      
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs          
Debt Instrument [Line Items]          
Debt instrument, stated interest rate percentage 2.69%        
Senior notes payable $ 99,749 99,733      
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs | Senior Notes          
Debt Instrument [Line Items]          
Debt instrument, stated interest rate percentage         2.69%
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs          
Debt Instrument [Line Items]          
Debt instrument, stated interest rate percentage 2.69%        
Senior notes payable $ 99,749 99,733      
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs | Senior Notes          
Debt Instrument [Line Items]          
Debt instrument, stated interest rate percentage         2.69%
2023 Term Loan credit agreement maturing in 2026, net of debt issuance costs | Secured Debt | Line of Credit          
Debt Instrument [Line Items]          
Debt instrument, stated interest rate percentage 6.35%        
Total $ 212,055 230,604   $ 250,000  
2023 Senior Notes payable through 2028, 5.25%, net of debt issuance costs | Senior Notes          
Debt Instrument [Line Items]          
Debt instrument, stated interest rate percentage 5.25%   5.25%    
Total $ 49,949 $ 49,939      
v3.24.3
Long-Term Debt - Additional Information (Details)
 9 Months Ended
Jun. 29, 2023
USD ($)
Jan. 05, 2023
USD ($)
May 24, 2021
USD ($)
Jan. 04, 2019
Sep. 30, 2024
USD ($)
Sep. 30, 2024
GBP (£)
Dec. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
Jul. 01, 2021
USD ($)
Debt Instrument [Line Items]                  
Line of credit facility, maximum borrowing capacity     $ 900,000,000.0            
Weighted average revolving interest rate, percentage         5.80%        
Line of credit facility, remaining borrowing capacity         $ 861,500,000        
Line of credit facility, accordion feature         400,000,000        
Amounts due within one year         26,915,000   $ 26,522,000    
Minimum fixed charges coverage ratio (not less than)       1.50          
Maximum consolidated leverage ratio (not to exceed)       3.50          
Consolidated leverage ratio (not more than)       4.00          
Long term debt         554,722,000   601,692,000    
Restricted cash included in prepaid expenses and other current assets         599,000     $ 1,938,000  
Standby Letters of Credit                  
Debt Instrument [Line Items]                  
Proceeds from lines of credit         10,000,000.0        
Senior Revolving Credit Facility Maturing in 2023 | Standby Letters of Credit                  
Debt Instrument [Line Items]                  
Proceeds from lines of credit         $ 1,500,000        
Series C Senior Notes Due July 2036                  
Debt Instrument [Line Items]                  
Debt instrument, stated interest rate percentage         2.69% 2.69%      
Series A Senior Notes Due 2036                  
Debt Instrument [Line Items]                  
Debt instrument, stated interest rate percentage         2.69% 2.69%      
Senior Notes | Series C Senior Notes Due July 2036                  
Debt Instrument [Line Items]                  
Aggregate principal amount                 $ 100,000,000
Debt instrument, stated interest rate percentage                 2.69%
Senior Notes | Series A Senior Notes Due 2036                  
Debt Instrument [Line Items]                  
Aggregate principal amount                 $ 100,000,000
Debt instrument, stated interest rate percentage                 2.69%
Senior Notes | NYL Note Facility                  
Debt Instrument [Line Items]                  
Line of credit facility, maximum borrowing capacity                 $ 200,000,000
Senior Notes | Senior Notes Due 2028                  
Debt Instrument [Line Items]                  
Aggregate principal amount $ 50,000,000                
Debt instrument, stated interest rate percentage 5.25%       5.25% 5.25%      
Principal of debt amount due in year before maturity $ 25,000,000                
Principal of debt amount due at maturity $ 25,000,000                
Long term debt         $ 49,949,000   49,939,000    
Unsecured Debt | Series C Senior Notes Due July 2036                  
Debt Instrument [Line Items]                  
Line of credit facility, maximum borrowing capacity                 $ 335,000,000
Notes Payable | Multi-currency Notes Due in 2031                  
Debt Instrument [Line Items]                  
Aggregate principal amount         $ 57,200,000 £ 42,700,000      
Debt instrument, stated interest rate percentage         3.40% 3.40%      
Amounts due within one year         $ 8,200,000 £ 6,100,000      
Line of Credit | 2023 Term Loan credit agreement maturing in 2026, net of debt issuance costs | Secured Debt                  
Debt Instrument [Line Items]                  
Debt instrument, stated interest rate percentage         6.35% 6.35%      
Long term debt   $ 250,000,000     $ 212,055,000   $ 230,604,000    
Base Rate | Senior Revolving Credit Facility Maturing in 2023                  
Debt Instrument [Line Items]                  
Interest rate margin, percentage     0.00%            
Overnight Bank Funding Rate | Senior Revolving Credit Facility Maturing in 2023                  
Debt Instrument [Line Items]                  
Interest rate margin, percentage     0.50%            
Secured Overnight Financing Rate (SOFR) | Senior Revolving Credit Facility Maturing in 2023                  
Debt Instrument [Line Items]                  
Interest rate margin, percentage     1.00%            
Minimum | Senior Revolving Credit Facility Maturing in 2023                  
Debt Instrument [Line Items]                  
Interest rate margin, percentage     0.00%            
Minimum | Line of Credit | 2023 Term Loan credit agreement maturing in 2026, net of debt issuance costs | Secured Debt                  
Debt Instrument [Line Items]                  
Basis spread on EBITDA leverage ratio and elected rate   0.00%              
Maximum | Senior Revolving Credit Facility Maturing in 2023                  
Debt Instrument [Line Items]                  
Interest rate margin, percentage     1.75%            
Maximum | Line of Credit | 2023 Term Loan credit agreement maturing in 2026, net of debt issuance costs | Secured Debt                  
Debt Instrument [Line Items]                  
Basis spread on EBITDA leverage ratio and elected rate   2.00%              
v3.24.3
Goodwill and Intangible Assets, Net - Changes in Goodwill (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 627,534
Currency translation 5,303
Ending balance $ 632,837
v3.24.3
Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]    
Goodwill $ 632,837 $ 627,534
Americas    
Acquired Finite-Lived Intangible Assets [Line Items]    
Goodwill 447,600  
International    
Acquired Finite-Lived Intangible Assets [Line Items]    
Goodwill 185,200  
Trade name | Globe Holding Company LLC    
Acquired Finite-Lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets $ 60,000  
v3.24.3
Goodwill and Intangible Assets, Net - Changes in Intangible Assets, Net of Accumulated Amortization (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
USD ($)
Finite-lived Intangible Assets [Roll Forward]  
Beginning balance $ 266,134
Amortization expense (13,392)
Currency translation 1,622
Ending balance $ 254,364
v3.24.3
Pensions and Other Post-retirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pension Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 2,315 $ 1,884 $ 6,945 $ 5,652
Interest cost 5,970 5,918 17,910 17,754
Expected return on plan assets (10,812) (9,906) (32,436) (29,718)
Amortization of prior service cost (credit) 37 37 111 111
Recognized net actuarial losses 282 47 846 141
Settlements     1,308 0
Net periodic benefit (income) cost (2,208) (2,020) (5,316) (6,060)
Other Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 44 53 132 159
Interest cost 248 273 744 819
Expected return on plan assets 0 0 0 0
Amortization of prior service cost (credit) (46) (61) (138) (183)
Recognized net actuarial losses 115 138 345 414
Settlements     0 0
Net periodic benefit (income) cost $ 361 $ 403 $ 1,083 $ 1,209
v3.24.3
Pensions and Other Post-retirement Benefits - Additional Information (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Retirement Benefits [Abstract]    
Pension plans contributions $ 3.9 $ 4.3
Total estimated pension plans contributions for the fiscal year $ 5.3  
v3.24.3
Derivative Financial Instruments - Additional Information (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Foreign Exchange Forward    
Derivative [Line Items]    
Notional amount of open forward contracts $ 184.8 $ 110.9
v3.24.3
Derivative Financial Instruments - Balance Sheet Location and Fair Value of Assets Associated with Derivative Financial Instruments (Details) - Not designated as hedging instrument - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Other current liabilities    
Derivatives, Fair Value [Line Items]    
Derivatives not designated as hedging instruments: $ 1,038 $ 242
Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Foreign exchange contracts: other current liabilities $ 0 $ 2,210
v3.24.3
Derivative Financial Instruments - Income Statement Location and Impact of Derivative Financial Instruments (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Not designated as hedging instrument    
Derivative Instruments, Gain (Loss) [Line Items]    
Foreign exchange contracts: currency exchange losses, net $ 1,683 $ 2,986
v3.24.3
Fair Value Measurements (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Reported Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value disclosure $ 307.2 $ 312.2
Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value disclosure $ 278.1 $ 278.7
v3.24.3
Commitments and Contingencies - Additional Information (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Jan. 05, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Oct. 15, 2024
classAction
claim
lawsuit
Dec. 31, 2023
USD ($)
Loss Contingencies [Line Items]              
Product liability expense   $ 0 $ 0 $ 0 $ 3    
Tax-effected loss on divestiture       0 199,578    
Product warranty expense       7,900 6,700    
Product liability expense (Note 17)   0 $ 0 5,000 0    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01              
Loss Contingencies [Line Items]              
Remaining performance obligation, amount   $ 28,700   $ 28,700      
Remaining performance obligation, expected timing of satisfaction   3 years   3 years      
MSA LLC | Joint Venture By R&Q Insurance Holdings Ltd. And Obra Capital, Inc.              
Loss Contingencies [Line Items]              
Contributed cash and cash equivalents by acquiree $ 35,000            
Disposal Group, Disposed of by Sale, Not Discontinued Operations | MSA LLC              
Loss Contingencies [Line Items]              
Disposal group, contributed cash and cash equivalents $ 341,200            
Tax-effected loss on divestiture   $ 199,600          
Disposal group, transaction costs       $ 5,600      
Single incident              
Loss Contingencies [Line Items]              
Product liability accrual   $ 800   800     $ 1,300
Product liability expense       $ 200 $ 100    
Damages From Product Substances | Subsequent Event              
Loss Contingencies [Line Items]              
Number of pending lawsuits | lawsuit           535  
Number of pending claims | claim           7,850  
Number of pending class actions | classAction           2  
v3.24.3
Contingencies - Schedule of Product Warranty Liability (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]    
Beginning warranty reserve $ 14,288 $ 15,230
Warranty payments (8,518) (9,794)
Warranty claims 7,370 8,899
Provision for product warranties and other adjustments 515 (47)
Ending warranty reserve $ 13,655 $ 14,288
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