Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 17, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'MSA | ' |
Entity Registrant Name | 'MSA Safety Incorporated | ' |
Entity Central Index Key | '0000066570 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 37,347,067 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statement of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net sales | $265,045 | $269,886 |
Other income (loss), net | 356 | -137 |
Revenues, Total | 265,401 | 269,749 |
Costs and expenses | ' | ' |
Cost of products sold | 143,230 | 148,182 |
Selling, general and administrative | 85,241 | 81,608 |
Research and development | 11,241 | 10,584 |
Restructuring charges | 1,900 | 0 |
Interest expense | 2,530 | 2,660 |
Currency exchange losses, net | 352 | 1,252 |
Costs and Expenses, Total | 244,494 | 244,286 |
Income from continuing operations before income taxes | 20,907 | 25,463 |
Provision for income taxes | 7,604 | 6,920 |
Income from continuing operations | 13,303 | 18,543 |
Income from discontinued operations | 614 | 852 |
Net income | 13,917 | 19,395 |
Net loss (income) attributable to noncontrolling interests | 109 | -109 |
Net income attributable to MSA Safety Incorporated | 14,026 | 19,286 |
Amounts attributable to MSA Safety Incorporated common shareholders: | ' | ' |
Income from continuing operations | 13,522 | 18,627 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 504 | 659 |
Net income attributable to MSA Safety Incorporated | $14,026 | $19,286 |
Basic | ' | ' |
Income from continuing operations, basic (dollars per share) | $0.37 | $0.50 |
Income from discontinued operations, basic (dollars per share) | $0.01 | $0.02 |
Net Income,basic (dollars per share) | $0.38 | $0.52 |
Diluted | ' | ' |
Income from continuing operations, diluted (dollars per share) | $0.36 | $0.49 |
Income from discontinued operations, diluted (dollars per share) | $0.01 | $0.02 |
Net Income, diluted (dollars per share) | $0.37 | $0.51 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $13,917 | $19,395 |
Foreign currency translation adjustments | -958 | -5,588 |
Pension and post-retirement plan adjustments, net of tax of $805 and $1,278 | 1,418 | 2,107 |
Total other comprehensive income net of tax | 460 | -3,481 |
Comprehensive income | 14,377 | 15,914 |
Comprehensive loss attributable to noncontrolling interests | 251 | 439 |
Comprehensive income attributable to MSA Safety Incorporated | $14,628 | $16,353 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheet (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $102,212 | $96,265 |
Trade receivables, less allowance for doubtful accounts of $7,162 and $7,306 | 204,730 | 200,364 |
Inventories | 146,995 | 136,837 |
Deferred tax assets | 19,742 | 22,458 |
Prepaid income taxes | 7,760 | 9,181 |
Prepaid expenses and other current assets | 35,110 | 35,861 |
Total current assets | 516,549 | 500,966 |
Property, plant and equipment | 153,204 | 152,755 |
Prepaid pension cost | 123,179 | 121,054 |
Deferred tax assets | 16,827 | 14,996 |
Goodwill | 260,188 | 260,134 |
Intangible assets | 34,107 | 35,029 |
Other noncurrent assets | 170,431 | 149,336 |
Total assets | 1,274,485 | 1,234,270 |
Current liabilities | ' | ' |
Notes payable and current portion of long-term debt | 6,796 | 7,500 |
Accounts payable | 72,433 | 66,902 |
Employees’ compensation | 35,072 | 38,164 |
Insurance and product liability | 35,618 | 14,251 |
Taxes on income | 3,034 | 3,662 |
Other current liabilities | 53,479 | 61,085 |
Total current liabilities | 206,432 | 191,564 |
Long-term debt | 276,667 | 260,667 |
Pensions and other employee benefits | 153,202 | 152,084 |
Deferred tax liabilities | 49,614 | 49,621 |
Other noncurrent liabilities | 7,682 | 7,987 |
Total liabilities | 693,597 | 661,923 |
Commitments and contingencies | ' | ' |
Mine Safety Appliances Company shareholders' equity: | ' | ' |
Preferred stock, 4 1/2% cumulative, $50 par value | 3,569 | 3,569 |
Common stock, no par value | 141,006 | 132,055 |
Stock compensation trust | -337 | -1,585 |
Treasury shares, at cost | -286,421 | -281,524 |
Accumulated other comprehensive loss | -77,667 | -78,269 |
Retained earnings | 795,051 | 792,206 |
Total MSA Safety Incorporated shareholders' equity | 575,201 | 566,452 |
Noncontrolling interests | 5,687 | 5,895 |
Total shareholders’ equity | 580,888 | 572,347 |
Total liabilities and shareholders’ equity | $1,274,485 | $1,234,270 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheet (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Trade receivables, allowance for doubtful accounts | $7,162 | $7,306 |
Common stock, par value | $0 | $0 |
Preferred Stock, 4 1/2% Cumulative | ' | ' |
Percentage of cumulative preferred stock | 4.50% | 4.50% |
Preferred stock, par value | $50 | $50 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Activities | ' | ' |
Net income | $13,917 | $19,395 |
Depreciation and amortization | 7,459 | 7,845 |
Pensions | 1,402 | 2,880 |
Net gain from investing activities-disposal of assets | 0 | 32 |
Stock-based compensation | 5,165 | 5,195 |
Deferred income tax (benefit) provision | -344 | 24 |
Other noncurrent assets and liabilities | -21,774 | -20,870 |
Currency exchange losses, net | 345 | 1,119 |
Excess tax benefit related to stock plans | -1,769 | -650 |
Other, net | 408 | -1,061 |
Operating cash flow before changes in certain working capital items | 4,809 | 13,909 |
(Increase) in trade receivables | -4,754 | -17,895 |
(Increase) decrease in inventories | -10,409 | -1,873 |
Increase in accounts payable and accrued liabilities | 17,971 | 10,061 |
Decrease in income taxes receivable, prepaid expenses and other current assets | 1,780 | 1,854 |
Decrease (increase) in certain working capital items | 4,588 | -7,853 |
Cash Flow From Operating Activities | 9,397 | 6,056 |
Investing Activities | ' | ' |
Capital expenditures | -7,204 | -7,452 |
Property disposals and other investing | 0 | 47 |
Cash Flow From Investing Activities | -7,204 | -7,405 |
Financing Activities | ' | ' |
(Payments on) proceeds from short-term debt, net | -703 | 1,182 |
Proceeds from long-term debt | 219,000 | 104,100 |
Payments on long-term debt | -203,000 | -98,100 |
Restricted cash | 317 | 0 |
Cash dividends paid | -11,181 | -10,372 |
Distributions to noncontrolling interests | 0 | -275 |
Company stock purchases | -4,897 | -4,033 |
Exercise of stock options | 3,265 | 2,916 |
Excess tax benefit related to stock plans | 1,769 | 650 |
Cash Flow From Financing Activities | 4,570 | -3,932 |
Effect of exchange rate changes on cash and cash equivalents | -816 | -644 |
Increase (decrease) in cash and cash equivalents | 5,947 | -5,925 |
Beginning cash and cash equivalents | 96,265 | 82,718 |
Ending cash and cash equivalents | $102,212 | $76,793 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Retained Earnings and Accumulated Other Comprehensive Loss Statement (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Beginning balance | $572,347 | ' |
Net income | 13,917 | 19,395 |
Pension and post-retirement plan adjustments, net of tax of $805 and $1,278 | 1,418 | 2,107 |
Ending balance | 580,888 | ' |
Retained Earnings | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Beginning balance | 792,206 | 747,953 |
Net income | 13,917 | 19,395 |
Foreign currency translation adjustments | 0 | 0 |
Pension and post-retirement plan adjustments, net of tax of $805 and $1,278 | 0 | 0 |
(Income) loss attributable to noncontrolling interests | 109 | -109 |
Common dividends | -11,171 | -10,362 |
Preferred dividends | -10 | -10 |
Ending balance | 795,051 | 756,867 |
Accumulated Other Comprehensive (Loss) | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Beginning balance | -78,269 | -127,072 |
Net income | 0 | 0 |
Foreign currency translation adjustments | -958 | -5,588 |
Pension and post-retirement plan adjustments, net of tax of $805 and $1,278 | 1,418 | 2,107 |
(Income) loss attributable to noncontrolling interests | 142 | 548 |
Common dividends | 0 | 0 |
Preferred dividends | 0 | 0 |
Ending balance | ($77,667) | ($130,005) |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Retained Earnings and Accumulated Other Comprehensive Loss (Parenthetical) (Accumulated Other Comprehensive (Loss), USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive (Loss) | ' | ' |
Pension and post-retirement plan adjustments, tax | $805 | $1,278 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
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 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 Condensed Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the entire year. The 2013 year-end balance sheet data was derived from the audited financial statements but does not include all disclosures required by generally accepted accounting principles (GAAP). This Form 10-Q report should be read in conjunction with MSA's Form 10-K for the year ended December 31, 2013, which includes all disclosures required by GAAP. | |
Certain amounts in previously issued financial statements were reclassified to conform to the current period presentation. Refer to Note 8 for further information regarding MSA's sales allocation methodology and Note 18 for further information regarding Discontinued Operations. |
Recently_Adopted_and_Recently_
Recently Adopted and Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Recently Adopted and Recently Issued Accounting Standards | ' |
Recently Adopted and Recently Issued Accounting Standards | |
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The adoption of this ASU on January 1, 2014 did not have a material effect on our consolidated statements. | |
In March 2013, FASB issued ASU 2013-05, Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. This ASU 2013-05 addresses the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. The guidance outlines the events when cumulative translation adjustments should be released into net income. This ASU was adopted on January 1, 2014. The adoption of this ASU may have a material effect on our consolidated financial statements, in the event that we were to divest of a foreign affiliate. | |
In April 2014, FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of an Entity. This ASU 2014-08 amends the definition of a discontinued operation to include a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. This ASU will be effective beginning in 2015. The adoption of this ASU may have a material effect on our consolidated financial statements in the event that we were to divest of a component that meets the definition of a discontinued operation. |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
(In thousands) | 31-Mar-14 | 31-Dec-13 | |||||||
Finished products | $ | 80,240 | $ | 74,466 | |||||
Work in process | 9,156 | 8,108 | |||||||
Raw materials and supplies | 57,599 | 54,263 | |||||||
Total inventories | 146,995 | 136,837 | |||||||
Restructuring_and_Other_Charge
Restructuring and Other Charges Restructuring and Other Charges (Notes) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||
Restructuring and Other Charges | ' | ||||||||||||
Restructuring and Other Charges | |||||||||||||
During the three months ended March 31, 2014, we recorded restructuring charges of $1.9 million ($1.2 million after tax). European segment charges for the three months ended March 31, 2014 of $1.5 million related primarily to severance from staff reductions in Germany and Italy and reorganization costs in Germany. International segment charges for the three months ended March 31, 2014 of $0.4 million were related to severance from staff reductions in Australia. | |||||||||||||
We did not incur any restructuring charges during the three months ended March 31, 2013. | |||||||||||||
Activity and reserve balances for restructuring charges by segment were as follows: | |||||||||||||
(in millions) | North America | Europe | International | Total | |||||||||
Reserve balances at December 31, 2012 | $ | 0.3 | $ | 2.5 | $ | 0.2 | $ | 3 | |||||
Cash payments | (0.3 | ) | (3.8 | ) | (2.5 | ) | (6.6 | ) | |||||
Restructuring charges | — | 3 | 2.3 | 5.3 | |||||||||
Reserve balances at December 31, 2013 | $ | — | $ | 1.7 | $ | — | $ | 1.7 | |||||
Cash payments | — | (1.1 | ) | (0.2 | ) | (1.3 | ) | ||||||
Restructuring charges | — | 1.5 | 0.4 | 1.9 | |||||||||
Reserve balances at March 31, 2014 | $ | — | $ | 2.1 | $ | 0.2 | $ | 2.3 | |||||
Property_Plant_and_Equipment_N
Property, Plant and Equipment (Notes) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment | ||||||||
March 31, | December 31, | |||||||
(In thousands) | 2014 | 2013 | ||||||
Land | $ | 3,795 | $ | 3,835 | ||||
Buildings | 111,436 | 110,534 | ||||||
Machinery and equipment | 351,647 | 349,667 | ||||||
Construction in progress | 20,400 | 16,364 | ||||||
Total | 487,278 | 480,400 | ||||||
Less accumulated depreciation | (334,074 | ) | (327,645 | ) | ||||
Net property | 153,204 | 152,755 | ||||||
Reclassifications_Out_of_Accum
Reclassifications Out of Accumulated Other Comprehensive Loss | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Loss | |||||||||||||||||
The changes in Accumulated Other Comprehensive Loss by component were as follows: | |||||||||||||||||
MSA Safety Incorporated | Noncontrolling Interests | ||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Pension and other postretirement benefits | |||||||||||||||||
Balance at beginning of period | $ | (77,080 | ) | $ | (132,031 | ) | $ | — | $ | — | |||||||
Amounts reclassified from Accumulated other comprehensive loss: | |||||||||||||||||
Amortization of prior service cost | (63 | ) | (80 | ) | — | — | |||||||||||
Recognized net actuarial losses | 2,286 | 3,465 | — | — | |||||||||||||
Tax benefit | (805 | ) | (1,278 | ) | — | — | |||||||||||
Total amount reclassified from Accumulated other comprehensive loss, net of tax | 1,418 | 2,107 | — | — | |||||||||||||
Balance at end of period | $ | (75,662 | ) | $ | (129,924 | ) | $ | — | $ | — | |||||||
Foreign Currency Translation | |||||||||||||||||
Balance at beginning of period | $ | (1,189 | ) | $ | 4,959 | $ | (1,602 | ) | $ | (469 | ) | ||||||
Other comprehensive (loss) income: | |||||||||||||||||
Foreign currency translation adjustments | (816 | ) | (5,040 | ) | (142 | ) | (548 | ) | |||||||||
Balance at end of period | $ | (2,005 | ) | $ | (81 | ) | $ | (1,744 | ) | $ | (1,017 | ) | |||||
The reclassifications out of accumulated other comprehensive loss are included in the computation of net periodic pension and other post-retirement benefit costs (see Note 14—Pensions and Other Post-Retirement Benefits). |
Capital_Stock_Notes
Capital Stock (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Capital Stock Additional Information [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 are 71,373 shares issued and 52,878 shares held in treasury at March 31, 2014. There were no treasury purchases of preferred stock during the quarter ended March 31, 2014. 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 March 31, 2014. | |
Common Stock - The Company has authorized 180,000,000 shares of no par value common stock. There were 37,347,653 and 37,202,099 shares outstanding at March 31, 2014 and December 31, 2013, respectively. | |
Stock Compensation Trust - The MSA Safety Incorporated Stock Compensation Trust was established to provide shares for certain benefit plans, including the management equity incentive plan. Shares held by the Stock Compensation Trust and the corresponding cost of those shares, are reported as a reduction of common shares issued. Differences between the cost of the shares held by the Stock Compensation Trust and the market value of shares released for stock-related benefits are reflected in common stock issued. There were 64,642 and 303,668 shares available at March 31, 2014 and December 31, 2013, respectively. | |
Treasury Shares - In November 2005, the Board of Directors authorized the purchase of up to $100.0 million of MSA common stock either through private transactions or open market transactions. The share purchase program has no expiration date. The maximum shares that may be purchased is calculated based on the dollars remaining under the program and the respective month-end closing share price. We do not have any other share purchase programs. There were 24,669,096 and 24,575,624 Treasury Shares at March 31, 2014 and December 31, 2013, respectively. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||
Segment Information | |||||||||||||||||||||
We are organized into nine geographic operating segments based on management responsibilities. 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: North America, Europe, and International. | |||||||||||||||||||||
MSA’s sales are allocated to each country based primarily on the destination of the end-customer. Effective January 1, 2014, the General Monitors business has been fully integrated into MSA. As such, sales made by General Monitors companies now follow a similar allocation methodology by which sales are allocated to each country based on the destination of the end-customer and based on the value added to that order. In prior years, sales made by General Monitors companies were reported as domestic sales based on the country from which the product was shipped. The 2013 results presented below have been restated to reflect this change in allocation methodology. | |||||||||||||||||||||
Reportable segment information is presented in the following table: | |||||||||||||||||||||
(In thousands) | North | Europe | International | Reconciling | Consolidated | ||||||||||||||||
America | Items | Totals | |||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Sales to external customers | $ | 129,521 | $ | 74,938 | $ | 60,586 | $ | — | $ | 265,045 | |||||||||||
Intercompany sales | 27,897 | 28,858 | 3,849 | (60,604 | ) | — | |||||||||||||||
Net income: | |||||||||||||||||||||
Continuing operations | 12,480 | 4,117 | 3,859 | (6,934 | ) | 13,522 | |||||||||||||||
Discontinued operations | — | — | 504 | — | 504 | ||||||||||||||||
(In thousands) | North | Europe | International | Reconciling | Consolidated | ||||||||||||||||
America | Items | Totals | |||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||
Sales to external customers | $ | 128,936 | $ | 73,123 | $ | 67,827 | $ | — | $ | 269,886 | |||||||||||
Intercompany sales | 28,545 | 25,236 | 4,877 | (58,658 | ) | — | |||||||||||||||
Net income: | |||||||||||||||||||||
Continuing operations | 12,605 | 5,383 | 7,796 | (7,157 | ) | 18,627 | |||||||||||||||
Discontinued operations | — | — | 659 | — | 659 | ||||||||||||||||
Reconciling items consist primarily of intercompany eliminations and items reported at the corporate level. |
Earnings_per_Share
Earnings per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings per Share | ' | ||||||||
Earnings per Share | |||||||||
Basic earnings 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 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 payment awards that contain nonforfeitable rights to dividends. | |||||||||
Three Months Ended March 31, | |||||||||
(In thousands, except per share amounts) | 2014 | 2013 | |||||||
Net income attributable to continuing operations | $ | 13,522 | $ | 18,627 | |||||
Preferred stock dividends | (10 | ) | (10 | ) | |||||
Income from continuing operations available to common equity | 13,512 | 18,617 | |||||||
Dividends and undistributed earnings allocated to participating securities | (90 | ) | (165 | ) | |||||
Income from continuing operations available to common shareholders | 13,422 | 18,452 | |||||||
Net income attributable to discontinued operations | $ | 504 | $ | 659 | |||||
Preferred stock dividends | — | — | |||||||
Income from discontinued operations available to common equity | 504 | 659 | |||||||
Dividends and undistributed earnings allocated to participating securities | (4 | ) | (6 | ) | |||||
Income from discontinued operations available to common shareholders | 500 | 653 | |||||||
Basic weighted-average shares outstanding | 37,015 | 36,734 | |||||||
Stock options and other stock compensation | 602 | 635 | |||||||
Diluted weighted-average shares outstanding | 37,617 | 37,369 | |||||||
Antidilutive stock options | — | 173 | |||||||
Earnings per share attributable to continuing operations: | |||||||||
Basic | $ | 0.37 | $ | 0.5 | |||||
Diluted | $ | 0.36 | $ | 0.49 | |||||
Earnings per share attributable to discontinued operations: | |||||||||
Basic | $ | 0.01 | $ | 0.02 | |||||
Diluted | $ | 0.01 | $ | 0.02 | |||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The effective tax rate for the first quarter of 2014 and 2013 was 36.4% and 27.2%, respectively. The rate for the first quarter of 2014 differs from the U.S. federal statutory rate of 35% primarily due to unrecognized tax benefits on operating losses in foreign affiliates. The rate for the first quarter of 2013 differs from the U.S. federal statutory rate of 35% primarily due to the one-time benefit from the recognition of the 2012 research and development tax credit as well as tax benefits of earning income in low tax foreign jurisdictions. | |
At March 31, 2014, we had a gross liability for unrecognized tax benefits of $5.9 million. We have recognized tax benefits associated with these liabilities of $5.1 million at March 31, 2014. These balances are unchanged since December 31, 2013. We do not expect that the total amount of the unrecognized tax benefits will significantly increase or decrease within twelve months of the reporting date. | |
We recognize interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. Our liability for accrued interest and penalties related to uncertain tax positions was $0.7 million at March 31, 2014. |
Stock_Plans
Stock Plans | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Stock Plans | ' | ||||||||
Stock Plans | |||||||||
The 2008 Management Equity Incentive Plan provides for various forms of stock-based compensation for eligible employees through May 2018. Management stock-based compensation includes stock options, restricted stock, and performance stock units. The 2008 Non-Employee Directors’ Equity Incentive Plan provides for grants of stock options and restricted stock to non-employee directors through May 2018. Stock options are granted at market value option prices and expire after ten years. Stock options are exercisable beginning three years after the grant date. Restricted stock is granted without payment to the company and generally vests three years after the grant date. Restricted stock is valued at the market value of the stock on the grant date. Performance stock units with a market condition are valued at an estimated fair value using a Monte Carlo model. The final number of shares to be issued for performance stock units may range from zero to 200% of the target award based on achieving the specified performance targets over the performance period. We issue Stock Compensation Trust shares or new shares for stock option exercises, restricted stock grants, and performance stock unit grants. | |||||||||
Stock compensation expense is as follows: | |||||||||
Three Months Ended March 31, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Stock compensation expense | $ | 5,165 | $ | 5,195 | |||||
Income tax benefit | 1,890 | 1,922 | |||||||
Stock compensation expense, net of income tax benefit | 3,275 | 3,273 | |||||||
Stock option expense is based on the fair value of stock option grants estimated on the grant dates using the Black-Scholes option pricing model and the following weighted average assumptions for options granted in 2014. | |||||||||
2014 | |||||||||
Fair value per option | $ | 17.26 | |||||||
Risk-free interest rate | 2.06 | % | |||||||
Expected dividend yield | 2.41 | % | |||||||
Expected volatility | 40.5 | % | |||||||
Expected life (years) | 6.6 | ||||||||
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 1 year average closing share price. Expected volatility is based on the historical volatility using daily stock prices. Expected life is based on historical stock option exercise data. | |||||||||
A summary of stock option activity for the three months ended March 31, 2014 follows: | |||||||||
Shares | Weighted | ||||||||
Average | |||||||||
Exercise Price | |||||||||
Outstanding at January 1 | 1,695,380 | $ | 34.55 | ||||||
Granted | 138,519 | 51.69 | |||||||
Exercised | (92,311 | ) | 35.37 | ||||||
Forfeited | (18,651 | ) | 37.99 | ||||||
Outstanding at March 31 | 1,722,937 | 35.84 | |||||||
Exercisable at March 31 | 1,229,401 | 32.01 | |||||||
A summary of restricted stock activity for the three months ended March 31, 2014 follows: | |||||||||
Shares | Weighted | ||||||||
Average | |||||||||
Grant Date | |||||||||
Fair Value | |||||||||
Unvested at January 1 | 303,419 | $ | 39.79 | ||||||
Granted | 68,807 | 51.69 | |||||||
Vested | (93,766 | ) | 34.01 | ||||||
Forfeited | (1,189 | ) | 39.76 | ||||||
Unvested at March 31 | 277,271 | 44.7 | |||||||
A summary of performance stock unit activity for the three months ended March 31, 2014 follows: | |||||||||
Shares | Weighted | ||||||||
Average | |||||||||
Grant Date | |||||||||
Fair Value | |||||||||
Unvested at January 1 | 149,389 | $ | 46.32 | ||||||
Granted | 46,242 | 57.42 | |||||||
Performance adjustments | 41,428 | 39.42 | |||||||
Vested | (88,996 | ) | 39.11 | ||||||
Unvested at March 31 | 148,063 | 52.2 | |||||||
The final number of shares issued for the 2011 Management Performance Units were 200% of the target award based on Total Shareholder Return during the three year performance period. |
LongTerm_Debt_Notes
Long-Term Debt (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Long-Term Debt | ' |
Long-Term Debt | |
The Company completed a legal Reorganization on March 7, 2014. The Company's existing debt agreements, including its senior revolving credit facility and note purchase agreements were revised to reflect the changes in the Company's legal structure. | |
In connection with the legal Reorganization, the Company amended its unsecured senior revolving credit facility and extended the term of the facility until March 2019. The senior revolving facility provides for borrowings up to $300.0 million, with sub-limits for the issuance of letters of credit, swingline borrowings and foreign currency denominated borrowings; and may be used for general corporate purposes, including working capital, permitted acquisitions, capital expenditures and repayment of existing indebtedness. The credit agreement also allows the Company to request increases in the aggregate commitments of the lenders of up to an additional $150.0 million. Loans under the revolving facility will bear interest, at a variable rate based on LIBOR or the federal funds rate, at the Company's option. At March 31, 2014, $167.6 million of the $300.0 million senior revolving credit facility was unused including letters of credit. | |
The Company also entered into a $175.0 million senior unsecured shelf facility with a bank. Under this agreement, the Company may request the bank to purchase additional senior notes from time to time prior to March 7, 2017. The Company would be required to pay the bank an issuance fee in addition to fees defined in the note purchase agreement upon issuance of additional senior notes. | |
The amended revolving credit facility and amended note purchase agreements require the Company to comply with specified financial covenants. In addition, the credit facility and the note purchase agreements contain negative covenants limiting the ability of the Company and its subsidiaries to enter into specified transactions. The Company was in compliance with all covenants at March 31, 2014. | |
The Company had outstanding bank guarantees and standby letters of credit with banks as of March 31, 2014 totaling $6.2 million, of which $2.4 million relate to the senior revolving credit facility. The letters of credit serve to cover customer requirements in connection with certain sales orders and insurance companies. No amounts were drawn on these arrangements at March 31, 2014. The Company is also required to provide cash collateral in connection with certain arrangements. At March 31, 2014, the Company has $2.3 million of restricted cash in support of these arrangements. At March 31, 2014, the Company also has a $4.1 million guarantee relating to voluntary retirement payments for its unionized workers in Germany. | |
The Company redeemed $4.0 million of Industrial development debt in February 2014. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||
Goodwill and Intangible Assets | ' | |||
Goodwill and Intangible Assets | ||||
Changes in goodwill during the three months ended March 31, 2014 are as follows: | ||||
(In thousands) | Goodwill | |||
Balance at January 1 | $ | 260,134 | ||
Currency translation | 54 | |||
Balance at March 31 | 260,188 | |||
At March 31, 2014, goodwill of $196.5 million, $61.4 million, and $2.3 million related to the North American, European, and International reportable segments, respectively. | ||||
Changes in intangible assets, net of accumulated amortization during the three months ended March 31, 2014 are as follows: | ||||
(In thousands) | Intangible | |||
Assets | ||||
Net balance at January 1 | $ | 35,029 | ||
Amortization expense | (928 | ) | ||
Currency translation | 6 | |||
Net balance at March 31 | 34,107 | |||
Pensions_and_Other_Postretirem
Pensions and Other Postretirement Benefits | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pensions and Other Postretirement Benefits | ' | ||||||||||||||||
Pensions and Other Postretirement Benefits | |||||||||||||||||
Components of net periodic benefit cost consisted of the following: | |||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Three Months Ended March 31, | |||||||||||||||||
Service cost | $ | 2,481 | $ | 2,784 | $ | 156 | $ | 172 | |||||||||
Interest cost | 4,891 | 4,468 | 299 | 262 | |||||||||||||
Expected return on plan assets | (8,251 | ) | (7,725 | ) | — | — | |||||||||||
Amortization of prior service cost | 21 | 26 | (84 | ) | (106 | ) | |||||||||||
Recognized net actuarial losses | 2,203 | 3,327 | 83 | 138 | |||||||||||||
Settlement / Curtailment loss | 57 | — | — | — | |||||||||||||
Net periodic benefit cost | 1,402 | 2,880 | 454 | 466 | |||||||||||||
We made contributions of $1.1 million to our pension plans during the three months ended March 31, 2014. We expect to make total contributions of approximately $4.5 million to our pension plans in 2014. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Derivative Financial Instruments | ' | ||||||||||
Derivative Financial Instruments | |||||||||||
As part of our currency exchange rate risk management strategy, we may enter into certain derivative foreign currency forward contracts that do not meet the U.S. GAAP criteria for hedge accounting, but which have the impact of partially offsetting certain foreign currency exposures. We account for these forward contracts at fair value and report the related gains or losses in currency exchange gains or losses. The notional amount of open forward contracts was $65.4 million and $46.7 million, with an unrealized gain on these contracts of $0.6 million and an unrealized loss of $0.7 million at March 31, 2014 and 2013, respectively. | |||||||||||
The following table presents the balance sheet location and fair value of assets associated with derivative financial instruments: | |||||||||||
(In thousands) | 31-Mar-14 | 31-Dec-13 | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Foreign exchange contracts: Prepaid expenses and other current assets | $ | 552 | $ | 1,308 | |||||||
The following table presents the income statement location and impact of derivative financial instruments: | |||||||||||
Loss | |||||||||||
Recognized in Income | |||||||||||
Three Months Ended March 31, | |||||||||||
(In thousands) | Income Statement | 2014 | 2013 | ||||||||
Location | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Foreign exchange contracts | Currency exchange losses, net | $ | 805 | $ | 1,257 | ||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |
Mar. 31, 2014 | ||
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 were limited to the derivative financial instruments described in Note 15. 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 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 (including the current portion) was $153.3 million and $160.0 million at March 31, 2014 and 2013, respectively. The fair value of this debt was $160.1 million and $170.4 million at March 31, 2014 and 2013, respectively. The fair value of our long-term debt was determined using cash flow valuation models to estimate the market value of similar transactions as of the respective balance sheet dates. The fair value of this debt was determined using Level 2 inputs as described above. |
Contingencies
Contingencies | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Contingencies | ' | ||||||||
Contingencies | |||||||||
We categorize the product liability losses that we experience into two main categories; single incident and cumulative trauma. Single incident product liability claims are discrete incidents that are typically known to us when they occur and involve observable injuries and, therefore, more quantifiable damages. Therefore, we maintain a reserve for single incident product liability claims based on expected settlement costs for pending claims and an estimate of costs for unreported claims derived from experience, sales volumes and other relevant information. Our reserve for single incident product liability claims was $4.3 million at March 31, 2014 and $4.0 million at December 31, 2013. Single incident product liability expense during the three months ended March 31, 2014 and 2013 was not significant. We evaluate our single incident product liability exposures on an ongoing basis and make adjustments to the reserve as new information becomes available. | |||||||||
Cumulative trauma product liability claims involve exposures to harmful substances (e.g., silica, asbestos and coal dust) that occurred many years ago and may have developed over long periods of time into diseases such as silicosis, asbestosis or coal worker’s pneumoconiosis. We are presently named as a defendant in 2,901 lawsuits in which plaintiffs allege to have contracted certain cumulative trauma diseases related to exposure to silica, asbestos, and/or coal dust. These lawsuits mainly involve respiratory protection products allegedly manufactured and sold by us. We are unable to estimate total damages sought in these lawsuits as they generally do not specify the injuries alleged or the amount of damages sought, and potentially involve multiple defendants. | |||||||||
We regularly assess opportunities to mitigate product liability risk. | |||||||||
Cumulative trauma product liability litigation is difficult to predict. In our experience, until late in a lawsuit, we cannot reasonably determine whether it is probable that any given cumulative trauma lawsuit will ultimately result in a liability. This uncertainty is caused by many factors, including the following: cumulative trauma complaints generally do not provide information sufficient to determine if a loss is probable; cumulative trauma litigation is inherently unpredictable and information is often insufficient to determine if a lawsuit will develop into an actively litigated case; and even when a case is actively litigated, it is often difficult to determine if the lawsuit will be dismissed or otherwise resolved until late in the lawsuit. Moreover, even once it is probable that such a lawsuit will result in a loss, it is difficult to reasonably estimate the amount of actual loss that will be incurred. These amounts are highly variable and turn on a case-by-case analysis of the relevant facts, which are often not learned until late in the lawsuit. | |||||||||
Because of these factors, we cannot reliably determine our potential liability for such claims until late in the lawsuit. We, therefore, do not record cumulative trauma product liability losses when a lawsuit is filed, but rather, when we learn sufficient information to determine that it is probable that we will incur a loss and the amount of loss can be reasonably estimated. We record expenses for defense costs associated with open cumulative trauma product liability lawsuits as incurred. | |||||||||
We cannot estimate any amount or range of possible losses related to resolving pending and future cumulative trauma product liability claims that we may face because of the factors described above. As new information about cumulative trauma product liability cases and future developments becomes available, we reassess our potential exposures. | |||||||||
A summary of cumulative trauma product liability lawsuit activity follows: | |||||||||
Three Months Ended March 31, 2014 | Year Ended December 31, 2013 | ||||||||
Open lawsuits, beginning of period | 2,840 | 2,609 | |||||||
New lawsuits | 123 | 489 | |||||||
Settled and dismissed lawsuits | (62 | ) | (258 | ) | |||||
Open lawsuits, end of period | 2,901 | 2,840 | |||||||
Nearly half of the open lawsuits at March 31, 2014 have had a de minimus level of activity over the last 5 years. It is possible that these cases could become active again at any point due to changes in circumstances. | |||||||||
With some common contract exclusions, we maintain insurance for cumulative trauma product liability claims. We have purchased insurance policies for the policy years from 1952-1986 from over 20 different insurance carriers that provide coverage for cumulative trauma product liability losses, and in many instances, related defense costs (the "Occurrence-Based Policies"). In the normal course of business, we make payments to settle product liability claims and for related defense costs. We record receivables for the amounts that are covered by insurance. Since December 31, 2013, the insurance receivable increased by $20.0 million as a result of these settlements and defense costs. | |||||||||
The available limits of these policies are many times our recorded insurance receivable balance. | |||||||||
Various factors could affect the timing and amount of recovery of our insurance receivables, including the outcome of negotiations with insurers, legal proceedings with respect to product liability insurance coverage and the extent to which insurers may become insolvent in the future. | |||||||||
Our insurance receivables at March 31, 2014 totaled $144.8 million, of which $2.0 million is reported in other current assets and $142.8 million in other non-current assets. Our insurance receivables at December 31, 2013 totaled $124.8 million, all of which is reported in other non-current assets. | |||||||||
A summary of insurance receivable balances and activity related to cumulative trauma product liability losses follows: | |||||||||
(In millions) | Three Months Ended March 31, 2014 | Year Ended December 31, 2013 | |||||||
Balance beginning of period | $ | 124.8 | $ | 130 | |||||
Additions | 20 | 34 | |||||||
Collections and settlements | — | (39.2 | ) | ||||||
Balance end of period | 144.8 | 124.8 | |||||||
Additions to insurance receivables in the above table represent insured cumulative trauma product liability losses and related defense costs. Uninsured cumulative trauma product liability losses during the three months ended March 31, 2014 and 2013 were $2.1 million and $0.2 million, respectively. Collections primarily represent agreements with insurance companies to pay amounts due that are applicable to cumulative trauma claims. In cases where the payment stream covers multiple years, the present value of the payments is recorded as a note receivable (current and long term) in the balance sheet within prepaid expenses and other current assets and other noncurrent assets. | |||||||||
Our aggregate cumulative trauma product liability losses and administrative and defense costs for the three years ended December 31, 2013, totaled approximately $104.2 million, substantially all of which was insured. | |||||||||
We believe that the increase in the insurance receivable balance that we have experienced since 2005 is primarily due to disagreements among our insurance carriers, and consequently with us, as to when their individual obligations to pay us are triggered and the amount of each insurer’s obligation, as compared to other insurers. We believe that our insurers do not contest that they have issued policies to us or that these policies cover cumulative trauma product liability claims. We believe that our ability to successfully resolve our insurance litigation with various insurance carriers in recent years demonstrates that we have strong legal positions concerning our rights to coverage. | |||||||||
We regularly evaluate the collectability of the insurance receivables and record the amounts that we conclude are probable of collection. Our conclusions are based on our analysis of the terms of the underlying insurance policies, our experience in successfully recovering cumulative trauma product liability claims from our insurers under other policies, the financial ability of our insurance carriers to pay the claims, our understanding and interpretation of the relevant facts and applicable law and the advice of legal counsel, who believe that our insurers are required to provide coverage based on the terms of the policies. | |||||||||
Although the outcome of cumulative trauma product liability matters cannot be predicted with certainty and unfavorable resolutions could materially affect our results of operations on a quarter-to-quarter basis, based on information currently available and the amounts of insurance coverage available to us, we believe that the disposition of cumulative trauma product liability lawsuits that are pending against us will not have a materially adverse effect on our future results of operations, financial condition, or liquidity. | |||||||||
We are currently involved in insurance coverage litigations with a number of our insurance carriers regarding the Occurrence-Based Policies. | |||||||||
In 2009, we sued The North River Insurance Company (North River) in the United States District Court for the Western District of Pennsylvania, alleging that North River breached one of its insurance policies by failing to pay amounts owed to us and that it engaged in bad-faith claims handling. We believe that North River’s refusal to indemnify us under the policy for product liability losses and legal fees paid by us is wholly contrary to Pennsylvania law and we are vigorously pursuing the legal actions necessary to collect all due amounts. Motions for summary judgment on certain issues will be submitted to the court at the earliest possible date. A trial date has not yet been scheduled. | |||||||||
In 2010, North River sued us in the Court of Common Pleas of Allegheny County, Pennsylvania seeking a declaratory judgment concerning their responsibilities under three additional policies. We asserted claims against North River for breaches of contract for failures to pay amounts owed to us. We also allege that North River engaged in bad-faith claims handling. We believe that North River’s refusal to indemnify us under these policies for product liability losses and legal fees paid by us is wholly contrary to Pennsylvania law and we are vigorously pursuing the legal actions necessary to collect all due amounts. Summary judgment on certain issues is pending with the court. A trial date has not yet been scheduled. | |||||||||
In July 2010, we filed a lawsuit in the Superior Court of the State of Delaware seeking declaratory and other relief from the majority of our excess insurance carriers concerning the future rights and obligations of MSA and our excess insurance carriers under various insurance policies. The reason for this insurance coverage action is to secure a comprehensive resolution of our rights under the insurance policies issued by our insurers. The case is currently in discovery. | |||||||||
We have resolved our claims against certain of our insurance carriers on some of their policies, including the Occurrence-Based Policies through negotiated settlements. When a settlement is reached, we dismiss the settling carrier from relevant above noted lawsuit(s). Assuming satisfactory resolution, once disputes are resolved with each of the remaining carriers responsible for the the Occurrence-Based Policies, the Company anticipates having commitments to provide future payment streams which should be sufficient to satisfy its receivables due from insurance carriers. In addition, we likely will retain some coverage through coverage-in-place agreements, although that coverage may not be immediately accessible. When these insurance coverage matters are fully resolved, the Company (and its coverage-in-place carriers, where applicable) will be responsible for expenses related to cumulative trauma product liability claims. |
Assets_Held_for_Sale_and_Disco
Assets Held for Sale and Discontinued Operations | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Assets Held for Sale and Discontinued Operations [Abstract] | ' | |||||||
Assets Held for Sale | ' | |||||||
Assets Held for Sale and Discontinued Operations | ||||||||
Assets Held for Sale - In September 2013, we entered into an agreement to sell the detector tube assets. The transaction closed in January, 2014. In addition to the asset sale agreement, we entered into transitional manufacturing and sales agreements with the buyer. Under the terms of the transitional agreements, we will continue to manufacture and sell detector tubes on behalf of the buyer until mid-2014. The gain on the transaction of approximately $2.9 million will be recognized in 2014, at the conclusion of the transitional manufacturing period. | ||||||||
Certain assets related to detector tube manufacturing are classified as held for sale at March 31, 2014. These assets are reported in the following balance sheet lines: | ||||||||
(In millions) | 31-Mar-14 | |||||||
Inventory | $ | 1.9 | ||||||
Property, net of depreciation | 0.2 | |||||||
Total assets | 2.1 | |||||||
Discontinued Operations - The Company is actively negotiating the sale of substantially all of the assets and liabilities of its South African personal protective equipment distribution business and its Zambian operations. Management has deemed it probable that the sale of these assets and liabilities will close within the next twelve months. The operations of this business qualify as a component of an entity under FASB ASC 205-20 "Presentation of Financial Statements - Discontinued Operations", and thus the operations have been reclassified as discontinued operations and prior periods have been reclassified to conform to this presentation. Management does not believe the assets associated with the South African distribution business or the Zambian operations are impaired at March 31, 2014. | ||||||||
Summarized financial information for discontinued operations is as follows: | ||||||||
Three months ended March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Discontinued Operations | ||||||||
Net sales | $ | 10,060 | $ | 13,353 | ||||
Other income, net | 14 | 17 | ||||||
Cost and expenses: | ||||||||
Cost of products sold | 7,697 | 10,275 | ||||||
Selling, general and administrative | 1,554 | 1,979 | ||||||
Interest expense | — | — | ||||||
Currency exchange losses, net | (7 | ) | (133 | ) | ||||
Income from discontinued operations before income taxes | 830 | 1,249 | ||||||
Provision for income taxes | 216 | 397 | ||||||
Income from discontinued operations, net of tax | 614 | 852 | ||||||
Certain balance sheet items are related to the Company's South African personal protective equipment distribution business and its Zambian operations are reported as discontinued operations. These items are reported in the following balance sheet lines: | ||||||||
March 31, | December 31, | |||||||
(In thousands) | 2014 | 2013 | ||||||
Discontinued Operations assets and liabilities | ||||||||
Cash and cash equivalents | $ | 1,308 | $ | 2,980 | ||||
Trade receivables, less allowance for doubtful accounts | 7,179 | 7,452 | ||||||
Inventories | 11,783 | 11,359 | ||||||
Net property | 315 | 317 | ||||||
Other assets | 1,019 | 1,326 | ||||||
Total assets | 21,604 | 23,434 | ||||||
Accounts payable | 3,172 | 5,447 | ||||||
Accrued and other liabilities | 1,166 | 930 | ||||||
Total liabilities | 4,338 | 6,377 | ||||||
Net assets | 17,266 | 17,057 | ||||||
The following summary provides financial information for discontinued operations related to net loss (income) related to noncontrolling interests: | ||||||||
Three months ended March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Net loss (income) attributable to noncontrolling interests | ||||||||
Loss from continuing operations | $ | 219 | $ | 84 | ||||
(Income) from discontinued operations | (110 | ) | (193 | ) | ||||
Net loss (income) | 109 | (109 | ) | |||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventories | ' | ||||||||
(In thousands) | 31-Mar-14 | 31-Dec-13 | |||||||
Finished products | $ | 80,240 | $ | 74,466 | |||||
Work in process | 9,156 | 8,108 | |||||||
Raw materials and supplies | 57,599 | 54,263 | |||||||
Total inventories | 146,995 | 136,837 | |||||||
Restructuring_and_Other_Charge1
Restructuring and Other Charges Restructuring and Related Activities (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||
Restructuring and Related Costs | ' | ||||||||||||
Activity and reserve balances for restructuring charges by segment were as follows: | |||||||||||||
(in millions) | North America | Europe | International | Total | |||||||||
Reserve balances at December 31, 2012 | $ | 0.3 | $ | 2.5 | $ | 0.2 | $ | 3 | |||||
Cash payments | (0.3 | ) | (3.8 | ) | (2.5 | ) | (6.6 | ) | |||||
Restructuring charges | — | 3 | 2.3 | 5.3 | |||||||||
Reserve balances at December 31, 2013 | $ | — | $ | 1.7 | $ | — | $ | 1.7 | |||||
Cash payments | — | (1.1 | ) | (0.2 | ) | (1.3 | ) | ||||||
Restructuring charges | — | 1.5 | 0.4 | 1.9 | |||||||||
Reserve balances at March 31, 2014 | $ | — | $ | 2.1 | $ | 0.2 | $ | 2.3 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
March 31, | December 31, | |||||||
(In thousands) | 2014 | 2013 | ||||||
Land | $ | 3,795 | $ | 3,835 | ||||
Buildings | 111,436 | 110,534 | ||||||
Machinery and equipment | 351,647 | 349,667 | ||||||
Construction in progress | 20,400 | 16,364 | ||||||
Total | 487,278 | 480,400 | ||||||
Less accumulated depreciation | (334,074 | ) | (327,645 | ) | ||||
Net property | 153,204 | 152,755 | ||||||
Reclassifications_Out_of_Accum1
Reclassifications Out of Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Reclassification of Pension and Post-Retirement Benefit Plan Out of Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
MSA Safety Incorporated | Noncontrolling Interests | ||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Pension and other postretirement benefits | |||||||||||||||||
Balance at beginning of period | $ | (77,080 | ) | $ | (132,031 | ) | $ | — | $ | — | |||||||
Amounts reclassified from Accumulated other comprehensive loss: | |||||||||||||||||
Amortization of prior service cost | (63 | ) | (80 | ) | — | — | |||||||||||
Recognized net actuarial losses | 2,286 | 3,465 | — | — | |||||||||||||
Tax benefit | (805 | ) | (1,278 | ) | — | — | |||||||||||
Total amount reclassified from Accumulated other comprehensive loss, net of tax | 1,418 | 2,107 | — | — | |||||||||||||
Balance at end of period | $ | (75,662 | ) | $ | (129,924 | ) | $ | — | $ | — | |||||||
Foreign Currency Translation | |||||||||||||||||
Balance at beginning of period | $ | (1,189 | ) | $ | 4,959 | $ | (1,602 | ) | $ | (469 | ) | ||||||
Other comprehensive (loss) income: | |||||||||||||||||
Foreign currency translation adjustments | (816 | ) | (5,040 | ) | (142 | ) | (548 | ) | |||||||||
Balance at end of period | $ | (2,005 | ) | $ | (81 | ) | $ | (1,744 | ) | $ | (1,017 | ) |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Schedule of Reportable Segment Information | ' | ||||||||||||||||||||
(In thousands) | North | Europe | International | Reconciling | Consolidated | ||||||||||||||||
America | Items | Totals | |||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
Sales to external customers | $ | 129,521 | $ | 74,938 | $ | 60,586 | $ | — | $ | 265,045 | |||||||||||
Intercompany sales | 27,897 | 28,858 | 3,849 | (60,604 | ) | — | |||||||||||||||
Net income: | |||||||||||||||||||||
Continuing operations | 12,480 | 4,117 | 3,859 | (6,934 | ) | 13,522 | |||||||||||||||
Discontinued operations | — | — | 504 | — | 504 | ||||||||||||||||
(In thousands) | North | Europe | International | Reconciling | Consolidated | ||||||||||||||||
America | Items | Totals | |||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||
Sales to external customers | $ | 128,936 | $ | 73,123 | $ | 67,827 | $ | — | $ | 269,886 | |||||||||||
Intercompany sales | 28,545 | 25,236 | 4,877 | (58,658 | ) | — | |||||||||||||||
Net income: | |||||||||||||||||||||
Continuing operations | 12,605 | 5,383 | 7,796 | (7,157 | ) | 18,627 | |||||||||||||||
Discontinued operations | — | — | 659 | — | 659 | ||||||||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share | ' | ||||||||
Three Months Ended March 31, | |||||||||
(In thousands, except per share amounts) | 2014 | 2013 | |||||||
Net income attributable to continuing operations | $ | 13,522 | $ | 18,627 | |||||
Preferred stock dividends | (10 | ) | (10 | ) | |||||
Income from continuing operations available to common equity | 13,512 | 18,617 | |||||||
Dividends and undistributed earnings allocated to participating securities | (90 | ) | (165 | ) | |||||
Income from continuing operations available to common shareholders | 13,422 | 18,452 | |||||||
Net income attributable to discontinued operations | $ | 504 | $ | 659 | |||||
Preferred stock dividends | — | — | |||||||
Income from discontinued operations available to common equity | 504 | 659 | |||||||
Dividends and undistributed earnings allocated to participating securities | (4 | ) | (6 | ) | |||||
Income from discontinued operations available to common shareholders | 500 | 653 | |||||||
Basic weighted-average shares outstanding | 37,015 | 36,734 | |||||||
Stock options and other stock compensation | 602 | 635 | |||||||
Diluted weighted-average shares outstanding | 37,617 | 37,369 | |||||||
Antidilutive stock options | — | 173 | |||||||
Earnings per share attributable to continuing operations: | |||||||||
Basic | $ | 0.37 | $ | 0.5 | |||||
Diluted | $ | 0.36 | $ | 0.49 | |||||
Earnings per share attributable to discontinued operations: | |||||||||
Basic | $ | 0.01 | $ | 0.02 | |||||
Diluted | $ | 0.01 | $ | 0.02 | |||||
Stock_Plans_Tables
Stock Plans (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Schedule of Stock Compensation Expense | ' | ||||||||
Stock compensation expense is as follows: | |||||||||
Three Months Ended March 31, | |||||||||
(In thousands) | 2014 | 2013 | |||||||
Stock compensation expense | $ | 5,165 | $ | 5,195 | |||||
Income tax benefit | 1,890 | 1,922 | |||||||
Stock compensation expense, net of income tax benefit | 3,275 | 3,273 | |||||||
Schedule of Valuation Assumptions | ' | ||||||||
Stock option expense is based on the fair value of stock option grants estimated on the grant dates using the Black-Scholes option pricing model and the following weighted average assumptions for options granted in 2014. | |||||||||
2014 | |||||||||
Fair value per option | $ | 17.26 | |||||||
Risk-free interest rate | 2.06 | % | |||||||
Expected dividend yield | 2.41 | % | |||||||
Expected volatility | 40.5 | % | |||||||
Expected life (years) | 6.6 | ||||||||
Summary of Stock Option Activity | ' | ||||||||
A summary of stock option activity for the three months ended March 31, 2014 follows: | |||||||||
Shares | Weighted | ||||||||
Average | |||||||||
Exercise Price | |||||||||
Outstanding at January 1 | 1,695,380 | $ | 34.55 | ||||||
Granted | 138,519 | 51.69 | |||||||
Exercised | (92,311 | ) | 35.37 | ||||||
Forfeited | (18,651 | ) | 37.99 | ||||||
Outstanding at March 31 | 1,722,937 | 35.84 | |||||||
Exercisable at March 31 | 1,229,401 | 32.01 | |||||||
Summary of Restricted Stock Activity | ' | ||||||||
A summary of restricted stock activity for the three months ended March 31, 2014 follows: | |||||||||
Shares | Weighted | ||||||||
Average | |||||||||
Grant Date | |||||||||
Fair Value | |||||||||
Unvested at January 1 | 303,419 | $ | 39.79 | ||||||
Granted | 68,807 | 51.69 | |||||||
Vested | (93,766 | ) | 34.01 | ||||||
Forfeited | (1,189 | ) | 39.76 | ||||||
Unvested at March 31 | 277,271 | 44.7 | |||||||
Summary of Performance Stock Unit Activity | ' | ||||||||
A summary of performance stock unit activity for the three months ended March 31, 2014 follows: | |||||||||
Shares | Weighted | ||||||||
Average | |||||||||
Grant Date | |||||||||
Fair Value | |||||||||
Unvested at January 1 | 149,389 | $ | 46.32 | ||||||
Granted | 46,242 | 57.42 | |||||||
Performance adjustments | 41,428 | 39.42 | |||||||
Vested | (88,996 | ) | 39.11 | ||||||
Unvested at March 31 | 148,063 | 52.2 | |||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||
Changes in Goodwill | ' | |||
Changes in goodwill during the three months ended March 31, 2014 are as follows: | ||||
(In thousands) | Goodwill | |||
Balance at January 1 | $ | 260,134 | ||
Currency translation | 54 | |||
Balance at March 31 | 260,188 | |||
Changes in Intangible Assets, Net of Accumulated Amortization | ' | |||
three months ended March 31, 2014 are as follows: | ||||
(In thousands) | Intangible | |||
Assets | ||||
Net balance at January 1 | $ | 35,029 | ||
Amortization expense | (928 | ) | ||
Currency translation | 6 | |||
Net balance at March 31 | 34,107 | |||
Pensions_and_Other_Postretirem1
Pensions and Other Postretirement Benefits (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Three Months Ended March 31, | |||||||||||||||||
Service cost | $ | 2,481 | $ | 2,784 | $ | 156 | $ | 172 | |||||||||
Interest cost | 4,891 | 4,468 | 299 | 262 | |||||||||||||
Expected return on plan assets | (8,251 | ) | (7,725 | ) | — | — | |||||||||||
Amortization of prior service cost | 21 | 26 | (84 | ) | (106 | ) | |||||||||||
Recognized net actuarial losses | 2,203 | 3,327 | 83 | 138 | |||||||||||||
Settlement / Curtailment loss | 57 | — | — | — | |||||||||||||
Net periodic benefit cost | 1,402 | 2,880 | 454 | 466 | |||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Balance Sheet Location and Fair Value of Assets and Liabilities Associated with Derivative Financial Instruments | ' | ||||||||||
The following table presents the balance sheet location and fair value of assets associated with derivative financial instruments: | |||||||||||
(In thousands) | 31-Mar-14 | 31-Dec-13 | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Foreign exchange contracts: Prepaid expenses and other current assets | $ | 552 | $ | 1,308 | |||||||
Income Statement Location and Impact of Derivative Financial Instruments | ' | ||||||||||
The following table presents the income statement location and impact of derivative financial instruments: | |||||||||||
Loss | |||||||||||
Recognized in Income | |||||||||||
Three Months Ended March 31, | |||||||||||
(In thousands) | Income Statement | 2014 | 2013 | ||||||||
Location | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Foreign exchange contracts | Currency exchange losses, net | $ | 805 | $ | 1,257 | ||||||
Contingencies_Tables
Contingencies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Summary of Cumulative Trauma Product Liability Claims Activity | ' | ||||||||
A summary of cumulative trauma product liability lawsuit activity follows: | |||||||||
Three Months Ended March 31, 2014 | Year Ended December 31, 2013 | ||||||||
Open lawsuits, beginning of period | 2,840 | 2,609 | |||||||
New lawsuits | 123 | 489 | |||||||
Settled and dismissed lawsuits | (62 | ) | (258 | ) | |||||
Open lawsuits, end of period | 2,901 | 2,840 | |||||||
Summary of Insurance Receivable Balances and Activity Related to Cumulative Trauma Product Liability Losses | ' | ||||||||
A summary of insurance receivable balances and activity related to cumulative trauma product liability losses follows: | |||||||||
(In millions) | Three Months Ended March 31, 2014 | Year Ended December 31, 2013 | |||||||
Balance beginning of period | $ | 124.8 | $ | 130 | |||||
Additions | 20 | 34 | |||||||
Collections and settlements | — | (39.2 | ) | ||||||
Balance end of period | 144.8 | 124.8 | |||||||
Assets_Held_for_Sale_and_Disco1
Assets Held for Sale and Discontinued Operations (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Assets Held for Sale and Discontinued Operations [Abstract] | ' | |||||||
Schedule of Assets Held for Sale | ' | |||||||
Certain assets related to detector tube manufacturing are classified as held for sale at March 31, 2014. These assets are reported in the following balance sheet lines: | ||||||||
(In millions) | 31-Mar-14 | |||||||
Inventory | $ | 1.9 | ||||||
Property, net of depreciation | 0.2 | |||||||
Total assets | 2.1 | |||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||||||
Summarized financial information for discontinued operations is as follows: | ||||||||
Three months ended March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Discontinued Operations | ||||||||
Net sales | $ | 10,060 | $ | 13,353 | ||||
Other income, net | 14 | 17 | ||||||
Cost and expenses: | ||||||||
Cost of products sold | 7,697 | 10,275 | ||||||
Selling, general and administrative | 1,554 | 1,979 | ||||||
Interest expense | — | — | ||||||
Currency exchange losses, net | (7 | ) | (133 | ) | ||||
Income from discontinued operations before income taxes | 830 | 1,249 | ||||||
Provision for income taxes | 216 | 397 | ||||||
Income from discontinued operations, net of tax | 614 | 852 | ||||||
Certain balance sheet items are related to the Company's South African personal protective equipment distribution business and its Zambian operations are reported as discontinued operations. These items are reported in the following balance sheet lines: | ||||||||
March 31, | December 31, | |||||||
(In thousands) | 2014 | 2013 | ||||||
Discontinued Operations assets and liabilities | ||||||||
Cash and cash equivalents | $ | 1,308 | $ | 2,980 | ||||
Trade receivables, less allowance for doubtful accounts | 7,179 | 7,452 | ||||||
Inventories | 11,783 | 11,359 | ||||||
Net property | 315 | 317 | ||||||
Other assets | 1,019 | 1,326 | ||||||
Total assets | 21,604 | 23,434 | ||||||
Accounts payable | 3,172 | 5,447 | ||||||
Accrued and other liabilities | 1,166 | 930 | ||||||
Total liabilities | 4,338 | 6,377 | ||||||
Net assets | 17,266 | 17,057 | ||||||
The following summary provides financial information for discontinued operations related to net loss (income) related to noncontrolling interests: | ||||||||
Three months ended March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Net loss (income) attributable to noncontrolling interests | ||||||||
Loss from continuing operations | $ | 219 | $ | 84 | ||||
(Income) from discontinued operations | (110 | ) | (193 | ) | ||||
Net loss (income) | 109 | (109 | ) | |||||
Schedule_of_Inventories_Detail
Schedule of Inventories (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished products | $80,240 | $74,466 |
Work in process | 9,156 | 8,108 |
Raw materials and supplies | 57,599 | 54,263 |
Total inventories | $146,995 | $136,837 |
Restructuring_and_Other_Charge2
Restructuring and Other Charges - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and other charges, net of tax | $1,200,000 | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring Reserve, beginning balance | 1,700,000 | 3,000,000 | 3,000,000 |
Cash payments | -1,300,000 | ' | -6,600,000 |
Restructuring charges | 1,900,000 | 0 | 5,300,000 |
Restructuring Reserve, ending balance | 2,300,000 | ' | 1,700,000 |
North America | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring Reserve, beginning balance | 0 | 300,000 | 300,000 |
Cash payments | 0 | ' | -300,000 |
Restructuring charges | 0 | ' | 0 |
Restructuring Reserve, ending balance | 0 | ' | 0 |
Europe | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance costs | 1,500,000 | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring Reserve, beginning balance | 1,700,000 | 2,500,000 | 2,500,000 |
Cash payments | -1,100,000 | ' | -3,800,000 |
Restructuring charges | 1,500,000 | ' | 3,000,000 |
Restructuring Reserve, ending balance | 2,100,000 | ' | 1,700,000 |
International | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance costs | 400,000 | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Restructuring Reserve, beginning balance | 0 | 200,000 | 200,000 |
Cash payments | -200,000 | ' | -2,500,000 |
Restructuring charges | 400,000 | ' | 2,300,000 |
Restructuring Reserve, ending balance | $200,000 | ' | $0 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $487,278 | $480,400 |
Less accumulated depreciation | -334,074 | -327,645 |
Net property | 153,204 | 152,755 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 3,795 | 3,835 |
Building | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 111,436 | 110,534 |
Machinery and Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 351,647 | 349,667 |
Construction in Progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $20,400 | $16,364 |
Reclassification_of_Pension_an
Reclassification of Pension and Post-retirement Benefit Plan Out of Accumulated Other Comprehensive Loss (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | Parent [Member] | Parent [Member] | Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ($77,080) | ($132,031) | ' | ' | ' | ' | ' | ' |
Amortization of prior service cost | ' | ' | -63 | -80 | ' | ' | ' | ' | ' | ' |
Recognized net actuarial losses | ' | ' | 2,286 | 3,465 | ' | ' | ' | ' | ' | ' |
Tax benefit | ' | ' | -805 | -1,278 | ' | ' | ' | ' | ' | ' |
Reclassification from AOCI, current period, net of tax | ' | ' | 1,418 | 2,107 | ' | ' | ' | ' | ' | ' |
Balance at end of period | ' | ' | -75,662 | -129,924 | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | -1,189 | 4,959 | -2,005 | -81 | -1,602 | -469 | -1,744 | -1,017 |
Foreign currency translation adjustments, parent | ' | ' | -816 | -5,040 | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments, noncontrolling interest | ' | ' | ' | ' | ' | ' | -142 | -548 | ' | ' |
Ending balance | ($77,667) | ($78,269) | ' | ' | ' | ' | ' | ' | ' | ' |
Capital_Stock_Details
Capital Stock (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Nov. 30, 2005 |
4 1/2% Cumulative Preferred Nonvoting Stock | Second Cumulative Preferred Voting Stock | Board of Directors | |||
Capital Unit [Line Items] | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | ' | 100,000 | 1,000,000 | ' |
Preferred stock, par value | ' | ' | $50 | $10 | ' |
Percentage of cumulative preferred stock | ' | ' | 4.50% | ' | ' |
Preferred stock, callable price per share | ' | ' | $52.50 | ' | ' |
Preferred stock, shares issued | ' | ' | 71,373 | 0 | ' |
Treasury share, number of shares held | ' | ' | 52,878 | ' | ' |
Purchase of treasury shares | ' | ' | $0 | ' | ' |
Common Stock, Shares Authorized | 180,000,000 | ' | ' | ' | ' |
Common stock, par value | $0 | $0 | ' | ' | ' |
Common stock, shares, outstanding | 37,347,653 | 37,202,099 | ' | ' | ' |
Common stock, shares, issued | 64,642 | 303,668 | ' | ' | ' |
Common stock, value, issued | ' | ' | ' | ' | $100,000,000 |
Treasury stock, shares | 24,669,096 | 24,575,624 | ' | ' | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of geographic operating segments | 9 |
Number of reportable segments | 3 |
Schedule_of_Reportable_Segment
Schedule of Reportable Segment Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Sales to external customers | $265,045 | $269,886 |
Intercompany sales | 0 | 0 |
Net income: | ' | ' |
Continuing operations | 13,522 | 18,627 |
Discontinued operations | 504 | 659 |
North America | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales to external customers | 129,521 | 128,936 |
Intercompany sales | 27,897 | 28,545 |
Net income: | ' | ' |
Continuing operations | 12,480 | 12,605 |
Discontinued operations | 0 | 0 |
Europe | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales to external customers | 74,938 | 73,123 |
Intercompany sales | 28,858 | 25,236 |
Net income: | ' | ' |
Continuing operations | 4,117 | 5,383 |
Discontinued operations | 0 | 0 |
International | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales to external customers | 60,586 | 67,827 |
Intercompany sales | 3,849 | 4,877 |
Net income: | ' | ' |
Continuing operations | 3,859 | 7,796 |
Discontinued operations | 504 | 659 |
Reconciling Items | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales to external customers | 0 | 0 |
Intercompany sales | -60,604 | -58,658 |
Net income: | ' | ' |
Continuing operations | -6,934 | -7,157 |
Discontinued operations | $0 | $0 |
Schedule_of_Earnings_Per_Share
Schedule of Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings per share attributable to MSA Safety Incorporated common shareholders: | ' | ' |
Net income attributable to continuing operations | $13,522 | $18,627 |
Preferred stock dividends | -10 | -10 |
Income from continuing operations available to common equity | 13,512 | 18,617 |
Dividends and undistributed earnings allocated to participating securities | -90 | -165 |
Income from continuing operations available to common shareholders | 13,422 | 18,452 |
Net income attributable to discontinued operations | 504 | 659 |
Preferred stock dividends | 0 | 0 |
Income from discontinued operations available to common equity | 504 | 659 |
Dividends and undistributed earnings allocated to participating securities | -4 | -6 |
Income from discontinued operations available to common shareholders | $500 | $653 |
Basic weighted-average shares outstanding | 37,015 | 36,734 |
Stock options and other stock compensation | 602 | 635 |
Diluted weighted-average shares outstanding | 37,617 | 37,369 |
Antidilutive stock options | 0 | 173 |
Earnings per share attributable to continuing operations: | ' | ' |
Income from continuing operations, basic (dollars per share) | $0.37 | $0.50 |
Income from continuing operations, diluted (dollars per share) | $0.36 | $0.49 |
Earnings per share attributable to discontinued operations: | ' | ' |
Income from discontinued operations, basic (dollars per share) | $0.01 | $0.02 |
Income from discontinued operations, diluted (dollars per share) | $0.01 | $0.02 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Effective income tax rate | 36.40% | 27.20% |
U.S. federal income tax rate | 35.00% | ' |
Unrecognized tax benefits | $5.90 | ' |
Recognized tax benefits | 5.1 | ' |
Accrued interest and penalties related to uncertain tax positions | $0.70 | ' |
Stock_Plans_Additional_Informa
Stock Plans - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock options expiration period | '10 years |
Stock options exercisable period after grant date | '3 years |
Minimum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Percentage of target award based on achieving specified performance targets | 0.00% |
Maximum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Percentage of target award based on achieving specified performance targets | 200.00% |
Restricted Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vest period | '3 years |
Schedule_of_Stock_Compensation
Schedule of Stock Compensation Expense (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Stock compensation expense | $5,165 | $5,195 |
Income tax benefit | 1,890 | 1,922 |
Stock compensation expense, net of income tax benefit | $3,275 | $3,273 |
Stock_Plans_Weighted_Average_R
Stock Plans Weighted Average Risk Assumptions (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Fair value per option | $17.26 |
Risk-free interest rate | 2.06% |
Expected dividend yield | 2.41% |
Expected volatility | 40.50% |
Expected life (years) | '6 years 7 months 6 days |
Summary_of_Stock_Option_Activi
Summary of Stock Option Activity (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Outstanding Beginning balance,Shares | 1,695,380 |
Granted, Shares | 138,519 |
Exercised, Shares | -92,311 |
Forfeited, Shares | -18,651 |
Outstanding Ending balance,Shares | 1,722,937 |
Exercisable Ending balance,Shares | 1,229,401 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' |
Outstanding Beginning balance, Weighted Average Exercise Price | $34.55 |
Granted, Weighted Average Exercise Price | $51.69 |
Exercised, Weighted Average Exercise Price | $35.37 |
Forfeited, Weighted Average Exercise Price | $37.99 |
Outstanding Ending balance,Weighted Average Exercise Price | $35.84 |
Exercisable Ending balance, Weighted Average Exercise Price | $32.01 |
Summary_of_Restricted_Stock_Ac
Summary of Restricted Stock Activity (Detail) (Restricted Stock Activity, USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Restricted Stock Activity | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Unvested Shares, Beginning Balance | 303,419 |
Granted, Shares | 68,807 |
Vested, Shares | -93,766 |
Forfeited, Shares | -1,189 |
Unvested Shares, Ending Balance | 277,271 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' |
Unvested Weighted Average Grant Date Fair value, Beginning Balance | $39.79 |
Granted, Weighted Average Grant Date Fair Value | $51.69 |
Vested, Weighted Average Grant Date Fair Value | $34.01 |
Forfeited, Weighted Average Grant Date Fair Value | $39.76 |
Unvested Weighted Average Grant Date Fair value, Ending Balance | $44.70 |
Summary_of_Performance_Stock_U
Summary of Performance Stock Unit Activity (Detail) (Performance Stock Unit Activity, USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Performance Stock Unit Activity | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Unvested Shares, Beginning Balance | 149,389 |
Granted, Shares | 46,242 |
Performance adjustments, Shares | 41,428 |
Vested, Shares | -88,996 |
Unvested Shares, Ending Balance | 148,063 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' |
Unvested Weighted Average Grant Date Fair value, Beginning Balance | $46.32 |
Granted, Weighted Average Grant Date Fair Value | $57.42 |
Performance adjustments, Weighted Average Grant Date Fair Value | $39.42 |
Vested, Weighted Average Grant Date Fair Value | $39.11 |
Unvested Weighted Average Grant Date Fair value, Ending Balance | $52.20 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Debt Instrument [Line Items] | ' |
Unsecured senior revolving credit facility | $300 |
Increase in the senior credit facility | 150 |
Line of credit facility, remaining borrowing capacity | 167.6 |
Letters of credit and bank guarantees outstanding, amount | 6.2 |
Voluntary retirement payments guaranteed | 4.1 |
Industrial Development Debt Payable Through 2022, 0.30% | ' |
Debt Instrument [Line Items] | ' |
Extinguishment of debt, amount | 4 |
Revolving Credit Facility | ' |
Debt Instrument [Line Items] | ' |
Line of credit facility, amount outstanding | 2.4 |
Unspecified Arrangement | ' |
Debt Instrument [Line Items] | ' |
Restricted cash and cash equivalents | 2.3 |
Senior Notes | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, potential face amount | $175 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Goodwill | $260,188 | $260,134 |
North America | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Goodwill | 196,500 | ' |
Europe | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Goodwill | 61,400 | ' |
International | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Goodwill | $2,300 | ' |
Changes_in_Goodwill_Detail
Changes in Goodwill (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Goodwill [Roll Forward] | ' |
Balance at January 1 | $260,134 |
Currency translation | 54 |
Balance at March 31 | $260,188 |
Changes_in_Intangible_Assets_N
Changes in Intangible Assets, Net of Accumulated Amortization (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Finite-Lived Intangible Assets, Net [Abstract] | ' |
Net balance at January 1 | $35,029 |
Amortization expense | -928 |
Currency translation | 6 |
Net balance at March 31 | $34,107 |
Pensions_and_Other_Postretirem2
Pensions and Other Postretirement Benefits - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension plans contributions | $1.10 |
Total pension plans contributions for the period | $4.50 |
Components_of_Net_Periodic_Ben
Components of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | $2,481 | $2,784 |
Interest cost | 4,891 | 4,468 |
Expected return on plan assets | -8,251 | -7,725 |
Amortization of prior service cost | 21 | 26 |
Recognized net actuarial losses | 2,203 | 3,327 |
Settlement / Curtailment loss | 57 | 0 |
Net periodic benefit cost | 1,402 | 2,880 |
Other Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | 156 | 172 |
Interest cost | 299 | 262 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | -84 | -106 |
Recognized net actuarial losses | 83 | 138 |
Settlement / Curtailment loss | 0 | 0 |
Net periodic benefit cost | $454 | $466 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (Foreign exchange contract, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Foreign exchange contract | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount of open forward contracts | $65.40 | $46.70 |
Unrealized gain (loss) on contract | $0.60 | ($0.70) |
Balance_Sheet_Location_and_Fai
Balance Sheet Location and Fair Value of Assets and Liabilities Associated with Derivative Financial Instruments (Detail) (Foreign exchange contract, USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Foreign exchange contract | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign exchange contracts: Prepaid expenses and other current assets | $552 | $1,308 |
Income_Statement_Location_and_
Income Statement Location and Impact of Derivative Financial Instruments (Detail) (Derivatives Not Designated As Hedging Instruments, Foreign exchange contract, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivatives Not Designated As Hedging Instruments | Foreign exchange contract | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Currency exchange losses, net | $805 | $1,257 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Carrying amount of fixed rate long-term debt | $153.30 | $160 |
Fair value of long-term debt | $160.10 | $170.40 |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 36 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Vendor | LegalMatter | LegalMatter | Single Incident | Single Incident | Uninsured Cumulative Trauma | Uninsured Cumulative Trauma | Cumulative Trauma | |
LegalMatter | ||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Reserves for product liability claims | ' | ' | ' | $4.30 | $4 | ' | ' | ' |
Number of lawsuits | 2,901 | 2,840 | 2,609 | ' | ' | ' | ' | ' |
Number of insurance carriers | 20 | ' | ' | ' | ' | ' | ' | ' |
Insurance receivables | 144.8 | 124.8 | 130 | ' | ' | ' | ' | ' |
Insurance receivables, current | 2 | ' | ' | ' | ' | ' | ' | ' |
Insurance receivables, noncurrent | 142.8 | ' | ' | ' | ' | ' | ' | ' |
Product liability expense | ' | ' | ' | ' | ' | $2.10 | $0.20 | $104.20 |
Summary_of_Cumulative_Trauma_P
Summary of Cumulative Trauma Product Liability Claims Activity (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
LegalMatter | LegalMatter | |
Loss Contingency, Quantities [Roll Forward] | ' | ' |
Open claims, beginning of period | 2,840 | 2,609 |
New claims | 123 | 489 |
Settled and dismissed claims | -62 | -258 |
Open claims, end of period | 2,901 | 2,840 |
Summary_of_Insurance_Receivabl
Summary of Insurance Receivable Balances and Activity Related to Cumulative Trauma Product Liability Losses (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward] | ' | ' |
Balance beginning of period | $124.80 | $130 |
Additions | 20 | 34 |
Collections and settlements | 0 | -39.2 |
Balance end of period | $144.80 | $124.80 |
Schedule_of_Assets_Held_for_Sa
Schedule of Assets Held for Sale (Detail) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Assets Held for Sale and Discontinued Operations [Abstract] | ' |
Inventory | $1.90 |
Property, net of depreciation | 0.2 |
Total assets | $2.10 |
Assets_Held_for_Sale_and_Disco2
Assets Held for Sale and Discontinued Operations, Discontinued Operations (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Assets Held for Sale and Discontinued Operations [Abstract] | ' | ' |
Net sales | $10,060 | $13,353 |
Other income (loss), net | 14 | 17 |
Cost of products sold | 7,697 | 10,275 |
Selling, general and administrative | 1,554 | 1,979 |
Interest expense | 0 | 0 |
Currency exchange losses, net | -7 | -133 |
Income from discontinued operations before income taxes | 830 | 1,249 |
Provision for income taxes | 216 | 397 |
Income from discontinued operations, net of tax | $614 | $852 |
Assets_Held_for_Sale_and_Disco3
Assets Held for Sale and Discontinued Operations, Assets and Liabilities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets Held for Sale and Discontinued Operations [Abstract] | ' | ' |
Cash and cash equivalents | $1,308 | $2,980 |
Trade receivables, less allowance for doubtful accounts | 7,179 | 7,452 |
Inventories | 11,783 | 11,359 |
Net property | 315 | 317 |
Other assets | 1,019 | 1,326 |
Total assets | 21,604 | 23,434 |
Accounts payable | 3,172 | 5,447 |
Accrued and other liabilities | 1,166 | 930 |
Total liabilities | 4,338 | 6,377 |
Net assets | $17,266 | $17,057 |
Assets_Held_for_Sale_and_Disco4
Assets Held for Sale and Discontinued Operations, Discontinued Operations Related to Net Loss (Income) Related to Noncontrolling Interest (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Assets Held for Sale and Discontinued Operations [Abstract] | ' | ' |
Loss from continuing operations | $219 | $84 |
(Income) from discontinued operations | -110 | -193 |
Net loss (income) | $109 | ($109) |