Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 23, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-15579 | |
Entity Registrant Name | MSA SAFETY INC | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 46-4914539 | |
Entity Address, Address Line One | 1000 Cranberry Woods Drive | |
Entity Address, City or Town | Cranberry Township, | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 16066-5207 | |
City Area Code | 724 | |
Local Phone Number | 776-8600 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | MSA | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding (in shares) | 39,189,632 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000066570 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 341,289 | $ 314,438 | $ 649,717 | $ 655,583 |
Cost of products sold | 188,374 | 172,841 | 362,063 | 356,627 |
Gross profit | 152,915 | 141,597 | 287,654 | 298,956 |
Selling, general and administrative | 83,426 | 69,034 | 158,889 | 149,271 |
Research and development | 13,970 | 13,760 | 27,204 | 27,872 |
Restructuring charges (Note 3) | 7,078 | 8,865 | 8,385 | 10,872 |
Currency exchange losses (gains), net (Note 5) | 1,640 | 793 | (459) | 1,063 |
Product liability expense (Note 17) | 11,751 | 851 | 14,547 | 2,802 |
Operating income | 35,050 | 48,294 | 79,088 | 107,076 |
Interest expense | 2,172 | 2,459 | 4,082 | 5,602 |
Other income, net | (2,293) | (2,000) | (6,506) | (3,258) |
Total other (income) expense, net | (121) | 459 | (2,424) | 2,344 |
Income before income taxes | 35,171 | 47,835 | 81,512 | 104,732 |
Provision for income taxes (Note 9) | 9,784 | 11,429 | 19,525 | 24,523 |
Net income | 25,387 | 36,406 | 61,987 | 80,209 |
Net income attributable to noncontrolling interests | (262) | (340) | (448) | (468) |
Net income attributable to MSA Safety Incorporated | $ 25,125 | $ 36,066 | $ 61,539 | $ 79,741 |
Earnings per share attributable to MSA Safety Incorporated common shareholders (Note 8): | ||||
Basic (in dollars per share) | $ 0.64 | $ 0.93 | $ 1.57 | $ 2.05 |
Diluted (in dollars per share) | 0.64 | 0.92 | 1.56 | 2.03 |
Dividends per common share (in dollars per share) | $ 0.44 | $ 0.43 | $ 0.87 | $ 0.85 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 25,387 | $ 36,406 | $ 61,987 | $ 80,209 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments (Note 5) | 6,018 | 4,669 | (4,205) | (18,278) |
Pension and post-retirement plan actuarial gains, net of tax (Note 5) | 3,657 | 3,090 | 7,369 | 6,192 |
Unrealized gain (loss) on available-for-sale securities (Note 5) | 1 | 124 | (4) | 62 |
Reclassification of currency translation from accumulated other comprehensive loss into net income (Note 5) | 0 | 0 | 0 | 720 |
Total other comprehensive income (loss), net of tax | 9,676 | 7,883 | 3,160 | (11,304) |
Comprehensive income | 35,063 | 44,289 | 65,147 | 68,905 |
Less: Comprehensive income attributable to noncontrolling interests | (135) | (358) | (356) | (371) |
Comprehensive income attributable to MSA Safety Incorporated | $ 34,928 | $ 43,931 | $ 64,791 | $ 68,534 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 174,078 | $ 160,672 |
Trade receivables, less allowance for credit loss of $4,537 and $5,344 | 226,575 | 252,283 |
Inventories (Note 2) | 232,658 | 197,819 |
Investments, short-term (Note 16) | 49,982 | 74,982 |
Prepaid income taxes | 33,595 | 26,185 |
Notes receivable, insurance companies (Note 17) | 3,855 | 3,796 |
Prepaid expenses and other current assets | 49,239 | 38,541 |
Total current assets | 769,982 | 754,278 |
Property, plant and equipment, net (Note 4) | 201,163 | 189,620 |
Operating lease assets, net | 67,383 | 53,451 |
Prepaid pension cost (Note 14) | 105,078 | 97,545 |
Deferred tax assets (Note 9) | 37,007 | 35,665 |
Goodwill (Note 12) | 447,267 | 443,272 |
Intangible assets, net (Note 12) | 161,402 | 161,051 |
Notes receivable, insurance companies, noncurrent (Note 17) | 49,133 | 48,540 |
Net investment in sales-type leases, noncurrent (Note 13) | 29,383 | 0 |
Insurance receivable (Note 17) and other noncurrent assets | 95,435 | 89,062 |
Total assets | 1,963,233 | 1,872,484 |
Liabilities | ||
Notes payable and current portion of long-term debt (Note 11) | 20,000 | 20,000 |
Accounts payable | 89,086 | 86,854 |
Employees’ compensation | 37,533 | 40,277 |
Insurance and product liability (Note 17) | 43,857 | 43,706 |
Income taxes payable (Note 9) | 19,871 | 3,580 |
Other current liabilities | 107,494 | 116,128 |
Total current liabilities | 317,841 | 310,545 |
Long-term debt, net (Note 11) | 314,587 | 287,157 |
Pensions and other employee benefits | 201,311 | 208,068 |
Noncurrent operating lease liabilities | 58,877 | 44,639 |
Deferred tax liabilities (Note 9) | 13,017 | 10,916 |
Product liability (Note 17) and other noncurrent liabilities | 208,832 | 201,268 |
Total liabilities | 1,114,465 | 1,062,593 |
Equity | ||
Preferred stock, 4.5% cumulative, $50 par value (Note 6) | 3,569 | 3,569 |
Common stock, no par value (Note 6) | 253,773 | 242,693 |
Treasury shares, at cost (Note 6) | (331,039) | (327,756) |
Accumulated other comprehensive loss (Note 5) | (179,145) | (182,397) |
Retained earnings | 1,093,261 | 1,065,789 |
Total MSA Safety Incorporated shareholders' equity | 840,419 | 801,898 |
Noncontrolling interests | 8,349 | 7,993 |
Total shareholders’ equity | 848,768 | 809,891 |
Total liabilities and shareholders’ equity | $ 1,963,233 | $ 1,872,484 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Statement of Financial Position [Abstract] | ||
Trade receivables, allowance for credit loss | $ 4,537 | $ 5,344 |
Cumulative preferred stock (percent) | 4.50% | 4.50% |
Preferred stock, par value (dollars per share) | $ 50,000 | $ 50,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities | ||
Net income | $ 61,987 | $ 80,209 |
Depreciation and amortization | 22,088 | 19,428 |
Stock-based compensation (Note 10) | 10,695 | 4,352 |
Pension expense (Note 14) | 919 | 4,430 |
Deferred income tax benefit (Note 9) | (3,448) | (711) |
Loss on asset dispositions, net | 48 | 127 |
Pension contributions (Note 14) | (3,845) | (3,781) |
Currency exchange (gains) losses, net | (459) | 1,063 |
Product liability expense (Note 17) | 14,547 | 2,802 |
Collections on insurance receivables and notes receivable, insurance companies (Note 17) | 6,069 | 5,736 |
Product liability payments (Note 17) | (22,574) | (4,672) |
Changes in: | ||
Trade receivables | 27,248 | 9,286 |
Inventories (Note 2) | (21,431) | (46,886) |
Accounts payable | (1,563) | 8,806 |
Other current assets and liabilities | (6,503) | 3,423 |
Other noncurrent assets and liabilities | 136 | (581) |
Cash Flow From Operating Activities | 83,914 | 83,031 |
Investing Activities | ||
Capital expenditures | (20,288) | (19,834) |
Acquisition, net of cash acquired (Note 18) | (62,992) | 0 |
Purchase of short-term investments (Note 16) | (74,955) | (119,402) |
Proceeds from maturities of short-term investments (Note 16) | 100,000 | 110,000 |
Property disposals | 60 | 83 |
Cash Flow Used in Investing Activities | (58,175) | (29,153) |
Financing Activities | ||
Proceeds from long-term debt (Note 11) | 605,733 | 581,000 |
Payments on long-term debt (Note 11) | (578,729) | (590,000) |
Debt issuance costs | (1,494) | 0 |
Cash dividends paid | (34,067) | (33,052) |
Company stock purchases (Note 6) | (5,511) | (28,254) |
Exercise of stock options (Note 6) | 2,161 | 3,740 |
Employee stock purchase plan (Note 6) | 452 | 390 |
Cash Flow Used in Financing Activities | (11,455) | (66,176) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (907) | (3,654) |
Increase (decrease) in cash, cash equivalents and restricted cash | 13,377 | (15,952) |
Beginning cash, cash equivalents and restricted cash | 161,034 | 152,543 |
Ending cash, cash equivalents and restricted cash | 174,411 | 136,591 |
Supplemental cash flow information: | ||
Cash and cash equivalents | 174,078 | 136,238 |
Restricted cash included in prepaid expenses and other current assets | 333 | 353 |
Total cash, cash equivalents and restricted cash | $ 174,411 | $ 136,591 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Retained Earnings, Accumulated Other Comprehensive Loss and Noncontrolling Interests - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ 801,898 | |||
Net income | $ 25,125 | $ 36,066 | 61,539 | $ 79,741 |
Pension and post-retirement plan adjustments, net of tax | 3,657 | 3,090 | 7,369 | 6,192 |
Income attributable to noncontrolling interests | (262) | (340) | (448) | (468) |
Preferred dividends | (10) | (10) | (20) | (20) |
Ending balance | 840,419 | 840,419 | ||
Retained Earnings | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 1,085,383 | 1,039,609 | 1,065,789 | 1,012,266 |
Net income | 25,387 | 36,406 | 61,987 | 80,209 |
Income attributable to noncontrolling interests | (262) | (340) | (448) | (468) |
Common dividends | (17,237) | (16,710) | (34,047) | (33,032) |
Preferred dividends | (10) | (10) | (20) | (20) |
Ending balance | 1,093,261 | 1,058,955 | 1,093,261 | 1,058,955 |
Accumulated Other Comprehensive (Loss) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (188,948) | (233,075) | (182,397) | (214,003) |
Foreign currency translation adjustments | 6,018 | 4,669 | (4,205) | (18,278) |
Pension and post-retirement plan adjustments, net of tax | 3,657 | 3,090 | 7,369 | 6,192 |
Unrealized net gains (losses) on available-for-sale securities | 1 | 124 | (4) | 62 |
Reclassification from accumulated other comprehensive (loss) into net income (Note 5) | 720 | |||
Income attributable to noncontrolling interests | 127 | (18) | 92 | 97 |
Ending balance | (179,145) | (225,210) | (179,145) | (225,210) |
Noncontrolling Interests | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 8,214 | 6,786 | 7,993 | 6,773 |
Income attributable to noncontrolling interests | 135 | 358 | 356 | 371 |
Ending balance | $ 8,349 | $ 7,144 | $ 8,349 | $ 7,144 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Retained Earnings, Accumulated Other Comprehensive Loss and Noncontrolling Interests (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Tax reclassification adjustment | $ 1,139 | $ 1,079 | $ 2,223 | $ 2,146 |
Preferred stock, dividends (in dollars per share) | $ 0.5625 | $ 0.5625 | $ 0.5625 | $ 0.5625 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
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 December 31, 2020, Condensed Consolidated Balance Sheet data was derived from the audited Consolidated Balance Sheet, but does not include all disclosures required by accounting principles generally accepted in the United States of America (U.S. GAAP). This Form 10-Q report should be read in conjunction with MSA's Form 10-K for the year ended December 31, 2020, which includes all disclosures required by U.S. GAAP. Reclassifications - Certain reclassifications of prior years' data have been made to conform to the current year presentation. These reclassifications relate to additional captions disclosed within the operating section of the unaudited Condensed Consolidated Statement of Cash Flows, but do not change the overall cash flow from operating activities for the prior years as previously reported. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The following table sets forth the components of inventory: (In thousands) June 30, 2021 December 31, 2020 Finished products $ 100,181 $ 81,048 Work in process 5,619 2,618 Raw materials and supplies 174,135 161,300 Inventories at current cost 279,935 244,966 Less: LIFO valuation (47,277) (47,147) Total inventories $ 232,658 $ 197,819 |
Restructuring Charges
Restructuring Charges | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges During the three and six months ended June 30, 2021, we recorded restructuring charges of $7.1 million and $8.4 million, respectively. International segment restructuring charges of $7.6 million during th e six months ended June 30, 2021, were primarily related to our ongoing initiatives to drive profitable growth and right size our operations. A mericas segment restructuring charges of $0.8 million during the six months ended June 30, 2021, were primarily related to costs associated with our global Fixed Gas & Flame Detection manufacturing footprint optimization as well as programs to adjust our operations in response to current business conditions. During the three and six months ended June 30, 2020, we recorded restructuring charges of $8.9 million and $10.9 million, respectively. International segment restructuring charges of $8.5 million during the six months ended June 30, 2020, were primarily related to severance costs for staff reductions and footprint optimization associated with our ongoing initiatives to drive profitable growth. Americas segment restructuring charges of $2.2 million during the six months ended June 30, 2020, were primarily related to costs associated with our global Fixed Gas & Flame Detection manufacturing footprint optimization. Activity and reserve balances for restructuring charges by segment were as follows: (In millions) Americas International Corporate Total Reserve balances at December 31, 2019 $ 0.3 $ 5.9 $ — $ 6.2 Restructuring charges 4.7 21.9 0.8 27.4 Currency translation and other adjustments (0.1) 0.1 — — Cash payments / utilization (2.1) (8.6) (0.4) (11.1) Reserve balances at December 31, 2020 $ 2.8 $ 19.3 $ 0.4 $ 22.5 Restructuring charges 0.8 7.6 — 8.4 Currency translation and other adjustments (0.1) (0.7) — (0.8) Cash payments (0.8) (6.5) (0.1) (7.4) Reserve balances at June 30, 2021 $ 2.7 $ 19.7 $ 0.3 $ 22.7 |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The following table sets forth the components of property, plant and equipment, net: (In thousands) June 30, 2021 December 31, 2020 Land $ 5,215 $ 4,275 Buildings 129,838 128,887 Machinery and equipment 443,025 422,333 Construction in progress 35,910 38,753 Total 613,988 594,249 Less: accumulated depreciation (412,825) (404,629) Property, plant and equipment, net $ 201,163 $ 189,620 |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Loss | Reclassifications Out of Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss were as follows: MSA Safety Incorporated Noncontrolling Interests Three Months Ended Three Months Ended (In thousands) 2021 2020 2021 2020 Pension and other post-retirement benefits (a) Balance at beginning of period $ (111,840) $ (121,746) $ — $ — Amounts reclassified from accumulated other comprehensive loss into net income: Amortization of prior service credit (Note 14) (24) (52) — — Recognized net actuarial losses (Note 14) 4,820 4,221 — — Tax benefit (1,139) (1,079) — — Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income 3,657 3,090 — — Balance at end of period $ (108,183) $ (118,656) $ — $ — Available-for-sale securities Balance at beginning of period $ (6) $ (56) $ — $ — Unrealized gain on available-for-sale securities (Note 16) 1 124 — — Balance at end of period $ (5) $ 68 $ — $ — Foreign currency translation Balance at beginning of period $ (77,102) $ (111,273) $ 617 $ 308 Foreign currency translation adjustments 6,145 4,651 (127) 18 Balance at end of period $ (70,957) $ (106,622) $ 490 $ 326 (a) Reclassifications out of accumulated other comprehensive loss and into net income are included in the computation of net periodic pension and other post-retirement benefit costs (refer to Note 14—Pensions and Other Post-retirement Benefits). MSA Safety Incorporated Noncontrolling Interests Six Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Pension and other post-retirement benefits (a) Balance at beginning of period $ (115,552) $ (124,848) $ — $ — Amounts reclassified from accumulated other comprehensive loss into net income: Amortization of prior service credit (Note 14) (48) (104) — — Recognized net actuarial losses (Note 14) 9,640 8,442 — — Tax benefit (2,223) (2,146) — — Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income 7,369 6,192 — — Balance at end of period $ (108,183) $ (118,656) $ — $ — Available-for-sale securities Balance at beginning of period $ (1) $ 6 $ — $ — Unrealized (loss) gain on available-for-sale securities (Note 16) (4) 62 — — Balance at end of period $ (5) $ 68 $ — $ — Foreign currency translation Balance at beginning of period $ (66,844) $ (89,161) $ 582 $ 423 Reclassification from accumulated other comprehensive loss into net income — 720 (b) — — Foreign currency translation adjustments (4,113) (18,181) (92) (97) Balance at end of period $ (70,957) $ (106,622) $ 490 $ 326 (a) Reclassifications out of accumulated other comprehensive loss and into net income are included in the computation of net periodic pension and other post-retirement benefit costs (refer to Note 14—Pensions and Other Post-retirement Benefits). |
Capital Stock
Capital Stock | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Capital Stock | Capital Stock Preferred Stock - The Company has authorized 100,000 shares of $50 par value 4.5% cumulative preferred nonvoting stock which is callable at $52.50. There are 71,340 shares issued and 52,998 shares held in treasury at June 30, 2021. The Treasury shares at cost line on the unaudited Condensed Consolidated Balance Sheets includes $1.8 million related to preferred stock. There were no treasury purchases of preferred stock shares during the six months ended June 30, 2021. There were treasury purchases of 120 preferred stock shares during the six months ended June 30, 2020. The Company has also authorized 1,000,000 shares of $10 par value second cumulative preferred voting stock. No shares have been issued as of June 30, 2021. Common Stock - The Company has authorized 180,000,000 shares of no par value common stock. There were 62,081,391 shares issued as of December 31, 2020. No new shares were issued during the six months ended June 30, 2021, or 2020. There were 39,189,632 and 39,067,902 shares outstanding at June 30, 2021, and December 31, 2020, respectively. Treasury Shares - The Company's share repurchase program authorizes up to $100.0 million to repurchase MSA common stock in the open market and in private transactions. The share repurchase program has no expiration date. The maximum number of shares that may be repurchased is calculated based on the dollars remaining under the program and the respective month-end closing share price. During the six months ended June 30, 2021, no shares were repurchased under this program. During the six months ended June 30, 2020, 175,000 shares were repurchased under the program. There were 22,891,759 and 23,013,489 Treasury Shares at June 30, 2021, and December 31, 2020, respectively. The Company issues Treasury Shares for all stock-based compensation plans. Shares are issued from Treasury at the average Treasury Share cost on the date of the transaction. There were 33,625 and 63,405 Treasury Shares issued for these purposes during the six months ended June 30, 2021 and 2020, respectively. Common stock activity is summarized as follows: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 (In thousands) Common Treasury Common Treasury Balance at beginning of period $ 245,887 $ (329,615) $ 232,167 $ (328,081) Stock compensation expense 7,403 — 830 — Restricted and performance stock awards (170) 170 (226) 226 Stock options exercised 244 126 677 330 Treasury shares purchased — (163) — (524) Employee stock purchase program 409 43 338 52 Balance at end of period $ 253,773 $ (329,439) $ 233,786 $ (327,997) Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (In thousands) Common Treasury Common Treasury Balance at beginning of period $ 242,693 $ (326,156) $ 229,127 $ (303,566) Stock compensation expense 10,695 — 4,352 — Restricted and performance stock awards (1,502) 1,502 (2,464) 2,464 Stock options exercised 1,478 683 2,433 1,307 Treasury shares purchased — (5,511) — (8,141) Employee stock purchase program 409 43 338 52 Share repurchase program — — — (20,113) Balance at end of period $ 253,773 $ (329,439) 233,786 (327,997) |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We are organized into four geographical operating segments that are based on management responsibilities: Northern North America, Latin America, Europe, Middle East & Africa ("EMEA"), and Asia Pacific ("APAC"). The operating segments have been aggregated (based on economic similarities, the nature of their products, end-user markets and methods of distribution) into three reportable segments: Americas, International, and Corporate. The Americas segment is comprised of our operations in North American and Latin American geographies. The International segment is comprised of our operations of all geographies outside of the Americas. Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived. The Company's sales are allocated to each country based primarily on the destination of the end-customer. Adjusted operating income (loss), adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are the measures used by the chief operating decision maker to evaluate segment performance and allocate resources. Adjusted operating income (loss) is defined as operating income excluding restructuring charges, currency exchange gains (losses), product liability expense, acquisition related costs, including acquisition related amortization, and COVID-19 related costs, consisting of a one-time bonus for essential manufacturing employees and adjusted operating margin is defined as adjusted operating income (loss) divided by segment sales to external customers. Adjusted EBITDA is defined as adjusted operating income (loss) plus depreciation and amortization and adjusted EBITDA margin is defined as adjusted EBITDA divided by segment sales to external customers. Adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are not recognized terms under U.S. GAAP, and therefore, do not purport to be alternatives to operating income or operating margin as a measure of operating performance. Further, the Company's measure of adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. Adjusted operating income (loss) and adjusted EBITDA on a consolidated basis is presented in the following table to reconcile the segment operating performance measure to operating income as presented on the Consolidated Statement of Income. The accounting principles applied at the operating segment level in determining operating income (loss) are generally the same as those applied at the consolidated financial statement level. Sales and transfers between operating segments are accounted for at market-based transaction prices and are eliminated in consolidation. Reportable segment information is presented in the following table: (In thousands, except percentage amounts) Americas International Corporate Consolidated Three Months Ended June 30, 2021 Sales to external customers $ 217,707 $ 123,582 $ — $ 341,289 Operating income 35,050 Restructuring charges (Note 3) 7,078 Currency exchange losses, net (Note 5) 1,640 Product liability expense (Note 17) 11,751 Acquisition related costs (a) (Note 18) 3,168 Adjusted operating income (loss) 49,238 20,440 (10,991) 58,687 Adjusted operating margin % 22.6 % 16.5 % Depreciation and amortization 11,584 Adjusted EBITDA 57,137 24,020 (10,886) 70,271 Adjusted EBITDA margin % 26.2 % 19.4 % Six Months Ended June 30, 2021 Sales to external customers $ 426,046 $ 223,671 $ — $ 649,717 Operating income 79,088 Restructuring charges (Note 3) 8,385 Currency exchange gains, net (Note 5) (459) Product liability expense (Note 17) 14,547 Acquisition related costs (a) (Note 18) 4,541 Adjusted operating income (loss) 94,390 29,194 (17,482) 106,102 Adjusted operating margin % 22.2 % 13.1 % Depreciation and amortization 22,088 Adjusted EBITDA 109,322 36,147 (17,279) 128,190 Adjusted EBITDA margin % 25.7 % 16.2 % (In thousands, except percentage amounts) Americas International Corporate Consolidated Three Months Ended June 30, 2020 Sales to external customers $ 204,231 $ 110,207 $ — $ 314,438 Operating income 48,294 Restructuring charges (Note 3) 8,865 Currency exchange losses, net (Note 5) 793 Product liability expense (Note 17) 851 Acquisition related costs (a) (Note 18) 64 Adjusted operating income (loss) 49,003 17,402 (7,538) 58,867 Adjusted operating margin % 24.0 % 15.8 % Depreciation and amortization 9,786 Adjusted EBITDA 55,620 20,474 (7,441) 68,653 Adjusted EBITDA margin % 27.2 % 18.6 % Six Months Ended June 30, 2020 Sales to external customers $ 435,484 $ 220,099 $ — $ 655,583 Operating income 107,076 Restructuring charges (Note 4) 10,872 Currency exchange losses, net (Note 6) 1,063 Product liability expense (Note 17) 2,802 Acquisition related costs (a) (Note 18) 161 COVID-19 related costs 757 Adjusted operating income (loss) 108,811 30,073 (16,153) 122,731 Adjusted operating margin % 25.0 % 13.7 % Depreciation and amortization 19,428 Adjusted EBITDA 121,878 36,239 (15,958) 142,159 Adjusted EBITDA margin % 28.0 % 16.5 % (a) Acquisition related costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during due diligence and integration. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. Acquisition-related costs also include the acquisition related amortization, which is included in Cost of products sold in the Condensed Consolidated Statements of Income. Total sales by product group was as follows: Three Months Ended June 30, 2021 Consolidated Americas International (In thousands, except percentages) Dollars Percent Dollars Percent Dollars Percent Breathing Apparatus $ 76,659 22% $ 51,436 24% $ 25,223 20% Fixed Gas & Flame Detection 64,920 19% 36,950 17% 27,970 23% Firefighter Helmets & Protective Apparel 53,121 16% 36,424 17% 16,697 14% Portable Gas Detection 38,820 11% 25,393 12% 13,427 11% Industrial Head Protection 38,155 11% 28,820 13% 9,335 8% Fall Protection 30,809 9% 17,677 8% 13,132 11% Other (b) 38,805 12% 21,007 9% 17,798 13% Total $ 341,289 100% $ 217,707 100% $ 123,582 100% Six Months Ended June 30, 2021 Consolidated Americas International (In thousands, except percentages) Dollars Percent Dollars Percent Dollars Percent Breathing Apparatus $ 146,304 23% $ 100,234 24% $ 46,069 21% Fixed Gas & Flame Detection 125,039 19% 73,227 17% 51,811 23% Firefighter Helmets & Protective Apparel 99,131 15% 71,413 17% 27,719 12% Portable Gas Detection 76,249 12% 51,095 12% 25,154 11% Industrial Head Protection 70,851 11% 53,931 13% 16,920 8% Fall Protection 56,876 9% 33,349 8% 23,526 11% Other (b) 75,267 11% 42,797 9% 32,472 14% Total $ 649,717 100% $ 426,046 100% $ 223,671 100% Three Months Ended June 30, 2020 Consolidated Americas International (In thousands, except percentages) Dollars Percent Dollars Percent Dollars Percent Breathing Apparatus $ 75,864 24% $ 50,269 25% $ 25,595 23% Fixed Gas & Flame Detection 65,385 21% 36,742 18% 28,643 26% Firefighter Helmets & Protective Apparel 40,337 13% 33,744 16% 6,593 6% Portable Gas Detection 28,385 9% 17,201 8% 11,184 10% Industrial Head Protection 30,601 10% 20,506 10% 10,095 9% Fall Protection 21,660 7% 11,381 6% 10,279 9% Other (b) 52,206 16% 34,388 17% 17,818 17% Total $ 314,438 100% $ 204,231 100% $ 110,207 100% Six Months Ended June 30, 2020 Consolidated Americas International (In thousands, except percentages) Dollars Percent Dollars Percent Dollars Percent Breathing Apparatus $ 151,708 23% $ 102,962 24% $ 48,746 22% Fixed Gas & Flame Detection 135,296 21% 77,989 18% 57,307 26% Firefighter Helmets & Protective Apparel 82,884 13% 68,857 16% 14,027 7% Portable Gas Detection 69,437 11% 44,850 10% 24,587 11% Industrial Head Protection 65,933 10% 48,061 11% 17,872 8% Fall Protection 49,087 7% 29,076 7% 20,011 9% Other (b) 101,238 15% 63,689 14% 37,549 17% Total $ 655,583 100% $ 435,484 100% $ 220,099 100% (b) Other products include sales of Air Purifying Respirators ("APR"). |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic earnings per share attributable to MSA Safety Incorporated common shareholders 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 attributable to MSA Safety Incorporated common shareholders assumes the issuance of common stock for all potentially dilutive share equivalents outstanding not classified as participating securities. Participating securities are defined as unvested stock-based compensation awards that contain nonforfeitable rights to dividends. Amounts attributable to MSA Safety Incorporated common shareholders: Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share amounts) 2021 2020 2021 2020 Net income $ 25,125 $ 36,066 $ 61,539 $ 79,741 Preferred stock dividends (10) (10) (20) (20) Net income available to common equity 25,115 36,056 61,519 79,721 Dividends and undistributed earnings allocated to participating securities (8) (34) (21) (67) Net income available to common shareholders 25,107 36,022 61,498 79,654 Basic weighted-average shares outstanding 39,167 38,830 39,131 38,826 Stock-based compensation awards 253 365 290 447 Diluted weighted-average shares outstanding 39,420 39,195 39,421 39,273 Antidilutive stock options — — — — Earnings per share: Basic $ 0.64 $ 0.93 $ 1.57 $ 2.05 Diluted $ 0.64 $ 0.92 $ 1.56 $ 2.03 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's effective tax rate for the second quarter of 2021 was 27.8% which differs from the U.S. federal statutory rate of 21% primarily due to statutory rate increases in foreign jurisdictions and nondeductible executive compensation, partially offset by tax benefits on certain share-based payments. The Company's effective tax rate for the second quarter of 2020 was 23.9%, which differs from the U.S. statutory rate of 21% primarily due to state income taxes, increased profitability in less favorable tax jurisdictions, non-deductible executive compensation and higher foreign entity losses in jurisdictions where we cannot take tax benefits, partially offset by tax benefits on certain share-based payments and benefits related to research and development tax credits. On June 10, 2021 the United Kingdom Parliament announced royal assent for Bill No. 12, on the Finance Act of 2021. This bill will increase the statutory rate from 19% to 25% in April 2023. The Company recorded this impact on its deferred tax balances in the second quarter of 2021. The Company's effective tax rate for the six months ended June 30, 2021 was 24.0% which differs from the U.S. federal statutory rate of 21% primarily due to statutory rate increases in foreign jurisdictions and nondeductible executive compensation, partially offset by tax benefits on certain share-based payments. The Company's effective tax rate for the six months ended June 30, 2020 was 23.4% which differs from the U.S. statutory rate of 21% due to state income taxes, increased profitability in less favorable tax jurisdictions and higher foreign entity losses in jurisdictions where we cannot take tax benefits, partially offset by tax benefits on certain share-based payments. At June 30, 2021, the Company had a gross liability for unrecognized tax benefits of $9.1 million. The Company has recognized tax benefits associated with these liabilities of $2.8 million at June 30, 2021. The gross liability includes amounts associated with foreign tax exposure in prior periods. The Company recognizes interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company's liability for accrued interest related to uncertain tax positions was $1.2 million at June 30, 2021. |
Stock Plans
Stock Plans | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Plans | Stock Plans The 2016 Management Equity Incentive Plan provides for various forms of stock-based compensation for eligible key employees through May 2026. Management stock-based compensation includes stock options, restricted stock awards, restricted stock units and performance stock units. The 2017 Non-Employee Directors’ Equity Incentive Plan provides for grants of stock options and restricted stock to non-employee directors through May 2027. We issue treasury shares for stock option exercises and grants of restricted stock and performance stock. Please refer to Note 6—Capital Stock for further information regarding stock compensation share issuance. Stock compensation expense is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Stock compensation expense $ 7,403 $ 830 $ 10,695 $ 4,352 Income tax expense 1,784 202 2,577 1,062 Stock compensation expense, net of tax $ 5,619 $ 628 $ 8,118 $ 3,290 A summary of stock option activity for the six months ended June 30, 2021, follows: Shares Weighted Average Outstanding at January 1, 2021 283,998 $ 46.23 Exercised (47,538) 45.42 Forfeited (81) 49.66 Outstanding at June 30, 2021 236,379 46.40 Exercisable at June 30, 2021 235,399 $ 46.39 Restricted stock awards and restricted stock units are valued at the market value of the stock on the grant date. A summary of restricted stock activity for the six months ended June 30, 2021, follows: Shares Weighted Average Unvested at January 1, 2021 146,191 $ 105.83 Granted 35,686 169.54 Vested (51,753) 92.84 Forfeited (1,035) 139.08 Unvested at June 30, 2021 129,089 $ 128.39 Performance stock units that have a market condition modifier and are valued at an estimated fair value using a Monte Carlo model. The final number of shares to be issued for performance stock units granted in the first quarter of 2021 may range from 0% to 200% of the target award based on achieving the specified performance targets over the performance period plus an additional modifier based on total shareholder return (TSR) over the performance period. The following weighted average assumptions were used in estimating the fair value of the performance stock units granted in the first quarter of 2021. Fair value per unit $177.50 Risk-free interest rate 0.2% Expected dividend yield 1.33% Expected volatility 35.6% MSA stock beta 0.932 The risk-free interest rate is based on the U.S. Treasury Constant Maturity rates as of the grant date converted into an implied spot rate yield curve. Expected dividend yield is based on the most recent annualized dividend divided by the one year average closing share price. Expected volatility is based on the ten year historical volatility using daily stock prices. Expected life is based on historical stock option exercise data. A summary of performance stock unit activity for the six months ended June 30, 2021, follows: Shares Weighted Average Unvested at January 1, 2021 200,212 $ 104.69 Granted 46,070 177.32 Performance adjustments 4,941 88.86 Vested (63,286) 84.97 Unvested at June 30, 2021 187,937 $ 128.72 The performance adjustments above relate primarily to the final number of shares issued for the 2018 performance unit awards which vested in the first quarter of 2021 at 105.4% of the target award based on both cumulative performance against the operating margin and revenue growth targets and MSA's TSR during the three-year performance period. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt (In thousands) June 30, 2021 December 31, 2020 2010 Senior Notes payable through 2021, 4.00% $ 20,000 $ 20,000 2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs 75,865 74,926 Senior revolving credit facility maturing in 2026, net of debt issuance costs 238,722 212,231 Total 334,587 307,157 Amounts due within one year 20,000 20,000 Long-term debt, net of debt issuance costs $ 314,587 $ 287,157 On May 24, 2021, the Company entered into a Fourth Amended and Restated Credit Agreement (the “Revolving Credit Facility" or "Facility”) that extended its term through May 24, 2026 and increased the capacity to $900.0 million. Under the amended agreement, the Company may elect either a Base rate of interest (“BASE”) or an interest rate based on the London Interbank Offered Rate (“LIBOR”). The BASE is a daily fluctuating per annum rate equal to the highest of (i) 0.00%, (ii) the Prime Rate, (iii) the Federal Funds Open Rate plus one half of one percent (0.5%), (iv) the Overnight Bank Funding Rate, plus one half of one percent (0.50%), or (v) the Daily Libor Rate plus one percent (1.00%). The Company pays a credit spread of 0 to 175 basis points based on the Company’s net EBITDA leverage ratio and elected rate (BASE or LIBOR). The Company has a weighted average revolver interest rate of 1.10% as of June 30, 2021. At June 30, 2021, $657.5 million of the existing $900.0 million senior revolving credit facility was unused, including letters of credit issued under the facility. The facility also provides an accordion feature that allows the Company to access an additional $400.0 million of capacity pending approval by MSA’s board of directors and from the bank group. On July 1, 2021 the Company entered into a Third Amended and Restated Multi-Currency Note Purchase and Private Shelf Agreement (the “Prudential Note Agreement”) with PGIM, Inc. (“Prudential”). The Prudential Note Agreement provided for (i) the issuance of $100.0 million of 2.69% Series C Senior Notes due July 1, 2036 and (ii) the establishment of an uncommitted note issuance facility whereby the Company may request, subject to Prudential’s acceptance in its sole discretion, the issuance of up to $335.0 million aggregate principal amount of senior unsecured notes. As of June 30, 2021, the Company issued £54.9 million (approximately $76.0 million at June 30, 2021) of 3.4% Series B Senior Notes due January 22, 2031. The Company also issued $100.0 million of 4.00% Series A Senior Notes, of which the final $20.0 million is due October 13, 2021. On July 1, 2021, the Company entered into a Second Amended and Restated Master Note Facility (the “NYL Note Facility”) with NYL Investors. The NYL Note Facility provided for (i) the issuance of $100.0 million of 2.69% Series A Senior Notes due July 1, 2036 and (ii) the establishment of an uncommitted note issuance facility whereby the Company may request, subject to NYL Investors’ acceptance in its sole discretion, the issuance of up to $200.0 million aggregate principal amount of senior unsecured notes. As of June 30, 2021 no notes were issued under the NYL Note Facility. The Revolving Credit Facility, Prudential Note Agreement and NYL Note Facility require the Company to comply with specified financial covenants, including a requirement to maintain a minimum fixed charges coverage ratio of not less than 1.50 to 1.00 and a consolidated leverage ratio not to exceed 3.50 to 1.00; except during an acquisition period, defined as four consecutive fiscal quarters beginning with the quarter of acquisition, in which case the consolidated net leverage ratio shall not exceed 4.00 to 1.00; in each case calculated on the basis of the trailing four fiscal quarters. In addition, the agreements contain negative covenants limiting the ability of the Company and its subsidiaries to incur additional indebtedness or issue guarantees, create or incur liens, make loans and investments, make acquisitions, transfer or sell assets, enter into transactions with affiliated parties, make changes in its organizational documents that are materially adverse to lenders or modify the nature of the Company's or its subsidiaries' business. The Company was in compliance with all debt covenants at June 30, 2021. The Company had outstanding bank guarantees and standby letters of credit with banks as of June 30, 2021, totaling $11.3 million, of which $1.7 million relate to the Revolving Credit Facility. The letters of credit serve to cover customer requirements in connection with certain sales orders and insurance. The Company is also required to provide cash collateral in connection with certain arrangements. At June 30, 2021, the Company has $0.3 million of restricted cash in support of these arrangements. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Changes in goodwill during the six months ended June 30, 2021 are as follows: (In thousands) Goodwill Balance at January 1, 2021 $ 443,272 Additions (Note 18) 4,056 Currency translation (61) Balance at June 30, 2021 $ 447,267 At June 30, 2021, the Company had goodwill of $293.2 million and $154.1 million related to the Americas and International reportable segments, respectively. Changes in intangible assets, net during the six months ended June 30, 2021, are as follows: (In thousands) Intangible Assets Net balance at January 1, 2021 $ 161,051 Additions (Note 18) 5,940 Amortization expense (6,168) Currency translation 579 Net balance at June 30, 2021 $ 161,402 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases Lessor Arrangements The Company derives a portion of its revenue from various leasing arrangements. Such arrangements provide for monthly payments covering the equipment provided and interest. These arrangements meet the criteria to be accounted for as sales-type leases under ASC Topic 842, Leases . Accordingly, revenue from the provision of the equipment is recognized upon lease commencement. Upon the recognition of such revenue, an asset is established for the investment in sales-type leases. Interest income is recognized monthly over the lease term. |
Pensions and Other Post-retirem
Pensions and Other Post-retirement Benefits | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Pensions and Other Post-retirement Benefits | Pensions and Other Post-retirement Benefits Components of net periodic benefit cost consisted of the following: Pension Benefits Other Benefits (In thousands) 2021 2020 2021 2020 Three Months Ended June 30, Service cost $ 3,242 $ 3,011 $ 99 $ 99 Interest cost 2,817 3,726 116 179 Expected return on plan assets (9,147) (8,503) — — Amortization of prior service cost (credit) 66 46 (90) (98) Recognized net actuarial losses 4,421 3,935 399 286 Net periodic benefit cost (a) $ 1,399 $ 2,215 $ 524 $ 466 Six Months Ended June 30, Service cost $ 6,484 $ 6,022 $ 198 $ 198 Interest cost 5,634 7,452 232 358 Expected return on plan assets (18,294) (17,006) — — Amortization of prior service cost (credit) 132 92 (180) (196) Recognized net actuarial losses 8,842 7,870 798 572 Settlements (1,879) — — — Net periodic benefit cost (a) $ 919 $ 4,430 $ 1,048 $ 932 (a) Components of net periodic benefit cost other than service cost are included in the line item Other income, net in the unaudited Condensed Consolidated Statements of Income. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
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) losses, net, in the unaudited Condensed Consolidated Statement of Income. The notional amount of open forward contracts was $99.2 million and $96.0 million at June 30, 2021, and December 31, 2020, respectively. The following table presents the unaudited Condensed Consolidated Balance Sheet location and fair value of assets and liabilities associated with derivative financial instruments: (In thousands) June 30, 2021 December 31, 2020 Derivatives not designated as hedging instruments: Foreign exchange contracts: Other current liabilities $ 541 $ 157 Foreign exchange contracts: Prepaid expenses and other current assets 293 160 The following table presents the unaudited Condensed Consolidated Statement of Income location and impact of derivative financial instruments: Loss (Gain) Recognized in Income Six Months Ended June 30, (In thousands) Statement of Income Location 2021 2020 Derivatives not designated as hedging instruments: Foreign exchange contracts Currency exchange losses (gains), net $ 1,474 $ (864) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
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 include the derivative financial instruments described in Note 15—Derivative Financial Instruments. We estimate the fair value of the derivative financial instruments, consisting of foreign currency forward contracts, based upon valuation models with inputs that generally can be verified by observable market conditions and do not involve significant management judgment. Accordingly, the fair values of the derivative financial instruments are classified within Level 2 of the fair value hierarchy. With the exception of our investments in marketable securities and fixed rate long-term debt, we believe that the reported carrying amounts of our financial assets and liabilities approximate their fair values. We value our investments in marketable securities, primarily fixed income, at fair value using quoted market prices for similar securities or pricing models. Accordingly, the fair values of the investments are classified within Level 2 of the fair value hierarchy. The amortized cost basis of our investments was $50.0 million and $74.9 million as of June 30, 2021 and December 31, 2020, respectively. The fair value was $50.0 million and $75.0 million as of June 30, 2021 and December 31, 2020, respectively, which was reported in Investments, short-term in the accompanying unaudited Condensed Consolidated Balance Sheet. The change in fair value is recorded in Other comprehensive income, net of tax. The Company does not intend to sell, nor is it more likely than not that we will be required to sell, these securities prior to recovery of their cost, as such, management believes that any unrealized gains or losses are temporary; therefore, no impairment gains or losses relating to these securities have been recognized. All investments in marketable securities have maturities of one year or less and are currently in an unrealized loss position as of June 30, 2021. The reported carrying amount of our fixed rate long-term debt (including the current portion) was $96 million and $95 million at June 30, 2021, and December 31, 2020, respectively. The fair value of this debt was $113 million and $113 million at June 30, 2021, and December 31, 2020, respectively. The fair value of this debt was determined using Level 2 inputs by evaluating similarly rated companies with publicly traded bonds where available or current borrowing rates available for financings with similar terms and maturities. Acquisitions are measured at fair value, refer to Note 18— Acquisitions for a description of the methodologies and fair value measurements utilized in the business combination. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Product liability We face an inherent business risk of exposure to product liability claims arising from the alleged failure of our products to prevent the types of personal injury or death against which they are designed to protect. Product liability claims are categorized as either single incident or cumulative trauma. Single incident product liability claims. Single incident product liability claims involve incidents of short duration that are typically known when they occur and involve observable injuries, which provide an objective basis for quantifying damages. The Company estimates its liability for asserted single incident product liability claims based on expected settlement costs for asserted single incident product liability claims. The estimate for incurred but not reported ("IBNR") single incident product liability claims is based on experience, sales volumes, and other relevant information. The reserve for single incident product liability claims, which includes asserted single incident product liability claims and IBNR single incident product liability claims, was $1.5 million and $1.4 million at June 30, 2021 and December 31, 2020, respectively. Single incident product liability expense was $0.1 million during the six months ended June 30, 2021 and $0.3 million during the six months ended June 30, 2020. Single incident product liability exposures are evaluated on an annual basis, or more frequently if changing circumstances warrant. Adjustments are made to the reserve as appropriate. Cumulative trauma product liability claims. Cumulative trauma product liability claims involve alleged exposures to harmful substances (e.g., silica, asbestos and coal dust) that occurred years ago and may have developed over long periods of time into diseases such as silicosis, asbestosis, mesothelioma, or coal worker’s pneumoconiosis. One of the Company's affiliates, Mine Safety Appliances Company, LLC ("MSA LLC"), was named as a defendant in 1,610 lawsuits comprised of 3,942 claims as of June 30, 2021. These lawsuits mainly involve respiratory protection products allegedly manufactured and sold by MSA LLC or its predecessors. The product models alleged were manufactured many years ago by MSA LLC and are no longer sold. A summary of cumulative trauma product liability lawsuits and asserted cumulative trauma product liability claims activity is as follows: Six Months Ended June 30, 2021 Year Ended December 31, 2020 Open lawsuits, beginning of period 1,622 1,605 New lawsuits 169 402 Settled and dismissed lawsuits (181) (385) Open lawsuits, end of period 1,610 1,622 Six Months Ended June 30, 2021 Year Ended December 31, 2020 Asserted claims, beginning of period 2,878 2,456 New claims 1,268 917 Settled and dismissed claims (204) (495) Asserted claims, end of period 3,942 2,878 The increases in the number of claims in 2020 and in 2021, are largely attributable to an increase in claims alleging injuries from exposure to coal mine dust including plaintiffs' counsels with which MSA LLC does not have substantial prior experience, alleging product models that were manufactured many years ago by MSA LLC and are no longer sold. More than half of the total open lawsuits at June 30, 2021, have had a de minimis level of activity over the last 5 years. It is possible that these cases could become active again at any time due to changes in circumstances. Total cumulative trauma product liability reserve was $226.1 million at June 30, 2021, including $11.0 million for claims settled but not yet paid and related defense costs, and $221.5 million at December 31, 2020, including $7.8 million for claims settled but not yet paid and related defense costs. This reserve includes estimated amounts for asserted claims and IBNR claims. Those estimated amounts reflect asbestos, silica and coal dust claims expected to be resolved through the year 2069 and are not discounted to present value. The Company revised its estimates of MSA LLC's potential liability for cumulative trauma product liability claims for the year ended December 31, 2020 as a result of its annual review process described below. The reserve was also increased during the second quarter of 2021 to reflect an increase in the number of asserted claims pending against MSA LLC. The Company is monitoring developments in filing rates to determine the potential for impact on long-term filing trends. The reserve does not include amounts which will be spent to defend the claims covered by the reserve. Defense costs are recognized in the unaudited Condensed Consolidated Statement of Income as incurred. At June 30, 2021, $35.0 million of the total reserve for cumulative trauma product liability claims is recorded in the Insurance and product liability line within other current liabilities in the unaudited Condensed Consolidated Balance Sheet and the remainder, $191.1 million, is recorded in the Product liability and other noncurrent liabilities line. At December 31, 2020, $35.3 million of the total reserve for cumulative trauma product liability claims is recorded in the Insurance and product liability line within other current liabilities in the unaudited Condensed Consolidated Balance Sheet and the remainder, $186.2 million, is recorded in the Product liability and other noncurrent liabilities line. Total cumulative trauma liability losses were $24.5 million and $27.5 million for the three and six months ended June 30, 2021 and related to an update to our asserted cumulative trauma product liability reserve as well as the defense of cumulative trauma product liability claims. Total cumulative trauma liability losses were $1.2 million and $3.3 million for the three and six months ended June 30, 2020 primarily related to the defense of cumulative trauma product liability claims. Uninsured cumulative trauma product liability losses, which were included in Product liability expense on the unaudited Condensed Consolidated Statements of Income, were $11.8 million and $14.5 million for the three and six months ended June 30, 2021 and $0.9 million and $2.8 million for the three and six months ended June 30, 2020, respectively, and represent the total cumulative trauma liability losses net of any estimated insurance receivables as discussed below. To develop a reasonable estimate of MSA LLC’s potential exposure to cumulative trauma product liability claims, Management performs an annual review of MSA LLC’s cumulative trauma product liability claims in consultation with an outside valuation consultant and outside legal counsel. The review process takes into account developments in MSA LLC’s claims experience over the past year, developments in the tort system generally, and any other relevant information. Quarterly, management and outside legal counsel review whether significant new developments have occurred which could materially impact recorded amounts for asserted claims, and if warranted management reviews changes with an outside valuation consultant. Certain significant assumptions underlying the material components of the reserve for cumulative trauma product liability claims have been made based on MSA LLC's experience related to the following: • The types and severity of illnesses alleged by claimants to give rise to their claims; • The venues in which claims are asserted; • The number of claims that may be asserted in the future against MSA LLC and the counsel asserting those claims; and • The percentage of claims resolved through settlement and the values of settlements paid to claimants. Additional assumptions include the following: • MSA LLC will continue to evaluate and handle cumulative trauma product liability claims in accordance with its existing defense strategy; • The number and effect of co-defendant bankruptcies will not materially change in the future; • No material changes in medical science occur with respect to cumulative trauma product liability claims; and • No material changes in law occur with respect to cumulative trauma product liability claims including no material state or federal tort reform actions. Cumulative trauma product liability litigation is inherently unpredictable and MSA LLC's expense with respect to cumulative trauma product liability claims could vary significantly in future periods. It is difficult to reasonably estimate how many claims will be newly asserted against MSA LLC in any given period or over the lifetime of MSA LLC's claims experience. Case solicitation and filing activity, in our experience, is unique to each plaintiffs’ counsel and also influenced by external factors. Once asserted it is unclear at the time of filing whether a claim will be actively litigated, or the extent of ultimate loss, if any, in the absence of discovery at initial case stages. Even when a case is actively litigated, it is often difficult to determine if the lawsuit will be dismissed without payment or settled, because of sufficiency of product identification, statute of limitations challenges, or other defenses. This difficulty is increased when claims are asserted by plaintiffs’ counsel with which MSA LLC does not have substantial prior experience, as claims experience can vary significantly among different plaintiffs' counsel. As a result of all of these factors, it is typically unclear until late into litigation whether any particular claim, or inventories of claims, will result in losses and, if so, to what extent. Actual loss amounts for settled claims are highly variable and turn on a case-by-case analysis of the relevant facts. As more information is learned about asserted claims, adjustments may be made to the cumulative trauma product liability reserve as appropriate. With respect to asserted or IBNR claims, MSA LLC’s expense in future periods may vary from the reserve currently established for several reasons. In particular, MSA LLC’s actual claims experience may differ in one or more respects from the significant assumptions listed above that were used by in establishing the reserve. Factors that make MSA LLC's asserted and IBNR claims difficult to reasonably estimate include uncertainty as to the number of claims that may be asserted in the future (and over what time periods), the wide variability in the alleged severity of claims asserted, changes in the severity of claims over time, and the number of claims that ultimately will be resolved with payment. This difficulty is increased when claims are asserted by plaintiffs' counsel, with which MSA LLC does not have substantial prior experience (as claims experience can vary significantly among different plaintiffs' counsel), the historically low volume of claims asserted and resolved, and numerous other factors. Numerous uncertainties also exist with respect to factors not specific to MSA LLC, including potential legislative or judicial changes at the federal level or in key states concerning claims adjudication, future bankruptcy proceedings involving key co-defendants, payments from trusts established to compensate claimants, and/or changes in medical science relating to the diagnosis and treatment of claims. Because cumulative trauma product liability litigation is subject to the significant modeling assumptions and inherent uncertainties described above, and unfavorable developments or rulings could occur, there can be no certainty that MSA LLC may not ultimately incur charges in excess of presently recorded liabilities. The reserve for cumulative trauma product liability claims may be adjusted from time to time based on changes to the factors and assumptions described above. If future estimates of cumulative trauma product liability claims are materially different than the accrued liability, we will record an appropriate adjustment to the unaudited Condensed Consolidated Statement of Income. These adjustments could materially impact our consolidated financial statements in future periods. Insurance Receivable and Notes Receivable, Insurance Companies Many years ago, MSA LLC purchased insurance policies from various insurance carriers that, subject to common contract exclusions, provided coverage for cumulative trauma product liability losses (the "Occurrence-Based Policies"). While we continue to pursue reimbursement under certain remaining Occurrence-Based Policies, the vast majority of these policies have been exhausted, settled or converted into either (1) negotiated settlement agreements with scheduled payment streams (recorded as notes receivables), or (2) negotiated Coverage-in-Place Agreements (recorded as insurance receivables). As a result, MSA LLC is largely self-insured for cumulative trauma product liability claims, and additional amounts recorded as insurance receivables or notes receivables will be limited. When adjustments are made to amounts recorded in the cumulative trauma product liability reserve, we calculate amounts due to be reimbursed pursuant to the terms of the negotiated Coverage-In-Place Agreements, including cumulative trauma product liability losses and related defense costs, and we record the amounts probable of reimbursement as insurance receivables. These amounts are not subject to current coverage litigation. Insurance receivables at June 30, 2021 totaled $104.1 million of which, $12.9 million is reported in Prepaid expenses and other current assets in the unaudited Condensed Consolidated Balance Sheet and $91.2 million is reported in Insurance receivable and other noncurrent assets. Insurance receivables at December 31, 2020 totaled $97.0 million, of which $12.0 million was reported in Prepaid expenses and other current assets in the unaudited Condensed Consolidated Balance Sheet and $85.0 million was reported in Insurance receivable and other noncurrent assets. The vast majority of the $104.1 million insurance receivables balance at June 30, 2021 is attributable to reimbursement believed to be due under the terms of signed Coverage-In-Place Agreements and a portion of this amount represents the estimated recovery of IBNR amounts not yet incurred. A summary of insurance receivables balance and activity related to cumulative trauma product liability losses is as follows: (In millions) Six Months Ended June 30, 2021 Year Ended December 31, 2020 Balance beginning of period $ 97.0 $ 63.8 Additions 13.2 39.0 Collections and other adjustments (6.1) (5.8) Balance end of period $ 104.1 $ 97.0 We record formal notes receivable due from scheduled payment streams according to negotiated settlement agreements with insurers. These amounts are not subject to current coverage litigation. Notes receivable from insurance companies at June 30, 2021, totaled $53.0 million, of which $3.9 million is reported in Notes receivable, insurance companies, current on the unaudited Condensed Consolidated Balance Sheet and $49.1 million is reported in Notes receivable, insurance companies, noncurrent. Notes receivable from insurance companies at December 31, 2020 totaled $52.3 million of which $3.8 million was reported in Notes receivable, insurance companies, current on the unaudited Condensed Consolidated Balance Sheet and $48.5 million was reported in Notes receivable, insurance companies, noncurrent. A summary of notes receivables from insurance companies balance is as follows: (In millions) Six Months Ended June 30, 2021 Year Ended December 31, 2020 Balance beginning of period $ 52.3 $ 56.0 Additions 0.7 1.4 Collections — (5.1) Balance end of period $ 53.0 $ 52.3 The vast majority of the insurance receivables balance at June 30, 2021, is attributable to reimbursement under the terms of signed agreements with insurers and is not currently subject to litigation. The collectibility of MSA LLC's insurance receivables and notes receivables is regularly evaluated and we believe that the amounts recorded are probable of collection. The determination that the recorded insurance receivables are probable of collection is based on the terms of the settlement agreements reached with the insurers, our history of collection, and the advice of MSA LLC's outside legal counsel and consultants. Various factors could affect the timing and amount of recovery of the insurance and notes receivables, including assumptions regarding various aspects of the composition and characteristics of future claims (which are relevant to calculating reimbursement under the terms of certain Coverage-In-Place Agreements) and the extent to which the issuing insurers may become insolvent in the future. Product Warranty The Company provides warranties on certain product sales. Product warranty reserves are established in the same period that revenue from the sale of the related products is recognized, or in the period that a specific issue arises as to the functionality of the Company's product. The determination of such reserves requires the Company to make estimates of product return rates and expected costs to repair or to replace the products under warranty. The amounts of the reserves are based on established terms and the Company's best estimate of the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. If actual return rates and/or repair and replacement costs differ significantly from estimates, adjustments to recognize additional cost of sales may be required in future periods. The following table reconciles the changes in the Company's accrued warranty reserve: (In thousands) Six Months Ended June 30, 2021 Year Ended December 31, 2020 Beginning warranty reserve $ 11,428 $ 12,715 Warranty payments (4,566) (10,861) Warranty claims 4,298 10,233 Provision for product warranties and other adjustments (167) (659) Ending warranty reserve $ 10,993 $ 11,428 |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Acquisition of Bristol Uniforms and Bell Apparel On January 25, 2021, we acquired 100% of the common stock of B T Q Limited, including Bristol Uniforms and Bell Apparel ("Bristol") in an all-cash transaction valued at $63.0 million, net of cash acquired. Bristol, which is headquartered in the United Kingdom (U.K.), is a leading innovator and provider of protective apparel to the fire, rescue services, and utility sectors. The acquisition strengthens MSA's position as a global market leader in fire service personal protective equipment (PPE) products, which include breathing apparatus, firefighter helmets, thermal imaging cameras, and firefighter protective apparel, while providing an avenue to expand its business in the U.K. and key European markets. The fire service equipment brands of MSA, which include Gallet Firefighter Helmets, the M1 and G1 Self-Contained Breathing Apparatus range, Cairns Helmets, Globe Manufacturing, and now Bristol Uniforms, represent more than 460 combined years of innovation in the fire service industry, with a common mission: protecting the health and safety of firefighters. Bristol is also a leading manufacturer of flame-retardant, waterproof, and other protective work wear for the utility industry. Marketed under the Bell Apparel brand, this line complements MSA's existing and broad range of offerings for the global utilities market. Bristol's operating results are included in our unaudited condensed consolidated financial statements from the acquisition date as part of the International reportable segment. The acquisition qualifies as a business combination and will be accounted for using the acquisition method of accounting. The following table summarizes the preliminary fair values of the Bristol assets acquired and liabilities assumed at the date of the acquisition: (In millions) January 25, 2021 Current assets (including cash of $13.3 million) $ 37.1 Net investment in sales-type leases, noncurrent 29.0 Property, plant and equipment and other noncurrent assets 12.0 Customer relationships 4.5 Trade name and other intangible assets 1.4 Goodwill 4.1 Total assets acquired 88.1 Total liabilities assumed (11.8) Net assets acquired $ 76.3 The amounts in the table above are subject to change upon completion of the valuation of the assets acquired and liabilities assumed. This valuation is expected to be completed by first quarter of 2022. Assets acquired and liabilities assumed in connection with the acquisition have been recorded at their preliminary fair values. Fair values were determined by management, based in part on an independent valuation performed by a third party valuation specialist. The valuation methods used to determine the fair value of intangible assets included the excess earnings approach for customer relationships using customer inputs and contributory charges; the relief from royalty method for trade name; and the cost method for assembled workforce which is included in goodwill. A number of significant assumptions and estimates were involved in the application of these valuation methods, including sales volume and prices, royalty rates, costs to produce, tax rates, capital spending, discount rates, attrition rates and working capital changes. Cash flow forecasts were generally based on Bristol pre-acquisition forecasts, coupled with estimated MSA sales synergies. Identifiable intangible assets with finite lives are subject to amortization over their estimated useful lives. The customer relationships and trade name acquired in the Bristol transaction will be amortized over a period of 15 years. Estimated future amortization expense related to the identifiable intangible assets is approximately $0.2 million for the remainder of 2021, $0.5 million in 2022 and 2023, $0.4 million in 2024 and 2025, and $3.8 million thereafter. The step up to fair value of acquired inventory as part of the purchase price allocation totaled $1.5 million which was amortized over four months ending with May 2021. The amortization of the inventory step up was included in Cost of products sold in the unaudited condensed consolidated statement of income. Goodwill is calculated as the excess of the purchase price over the fair value of net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Among the factors that contributed to a purchase price in excess of the fair value of the net tangible and intangible assets acquired were the acquisition of an assembled workforce, the expected synergies and other benefits that we believe will result from combining the operations of Bristol with our operations. Goodwill of $4.1 million related to the Bristol acquisition has been recorded in the International reportable segment and is non-deductible for tax purposes. Our results for the three and six months ended June 30, 2021, include acquisition related costs of approximately $3.2 million and $4.5 million, respectively, including costs related to the acquisition of Bristol. Our results for the three and six months ended June 30, 2020, include an immaterial amount of acquisition related costs. These costs are reported in selling, general, and administrative expenses and costs of products sold. The operating results of the Bristol acquisition have been included in our unaudited condensed consolidated financial statements from the acquisition date through June 30, 2021. Our results for the six months ended June 30, 2021, include Bristol sales and net loss of $12.5 million and $2.2 million, respectively. The following unaudited pro forma information presents our combined results as if the Bristol acquisition had occurred on January 1, 2020. The unaudited pro forma financial information was prepared to give effect to events that are (1) directly attributable to the acquisition; (2) factually supportable; and (3) expected to have a continuing impact on the combined company's results. There were no material transactions between MSA and Bristol during the periods presented that are required to be eliminated in the unaudited pro forma condensed combined financial information. The unaudited pro forma condensed combined financial information does not reflect any cost savings, operating synergies, or revenue enhancements that the combined companies may achieve as a result of the acquisition or the costs to integrate the operations or the costs necessary to achieve cost savings, operating synergies, or revenue enhancements. Pro forma condensed combined financial information (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share amounts) 2020 2021 2020 Net sales $ 330.5 $ 651.7 $ 694.9 Net income $ 38.9 $ 61.8 $ 85.6 Basic earnings per share $ 1.00 $ 1.58 $ 2.20 Diluted earnings per share $ 0.99 $ 1.57 $ 2.18 The unaudited pro forma condensed combined financial information is presented for information purposes only and is not intended to represent or be indicative of the combined results of operations or financial position that we would have reported had the acquisition been completed as of the date and for the periods presented, and should not be taken as representative of our condensed consolidated results of operations or financial condition following the acquisition. In addition, the unaudited pro forma condensed combined financial information is not intended to project the future financial position or result of operations of the combined company. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Acquisition of Bacharach, Inc. On July 1, 2021, we acquired Bacharach, Inc. and its affiliated companies (Bacharach) in an all cash transaction valued at $337 million, net of cash acquired. Headquartered near Pittsburgh in New Kensington, PA, Bacharach is a leader in gas detection technologies used in the heating, ventilation, air conditioning, and refrigeration (HVAC-R) markets. Our results for the three months ended June 30, 2021 include transaction costs of $1.9 million related to the acquisition. These costs are reporting in selling, general and administrative expenses. Bacharach operating results will be included in our financial statements from the acquisition date with results impacting both the Americas and International segments. The acquisition qualifies as a business combination and will be accounted for using the acquisition method of accounting. Acquisition of Noncontrolling Interest During July 2021, we purchased the remaining 10% noncontrolling interest in MSA (China) Safety Equipment Co., Ltd. from our China partner for $19 million, inclusive of a $6 million dividend. China has been a key market in our International segment and is an important part of our strategic plan going forward. We have seen good growth in China and continue to make additional investments in this region. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | The condensed consolidated financial statements of MSA Safety Incorporated and its subsidiaries ("MSA" or the "Company") are unaudited. These 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 December 31, 2020, Condensed Consolidated Balance Sheet data was derived from the audited Consolidated Balance Sheet, but does not include all disclosures required by accounting principles generally accepted in the United States of America (U.S. GAAP). This Form 10-Q report should be read in conjunction with MSA's Form 10-K for the year ended December 31, 2020, which includes all disclosures required by U.S. GAAP. |
Reclassifications | Reclassifications - Certain reclassifications of prior years' data have been made to conform to the current year presentation. These reclassifications relate to additional captions disclosed within the operating section of the unaudited Condensed Consolidated Statement of Cash Flows, but do not change the overall cash flow from operating activities for the prior years as previously reported. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The following table sets forth the components of inventory: (In thousands) June 30, 2021 December 31, 2020 Finished products $ 100,181 $ 81,048 Work in process 5,619 2,618 Raw materials and supplies 174,135 161,300 Inventories at current cost 279,935 244,966 Less: LIFO valuation (47,277) (47,147) Total inventories $ 232,658 $ 197,819 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Activity and Reserve Balance for Restructuring Charges by Segment | Activity and reserve balances for restructuring charges by segment were as follows: (In millions) Americas International Corporate Total Reserve balances at December 31, 2019 $ 0.3 $ 5.9 $ — $ 6.2 Restructuring charges 4.7 21.9 0.8 27.4 Currency translation and other adjustments (0.1) 0.1 — — Cash payments / utilization (2.1) (8.6) (0.4) (11.1) Reserve balances at December 31, 2020 $ 2.8 $ 19.3 $ 0.4 $ 22.5 Restructuring charges 0.8 7.6 — 8.4 Currency translation and other adjustments (0.1) (0.7) — (0.8) Cash payments (0.8) (6.5) (0.1) (7.4) Reserve balances at June 30, 2021 $ 2.7 $ 19.7 $ 0.3 $ 22.7 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | The following table sets forth the components of property, plant and equipment, net: (In thousands) June 30, 2021 December 31, 2020 Land $ 5,215 $ 4,275 Buildings 129,838 128,887 Machinery and equipment 443,025 422,333 Construction in progress 35,910 38,753 Total 613,988 594,249 Less: accumulated depreciation (412,825) (404,629) Property, plant and equipment, net $ 201,163 $ 189,620 |
Reclassifications Out of Accu_2
Reclassifications Out of Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Reclassification Out of Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss were as follows: MSA Safety Incorporated Noncontrolling Interests Three Months Ended Three Months Ended (In thousands) 2021 2020 2021 2020 Pension and other post-retirement benefits (a) Balance at beginning of period $ (111,840) $ (121,746) $ — $ — Amounts reclassified from accumulated other comprehensive loss into net income: Amortization of prior service credit (Note 14) (24) (52) — — Recognized net actuarial losses (Note 14) 4,820 4,221 — — Tax benefit (1,139) (1,079) — — Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income 3,657 3,090 — — Balance at end of period $ (108,183) $ (118,656) $ — $ — Available-for-sale securities Balance at beginning of period $ (6) $ (56) $ — $ — Unrealized gain on available-for-sale securities (Note 16) 1 124 — — Balance at end of period $ (5) $ 68 $ — $ — Foreign currency translation Balance at beginning of period $ (77,102) $ (111,273) $ 617 $ 308 Foreign currency translation adjustments 6,145 4,651 (127) 18 Balance at end of period $ (70,957) $ (106,622) $ 490 $ 326 (a) Reclassifications out of accumulated other comprehensive loss and into net income are included in the computation of net periodic pension and other post-retirement benefit costs (refer to Note 14—Pensions and Other Post-retirement Benefits). MSA Safety Incorporated Noncontrolling Interests Six Months Ended Six Months Ended (In thousands) 2021 2020 2021 2020 Pension and other post-retirement benefits (a) Balance at beginning of period $ (115,552) $ (124,848) $ — $ — Amounts reclassified from accumulated other comprehensive loss into net income: Amortization of prior service credit (Note 14) (48) (104) — — Recognized net actuarial losses (Note 14) 9,640 8,442 — — Tax benefit (2,223) (2,146) — — Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income 7,369 6,192 — — Balance at end of period $ (108,183) $ (118,656) $ — $ — Available-for-sale securities Balance at beginning of period $ (1) $ 6 $ — $ — Unrealized (loss) gain on available-for-sale securities (Note 16) (4) 62 — — Balance at end of period $ (5) $ 68 $ — $ — Foreign currency translation Balance at beginning of period $ (66,844) $ (89,161) $ 582 $ 423 Reclassification from accumulated other comprehensive loss into net income — 720 (b) — — Foreign currency translation adjustments (4,113) (18,181) (92) (97) Balance at end of period $ (70,957) $ (106,622) $ 490 $ 326 (a) Reclassifications out of accumulated other comprehensive loss and into net income are included in the computation of net periodic pension and other post-retirement benefit costs (refer to Note 14—Pensions and Other Post-retirement Benefits). |
Capital Stock - (Tables)
Capital Stock - (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Common Stock Activity | Common stock activity is summarized as follows: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 (In thousands) Common Treasury Common Treasury Balance at beginning of period $ 245,887 $ (329,615) $ 232,167 $ (328,081) Stock compensation expense 7,403 — 830 — Restricted and performance stock awards (170) 170 (226) 226 Stock options exercised 244 126 677 330 Treasury shares purchased — (163) — (524) Employee stock purchase program 409 43 338 52 Balance at end of period $ 253,773 $ (329,439) $ 233,786 $ (327,997) Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 (In thousands) Common Treasury Common Treasury Balance at beginning of period $ 242,693 $ (326,156) $ 229,127 $ (303,566) Stock compensation expense 10,695 — 4,352 — Restricted and performance stock awards (1,502) 1,502 (2,464) 2,464 Stock options exercised 1,478 683 2,433 1,307 Treasury shares purchased — (5,511) — (8,141) Employee stock purchase program 409 43 338 52 Share repurchase program — — — (20,113) Balance at end of period $ 253,773 $ (329,439) 233,786 (327,997) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segment Information | Reportable segment information is presented in the following table: (In thousands, except percentage amounts) Americas International Corporate Consolidated Three Months Ended June 30, 2021 Sales to external customers $ 217,707 $ 123,582 $ — $ 341,289 Operating income 35,050 Restructuring charges (Note 3) 7,078 Currency exchange losses, net (Note 5) 1,640 Product liability expense (Note 17) 11,751 Acquisition related costs (a) (Note 18) 3,168 Adjusted operating income (loss) 49,238 20,440 (10,991) 58,687 Adjusted operating margin % 22.6 % 16.5 % Depreciation and amortization 11,584 Adjusted EBITDA 57,137 24,020 (10,886) 70,271 Adjusted EBITDA margin % 26.2 % 19.4 % Six Months Ended June 30, 2021 Sales to external customers $ 426,046 $ 223,671 $ — $ 649,717 Operating income 79,088 Restructuring charges (Note 3) 8,385 Currency exchange gains, net (Note 5) (459) Product liability expense (Note 17) 14,547 Acquisition related costs (a) (Note 18) 4,541 Adjusted operating income (loss) 94,390 29,194 (17,482) 106,102 Adjusted operating margin % 22.2 % 13.1 % Depreciation and amortization 22,088 Adjusted EBITDA 109,322 36,147 (17,279) 128,190 Adjusted EBITDA margin % 25.7 % 16.2 % (In thousands, except percentage amounts) Americas International Corporate Consolidated Three Months Ended June 30, 2020 Sales to external customers $ 204,231 $ 110,207 $ — $ 314,438 Operating income 48,294 Restructuring charges (Note 3) 8,865 Currency exchange losses, net (Note 5) 793 Product liability expense (Note 17) 851 Acquisition related costs (a) (Note 18) 64 Adjusted operating income (loss) 49,003 17,402 (7,538) 58,867 Adjusted operating margin % 24.0 % 15.8 % Depreciation and amortization 9,786 Adjusted EBITDA 55,620 20,474 (7,441) 68,653 Adjusted EBITDA margin % 27.2 % 18.6 % Six Months Ended June 30, 2020 Sales to external customers $ 435,484 $ 220,099 $ — $ 655,583 Operating income 107,076 Restructuring charges (Note 4) 10,872 Currency exchange losses, net (Note 6) 1,063 Product liability expense (Note 17) 2,802 Acquisition related costs (a) (Note 18) 161 COVID-19 related costs 757 Adjusted operating income (loss) 108,811 30,073 (16,153) 122,731 Adjusted operating margin % 25.0 % 13.7 % Depreciation and amortization 19,428 Adjusted EBITDA 121,878 36,239 (15,958) 142,159 Adjusted EBITDA margin % 28.0 % 16.5 % (a) Acquisition related costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during due diligence and integration. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. Acquisition-related costs also include the acquisition related amortization, which is included in Cost of products sold in the Condensed Consolidated Statements of Income. |
Percentage of Total Sales by Product Group | Total sales by product group was as follows: Three Months Ended June 30, 2021 Consolidated Americas International (In thousands, except percentages) Dollars Percent Dollars Percent Dollars Percent Breathing Apparatus $ 76,659 22% $ 51,436 24% $ 25,223 20% Fixed Gas & Flame Detection 64,920 19% 36,950 17% 27,970 23% Firefighter Helmets & Protective Apparel 53,121 16% 36,424 17% 16,697 14% Portable Gas Detection 38,820 11% 25,393 12% 13,427 11% Industrial Head Protection 38,155 11% 28,820 13% 9,335 8% Fall Protection 30,809 9% 17,677 8% 13,132 11% Other (b) 38,805 12% 21,007 9% 17,798 13% Total $ 341,289 100% $ 217,707 100% $ 123,582 100% Six Months Ended June 30, 2021 Consolidated Americas International (In thousands, except percentages) Dollars Percent Dollars Percent Dollars Percent Breathing Apparatus $ 146,304 23% $ 100,234 24% $ 46,069 21% Fixed Gas & Flame Detection 125,039 19% 73,227 17% 51,811 23% Firefighter Helmets & Protective Apparel 99,131 15% 71,413 17% 27,719 12% Portable Gas Detection 76,249 12% 51,095 12% 25,154 11% Industrial Head Protection 70,851 11% 53,931 13% 16,920 8% Fall Protection 56,876 9% 33,349 8% 23,526 11% Other (b) 75,267 11% 42,797 9% 32,472 14% Total $ 649,717 100% $ 426,046 100% $ 223,671 100% Three Months Ended June 30, 2020 Consolidated Americas International (In thousands, except percentages) Dollars Percent Dollars Percent Dollars Percent Breathing Apparatus $ 75,864 24% $ 50,269 25% $ 25,595 23% Fixed Gas & Flame Detection 65,385 21% 36,742 18% 28,643 26% Firefighter Helmets & Protective Apparel 40,337 13% 33,744 16% 6,593 6% Portable Gas Detection 28,385 9% 17,201 8% 11,184 10% Industrial Head Protection 30,601 10% 20,506 10% 10,095 9% Fall Protection 21,660 7% 11,381 6% 10,279 9% Other (b) 52,206 16% 34,388 17% 17,818 17% Total $ 314,438 100% $ 204,231 100% $ 110,207 100% Six Months Ended June 30, 2020 Consolidated Americas International (In thousands, except percentages) Dollars Percent Dollars Percent Dollars Percent Breathing Apparatus $ 151,708 23% $ 102,962 24% $ 48,746 22% Fixed Gas & Flame Detection 135,296 21% 77,989 18% 57,307 26% Firefighter Helmets & Protective Apparel 82,884 13% 68,857 16% 14,027 7% Portable Gas Detection 69,437 11% 44,850 10% 24,587 11% Industrial Head Protection 65,933 10% 48,061 11% 17,872 8% Fall Protection 49,087 7% 29,076 7% 20,011 9% Other (b) 101,238 15% 63,689 14% 37,549 17% Total $ 655,583 100% $ 435,484 100% $ 220,099 100% (b) Other products include sales of Air Purifying Respirators ("APR"). |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Amounts attributable to MSA Safety Incorporated common shareholders: Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share amounts) 2021 2020 2021 2020 Net income $ 25,125 $ 36,066 $ 61,539 $ 79,741 Preferred stock dividends (10) (10) (20) (20) Net income available to common equity 25,115 36,056 61,519 79,721 Dividends and undistributed earnings allocated to participating securities (8) (34) (21) (67) Net income available to common shareholders 25,107 36,022 61,498 79,654 Basic weighted-average shares outstanding 39,167 38,830 39,131 38,826 Stock-based compensation awards 253 365 290 447 Diluted weighted-average shares outstanding 39,420 39,195 39,421 39,273 Antidilutive stock options — — — — Earnings per share: Basic $ 0.64 $ 0.93 $ 1.57 $ 2.05 Diluted $ 0.64 $ 0.92 $ 1.56 $ 2.03 |
Stock Plans (Tables)
Stock Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Compensation Expense | Stock compensation expense is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Stock compensation expense $ 7,403 $ 830 $ 10,695 $ 4,352 Income tax expense 1,784 202 2,577 1,062 Stock compensation expense, net of tax $ 5,619 $ 628 $ 8,118 $ 3,290 |
Summary of Stock Option Activity | A summary of stock option activity for the six months ended June 30, 2021, follows: Shares Weighted Average Outstanding at January 1, 2021 283,998 $ 46.23 Exercised (47,538) 45.42 Forfeited (81) 49.66 Outstanding at June 30, 2021 236,379 46.40 Exercisable at June 30, 2021 235,399 $ 46.39 |
Summary of Restricted Stock and Unit Activity | A summary of restricted stock activity for the six months ended June 30, 2021, follows: Shares Weighted Average Unvested at January 1, 2021 146,191 $ 105.83 Granted 35,686 169.54 Vested (51,753) 92.84 Forfeited (1,035) 139.08 Unvested at June 30, 2021 129,089 $ 128.39 |
Schedule of Fair Value Assumptions for Units | The following weighted average assumptions were used in estimating the fair value of the performance stock units granted in the first quarter of 2021. Fair value per unit $177.50 Risk-free interest rate 0.2% Expected dividend yield 1.33% Expected volatility 35.6% MSA stock beta 0.932 |
Summary of Performance Stock Unit Activity | A summary of performance stock unit activity for the six months ended June 30, 2021, follows: Shares Weighted Average Unvested at January 1, 2021 200,212 $ 104.69 Granted 46,070 177.32 Performance adjustments 4,941 88.86 Vested (63,286) 84.97 Unvested at June 30, 2021 187,937 $ 128.72 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | (In thousands) June 30, 2021 December 31, 2020 2010 Senior Notes payable through 2021, 4.00% $ 20,000 $ 20,000 2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs 75,865 74,926 Senior revolving credit facility maturing in 2026, net of debt issuance costs 238,722 212,231 Total 334,587 307,157 Amounts due within one year 20,000 20,000 Long-term debt, net of debt issuance costs $ 314,587 $ 287,157 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill | Changes in goodwill during the six months ended June 30, 2021 are as follows: (In thousands) Goodwill Balance at January 1, 2021 $ 443,272 Additions (Note 18) 4,056 Currency translation (61) Balance at June 30, 2021 $ 447,267 |
Changes in Intangible Assets, Net of Accumulated Amortization | Changes in intangible assets, net during the six months ended June 30, 2021, are as follows: (In thousands) Intangible Assets Net balance at January 1, 2021 $ 161,051 Additions (Note 18) 5,940 Amortization expense (6,168) Currency translation 579 Net balance at June 30, 2021 $ 161,402 |
Pensions and Other Post-retir_2
Pensions and Other Post-retirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | Components of net periodic benefit cost consisted of the following: Pension Benefits Other Benefits (In thousands) 2021 2020 2021 2020 Three Months Ended June 30, Service cost $ 3,242 $ 3,011 $ 99 $ 99 Interest cost 2,817 3,726 116 179 Expected return on plan assets (9,147) (8,503) — — Amortization of prior service cost (credit) 66 46 (90) (98) Recognized net actuarial losses 4,421 3,935 399 286 Net periodic benefit cost (a) $ 1,399 $ 2,215 $ 524 $ 466 Six Months Ended June 30, Service cost $ 6,484 $ 6,022 $ 198 $ 198 Interest cost 5,634 7,452 232 358 Expected return on plan assets (18,294) (17,006) — — Amortization of prior service cost (credit) 132 92 (180) (196) Recognized net actuarial losses 8,842 7,870 798 572 Settlements (1,879) — — — Net periodic benefit cost (a) $ 919 $ 4,430 $ 1,048 $ 932 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Balance Sheet Location and Fair Value of Assets Associated with Derivative Financial Instruments | The following table presents the unaudited Condensed Consolidated Balance Sheet location and fair value of assets and liabilities associated with derivative financial instruments: (In thousands) June 30, 2021 December 31, 2020 Derivatives not designated as hedging instruments: Foreign exchange contracts: Other current liabilities $ 541 $ 157 Foreign exchange contracts: Prepaid expenses and other current assets 293 160 |
Income Statement Location and Impact of Derivative Financial Instruments | The following table presents the unaudited Condensed Consolidated Statement of Income location and impact of derivative financial instruments: Loss (Gain) Recognized in Income Six Months Ended June 30, (In thousands) Statement of Income Location 2021 2020 Derivatives not designated as hedging instruments: Foreign exchange contracts Currency exchange losses (gains), net $ 1,474 $ (864) |
Contingencies (Tables)
Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Cumulative Trauma Product Liability Claims Activity | A summary of cumulative trauma product liability lawsuits and asserted cumulative trauma product liability claims activity is as follows: Six Months Ended June 30, 2021 Year Ended December 31, 2020 Open lawsuits, beginning of period 1,622 1,605 New lawsuits 169 402 Settled and dismissed lawsuits (181) (385) Open lawsuits, end of period 1,610 1,622 Six Months Ended June 30, 2021 Year Ended December 31, 2020 Asserted claims, beginning of period 2,878 2,456 New claims 1,268 917 Settled and dismissed claims (204) (495) Asserted claims, end of period 3,942 2,878 |
Summary of Insurance Receivable Balances and Activity Related to Cumulative Trauma Product Liability Losses | A summary of insurance receivables balance and activity related to cumulative trauma product liability losses is as follows: (In millions) Six Months Ended June 30, 2021 Year Ended December 31, 2020 Balance beginning of period $ 97.0 $ 63.8 Additions 13.2 39.0 Collections and other adjustments (6.1) (5.8) Balance end of period $ 104.1 $ 97.0 |
Schedule of Notes Receivable Balances from Insurance Companies | A summary of notes receivables from insurance companies balance is as follows: (In millions) Six Months Ended June 30, 2021 Year Ended December 31, 2020 Balance beginning of period $ 52.3 $ 56.0 Additions 0.7 1.4 Collections — (5.1) Balance end of period $ 53.0 $ 52.3 |
Schedule of Product Warranty Liability | The following table reconciles the changes in the Company's accrued warranty reserve: (In thousands) Six Months Ended June 30, 2021 Year Ended December 31, 2020 Beginning warranty reserve $ 11,428 $ 12,715 Warranty payments (4,566) (10,861) Warranty claims 4,298 10,233 Provision for product warranties and other adjustments (167) (659) Ending warranty reserve $ 10,993 $ 11,428 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of the Bristol assets acquired and liabilities assumed at the date of the acquisition: (In millions) January 25, 2021 Current assets (including cash of $13.3 million) $ 37.1 Net investment in sales-type leases, noncurrent 29.0 Property, plant and equipment and other noncurrent assets 12.0 Customer relationships 4.5 Trade name and other intangible assets 1.4 Goodwill 4.1 Total assets acquired 88.1 Total liabilities assumed (11.8) Net assets acquired $ 76.3 |
Schedule of Pro Forma Financial Information | Pro forma condensed combined financial information (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share amounts) 2020 2021 2020 Net sales $ 330.5 $ 651.7 $ 694.9 Net income $ 38.9 $ 61.8 $ 85.6 Basic earnings per share $ 1.00 $ 1.58 $ 2.20 Diluted earnings per share $ 0.99 $ 1.57 $ 2.18 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 100,181 | $ 81,048 |
Work in process | 5,619 | 2,618 |
Raw materials and supplies | 174,135 | 161,300 |
Inventories at current cost | 279,935 | 244,966 |
Less: LIFO valuation | (47,277) | (47,147) |
Total inventories | $ 232,658 | $ 197,819 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 7,078 | $ 8,865 | $ 8,385 | $ 10,872 |
International | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 7,600 | 8,500 | ||
Americas | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 800 | $ 2,200 |
Restructuring Charges - Activit
Restructuring Charges - Activity and Reserve Balance for Restructuring Charges by Segment (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | $ 22.5 | $ 6.2 |
Restructuring charges | 8.4 | 27.4 |
Currency translation and other adjustments | (0.8) | 0 |
Cash payments | (7.4) | (11.1) |
Restructuring reserve, ending balance | 22.7 | 22.5 |
Corporate | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 0.4 | 0 |
Restructuring charges | 0 | 0.8 |
Currency translation and other adjustments | 0 | 0 |
Cash payments | (0.1) | (0.4) |
Restructuring reserve, ending balance | 0.3 | 0.4 |
Americas | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 2.8 | 0.3 |
Restructuring charges | 0.8 | 4.7 |
Currency translation and other adjustments | (0.1) | (0.1) |
Cash payments | (0.8) | (2.1) |
Restructuring reserve, ending balance | 2.7 | 2.8 |
International | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring reserve, beginning balance | 19.3 | 5.9 |
Restructuring charges | 7.6 | 21.9 |
Currency translation and other adjustments | (0.7) | 0.1 |
Cash payments | (6.5) | (8.6) |
Restructuring reserve, ending balance | $ 19.7 | $ 19.3 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 613,988 | $ 594,249 |
Less: accumulated depreciation | (412,825) | (404,629) |
Property, plant and equipment, net | 201,163 | 189,620 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 5,215 | 4,275 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 129,838 | 128,887 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 443,025 | 422,333 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 35,910 | $ 38,753 |
Reclassifications Out of Accu_3
Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 809,891 | |||
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income | $ 0 | $ 0 | 0 | $ 720 |
Unrealized (loss) gain on available-for-sale securities (Note 16) | 1 | 124 | (4) | 62 |
Foreign currency translation adjustments | 9,676 | 7,883 | 3,160 | (11,304) |
Balance at end of period | 848,768 | 848,768 | ||
Accumulated defined benefit plans adjustment attributable to parent | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (111,840) | (121,746) | (115,552) | (124,848) |
Tax benefit | (1,139) | (1,079) | (2,223) | (2,146) |
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income | 3,657 | 3,090 | 7,369 | 6,192 |
Balance at end of period | (108,183) | (118,656) | (108,183) | (118,656) |
Accumulated defined benefit plans adjustment attributable to noncontrolling interest | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
Tax benefit | 0 | 0 | 0 | 0 |
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income | 0 | 0 | 0 | 0 |
Balance at end of period | 0 | 0 | 0 | 0 |
Accumulated defined benefit plans adjustment, net prior service attributable to parent | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Amounts reclassified from Accumulated other comprehensive loss | (24) | (52) | (48) | (104) |
Accumulated defined benefit plans adjustment, net prior service attributable to noncontrolling interest | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Amounts reclassified from Accumulated other comprehensive loss | 0 | 0 | 0 | 0 |
Accumulated defined benefit plans adjustment, net gain (loss) attributable to parent | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Amounts reclassified from Accumulated other comprehensive loss | 4,820 | 4,221 | 9,640 | 8,442 |
Accumulated defined benefit plans adjustment, net gain (loss) attributable to noncontrolling interest | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Amounts reclassified from Accumulated other comprehensive loss | 0 | 0 | 0 | 0 |
Accumulated net investment gain (loss) attributable to parent | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (6) | (56) | (1) | 6 |
Unrealized (loss) gain on available-for-sale securities (Note 16) | 1 | 124 | (4) | 62 |
Balance at end of period | (5) | 68 | (5) | 68 |
Accumulated net investment gain (loss) attributable to noncontrolling interest | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
Unrealized (loss) gain on available-for-sale securities (Note 16) | 0 | 0 | 0 | 0 |
Balance at end of period | 0 | 0 | 0 | 0 |
Accumulated foreign currency adjustment attributable to parent | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (77,102) | (111,273) | (66,844) | (89,161) |
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income | 0 | 720 | ||
Foreign currency translation adjustments | 6,145 | 4,651 | (4,113) | (18,181) |
Balance at end of period | (70,957) | (106,622) | (70,957) | (106,622) |
Accumulated foreign currency adjustment attributable to noncontrolling interest | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 617 | 308 | 582 | 423 |
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income | 0 | 0 | ||
Foreign currency translation adjustments | (127) | 18 | (92) | (97) |
Balance at end of period | $ 490 | $ 326 | $ 490 | $ 326 |
Capital Stock - Narrative (Deta
Capital Stock - Narrative (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Capital Unit [Line Items] | |||
Preferred stock, par value (dollars per share) | $ 50,000 | $ 50,000 | |
Cumulative preferred stock (percent) | 4.50% | 4.50% | |
Treasury stock, shares (shares) | 22,891,759 | 23,013,489 | |
Treasury shares, at cost | $ 331,039,000 | $ 327,756,000 | |
Common stock, shares authorized (shares) | 180,000,000 | ||
Common stock, par value (dollars per share) | $ 0 | ||
Common stock, shares, outstanding (shares) | 39,189,632 | 39,067,902 | |
Cumulative Preferred Stock | |||
Capital Unit [Line Items] | |||
Preferred stock, shares authorized (shares) | 100,000 | ||
Preferred stock, par value (dollars per share) | $ 50 | ||
Cumulative preferred stock (percent) | 4.50% | ||
Preferred stock, callable price per share (dollars per share) | $ 52.50 | ||
Preferred stock, shares issued (shares) | 71,340 | ||
Treasury stock, shares (shares) | 52,998 | ||
Purchase of treasury shares (shares) | 0 | 120 | |
Second Cumulative Preferred Voting Stock | |||
Capital Unit [Line Items] | |||
Preferred stock, shares authorized (shares) | 1,000,000 | ||
Preferred stock, par value (dollars per share) | $ 10 | ||
Preferred stock, shares issued (shares) | 0 | ||
Common Stock | |||
Capital Unit [Line Items] | |||
Purchase of treasury shares (shares) | 0 | 175,000 | |
Common stock, shares issued (shares) | 62,081,391 | ||
Stock issued during period, new issues (shares) | 0 | 0 | |
Common stock, value, issued (up to) | $ 100,000,000 | ||
Treasury stock | |||
Capital Unit [Line Items] | |||
Reissued shares (shares) | 33,625 | 63,405 | |
Preferred Stock | |||
Capital Unit [Line Items] | |||
Treasury shares, at cost | $ 1,800,000 |
Capital Stock - Schedule of Com
Capital Stock - Schedule of Common Stock Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Common Stock Activity [Roll Forward] | ||||
Beginning balance | $ 242,693 | |||
Ending balance | $ 253,773 | 253,773 | ||
Common Stock | ||||
Common Stock Activity [Roll Forward] | ||||
Beginning balance | 245,887 | $ 232,167 | 242,693 | $ 229,127 |
Stock compensation expense | 7,403 | 830 | 10,695 | 4,352 |
Restricted and performance stock awards | (170) | (226) | ||
Ending balance | 253,773 | 233,786 | 253,773 | 233,786 |
Treasury Cost | ||||
Common Stock Activity [Roll Forward] | ||||
Beginning balance | (329,615) | (328,081) | (326,156) | (303,566) |
Stock compensation expense | 0 | 0 | 0 | 0 |
Restricted and performance stock awards | 170 | 226 | ||
Ending balance | (329,439) | (327,997) | (329,439) | (327,997) |
Restricted and performance stock awards | Common Stock | ||||
Common Stock Activity [Roll Forward] | ||||
Restricted and performance stock awards | (1,502) | (2,464) | ||
Restricted and performance stock awards | Treasury Cost | ||||
Common Stock Activity [Roll Forward] | ||||
Restricted and performance stock awards | 1,502 | 2,464 | ||
Stock options exercised | Common Stock | ||||
Common Stock Activity [Roll Forward] | ||||
Stock compensation expense | 244 | 677 | 1,478 | 2,433 |
Stock options exercised | Treasury Cost | ||||
Common Stock Activity [Roll Forward] | ||||
Stock compensation expense | 126 | 330 | 683 | 1,307 |
Treasury shares purchased | Common Stock | ||||
Common Stock Activity [Roll Forward] | ||||
Treasury shares purchased | 0 | 0 | 0 | 0 |
Treasury shares purchased | Treasury Cost | ||||
Common Stock Activity [Roll Forward] | ||||
Treasury shares purchased | (163) | (524) | (5,511) | (8,141) |
Employee stock purchase program | Common Stock | ||||
Common Stock Activity [Roll Forward] | ||||
Stock compensation expense | 409 | 338 | 409 | 338 |
Employee stock purchase program | Treasury Cost | ||||
Common Stock Activity [Roll Forward] | ||||
Stock compensation expense | $ 43 | $ 52 | 43 | 52 |
Share repurchase program | Common Stock | ||||
Common Stock Activity [Roll Forward] | ||||
Stock compensation expense | 0 | 0 | ||
Share repurchase program | Treasury Cost | ||||
Common Stock Activity [Roll Forward] | ||||
Stock compensation expense | $ 0 | $ (20,113) |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2021Segment | |
Segment Reporting [Abstract] | |
Number of geographical segments (in segments) | 4 |
Number of reportable segments (in segments) | 3 |
Segment Information - Schedule
Segment Information - Schedule of Reportable Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 341,289 | $ 314,438 | $ 649,717 | $ 655,583 |
Operating income | 35,050 | 48,294 | 79,088 | 107,076 |
Restructuring charges | 7,078 | 8,865 | 8,385 | 10,872 |
Currency exchange gains (losses), net | 1,640 | 793 | (459) | 1,063 |
Product liability expense | 11,751 | 851 | 14,547 | 2,802 |
Acquisition related costs | 3,168 | 64 | 4,541 | 161 |
COVID-19 related costs | 757 | |||
Adjusted operating income (loss) | 58,687 | 58,867 | 106,102 | 122,731 |
Depreciation and amortization | 11,584 | 9,786 | 22,088 | 19,428 |
Adjusted EBITDA | 70,271 | 68,653 | 128,190 | 142,159 |
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 217,707 | 204,231 | 426,046 | 435,484 |
Restructuring charges | 800 | 2,200 | ||
Reportable Segments | Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 217,707 | 204,231 | 426,046 | 435,484 |
Adjusted operating income (loss) | $ 49,238 | $ 49,003 | $ 94,390 | $ 108,811 |
Adjusted operating margin, percentage | 22.60% | 24.00% | 22.20% | 25.00% |
Adjusted EBITDA | $ 57,137 | $ 55,620 | $ 109,322 | $ 121,878 |
Adjusted EBITDA, percentage | 26.20% | 27.20% | 25.70% | 28.00% |
Reportable Segments | International | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 123,582 | $ 110,207 | $ 223,671 | $ 220,099 |
Adjusted operating income (loss) | $ 20,440 | $ 17,402 | $ 29,194 | $ 30,073 |
Adjusted operating margin, percentage | 16.50% | 15.80% | 13.10% | 13.70% |
Adjusted EBITDA | $ 24,020 | $ 20,474 | $ 36,147 | $ 36,239 |
Adjusted EBITDA, percentage | 19.40% | 18.60% | 16.20% | 16.50% |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Adjusted operating income (loss) | (10,991) | (7,538) | (17,482) | (16,153) |
Adjusted EBITDA | $ (10,886) | $ (7,441) | $ (17,279) | $ (15,958) |
Segment Information - Percentag
Segment Information - Percentage of Total Sales by Product Group (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue from External Customer [Line Items] | ||||
Revenues | $ 341,289 | $ 314,438 | $ 649,717 | $ 655,583 |
Breathing Apparatus | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 76,659 | 75,864 | 146,304 | 151,708 |
Fixed Gas & Flame Detection | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 64,920 | 65,385 | 125,039 | 135,296 |
Firefighter Helmets & Protective Apparel | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 53,121 | 40,337 | 99,131 | 82,884 |
Portable Gas Detection | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 38,820 | 28,385 | 76,249 | 69,437 |
Industrial Head Protection | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 38,155 | 30,601 | 70,851 | 65,933 |
Fall Protection | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 30,809 | 21,660 | 56,876 | 49,087 |
Other | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | $ 38,805 | $ 52,206 | $ 75,267 | $ 101,238 |
Revenue Benchmark | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Revenue Benchmark | Breathing Apparatus | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 22.00% | 24.00% | 23.00% | 23.00% |
Revenue Benchmark | Fixed Gas & Flame Detection | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 19.00% | 21.00% | 19.00% | 21.00% |
Revenue Benchmark | Firefighter Helmets & Protective Apparel | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 16.00% | 13.00% | 15.00% | 13.00% |
Revenue Benchmark | Portable Gas Detection | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 11.00% | 9.00% | 12.00% | 11.00% |
Revenue Benchmark | Industrial Head Protection | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 11.00% | 10.00% | 11.00% | 10.00% |
Revenue Benchmark | Fall Protection | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 9.00% | 7.00% | 9.00% | 7.00% |
Revenue Benchmark | Other | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 12.00% | 16.00% | 11.00% | 15.00% |
Americas | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | $ 217,707 | $ 204,231 | $ 426,046 | $ 435,484 |
Americas | Breathing Apparatus | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 51,436 | 50,269 | 100,234 | 102,962 |
Americas | Fixed Gas & Flame Detection | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 36,950 | 36,742 | 73,227 | 77,989 |
Americas | Firefighter Helmets & Protective Apparel | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 36,424 | 33,744 | 71,413 | 68,857 |
Americas | Portable Gas Detection | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 25,393 | 17,201 | 51,095 | 44,850 |
Americas | Industrial Head Protection | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 28,820 | 20,506 | 53,931 | 48,061 |
Americas | Fall Protection | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 17,677 | 11,381 | 33,349 | 29,076 |
Americas | Other | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | $ 21,007 | $ 34,388 | $ 42,797 | $ 63,689 |
Americas | Revenue Benchmark | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Americas | Revenue Benchmark | Breathing Apparatus | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 24.00% | 25.00% | 24.00% | 24.00% |
Americas | Revenue Benchmark | Fixed Gas & Flame Detection | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 17.00% | 18.00% | 17.00% | 18.00% |
Americas | Revenue Benchmark | Firefighter Helmets & Protective Apparel | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 17.00% | 16.00% | 17.00% | 16.00% |
Americas | Revenue Benchmark | Portable Gas Detection | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 12.00% | 8.00% | 12.00% | 10.00% |
Americas | Revenue Benchmark | Industrial Head Protection | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 13.00% | 10.00% | 13.00% | 11.00% |
Americas | Revenue Benchmark | Fall Protection | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 8.00% | 6.00% | 8.00% | 7.00% |
Americas | Revenue Benchmark | Other | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 9.00% | 17.00% | 9.00% | 14.00% |
International | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | $ 123,582 | $ 110,207 | $ 223,671 | $ 220,099 |
International | Breathing Apparatus | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 25,223 | 25,595 | 46,069 | 48,746 |
International | Fixed Gas & Flame Detection | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 27,970 | 28,643 | 51,811 | 57,307 |
International | Firefighter Helmets & Protective Apparel | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 16,697 | 6,593 | 27,719 | 14,027 |
International | Portable Gas Detection | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 13,427 | 11,184 | 25,154 | 24,587 |
International | Industrial Head Protection | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 9,335 | 10,095 | 16,920 | 17,872 |
International | Fall Protection | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 13,132 | 10,279 | 23,526 | 20,011 |
International | Other | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | $ 17,798 | $ 17,818 | $ 32,472 | $ 37,549 |
International | Revenue Benchmark | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 100.00% | 100.00% | 100.00% | 100.00% |
International | Revenue Benchmark | Breathing Apparatus | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 20.00% | 23.00% | 21.00% | 22.00% |
International | Revenue Benchmark | Fixed Gas & Flame Detection | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 23.00% | 26.00% | 23.00% | 26.00% |
International | Revenue Benchmark | Firefighter Helmets & Protective Apparel | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 14.00% | 6.00% | 12.00% | 7.00% |
International | Revenue Benchmark | Portable Gas Detection | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 11.00% | 10.00% | 11.00% | 11.00% |
International | Revenue Benchmark | Industrial Head Protection | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 8.00% | 9.00% | 8.00% | 8.00% |
International | Revenue Benchmark | Fall Protection | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 11.00% | 9.00% | 11.00% | 9.00% |
International | Revenue Benchmark | Other | Product Concentration Risk | ||||
Revenue from External Customer [Line Items] | ||||
Concentration risk percentage | 13.00% | 17.00% | 14.00% | 17.00% |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 25,125 | $ 36,066 | $ 61,539 | $ 79,741 |
Preferred stock dividends | (10) | (10) | (20) | (20) |
Net income available to common equity | 25,115 | 36,056 | 61,519 | 79,721 |
Dividends and undistributed earnings allocated to participating securities | (8) | (34) | (21) | (67) |
Net income available to common shareholders | $ 25,107 | $ 36,022 | $ 61,498 | $ 79,654 |
Basic weighted-average shares outstanding (shares) | 39,167 | 38,830 | 39,131 | 38,826 |
Stock-based compensation awards (shares) | 253 | 365 | 290 | 447 |
Diluted weighted-average shares outstanding (shares) | 39,420 | 39,195 | 39,421 | 39,273 |
Antidilutive stock options (shares) | 0 | 0 | 0 | 0 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.64 | $ 0.93 | $ 1.57 | $ 2.05 |
Diluted (in dollars per share) | $ 0.64 | $ 0.92 | $ 1.56 | $ 2.03 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | |||||
Effective income tax rate | 27.80% | 23.90% | 24.00% | 23.40% | |
Insurance receivable and other noncurrent assets | $ 95,435 | $ 95,435 | $ 89,062 | ||
Accrued interest and penalties related to uncertain tax positions | 1,200 | 1,200 | |||
Other noncurrent liabilities | |||||
Income Tax Contingency [Line Items] | |||||
Unrecognized tax benefits | 9,100 | 9,100 | |||
Deferred tax asset | |||||
Income Tax Contingency [Line Items] | |||||
Insurance receivable and other noncurrent assets | $ 2,800 | $ 2,800 |
Stock Plans - Schedule of Stock
Stock Plans - Schedule of Stock Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | ||||
Stock compensation expense | $ 7,403 | $ 830 | $ 10,695 | $ 4,352 |
Income tax expense | 1,784 | 202 | 2,577 | 1,062 |
Stock compensation expense, net of tax | $ 5,619 | $ 628 | $ 8,118 | $ 3,290 |
Stock Plans - Summary of Stock
Stock Plans - Summary of Stock Option Activity (Details) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Shares | |
Outstanding, beginning balance (in shares) | shares | 283,998 |
Exercised (in shares) | shares | (47,538) |
Forfeited (in shares) | shares | (81) |
Outstanding, ending balance (in shares) | shares | 236,379 |
Exercisable (in shares) | shares | 235,399 |
Weighted Average Exercise Price (dollars per share) | |
Outstanding, beginning balance (dollars per share) | $ / shares | $ 46.23 |
Exercised (dollars per share) | $ / shares | 45.42 |
Forfeited (dollars per share) | $ / shares | 49.66 |
Outstanding, ending balance (dollars per share) | $ / shares | 46.40 |
Exercisable (dollars per share) | $ / shares | $ 46.39 |
Stock Plans - Summary of Restri
Stock Plans - Summary of Restricted Stock and Unit Activity (Details) - Restricted Stock Activity | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Shares | |
Unvested, beginning balance (in shares) | shares | 146,191 |
Granted (in shares) | shares | 35,686 |
Vested (in shares) | shares | (51,753) |
Forfeited (in shares) | shares | (1,035) |
Unvested, ending balance (in shares) | shares | 129,089 |
Weighted Average Exercise Price (dollars per share) | |
Unvested, beginning balance (dollars per share) | $ / shares | $ 105.83 |
Granted (dollars per share) | $ / shares | 169.54 |
Vested (dollars per share) | $ / shares | 92.84 |
Forfeited (dollars per share) | $ / shares | 139.08 |
Unvested, ending Balance (dollars per share) | $ / shares | $ 128.39 |
Stock Plans - Additional Inform
Stock Plans - Additional Information (Details) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of target award based on achieving specified performance targets | 105.40% | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of target award based on achieving targeted performance conditions | 0.00% | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of target award based on achieving targeted performance conditions | 200.00% | |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value assumptions, average closing price used to calculate expected dividend rate, period (years) | 1 year | |
Stock beta, daily price data period (years) | 10 years | |
Award vesting period | 3 years |
Stock Plans - Weighted Average
Stock Plans - Weighted Average Risk Assumptions (Details) - Performance Stock Unit | 6 Months Ended |
Jun. 30, 2021$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value per option (dollars per share) | $ 177.32 |
Monte Carlo Approach | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value per option (dollars per share) | $ 177.50 |
Risk-free interest rate | 0.20% |
Expected dividend yield | 1.33% |
Expected volatility | 35.60% |
MSA stock beta | 0.932 |
Stock Plans - Summary of Perfor
Stock Plans - Summary of Performance Stock Unit Activity (Details) - Performance Stock Unit | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Shares | |
Unvested, beginning balance (in shares) | shares | 200,212 |
Granted (in shares) | shares | 46,070 |
Performance adjustments (in shares) | shares | 4,941 |
Vested (in shares) | shares | (63,286) |
Unvested, ending balance (in shares) | shares | 187,937 |
Weighted Average Exercise Price (dollars per share) | |
Unvested, beginning balance (dollars per share) | $ / shares | $ 104.69 |
Granted (dollars per share) | $ / shares | 177.32 |
Performance adjustments (dollars per share) | $ / shares | 88.86 |
Vested (dollars per share) | $ / shares | 84.97 |
Unvested, ending Balance (dollars per share) | $ / shares | $ 128.72 |
Long-Term Debt - Schedule of De
Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Senior revolving credit facility maturing in 2026, net of debt issuance costs | $ 238,722 | $ 212,231 |
Total | 334,587 | 307,157 |
Amounts due within one year | 20,000 | 20,000 |
Long-term debt, net of debt issuance costs | $ 314,587 | 287,157 |
2010 Senior Notes payable through 2021, 4.00% | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate percentage | 4.00% | |
Senior notes payable | $ 20,000 | 20,000 |
2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate percentage | 3.40% | |
Senior notes payable | $ 75,865 | $ 74,926 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) | Jul. 01, 2021USD ($) | May 24, 2021USD ($) | Jan. 04, 2019 | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021GBP (£) | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 900,000,000 | ||||||
Weighted average revolving interest rate, percentage | 1.10% | ||||||
Line of credit facility, remaining borrowing capacity | $ 657,500,000 | ||||||
Line of credit facility, accordion feature | 400,000,000 | ||||||
Amounts due within one year | 20,000,000 | $ 20,000,000 | |||||
Minimum fixed charges coverage ratio (not less than) | 1.50 | ||||||
Maximum consolidated leverage ratio (not to exceed) | 3.50 | ||||||
Consolidated leverage ratio (not more than) | 4 | ||||||
Debt instrument, collateral amount | 300,000 | ||||||
Acquisition, net of cash acquired | 62,992,000 | $ 0 | |||||
Subsequent Event | Bacharach Inc | |||||||
Debt Instrument [Line Items] | |||||||
Acquisition, net of cash acquired | $ 337,000,000 | ||||||
Standby Letters of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from lines of credit | 11,300,000 | ||||||
Senior Revolving Credit Facility Maturing in 2023 | Standby Letters of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from lines of credit | 1,700,000 | ||||||
Senior Notes | Series C Senior Notes Due July 2036 | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 100,000,000 | ||||||
Debt instrument, stated interest rate percentage | 2.69% | ||||||
Senior Notes | Series A Senior Notes Due October 2021 | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 100,000,000 | ||||||
Debt instrument, stated interest rate percentage | 4.00% | ||||||
Amounts due within one year | $ 20,000,000 | ||||||
Senior Notes | Series A Senior Notes Due 2036 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | 0 | ||||||
Senior Notes | Series A Senior Notes Due 2036 | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 100,000,000 | ||||||
Debt instrument, stated interest rate percentage | 2.69% | ||||||
Senior Notes | NYL Note Facility | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | ||||||
Senior Notes | Multicurrency Series C Senior Note and NYL Series A Senior Note | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 200,000,000 | ||||||
Debt instrument, stated interest rate percentage | 2.69% | ||||||
Unsecured Debt | Series C Senior Notes Due July 2036 | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 335,000,000 | ||||||
Notes Payable | Multi-currency Notes Due in 2031 | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 76,000,000 | £ 54,900,000 | |||||
Debt instrument, stated interest rate percentage | 3.40% | 3.40% | |||||
Base Rate | Senior Revolving Credit Facility Maturing in 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate margin, percentage | 0.00% | ||||||
Federal Funds Open Rate | Senior Revolving Credit Facility Maturing in 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate margin, percentage | 0.50% | ||||||
Overnight Bank Funding Rate | Senior Revolving Credit Facility Maturing in 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate margin, percentage | 0.50% | ||||||
London Interbank Offered Rate (LIBOR) | Senior Revolving Credit Facility Maturing in 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate margin, percentage | 1.00% | ||||||
Minimum | Senior Revolving Credit Facility Maturing in 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate margin, percentage | 0.00% | ||||||
Maximum | Senior Revolving Credit Facility Maturing in 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate margin, percentage | 1.75% |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Changes in Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 443,272 |
Additions (Note 18) | 4,056 |
Currency translation | (61) |
Ending balance | $ 447,267 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 447,267 | $ 443,272 |
Americas | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | 293,200 | |
International | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | 154,100 | |
Trade name | Globe Holding Company LLC | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 60,000 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Changes in Intangible Assets, Net of Accumulated Amortization (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Finite-lived Intangible Assets [Roll Forward] | |
Beginning balance | $ 161,051 |
Additions (Note 18) | 5,940 |
Amortization expense | (6,168) |
Currency translation | 579 |
Ending balance | $ 161,402 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Sales-type lease income | $ 2,100,000 | $ 3,200,000 | ||
Lease income | $ 600,000 | $ 0 | $ 1,300,000 | $ 0 |
Pensions and Other Post-retir_3
Pensions and Other Post-retirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 3,242 | $ 3,011 | $ 6,484 | $ 6,022 |
Interest cost | 2,817 | 3,726 | 5,634 | 7,452 |
Expected return on plan assets | (9,147) | (8,503) | (18,294) | (17,006) |
Amortization of prior service cost (credit) | 66 | 46 | 132 | 92 |
Recognized net actuarial losses | 4,421 | 3,935 | 8,842 | 7,870 |
Settlements | (1,879) | 0 | ||
Net periodic benefit (income) cost | 1,399 | 2,215 | 919 | 4,430 |
Other Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 99 | 99 | 198 | 198 |
Interest cost | 116 | 179 | 232 | 358 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost (credit) | (90) | (98) | (180) | (196) |
Recognized net actuarial losses | 399 | 286 | 798 | 572 |
Settlements | 0 | 0 | ||
Net periodic benefit (income) cost | $ 524 | $ 466 | $ 1,048 | $ 932 |
Pensions and Other Post-retir_4
Pensions and Other Post-retirement Benefits - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Retirement Benefits [Abstract] | ||
Pension plans contributions | $ 3.8 | $ 3.8 |
Total estimated pension plans contributions for the fiscal year | $ 7.7 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Foreign Exchange Forward | ||
Derivative [Line Items] | ||
Notional amount of open forward contracts | $ 99.2 | $ 96 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Balance Sheet Location and Fair Value of Assets Associated with Derivative Financial Instruments (Details) - Not designated as hedging instrument - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange contracts: Other current liabilities | $ 541 | $ 157 |
Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange contracts: Prepaid expenses and other current assets | $ 293 | $ 160 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Income Statement Location and Impact of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Not designated as hedging instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Currency exchange losses (gains), net | $ 1,474 | $ (864) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, amortized cost basis | $ 50 | $ 74.9 |
investments, fair value | 50 | 75 |
Reported Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value disclosure | 96 | 95 |
Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value disclosure | $ 113 | $ 113 |
Contingencies - Additional Info
Contingencies - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021USD ($)lawsuitclaim | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)lawsuitclaim | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)lawsuit | Dec. 31, 2019USD ($)lawsuit | |
Loss Contingencies [Line Items] | ||||||
Product liability expense | $ 11,751 | $ 851 | $ 14,547 | $ 2,802 | ||
Loss contingency, years of activity | 5 years | |||||
Insurance receivables | 104,100 | $ 104,100 | $ 97,000 | $ 63,800 | ||
Insurance receivables, current | 12,900 | 12,900 | 12,000 | |||
Insurance receivables, noncurrent | 91,200 | 91,200 | 85,000 | |||
Notes receivable from insurance companies | 53,000 | 53,000 | 52,300 | $ 56,000 | ||
Notes receivable from insurance companies, current | 3,900 | 3,900 | ||||
Amount reported in notes receivable, insurance companies, noncurrent | 49,100 | 49,100 | 48,500 | |||
Notes receivable from insurance companies, current | 3,855 | 3,855 | 3,796 | |||
Product warranty expense | 4,100 | 4,500 | ||||
Single incident | ||||||
Loss Contingencies [Line Items] | ||||||
Product liability accrual | $ 1,500 | 1,500 | $ 1,400 | |||
Product liability expense | $ 100 | 300 | ||||
Lawsuit | ||||||
Loss Contingencies [Line Items] | ||||||
Number of lawsuits | lawsuit | 1,610 | 1,610 | 1,622 | 1,605 | ||
Damages from product defects | ||||||
Loss Contingencies [Line Items] | ||||||
Number of lawsuits | 3,942 | 3,942 | 2,878 | 2,456 | ||
Cumulative trauma | ||||||
Loss Contingencies [Line Items] | ||||||
Product liability accrual | $ 226,100 | $ 226,100 | $ 221,500 | |||
Product liability expense | 24,500 | 1,200 | 27,500 | 3,300 | ||
Claims settled, but not yet paid | ||||||
Loss Contingencies [Line Items] | ||||||
Product liability accrual | 11,000 | 11,000 | 7,800 | |||
Uninsured cumulative trauma | ||||||
Loss Contingencies [Line Items] | ||||||
Product liability expense | 11,800 | $ 900 | 14,500 | $ 2,800 | ||
Other current liabilities | Cumulative trauma | ||||||
Loss Contingencies [Line Items] | ||||||
Product liability accrual | 35,000 | 35,000 | 35,300 | |||
Other noncurrent liabilities | Cumulative trauma | ||||||
Loss Contingencies [Line Items] | ||||||
Product liability accrual | $ 186,200 | |||||
Other noncurrent liabilities | Cumulative trauma, reported claims | ||||||
Loss Contingencies [Line Items] | ||||||
Product liability, gross | $ 191,100 | $ 191,100 |
Contingencies - Summary of Cumu
Contingencies - Summary of Cumulative Trauma Product Liability Claims Activity (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021lawsuitclaim | Dec. 31, 2020lawsuit | |
Lawsuit | ||
Loss Contingency, Quantities [Roll Forward] | ||
Beginning of period | 1,622 | 1,605 |
New lawsuits | 169 | 402 |
Settled and dismissed lawsuits | (181) | (385) |
End of period | 1,610 | 1,622 |
Damages from product defects | ||
Loss Contingency, Quantities [Roll Forward] | ||
Beginning of period | 2,878 | 2,456 |
New lawsuits | 1,268 | 917 |
Settled and dismissed lawsuits | (204) | (495) |
End of period | 3,942 | 2,878 |
Contingencies - Summary of Insu
Contingencies - Summary of Insurance Receivable Balances and Activity Related to Cumulative Trauma Product Liability Losses (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward] | ||
Balance beginning of period | $ 97 | $ 63.8 |
Additions | 13.2 | 39 |
Collections and other adjustments | (6.1) | (5.8) |
Balance end of period | $ 104.1 | $ 97 |
Contingencies - Schedule of Not
Contingencies - Schedule of Notes Receivable Balances from Insurance Companies (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward] | ||
Balance beginning of period | $ 52.3 | $ 56 |
Additions | 0.7 | 1.4 |
Collections | 0 | (5.1) |
Balance end of period | $ 53 | $ 52.3 |
Contingencies - Schedule of Pro
Contingencies - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||
Beginning warranty reserve | $ 11,428 | $ 12,715 |
Warranty payments | (4,566) | (10,861) |
Warranty claims | 4,298 | 10,233 |
Provision for product warranties and other adjustments | (167) | (659) |
Ending warranty reserve | $ 10,993 | $ 11,428 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Thousands | Jan. 25, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||||
Acquisition, net of cash acquired | $ 62,992 | $ 0 | |||
Amortization period | 4 months | ||||
Goodwill | $ 447,267 | 447,267 | $ 443,272 | ||
Bristol | |||||
Business Acquisition [Line Items] | |||||
Voting interest acquired (percentage) | 100.00% | ||||
Acquisition, net of cash acquired | $ 63,000 | ||||
Useful life | 15 years | ||||
Estimated future amortization expense, remainder of fiscal year | $ 200 | ||||
Estimated future amortization expense, years one and two | 500 | ||||
Estimated future amortization expense, years three and four | 400 | ||||
Estimated future amortization expense, thereafter | 3,800 | ||||
Acquired inventory as part of the purchase price allocation | 1,500 | ||||
Goodwill | $ 4,100 | 4,100 | 4,100 | ||
Transaction costs | $ 3,200 | 4,500 | |||
Revenues | 12,500 | ||||
Net income (loss) | $ (2,200) |
Acquisitions - Fair Value of As
Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jan. 25, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||
Goodwill | $ 447,267 | $ 443,272 | |
Bristol | |||
Business Acquisition [Line Items] | |||
Cash included in current assets | $ 13,300 | ||
Current assets (including cash of $13.3 million) | 37,100 | ||
Net investment in sales-type leases, noncurrent | 29,000 | ||
Property, plant and equipment and other noncurrent assets | 12,000 | ||
Goodwill | $ 4,100 | 4,100 | |
Total assets acquired | 88,100 | ||
Total liabilities assumed | (11,800) | ||
Net assets acquired | 76,300 | ||
Customer relationships | Bristol | |||
Business Acquisition [Line Items] | |||
Intangible assets | 4,500 | ||
Trade name and other intangible assets | Bristol | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 1,400 |
Acquisitions - Pro Forma Financ
Acquisitions - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Business Combinations [Abstract] | |||
Net sales | $ 330.5 | $ 651.7 | $ 694.9 |
Net income | $ 38.9 | $ 61.8 | $ 85.6 |
Basic earnings per share (in dollars per share) | $ 1 | $ 1.58 | $ 2.20 |
Diluted earnings per share (in dollars per share) | $ 0.99 | $ 1.57 | $ 2.18 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Jul. 01, 2021 | Jul. 29, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Subsequent Event [Line Items] | |||||
Acquisition, net of cash acquired | $ 62,992 | $ 0 | |||
Bacharach Inc | |||||
Subsequent Event [Line Items] | |||||
Transaction costs | $ 1,900 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Noncontrolling interest, ownership percentage purchased | 10.00% | ||||
Payments to acquire additional interest in subsidiary | $ 19,000 | ||||
Dividend payment to subsidiary | $ 6,000 | ||||
Subsequent Event | Bacharach Inc | |||||
Subsequent Event [Line Items] | |||||
Acquisition, net of cash acquired | $ 337,000 |