Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 09, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-15579 | ||
Entity Registrant Name | MSA SAFETY INCORPORATED | ||
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 | ||
Title of 12(b) Security | Common Stock, no par value | ||
Trading Symbol | MSA | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 6.4 | ||
Entity Common Stock, Shares Outstanding (in shares) | 39,318,501 | ||
Documents Incorporated by Reference | Portions of the Proxy Statement for the May 12, 2024 Annual Meeting of Shareholders are incorporated by reference into Part III. | ||
Entity Central Index Key | 0000066570 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | Pittsburgh, Pennsylvania |
Auditor Firm ID | 42 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 1,787,647 | $ 1,527,953 | $ 1,400,182 |
Cost of products sold | 935,509 | 854,122 | 784,834 |
Gross profit | 852,138 | 673,831 | 615,348 |
Selling, general and administrative | 396,645 | 338,872 | 332,862 |
Research and development | 67,988 | 57,012 | 57,793 |
Restructuring charges (Note 3) | 9,892 | 7,965 | 16,433 |
Currency exchange losses, net | 17,079 | 10,255 | 216 |
Loss on divestiture of MSA LLC (Note 20) | 129,211 | 0 | 0 |
Product liability expense (Note 20) | 3 | 20,590 | 185,264 |
Operating income | 231,320 | 239,137 | 22,780 |
Interest expense | 46,733 | 21,660 | 10,758 |
Other income, net (Note 16) | (22,101) | (21,056) | (11,582) |
Total other expense (income), net | 24,632 | 604 | (824) |
Income before income taxes | 206,688 | 238,533 | 23,604 |
Provision for income taxes (Note 10) | 148,105 | 58,903 | 1,816 |
Net income | 58,583 | 179,630 | 21,788 |
Net income attributable to noncontrolling interests | 0 | 0 | (448) |
Net income attributable to MSA Safety Incorporated | $ 58,583 | $ 179,630 | $ 21,340 |
Earnings per share attributable to MSA Safety Incorporated common shareholders (Note 9): | |||
Basic (in dollars per share) | $ 1.49 | $ 4.58 | $ 0.54 |
Diluted (in dollars per share) | 1.48 | 4.56 | 0.54 |
Dividends per common share (in dollars per share) | $ 1.87 | $ 1.82 | $ 1.75 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 58,583 | $ 179,630 | $ 21,788 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments (Note 6) | 21,682 | (19,453) | (25,354) |
Pension and post-retirement plan actuarial gains, net of tax (Note 6) | 7,683 | 6,961 | 58,256 |
Unrealized gains (losses) on available-for-sale securities (Note 6) | 2 | 3 | (4) |
Reclassifications from accumulated other comprehensive loss into net income (Note 6) | 101 | 2,912 | 267 |
Total other comprehensive income (loss), net of tax | 29,468 | (9,577) | 33,165 |
Comprehensive income | 88,051 | 170,053 | 54,953 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | (356) |
Comprehensive income attributable to MSA Safety Incorporated | $ 88,051 | $ 170,053 | $ 54,597 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 146,442 | $ 162,902 |
Trade receivables, less allowance for credit loss of $7,065 and $6,769 | 294,678 | 297,028 |
Inventories (Note 4) | 292,604 | 338,316 |
Investments, short-term (Note 19) | 0 | 9,905 |
Prepaid income taxes | 12,912 | 21,700 |
Notes receivable, insurance companies (Note 20) | 0 | 5,931 |
Prepaid expenses and other current assets | 39,634 | 44,344 |
Total current assets | 786,270 | 880,126 |
Property, plant and equipment, net (Note 5) | 211,877 | 207,552 |
Operating lease right-of-use assets, net (Note 17) | 53,298 | 44,142 |
Prepaid pension cost (Note 15) | 172,161 | 141,643 |
Deferred tax assets (Note 10) | 33,065 | 25,490 |
Goodwill (Note 13) | 627,534 | 620,622 |
Intangible assets, net (Note 13) | 266,134 | 281,853 |
Notes receivable, insurance companies, noncurrent (Note 20) | 0 | 38,695 |
Insurance receivable (Note 20) and other noncurrent assets | 19,811 | 136,853 |
Total assets | 2,170,150 | 2,376,976 |
Liabilities | ||
Notes payable and current portion of long-term debt (Note 12) | 26,522 | 7,387 |
Accounts payable | 111,872 | 112,532 |
Employees’ compensation | 73,386 | 45,077 |
Insurance and product liability (Note 20) | 8,521 | 73,898 |
Income taxes payable (Note 10) | 19,972 | 6,149 |
Other current liabilities | 92,545 | 100,822 |
Total current liabilities | 332,818 | 345,865 |
Long-term debt, net (Note 12) | 575,170 | 565,445 |
Pensions and other employee benefits (Note 15) | 143,967 | 137,810 |
Noncurrent operating lease liabilities (Note 17) | 44,495 | 35,345 |
Deferred tax liabilities (Note 10) | 102,419 | 31,881 |
Product liability (Note 20) and other noncurrent liabilities | 4,479 | 336,889 |
Total liabilities | 1,203,348 | 1,453,235 |
Commitments and contingencies (Note 20) | ||
Shareholders' Equity | ||
Preferred stock, 4.5% cumulative, $50 par value (Note 7) | 3,569 | 3,569 |
Common stock, no par value (180,000,000 shares authorized; 62,081,391 shares issued; 39,317,212 and 39,213,064 shares outstanding at December 31, 2023 and 2022, respectively) | 312,324 | 281,980 |
Treasury shares, at cost (Note 7) | (363,284) | (361,438) |
Accumulated other comprehensive loss (Note 6) | (129,249) | (158,717) |
Retained earnings | 1,143,442 | 1,158,347 |
Total shareholders’ equity | 966,802 | 923,741 |
Total liabilities and shareholders’ equity | $ 2,170,150 | $ 2,376,976 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Financial Position [Abstract] | ||
Allowance for credit loss | $ 7,065 | $ 6,769 |
Cumulative preferred nonvoting stock (as a percent) | 4.50% | 4.50% |
Preferred stock, par value (in dollars per share) | $ 50,000 | $ 50,000 |
Common stock, shares authorized (in shares) | 180,000,000 | 180,000,000 |
Common stock, shares issued (in shares) | 62,081,391 | 62,081,391 |
Common stock, shares outstanding (in shares) | 39,317,212 | 39,213,064 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities | |||
Net income | $ 58,583 | $ 179,630 | $ 21,788 |
Depreciation and amortization | 60,773 | 56,317 | 50,317 |
Tax-effected loss on divestiture of MSA LLC (Note 20) | 199,578 | 0 | 0 |
Stock-based compensation (Note 11) | 30,023 | 19,650 | 18,908 |
Pension (income) expense (Note 15) and other charges | (7,915) | (11,499) | 2,448 |
Deferred income tax benefit (Note 10) | (8,514) | 5,171 | (38,850) |
Loss on asset write-down and dispositions, net | 173 | 6,290 | 788 |
Pension contributions (Note 15) | (5,217) | (5,032) | (5,543) |
Currency exchange losses, net (Note 6) | 17,079 | 10,255 | 216 |
Product liability expense (Note 20) | 3 | 20,590 | 185,264 |
Collections on insurance receivable and notes receivable, insurance companies (Note 20) | 0 | 9,516 | 15,443 |
Product liability payments (Note 20) | (5,250) | (36,755) | (39,548) |
Contribution on divestiture of MSA LLC (Note 20) | (341,186) | 0 | 0 |
Changes in: | |||
Trade receivables | (7,102) | (38,587) | 4,374 |
Inventories (Note 4) | 51,585 | (67,366) | (17,827) |
Accounts payable | (5,452) | 7,585 | 13,299 |
Other current assets and liabilities | 53,509 | (1,795) | 823 |
Other noncurrent assets and liabilities | 2,187 | 3,485 | (12,755) |
Cash Flow From Operating Activities | 92,857 | 157,455 | 199,145 |
Investing Activities | |||
Capital expenditures | (42,764) | (42,553) | (43,837) |
Purchase of short-term investments (Note 19) | 0 | (79,542) | (133,913) |
Proceeds from maturities of short-term investments (Note 19) | 0 | 119,000 | 160,000 |
Acquisitions, net of cash acquired (Note 14) | 0 | 0 | (392,437) |
Property disposals and other investing | 2,811 | (1,389) | (5,286) |
Cash Flow Used In Investing Activities | (39,953) | (4,484) | (415,473) |
Financing Activities | |||
Payments on long-term debt (Note 12) | (1,871,102) | (1,023,000) | (1,346,557) |
Proceeds from long-term debt (Note 12) | 1,895,000 | 1,010,000 | 1,639,733 |
Debt issuance costs | (1,138) | 0 | (2,106) |
Cash dividends paid | (73,488) | (71,497) | (68,586) |
Acquisition of noncontrolling interests in consolidated subsidiaries (Note 14) | 0 | 0 | (13,381) |
Distribution to noncontrolling interests (Note 14) | 0 | 0 | (5,632) |
Company stock purchases (Note 7) | (3,961) | (34,394) | (6,171) |
Exercise of stock options (Note 7) | 1,473 | 4,650 | 5,770 |
Employee stock purchase plan (Note 7) | 963 | 891 | 855 |
Cash Flow (Used In) Provided by Financing Activities | (52,253) | (113,350) | 203,925 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (16,671) | (16,631) | (7,193) |
(Decrease) increase in cash, cash equivalents and restricted cash | (16,020) | 22,990 | (19,596) |
Beginning cash, cash equivalents and restricted cash | 164,428 | 141,438 | 161,034 |
Ending cash, cash equivalents and restricted cash | 148,408 | 164,428 | 141,438 |
Supplemental cash flow information: | |||
Cash and cash equivalents | 146,442 | 162,902 | 140,895 |
Restricted cash included in prepaid expenses and other current assets | 1,966 | 1,526 | 543 |
Total cash, cash equivalents and restricted cash | 148,408 | 164,428 | 141,438 |
Interest paid in cash | 47,258 | 20,740 | 9,288 |
Income tax paid in cash | $ 69,085 | $ 60,491 | $ 45,556 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Retained Earnings, Accumulated Other Comprehensive Loss and Noncontrolling Interests - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance at beginning of period | $ 923,741 | $ 923,741 | |||||
Net income | $ 76,410 | (150,173) | $ 51,489 | $ 35,542 | 58,583 | $ 179,630 | $ 21,340 |
Pension and post-retirement plan adjustments, net of tax | 7,683 | 6,961 | 58,256 | ||||
Unrecognized net gains on available-for-sale securities (Note 19) | (4) | ||||||
(Income) loss attributable to noncontrolling interests | 0 | 0 | (448) | ||||
Preferred stock dividends | (41) | (41) | (41) | ||||
Balance at end of period | 966,802 | 923,741 | 966,802 | 923,741 | |||
Retained Earnings | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance at beginning of period | 1,158,347 | 1,050,214 | 1,158,347 | 1,050,214 | 1,103,092 | ||
Net income | 58,583 | 179,630 | 21,788 | ||||
(Income) loss attributable to noncontrolling interests | (448) | ||||||
Distributions to noncontrolling interests | (5,632) | ||||||
Common dividends | (73,447) | (71,456) | (68,545) | ||||
Preferred stock dividends | (41) | (41) | (41) | ||||
Balance at end of period | 1,143,442 | 1,158,347 | 1,143,442 | 1,158,347 | 1,050,214 | ||
Accumulated Other Comprehensive Loss | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance at beginning of period | (158,717) | (149,140) | (158,717) | (149,140) | (182,397) | ||
Foreign currency translation adjustments | 21,682 | (19,453) | (25,354) | ||||
Pension and post-retirement plan adjustments, net of tax | 7,683 | 6,961 | 58,256 | ||||
Unrecognized net gains on available-for-sale securities (Note 19) | 2 | 3 | |||||
Reclassification of currency translation from accumulated other comprehensive loss into net income (Note 6) | 101 | 2,912 | 267 | ||||
(Income) loss attributable to noncontrolling interests | 92 | ||||||
Balance at end of period | (129,249) | (158,717) | (129,249) | (158,717) | (149,140) | ||
Noncontrolling Interests | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance at beginning of period | $ 0 | $ 0 | 0 | 0 | 7,993 | ||
(Income) loss attributable to noncontrolling interests | 356 | ||||||
Acquisition of noncontrolling interests in consolidated subsidiaries | (8,349) | ||||||
Balance at end of period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Retained Earnings, Accumulated Other Comprehensive Loss and Noncontrolling Interests (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Common dividends (in dollars per share) | $ 1.87 | $ 1.82 | $ 1.75 |
Tax reclassification adjustment | $ (1,706) | $ (2,570) | $ (18,564) |
Preferred dividends (in dollars per share) | $ 0.5625 | $ 0.5625 | $ 0.5625 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies General Information and Basis of Presentation— The consolidated financial statements of MSA Safety Incorporated ("MSA" or "the Company") are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and require management to make certain judgments, estimates, and assumptions. These may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements. They also may affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates upon subsequent resolution of identified matters. Principles of Consolidation— The consolidated financial statements include the accounts of the Company and all subsidiaries. Intercompany accounts and transactions are eliminated. Noncontrolling Interests— Noncontrolling interests reflect noncontrolling shareholders’ investments in certain consolidated subsidiaries and their proportionate share of the income and accumulated other comprehensive loss of those subsidiaries. During July 2021, the Company purchased the remaining noncontrolling interests in MSA (China) Safety Equipment Co., Ltd. See Note 14—Acquisitions for further detail. Currency Translation— The functional currency of all significant non-U.S. subsidiaries is the local country currency. Assets and liabilities of these operations are translated at year-end exchange rates. Income statement accounts are translated using the average exchange rates for the reporting period. Translation adjustments for these subsidiaries are reported as a component of shareholders’ equity and are not included in net income. Foreign currency transaction gains and losses are included in net income for the reporting period. Cash Equivalents— Cash equivalents include temporary deposits with financial institutions and highly liquid investments with original maturities of 90 days or less. Highly liquid investments, consisting of money market funds totaling $1.9 million at December 31, 2022, were liquidated and included in the cash contributed in the MSA LLC divestiture transaction. Refer to Note 20—Contingencies to the consolidated financial statements in Part II Item 8 of this Form 10-K for further discussion on the divestiture of MSA LLC on January 5, 2023. Prior to the divestiture, these funds were valued at net asset value (“NAV”) and were required to price and transact at a NAV per share that fluctuated based upon the pricing of the underlying portfolio of securities. Restricted Cash— Restricted cash, which is designated for use other than current operations, is included in prepaid expenses and other current assets in the Consolidated Balance Sheets. Restricted cash balances were $2.0 million and $1.5 million at December 31, 2023 and 2022, respectively. These balances were used to support letter of credit balances. Inventories— Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out ("FIFO") method. It is the Company's general policy to write-down any inventory balance in excess of the last 24 months of consumption and any inventory identified as obsolete. Investment securities — Prior to the divestiture of MSA LLC as discussed above, the Company held investment securities, primarily consisting of fixed income securities which were classified as available-for-sale. The securities were recorded at fair market value and included in “Investments, short-term” in the accompanying Consolidated Balance Sheets with changes in fair market value recorded in other comprehensive income, net of tax. The purchases and sales of these investments were classified as investing activities in the Consolidated Statements of Cash Flows. Property and Depreciation— Property is recorded at cost. Depreciation is computed primarily using the straight-line method over the estimated useful lives of the assets, generally as follows: buildings 20 to 40 years, and machinery and equipment 3 to 10 years. Expenditures for significant renewals and improvements are capitalized. Ordinary repairs and maintenance are expensed as incurred. Gains or losses on property dispositions are included in other expense (income), net and the cost and related accumulated depreciation are removed from the accounts. Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $41.8 million, $36.7 million and $33.0 million, respectively. Properties, plant, and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets or asset groups may not be recoverable. Software Development Costs— Software development costs are costs incurred to create, enhance and deploy the Company’s broad range of wireless technology and cloud-based computing safety services. Software development costs, other than software development costs qualifying for capitalization, are expensed as incurred. Costs of computer software developed or obtained for internal use that are incurred in the preliminary project and post implementation stages are expensed as incurred. Certain costs incurred during the application and development stage, which primarily include compensation and related expenses, are capitalized. Additionally, costs of upgrades and enhancements are capitalized when it is probable that the upgrades and enhancements will result in added functionality. During 2023, 2022 and 2021, respectively, there was approximately $12.1 million, $8.7 million and $8.1 million of software development costs capitalized. The Company has unamortized computer software development costs of $18.2 million and $16.5 million as of December 31, 2023 and 2022, respectively, included in property, plant and equipment, net. Capitalized costs are amortized through cost of products sold using the straight-line method over the estimated useful life, which is normally three years, beginning in the period in which the software is ready for its intended use or when the upgrade or enhancement is deployed. Software development amortization expense was $10.4 million, $7.9 million and $4.9 million during the years ended December 31, 2023, 2022 and 2021, respectively. Lessee Arrangements — At the inception of our contracts, we determine if the contract is or contains a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. We have elected to not separate the lease and non-lease components within our lease contracts. Right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement. We use our incremental borrowing rate ("IBR") at the recognition date in determining the present value of future payments for leases that do not have a readily determinable implicit rate. Our IBR reflects a fully secured rate based on our credit rating, taking into consideration the repayment timing of the lease and any impacts due to the economic environment in which the lease operates. Our lease payments are largely fixed. Variable lease payments that depend on an index or a rate are included in the lease payments and are measured using the prevailing index or rate at the measurement date, with differences between the calculated lease payment and the actual lease payment being expensed in the period of the change. Other variable lease payments, including utilities, consumption and common area maintenance as well as repairs, maintenance and mileage overages on vehicles, are expensed during the period incurred. A majority of our real estate leases include options to extend the lease and options to early terminate the lease. Leases with an early termination option generally involve a termination payment. If we are reasonably certain to exercise an option to extend a lease, the extension period is included as part of the right-of-use asset and the lease liability. Some of our leases contain residual value guarantees. These are guarantees made to the lessor that the value of an underlying asset returned to the lessor at the end of a lease will be at least a specified amount. Our leases do not contain restrictions or covenants that restrict us from incurring other financial obligations. For our leases, we have elected to not apply the recognition requirements to leases of less than twelve months. These leases are expensed on a straight-line basis and are not included within the Company's operating lease asset or liability. Lease right-of-use assets and liabilities are recognized based on the present value of the fixed future lease payments over the lease term. Operating leases are included in Operating lease right-of-use assets, net, Other current liabilities, and Noncurrent operating lease liabilities in our Consolidated Balance Sheets. Finance leases are included in Property, plant and equipment, net, Other current liabilities, and Product liability and other noncurrent liabilities in our Consolidated Balance Sheets. Lease expense for all operating leases is classified in Cost of products sold or Selling, general and administrative expense in the Consolidated Statements of Income. For finance leases, the amortization of the right-of-use asset is included in depreciation and amortization, and the interest is included in interest expense. Lessor Arrangements — The Company derives a portion of its revenue from various leasing arrangements where the Company is the lessor, primarily fire service contracts entered into by Bristol which was acquired in January 2021 (Note 14). Such arrangements provide for monthly payments covering equipment provided, maintenance and interest. These arrangements meet the criteria to be accounted for as sales-type leases under Accounting Standards Codification ("ASC") 842 and contain both lease and non-lease components. For a component to be separate, the customer would be able to benefit from the right of use of the component separately or with other resources readily available to the customer and the right of the use is not highly dependent or highly interrelated with the other rights to use the other underlying assets or components. Revenue from equipment provided is considered a lease component and recognized with point in time revenue recognition upon lease commencement. Upon the recognition of such revenue, an asset is established for the investment in sales-type leases. Maintenance revenue, which is considered a non-lease component, and interest is recognized monthly over the lease term. As of December 31, 2023, the Company had remaining maintenance performance obligations of approximately $32.9 million which are expected to be recognized to revenue over approximately 4 years. Lease revenues and interest earned by the Company, included in the Consolidated Statements of Income, were not material to any of the years ended December 31, 2023, 2022 and 2021. Net investment in sales-type leases of $6.3 million and $14.6 million were included in Prepaid expenses and other current assets and Insurance receivable and other noncurrent assets, respectively, in the Consolidated Balance Sheets as of December 31, 2023. The portion in Insurance receivable and other noncurrent assets at December 31, 2023 is expected to be collected within six years. Goodwill and Other Intangible Assets— Intangible assets with a finite useful life are amortized on a straight-line basis over their useful lives. Indefinite lived intangible assets are assessed for possible impairment annually on October 1st or whenever circumstances change such that the recorded value of the asset may not be recoverable. We performed a quantitative assessment of the indefinite lived trade name intangible asset as outlined in ASC 350 by comparing the estimated fair value of the trade name intangible asset to its carrying value. We estimate the fair value using the relief from royalty income approach. A number of assumptions and estimates are involved in the application of the relief from royalty model, including sales volumes and prices, royalty rates and tax rates. Forecasts are based on sales generated by the underlying trade name assets and are generally based on approved business unit operating plans for the early years and historical relationships in later years. Based on these assessments, no impairments were identified during the years ended December 31, 2023, 2022 or 2021. All goodwill is assigned to and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment. Goodwill is not amortized, but evaluated for impairment at least annually or whenever events or changes in circumstance indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company may perform either a qualitative assessment of potential impairment or proceed directly to a quantitative assessment of potential impairment. If the Company chooses not to perform a qualitative assessment, or if it chooses to perform a qualitative assessment but is unable to qualitatively conclude that no impairment has occurred, then the Company will perform a quantitative assessment. A quantitative test for goodwill impairment is performed by determining the fair value of the related reporting units. The Company estimates the fair value of the reporting unit with which the goodwill is associated and compares it to the carrying value. If the estimated fair value of a reporting unit is less than its carrying value, an impairment charge is recognized for the excess of the reporting unit's carrying value over its fair value. Fair value is measured based on the discounted cash flow method and relative market-based approaches. In 2023, we performed a quantitative test at October 1, 2023. We estimate reporting unit fair value using a weighted average of fair values determined by discounted cash flow ("DCF") and market approach methodologies, as we believe both are important indicators of fair value. A number of assumptions and estimates are involved in the application of the DCF model, including sales volumes and prices, costs to produce, tax rates, capital spending, discount rates, and working capital changes. Cash flow forecasts are generally based on approved reporting unit operating plans for the early years and historical relationships in later years. The market approach methodology measures value through an analysis of peer companies. The analysis entails measuring the multiples of earnings before interest, taxes, depreciation and amortization ("EBITDA") at which peer companies are trading. Management performed its evaluation and determined the fair value of each reporting unit is greater than the carrying amount and, accordingly, the Company has not recorded any impairment charges related to goodwill. There has been no impairment of our goodwill during the years ended December 31, 2023, 2022 or 2021. Revenue Recognition— We account for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers . Revenue from the sale of products is recognized when there is persuasive evidence of an arrangement and control passes to the customer, which generally occurs either when product is shipped to the customer or, in the case of most U.S. distributor customers, when product is delivered to the distributor's delivery site. We establish our shipping terms according to local practice and market characteristics. We do not ship product unless we have an order or other documentation authorizing shipment to our customers. Our payment terms vary by the type and location of our customer and the products offered. The term between invoicing and when payment is due is not significant. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Amounts billed and due from our customers are classified as receivables on the Consolidated Balance Sheets. We make appropriate provisions for credit losses which have historically been insignificant in relation to our net sales. Certain contracts with customers, primarily distributor customers, have an element of variable consideration that is estimated when revenue is recognized under the contract to the extent that it is material to the individual contract. Variable consideration includes volume incentive rebates, performance guarantees, price concessions and returns. Rebates are based on achieving a certain level of purchases and other performance criteria that are documented in established distributor programs. These rebates are estimated based on projected sales to the customer and accrued as a reduction of net sales as they are earned by the customer. The rebate accrual is reviewed monthly and adjustments are made as the estimate of projected sales changes. Product returns, including an adjustment for restocking fees if it is material, are estimated based on historical return experience and revenue is adjusted. Sales, value add and other taxes collected with revenue-producing activities and remitted to governmental authorities are excluded from revenue. Depending on the terms of the arrangement, we may defer revenue for which we have a future obligation, including leases where the Company is the lessor, connected safety subscriptions, training, extended warranty, software subscriptions, maintenance and technical services, until such time that the obligation has been satisfied. We use an observable price, or a cost plus margin approach when one is not available, to determine the stand-alone selling price for separate performance obligations. We have elected to recognize the cost for shipping and handling as an expense when control of the product has passed to the customer. These costs are included within the Cost of products sold line on the Consolidated Statements of Income. Amounts billed to customers for shipping and handling are included in net sales. Product Warranties— Estimated expenses related to product warranties and additional service actions are charged to Cost of products sold in the period in which the related revenue is recognized or when significant product quality issues are identified. Research and Development— Research and development costs are expensed as incurred. Income Taxes— Deferred income taxes are recognized for temporary differences between financial and tax reporting. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. We record tax benefits related to uncertain tax positions taken or expected to be taken on a tax return when such benefits meet a more likely than not threshold. We recognize interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. Deferred taxes are booked for available cash in excess of working capital for non-U.S. subsidiaries as these earnings are not considered to be permanently reinvested. Stock-Based Compensation— We recognize expense for employee and non-employee director stock-based compensation based on the grant date fair value of the awards. Except for retirement-eligible participants, for whom there is no requisite service period, this expense is recognized ratably over the requisite service periods following the date of grant. For retirement-eligible participants, this expense is recognized over an accelerated period of at least one year. Derivative Instruments— We may use derivative instruments from time to time to minimize the effects of changes in currency exchange rates. We do not enter into derivative transactions for speculative purposes and do not hold derivative instruments for trading purposes. Changes in the fair value of derivative instruments designated as fair value hedges are recorded in the balance sheet as adjustments to the underlying hedged asset or liability. Changes in the fair value of derivative instruments that do not qualify for hedge accounting treatment are recognized in the Consolidated Statements of Income and Consolidated Statements of Cash Flows as Currency exchange losses, net in the current period. Commitments and Contingencies— For asserted claims and assessments, liabilities are recorded when a loss is deemed to be probable and the amount of the loss is reasonably estimable. Management assesses the probability of an unfavorable outcome with respect to asserted claims or assessments based on many factors such as the nature of the matter, available defenses and case strategy, progress of the matter, views and opinions of legal counsel and other advisors, applicability and success of appeals processes, and the outcome of similar historical matters, among others. Once an unfavorable outcome is assessed to be probable, management evaluates estimates of the potential loss, and the most reasonable loss estimate is recorded (or, if the estimate of the loss is a range, and no amount within the range is considered to be a better estimate than any other amount, the minimum amount in the range is recorded). If a material loss is deemed to be reasonably possible but not probable, the matter is disclosed and no liability is recorded. With respect to unasserted claims or assessments, management first determines whether it is probable that a claim or assessment may be asserted and then, if so, the degree of probability of an unfavorable outcome. If an unfavorable outcome is probable, management assesses whether the amount of potential loss can be reasonably estimated and, if so, accrues the most reasonable estimate of the loss (or, if the estimate of the loss is a range, and no amount within the range is considered to be a better estimate than any other amount, the minimum amount in the range is recorded). If an unfavorable outcome is reasonably possible but less than probable, or the amount of loss cannot be reasonably estimated, then the matter is disclosed and no liability is recorded. Legal matters are reviewed on a continuous basis to determine if there has been a change in management’s judgment regarding the likelihood and/or estimate of a potential loss. Please refer to Note 20 — Contingencies for further details on product liability related matters. Concentration of credit and business risks— |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents Several of the Company's affiliates participate in a notional cash pooling arrangement to manage global liquidity requirements. As part of a master netting arrangement, the participants combine their cash balances in pooling accounts at the same financial institution with the ability to offset bank overdrafts of one participant against positive cash account balances held by another participant. Under the terms of the master netting arrangement, the financial institution has the right, ability and intent to offset a positive balance in one account against an overdrawn amount in another account. Amounts in each of the accounts are unencumbered and unrestricted with respect to use. As such, the net cash balance related to this pooling arrangement is included in Cash and cash equivalents in the Consolidated Balance Sheets. The Company's net cash pool position consisted of the following: (In thousands) December 31, 2023 Gross cash pool position $ 91,249 Less: cash pool borrowings (88,509) Net cash pool position $ 2,740 |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges During the years ended December 31, 2023, 2022 and 2021, we recorded restructuring charges of $9.9 million, $8.0 million and $16.4 million, respectively. These charges were primarily related to our ongoing initiatives to adjust our cost structure and improve productivity. Americas segment restructuring charges of $3.1 million during the year ended December 31, 2023, were related to manufacturing footprint optimization activities. International segment restructuring charges of $4.7 million during the year ended December 31, 2023, were related to ongoing initiatives to drive profitable growth and improve productivity. Corporate segment restructuring charges of $2.1 million during the year ended December 31, 2023, were related to footprint optimization activities and management restructuring. A total of 152 positions were eliminated in 2023. There were 62 positions eliminated in the Americas segment, 75 in the International segment, and 15 in the Corporate segment. Americas segment restructuring charges of $2.3 million during the year ended December 31, 2022, were related to various optimization activities. International segment restructuring charges of $5.1 million during the year ended December 31, 2022, were primarily related to the implementation of our new European Shared Service Center in Warsaw, Poland. Corporate segment restructuring charges of $0.6 million during the year ended December 31, 2022, were primarily related to programs to realign the organization and adjust our operations in response to current business conditions. A total of 151 positions were eliminated in 2022. There were 24 positions eliminated in the Americas segment, 123 in the International segment, and 4 in the Corporate segment. Americas segment restructuring charges of $4.6 million during the year ended December 31, 2021, were primarily related to integration related activities and costs associated with our global Fixed Gas & Flame Detection manufacturing footprint optimization as well as programs to adjust our operations in response to current business conditions. International segment restructuring charges of $11.2 million during the year ended December 31, 2021, were primarily related to our initiatives to drive profitable growth and right size our operations. Corporate segment restructuring charges of $0.6 million during the year ended December 31, 2021, were primarily related to programs to adjust our operations in response to current business conditions. A total of 143 positions were eliminated in 2021. There were 66 positions eliminated in the Americas segment, 71 in the International segment, and 6 in the Corporate segment. Activity and reserve balances for restructuring charges by segment were as follows: (in millions) Americas International Corporate Total Reserve balances at January 1, 2021 $ 2.8 $ 19.3 $ 0.4 $ 22.5 Restructuring charges 4.6 11.2 0.6 16.4 Currency translation and other adjustments (0.1) (0.2) — (0.3) Cash payments / utilization (4.0) (12.9) (0.7) (17.6) Reserve balances at December 31, 2021 $ 3.3 $ 17.4 $ 0.3 $ 21.0 Restructuring charges 2.3 5.1 0.6 8.0 Currency translation and other adjustments 0.1 (1.3) — (1.2) Cash payments / utilization (4.0) (8.4) (0.4) (12.8) Reserve balances at December 31, 2022 $ 1.7 $ 12.8 $ 0.5 $ 15.0 Restructuring charges 3.1 4.7 2.1 9.9 Currency translation and other adjustments (0.1) 0.1 — — Cash payments / utilization (3.9) (8.6) (2.6) (15.1) Reserve balances at December 31, 2023 $ 0.8 $ 9.0 $ — $ 9.8 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The following table sets forth the components of inventory: December 31, (In thousands) 2023 2022 Finished products $ 88,687 $ 97,142 Work in process 15,378 16,360 Raw materials and supplies 188,539 224,814 Total inventories $ 292,604 $ 338,316 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
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: December 31, (In thousands) 2023 2022 Land $ 4,332 $ 4,884 Buildings 141,027 138,618 Machinery and equipment 498,148 466,394 Construction in progress 24,404 22,097 Total 667,911 631,993 Less accumulated depreciation (456,034) (424,441) Property, plant and equipment, net $ 211,877 $ 207,552 |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Loss | Reclassifications Out of Accumulated Other Comprehensive Loss MSA Safety Incorporated Noncontrolling Interests (In thousands) 2023 2022 2021 2023 2022 2021 Pension and other post-retirement benefits (a) Balance at beginning of period $ (50,335) $ (57,296) $ (115,552) $ — $ — $ — Unrecognized net actuarial gains (losses) 8,654 (2,862) 54,384 — — — Tax (expense) benefit (1,514) 703 (12,804) — — — Total other comprehensive gain (loss) before reclassifications, net of tax 7,140 (2,159) 41,580 — — — Amounts reclassified from accumulated other comprehensive loss into net income: Amortization of prior service credit (Note 15) (84) (199) (95) — — — Recognized net actuarial losses (Note 15) 812 12,592 22,531 — — — Tax benefit (185) (3,273) (5,760) — — — Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income 543 9,120 16,676 — — — Total other comprehensive income $ 7,683 $ 6,961 $ 58,256 $ — $ — $ — Balance at end of period $ (42,652) $ (50,335) $ (57,296) $ — $ — $ — Available-for-sale securities Balance at beginning of period $ (2) $ (5) $ (1) $ — $ — $ — Unrealized gain (loss) on available-for-sale securities (Note 19) 2 3 (4) — — — Balance at end of period $ — $ (2) $ (5) $ — $ — $ — Foreign currency translation Balance at beginning of period $ (108,380) $ (91,839) $ (66,844) $ — $ — $ 372 Reclassification from accumulated other comprehensive loss into net income (b) 101 2,912 267 — — — Acquisition of noncontrolling interests in consolidated subsidiaries — — — — — (280) Foreign currency translation adjustments 21,682 (19,453) (25,262) — — (92) Balance at end of period $ (86,597) $ (108,380) $ (91,839) $ — $ — $ — (a) Reclassifications out of accumulated other comprehensive loss and into net income are included in the computation of net periodic pension and other post-retirement benefit costs (refer to Note 15—Pensions and Other Post-retirement Benefits). (b) Reclassifications out of accumulated other comprehensive loss and into net income relate primarily to the approval of our plan to close a foreign subsidiary. The reclassifications are included in Currency exchange losses, net, within the Consolidated Statements of Income. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Capital Stock | Capital Stock Preferred Stock — The Company has authorized 100,000 shares of $50 par value 4.5% cumulative preferred nonvoting stock which is callable at $52.50. There were 71,340 shares issued and 52,998 shares held in treasury at both December 31, 2023 and 2022. The Treasury shares at cost line of the Consolidated Balance Sheets includes $1.8 million related to preferred stock. There were no shares of preferred stock purchased and subsequently held in treasury during the years ended December 31, 2023, or 2022. 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 December 31, 2023 or 2022. Common Stock — The Company has authorized 180,000,000 shares of no par value common stock. There were 62,081,391 shares issued as of December 31, 2023 and December 31, 2022. There were 39,317,212 and 39,213,064 shares outstanding at December 31, 2023 and 2022, respectively. Treasury Shares — The Company's stock 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 purchased is calculated based on the dollars remaining under the program and the respective month-end closing share price. Under the program, there were no shares repurchased during 2023, 251,408 shares repurchased during 2022 and no shares repurchased during 2021. We do not have any other share repurchase programs. There were 22,764,179 and 22,868,327 Treasury shares at December 31, 2023 and 2022, respectively. The Company issues Treasury shares for all stock based benefit plans. Shares are issued from Treasury at the average Treasury share cost on the date of the transaction. There were 132,797 and 219,214 Treasury shares issued for these purposes during the years ended December 31, 2023 and 2022, respectively. Common stock activity is summarized as follows: Shares Dollars (Dollars in thousands) Issued Treasury Common Treasury Balance at January 1, 2021 62,081,391 (23,013,489) $ 242,693 $ (326,156) Restricted stock awards — 53,934 (762) 762 Restricted stock expense — — 6,562 — Restricted stock forfeitures — — (765) — Stock options exercised — 122,119 4,003 1,767 Stock option expense — — 90 — Stock option forfeitures — — (9) — Performance stock issued — 64,543 (939) 939 Performance stock expense — — 13,227 — Employee stock purchase plan — 5,730 772 83 Treasury shares purchased — (37,710) — (6,171) Acquisition of noncontrolling interest — — (4,751) — Balances December 31, 2021 62,081,391 (22,804,873) $ 260,121 $ (328,776) Restricted stock awards — 52,810 (711) 711 Restricted stock expense — — 7,715 — Restricted stock forfeitures — — (1,227) — Stock options exercised — 103,545 3,021 1,629 Stock option expense — — 49 — Performance stock issued — 55,447 (880) 880 Performance stock expense — — 15,843 — Performance stock forfeitures — — (2,730) — Employee stock purchase plan — 7,412 779 112 Treasury shares purchased — (31,260) — (4,021) Share repurchase program — (251,408) — (30,373) Balances December 31, 2022 62,081,391 (22,868,327) $ 281,980 $ (359,838) Restricted stock awards — 40,856 (643) 643 Restricted stock expense — — 9,476 — Restricted stock forfeitures — — (1,414) — Stock options exercised — 31,394 970 503 Stock option expense — — 11 — Stock option forfeitures — — (11) — Performance stock issued — 53,407 (855) 855 Performance stock expense — — 23,546 — Performance stock forfeitures — — (1,585) — Employee stock purchase plan — 7,140 849 114 Treasury shares purchased — (28,649) — (3,961) Balances December 31, 2023 62,081,391 (22,764,179) $ 312,324 $ (361,684) |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
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, and Asia Pacific. The operating segments have been aggregated (based on economic similarities, the nature of their products, end-user markets and methods of distribution) into three reportable segments: Americas, International, and Corporate. The Americas segment is comprised of our operations in Northern North America and Latin America geographies. The International segment is comprised of our operations in all geographies outside of the Americas. Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived. The Company's sales are allocated to each segment based primarily on the country destination of the end-customer. Adjusted operating income (loss), adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are the measures used by the chief operating decision maker to evaluate segment performance and allocate resources. Adjusted operating income (loss) is defined as operating income excluding restructuring charges, currency exchange gains (losses), product liability expense, loss on divestiture of Mine Safety Appliances Company, LLC ("MSA LLC"), transaction costs and acquisition-related amortization. Adjusted operating margin is defined as adjusted operating income (loss) divided by segment net sales to external customers. Adjusted EBITDA is defined as adjusted operating income (loss) plus depreciation and amortization. Adjusted EBITDA margin is defined as adjusted EBITDA divided by segment net sales to external customers. The accounting principles applied at the operating segment level in determining operating income (loss) are generally the same as those applied at the 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) Americas International Corporate Reconciling Items (a) Consolidated 2023 Net sales to external customers $ 1,235,594 $ 552,053 $ — $ — $ 1,787,647 Operating income 231,320 Restructuring charges (Note 3) 9,892 Currency exchange losses, net 17,079 Loss on divestiture of MSA LLC (Note 20) 129,211 Product liability expense (Note 20) 3 Amortization of acquisition-related intangible assets 9,246 Transaction costs (b) 965 Adjusted operating income (loss) 359,617 89,699 (51,600) 397,716 Adjusted operating margin % 29.1 % 16.2 % Depreciation and amortization 36,979 13,705 843 51,527 Adjusted EBITDA 396,596 103,404 (50,757) 449,243 Adjusted EBITDA margin % 32.1 % 18.7 % Noncash items: Pension (income) expense $ (11,873) $ 3,958 $ (7,915) Total Assets 1,433,244 734,856 320 1,730 2,170,150 Capital expenditures 28,011 13,341 1,412 — 42,764 2022 Net sales to external customers $ 1,043,238 $ 484,715 $ — $ — $ 1,527,953 Operating income 239,137 Restructuring charges (Note 3) 7,965 Currency exchange losses, net 10,255 Product liability expense (Note 20) 20,590 Amortization of acquisition-related intangible assets 9,207 Transaction costs (b) 3,233 Adjusted operating income (loss) 267,392 60,923 (37,928) — 290,387 Adjusted operating margin % 25.6 % 12.6 % Depreciation and amortization 34,334 12,256 520 — 47,110 Adjusted EBITDA 301,726 73,179 (37,408) — 337,497 Adjusted EBITDA margin % 28.9 % 15.1 % Noncash items: Pension (income) expense $ (18,368) $ 6,869 $ — $ — $ (11,499) Total Assets 1,660,776 703,444 11,673 1,083 2,376,976 Capital expenditures 33,324 9,229 — — 42,553 2021 Net sales to external customers $ 908,068 $ 492,114 $ — $ — $ 1,400,182 Operating income 22,780 Restructuring charges (Note 3) 16,433 Currency exchange losses, net 216 Product liability expense (Note 20) 185,264 Amortization of acquisition-related intangible assets 8,764 Transaction costs (b) 7,120 Adjusted operating income (loss) 202,496 73,279 (35,198) 240,577 Adjusted operating margin % 22.3 % 14.9 % Depreciation and amortization 31,236 13,718 463 — 45,417 Adjusted EBITDA 233,732 86,997 (34,735) — 285,994 Adjusted EBITDA margin % 25.7 % 17.7 % Noncash items: Pension (income) expense $ (2,916) $ 5,790 $ — $ — $ 2,874 Total Assets 1,661,619 720,257 13,034 1,486 2,396,396 Capital expenditures 25,148 11,408 7,281 — 43,837 (a) Reconciling items consist primarily of intercompany eliminations and items not directly attributable to operating segments. (b) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the Consolidated Statements of Income Geographic information on Net sales to external customers, based on country of origin: (In thousands) 2023 2022 2021 United States $ 1,036,521 $ 876,945 $ 746,825 Other 751,126 651,008 653,357 Total $ 1,787,647 $ 1,527,953 $ 1,400,182 Geographic information on tangible long-lived assets, net, based on country of origin: (In thousands) 2023 2022 2021 United States $ 156,937 $ 159,345 $ 155,667 Other 108,238 92,349 102,304 Total $ 265,175 $ 251,694 $ 257,971 Total Net sales by product portfolio was as follows: 2023 Consolidated Americas International (In thousands) Dollars Percent Dollars Percent Dollars Percent Firefighter Safety (a) $ 684,224 38% $ 501,676 41% $ 182,548 33% Detection (b) 634,915 36% 419,312 34% 215,603 39% Industrial PPE and Other (c) 468,508 26% 314,606 25% 153,902 28% Total $ 1,787,647 100% $ 1,235,594 100% $ 552,053 100% 2022 Consolidated Americas International (In thousands) Dollars Percent Dollars Percent Dollars Percent Firefighter Safety (a) $ 578,935 38% $ 416,427 40% $ 162,508 34% Detection (b) 529,735 35% 349,543 34% 180,192 37% Industrial PPE and Other (c) 419,283 27% 277,268 26% 142,015 29% Total $ 1,527,953 100% $ 1,043,238 100% $ 484,715 100% 2021 Consolidated Americas International (In thousands) Dollars Percent Dollars Percent Dollars Percent Firefighter Safety (a) $ 526,326 38% $ 354,426 39% $ 171,900 35% Detection (b) 461,779 33% 292,058 32% 169,721 34% Industrial PPE and Other (c) 412,077 29% 261,584 29% 150,493 31% Total $ 1,400,182 100% $ 908,068 100% $ 492,114 100% (a) Firefighter Safety includes Breathing Apparatus and Firefighter Helmets and Protective Apparel, and includes sales from the Bristol acquisition from January 25, 2021 onward (International). (b) Detection includes Fixed Gas and Flame Detection and Portable Gas detection, and includes sales from the Bacharach acquisition from July 1, 2021 onward (Americas and International). (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2023 | |
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: (In thousands, except per share amounts) 2023 2022 2021 Net income $ 58,583 $ 179,630 $ 21,340 Preferred stock dividends (41) (41) (41) Net income available to common equity 58,542 179,589 21,299 Dividends and undistributed earnings allocated to participating securities (26) (30) (24) Net income available to common shareholders $ 58,516 $ 179,559 $ 21,275 Basic weighted-average shares outstanding 39,307 39,232 39,173 Stock options and other stock-based awards 166 175 276 Diluted weighted-average shares outstanding 39,473 39,407 39,449 Antidilutive stock-based awards — — — Earnings per share: Basic $ 1.49 $ 4.58 $ 0.54 Diluted $ 1.48 $ 4.56 $ 0.54 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes (In thousands) 2023 2022 2021 Components of income before income taxes U.S. income (loss) $ 80,229 $ 170,426 $ (59,746) Non-U.S. income 126,459 68,107 83,350 Income before income taxes $ 206,688 $ 238,533 $ 23,604 Provision for income taxes Current Federal $ 49,642 $ 26,022 $ 13,179 State 9,510 7,708 5,000 Non-U.S. 27,101 20,002 22,487 Total current provision $ 86,253 $ 53,732 $ 40,666 Deferred Federal $ 54,272 $ 7,350 $ (29,631) State 12,914 862 (7,204) Non-U.S. (5,334) (3,041) (2,015) Total deferred provision (benefit) 61,852 5,171 (38,850) Provision for income taxes $ 148,105 $ 58,903 $ 1,816 On June 10, 2021 the United Kingdom ("U.K.") Parliament announced royal assent for Bill No. 12, on the Finance Act of 2021. This bill increased 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. Reconciliation of the U.S. federal income tax rates to our effective tax rate: 2023 2022 2021 U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Divestiture (Note 20) 46.6 % — % — % State income taxes-U.S. 3.7 % 2.9 % (7.0) % Nondeductible compensation 1.9 % 1.2 % 15.3 % Research and development credit (0.8) % (0.4) % (5.3) % Taxes on non-U.S. income (0.6) % 0.1 % (10.9) % Taxes on non-U.S. income - U.S., Canadian & European reorganization (0.5) % — % — % Employee share-based payments (0.4) % (0.8) % (18.3) % Valuation allowances (0.2) % 0.8 % 7.0 % Foreign exchange on entity closures — % 0.3 % (0.4) % Other 0.9 % (0.4) % 6.3 % Effective income tax rate 71.6 % 24.7 % 7.7 % Components of deferred tax assets and liabilities: December 31, (In thousands) 2023 2022 Deferred tax assets Capitalized research and development $ 28,822 $ 26,988 Net operating losses and tax credit carryforwards 10,964 10,696 Share-based compensation 5,528 4,562 Inventory 7,281 — Accrued expenses and other reserves 4,566 5,738 Reserve for doubtful accounts 1,562 — Product liability 655 72,950 Other 7,218 5,068 Total deferred tax assets 66,596 126,002 Valuation allowances (9,671) (10,017) Net deferred tax assets 56,925 115,985 Deferred tax liabilities Goodwill and intangibles (83,100) (80,383) Employee benefits (24,958) (18,899) Property, plant and equipment (15,541) (18,735) Other (2,680) (4,359) Total deferred tax liabilities (126,279) (122,376) Net deferred taxes $ (69,354) $ (6,391) At December 31, 2023, we had net operating loss carryforwards of approximately $50.4 million. All net operating loss carryforwards without a valuation allowance may be carried forward for a period of at least six years. A reconciliation of the change in the tax liability for unrecognized tax benefits for the years ended December 31, 2023 and 2022 is as follows: (In thousands) 2023 2022 Beginning balance $ 5,192 $ 4,937 Adjustments for tax positions related to the current year — 100 Adjustments for tax positions related to prior years (1,116) 155 Settlements — — Statute expiration (992) — Ending balance $ 3,084 $ 5,192 The total amount of unrecognized tax benefits, if recognized, would reduce our future effective tax rate. We have recognized tax benefits associated with these liabilities in the amount of $0.6 million and $2.7 million at December 31, 2023 and 2022, respectively. We recognize interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. Our liability for accrued interest and penalties related to uncertain tax positions was $0.2 million and $1.1 million at December 31, 2023 and 2022, respectively. We are subject to regular review and audit by both foreign and domestic tax authorities. While we believe our tax positions will be sustained, the final outcome of tax audits and related litigation may differ materially from the tax amounts recorded in our consolidated financial statements. We file a U.S. federal income tax return along with various state and foreign income tax returns. Examinations of our U.S. federal returns have been completed through 2018. Various state and foreign income tax returns may be subject to tax audits for periods after 2015. |
Stock Plans
Stock Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Plans | Stock Plans The 2023 Management Equity Incentive Plan and its predecessor, the 2016 Management Equity Incentive Plan, provide for various forms of stock-based compensation for eligible employees through May 2033 including stock options, restricted stock awards, restricted stock units and performance stock units. The 2017 Non-Employee Directors’ Equity Incentive Plan provides for grants of stock options and restricted stock to non-employee directors through May 2027. Stock options are granted at market prices and expire after ten years. Stock options are exercisable beginning three years after the grant date. Restricted stock and restricted stock units are granted without payment to the Company and generally vest three years after the grant date. Restricted stock and restricted stock units are valued at the market value of the stock on the grant date. Performance stock units with a market condition are valued at an estimated fair value using a Monte Carlo simulation model. The final number of shares to be issued for performance stock units may range from zero to 240% of the target award based on achieving the specified performance targets over the performance period and further range based upon the achieved market metric over the performance period. In general, unvested stock options, restricted stock and performance stock units are forfeited if the participant’s employment with the Company terminates for any reason other than retirement, death or disability. We issue Treasury shares for stock option exercises and grants of restricted stock and performance stock. Please refer to Note 7—Capital Stock for further information regarding stock compensation share issuance. As of December 31, 2023, there were 1,869,407 and 68,439 shares, respectively, reserved for future grants under the management and non-employee directors’ equity incentive plans. Stock-based compensation expense was as follows: (In thousands) 2023 2022 2021 Restricted stock units $ 8,062 $ 6,488 $ 5,797 Stock options — 49 81 Performance stock units 21,961 13,113 13,030 Total stock-compensation expense before income taxes 30,023 19,650 18,908 Income tax benefit 7,356 4,814 4,633 Total stock-compensation expense, net of income tax benefit $ 22,667 $ 14,836 $ 14,275 We did not capitalize any stock-based compensation expense, and all expense is included in Selling, general and administrative expense in the Consolidated Statements of Income. A summary of option activity follows: Shares Weighted Exercisable at Outstanding January 1, 2021 283,998 $ 46.23 Exercised (122,087) 47.25 Forfeited (210) 43.75 Outstanding December 31, 2021 161,701 45.47 161,347 Exercised (103,545) 44.91 Outstanding December 31, 2022 58,156 46.48 58,156 Exercised (31,394) 46.90 Forfeited (226) 49.44 Outstanding December 31, 2023 26,536 $ 45.95 26,536 For various exercise price ranges, characteristics of outstanding and exercisable stock options at December 31, 2023 were as follows: Stock Options Outstanding and Exercisable Range of Exercise Prices Shares Weighted-Average Exercise Price Remaining Life $33.01 – $45.00 17,820 $ 44.50 1.66 $45.01 – $57.93 8,716 48.92 1.73 $33.01 – $57.93 26,536 $ 45.95 1.68 Cash received from the exercise of stock options was $1.5 million, $4.7 million and $5.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. The tax benefit we realized from these exercises was $0.9 million, $1.9 million and $4.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. Stock options become exercisable when they are vested. The aggregate intrinsic value of stock options exercisable and outstanding at December 31, 2023 was $3.3 million. 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 unit activity follows: Shares Weighted Average Unvested January 1, 2021 146,191 $ 105.83 Granted 43,146 167.13 Vested (65,225) 95.43 Forfeited (5,769) 132.54 Unvested at December 31, 2021 118,343 132.62 Granted 87,697 130.28 Vested (51,369) 113.96 Forfeited (8,785) 139.66 Unvested at December 31, 2022 145,886 137.36 Granted 81,150 142.92 Vested (43,107) 126.27 Forfeited (10,078) 140.28 Unvested at December 31, 2023 173,851 $ 142.73 A summary of performance stock unit activity follows: Shares Weighted Average Unvested at January 1, 2021 200,212 $ 104.69 Granted 52,309 175.59 Vested (64,543) 85.41 Performance adjustments 5,357 88.45 Unvested at December 31, 2021 193,335 129.86 Granted 81,504 142.38 Vested (55,447) 101.38 Performance adjustments (22,147) 99.84 Forfeited (18,485) 147.66 Unvested at December 31, 2022 178,760 146.28 Granted 77,654 132.39 Vested (53,407) 127.36 Performance adjustments (3,009) 127.40 Forfeited (10,777) 147.06 Unvested at December 31, 2023 189,221 $ 146.17 The 2023 performance adjustments above relate primarily to 2020 performance unit awards which vested in the first quarter of 2023 at 94.9% of the target award based on both cumulative performance against EBITDA margin and revenue growth targets and MSA's TSR during the three-year performance period. During the years ended December 31, 2023, 2022 and 2021, the total intrinsic value of stock options exercised (the difference between the market price on the date of exercise and the option price paid to exercise the option) was $3.7 million, $8.6 million and $13.0 million, respectively. The fair values of restricted stock vested during the years ended December 31, 2023, 2022 and 2021 were $5.4 million, $5.9 million and $6.2 million, respectively. The fair value of performance stock units vested during the years ended December 31, 2023, 2022 and 2021 was $6.8 million, $5.6 million and $5.5 million, respectively. On December 31, 2023, there was $21.1 million of unrecognized stock-based compensation expense. The weighted average period over which this expense is expected to be recognized was approximately 1.7 years. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-Term Debt December 31, (In thousands) 2023 2022 2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs $ 62,081 $ 66,379 2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs 99,733 99,711 2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs 99,733 99,711 2023 Term Loan credit agreement maturing in 2026, net of debt issuance costs 230,604 — 2023 Senior Notes payable through 2028, 5.25%, net of debt issuance costs 49,939 — Senior revolving credit facility maturing in 2026, net of debt issuance costs 59,602 307,031 Total 601,692 572,832 Amounts due within one year 26,522 7,387 Long-term debt, net of debt issuance costs $ 575,170 $ 565,445 On May 24, 2021, the Company entered into a Fourth Amended and Restated Credit Agreement (the “Revolving Credit Facility" or "Facility”) that extended its term through May 24, 2026 and increased the capacity to $900.0 million. The agreement was amended in August 2021 and June 2023 to transition from Sterling LIBOR reference rates and U.S. LIBOR reference rates. Under the amended agreement, the Company may elect either a Base rate of interest (“BASE”) or an interest rate based on Secured Overnight Financing Rate (“SOFR”). The BASE is a daily fluctuating per annum rate equal to the highest of (i) 0.00%, (ii) the Overnight Bank Funding Rate, plus 0.5%, (iii) the Prime Rate (iv) the Daily Simple SOFR rate, plus 1.00%. The Company pays a credit spread of 0 to 175 basis points based on the Company’s net EBITDA leverage ratio and elected rate (BASE or SOFR). The Company has a weighted average revolver interest rate of 6.22% as of December 31, 2023. At December 31, 2023, $838.1 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. The Company has outstanding £48.8 million (approximately $62.2 million at December 31, 2023) of 3.4% Series B Senior Notes due January 22, 2031. Remaining maturities of this note are £6.1 million (approximately $7.8 million at December 31, 2023) due annually through January 2031. 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. On June 29, 2023, the Company issued $50 million of 5.25% Series B Senior Notes due July 1, 2028, pursuant to the NYL Note Facility (the "Notes"). The Notes bear interest at 5.25% per annum, payable semi-annually, and mature on July 1, 2028. The Notes provide for a principal payment of $25 million on July 1, 2027, with the remaining $25 million due on July 1, 2028. The Notes may be redeemed at the Company’s option prior to their maturity at a make-whole redemption price calculated as provided in the NYL Note Facility. The proceeds of the Notes were used on June 29, 2023, to pay down an equivalent amount of borrowings under the Company’s Revolving Credit Facility with PNC Bank, National Association, as Administrative Agent. On July 1, 2021, the Company acquired Bacharach in a transaction valued at $329.4 million, net of cash acquired. The acquisition was partially financed by $200.0 million of 2.69% Senior Notes from the Prudential Note Agreement and NYL Note Facility. The remaining purchase price was financed under the Revolving Credit Facility. During August 2021 and June 2023, respectively, the Company amended its Revolving Credit Facility to transition from Sterling LIBOR reference rates to Sterling Overnight Interbank Average Rate SONIA reference rates and from U.S. LIBOR reference rates to SOFR reference rates. The Company applied the optional expedients in ASC 848, Reference Rate Reform, to these modifications driven by reference rate reform, accounting for the modifications as a continuation of the existing contracts. Therefore, these modifications did not require remeasurement at the modification date or a reassessment of previous accounting determinations. As such, the change in reference rates did not have an impact on the Company’s consolidated financial statements. On January 5, 2023, the Company entered into a new $250 million term loan facility to fund the divestiture of MSA LLC, a wholly owned subsidiary. Under the agreement, the Company may elect either BASE or an interest rate based on SOFR. The Company pays a credit spread of 0 to 200 basis points based on the Company's net EBITDA leverage ratio and elected rate. The Company had a Term Loan interest rate of 6.45% as of December 31, 2023. The Revolving Credit Facility, Term Loan Facility, Prudential Note Agreement and NYL Note Facility require the Company to comply with specified financial covenants, including a requirement to maintain a minimum fixed charges coverage ratio of not less than 1.50 to 1.00 and a consolidated leverage ratio not to exceed 3.50 to 1.00; except during an acquisition period, defined as four consecutive fiscal quarters beginning with the quarter of acquisition, in which case the consolidated net leverage ratio shall not exceed 4.00 to 1.00; in each case calculated on the basis of the trailing four fiscal quarters. In addition, the agreements contain negative covenants limiting the ability of the Company and its subsidiaries to incur additional indebtedness or issue guarantees, create or incur liens, make loans and investments, make acquisitions, transfer or sell assets, enter into transactions with affiliated parties, make changes in its organizational documents that are materially adverse to lenders or modify the nature of the Company's or its subsidiaries' business. All credit facilities excluded MSA LLC prior to the divestiture of this subsidiary on January 5, 2023, as discussed further in Note 20. As of December 31, 2023, MSA was in full compliance with the restrictive covenants under its various credit agreements. Approximate maturities on our long-term debt over the next five years are $26.5 million in 2024, $32.8 million in 2025, $256.1 million in 2026, $32.8 million in 2027, $32.8 million in 2028 and $223.3 million thereafter. The Company had outstanding bank guarantees and standby letters of credit with banks as of December 31, 2023, totaling $9.1 million, of which $1.1 million relate to the senior revolving credit facility. The letters of credit serve to cover customer requirements in connection with certain sales orders and insurance companies. The Company is also required to provide cash collateral in connection with certain arrangements. At December 31, 2023, the Company has $2.0 million of restricted cash in support of these arrangements. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Changes in goodwill during the years ended December 31, 2023 and 2022, were as follows: (In thousands) 2023 2022 Balance at January 1 $ 620,622 $ 636,858 Measurement period adjustment — (1,041) Currency translation 6,912 (15,195) Balance at December 31 $ 627,534 $ 620,622 At December 31, 2023, goodwill of $447.6 million and $179.9 million related to the Americas and International reportable segments, respectively. Changes in intangible assets, net of accumulated amortization, during the years ended December 31, 2023 and 2022, were as follows: (In thousands) 2023 2022 Net balance at January 1 $ 281,853 $ 306,948 Amortization expense (18,085) (19,137) Currency translation 2,366 (5,958) Net balance at December 31 $ 266,134 $ 281,853 (In millions) December 31, 2023 December 31, 2022 Intangible Assets: Weighted Average Useful Life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships 19 $ 181.8 $ (46.5) $ 135.3 $ 178.7 $ (35.3) $ 143.4 Distribution agreements 20 66.0 (30.2) 35.8 65.8 (26.9) 38.9 Technology related assets 8 49.9 (32.7) 17.2 49.5 (29.3) 20.2 Patents, trademarks and copyrights 16 34.5 (16.8) 17.7 34.0 (14.8) 19.2 License agreements 5 5.4 (5.4) — 5.4 (5.3) 0.1 Other 3 3.4 (3.3) 0.1 3.3 (3.2) 0.1 Total 17 $ 341.0 $ (134.9) $ 206.1 $ 336.7 $ (114.8) $ 221.9 At December 31, 2023, the above intangible assets balance includes a trade name related to the Globe acquisition with an indefinite life totaling $60.0 million. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Acquisition of Bacharach On July 1, 2021, we acquired 100% of the common stock of Bacharach in an all cash transaction valued at $329.4 million, net of cash acquired. Headquartered near Pittsburgh in New Kensington, PA, Bacharach is a leader in gas detection technologies used in the HVAC-R markets. This acquisition expanded MSA’s gas detection portfolio and leverages MSA’s product and manufacturing expertise into new markets. Bacharach's operating results are included in our consolidated financial statements from the acquisition date within the Americas, International and Corporate reportable segments. The acquisition qualified as a business combination and was accounted for using the acquisition method of accounting. The following table summarizes the fair values of the Bacharach assets acquired and liabilities assumed at the date of the acquisition: (In millions) July 1, 2021 Current assets (including cash of $11.7 million) $ 32.1 Property, plant and equipment and other noncurrent assets 4.3 Customer relationships 123.0 Developed technology 20.5 Trade name 15.0 Goodwill 193.5 Total assets acquired 388.4 Total liabilities assumed (47.3) Net assets acquired $ 341.1 Assets acquired and liabilities assumed in connection with the acquisition were recorded at 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 developed technologies; and the cost method for assembled workforce was included in goodwill. A number of significant assumptions and estimates were involved in the application of these valuation methods, including forecasted sales volumes 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 Bacharach 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, developed technology and trade name acquired in the Bacharach transaction are being amortized over periods of 21 years, 7 to 9 years and 20 years, respectively. The step up to fair value of acquired inventory as part of the purchase price allocation totaled $2.3 million. The amortization of the inventory step up was included in Cost of products sold in the Consolidated Statements of Income for the year ended December 31, 2021. 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 Bacharach with our operations. Goodwill of $193.5 million related to the Bacharach acquisition was recorded, with $154.6 million and $38.9 million allocated to the Americas reportable segment and International reportable segment, respectively. This Goodwill is non-deductible for tax purposes. 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 in an all-cash transaction valued at $63.0 million, net of cash acquired. Bristol, which is headquartered in the 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 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. 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 utility market. Bristol's operating results are included in our consolidated financial statements from the acquisition date as part of the International reportable segment. The acquisition qualified as a business combination and was accounted for using the acquisition method of accounting. The following table summarizes the 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 4.9 Total assets acquired 88.9 Total liabilities assumed (12.6) Net assets acquired $ 76.3 Assets acquired and liabilities assumed in connection with the acquisition were recorded at 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 forecasted sales volumes 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. The step up to fair value of acquired inventory as part of the purchase price allocation totaled $1.5 million. The amortization of the inventory step up was included in Cost of products sold in the Consolidated Statements of Income for the year ended December 31, 2021. 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 $4.9 million related to the Bristol acquisition has been recorded in the International reportable segment and is non-deductible for tax purposes. The operating results of the Bristol and Bacharach acquisitions have been included in our consolidated financial statements from their respective acquisition dates. Our results for the year ended December 31, 2021, include combined net sales and net loss of $67.2 million and $6.3 million, respectively. The following unaudited pro forma information presents our combined results as if the Bristol and Bacharach acquisitions had occurred at the beginning of 2021. 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 or Bacharach during the periods presented that are required to be eliminated. The unaudited pro forma combined financial information does not reflect cost savings, operating synergies or revenue enhancements that the combined companies may achieve or the costs to integrate the operations or the costs necessary to achieve cost savings, operating synergies or revenue enhancements. Pro forma combined financial information (Unaudited) Year Ended December 31, (In millions, except per share amounts) 2021 Net sales $ 1,437.9 Net income 10.2 Basic earnings per share 0.26 Diluted earnings per share 0.26 The unaudited pro forma 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 consolidated results of operations or financial condition following the acquisition. In addition, the unaudited pro forma combined financial information is not intended to project the future results of the combined company. The unaudited pro forma combined financial information was prepared using the acquisition method of accounting under existing U.S. GAAP. MSA has been treated as the acquirer. Total transaction costs were $1.0 million, $3.2 million and $7.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. Transaction costs are included in Selling, general and administrative expenses in the Consolidated Statements of Income. Acquisition of Noncontrolling Interest During July 2021, the Company purchased the remaining 10% noncontrolling interest in MSA (China) Safety Equipment Co., Ltd. from our partner in China for $19.0 million, inclusive of a $5.6 million distribution. |
Pensions and Other Post-retirem
Pensions and Other Post-retirement Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pensions and Other Post-retirement Benefits | Pensions and Other Post-retirement Benefits We maintain various defined benefit and defined contribution plans covering the majority of our employees. Our principal U.S. plan is funded in compliance with the Employee Retirement Income Security Act ("ERISA"). It is our general policy to fund current costs for the international plans, except in Germany and Mexico, where it is common practice and permissible under tax laws to maintain an unfunded liability. We provide health care benefits and limited life insurance for certain retired employees who are covered by our principal U.S. defined benefit pension plan until they become Medicare-eligible. Defined benefit pension plan and other post-retirement benefits plan information is provided in the following tables: Pension Benefits Other Benefits (In thousands) 2023 2022 2023 2022 Change in Benefit Obligations Benefit obligations at January 1 $ 490,365 $ 654,362 $ 22,538 $ 29,831 Service cost 7,587 12,281 214 327 Interest cost 23,775 14,377 1,090 590 Participant contributions 347 257 276 259 Plan amendments (194) 154 — — Actuarial gains (a) 23,750 (156,214) (326) (5,884) Benefits paid (26,140) (26,377) (2,406) (2,585) Curtailments (87) (286) — — Settlements (1,574) (260) — — Currency translation 3,645 (7,929) — — Benefit obligations at December 31 $ 521,474 $ 490,365 $ 21,386 $ 22,538 Change in Plan Assets Fair value of plan assets at January 1 $ 514,218 $ 651,986 $ — $ — Actual return on plan assets 70,640 (115,105) — — Employer contributions 5,217 5,032 2,130 2,326 Participant contributions 347 257 276 259 Settlements (1,574) (260) — — Benefits paid (26,140) (26,377) (2,406) (2,585) Administrative expenses paid (57) (54) — — Currency translation 798 (1,261) — — Fair value of plan assets at December 31 $ 563,449 $ 514,218 $ — $ — Funded Status Funded status at December 31 $ 41,975 $ 23,853 $ (21,386) $ (22,538) Unrecognized prior service credit (cost) 1,021 1,224 (184) (429) Unrecognized net actuarial losses 82,796 90,212 5,568 6,445 Net amount recognized $ 125,792 $ 115,289 $ (16,002) $ (16,522) Amounts Recognized in the Balance Sheets Noncurrent assets $ 172,161 $ 141,643 $ — $ — Current liabilities (8,427) (3,712) (2,167) (2,226) Noncurrent liabilities (121,759) (114,078) (19,219) (20,312) Net amount recognized $ 41,975 $ 23,853 $ (21,386) $ (22,538) Amounts Recognized in Accumulated Other Comprehensive Loss Net actuarial losses $ 82,796 $ 90,212 $ 5,568 $ 6,445 Prior service cost (credit) 1,021 1,224 (184) (429) Total (before tax effects) $ 83,817 $ 91,436 $ 5,384 $ 6,016 Accumulated Benefit Obligations for all Defined Benefit Plans $ 487,167 $ 459,630 $ — $ — (a) Actuarial gains for both periods relate primarily to the increase/decrease in discount rates used in measuring plan obligations as of December 31, 2023 and 2022, respectively. Pension Benefits Other Benefits (In thousands) 2023 2022 2021 2023 2022 2021 Components of Net Periodic Benefit (Income) Cost Service cost $ 7,587 $ 12,281 $ 12,910 $ 214 $ 327 $ 398 Interest cost 23,775 14,377 11,518 1,090 590 476 Expected return on plan assets (39,639) (49,646) (37,368) — — — Amortization of prior service cost (credit) 161 139 164 (245) (338) (358) Recognized net actuarial losses 186 11,704 17,458 550 1,242 1,597 Settlement/curtailment loss (gain) 15 (354) (2,234) (b) — — — Net periodic benefit (income) cost (a) $ (7,915) $ (11,499) $ 2,448 $ 1,609 $ 1,821 $ 2,113 (a) Components of net periodic benefit (income) cost other than service cost are included in the line item Other income, net, and service costs are included in the line items Cost of products sold and Selling, general and administrative in the Consolidated Statements of Income. (b) Relates primarily to the conversion of our Netherlands pension plan into a defined contribution plan and is included in "Restructuring charges" in the Consolidated Statements of Income. The Company utilizes a spot rate approach, which discounts the individual plan specific expected cash flows underlying the service and interest cost using the applicable spot rates derived from a yield curve used in the determination of the benefit obligation to the relevant projected cash flows. For plans where the discount rate is not derived from plan specific expected cash flows, the Company uses a single weighted-average discount rate derived from the yield curve used to measure the projected benefit obligation at the beginning of the period for measuring both the projected benefit obligations and the service and interest cost components of net periodic benefit cost for pension and other post-retirement benefits. Information for pension plans with an accumulated benefit obligation in excess of plan assets: Pension Benefits (In thousands) 2023 2022 Aggregate accumulated benefit obligations (ABO) $ 129,921 $ 116,531 Aggregate fair value of plan assets 5,622 4,454 Information for pension plans with a projected benefit obligation in excess of plan assets: Pension Benefits (In thousands) 2023 2022 Aggregate projected benefit obligations (PBO) $ 135,809 $ 122,229 Aggregate fair value of plan assets 5,622 4,454 Pension Benefits Other Benefits 2023 2022 2023 2022 Assumptions used to determine benefit obligations Average discount rate 4.75 % 5.01 % 4.88 % 5.09 % Rate of compensation increase 3.78 % 4.61 % 3.00 % 3.00 % Assumptions used to determine net periodic benefit cost Average discount rate - Service cost 5.23 % 3.12 % 5.15 % 2.84 % Average discount rate - Interest cost 4.91 % 2.17 % 5.09 % 2.04 % Expected return on plan assets 6.86 % 8.77 % — — Rate of compensation increase 4.61 % 4.58 % 3.00 % 2.91 % Discount rates for all U.S. and foreign plans were determined using the aforementioned spot rate methodology for 2023 and 2022. Aside from sovereign bonds used in Mexico, the remaining plans' discount rates were determined using various corporate bonds and by matching our projected benefit obligation payment stream to current yields on high quality bonds. The expected return on assets for the 2023 net periodic pension cost was determined by multiplying the expected returns of each asset class (based on capital market expectations) by the expected percentage of the total portfolio invested in that asset class. A total return was determined by summing the expected returns over all asset classes. Pension Plan Assets at 2023 2022 Equity securities 58 % 56 % Fixed income securities 30 26 Pooled investment funds 9 15 Cash and cash equivalents 2 2 Insurance contracts 1 1 Total 100 % 100 % The overall objective of our pension investment strategy is to earn a rate of return over time to satisfy the benefit obligations of the pension plans and to maintain sufficient liquidity to pay benefits and meet other cash requirements of our pension funds. Investment policies for our primary U.S. pension plan are determined by the plan’s Investment Committee and set forth in the plan’s investment policy. Asset managers are granted discretion for determining sector mix, selecting securities and timing transactions, subject to the guidelines of the investment policy. An aggressive, flexible management of the portfolio is permitted and encouraged, with shifts of emphasis among equities, fixed income securities and cash equivalents at the discretion of each manager. No target asset allocations are set forth in the investment policy. For our non-U.S. pension plans, our investment objective is generally met through the use of pooled investment funds and insurance contracts. The fair values of the Company's pension plan assets are determined using NAV as a practical expedient, or by information categorized in the fair value hierarchy level based on the inputs used to determine fair value, as further discussed in Note 19—Fair Value Measurements. The fair values at December 31, 2023, were as follows: Fair Value (In thousands) Total NAV Quoted Prices Significant Significant Equity securities $ 327,699 $ 45,441 $ 282,258 $ — $ — Fixed income securities 169,321 — 94,706 74,615 — Pooled investment funds 50,553 50,553 — — — Cash and cash equivalents 10,254 8,645 1,609 — — Insurance contracts 5,622 — — — 5,622 Total $ 563,449 $ 104,639 $ 378,573 $ 74,615 $ 5,622 The fair values of the Company's pension plan assets at December 31, 2022, were as follows: Fair Value (In thousands) Total NAV Quoted Prices Significant Significant Equity securities $ 288,006 $ 44,583 $ 243,423 $ — $ — Fixed income securities 132,659 — 63,522 69,137 — Pooled investment funds 79,853 79,853 — — — Cash and cash equivalents 9,246 7,954 1,292 — — Insurance contracts 4,454 — — — 4,454 Total $ 514,218 $ 132,390 $ 308,237 $ 69,137 $ 4,454 Equity securities consist primarily of publicly traded U.S. and non-U.S. common stocks. Equities are valued at closing prices reported on the listing stock exchange. Fixed income securities consist primarily of U.S. government and agency bonds and U.S. corporate bonds. Fixed income securities are valued at closing prices reported in active markets or based on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar bonds, the bond is valued under a discounted cash flow approach that maximizes observable inputs, such as current yields of similar instruments, and may include adjustments, for certain risks that may not be observable, such as credit and liquidity risks. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Pooled investment funds consist of mutual and collective investment funds that invest primarily in publicly traded equity and fixed income securities. Pooled investment funds are valued using the NAV provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, divided by the number of shares outstanding. The underlying securities are generally valued at closing prices reported in active markets, quoted prices of similar securities, or discounted cash flows approach that maximizes observable inputs such as current value measurement at the reporting date. These investments are not classified in the fair value hierarchy in accordance with guidance in ASU 2015-07. Insurance contracts are valued in accordance with the terms of the applicable collective pension contract. The fair value of the plan assets equals the discounted value of the expected cash flows of the accrued pensions which are guaranteed by the counterparty insurer. Cash equivalents consist primarily of money market and similar temporary investment funds. Cash equivalents are valued at closing prices reported in active markets. The preceding methods may produce fair value measurements that are not indicative of net realizable value or reflective of future fair values. Although we believe the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following table presents a reconciliation of Level 3 assets: (In thousands) Insurance Balance January 1, 2022 $ 4,211 Net realized and unrealized gains (119) Net purchases, issuances and settlements 362 Balance December 31, 2022 4,454 Net realized and unrealized gains 208 Net purchases, issuances and settlements 960 Balance December 31, 2023 $ 5,622 The following table presents amounts related to Level 3 assets recognized in accumulated other comprehensive loss: (In thousands) Insurance Net actuarial losses $ (178) Prior service cost 490 Total (before tax effects) $ 312 We expect to make net contributions of $5 million to our pension plans in 2024, which are primarily associated with statutorily required plans in the International reporting segment. For the 2023 beginning of the year measurement purposes (net periodic benefit expense), a 6.5% increase in the costs of covered health care benefits was assumed, decreasing by 0.2% for each successive year to 4.4% in 2032 and thereafter. For the 2023 end of the year measurement purposes (benefit obligation), a 6.7% increase in the costs of covered health care benefits was assumed, decreasing by approximately 0.2% for each successive year to 4.4% in 2033 and thereafter. Expense for defined contribution pension plans was $13.4 million in 2023, $12.6 million in 2022 and $11.7 million in 2021. |
Other Income, Net
Other Income, Net | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Income, Net | Other Income, Net Year ended December 31, (In thousands) 2023 2022 2021 Components of net periodic benefit income other than service cost (Note 15) $ 14,107 $ 22,286 $ 8,321 Interest income 8,184 4,155 3,256 Loss on asset write-down and dispositions, net (173) (6,290) (788) Other, net (17) 905 793 Total other income, net $ 22,101 $ 21,056 $ 11,582 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases As a lessee, we have various operating lease agreements primarily related to real estate, vehicles and office and plant equipment. The components of lease expense were as follows: Year Ended December 31, (In millions, except percentage and year amounts) 2023 2022 Lease cost: Operating lease cost recognized as rent expense $ 12.0 $ 15.0 Total lease cost $ 12.0 $ 15.0 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows related to operating leases $ 11.8 $ 14.9 Non-cash other information: Right-of-use assets obtained in exchange for new operating lease liabilities $ 19.3 $ 6.4 December 31, 2023 2022 Weighted-average remaining lease term (in years): Operating leases 13 14 Weighted-average discount rate: Operating leases 3.37 % 2.66 % Rent expense was $12.0 million, $15.0 million and $14.2 million in 2023, 2022 and 2021, respectively. We did not have any lease transactions with related parties. We did not have any significant leases not yet commenced. At December 31, 2023, future lease payments under operating leases were as follows: (In millions) Operating Leases 2024 $ 11.1 2025 9.5 2026 7.9 2027 6.4 2028 5.5 After 2028 23.5 $ 63.9 Less: Imputed interest 9.9 Present value of operating lease liabilities 54.0 Less: Current portion operating lease liabilities (a) 9.5 Noncurrent operating lease liabilities $ 44.5 (a) Included in Other current liabilities on the Consolidated Balance Sheets. |
Leases | Leases As a lessee, we have various operating lease agreements primarily related to real estate, vehicles and office and plant equipment. The components of lease expense were as follows: Year Ended December 31, (In millions, except percentage and year amounts) 2023 2022 Lease cost: Operating lease cost recognized as rent expense $ 12.0 $ 15.0 Total lease cost $ 12.0 $ 15.0 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows related to operating leases $ 11.8 $ 14.9 Non-cash other information: Right-of-use assets obtained in exchange for new operating lease liabilities $ 19.3 $ 6.4 December 31, 2023 2022 Weighted-average remaining lease term (in years): Operating leases 13 14 Weighted-average discount rate: Operating leases 3.37 % 2.66 % Rent expense was $12.0 million, $15.0 million and $14.2 million in 2023, 2022 and 2021, respectively. We did not have any lease transactions with related parties. We did not have any significant leases not yet commenced. At December 31, 2023, future lease payments under operating leases were as follows: (In millions) Operating Leases 2024 $ 11.1 2025 9.5 2026 7.9 2027 6.4 2028 5.5 After 2028 23.5 $ 63.9 Less: Imputed interest 9.9 Present value of operating lease liabilities 54.0 Less: Current portion operating lease liabilities (a) 9.5 Noncurrent operating lease liabilities $ 44.5 (a) Included in Other current liabilities on the Consolidated Balance Sheets. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments As part of our currency exchange rate risk management strategy, we enter into certain derivative foreign currency forward contracts that do not meet the U.S. GAAP criteria for hedge accounting but have the impact of partially offsetting certain foreign currency exposures. We account for these forward contracts at fair value and report the related gains or losses in currency exchange losses, net, in the Consolidated Statements of Income. At December 31, 2023, the notional amount of open forward contracts was $110.9 million and there were no unrealized gains/losses on these contracts. All open forward contracts will mature during the first quarter of 2024. The following table presents the Consolidated Balance Sheets location and fair value of assets and liabilities associated with derivative financial instruments: December 31, (In thousands) 2023 2022 Derivatives not designated as hedging instruments: Foreign exchange contracts: prepaid expenses and other current assets $ 2,210 $ 724 Foreign exchange contracts: other current liabilities $ 242 $ 85 The following table presents the Consolidated Statements of Income and Consolidated Statements of Cash Flows location and impact of derivative financial instruments: Year ended 2023 2022 Derivatives not designated as hedging instruments: Foreign exchange contracts: currency exchange losses, net $ (398) $ 6,656 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are: Level 1—Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets. Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3—Unobservable inputs for the asset or liability. The valuation methodologies we used to measure financial assets and liabilities were limited to the pension plan assets and the derivative financial instruments described in Note 15—Pensions and Other Post-retirement Benefits and Note 18—Derivative Financial Instruments, respectively. See Note 15 for the fair value hierarchy classification of pension plan assets. 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 both as disclosed below, we believe that the reported carrying amounts of our remaining financial assets and liabilities approximate their fair values. Our investments in available-for-sale marketable securities, primarily fixed income, were owed by our now-divested subsidiary MSA LLC and were part of our MSA LLC divestiture as described in Note 20—Contingencies. Prior to the divestiture, these investments were valued at fair value using quoted market prices for similar securities or pricing models. Accordingly, the fair values of the investments were classified within Level 2 of the fair value hierarchy. The amortized cost basis of our investments was $9.9 million as of December 31, 2022. The fair value of our investments was $9.9 million as of December 31, 2022, which was reported in Investments, short-term in the accompanying Consolidated Balance Sheets. Prior to the divestiture, changes in fair value were recorded in Other comprehensive income (loss), net of tax. No impairment losses relating to these securities occurred during the year ended December 31, 2023. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Product liability The Company and its subsidiaries 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. Management has established reserves for the single incident product liability claims of its various subsidiaries, including, asserted single incident product liability claims and incurred but not reported ("IBNR") single incident claims. To determine the reserves, Management makes reasonable estimates of losses for single incident claims based on the number and characteristics of asserted claims, historical experience, sales volumes, expected settlement costs, and other relevant information. The reserve for single incident product liability claims was $1.3 million and $1.4 million at December 31, 2023 and December 31, 2022, respectively. Single incident product liability expense was nominal for the three years ended December 31, 2023, 2022 and 2021. Single incident product liability exposures are evaluated on an annual basis, or more frequently if changing circumstances warrant. Adjustments are made to the reserve as appropriate. The reserve has not been discounted to present value and does not include future amounts which will be spent to defend the claims. 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. A former subsidiary of the Company, MSA LLC, which was divested as described below, has been named as a defendant in various lawsuits related to such claims. These lawsuits mainly involve respiratory protection products allegedly manufactured and sold by MSA LLC or its predecessors. Management previously established a reserve for MSA LLC's potential exposure to cumulative trauma product liability claims. Prior to its divestiture, MSA LLC's total cumulative trauma product liability reserve was $395.1 million, including $13.4 million for claims settled but not yet paid and related defense costs, as of December 31, 2022. The reserve included estimated amounts related to asserted and IBNR asbestos, silica, and coal dust claims expected to be resolved through the year 2075. The reserve was not discounted to present value and did not include future amounts which will be spent to defend the claims. Defense costs were recognized in the Consolidated Statements of Income as incurred. At December 31, 2022, $65.1 million of the total reserve for cumulative trauma product liability claims was recorded in the Insurance and product liability line within other current liabilities in the Consolidated Balance Sheets and the remainder, $330.0 million, was recorded in the Product liability and other noncurrent liabilities line. Prior to the divestiture, MSA LLC's cumulative trauma product liability reserve was based upon an estimate of MSA LLC’s current and potential future liability for cumulative trauma product liability claims, in accordance with applicable accounting principles. See further discussion on the process and assumptions used to derive this estimate in Note 20— Contingencies of the consolidated financial statements in Part II Item 8 of MSA's Form 10-K for the year ended December 31, 2022. On January 5, 2023, the Company entered into a membership interest purchase agreement (the “Purchase Agreement”) with Sag Main Holdings, LLC (the “Buyer”). The Buyer is a joint venture between R&Q Insurance Holdings Ltd. (“R&Q”) and Obra Capital, Inc. (“Obra”). Under the Purchase Agreement, on January 5, 2023, the Company transferred to the Buyer all of the issued and outstanding limited liability company interests of MSA LLC (the “Sale”). In connection with the closing, the Company contributed $341.2 million in cash and cash equivalents, while R&Q and Obra contributed an additional $35.0 million. As MSA LLC was the obligor for the claims to which the Company's legacy cumulative trauma product liability reserves and the policyholder of the related insurance assets, the rights and obligations related to these items remained with MSA LLC when it transferred to the Buyer's ownership pursuant to the Purchase Agreement. In addition, pursuant to the Purchase Agreement, the Buyer and MSA LLC have agreed to indemnify the Company and its affiliates for legacy cumulative trauma product liabilities and other product liabilities, and a subsidiary of the Company has agreed to indemnify MSA LLC for all other historical liabilities of MSA LLC. This indemnification is not subject to any cap or time limitation. In connection with the sale, the Company and its Board of Directors received a solvency opinion from an independent advisory firm that MSA LLC was solvent and adequately capitalized after giving effect to the transaction. Following the completion of the sale and the transfer of MSA LLC to the Buyer, the Company no longer has any obligation with respect to pending and future cumulative trauma product liability claims relating to these matters. As such, all legacy cumulative trauma product liability reserves, related insurance assets, and associated deferred tax assets of the divested subsidiary were derecognized from our balance sheet and the Company incurred a tax-effected loss on the divestiture of MSA LLC of $199.6 million, including transaction related costs of $5.6 million. R&Q and Obra's joint venture has assumed management of the divested subsidiary, including the management of its claims and associated assets. Below is a summary of the impact of the divestiture of MSA LLC on our Consolidated Statements of Income for the year ended December 31, 2023: (In millions) Year Ended December 31, 2023 Cash and cash equivalents $ (341.2) Current insurance receivables (17.3) Notes receivable, insurance companies (5.9) Noncurrent insurance receivables (110.3) Notes receivable, insurance companies, noncurrent (38.7) Current product liability 65.1 Noncurrent product liability 324.7 Loss on divestiture of MSA LLC before transaction costs (123.6) Transaction costs (5.6) Loss on divestiture of MSA LLC (129.2) Income tax expense (a) (70.4) Tax-effected loss on divestiture of MSA LLC $ (199.6) (a) Related to the write-off of deferred tax asset related to product liability reserve 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"). Prior to the divestiture of MSA LLC, when adjustments were made to amounts recorded in the cumulative trauma product liability reserve, we calculated 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 recorded the amounts probable of reimbursement as insurance receivables. Insurance receivables at December 31, 2022 totaled $127.6 million, of which $17.3 million was reported in Prepaid expenses and other current assets in the Consolidated Balance Sheets and $110.3 million was reported in Insurance receivables and other noncurrent assets. A summary of insurance receivables balance and activity related to cumulative trauma product liability losses and divestiture of MSA LLC is as follows: (In millions) 2023 2022 Balance beginning of period $ 127.6 $ 130.2 Divestiture of MSA LLC (127.6) — Additions — 1.8 Collections — (4.4) Balance end of period $ — $ 127.6 Prior to the divestiture of MSA LLC, notes receivable from insurance companies at December 31, 2022 totaled $44.6 million of which $5.9 million was reported in Notes receivable, insurance companies, current in the Consolidated Balance Sheets and $38.7 million was reported in Notes receivable, insurance companies, noncurrent. A summary of notes receivables from insurance companies balance is as follows: December 31, (In millions) 2023 2022 Balance beginning of period $ 44.6 $ 48.5 Divestiture of MSA LLC (44.6) — Additions — 1.2 Collections — (5.1) Balance end of period $ — $ 44.6 Other Litigation Globe, a subsidiary of the Company, is defending claims in which plaintiffs assert that certain products allegedly containing per- and polyfluoroalkyl substances (“PFAS”) have caused harm, including injury or health issues. PFAS are a large class of substances that are widely used in everyday products. Specifically, Globe builds firefighter turnout gear from technical fabrics sourced from a small pool of specialty textile manufacturers. These protective fabrics have been tested and certified to meet current National Fire Protection Association safety standards, and some of them as supplied to Globe contain or historically have contained PFAS to achieve performance characteristics such as water, oil, or chemical resistance. Globe believes it has valid defenses to these claims. These matters are at a very early stage with numerous factual and legal issues to be resolved. Defense costs relating to these lawsuits are recognized in the Consolidated Statements of Income as incurred. Globe is also pursuing insurance coverage and indemnification related to the lawsuits. As of February 7, 2024, Globe was named as a defendant in approximately 467 lawsuits comprised of about 10,578 claims, plus one action filed on behalf of a putative class of Florida firefighters and certain of their dependents. Certain of these lawsuits include MSA Safety Inc. or other Globe affiliates as defendants. MSA LLC is also a defendant in a number of PFAS lawsuits and the Buyer assumed responsibility for these and any similar future claims specific to MSA LLC in connection with the divestiture on January 5, 2023. Product Warranty The Company provides warranties on certain product sales. Product warranty reserves are established in the same period that revenue from the sale of the related products is recognized, or in the period that a specific issue arises as to the functionality of the Company's product. The determination of such reserves requires the Company to make estimates of product return rates and expected costs to repair or to replace the products under warranty. The amounts of the reserves are based on established terms and the Company's best estimate of the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. If actual return rates and/or repair and replacement costs differ significantly from estimates, adjustments to recognize additional cost of sales may be required in future periods. The following table reconciles the changes in the Company's accrued warranty reserve: December 31, (In thousands) 2023 2022 2021 Beginning warranty reserve $ 15,230 $ 12,423 $ 11,428 Warranty payments (9,794) (10,631) (8,987) Warranty claims 8,899 14,544 10,225 Provision for product warranties and other adjustments (47) (1,106) (243) Ending warranty reserve $ 14,288 $ 15,230 $ 12,423 Warranty expense for the years ended December 31, 2023, 2022 and 2021 was $8.9 million, $13.4 million and $10.0 million, respectively and is included in Costs of products sold on the Consolidated Statements of Income. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) 2023 Quarters (In thousands, except per share amounts) 1st 2nd 3rd 4th Year Net sales $ 398,262 $ 447,299 $ 446,728 $ 495,358 $ 1,787,647 Gross profit 181,398 213,796 218,761 238,183 852,138 Net (loss) income attributable to MSA Safety Incorporated (150,173) 67,090 65,256 76,410 58,583 (Loss) earnings per share (1) Basic $ (3.83) $ 1.71 $ 1.66 $ 1.94 $ 1.49 Diluted (3.83) 1.70 1.65 1.93 1.48 2022 Quarters (In thousands, except earnings per share) 1st 2nd 3rd 4th Year Net sales $ 330,692 $ 372,313 $ 381,694 $ 443,254 $ 1,527,953 Gross profit 142,784 164,400 169,395 197,252 673,831 Net income attributable to MSA Safety Incorporated 35,542 47,693 44,906 51,489 179,630 Earnings per share (1) Basic $ 0.90 $ 1.21 $ 1.15 $ 1.31 $ 4.58 Diluted 0.90 1.21 1.14 1.31 4.56 (1) Per share amounts are calculated independently for each period presented; therefore, the sum of the quarterly per share amounts may not equal the per share amounts for the year. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | MSA SAFETY INCORPORATED VALUATION AND QUALIFYING ACCOUNTS THREE YEARS ENDED DECEMBER 31, 2023 2023 2022 2021 (In thousands) Allowance for credit loss: Balance at beginning of year $ 6,769 $ 5,789 $ 5,344 Additions— Charged to costs and expenses 1,899 1,253 1,645 Deductions— Deductions from reserves, net (1)(2) 1,603 273 1,200 Balance at end of year $ 7,065 $ 6,769 $ 5,789 Income tax valuation allowance: Balance at beginning of year $ 10,017 $ 8,812 $ 7,188 Additions— Charged to costs and expenses (3) 2,673 2,771 2,575 Deductions— Deductions from reserves (3) 3,019 1,566 951 Balance at end of year $ 9,671 $ 10,017 $ 8,812 2 (1) Bad debts written off, net of recoveries. (2) Activity for 2023, 2022 and 2021 includes currency translation gains (losses) of $1,368, $202 and $79, respectively. (3) Activity for 2023, 2022 and 2021 includes currency translation gains (losses) of $16, $622 and $29, respectively. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||||||||||
Net income | $ 76,410 | $ 65,256 | $ 67,090 | $ (150,173) | $ 51,489 | $ 44,906 | $ 47,693 | $ 35,542 | $ 58,583 | $ 179,630 | $ 21,340 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
General Information and Basis of Presentation | General Information and Basis of Presentation— The consolidated financial statements of MSA Safety Incorporated ("MSA" or "the Company") are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and require management to make certain judgments, estimates, and assumptions. These may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements. They also may affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates upon subsequent resolution of identified matters. |
Principles of Consolidation | Principles of Consolidation— The consolidated financial statements include the accounts of the Company and all subsidiaries. Intercompany accounts and transactions are eliminated. |
Noncontrolling Interests | Noncontrolling Interests— |
Currency Translation | Currency Translation— The functional currency of all significant non-U.S. subsidiaries is the local country currency. Assets and liabilities of these operations are translated at year-end exchange rates. Income statement accounts are translated using the average exchange rates for the reporting period. Translation adjustments for these subsidiaries are reported as a component of shareholders’ equity and are not included in net income. Foreign currency transaction gains and losses are included in net income for the reporting period. |
Cash Equivalents | Cash Equivalents— |
Restricted Cash | Restricted Cash— Restricted cash, which is designated for use other than current operations, is included in prepaid expenses and other current assets in the Consolidated Balance Sheets. Restricted cash balances were $2.0 million and $1.5 million at December 31, 2023 and 2022, respectively. These balances were used to support letter of credit balances. |
Inventories | Inventories— Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out ("FIFO") method. It is the Company's general policy to write-down any inventory balance in excess of the last 24 months of consumption and any inventory identified as obsolete. |
Investment securities | Investment securities — Prior to the divestiture of MSA LLC as discussed above, the Company held investment securities, primarily consisting of fixed income securities which were classified as available-for-sale. The securities were recorded at fair market value and included in “Investments, short-term” in the accompanying Consolidated Balance Sheets with changes in fair market value recorded in other comprehensive income, net of tax. The purchases and sales of these investments were classified as investing activities in the Consolidated Statements of Cash Flows. |
Property and Depreciation | Property and Depreciation— |
Software Development Costs | Software Development Costs— Software development costs are costs incurred to create, enhance and deploy the Company’s broad range of wireless technology and cloud-based computing safety services. Software development costs, other than software development costs qualifying for capitalization, are expensed as incurred. Costs of computer software developed or obtained for internal use that are incurred in the preliminary project and post implementation stages are expensed as incurred. Certain costs incurred during the application and development stage, which primarily include compensation and related expenses, are capitalized. Additionally, costs of upgrades and enhancements are capitalized when it is probable that the upgrades and enhancements will result in added functionality. During 2023, 2022 and 2021, respectively, there was approximately $12.1 million, $8.7 million and $8.1 million of software development costs capitalized. The Company has unamortized computer software development costs of $18.2 million and $16.5 million as of December 31, 2023 and 2022, respectively, included in property, plant and equipment, net. |
Lease Arrangements | Lessee Arrangements — At the inception of our contracts, we determine if the contract is or contains a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. We have elected to not separate the lease and non-lease components within our lease contracts. Right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement. We use our incremental borrowing rate ("IBR") at the recognition date in determining the present value of future payments for leases that do not have a readily determinable implicit rate. Our IBR reflects a fully secured rate based on our credit rating, taking into consideration the repayment timing of the lease and any impacts due to the economic environment in which the lease operates. Our lease payments are largely fixed. Variable lease payments that depend on an index or a rate are included in the lease payments and are measured using the prevailing index or rate at the measurement date, with differences between the calculated lease payment and the actual lease payment being expensed in the period of the change. Other variable lease payments, including utilities, consumption and common area maintenance as well as repairs, maintenance and mileage overages on vehicles, are expensed during the period incurred. A majority of our real estate leases include options to extend the lease and options to early terminate the lease. Leases with an early termination option generally involve a termination payment. If we are reasonably certain to exercise an option to extend a lease, the extension period is included as part of the right-of-use asset and the lease liability. Some of our leases contain residual value guarantees. These are guarantees made to the lessor that the value of an underlying asset returned to the lessor at the end of a lease will be at least a specified amount. Our leases do not contain restrictions or covenants that restrict us from incurring other financial obligations. For our leases, we have elected to not apply the recognition requirements to leases of less than twelve months. These leases are expensed on a straight-line basis and are not included within the Company's operating lease asset or liability. |
Lessor Arrangements | Lessor Arrangements — The Company derives a portion of its revenue from various leasing arrangements where the Company is the lessor, primarily fire service contracts entered into by Bristol which was acquired in January 2021 (Note 14). Such arrangements provide for monthly payments covering equipment provided, maintenance and interest. These arrangements meet the criteria to be accounted for as sales-type leases under Accounting Standards Codification ("ASC") 842 and contain both lease and non-lease components. For a component to be separate, the customer would be able to benefit from the right of use of the component separately or with other resources readily available to the customer and the right of the use is not highly dependent or highly interrelated with the other rights to use the other underlying assets or components. Revenue from equipment provided is considered a lease component and recognized with point in time revenue recognition upon lease commencement. Upon the recognition of such revenue, an asset is established for the investment in sales-type leases. Maintenance revenue, which is considered a non-lease component, and interest is recognized monthly over the lease term. As of December 31, 2023, the Company had remaining maintenance performance obligations of approximately $32.9 million which are expected to be recognized to revenue over approximately 4 years. Lease revenues and interest earned by the Company, included in the Consolidated Statements of Income, were not material to any of the years ended December 31, 2023, 2022 and 2021. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets— Intangible assets with a finite useful life are amortized on a straight-line basis over their useful lives. Indefinite lived intangible assets are assessed for possible impairment annually on October 1st or whenever circumstances change such that the recorded value of the asset may not be recoverable. We performed a quantitative assessment of the indefinite lived trade name intangible asset as outlined in ASC 350 by comparing the estimated fair value of the trade name intangible asset to its carrying value. We estimate the fair value using the relief from royalty income approach. A number of assumptions and estimates are involved in the application of the relief from royalty model, including sales volumes and prices, royalty rates and tax rates. Forecasts are based on sales generated by the underlying trade name assets and are generally based on approved business unit operating plans for the early years and historical relationships in later years. Based on these assessments, no impairments were identified during the years ended December 31, 2023, 2022 or 2021. All goodwill is assigned to and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment. Goodwill is not amortized, but evaluated for impairment at least annually or whenever events or changes in circumstance indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company may perform either a qualitative assessment of potential impairment or proceed directly to a quantitative assessment of potential impairment. If the Company chooses not to perform a qualitative assessment, or if it chooses to perform a qualitative assessment but is unable to qualitatively conclude that no impairment has occurred, then the Company will perform a quantitative assessment. A quantitative test for goodwill impairment is performed by determining the fair value of the related reporting units. The Company estimates the fair value of the reporting unit with which the goodwill is associated and compares it to the carrying value. If the estimated fair value of a reporting unit is less than its carrying value, an impairment charge is recognized for the excess of the reporting unit's carrying value over its fair value. Fair value is measured based on the discounted cash flow method and relative market-based approaches. In 2023, we performed a quantitative test at October 1, 2023. We estimate reporting unit fair value using a weighted average of fair values determined by discounted cash flow ("DCF") and market approach methodologies, as we believe both are important indicators of fair value. A number of assumptions and estimates are involved in the application of the DCF model, including sales volumes and prices, costs to produce, tax rates, capital spending, discount rates, and working capital changes. Cash flow forecasts are generally based on approved reporting unit operating plans for the early years and historical relationships in later years. The market approach methodology measures value through an analysis of peer companies. The analysis entails measuring the multiples of earnings before interest, taxes, depreciation and amortization ("EBITDA") at which peer companies are trading. Management performed its evaluation and determined the fair value of each reporting unit is greater than the carrying amount and, accordingly, the Company has not recorded any impairment charges related to goodwill. |
Revenue Recognition | Revenue Recognition— We account for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers . Revenue from the sale of products is recognized when there is persuasive evidence of an arrangement and control passes to the customer, which generally occurs either when product is shipped to the customer or, in the case of most U.S. distributor customers, when product is delivered to the distributor's delivery site. We establish our shipping terms according to local practice and market characteristics. We do not ship product unless we have an order or other documentation authorizing shipment to our customers. Our payment terms vary by the type and location of our customer and the products offered. The term between invoicing and when payment is due is not significant. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Amounts billed and due from our customers are classified as receivables on the Consolidated Balance Sheets. We make appropriate provisions for credit losses which have historically been insignificant in relation to our net sales. Certain contracts with customers, primarily distributor customers, have an element of variable consideration that is estimated when revenue is recognized under the contract to the extent that it is material to the individual contract. Variable consideration includes volume incentive rebates, performance guarantees, price concessions and returns. Rebates are based on achieving a certain level of purchases and other performance criteria that are documented in established distributor programs. These rebates are estimated based on projected sales to the customer and accrued as a reduction of net sales as they are earned by the customer. The rebate accrual is reviewed monthly and adjustments are made as the estimate of projected sales changes. Product returns, including an adjustment for restocking fees if it is material, are estimated based on historical return experience and revenue is adjusted. Sales, value add and other taxes collected with revenue-producing activities and remitted to governmental authorities are excluded from revenue. |
Product Warranties | Product Warranties— Estimated expenses related to product warranties and additional service actions are charged to Cost of products sold in the period in which the related revenue is recognized or when significant product quality issues are identified. |
Research and Development | Research and Development— Research and development costs are expensed as incurred. |
Income Taxes | Income Taxes— Deferred income taxes are recognized for temporary differences between financial and tax reporting. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. We record tax benefits related to uncertain tax positions taken or expected to be taken on a tax return when such benefits meet a more likely than not threshold. We recognize interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. Deferred taxes are booked for available cash in excess of working capital for non-U.S. subsidiaries as these earnings are not considered to be permanently reinvested. |
Stock-Based Compensation | Stock-Based Compensation— We recognize expense for employee and non-employee director stock-based compensation based on the grant date fair value of the awards. Except for retirement-eligible participants, for whom there is no requisite service period, this expense is recognized ratably over the requisite service periods following the date of grant. For retirement-eligible participants, this expense is recognized over an accelerated period of at least one year. |
Derivative Instruments | Derivative Instruments— We may use derivative instruments from time to time to minimize the effects of changes in currency exchange rates. We do not enter into derivative transactions for speculative purposes and do not hold derivative instruments for trading purposes. Changes in the fair value of derivative instruments designated as fair value hedges are recorded in the balance sheet as adjustments to the underlying hedged asset or liability. Changes in the fair value of derivative instruments that do not qualify for hedge accounting treatment are recognized in the Consolidated Statements of Income and Consolidated Statements of Cash Flows as Currency exchange losses, net in the current period. |
Commitments and Contingencies | Commitments and Contingencies— For asserted claims and assessments, liabilities are recorded when a loss is deemed to be probable and the amount of the loss is reasonably estimable. Management assesses the probability of an unfavorable outcome with respect to asserted claims or assessments based on many factors such as the nature of the matter, available defenses and case strategy, progress of the matter, views and opinions of legal counsel and other advisors, applicability and success of appeals processes, and the outcome of similar historical matters, among others. Once an unfavorable outcome is assessed to be probable, management evaluates estimates of the potential loss, and the most reasonable loss estimate is recorded (or, if the estimate of the loss is a range, and no amount within the range is considered to be a better estimate than any other amount, the minimum amount in the range is recorded). If a material loss is deemed to be reasonably possible but not probable, the matter is disclosed and no liability is recorded. |
Concentration of credit and business risks | Concentration of credit and business risks— |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | The Company's net cash pool position consisted of the following: (In thousands) December 31, 2023 Gross cash pool position $ 91,249 Less: cash pool borrowings (88,509) Net cash pool position $ 2,740 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | Activity and reserve balances for restructuring charges by segment were as follows: (in millions) Americas International Corporate Total Reserve balances at January 1, 2021 $ 2.8 $ 19.3 $ 0.4 $ 22.5 Restructuring charges 4.6 11.2 0.6 16.4 Currency translation and other adjustments (0.1) (0.2) — (0.3) Cash payments / utilization (4.0) (12.9) (0.7) (17.6) Reserve balances at December 31, 2021 $ 3.3 $ 17.4 $ 0.3 $ 21.0 Restructuring charges 2.3 5.1 0.6 8.0 Currency translation and other adjustments 0.1 (1.3) — (1.2) Cash payments / utilization (4.0) (8.4) (0.4) (12.8) Reserve balances at December 31, 2022 $ 1.7 $ 12.8 $ 0.5 $ 15.0 Restructuring charges 3.1 4.7 2.1 9.9 Currency translation and other adjustments (0.1) 0.1 — — Cash payments / utilization (3.9) (8.6) (2.6) (15.1) Reserve balances at December 31, 2023 $ 0.8 $ 9.0 $ — $ 9.8 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The following table sets forth the components of inventory: December 31, (In thousands) 2023 2022 Finished products $ 88,687 $ 97,142 Work in process 15,378 16,360 Raw materials and supplies 188,539 224,814 Total inventories $ 292,604 $ 338,316 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The following table sets forth the components of property, plant and equipment: December 31, (In thousands) 2023 2022 Land $ 4,332 $ 4,884 Buildings 141,027 138,618 Machinery and equipment 498,148 466,394 Construction in progress 24,404 22,097 Total 667,911 631,993 Less accumulated depreciation (456,034) (424,441) Property, plant and equipment, net $ 211,877 $ 207,552 |
Reclassifications Out of Accu_2
Reclassifications Out of Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Reclassification Out of Accumulated Other Comprehensive Loss | MSA Safety Incorporated Noncontrolling Interests (In thousands) 2023 2022 2021 2023 2022 2021 Pension and other post-retirement benefits (a) Balance at beginning of period $ (50,335) $ (57,296) $ (115,552) $ — $ — $ — Unrecognized net actuarial gains (losses) 8,654 (2,862) 54,384 — — — Tax (expense) benefit (1,514) 703 (12,804) — — — Total other comprehensive gain (loss) before reclassifications, net of tax 7,140 (2,159) 41,580 — — — Amounts reclassified from accumulated other comprehensive loss into net income: Amortization of prior service credit (Note 15) (84) (199) (95) — — — Recognized net actuarial losses (Note 15) 812 12,592 22,531 — — — Tax benefit (185) (3,273) (5,760) — — — Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income 543 9,120 16,676 — — — Total other comprehensive income $ 7,683 $ 6,961 $ 58,256 $ — $ — $ — Balance at end of period $ (42,652) $ (50,335) $ (57,296) $ — $ — $ — Available-for-sale securities Balance at beginning of period $ (2) $ (5) $ (1) $ — $ — $ — Unrealized gain (loss) on available-for-sale securities (Note 19) 2 3 (4) — — — Balance at end of period $ — $ (2) $ (5) $ — $ — $ — Foreign currency translation Balance at beginning of period $ (108,380) $ (91,839) $ (66,844) $ — $ — $ 372 Reclassification from accumulated other comprehensive loss into net income (b) 101 2,912 267 — — — Acquisition of noncontrolling interests in consolidated subsidiaries — — — — — (280) Foreign currency translation adjustments 21,682 (19,453) (25,262) — — (92) Balance at end of period $ (86,597) $ (108,380) $ (91,839) $ — $ — $ — (a) Reclassifications out of accumulated other comprehensive loss and into net income are included in the computation of net periodic pension and other post-retirement benefit costs (refer to Note 15—Pensions and Other Post-retirement Benefits). (b) Reclassifications out of accumulated other comprehensive loss and into net income relate primarily to the approval of our plan to close a foreign subsidiary. The reclassifications are included in Currency exchange losses, net, within the Consolidated Statements of Income. |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Common Stock Activity | Common stock activity is summarized as follows: Shares Dollars (Dollars in thousands) Issued Treasury Common Treasury Balance at January 1, 2021 62,081,391 (23,013,489) $ 242,693 $ (326,156) Restricted stock awards — 53,934 (762) 762 Restricted stock expense — — 6,562 — Restricted stock forfeitures — — (765) — Stock options exercised — 122,119 4,003 1,767 Stock option expense — — 90 — Stock option forfeitures — — (9) — Performance stock issued — 64,543 (939) 939 Performance stock expense — — 13,227 — Employee stock purchase plan — 5,730 772 83 Treasury shares purchased — (37,710) — (6,171) Acquisition of noncontrolling interest — — (4,751) — Balances December 31, 2021 62,081,391 (22,804,873) $ 260,121 $ (328,776) Restricted stock awards — 52,810 (711) 711 Restricted stock expense — — 7,715 — Restricted stock forfeitures — — (1,227) — Stock options exercised — 103,545 3,021 1,629 Stock option expense — — 49 — Performance stock issued — 55,447 (880) 880 Performance stock expense — — 15,843 — Performance stock forfeitures — — (2,730) — Employee stock purchase plan — 7,412 779 112 Treasury shares purchased — (31,260) — (4,021) Share repurchase program — (251,408) — (30,373) Balances December 31, 2022 62,081,391 (22,868,327) $ 281,980 $ (359,838) Restricted stock awards — 40,856 (643) 643 Restricted stock expense — — 9,476 — Restricted stock forfeitures — — (1,414) — Stock options exercised — 31,394 970 503 Stock option expense — — 11 — Stock option forfeitures — — (11) — Performance stock issued — 53,407 (855) 855 Performance stock expense — — 23,546 — Performance stock forfeitures — — (1,585) — Employee stock purchase plan — 7,140 849 114 Treasury shares purchased — (28,649) — (3,961) Balances December 31, 2023 62,081,391 (22,764,179) $ 312,324 $ (361,684) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segment Information | Reportable segment information is presented in the following table: (In thousands) Americas International Corporate Reconciling Items (a) Consolidated 2023 Net sales to external customers $ 1,235,594 $ 552,053 $ — $ — $ 1,787,647 Operating income 231,320 Restructuring charges (Note 3) 9,892 Currency exchange losses, net 17,079 Loss on divestiture of MSA LLC (Note 20) 129,211 Product liability expense (Note 20) 3 Amortization of acquisition-related intangible assets 9,246 Transaction costs (b) 965 Adjusted operating income (loss) 359,617 89,699 (51,600) 397,716 Adjusted operating margin % 29.1 % 16.2 % Depreciation and amortization 36,979 13,705 843 51,527 Adjusted EBITDA 396,596 103,404 (50,757) 449,243 Adjusted EBITDA margin % 32.1 % 18.7 % Noncash items: Pension (income) expense $ (11,873) $ 3,958 $ (7,915) Total Assets 1,433,244 734,856 320 1,730 2,170,150 Capital expenditures 28,011 13,341 1,412 — 42,764 2022 Net sales to external customers $ 1,043,238 $ 484,715 $ — $ — $ 1,527,953 Operating income 239,137 Restructuring charges (Note 3) 7,965 Currency exchange losses, net 10,255 Product liability expense (Note 20) 20,590 Amortization of acquisition-related intangible assets 9,207 Transaction costs (b) 3,233 Adjusted operating income (loss) 267,392 60,923 (37,928) — 290,387 Adjusted operating margin % 25.6 % 12.6 % Depreciation and amortization 34,334 12,256 520 — 47,110 Adjusted EBITDA 301,726 73,179 (37,408) — 337,497 Adjusted EBITDA margin % 28.9 % 15.1 % Noncash items: Pension (income) expense $ (18,368) $ 6,869 $ — $ — $ (11,499) Total Assets 1,660,776 703,444 11,673 1,083 2,376,976 Capital expenditures 33,324 9,229 — — 42,553 2021 Net sales to external customers $ 908,068 $ 492,114 $ — $ — $ 1,400,182 Operating income 22,780 Restructuring charges (Note 3) 16,433 Currency exchange losses, net 216 Product liability expense (Note 20) 185,264 Amortization of acquisition-related intangible assets 8,764 Transaction costs (b) 7,120 Adjusted operating income (loss) 202,496 73,279 (35,198) 240,577 Adjusted operating margin % 22.3 % 14.9 % Depreciation and amortization 31,236 13,718 463 — 45,417 Adjusted EBITDA 233,732 86,997 (34,735) — 285,994 Adjusted EBITDA margin % 25.7 % 17.7 % Noncash items: Pension (income) expense $ (2,916) $ 5,790 $ — $ — $ 2,874 Total Assets 1,661,619 720,257 13,034 1,486 2,396,396 Capital expenditures 25,148 11,408 7,281 — 43,837 (a) Reconciling items consist primarily of intercompany eliminations and items not directly attributable to operating segments. (b) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the Consolidated Statements of Income |
Schedule of Geographic Information on Net Sales | Geographic information on Net sales to external customers, based on country of origin: (In thousands) 2023 2022 2021 United States $ 1,036,521 $ 876,945 $ 746,825 Other 751,126 651,008 653,357 Total $ 1,787,647 $ 1,527,953 $ 1,400,182 |
Schedule of Geographic Information on Tangible Long-Lived Assets | Geographic information on tangible long-lived assets, net, based on country of origin: (In thousands) 2023 2022 2021 United States $ 156,937 $ 159,345 $ 155,667 Other 108,238 92,349 102,304 Total $ 265,175 $ 251,694 $ 257,971 |
Schedule of Net Sales by Product Group | Total Net sales by product portfolio was as follows: 2023 Consolidated Americas International (In thousands) Dollars Percent Dollars Percent Dollars Percent Firefighter Safety (a) $ 684,224 38% $ 501,676 41% $ 182,548 33% Detection (b) 634,915 36% 419,312 34% 215,603 39% Industrial PPE and Other (c) 468,508 26% 314,606 25% 153,902 28% Total $ 1,787,647 100% $ 1,235,594 100% $ 552,053 100% 2022 Consolidated Americas International (In thousands) Dollars Percent Dollars Percent Dollars Percent Firefighter Safety (a) $ 578,935 38% $ 416,427 40% $ 162,508 34% Detection (b) 529,735 35% 349,543 34% 180,192 37% Industrial PPE and Other (c) 419,283 27% 277,268 26% 142,015 29% Total $ 1,527,953 100% $ 1,043,238 100% $ 484,715 100% 2021 Consolidated Americas International (In thousands) Dollars Percent Dollars Percent Dollars Percent Firefighter Safety (a) $ 526,326 38% $ 354,426 39% $ 171,900 35% Detection (b) 461,779 33% 292,058 32% 169,721 34% Industrial PPE and Other (c) 412,077 29% 261,584 29% 150,493 31% Total $ 1,400,182 100% $ 908,068 100% $ 492,114 100% (a) Firefighter Safety includes Breathing Apparatus and Firefighter Helmets and Protective Apparel, and includes sales from the Bristol acquisition from January 25, 2021 onward (International). (b) Detection includes Fixed Gas and Flame Detection and Portable Gas detection, and includes sales from the Bacharach acquisition from July 1, 2021 onward (Americas and International). (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings per Share | Amounts attributable to MSA Safety Incorporated common shareholders: (In thousands, except per share amounts) 2023 2022 2021 Net income $ 58,583 $ 179,630 $ 21,340 Preferred stock dividends (41) (41) (41) Net income available to common equity 58,542 179,589 21,299 Dividends and undistributed earnings allocated to participating securities (26) (30) (24) Net income available to common shareholders $ 58,516 $ 179,559 $ 21,275 Basic weighted-average shares outstanding 39,307 39,232 39,173 Stock options and other stock-based awards 166 175 276 Diluted weighted-average shares outstanding 39,473 39,407 39,449 Antidilutive stock-based awards — — — Earnings per share: Basic $ 1.49 $ 4.58 $ 0.54 Diluted $ 1.48 $ 4.56 $ 0.54 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Components of Income before Income Taxes | (In thousands) 2023 2022 2021 Components of income before income taxes U.S. income (loss) $ 80,229 $ 170,426 $ (59,746) Non-U.S. income 126,459 68,107 83,350 Income before income taxes $ 206,688 $ 238,533 $ 23,604 Provision for income taxes Current Federal $ 49,642 $ 26,022 $ 13,179 State 9,510 7,708 5,000 Non-U.S. 27,101 20,002 22,487 Total current provision $ 86,253 $ 53,732 $ 40,666 Deferred Federal $ 54,272 $ 7,350 $ (29,631) State 12,914 862 (7,204) Non-U.S. (5,334) (3,041) (2,015) Total deferred provision (benefit) 61,852 5,171 (38,850) Provision for income taxes $ 148,105 $ 58,903 $ 1,816 |
Reconciliation of U.S. Federal Income Tax Rates to Effective Tax Rate | Reconciliation of the U.S. federal income tax rates to our effective tax rate: 2023 2022 2021 U.S. federal income tax rate 21.0 % 21.0 % 21.0 % Divestiture (Note 20) 46.6 % — % — % State income taxes-U.S. 3.7 % 2.9 % (7.0) % Nondeductible compensation 1.9 % 1.2 % 15.3 % Research and development credit (0.8) % (0.4) % (5.3) % Taxes on non-U.S. income (0.6) % 0.1 % (10.9) % Taxes on non-U.S. income - U.S., Canadian & European reorganization (0.5) % — % — % Employee share-based payments (0.4) % (0.8) % (18.3) % Valuation allowances (0.2) % 0.8 % 7.0 % Foreign exchange on entity closures — % 0.3 % (0.4) % Other 0.9 % (0.4) % 6.3 % Effective income tax rate 71.6 % 24.7 % 7.7 % |
Components of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities: December 31, (In thousands) 2023 2022 Deferred tax assets Capitalized research and development $ 28,822 $ 26,988 Net operating losses and tax credit carryforwards 10,964 10,696 Share-based compensation 5,528 4,562 Inventory 7,281 — Accrued expenses and other reserves 4,566 5,738 Reserve for doubtful accounts 1,562 — Product liability 655 72,950 Other 7,218 5,068 Total deferred tax assets 66,596 126,002 Valuation allowances (9,671) (10,017) Net deferred tax assets 56,925 115,985 Deferred tax liabilities Goodwill and intangibles (83,100) (80,383) Employee benefits (24,958) (18,899) Property, plant and equipment (15,541) (18,735) Other (2,680) (4,359) Total deferred tax liabilities (126,279) (122,376) Net deferred taxes $ (69,354) $ (6,391) |
Reconciliation of Change In Tax Liability for Unrecognized Tax Benefits | A reconciliation of the change in the tax liability for unrecognized tax benefits for the years ended December 31, 2023 and 2022 is as follows: (In thousands) 2023 2022 Beginning balance $ 5,192 $ 4,937 Adjustments for tax positions related to the current year — 100 Adjustments for tax positions related to prior years (1,116) 155 Settlements — — Statute expiration (992) — Ending balance $ 3,084 $ 5,192 |
Stock Plans (Tables)
Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense was as follows: (In thousands) 2023 2022 2021 Restricted stock units $ 8,062 $ 6,488 $ 5,797 Stock options — 49 81 Performance stock units 21,961 13,113 13,030 Total stock-compensation expense before income taxes 30,023 19,650 18,908 Income tax benefit 7,356 4,814 4,633 Total stock-compensation expense, net of income tax benefit $ 22,667 $ 14,836 $ 14,275 |
Summary of Option Activity | A summary of option activity follows: Shares Weighted Exercisable at Outstanding January 1, 2021 283,998 $ 46.23 Exercised (122,087) 47.25 Forfeited (210) 43.75 Outstanding December 31, 2021 161,701 45.47 161,347 Exercised (103,545) 44.91 Outstanding December 31, 2022 58,156 46.48 58,156 Exercised (31,394) 46.90 Forfeited (226) 49.44 Outstanding December 31, 2023 26,536 $ 45.95 26,536 |
Characteristics of Outstanding and Exercisable Stock Options | For various exercise price ranges, characteristics of outstanding and exercisable stock options at December 31, 2023 were as follows: Stock Options Outstanding and Exercisable Range of Exercise Prices Shares Weighted-Average Exercise Price Remaining Life $33.01 – $45.00 17,820 $ 44.50 1.66 $45.01 – $57.93 8,716 48.92 1.73 $33.01 – $57.93 26,536 $ 45.95 1.68 |
Summary of Restricted Stock Unit Activity | A summary of restricted stock unit activity follows: Shares Weighted Average Unvested January 1, 2021 146,191 $ 105.83 Granted 43,146 167.13 Vested (65,225) 95.43 Forfeited (5,769) 132.54 Unvested at December 31, 2021 118,343 132.62 Granted 87,697 130.28 Vested (51,369) 113.96 Forfeited (8,785) 139.66 Unvested at December 31, 2022 145,886 137.36 Granted 81,150 142.92 Vested (43,107) 126.27 Forfeited (10,078) 140.28 Unvested at December 31, 2023 173,851 $ 142.73 |
Summary of Performance Stock Unit Activity | A summary of performance stock unit activity follows: Shares Weighted Average Unvested at January 1, 2021 200,212 $ 104.69 Granted 52,309 175.59 Vested (64,543) 85.41 Performance adjustments 5,357 88.45 Unvested at December 31, 2021 193,335 129.86 Granted 81,504 142.38 Vested (55,447) 101.38 Performance adjustments (22,147) 99.84 Forfeited (18,485) 147.66 Unvested at December 31, 2022 178,760 146.28 Granted 77,654 132.39 Vested (53,407) 127.36 Performance adjustments (3,009) 127.40 Forfeited (10,777) 147.06 Unvested at December 31, 2023 189,221 $ 146.17 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Debt | December 31, (In thousands) 2023 2022 2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs $ 62,081 $ 66,379 2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs 99,733 99,711 2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs 99,733 99,711 2023 Term Loan credit agreement maturing in 2026, net of debt issuance costs 230,604 — 2023 Senior Notes payable through 2028, 5.25%, net of debt issuance costs 49,939 — Senior revolving credit facility maturing in 2026, net of debt issuance costs 59,602 307,031 Total 601,692 572,832 Amounts due within one year 26,522 7,387 Long-term debt, net of debt issuance costs $ 575,170 $ 565,445 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill | Changes in goodwill during the years ended December 31, 2023 and 2022, were as follows: (In thousands) 2023 2022 Balance at January 1 $ 620,622 $ 636,858 Measurement period adjustment — (1,041) Currency translation 6,912 (15,195) Balance at December 31 $ 627,534 $ 620,622 |
Schedule of Finite-Lived Intangible Assets | Changes in intangible assets, net of accumulated amortization, during the years ended December 31, 2023 and 2022, were as follows: (In thousands) 2023 2022 Net balance at January 1 $ 281,853 $ 306,948 Amortization expense (18,085) (19,137) Currency translation 2,366 (5,958) Net balance at December 31 $ 266,134 $ 281,853 (In millions) December 31, 2023 December 31, 2022 Intangible Assets: Weighted Average Useful Life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships 19 $ 181.8 $ (46.5) $ 135.3 $ 178.7 $ (35.3) $ 143.4 Distribution agreements 20 66.0 (30.2) 35.8 65.8 (26.9) 38.9 Technology related assets 8 49.9 (32.7) 17.2 49.5 (29.3) 20.2 Patents, trademarks and copyrights 16 34.5 (16.8) 17.7 34.0 (14.8) 19.2 License agreements 5 5.4 (5.4) — 5.4 (5.3) 0.1 Other 3 3.4 (3.3) 0.1 3.3 (3.2) 0.1 Total 17 $ 341.0 $ (134.9) $ 206.1 $ 336.7 $ (114.8) $ 221.9 |
Schedule of Indefinite-Lived Intangible Assets | Changes in intangible assets, net of accumulated amortization, during the years ended December 31, 2023 and 2022, were as follows: (In thousands) 2023 2022 Net balance at January 1 $ 281,853 $ 306,948 Amortization expense (18,085) (19,137) Currency translation 2,366 (5,958) Net balance at December 31 $ 266,134 $ 281,853 (In millions) December 31, 2023 December 31, 2022 Intangible Assets: Weighted Average Useful Life (years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships 19 $ 181.8 $ (46.5) $ 135.3 $ 178.7 $ (35.3) $ 143.4 Distribution agreements 20 66.0 (30.2) 35.8 65.8 (26.9) 38.9 Technology related assets 8 49.9 (32.7) 17.2 49.5 (29.3) 20.2 Patents, trademarks and copyrights 16 34.5 (16.8) 17.7 34.0 (14.8) 19.2 License agreements 5 5.4 (5.4) — 5.4 (5.3) 0.1 Other 3 3.4 (3.3) 0.1 3.3 (3.2) 0.1 Total 17 $ 341.0 $ (134.9) $ 206.1 $ 336.7 $ (114.8) $ 221.9 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Preliminary Fair Values of the Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the Bacharach assets acquired and liabilities assumed at the date of the acquisition: (In millions) July 1, 2021 Current assets (including cash of $11.7 million) $ 32.1 Property, plant and equipment and other noncurrent assets 4.3 Customer relationships 123.0 Developed technology 20.5 Trade name 15.0 Goodwill 193.5 Total assets acquired 388.4 Total liabilities assumed (47.3) Net assets acquired $ 341.1 The following table summarizes the 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 4.9 Total assets acquired 88.9 Total liabilities assumed (12.6) Net assets acquired $ 76.3 |
Pro Forma Financial Information | Year Ended December 31, (In millions, except per share amounts) 2021 Net sales $ 1,437.9 Net income 10.2 Basic earnings per share 0.26 Diluted earnings per share 0.26 |
Pensions and Other Post-retir_2
Pensions and Other Post-retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Pension Plans and Other Postretirement Benefits Plan | Defined benefit pension plan and other post-retirement benefits plan information is provided in the following tables: Pension Benefits Other Benefits (In thousands) 2023 2022 2023 2022 Change in Benefit Obligations Benefit obligations at January 1 $ 490,365 $ 654,362 $ 22,538 $ 29,831 Service cost 7,587 12,281 214 327 Interest cost 23,775 14,377 1,090 590 Participant contributions 347 257 276 259 Plan amendments (194) 154 — — Actuarial gains (a) 23,750 (156,214) (326) (5,884) Benefits paid (26,140) (26,377) (2,406) (2,585) Curtailments (87) (286) — — Settlements (1,574) (260) — — Currency translation 3,645 (7,929) — — Benefit obligations at December 31 $ 521,474 $ 490,365 $ 21,386 $ 22,538 Change in Plan Assets Fair value of plan assets at January 1 $ 514,218 $ 651,986 $ — $ — Actual return on plan assets 70,640 (115,105) — — Employer contributions 5,217 5,032 2,130 2,326 Participant contributions 347 257 276 259 Settlements (1,574) (260) — — Benefits paid (26,140) (26,377) (2,406) (2,585) Administrative expenses paid (57) (54) — — Currency translation 798 (1,261) — — Fair value of plan assets at December 31 $ 563,449 $ 514,218 $ — $ — Funded Status Funded status at December 31 $ 41,975 $ 23,853 $ (21,386) $ (22,538) Unrecognized prior service credit (cost) 1,021 1,224 (184) (429) Unrecognized net actuarial losses 82,796 90,212 5,568 6,445 Net amount recognized $ 125,792 $ 115,289 $ (16,002) $ (16,522) Amounts Recognized in the Balance Sheets Noncurrent assets $ 172,161 $ 141,643 $ — $ — Current liabilities (8,427) (3,712) (2,167) (2,226) Noncurrent liabilities (121,759) (114,078) (19,219) (20,312) Net amount recognized $ 41,975 $ 23,853 $ (21,386) $ (22,538) Amounts Recognized in Accumulated Other Comprehensive Loss Net actuarial losses $ 82,796 $ 90,212 $ 5,568 $ 6,445 Prior service cost (credit) 1,021 1,224 (184) (429) Total (before tax effects) $ 83,817 $ 91,436 $ 5,384 $ 6,016 Accumulated Benefit Obligations for all Defined Benefit Plans $ 487,167 $ 459,630 $ — $ — (a) Actuarial gains for both periods relate primarily to the increase/decrease in discount rates used in measuring plan obligations as of December 31, 2023 and 2022, respectively. |
Components of Net Periodic Benefit (Credit) Cost | Pension Benefits Other Benefits (In thousands) 2023 2022 2021 2023 2022 2021 Components of Net Periodic Benefit (Income) Cost Service cost $ 7,587 $ 12,281 $ 12,910 $ 214 $ 327 $ 398 Interest cost 23,775 14,377 11,518 1,090 590 476 Expected return on plan assets (39,639) (49,646) (37,368) — — — Amortization of prior service cost (credit) 161 139 164 (245) (338) (358) Recognized net actuarial losses 186 11,704 17,458 550 1,242 1,597 Settlement/curtailment loss (gain) 15 (354) (2,234) (b) — — — Net periodic benefit (income) cost (a) $ (7,915) $ (11,499) $ 2,448 $ 1,609 $ 1,821 $ 2,113 (a) Components of net periodic benefit (income) cost other than service cost are included in the line item Other income, net, and service costs are included in the line items Cost of products sold and Selling, general and administrative in the Consolidated Statements of Income. (b) Relates primarily to the conversion of our Netherlands pension plan into a defined contribution plan and is included in "Restructuring charges" in the Consolidated Statements of Income. |
Schedule of Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | Information for pension plans with an accumulated benefit obligation in excess of plan assets: Pension Benefits (In thousands) 2023 2022 Aggregate accumulated benefit obligations (ABO) $ 129,921 $ 116,531 Aggregate fair value of plan assets 5,622 4,454 |
Schedule of Pension Plans with Projected Benefit Obligation in Excess of Plan Assets | Information for pension plans with a projected benefit obligation in excess of plan assets: Pension Benefits (In thousands) 2023 2022 Aggregate projected benefit obligations (PBO) $ 135,809 $ 122,229 Aggregate fair value of plan assets 5,622 4,454 |
Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost | Pension Benefits Other Benefits 2023 2022 2023 2022 Assumptions used to determine benefit obligations Average discount rate 4.75 % 5.01 % 4.88 % 5.09 % Rate of compensation increase 3.78 % 4.61 % 3.00 % 3.00 % Assumptions used to determine net periodic benefit cost Average discount rate - Service cost 5.23 % 3.12 % 5.15 % 2.84 % Average discount rate - Interest cost 4.91 % 2.17 % 5.09 % 2.04 % Expected return on plan assets 6.86 % 8.77 % — — Rate of compensation increase 4.61 % 4.58 % 3.00 % 2.91 % |
Schedule of Expected Return on Assets for Net Periodic Pension Cost | Pension Plan Assets at 2023 2022 Equity securities 58 % 56 % Fixed income securities 30 26 Pooled investment funds 9 15 Cash and cash equivalents 2 2 Insurance contracts 1 1 Total 100 % 100 % |
Summary of Pension Plan Assets Measured at Fair Value on a Recurring Basis by Fair Value Hierarchy | The fair values at December 31, 2023, were as follows: Fair Value (In thousands) Total NAV Quoted Prices Significant Significant Equity securities $ 327,699 $ 45,441 $ 282,258 $ — $ — Fixed income securities 169,321 — 94,706 74,615 — Pooled investment funds 50,553 50,553 — — — Cash and cash equivalents 10,254 8,645 1,609 — — Insurance contracts 5,622 — — — 5,622 Total $ 563,449 $ 104,639 $ 378,573 $ 74,615 $ 5,622 The fair values of the Company's pension plan assets at December 31, 2022, were as follows: Fair Value (In thousands) Total NAV Quoted Prices Significant Significant Equity securities $ 288,006 $ 44,583 $ 243,423 $ — $ — Fixed income securities 132,659 — 63,522 69,137 — Pooled investment funds 79,853 79,853 — — — Cash and cash equivalents 9,246 7,954 1,292 — — Insurance contracts 4,454 — — — 4,454 Total $ 514,218 $ 132,390 $ 308,237 $ 69,137 $ 4,454 |
Schedule of Reconciliation of Level 3 Assets | The following table presents a reconciliation of Level 3 assets: (In thousands) Insurance Balance January 1, 2022 $ 4,211 Net realized and unrealized gains (119) Net purchases, issuances and settlements 362 Balance December 31, 2022 4,454 Net realized and unrealized gains 208 Net purchases, issuances and settlements 960 Balance December 31, 2023 $ 5,622 |
Schedule of Level 3 Assets Recognized in Accumulated Other Comprehensive Loss | The following table presents amounts related to Level 3 assets recognized in accumulated other comprehensive loss: (In thousands) Insurance Net actuarial losses $ (178) Prior service cost 490 Total (before tax effects) $ 312 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income, Net | Year ended December 31, (In thousands) 2023 2022 2021 Components of net periodic benefit income other than service cost (Note 15) $ 14,107 $ 22,286 $ 8,321 Interest income 8,184 4,155 3,256 Loss on asset write-down and dispositions, net (173) (6,290) (788) Other, net (17) 905 793 Total other income, net $ 22,101 $ 21,056 $ 11,582 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Components of Lease Cost | As a lessee, we have various operating lease agreements primarily related to real estate, vehicles and office and plant equipment. The components of lease expense were as follows: Year Ended December 31, (In millions, except percentage and year amounts) 2023 2022 Lease cost: Operating lease cost recognized as rent expense $ 12.0 $ 15.0 Total lease cost $ 12.0 $ 15.0 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows related to operating leases $ 11.8 $ 14.9 Non-cash other information: Right-of-use assets obtained in exchange for new operating lease liabilities $ 19.3 $ 6.4 December 31, 2023 2022 Weighted-average remaining lease term (in years): Operating leases 13 14 Weighted-average discount rate: Operating leases 3.37 % 2.66 % |
Future Lease Payments | At December 31, 2023, future lease payments under operating leases were as follows: (In millions) Operating Leases 2024 $ 11.1 2025 9.5 2026 7.9 2027 6.4 2028 5.5 After 2028 23.5 $ 63.9 Less: Imputed interest 9.9 Present value of operating lease liabilities 54.0 Less: Current portion operating lease liabilities (a) 9.5 Noncurrent operating lease liabilities $ 44.5 (a) Included in Other current liabilities on the Consolidated Balance Sheets. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Balance Sheet Location and Fair Value of Assets and Liabilities Associated with Derivative Financial Instruments | The following table presents the Consolidated Balance Sheets location and fair value of assets and liabilities associated with derivative financial instruments: December 31, (In thousands) 2023 2022 Derivatives not designated as hedging instruments: Foreign exchange contracts: prepaid expenses and other current assets $ 2,210 $ 724 Foreign exchange contracts: other current liabilities $ 242 $ 85 |
Income Statement Location and Impact of Derivative Financial Instruments | The following table presents the Consolidated Statements of Income and Consolidated Statements of Cash Flows location and impact of derivative financial instruments: Year ended 2023 2022 Derivatives not designated as hedging instruments: Foreign exchange contracts: currency exchange losses, net $ (398) $ 6,656 |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Insurance Receivable Balances and Activity Related to Product Liability Losses | A summary of insurance receivables balance and activity related to cumulative trauma product liability losses and divestiture of MSA LLC is as follows: (In millions) 2023 2022 Balance beginning of period $ 127.6 $ 130.2 Divestiture of MSA LLC (127.6) — Additions — 1.8 Collections — (4.4) Balance end of period $ — $ 127.6 |
Summary of Notes Receivable from Insurance Companies Activity During the Year | A summary of notes receivables from insurance companies balance is as follows: December 31, (In millions) 2023 2022 Balance beginning of period $ 44.6 $ 48.5 Divestiture of MSA LLC (44.6) — Additions — 1.2 Collections — (5.1) Balance end of period $ — $ 44.6 |
Schedule of Product Warranty Liability | The following table reconciles the changes in the Company's accrued warranty reserve: December 31, (In thousands) 2023 2022 2021 Beginning warranty reserve $ 15,230 $ 12,423 $ 11,428 Warranty payments (9,794) (10,631) (8,987) Warranty claims 8,899 14,544 10,225 Provision for product warranties and other adjustments (47) (1,106) (243) Ending warranty reserve $ 14,288 $ 15,230 $ 12,423 |
Schedule of Discontinued Operations | Below is a summary of the impact of the divestiture of MSA LLC on our Consolidated Statements of Income for the year ended December 31, 2023: (In millions) Year Ended December 31, 2023 Cash and cash equivalents $ (341.2) Current insurance receivables (17.3) Notes receivable, insurance companies (5.9) Noncurrent insurance receivables (110.3) Notes receivable, insurance companies, noncurrent (38.7) Current product liability 65.1 Noncurrent product liability 324.7 Loss on divestiture of MSA LLC before transaction costs (123.6) Transaction costs (5.6) Loss on divestiture of MSA LLC (129.2) Income tax expense (a) (70.4) Tax-effected loss on divestiture of MSA LLC $ (199.6) (a) Related to the write-off of deferred tax asset related to product liability reserve |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Financial Information | 2023 Quarters (In thousands, except per share amounts) 1st 2nd 3rd 4th Year Net sales $ 398,262 $ 447,299 $ 446,728 $ 495,358 $ 1,787,647 Gross profit 181,398 213,796 218,761 238,183 852,138 Net (loss) income attributable to MSA Safety Incorporated (150,173) 67,090 65,256 76,410 58,583 (Loss) earnings per share (1) Basic $ (3.83) $ 1.71 $ 1.66 $ 1.94 $ 1.49 Diluted (3.83) 1.70 1.65 1.93 1.48 2022 Quarters (In thousands, except earnings per share) 1st 2nd 3rd 4th Year Net sales $ 330,692 $ 372,313 $ 381,694 $ 443,254 $ 1,527,953 Gross profit 142,784 164,400 169,395 197,252 673,831 Net income attributable to MSA Safety Incorporated 35,542 47,693 44,906 51,489 179,630 Earnings per share (1) Basic $ 0.90 $ 1.21 $ 1.15 $ 1.31 $ 4.58 Diluted 0.90 1.21 1.14 1.31 4.56 (1) Per share amounts are calculated independently for each period presented; therefore, the sum of the quarterly per share amounts may not equal the per share amounts for the year. |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Significant Accounting Policies [Line Items] | |||
Money market funds | $ 1,900,000 | ||
Restricted cash balances | $ 2,000,000 | 1,500,000 | |
Inventory, write-down, excess period | 24 months | ||
Depreciation | $ 41,800,000 | 36,700,000 | $ 33,000,000 |
Unamortized software development costs | 12,100,000 | 8,700,000 | 8,100,000 |
Software development cost depreciation expense | 10,400,000 | 7,900,000 | 4,900,000 |
Net investment in sales-type lease, current | $ 6,300,000 | ||
Net investment in sales-type lease, noncurrent | 14,600,000 | ||
Term of contract | 6 years | ||
Goodwill, impairment loss | $ 0 | $ 0 | $ 0 |
Retirement eligible participants, expense, accelerated period (at least) | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |||
Significant Accounting Policies [Line Items] | |||
Remaining performance obligation, amount | $ 32,900,000 | ||
Remaining performance obligation, expected timing of satisfaction, period | 4 years | ||
Buildings | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Useful lives | 20 years | ||
Buildings | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Useful lives | 40 years | ||
Machinery and equipment | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Useful lives | 3 years | ||
Machinery and equipment | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Useful lives | 10 years | ||
Software development | |||
Significant Accounting Policies [Line Items] | |||
Useful lives | 3 years |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Cash and Cash Equivalents [Abstract] | |
Gross cash pool position | $ 91,249 |
Less: cash pool borrowings | (88,509) |
Net cash pool position | $ 2,740 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) position | Dec. 31, 2022 USD ($) position | Dec. 31, 2021 USD ($) position | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (Note 3) | $ 9,892 | $ 7,965 | $ 16,433 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (Note 3) | $ 600 | $ 600 | |
Employee severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Number of positions eliminated (in positions) | position | 152 | 151 | 143 |
Employee severance | Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (Note 3) | $ 2,100 | ||
Number of positions eliminated (in positions) | position | 15 | 4 | 6 |
Employee severance | Americas | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (Note 3) | $ 3,100 | $ 2,300 | $ 4,600 |
Number of positions eliminated (in positions) | position | 62 | 24 | 66 |
Employee severance | International | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges (Note 3) | $ 4,700 | $ 5,100 | $ 11,200 |
Number of positions eliminated (in positions) | position | 75 | 123 | 71 |
Restructuring Charges - Roll Fo
Restructuring Charges - Roll Forward (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | $ 15 | $ 21 | $ 22.5 |
Restructuring charges | 9.9 | 8 | 16.4 |
Currency translation and other adjustments | 0 | (1.2) | (0.3) |
Cash payments / utilization | (15.1) | (12.8) | (17.6) |
Restructuring reserve, ending balance | 9.8 | 15 | 21 |
Corporate | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 0.5 | 0.3 | 0.4 |
Restructuring charges | 2.1 | 0.6 | 0.6 |
Currency translation and other adjustments | 0 | 0 | 0 |
Cash payments / utilization | (2.6) | (0.4) | (0.7) |
Restructuring reserve, ending balance | 0 | 0.5 | 0.3 |
Americas | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 1.7 | 3.3 | 2.8 |
Restructuring charges | 3.1 | 2.3 | 4.6 |
Currency translation and other adjustments | (0.1) | 0.1 | (0.1) |
Cash payments / utilization | (3.9) | (4) | (4) |
Restructuring reserve, ending balance | 0.8 | 1.7 | 3.3 |
International | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | 12.8 | 17.4 | 19.3 |
Restructuring charges | 4.7 | 5.1 | 11.2 |
Currency translation and other adjustments | 0.1 | (1.3) | (0.2) |
Cash payments / utilization | (8.6) | (8.4) | (12.9) |
Restructuring reserve, ending balance | $ 9 | $ 12.8 | $ 17.4 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 88,687 | $ 97,142 |
Work in process | 15,378 | 16,360 |
Raw materials and supplies | 188,539 | 224,814 |
Total inventories | $ 292,604 | $ 338,316 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Unamortized computer software costs | $ 18,200 | $ 16,500 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 667,911 | 631,993 |
Less accumulated depreciation | (456,034) | (424,441) |
Property, plant and equipment, net | 211,877 | 207,552 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,332 | 4,884 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 141,027 | 138,618 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 498,148 | 466,394 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 24,404 | $ 22,097 |
Reclassifications Out of Accu_3
Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 923,741 | ||
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income | 101 | $ 2,912 | $ 267 |
Unrealized gain (loss) on available-for-sale securities (Note 19) | 2 | 3 | (4) |
Foreign currency translation adjustments | 29,468 | (9,577) | 33,165 |
Balance at end of period | 966,802 | 923,741 | |
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 | (50,335) | (57,296) | (115,552) |
Tax (expense) benefit | (1,514) | 703 | (12,804) |
Total other comprehensive gain (loss) before reclassifications, net of tax | 7,140 | (2,159) | 41,580 |
Tax benefit | (185) | (3,273) | (5,760) |
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income | 543 | 9,120 | 16,676 |
Foreign currency translation adjustments | 7,683 | 6,961 | 58,256 |
Balance at end of period | (42,652) | (50,335) | (57,296) |
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 | (84) | (199) | (95) |
Accumulated defined benefit plans adjustment, net gain (loss) attributable to parent | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Unrecognized net actuarial gains (losses) | 8,654 | (2,862) | 54,384 |
Amounts reclassified from Accumulated other comprehensive loss | 812 | 12,592 | 22,531 |
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 |
Tax (expense) benefit | 0 | 0 | 0 |
Total other comprehensive gain (loss) before reclassifications, net of tax | 0 | 0 | 0 |
Tax benefit | 0 | 0 | 0 |
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income | 0 | 0 | 0 |
Foreign currency translation adjustments | 0 | 0 | 0 |
Balance at end of period | 0 | 0 | 0 |
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 |
Accumulated defined benefit plans adjustment, net gain (loss) attributable to noncontrolling interest | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Unrecognized net actuarial gains (losses) | 0 | 0 | 0 |
Amounts reclassified from Accumulated other comprehensive loss | 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 | (2) | (5) | (1) |
Unrealized gain (loss) on available-for-sale securities (Note 19) | 2 | 3 | (4) |
Balance at end of period | 0 | (2) | (5) |
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 |
Unrealized gain (loss) on available-for-sale securities (Note 19) | 0 | 0 | 0 |
Balance at end of period | 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 | (108,380) | (91,839) | (66,844) |
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income | 101 | 2,912 | 267 |
Foreign currency translation adjustments | 21,682 | (19,453) | (25,262) |
Acquisition of noncontrolling interests in consolidated subsidiaries | 0 | 0 | 0 |
Balance at end of period | (86,597) | (108,380) | (91,839) |
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 | 0 | 0 | 372 |
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income | 0 | 0 | 0 |
Foreign currency translation adjustments | 0 | 0 | (92) |
Acquisition of noncontrolling interests in consolidated subsidiaries | 0 | 0 | (280) |
Balance at end of period | $ 0 | $ 0 | $ 0 |
Capital Stock - Narrative (Deta
Capital Stock - Narrative (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Capital Unit [Line Items] | |||
Preferred stock, par value (in dollars per share) | $ 50,000 | $ 50,000 | |
Cumulative preferred nonvoting stock (as a percent) | 4.50% | 4.50% | |
Treasury shares, at cost | $ 363,284 | $ 361,438 | |
Common stock, shares authorized (in shares) | 180,000,000 | 180,000,000 | |
Common stock, par value (in dollars per share) | $ 0 | ||
Common stock, shares issued (in shares) | 62,081,391 | 62,081,391 | |
Common stock, shares, outstanding (in shares) | 39,317,212 | 39,213,064 | |
Treasury Stock, Common, Shares | 22,764,179 | 22,868,327 | |
Cumulative preferred stock | |||
Capital Unit [Line Items] | |||
Preferred stock, shares authorized (in shares) | 100,000 | ||
Preferred stock, par value (in dollars per share) | $ 50 | ||
Cumulative preferred nonvoting stock (as a percent) | 4.50% | ||
Preferred stock, callable price per share (in dollars per share) | $ 52.50 | ||
Preferred stock, shares issued (in shares) | 71,340 | 71,340 | |
Purchase of treasury shares (in shares) | 0 | ||
Treasury Stock, Preferred, Shares | 52,998 | 52,998 | |
Second cumulative preferred voting stock | |||
Capital Unit [Line Items] | |||
Preferred stock, shares authorized (in shares) | 1,000,000 | ||
Preferred stock, par value (in dollars per share) | $ 10 | ||
Preferred stock, shares issued (in shares) | 0 | 0 | |
Common stock | |||
Capital Unit [Line Items] | |||
Purchase of treasury shares (in shares) | 0 | 251,408 | 0 |
Common stock, shares issued (in shares) | 62,081,391 | 62,081,391 | |
Common stock, value, issued (up to) | $ 100,000 | ||
Treasury Stock, Common | |||
Capital Unit [Line Items] | |||
Reissued shares (in shares) | 132,797 | 219,214 | |
Preferred stock | |||
Capital Unit [Line Items] | |||
Treasury shares, at cost | $ 1,800 |
Capital Stock - Schedule of Com
Capital Stock - Schedule of Common Stock Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common Stock Activity [Roll Forward] | ||||
Beginning balance (in shares) | 39,213,064 | |||
Stock options exercised (in shares) | 31,394 | 103,545 | 122,087 | |
Ending balance (in shares) | 39,317,212 | 39,213,064 | ||
Common stock | ||||
Common Stock Activity [Roll Forward] | ||||
Beginning balance (in shares) | 62,081,391 | 62,081,391 | 62,081,391 | |
Acquisition of noncontrolling interest | $ (4,751) | |||
Ending balance (in shares) | 62,081,391 | 62,081,391 | 62,081,391 | |
Total MSA Safety Incorporated shareholders’ equity | $ 312,324 | $ 281,980 | $ 260,121 | $ 242,693 |
Treasury Stock, Common | ||||
Common Stock Activity [Roll Forward] | ||||
Beginning balance (in shares) | 22,868,327 | 22,804,873 | 23,013,489 | |
Ending balance (in shares) | 22,764,179 | 22,868,327 | 22,804,873 | |
Total MSA Safety Incorporated shareholders’ equity | $ (361,684) | $ (359,838) | $ (328,776) | $ (326,156) |
Restricted Stock | Common stock | ||||
Common Stock Activity [Roll Forward] | ||||
Restricted stock awards | (643) | (711) | (762) | |
Restricted stock expense | 9,476 | 7,715 | 6,562 | |
Restricted stock forfeitures | $ (1,414) | $ (1,227) | $ (765) | |
Restricted Stock | Treasury Stock, Common | ||||
Common Stock Activity [Roll Forward] | ||||
Restricted stock awards (in shares) | 40,856 | 52,810 | 53,934 | |
Restricted stock awards | $ 643 | $ 711 | $ 762 | |
Stock options | Common stock | ||||
Common Stock Activity [Roll Forward] | ||||
Restricted stock expense | 11 | 49 | 90 | |
Restricted stock forfeitures | (11) | (9) | ||
Stock options exercised | $ 970 | $ 3,021 | $ 4,003 | |
Stock options | Treasury Stock, Common | ||||
Common Stock Activity [Roll Forward] | ||||
Stock options exercised (in shares) | 31,394 | 103,545 | 122,119 | |
Stock options exercised | $ 503 | $ 1,629 | $ 1,767 | |
Performance stock | Common stock | ||||
Common Stock Activity [Roll Forward] | ||||
Restricted stock expense | 23,546 | 15,843 | 13,227 | |
Restricted stock forfeitures | (1,585) | (2,730) | ||
Performance stock issued | $ (855) | $ (880) | $ (939) | |
Performance stock | Treasury Stock, Common | ||||
Common Stock Activity [Roll Forward] | ||||
Performance stock issued (in shares) | 53,407 | 55,447 | 64,543 | |
Performance stock issued | $ 855 | $ 880 | $ 939 | |
Employee Stock Purchase Plan | Common stock | ||||
Common Stock Activity [Roll Forward] | ||||
Employee stock purchase plan | $ 849 | $ 779 | $ 772 | |
Employee Stock Purchase Plan | Treasury Stock, Common | ||||
Common Stock Activity [Roll Forward] | ||||
Employee stock purchase plan (in shares) | 7,140 | 7,412 | 5,730 | |
Employee stock purchase plan | $ 114 | $ 112 | $ 83 | |
Treasury shares purchased | Treasury Stock, Common | ||||
Common Stock Activity [Roll Forward] | ||||
Purchase of treasury shares (in shares) | (28,649) | (31,260) | (37,710) | |
Treasury shares purchased | $ (3,961) | $ (4,021) | $ (6,171) | |
Share repurchase program | Treasury Stock, Common | ||||
Common Stock Activity [Roll Forward] | ||||
Purchase of treasury shares (in shares) | (251,408) | |||
Treasury shares purchased | $ (30,373) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Segment | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Segment Reporting [Abstract] | ||
Number of geographic operating segments (in segments) | 4 | |
Number of reportable segments (in segments) | 3 |
Segment Information - Schedule
Segment Information - Schedule Of Reportable Segment Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net sales to external customers | $ 1,787,647 | $ 1,527,953 | $ 1,400,182 |
Operating income | 231,320 | 239,137 | 22,780 |
Restructuring charges | 9,892 | 7,965 | 16,433 |
Currency exchange losses, net | 17,079 | 10,255 | 216 |
Loss on divestiture of MSA LLC | 129,211 | 0 | 0 |
Product liability expense (Note 20) | 3 | 20,590 | 185,264 |
Acquisition related costs | 9,246 | 9,207 | 8,764 |
Transaction costs | 965 | 3,233 | 7,120 |
Adjusted operating income (loss) | 397,716 | 290,387 | 240,577 |
Depreciation and amortization | 51,527 | 47,110 | 45,417 |
Adjusted EBITDA | 449,243 | 337,497 | 285,994 |
Pension (income) expense | (7,915) | (11,499) | 2,874 |
Total Assets | 2,170,150 | 2,376,976 | 2,396,396 |
Capital expenditures | 42,764 | 42,553 | 43,837 |
Americas | |||
Segment Reporting Information [Line Items] | |||
Net sales to external customers | 1,235,594 | 1,043,238 | 908,068 |
Operating Segments | Americas | |||
Segment Reporting Information [Line Items] | |||
Net sales to external customers | 1,235,594 | 1,043,238 | 908,068 |
Adjusted operating income (loss) | $ 359,617 | $ 267,392 | $ 202,496 |
Adjusted operating margin % | 29.10% | 25.60% | 22.30% |
Depreciation and amortization | $ 36,979 | $ 34,334 | $ 31,236 |
Adjusted EBITDA | $ 396,596 | $ 301,726 | $ 233,732 |
Adjusted EBITDA margin % | 32.10% | 28.90% | 25.70% |
Pension (income) expense | $ (11,873) | $ (18,368) | $ (2,916) |
Total Assets | 1,433,244 | 1,660,776 | 1,661,619 |
Capital expenditures | 28,011 | 33,324 | 25,148 |
Operating Segments | International | |||
Segment Reporting Information [Line Items] | |||
Net sales to external customers | 552,053 | 484,715 | 492,114 |
Adjusted operating income (loss) | $ 89,699 | $ 60,923 | $ 73,279 |
Adjusted operating margin % | 16.20% | 12.60% | 14.90% |
Depreciation and amortization | $ 13,705 | $ 12,256 | $ 13,718 |
Adjusted EBITDA | $ 103,404 | $ 73,179 | $ 86,997 |
Adjusted EBITDA margin % | 18.70% | 15.10% | 17.70% |
Pension (income) expense | $ 3,958 | $ 6,869 | $ 5,790 |
Total Assets | 734,856 | 703,444 | 720,257 |
Capital expenditures | 13,341 | 9,229 | 11,408 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Net sales to external customers | 0 | 0 | 0 |
Restructuring charges | 600 | 600 | |
Adjusted operating income (loss) | (51,600) | (37,928) | (35,198) |
Depreciation and amortization | 843 | 520 | 463 |
Adjusted EBITDA | (50,757) | (37,408) | (34,735) |
Pension (income) expense | 0 | 0 | |
Total Assets | 320 | 11,673 | 13,034 |
Capital expenditures | 1,412 | 0 | 7,281 |
Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Net sales to external customers | 0 | 0 | 0 |
Adjusted operating income (loss) | 0 | ||
Depreciation and amortization | 0 | 0 | |
Adjusted EBITDA | 0 | 0 | |
Pension (income) expense | 0 | 0 | |
Total Assets | 1,730 | 1,083 | 1,486 |
Capital expenditures | $ 0 | $ 0 | $ 0 |
Segment Information - Geographi
Segment Information - Geographic Information on Sales to External Customers (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | $ 1,787,647 | $ 1,527,953 | $ 1,400,182 |
United States | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 1,036,521 | 876,945 | 746,825 |
Other | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | $ 751,126 | $ 651,008 | $ 653,357 |
Segment Information - Geograp_2
Segment Information - Geographic Information on Property (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Long-Lived Assets by Geographical Areas [Line Items] | |||
Net property | $ 211,877 | $ 207,552 | |
Property, plant, equipment, and operating leases, net | 265,175 | 251,694 | $ 257,971 |
United States | |||
Long-Lived Assets by Geographical Areas [Line Items] | |||
Net property | 156,937 | 159,345 | 155,667 |
Other | |||
Long-Lived Assets by Geographical Areas [Line Items] | |||
Net property | $ 108,238 | $ 92,349 | $ 102,304 |
Segment Information - Revenue f
Segment Information - Revenue from External Customers by Products and Services (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 495,358 | $ 446,728 | $ 447,299 | $ 398,262 | $ 443,254 | $ 381,694 | $ 372,313 | $ 330,692 | $ 1,787,647 | $ 1,527,953 | $ 1,400,182 |
Revenues | $ 1,787,647 | $ 1,527,953 | $ 1,400,182 | ||||||||
Sales | Product concentration risk | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 100% | 100% | 100% | ||||||||
Firefighter Safety | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 684,224 | $ 578,935 | $ 526,326 | ||||||||
Firefighter Safety | Sales | Product concentration risk | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 38% | 38% | 38% | ||||||||
Detection | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 634,915 | $ 529,735 | $ 461,779 | ||||||||
Detection | Sales | Product concentration risk | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 36% | 35% | 33% | ||||||||
Industrial PPE and Other | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 468,508 | $ 419,283 | $ 412,077 | ||||||||
Industrial PPE and Other | Sales | Product concentration risk | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 26% | 27% | 29% | ||||||||
Americas | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 1,235,594 | $ 1,043,238 | $ 908,068 | ||||||||
Americas | Sales | Product concentration risk | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 100% | 100% | 100% | ||||||||
Americas | Firefighter Safety | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 501,676 | $ 416,427 | $ 354,426 | ||||||||
Americas | Firefighter Safety | Sales | Product concentration risk | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 41% | 40% | 39% | ||||||||
Americas | Detection | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 419,312 | $ 349,543 | $ 292,058 | ||||||||
Americas | Detection | Sales | Product concentration risk | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 34% | 34% | 32% | ||||||||
Americas | Industrial PPE and Other | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 314,606 | $ 277,268 | $ 261,584 | ||||||||
Americas | Industrial PPE and Other | Sales | Product concentration risk | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 25% | 26% | 29% | ||||||||
International | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 552,053 | $ 484,715 | $ 492,114 | ||||||||
International | Sales | Product concentration risk | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 100% | 100% | 100% | ||||||||
International | Firefighter Safety | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 182,548 | $ 162,508 | $ 171,900 | ||||||||
International | Firefighter Safety | Sales | Product concentration risk | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 33% | 34% | 35% | ||||||||
International | Detection | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 215,603 | $ 180,192 | $ 169,721 | ||||||||
International | Detection | Sales | Product concentration risk | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 39% | 37% | 34% | ||||||||
International | Industrial PPE and Other | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 153,902 | $ 142,015 | $ 150,493 | ||||||||
International | Industrial PPE and Other | Sales | Product concentration risk | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Concentration risk (percentage) | 28% | 29% | 31% |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 76,410 | $ 65,256 | $ 67,090 | $ (150,173) | $ 51,489 | $ 44,906 | $ 47,693 | $ 35,542 | $ 58,583 | $ 179,630 | $ 21,340 |
Preferred stock dividends | (41) | (41) | (41) | ||||||||
Net income available to common equity | 58,542 | 179,589 | 21,299 | ||||||||
Dividends and undistributed earnings allocated to participating securities | (26) | (30) | (24) | ||||||||
Net income available to common shareholders | $ 58,516 | $ 179,559 | $ 21,275 | ||||||||
Basic weighted-average shares outstanding (in shares) | 39,307 | 39,232 | 39,173 | ||||||||
Stock options and other stock-based awards (in shares) | 166 | 175 | 276 | ||||||||
Diluted weighted-average shares outstanding (in shares) | 39,473 | 39,407 | 39,449 | ||||||||
Antidilutive stock options (in shares) | 0 | 0 | 0 | ||||||||
Earnings per share: | |||||||||||
Basic (in dollars per share) | $ 1.94 | $ 1.66 | $ 1.71 | $ (3.83) | $ 1.31 | $ 1.15 | $ 1.21 | $ 0.90 | $ 1.49 | $ 4.58 | $ 0.54 |
Diluted (in dollars per share) | $ 1.93 | $ 1.65 | $ 1.70 | $ (3.83) | $ 1.31 | $ 1.14 | $ 1.21 | $ 0.90 | $ 1.48 | $ 4.56 | $ 0.54 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Net operating loss carryforwards | $ 50.4 | |
Net operating loss carryforwards, expiration term (at least) | 6 years | |
Recognized tax benefits | $ 0.6 | $ 2.7 |
Liability for interest expense and penalties accrued | $ 0.2 | $ 1.1 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. income (loss) | $ 80,229 | $ 170,426 | $ (59,746) |
Non-U.S. income | 126,459 | 68,107 | 83,350 |
Income before income taxes | 206,688 | 238,533 | 23,604 |
Current | |||
Federal | 49,642 | 26,022 | 13,179 |
State | 9,510 | 7,708 | 5,000 |
Non-U.S. | 27,101 | 20,002 | 22,487 |
Total current provision | 86,253 | 53,732 | 40,666 |
Deferred | |||
Federal | 54,272 | 7,350 | (29,631) |
State | 12,914 | 862 | (7,204) |
Non-U.S. | (5,334) | (3,041) | (2,015) |
Total deferred provision (benefit) | 61,852 | 5,171 | (38,850) |
Provision for income taxes | $ 148,105 | $ 58,903 | $ 1,816 |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between U.S. Federal Income Tax Rate and Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal income tax rate | 21% | 21% | 21% |
Nondeductible compensation | 1.90% | 1.20% | 15.30% |
Valuation allowances | (0.20%) | 0.80% | 7% |
Employee share-based payments | (0.40%) | (0.80%) | (18.30%) |
Taxes on non-U.S. income | (0.60%) | 0.10% | (10.90%) |
State income taxes-U.S. | 3.70% | 2.90% | (7.00%) |
Research and development credit | (0.80%) | (0.40%) | (5.30%) |
Foreign exchange on entity closures | 0% | 0.30% | (0.40%) |
Taxes on non-U.S. income - U.S., Canadian & European reorganization | (0.50%) | 0% | 0% |
Divestiture (Note 20) | 46.60% | 0% | 0% |
Other | 0.90% | (0.40%) | 6.30% |
Effective income tax rate | 71.60% | 24.70% | 7.70% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Product liability | $ 655 | $ 72,950 |
Capitalized research and development | 28,822 | 26,988 |
Net operating losses and tax credit carryforwards | 10,964 | 10,696 |
Accrued expenses and other reserves | 4,566 | 5,738 |
Share-based compensation | 5,528 | 4,562 |
Inventory | 7,281 | 0 |
Reserve for doubtful accounts | 1,562 | 0 |
Other | 7,218 | 5,068 |
Total deferred tax assets | 66,596 | 126,002 |
Valuation allowances | (9,671) | (10,017) |
Net deferred tax assets | 56,925 | 115,985 |
Goodwill and intangibles | (83,100) | (80,383) |
Property, plant and equipment | (15,541) | (18,735) |
Employee benefits | (24,958) | (18,899) |
Other | (2,680) | (4,359) |
Total deferred tax liabilities | (126,279) | (122,376) |
Net deferred taxes | $ (69,354) | $ (6,391) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Change in Tax Liability for Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 5,192 | $ 4,937 |
Adjustments for tax positions related to the current year | 0 | 100 |
Adjustments for tax positions related to prior years | (1,116) | 155 |
Settlements | 0 | 0 |
Statute expiration | (992) | 0 |
Ending balance | $ 3,084 | $ 5,192 |
Stock Plans - Additional Inform
Stock Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options exercisable period after grant date | 3 years | |||
Restricted stock and restricted stock unit vest period after grant date | 3 years | |||
Cash proceeds from exercise of options | $ 1,473 | $ 4,650 | $ 5,770 | |
Aggregate intrinsic value of stock options exercisable | 3,300 | |||
Total intrinsic value of stock options exercised | 3,700 | 8,600 | 13,000 | |
Unrecognized stock-based compensation expense | $ 21,100 | |||
Weighted average period over which unrecognized stock-based compensation expense is expected to be recognized, in years | 1 year 8 months 12 days | |||
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of target award based on achieving targeted performance conditions | 0% | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of target award based on achieving targeted performance conditions | 240% | |||
Percentage of target award based on achieving targeted return on net assets based on which final number of shares to be issued for performance stock units | 94.90% | |||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise of option tax benefit | $ 900 | 1,900 | 4,300 | |
Restricted stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of stock units vested | 5,400 | 5,900 | 6,200 | |
Performance stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period (in years) | 3 years | |||
Fair value of stock units vested | $ 6,800 | $ 5,600 | $ 5,500 | |
Management | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for future grants (in shares) | 1,869,407 | |||
Non employee directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for future grants (in shares) | 68,439 | |||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options expiration period | 10 years |
Stock Plans - Schedule of Stock
Stock Plans - Schedule of Stock Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Restricted stock units | $ 8,062 | $ 6,488 | $ 5,797 |
Stock options | 0 | 49 | 81 |
Performance stock units | 21,961 | 13,113 | 13,030 |
Total stock-compensation expense before income taxes | 30,023 | 19,650 | 18,908 |
Income tax benefit | 7,356 | 4,814 | 4,633 |
Total stock-compensation expense, net of income tax benefit | $ 22,667 | $ 14,836 | $ 14,275 |
Stock Plans - Summary of Stock
Stock Plans - Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares | |||
Beginning balance, outstanding (in shares) | 58,156 | 161,701 | 283,998 |
Exercised (in shares) | (31,394) | (103,545) | (122,087) |
Forfeited (in shares) | (226) | (210) | |
Ending balance, outstanding (in shares) | 26,536 | 58,156 | 161,701 |
Weighted Average Exercise Price | |||
Beginning, weighted average exercise price (in dollars per share) | $ 46.48 | $ 45.47 | $ 46.23 |
Exercised (in dollars per share) | 46.90 | 44.91 | 47.25 |
Forfeited (in dollars per share) | 49.44 | 43.75 | |
Ending, weighted average exercise price (in dollars per share) | $ 45.95 | $ 46.48 | $ 45.47 |
Exercisable at year-end (in shares) | 26,536 | 58,156 | 161,347 |
Stock Plans - Schedule of Exerc
Stock Plans - Schedule of Exercise Price Ranges, Characteristics of Outstanding Stock Options (Detail) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
$33.01 – $45.00 | |
Range of Exercise Prices | |
Range of Exercise Prices, minimum (in dollars per share) | $ 33.01 |
Range of Exercise Prices, maximum (in dollars per share) | $ 45 |
Stock Options Outstanding and Exercisable | |
Stock Options Outstanding (in shares) | shares | 17,820 |
Stock Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $ 44.50 |
Stock Options Outstanding, Weighted-Average Remaining Life (in years) | 1 year 7 months 28 days |
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures [Abstract] | |
Stock Options Exercisable (in shares) | shares | 17,820 |
Stock Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 44.50 |
Stock Options Exercisable, Weighted-Average Remaining Life (in years) | 1 year 7 months 28 days |
$45.01 – $57.93 | |
Range of Exercise Prices | |
Range of Exercise Prices, minimum (in dollars per share) | $ 45.01 |
Range of Exercise Prices, maximum (in dollars per share) | $ 57.93 |
Stock Options Outstanding and Exercisable | |
Stock Options Outstanding (in shares) | shares | 8,716 |
Stock Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $ 48.92 |
Stock Options Outstanding, Weighted-Average Remaining Life (in years) | 1 year 8 months 23 days |
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures [Abstract] | |
Stock Options Exercisable (in shares) | shares | 8,716 |
Stock Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 48.92 |
Stock Options Exercisable, Weighted-Average Remaining Life (in years) | 1 year 8 months 23 days |
$33.01 – $57.93 | |
Range of Exercise Prices | |
Range of Exercise Prices, minimum (in dollars per share) | $ 33.01 |
Range of Exercise Prices, maximum (in dollars per share) | $ 57.93 |
Stock Options Outstanding and Exercisable | |
Stock Options Outstanding (in shares) | shares | 26,536 |
Stock Options Outstanding, Weighted-Average Exercise Price (in dollars per share) | $ 45.95 |
Stock Options Outstanding, Weighted-Average Remaining Life (in years) | 1 year 8 months 4 days |
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures [Abstract] | |
Stock Options Exercisable (in shares) | shares | 26,536 |
Stock Options Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 45.95 |
Stock Options Exercisable, Weighted-Average Remaining Life (in years) | 1 year 8 months 4 days |
Stock Plans - Summary of Restri
Stock Plans - Summary of Restricted Stock Activity (Detail) - Restricted stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares | |||
Beginning balance (in shares) | 145,886 | 118,343 | 146,191 |
Granted (in shares) | 81,150 | 87,697 | 43,146 |
Vested (in shares) | (43,107) | (51,369) | (65,225) |
Forfeited (in shares) | (10,078) | (8,785) | (5,769) |
Ending balance (in shares) | 173,851 | 145,886 | 118,343 |
Weighted Average Grant Date Fair Value | |||
Beginning balance (in dollars per share) | $ 137.36 | $ 132.62 | $ 105.83 |
Granted (in dollars per share) | 142.92 | 130.28 | 167.13 |
Vested (in dollars per share) | 126.27 | 113.96 | 95.43 |
Forfeited (in dollars per share) | 140.28 | 139.66 | 132.54 |
Ending balance (in dollars per share) | $ 142.73 | $ 137.36 | $ 132.62 |
Stock Plans - Summary of Perfor
Stock Plans - Summary of Performance Stock Unit Activity (Detail) - Performance stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares | |||
Beginning balance (in shares) | 178,760 | 193,335 | 200,212 |
Granted (in shares) | 77,654 | 81,504 | 52,309 |
Vested (in shares) | (53,407) | (55,447) | (64,543) |
Performance adjustments (in shares) | (3,009) | (22,147) | 5,357 |
Forfeited (in shares) | (10,777) | (18,485) | |
Ending balance (in shares) | 189,221 | 178,760 | 193,335 |
Weighted Average Exercise Price | |||
Beginning balance (in dollars per share) | $ 146.28 | $ 129.86 | $ 104.69 |
Granted (in dollars per share) | 132.39 | 142.38 | 175.59 |
Vested (in dollars per share) | 127.36 | 101.38 | 85.41 |
Performance adjustments (in dollars per share) | 127.40 | 99.84 | 88.45 |
Forfeited (in dollars per share) | 147.06 | 147.66 | |
Ending balance (in dollars per share) | $ 146.17 | $ 146.28 | $ 129.86 |
Long-Term Debt - Schedule of De
Long-Term Debt - Schedule of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 29, 2023 | Jan. 05, 2023 | Dec. 31, 2022 | Jul. 01, 2021 |
Debt Instrument [Line Items] | |||||
Senior revolving credit facility maturing in 2026, net of debt issuance costs | $ 59,602 | $ 307,031 | |||
Total | 601,692 | 572,832 | |||
Amounts due within one year | 26,522 | 7,387 | |||
Long-term debt, net of debt issuance costs | $ 575,170 | 565,445 | |||
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 | $ 62,081 | 66,379 | |||
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, stated interest rate percentage | 2.69% | ||||
Senior notes payable | $ 99,733 | 99,711 | |||
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, stated interest rate percentage | 2.69% | ||||
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, stated interest rate percentage | 2.69% | ||||
Senior notes payable | $ 99,733 | 99,711 | |||
2021 Senior Notes payable through 2036, 2.69%, net of debt issuance costs | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, stated interest rate percentage | 2.69% | ||||
2023 Term Loan credit agreement maturing in 2026, net of debt issuance costs | Secured Debt | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, stated interest rate percentage | 6.45% | ||||
Total | $ 230,604 | $ 250,000 | 0 | ||
2023 Senior Notes payable through 2028, 5.25%, net of debt issuance costs | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, stated interest rate percentage | 5.25% | 5.25% | |||
Total | $ 49,939 | $ 0 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | 12 Months Ended | ||||||||
Jun. 29, 2023 USD ($) | Jan. 05, 2023 USD ($) | Jul. 01, 2021 USD ($) | May 24, 2021 USD ($) | Jan. 04, 2019 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 GBP (£) | |
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 900,000,000 | ||||||||
Line of credit facility, accordion feature | $ 400,000,000 | ||||||||
Amounts due within one year | 26,522,000 | $ 7,387,000 | |||||||
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 | ||||||||
Acquisition, net of cash acquired | 0 | 0 | $ 392,437,000 | ||||||
Maturity obligation, year one | 26,500,000 | ||||||||
Maturity obligation, year two | 32,800,000 | ||||||||
Maturity obligation, year three | 256,100,000 | ||||||||
Maturity obligation, year four | 32,800,000 | ||||||||
Maturity obligation, year five | 32,800,000 | ||||||||
Maturity obligation, thereafter | 223,300,000 | ||||||||
Proceeds from lines of credit | 9,100,000 | ||||||||
Restricted cash balances | 2,000,000 | 1,500,000 | |||||||
Long-term Debt | $ 601,692,000 | 572,832,000 | |||||||
Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average interest rate | 6.22% | 6.22% | |||||||
Line of credit facility, remaining borrowing capacity | $ 838,100,000 | ||||||||
Proceeds from lines of credit | $ 1,100,000 | ||||||||
Bacharach Inc | |||||||||
Debt Instrument [Line Items] | |||||||||
Acquisition, net of cash acquired | $ 329,400,000 | ||||||||
Series C Senior Notes Due July 2036 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, stated interest rate percentage | 2.69% | 2.69% | |||||||
Series A Senior Notes Due 2036 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, stated interest rate percentage | 2.69% | 2.69% | |||||||
Senior Notes | Series C Senior Notes Due July 2036 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 100,000,000 | ||||||||
Debt instrument, stated interest rate percentage | 2.69% | ||||||||
Senior Notes | Series A Senior Notes Due 2036 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 100,000,000 | ||||||||
Debt instrument, stated interest rate percentage | 2.69% | ||||||||
Senior Notes | NYL Note Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | ||||||||
Senior Notes | Multicurrency Series C Senior Note and NYL Series A Senior Note | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 200,000,000 | ||||||||
Debt instrument, stated interest rate percentage | 2.69% | ||||||||
Senior Notes | Senior Notes Due 2028 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 50,000,000 | ||||||||
Debt instrument, stated interest rate percentage | 5.25% | 5.25% | 5.25% | ||||||
Debt Instrument, Principal Amount Due In Year Before Maturity | $ 25,000,000 | ||||||||
Debt Instrument, Principal Amount Due At Maturity | $ 25,000,000 | ||||||||
Long-term Debt | $ 49,939,000 | 0 | |||||||
Unsecured Debt | Series C Senior Notes Due July 2036 | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 335,000,000 | ||||||||
Notes Payable | Multi-currency Notes Due in 2031 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 62,200,000 | £ 48,800,000 | |||||||
Debt instrument, stated interest rate percentage | 3.40% | 3.40% | |||||||
Amounts due within one year | $ 7,800,000 | £ 6,100,000 | |||||||
Line of Credit | Term Loan Facility 2023 | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, stated interest rate percentage | 6.45% | 6.45% | |||||||
Long-term Debt | $ 250,000,000 | $ 230,604,000 | $ 0 | ||||||
Base Rate | Senior Revolving Credit Facility Maturing in 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate margin, percentage | 0% | ||||||||
Overnight Bank Funding Rate | Senior Revolving Credit Facility Maturing in 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate margin, percentage | 0.50% | ||||||||
Secured Overnight Financing Rate (SOFR) | Senior Revolving Credit Facility Maturing in 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate margin, percentage | 1% | ||||||||
Minimum | Senior Revolving Credit Facility Maturing in 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate margin, percentage | 0% | ||||||||
Minimum | Line of Credit | Term Loan Facility 2023 | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread On EBITDA Leverage Ratio And Elected Rate | 0% | ||||||||
Maximum | Senior Revolving Credit Facility Maturing in 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate margin, percentage | 1.75% | ||||||||
Maximum | Line of Credit | Term Loan Facility 2023 | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread On EBITDA Leverage Ratio And Elected Rate | 20,000% |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Changes in Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Balance at January 1 | $ 620,622 | $ 636,858 |
Measurement period adjustment | 0 | (1,041) |
Currency translation | 6,912 | (15,195) |
Balance at December 31 | $ 627,534 | $ 620,622 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 627,534 | $ 620,622 | $ 636,858 |
Trade name | Globe Holding Company LLC | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | 60,000 | ||
Intangible Assets | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Future amortization expense, year one | 17,900 | ||
Future amortization expense, year two | 17,700 | ||
Future amortization expense, year three | 17,300 | ||
Future amortization expense, year four | 17,200 | ||
Future amortization expense, year five | 17,000 | ||
Americas | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 447,600 | ||
International | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 179,900 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Changes in Intangible Assets, Net of Accumulated Amortization (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Finite-lived Intangible Assets [Roll Forward] | ||
Net balance at January 1 | $ 281,853 | $ 306,948 |
Amortization expense | (18,085) | (19,137) |
Currency translation | 2,366 | (5,958) |
Net balance at December 31 | $ 266,134 | $ 281,853 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Net Carrying Amount (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life (years) | 17 years | |
Gross Carrying Amount | $ 341 | $ 336.7 |
Accumulated Amortization | (134.9) | (114.8) |
Net Carrying Amount | $ 206.1 | 221.9 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life (years) | 19 years | |
Gross Carrying Amount | $ 181.8 | 178.7 |
Accumulated Amortization | (46.5) | (35.3) |
Net Carrying Amount | $ 135.3 | 143.4 |
Distribution agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life (years) | 20 years | |
Gross Carrying Amount | $ 66 | 65.8 |
Accumulated Amortization | (30.2) | (26.9) |
Net Carrying Amount | $ 35.8 | 38.9 |
Technology related assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life (years) | 8 years | |
Gross Carrying Amount | $ 49.9 | 49.5 |
Accumulated Amortization | (32.7) | (29.3) |
Net Carrying Amount | $ 17.2 | 20.2 |
Patents, trademarks and copyrights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life (years) | 16 years | |
Gross Carrying Amount | $ 34.5 | 34 |
Accumulated Amortization | (16.8) | (14.8) |
Net Carrying Amount | $ 17.7 | 19.2 |
License agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life (years) | 5 years | |
Gross Carrying Amount | $ 5.4 | 5.4 |
Accumulated Amortization | (5.4) | (5.3) |
Net Carrying Amount | $ 0 | 0.1 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life (years) | 3 years | |
Gross Carrying Amount | $ 3.4 | 3.3 |
Accumulated Amortization | (3.3) | (3.2) |
Net Carrying Amount | $ 0.1 | $ 0.1 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jul. 01, 2021 | Jan. 25, 2021 | Jul. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||||
Payments to acquire business, net of cash acquired | $ 0 | $ 0 | $ 392,437 | |||
Goodwill | $ 627,534 | 620,622 | 636,858 | |||
Estimated amortization period | 17 years | |||||
Revenues | $ 67,200 | |||||
Net loss | 6,300 | |||||
Transaction costs | 1,000 | $ 3,200 | $ 7,100 | |||
Noncontrolling interest, ownership percentage purchased | 10% | |||||
Payments to acquire additional interest in subsidiary | $ 19,000 | |||||
Dividend payment to subsidiary | $ 5,600 | |||||
Americas | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 447,600 | |||||
Bacharach Inc | ||||||
Business Acquisition [Line Items] | ||||||
Common stock acquired (as a percent) | 100% | |||||
Payments to acquire business, net of cash acquired | $ 329,400 | |||||
Remeasurement gain (loss), net | 2,300 | |||||
Goodwill | $ 193,500 | |||||
Bacharach Inc | Americas | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 154,600 | |||||
Bacharach Inc | International | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 38,900 | |||||
Bristol Uniforms and Bell Apparel | ||||||
Business Acquisition [Line Items] | ||||||
Common stock acquired (as a percent) | 100% | |||||
Payments to acquire business, net of cash acquired | $ 63,000 | |||||
Weighted average useful life | 15 years | |||||
Goodwill | $ 4,900 | |||||
Step up to fair value of acquired inventory as part of purchase price allocation | $ 1,500 | |||||
Customer relationships | ||||||
Business Acquisition [Line Items] | ||||||
Estimated amortization period | 19 years | |||||
Customer relationships | Bacharach Inc | ||||||
Business Acquisition [Line Items] | ||||||
Weighted average useful life | 21 years | |||||
Developed technology | ||||||
Business Acquisition [Line Items] | ||||||
Estimated amortization period | 8 years | |||||
Developed technology | Bacharach Inc | Minimum | ||||||
Business Acquisition [Line Items] | ||||||
Weighted average useful life | 7 years | |||||
Developed technology | Bacharach Inc | Maximum | ||||||
Business Acquisition [Line Items] | ||||||
Weighted average useful life | 9 years | |||||
Trade name | Bacharach Inc | ||||||
Business Acquisition [Line Items] | ||||||
Weighted average useful life | 20 years |
Acquisitions - Preliminary Fair
Acquisitions - Preliminary Fair Values of the Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 01, 2021 | Jan. 25, 2021 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 627,534 | $ 620,622 | $ 636,858 | ||
Bacharach Inc | |||||
Business Acquisition [Line Items] | |||||
Cash included in current assets | $ 11,700 | ||||
Current assets | 32,100 | ||||
Property, plant and equipment and other noncurrent assets | 4,300 | ||||
Goodwill | 193,500 | ||||
Total assets acquired | 388,400 | ||||
Total liabilities assumed | (47,300) | ||||
Net assets acquired | 341,100 | ||||
Bristol Uniforms and Bell Apparel | |||||
Business Acquisition [Line Items] | |||||
Cash included in current assets | $ 13,300 | ||||
Current assets | 37,100 | ||||
Net investment in sales-type leases, noncurrent | 29,000 | ||||
Property, plant and equipment and other noncurrent assets | 12,000 | ||||
Goodwill | 4,900 | ||||
Total assets acquired | 88,900 | ||||
Total liabilities assumed | (12,600) | ||||
Net assets acquired | 76,300 | ||||
Customer relationships | Bacharach Inc | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets | 123,000 | ||||
Customer relationships | Bristol Uniforms and Bell Apparel | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets | 4,500 | ||||
Developed technology | Bacharach Inc | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets | 20,500 | ||||
Trade name and other intangible assets | Bristol Uniforms and Bell Apparel | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets | $ 1,400 | ||||
Trade name | Bacharach Inc | |||||
Business Acquisition [Line Items] | |||||
Indefinite-lived intangible assets | $ 15,000 |
Acquisitions - Pro Forma Financ
Acquisitions - Pro Forma Financial Information (Detail) - Bristol Uniforms and Bell Apparel $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares | |
Business Acquisition [Line Items] | |
Net sales | $ | $ 1,437.9 |
Net income | $ | $ 10.2 |
Basic earnings per share (in dollars per share) | $ / shares | $ 0.26 |
Diluted earnings per share (in dollars per share) | $ / shares | $ 0.26 |
Pensions and Other Post-retir_3
Pensions and Other Post-retirement Benefits - Schedule of Defined Benefit Pension Plans and Other Postretirement Benefits Plan (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Funded Status | |||
Noncurrent assets | $ 172,161 | $ 141,643 | |
Noncurrent liabilities | (143,967) | (137,810) | |
Pension Benefits | |||
Change in Benefit Obligations | |||
Benefit obligations at January 1 | 490,365 | 654,362 | |
Service cost | 7,587 | 12,281 | $ 12,910 |
Interest cost | 23,775 | 14,377 | 11,518 |
Participant contributions | 347 | 257 | |
Plan amendments | (194) | 154 | |
Actuarial (gains) losses | 23,750 | (156,214) | |
Benefits paid | (26,140) | (26,377) | |
Curtailments | (87) | (286) | |
Settlements | (1,574) | (260) | |
Currency translation | 3,645 | (7,929) | |
Benefit obligations at December 31 | 521,474 | 490,365 | 654,362 |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 514,218 | 651,986 | |
Actual return on plan assets | 70,640 | (115,105) | |
Employer contributions | 5,217 | 5,032 | |
Participant contributions | 347 | 257 | |
Settlements | (1,574) | (260) | |
Benefits paid | (26,140) | (26,377) | |
Administrative expenses paid | (57) | (54) | |
Currency translation | 798 | (1,261) | |
Fair value of plan assets at December 31 | 563,449 | 514,218 | 651,986 |
Funded Status | |||
Funded status at December 31 | 41,975 | 23,853 | |
Unrecognized prior service credit (cost) | 1,021 | 1,224 | |
Unrecognized net actuarial losses | 82,796 | 90,212 | |
Net amount recognized | 125,792 | 115,289 | |
Noncurrent assets | 172,161 | 141,643 | |
Current liabilities | (8,427) | (3,712) | |
Noncurrent liabilities | (121,759) | (114,078) | |
Net amount recognized | 41,975 | 23,853 | |
Amounts Recognized in Accumulated Other Comprehensive Loss | |||
Net actuarial losses | 82,796 | 90,212 | |
Prior service cost (credit) | 1,021 | 1,224 | |
Total (before tax effects) | 83,817 | 91,436 | |
Accumulated Benefit Obligations for all Defined Benefit Plans | 487,167 | 459,630 | |
Other Benefits | |||
Change in Benefit Obligations | |||
Benefit obligations at January 1 | 22,538 | 29,831 | |
Service cost | 214 | 327 | 398 |
Interest cost | 1,090 | 590 | 476 |
Participant contributions | 276 | 259 | |
Plan amendments | 0 | 0 | |
Actuarial (gains) losses | (326) | (5,884) | |
Benefits paid | (2,406) | (2,585) | |
Curtailments | 0 | 0 | |
Settlements | 0 | 0 | |
Currency translation | 0 | 0 | |
Benefit obligations at December 31 | 21,386 | 22,538 | 29,831 |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 2,130 | 2,326 | |
Participant contributions | 276 | 259 | |
Settlements | 0 | 0 | |
Benefits paid | (2,406) | (2,585) | |
Administrative expenses paid | 0 | 0 | |
Currency translation | 0 | 0 | |
Fair value of plan assets at December 31 | 0 | 0 | $ 0 |
Funded Status | |||
Funded status at December 31 | (21,386) | (22,538) | |
Unrecognized prior service credit (cost) | (184) | (429) | |
Unrecognized net actuarial losses | 5,568 | 6,445 | |
Net amount recognized | (16,002) | (16,522) | |
Noncurrent assets | 0 | 0 | |
Current liabilities | (2,167) | (2,226) | |
Noncurrent liabilities | (19,219) | (20,312) | |
Net amount recognized | (21,386) | (22,538) | |
Amounts Recognized in Accumulated Other Comprehensive Loss | |||
Net actuarial losses | 5,568 | 6,445 | |
Prior service cost (credit) | (184) | (429) | |
Total (before tax effects) | 5,384 | 6,016 | |
Accumulated Benefit Obligations for all Defined Benefit Plans | $ 0 | $ 0 |
Pensions and Other Post-retir_4
Pensions and Other Post-retirement Benefits - Components of Net Periodic Benefit Cost (Credit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 7,587 | $ 12,281 | $ 12,910 |
Interest cost | 23,775 | 14,377 | 11,518 |
Expected return on plan assets | (39,639) | (49,646) | (37,368) |
Amortization of prior service cost (credit) | 161 | 139 | 164 |
Recognized net actuarial losses | 186 | 11,704 | 17,458 |
Settlement/curtailment loss (gain) | 15 | (354) | (2,234) |
Net periodic benefit cost | (7,915) | (11,499) | 2,448 |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 214 | 327 | 398 |
Interest cost | 1,090 | 590 | 476 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost (credit) | (245) | (338) | (358) |
Recognized net actuarial losses | 550 | 1,242 | 1,597 |
Settlement/curtailment loss (gain) | 0 | 0 | 0 |
Net periodic benefit cost | $ 1,609 | $ 1,821 | $ 2,113 |
Pensions and Other Post-retir_5
Pensions and Other Post-retirement Benefits - Accumulated Benefit Obligation in Excess of Plan Assets (Detail) - Pension Benefits - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Aggregate accumulated benefit obligations (ABO) | $ 129,921 | $ 116,531 |
Aggregate fair value of plan assets | $ 5,622 | $ 4,454 |
Pension and Other Post-retireme
Pension and Other Post-retirement Benefits - Pension Plans with PBO in Excess of Plan Assets (Detail) - Pension Benefits - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Aggregate projected benefit obligations (PBO) | $ 135,809 | $ 122,229 |
Aggregate fair value of plan assets | $ 5,622 | $ 4,454 |
Pensions and Other Post-retir_6
Pensions and Other Post-retirement Benefits - Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumptions used to determine benefit obligations, average discount rate | 4.75% | 5.01% |
Assumptions used to determine benefit obligations, rate of compensation increase | 3.78% | 4.61% |
Assumptions used to determine net periodic benefit cost, average discount rate, service cost | 5.23% | 3.12% |
Assumptions used to determine net periodic benefit cost, average discount rate, interest cost | 4.91% | 2.17% |
Assumptions used to determine net periodic benefit cost, expected return on plan assets | 6.86% | 8.77% |
Assumptions used to determine net periodic benefit cost, rate of compensation increase | 4.61% | 4.58% |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumptions used to determine benefit obligations, average discount rate | 4.88% | 5.09% |
Assumptions used to determine benefit obligations, rate of compensation increase | 3% | 3% |
Assumptions used to determine net periodic benefit cost, average discount rate, service cost | 5.15% | 2.84% |
Assumptions used to determine net periodic benefit cost, average discount rate, interest cost | 5.09% | 2.04% |
Assumptions used to determine net periodic benefit cost, expected return on plan assets | 0% | 0% |
Assumptions used to determine net periodic benefit cost, rate of compensation increase | 3% | 2.91% |
Pensions and Other Post-retir_7
Pensions and Other Post-retirement Benefits - Schedule of Expected Return on Assets for Net Periodic Pension Cost (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Pension Plan Assets at December 31, | 100% | 100% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension Plan Assets at December 31, | 58% | 56% |
Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension Plan Assets at December 31, | 30% | 26% |
Pooled investment funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension Plan Assets at December 31, | 9% | 15% |
Insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension Plan Assets at December 31, | 1% | 1% |
Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension Plan Assets at December 31, | 2% | 2% |
Pensions and Other Post-retir_8
Pensions and Other Post-retirement Benefits - Summary of Pension Plan Assets Measured at Fair Value on Recurring Basis by Fair Value Hierarchy (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Insurance contracts | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | $ 5,622 | $ 4,454 | $ 4,211 |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 563,449 | 514,218 | $ 651,986 |
Fair Value, Measurements, Recurring | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 563,449 | 514,218 | |
NAV | 104,639 | 132,390 | |
Fair Value, Measurements, Recurring | Pension Plan | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 378,573 | 308,237 | |
Fair Value, Measurements, Recurring | Pension Plan | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 74,615 | 69,137 | |
Fair Value, Measurements, Recurring | Pension Plan | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 5,622 | 4,454 | |
Fair Value, Measurements, Recurring | Pension Plan | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 327,699 | 288,006 | |
NAV | 45,441 | 44,583 | |
Fair Value, Measurements, Recurring | Pension Plan | Equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 282,258 | 243,423 | |
Fair Value, Measurements, Recurring | Pension Plan | Equity securities | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Fair Value, Measurements, Recurring | Pension Plan | Equity securities | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Fair Value, Measurements, Recurring | Pension Plan | Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 169,321 | 132,659 | |
NAV | 0 | 0 | |
Fair Value, Measurements, Recurring | Pension Plan | Fixed income securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 94,706 | 63,522 | |
Fair Value, Measurements, Recurring | Pension Plan | Fixed income securities | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 74,615 | 69,137 | |
Fair Value, Measurements, Recurring | Pension Plan | Fixed income securities | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Fair Value, Measurements, Recurring | Pension Plan | Pooled investment funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 50,553 | 79,853 | |
NAV | 50,553 | 79,853 | |
Fair Value, Measurements, Recurring | Pension Plan | Pooled investment funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Fair Value, Measurements, Recurring | Pension Plan | Pooled investment funds | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Fair Value, Measurements, Recurring | Pension Plan | Pooled investment funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Fair Value, Measurements, Recurring | Pension Plan | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 5,622 | 4,454 | |
NAV | 0 | 0 | |
Fair Value, Measurements, Recurring | Pension Plan | Insurance contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Fair Value, Measurements, Recurring | Pension Plan | Insurance contracts | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Fair Value, Measurements, Recurring | Pension Plan | Insurance contracts | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 5,622 | 4,454 | |
Fair Value, Measurements, Recurring | Pension Plan | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 10,254 | 9,246 | |
NAV | 8,645 | 7,954 | |
Fair Value, Measurements, Recurring | Pension Plan | Cash and cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 1,609 | 1,292 | |
Fair Value, Measurements, Recurring | Pension Plan | Cash and cash equivalents | Significant Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 0 | |
Fair Value, Measurements, Recurring | Pension Plan | Cash and cash equivalents | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | $ 0 | $ 0 |
Pensions and Other Post-retir_9
Pensions and Other Post-retirement Benefits - Schedule of Reconciliation of Level Three Assets (Detail) - Significant Unobservable Inputs (Level 3) - Insurance contracts - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at January 1 | $ 4,454 | $ 4,211 |
Net realized and unrealized gains | 208 | (119) |
Net purchases, issuances and settlements | 960 | 362 |
Fair value of plan assets at December 31 | $ 5,622 | $ 4,454 |
Pension and Other Post-retire_2
Pension and Other Post-retirement Benefits - Level 3 Assets Recognized in AOCL (Detail) - Pension Benefits - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial losses | $ 82,796 | $ 90,212 |
Prior service cost (credit) | 1,021 | 1,224 |
Total (before tax effects) | 83,817 | $ 91,436 |
Insurance contracts | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial losses | (178) | |
Prior service cost (credit) | 490 | |
Total (before tax effects) | $ 312 |
Pensions and Other Post-reti_10
Pensions and Other Post-retirement Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated contributions by employer to pension plans | $ 5 | ||
Percentage increase in the costs of covered health care benefits assumed when measuring net periodic benefit expense | 6.50% | ||
Percentage decrease in health care benefits for successive year | 0.20% | ||
Ultimate health care cost trend rate when measuring net periodic benefit expense | 4.40% | ||
Percentage increase in health care benefit cost | 6.70% | ||
Estimated future percentage of health care benefits | 4.40% | ||
Defined contribution pension plan expense | $ 13.4 | $ 12.6 | $ 11.7 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated benefit payments, year one | 31.6 | ||
Estimated benefit payments, year two | 31.3 | ||
Estimated benefit payments, year three | 31.7 | ||
Estimated benefit payments, year four | 32.2 | ||
Estimated benefit payments, year five | 32.8 | ||
Estimated benefit payments, five years thereafter | 171.7 | ||
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated benefit payments, year one | 2.2 | ||
Estimated benefit payments, year two | 1.9 | ||
Estimated benefit payments, year three | 1.9 | ||
Estimated benefit payments, year four | 2 | ||
Estimated benefit payments, year five | 1.9 | ||
Estimated benefit payments, five years thereafter | $ 9 |
Other Income, Net - Schedule of
Other Income, Net - Schedule of Other Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |||
Components of net periodic benefit income other than service cost (Note 15) | $ 14,107 | $ 22,286 | $ 8,321 |
Interest income | 8,184 | 4,155 | 3,256 |
Loss on asset write-down and dispositions, net | (173) | (6,290) | (788) |
Other, net | (17) | 905 | 793 |
Total other income, net | $ 22,101 | $ 21,056 | $ 11,582 |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 12,000 | $ 15,000 | $ 14,200 |
Operating cash flows related to operating leases | 11,800 | 14,900 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 19,300 | $ 6,400 | |
Weighted-average remaining lease term | 13 years | 14 years | |
Weighted-average discount rate | 3.37% | 2.66% |
Leases - Future Lease Payments
Leases - Future Lease Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2022 | $ 11,100 | |
2023 | 9,500 | |
2024 | 7,900 | |
2025 | 6,400 | |
2026 | 5,500 | |
After 2028 | 23,500 | |
Lease Liability | 63,900 | |
Less: Imputed interest | 9,900 | |
Present value of operating lease liabilities | $ 54,000 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | |
Less: Current portion operating lease liabilities | $ 9,500 | |
Noncurrent operating lease liabilities (Note 17) | $ 44,495 | $ 35,345 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - Foreign Exchange Forward | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Derivative [Line Items] | |
Notional amount of open forward contracts | $ 110,900,000 |
Unrealized gain (loss) on derivatives | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Balance Sheet Location And Fair Value Of Assets And Liabilities Associated With Derivative Financial Instruments (Detail) - Foreign exchange contracts: currency exchange losses, net - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives not designated as hedging instruments | $ 2,210 | $ 724 |
Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives not designated as hedging instruments | $ 242 | $ 85 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Income Statement Location And Impact Of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Foreign exchange contracts: currency exchange losses, net | Derivatives not designated as hedging instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign exchange contracts: currency exchange losses, net | $ (398) | $ 6,656 |
Fair Value Measurements (Detail
Fair Value Measurements (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | ||
Amortized cost of investments | $ 9,900,000 | |
Fair value of short term investments | 9,900,000 | |
Impairment loss related to available-for-sale marketable securities | $ 0 | |
Carrying amount of long-term debt | 312,200,000 | 266,500,000 |
Fair value of long-term debt | $ 278,700,000 | $ 218,300,000 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||||
Jan. 05, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 07, 2024 lawsuit classAction claim | |
Loss Contingencies [Line Items] | |||||
Product liability accrual | $ 395,100 | ||||
Product liability, expense | $ 3 | 20,590 | $ 185,264 | ||
Insurance receivables | 0 | 127,600 | 130,200 | ||
Insurance receivables, current | 17,300 | ||||
Insurance receivable, noncurrent | 110,300 | ||||
Notes receivable from insurance companies | 0 | 44,600 | 48,500 | ||
Notes receivable from insurance companies, current | 0 | 5,931 | |||
Notes receivable from insurance companies, noncurrent | 0 | 38,695 | |||
Tax-effected loss on divestiture | 199,578 | 0 | 0 | ||
Loss on disposition | 173 | 6,290 | 788 | ||
Product warranty expense | 8,900 | 13,400 | $ 10,000 | ||
MSA LLC | Joint Venture By R&Q Insurance Holdings Ltd. And Obra Capital, Inc. | |||||
Loss Contingencies [Line Items] | |||||
Contributed cash and cash equivalents by business acquiree | $ 35,000 | ||||
MSA LLC | Discontinued Operations, Disposed of by Sale | |||||
Loss Contingencies [Line Items] | |||||
Contributed cash and cash equivalents in divestiture | $ 341,200 | 341,200 | |||
Tax-effected loss on divestiture | 199,600 | ||||
Disposal group, transaction costs | 5,600 | ||||
Single Incident | |||||
Loss Contingencies [Line Items] | |||||
Product liability accrual | $ 1,300 | 1,400 | |||
Claims settled, but not yet paid | |||||
Loss Contingencies [Line Items] | |||||
Product liability accrual | 13,400 | ||||
Damages From Product Substances | Subsequent Event | |||||
Loss Contingencies [Line Items] | |||||
Number of lawsuits (in lawsuits) | claim | 10,578 | ||||
Number of lawsuits | lawsuit | 467 | ||||
Loss Contingency, Pending Class Action, Number | classAction | 1 | ||||
Other current liabilities | Cumulative trauma | |||||
Loss Contingencies [Line Items] | |||||
Product liability accrual | 65,100 | ||||
Other noncurrent liabilities | Cumulative trauma | |||||
Loss Contingencies [Line Items] | |||||
Product liability accrual | $ 330,000 |
Contingencies - Impact of Dives
Contingencies - Impact of Divestiture (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 05, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss on divestiture of MSA LLC | $ (129,211) | $ 0 | $ 0 | |
Tax-effected loss on divestiture of MSA LLC | (199,578) | $ 0 | $ 0 | |
Discontinued Operations, Disposed of by Sale | MSA LLC | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash and cash equivalents | $ (341,200) | (341,200) | ||
Current insurance receivables | (17,300) | |||
Notes receivable, insurance companies | (5,900) | |||
Noncurrent insurance receivables | (110,300) | |||
Notes receivable, insurance companies, noncurrent | (38,700) | |||
Current product liability | 65,100 | |||
Noncurrent product liability | 324,700 | |||
Loss on divestiture of MSA LLC before transaction costs | (123,600) | |||
Transaction costs | (5,600) | |||
Loss on divestiture of MSA LLC | (129,200) | |||
Income tax expense | (70,400) | |||
Tax-effected loss on divestiture of MSA LLC | $ (199,600) |
Contingencies - Summary of Insu
Contingencies - Summary of Insurance Receivable Balances and Activity Related to Cumulative Trauma Product Liability Losses (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward] | ||
Balance beginning of period | $ 127.6 | $ 130.2 |
Divestiture of MSA LLC | (127.6) | 0 |
Additions | 0 | 1.8 |
Collections | 0 | (4.4) |
Balance end of period | $ 0 | $ 127.6 |
Contingencies - Summary of Note
Contingencies - Summary of Notes Receivable from Insurance Companies and Activity During the Year (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward] | ||
Balance beginning of period | $ 44.6 | $ 48.5 |
Divestiture of MSA LLC | (44.6) | 0 |
Additions | 0 | 1.2 |
Collections | 0 | (5.1) |
Balance end of period | $ 0 | $ 44.6 |
Contingencies - Warranty Reserv
Contingencies - Warranty Reserve (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Warranty Expense [Rollforward] | |||
Beginning warranty reserve | $ 15,230 | $ 12,423 | $ 11,428 |
Warranty payments | (9,794) | (10,631) | (8,987) |
Warranty claims | 8,899 | 14,544 | 10,225 |
Provision for product warranties and other adjustments | (47) | (1,106) | (243) |
Ending warranty reserve | $ 14,288 | $ 15,230 | $ 12,423 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 495,358 | $ 446,728 | $ 447,299 | $ 398,262 | $ 443,254 | $ 381,694 | $ 372,313 | $ 330,692 | $ 1,787,647 | $ 1,527,953 | $ 1,400,182 |
Gross profit | 238,183 | 218,761 | 213,796 | 181,398 | 197,252 | 169,395 | 164,400 | 142,784 | 852,138 | 673,831 | 615,348 |
Net (loss) income attributable to MSA Safety Incorporated | $ 76,410 | $ 65,256 | $ 67,090 | $ (150,173) | $ 51,489 | $ 44,906 | $ 47,693 | $ 35,542 | $ 58,583 | $ 179,630 | $ 21,340 |
Earnings per share | |||||||||||
Basic (in dollars per share) | $ 1.94 | $ 1.66 | $ 1.71 | $ (3.83) | $ 1.31 | $ 1.15 | $ 1.21 | $ 0.90 | $ 1.49 | $ 4.58 | $ 0.54 |
Diluted (in dollars per share) | $ 1.93 | $ 1.65 | $ 1.70 | $ (3.83) | $ 1.31 | $ 1.14 | $ 1.21 | $ 0.90 | $ 1.48 | $ 4.56 | $ 0.54 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts - Roll Forward (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 6,769 | $ 5,789 | $ 5,344 |
Charged to costs and expenses | 1,899 | 1,253 | 1,645 |
Deductions from reserves, net | 1,603 | 273 | 1,200 |
Balance at end of year | 7,065 | 6,769 | 5,789 |
Income tax valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 10,017 | 8,812 | 7,188 |
Charged to costs and expenses | 2,673 | 2,771 | 2,575 |
Deductions from reserves, net | 3,019 | 1,566 | 951 |
Balance at end of year | $ 9,671 | $ 10,017 | $ 8,812 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for doubtful accounts | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Currency translation gains (losses) | $ 1,368 | $ 202 | $ 79 |
Income tax valuation allowance | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Currency translation gains (losses) | $ 16 | $ 622 | $ 29 |