0000066570-21-000024 | 10-Q | XBRL Viewer

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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2021	Apr. 23, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	1-15579
Entity Registrant Name	MSA SAFETY INC
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	46-4914539
Entity Address, Address Line One	1000 Cranberry Woods Drive
Entity Address, City or Town	Cranberry Township,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	16066-5207
City Area Code	724
Local Phone Number	776-8600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	MSA
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding (in shares)		39,167,315
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000066570
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statement of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net sales	$ 308,428	$ 341,145
Cost of products sold	173,688	183,786
Gross profit	134,740	157,359
Selling, general and administrative	75,463	80,237
Research and development	13,234	14,112
Restructuring charges (Note 3)	1,308	2,007
Currency exchange (gains) losses, net (Note 5)	(2,099)	270
Product liability expense (Note 17)	2,796	1,951
Operating income	44,038	58,782
Interest expense	1,911	3,144
Other income, net	(4,213)	(1,259)
Total other (income) expense, net	(2,302)	1,885
Income before income taxes	46,340	56,897
Provision for income taxes (Note 9)	9,740	13,095
Net income	36,600	43,802
Net income attributable to noncontrolling interests	(186)	(128)
Net income attributable to MSA Safety Incorporated	$ 36,414	$ 43,674
Earnings per share attributable to MSA Safety Incorporated common shareholders (Note 8):
Basic (in dollars per share)	$ 0.93	$ 1.12
Diluted (in dollars per share)	0.92	1.11
Dividends per common share (in dollars per share)	$ 0.43	$ 0.42

Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 36,600	$ 43,802
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments (Note 5)	(10,223)	(22,947)
Pension and post-retirement plan actuarial gains, net of tax (Note 5)	3,712	3,102
Unrealized loss on available-for-sale securities (Note 5)	(5)	(62)
Reclassification of currency translation from accumulated other comprehensive (loss) into net income (Note 5)	0	720
Total other comprehensive (loss) income, net of tax	(6,516)	(19,187)
Comprehensive income	30,084	24,615
Comprehensive income attributable to noncontrolling interests	(221)	(13)
Comprehensive income attributable to MSA Safety Incorporated	$ 29,863	$ 24,602

Condensed Consolidated Balance Sheet - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 184,728	$ 160,672
Trade receivables, less allowance for credit loss of $4,732 and $5,344	224,954	252,283
Inventories (Note 2)	220,021	197,819
Investments, short-term (Note 16)	54,976	74,982
Prepaid income taxes	30,396	26,185
Notes receivable, insurance companies (Note 17)	3,825	3,796
Prepaid expenses and other current assets	45,678	38,541
Total current assets	764,578	754,278
Property, plant and equipment, net (Note 4)	197,832	189,620
Operating lease assets, net	68,199	53,451
Prepaid pension cost (Note 14)	101,317	97,545
Deferred tax assets (Note 9)	34,301	35,665
Goodwill (Note 12)	447,059	443,272
Intangible assets, net (Note 12)	164,234	161,051
Notes receivable, insurance companies, noncurrent (Note 17)	48,837	48,540
Net investment in sales-type leases, noncurrent (Note 13)	28,509	0
Insurance receivable (Note 17) and other noncurrent assets	87,896	89,062
Total assets	1,942,762	1,872,484
Liabilities
Notes payable and current portion of long-term debt (Note 11)	20,000	20,000
Accounts payable	90,706	86,854
Employees’ compensation	33,373	40,277
Insurance and product liability (Note 17)	40,056	43,706
Income taxes payable (Note 9)	15,490	3,580
Other current liabilities	107,102	116,128
Total current liabilities	306,727	310,545
Long-term debt, net (Note 11)	340,428	287,157
Pensions and other employee benefits	201,040	208,068
Noncurrent operating lease liabilities	59,211	44,639
Deferred tax liabilities (Note 9)	12,065	10,916
Product liability (Note 17) and other noncurrent liabilities	200,401	201,268
Total liabilities	1,119,872	1,062,593
Equity
Preferred stock, 4.5% cumulative, $50 par value (Note 6)	3,569	3,569
Common stock, no par value (Note 6)	245,887	242,693
Treasury shares, at cost (Note 6)	(331,215)	(327,756)
Accumulated other comprehensive loss (Note 5)	(188,948)	(182,397)
Retained earnings	1,085,383	1,065,789
Total MSA Safety Incorporated shareholders' equity	814,676	801,898
Noncontrolling interests	8,214	7,993
Total shareholders’ equity	822,890	809,891
Total liabilities and shareholders’ equity	$ 1,942,762	$ 1,872,484

Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Trade receivables, allowance for doubtful accounts	$ 4,732	$ 5,344
Common Stock, No Par Value	$ 0	$ 0
Preferred Stock
Percentage of cumulative preferred stock (percent)	4.50%
Preferred stock, par value (dollars per share)	$ 50,000	$ 50,000

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities
Net income	$ 36,600	$ 43,802
Depreciation and amortization	10,504	9,640
Stock-based compensation (Note 10)	3,293	3,522
Pension (income) expense (Note 14)	(480)	2,216
Deferred income tax benefit (Note 9)	(595)	(546)
Loss on asset dispositions, net	19	122
Pension contributions (Note 14)	(1,923)	(1,891)
Currency exchange (gains) losses, net	(2,099)	270
Product liability expense (Note 17)	2,796	1,951
Collections on insurance receivables and notes receivable, insurance companies (Note 17)	1,765	3,000
Product liability payments (Note 17)	(7,471)	(2,328)
Changes in:
Trade receivables	27,784	(15,339)
Inventories (Note 2)	(10,781)	(18,988)
Accounts payable	532	1,657
Other current assets and liabilities	(13,966)	(12,887)
Other noncurrent assets and liabilities	(362)	(594)
Cash Flow From Operating Activities	45,616	13,607
Investing Activities
Capital expenditures	(9,582)	(6,562)
Acquisition, net of cash acquired (Note 18)	(62,992)	0
Purchase of short-term investments (Note 16)	(44,970)	(69,612)
Proceeds from maturities of short-term investments (Note 16)	65,000	50,000
Property disposals	35	92
Cash Flow Used in Investing Activities	(52,509)	(26,082)
Financing Activities
Proceeds from long-term debt (Note 11)	370,017	378,000
Payments on long-term debt (Note 11)	(318,000)	(350,000)
Cash dividends paid	(16,820)	(16,331)
Company stock purchases (Note 6)	(5,348)	(27,730)
Exercise of stock options (Note 6)	1,790	2,733
Cash Flow From (Used in) Financing Activities	31,639	(13,328)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(720)	(3,756)
Increase (decrease) in cash, cash equivalents and restricted cash	24,026	(29,559)
Beginning cash, cash equivalents and restricted cash	161,034	152,543
Ending cash, cash equivalents and restricted cash	185,060	122,984
Supplemental cash flow information:
Total cash, cash equivalents and restricted cash	$ 185,060	$ 122,984

Condensed Consolidated Statement of Changes in Retained Earnings, Accumulated Other Comprehensive Loss and Noncontrolling Interests - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 801,898
Net income	36,414	$ 43,674
Pension and post-retirement plan actuarial gains, net of tax	3,712	3,102
Income attributable to noncontrolling interests	(186)	(128)
Preferred dividends	(10)	(10)
Cumulative effect of the adoption of ASU 2018-02	822,890
Ending Balance	814,676
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	1,065,789	1,012,266
Net income	36,600	43,802
Income attributable to noncontrolling interests	(186)	(128)
Common dividends	(16,810)	(16,321)
Preferred dividends	(10)	(10)
Ending Balance	1,085,383	1,039,609
Accumulated Other Comprehensive (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(182,397)	(214,003)
Foreign currency translation adjustments	(10,223)	(22,947)
Pension and post-retirement plan actuarial gains, net of tax	3,712	3,102
Unrealized net losses on available-for-sale securities (Note 16)	(5)	(62)
Reclassification from accumulated other comprehensive loss into net income		720
Income attributable to noncontrolling interests	(35)	115
Ending Balance	(188,948)	(233,075)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	7,993	6,773
Income attributable to noncontrolling interests	221	13
Ending Balance	$ 8,214	$ 6,786

Condensed Consolidated Statement of Changes in Retained Earnings, Accumulated Other Comprehensive Loss and Noncontrolling Interests (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Tax reclassification adjustment	$ 1,084	$ 1,067
Preferred stock, dividends (in dollars per share)	$ 0.5625	$ 0.5625

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationThe condensed consolidated financial statements of MSA Safety Incorporated and its subsidiaries ("MSA" or the "Company") are unaudited. These condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary by management to fairly state the Company's results. Intercompany accounts and transactions have been eliminated. The results reported in these condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. The December 31, 2020, Condensed Consolidated Balance Sheet data was derived from the audited Consolidated Balance Sheet, but does not include all disclosures required by accounting principles generally accepted in the United States of America (U.S. GAAP). This Form 10-Q report should be read in conjunction with MSA's Form 10-K for the year ended December 31, 2020, which includes all disclosures required by U.S. GAAP.

Inventories

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventories

The following table sets forth the components of inventory:


(In thousands)	March 31, 2021		December 31, 2020
Finished products	$	101,064	$	81,048
Work in process	6,115		2,618
Raw materials and supplies	160,034		161,300
Inventories at current cost	267,213		244,966
Less: LIFO valuation	(47,192)		(47,147)
Total inventories	$	220,021	$	197,819

Restructuring Charges

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring Charges

During the three months ended March 31, 2021, we recorded restructuring charges of $1.3 million. International segment restructuring charges of $1.0 million during the three months ended March 31, 2021, were primarily related to our ongoing initiatives to drive profitable growth and right size our operations. Americas segment restructuring charges of $0.2 million during the three months ended March 31, 2021, were primarily related to costs associated with our global Fixed Gas & Flame Detection manufacturing footprint optimization as well as programs to adjust our operations in response to current business conditions.

During the three months ended March 31, 2020, we recorded restructuring charges of $2.0 million. International segment restructuring charges of $1.9 million during the three months ended March 31, 2020, were primarily related to severance costs for staff reductions associated with our ongoing initiatives to drive profitable growth.

Activity and reserve balances for restructuring charges by segment were as follows:


(In millions)	Americas		International		Corporate		Total
Reserve balances at December 31, 2019	$	0.3	$	5.9	$	—	$	6.2
Restructuring charges	4.7		21.9		0.8		27.4
Currency translation and other adjustments	(0.1)		0.1		—		—
Cash payments / utilization	(2.1)		(8.6)		(0.4)		(11.1)
Reserve balances at December 31, 2020	$	2.8	$	19.3	$	0.4	$	22.5
Restructuring charges	0.2		1.0		0.1		1.3
Currency translation and other adjustments	—		(0.6)		—		(0.6)
Cash payments	(0.3)		(3.1)		(0.1)		(3.5)
Reserve balances at March 31, 2021	$	2.7	$	16.6	$	0.4	$	19.7

Restructuring reserves are included in Other current liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets.

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The following table sets forth the components of property, plant and equipment, net:


(In thousands)	March 31, 2021		December 31, 2020
Land	$	5,189	$	4,275
Buildings	128,776		128,887
Machinery and equipment	426,336		422,333
Construction in progress	40,466		38,753
Total	600,767		594,249
Less: accumulated depreciation	(402,935)		(404,629)
Property, plant and equipment, net	$	197,832	$	189,620

Reclassifications Out of Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Reclassifications Out of Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss were as follows:


	MSA Safety Incorporated					Noncontrolling Interests
	Three Months Ended March 31,					Three Months Ended March 31,
(In thousands)	2021		2020			2021		2020
Pension and other post-retirement benefits (a)
Balance at beginning of period	$	(115,552)	$	(124,848)		$	—	$	—
Amounts reclassified from accumulated other comprehensive loss into net income:
Amortization of prior service credit (Note 14)	(24)		(52)			—		—
Recognized net actuarial losses (Note 14)	4,820		4,221			—		—
Tax benefit	(1,084)		(1,067)			—		—
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income	3,712		3,102			—		—

Balance at end of period	$	(111,840)	$	(121,746)		$	—	$	—
Available-for-sale securities
Balance at beginning of period	$	(1)	$	6		$	—	$	—
Unrealized loss on available-for-sale securities (Note 16)	(5)		(62)			—		—
Balance at end of period	$	(6)	$	(56)		$	—	$	—
Foreign currency translation
Balance at beginning of period	$	(66,844)	$	(89,161)		$	582	$	423
Reclassification from accumulated other comprehensive loss into net income	—		720		(b)	—		—
Foreign currency translation adjustments	(10,258)		(22,832)			35		(115)
Balance at end of period	$	(77,102)	$	(111,273)		$	617	$	308

(a) Reclassifications out of accumulated other comprehensive loss and into net income are included in the computation of net periodic pension and other post-retirement benefit costs (refer to Note 14—Pensions and Other Post-retirement Benefits).

(b) Reclassifications into net income relate primarily to the closure of several subsidiaries in our Europe, Middle East & Africa ("EMEA") operating segment and are included in Currency exchange (gains) losses, net, within the unaudited Condensed Consolidated Statement of Income.

Capital Stock

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Capital Stock

Preferred Stock - The Company has authorized 100,000 shares of $50 par value 4.5% cumulative preferred nonvoting stock which is callable at $52.50. There are 71,340 shares issued and 52,998 shares held in treasury at March 31, 2021. The Treasury shares at cost line on the unaudited Condensed Consolidated Balance Sheet includes $1.8 million related to preferred stock. There were no treasury purchases of preferred stock shares during the three months ended March 31, 2021. There were treasury purchases of 120 preferred stock shares during the three months ended March 31, 2020. The Company has also authorized 1,000,000 shares of $10 par value second cumulative preferred voting stock. No shares have been issued as of March 31, 2021.

Common Stock - The Company has authorized 180,000,000 shares of no par value common stock. There were 62,081,391 shares issued as of December 31, 2020. No new shares were issued during the three months ended March 31, 2021, or 2020. There were 39,167,207 and 39,067,902 shares outstanding at March 31, 2021, and December 31, 2020, respectively.

Treasury Shares - The Company's share repurchase program authorizes up to $100.0 million to repurchase MSA common stock in the open market and in private transactions. The share repurchase program has no expiration date. The maximum number of shares that may be repurchased is calculated based on the dollars remaining under the program and the respective month-end closing share price. During the three months ended March 31, 2021, no shares were repurchased under this program. During the three months ended March 31, 2020, 175,000 shares were repurchased under the program. There were 22,914,184 and 23,013,489 Treasury Shares at March 31, 2021, and December 31, 2020, respectively.

The Company issues Treasury Shares for all stock-based compensation plans. Shares are issued from Treasury at the average Treasury Share cost on the date of the transaction. There were 32,650 and 58,840 Treasury Shares issued for these purposes during the three months ended March 31, 2021 and 2020, respectively.

Common stock activity is summarized as follows:


	Three Months Ended March 31, 2021				Three Months Ended March 31, 2020
(In thousands)	Common Stock		Treasury Cost		Common Stock		Treasury Cost
Balance at beginning of period	$	242,693	$	(326,156)	$	229,127	$	(303,566)
Stock compensation expense	3,293		—		3,522		—
Restricted and performance stock awards	(1,333)		1,333		(2,239)		2,239
Stock options exercised	1,234		556		1,757		976
Treasury shares purchased	—		(5,348)		—		(7,617)


Share repurchase program	—		—		—		(20,113)
Balance at end of period	$	245,887	$	(329,615)	$	232,167	$	(328,081)

Segment Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

We are organized into four geographical operating segments that are based on management responsibilities: Northern North America, Latin America, Europe, Middle East & Africa ("EMEA"), and Asia Pacific ("APAC"). The operating segments have been aggregated (based on economic similarities, the nature of their products, end-user markets and methods of distribution) into three reportable segments: Americas, International, and Corporate.

The Americas segment is comprised of our operations in North American and Latin American geographies. The International segment is comprised of our operations of all geographies outside of the Americas. Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived.

The Company's sales are allocated to each country based primarily on the destination of the end-customer.

Adjusted operating income (loss), adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are the measures used by the chief operating decision maker to evaluate segment performance and allocate resources. Adjusted operating income (loss) is defined as operating income excluding restructuring charges, currency exchange gains (losses), product liability expense, acquisition related costs, including acquisition related amortization, and COVID-19 related costs, consisting of a one-time bonus for essential manufacturing employees and adjusted operating margin is defined as adjusted operating income (loss) divided by segment sales to external customers. Adjusted EBITDA is defined as adjusted operating income (loss) plus depreciation and amortization and adjusted EBITDA margin is defined as adjusted EBITDA divided by segment sales to external customers. Adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are not recognized terms under U.S. GAAP, and therefore, do not purport to be alternatives to operating income or operating margin as a measure of operating performance. Further, the Company's measure of adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. Adjusted operating income (loss) and adjusted EBITDA on a consolidated basis is presented in the following table to reconcile the segment operating performance measure to operating income as presented on the Consolidated Statement of Income.

The accounting principles applied at the operating segment level in determining operating income (loss) are generally the same as those applied at the consolidated financial statement level. Sales and transfers between operating segments are accounted for at market-based transaction prices and are eliminated in consolidation.

Reportable segment information is presented in the following table:


(In thousands, except percentage amounts)	Americas			International			Corporate		Consolidated Totals
Three Months Ended March 31, 2021
Sales to external customers	$	208,340		$	100,088		$	—	$	308,428

Operating income									44,038
Restructuring charges (Note 3)									1,308
Currency exchange gains, net (Note 5)									(2,099)
Product liability expense (Note 17)									2,796
Acquisition related costs (Note 18)									1,373

Adjusted operating income (loss)	45,152			8,790			(6,526)		47,416
Adjusted operating margin %	21.7		%	8.8		%
Depreciation and amortization									10,504
Adjusted EBITDA	52,186			12,163			(6,429)		57,920
Adjusted EBITDA margin %	25.0		%	12.2		%


(In thousands, except percentage amounts)	Americas			International			Corporate		Consolidated Totals
Three Months Ended March 31, 2020
Sales to external customers	$	231,253		$	109,892		$	—	$	341,145

Operating income									58,782
Restructuring charges (Note 3)									2,007
Currency exchange losses, net (Note 5)									270
Product liability expense (Note 17)									1,951
Acquisition related costs (Note 18)									97
COVID-19 related costs									757
Adjusted operating income (loss)	59,807			12,671			(8,614)		63,864
Adjusted operating margin %	25.9		%	11.5		%
Depreciation and amortization									9,640
Adjusted EBITDA	66,257			15,765			(8,518)		73,504
Adjusted EBITDA margin %	28.7		%	14.3		%

Total sales by product group was as follows:


Three Months Ended March 31, 2021	Consolidated			Americas			International
(In thousands, except percentages)	Dollars		Percent	Dollars		Percent	Dollars		Percent
Breathing Apparatus	$	69,644	23%	$	48,798	23%	$	20,846	21%
Fixed Gas & Flame Detection	60,119		19%	36,277		17%	23,842		24%
Firefighter Helmets & Protective Apparel	46,010		15%	34,988		17%	11,022		11%
Portable Gas Detection	37,429		12%	25,702		12%	11,727		12%
Industrial Head Protection	32,696		11%	25,111		12%	7,585		8%
Fall Protection	26,067		8%	15,672		8%	10,395		10%
Other (a)	36,463		12%	21,792		11%	14,671		14%
Total	$	308,428	100%	$	208,340	100%	$	100,088	100%


Three Months Ended March 31, 2020	Consolidated			Americas			International
(In thousands, except percentages)	Dollars		Percent	Dollars		Percent	Dollars		Percent
Breathing Apparatus	$	75,844	22%	$	52,693	23%	$	23,151	21%
Fixed Gas & Flame Detection	69,911		21%	41,247		18%	28,664		26%
Firefighter Helmets & Protective Apparel	42,547		12%	35,113		15%	7,434		7%
Portable Gas Detection	41,052		12%	27,648		12%	13,404		12%
Industrial Head Protection	35,332		10%	27,555		12%	7,777		7%
Fall Protection	27,428		8%	17,697		8%	9,731		9%
Other (a)	49,031		15%	29,300		12%	19,731		18%
Total	$	341,145	100%	$	231,253	100%	$	109,892	100%

a)Other products include sales of Air Purifying Respirators ("APR")

Earnings per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings per Share

Basic earnings per share attributable to MSA Safety Incorporated common shareholders is computed by dividing net income, after the deduction of preferred stock dividends and undistributed earnings allocated to participating securities, by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to MSA Safety Incorporated common shareholders assumes the issuance of common stock for all potentially dilutive share equivalents outstanding not classified as participating securities. Participating securities are defined as unvested stock-based compensation awards that contain nonforfeitable rights to dividends.


Amounts attributable to MSA Safety Incorporated common shareholders:	Three Months Ended March 31,
(In thousands, except per share amounts)	2021		2020
Net income	$	36,414	$	43,674
Preferred stock dividends	(10)		(10)
Net income available to common equity	36,404		43,664
Dividends and undistributed earnings allocated to participating securities	(14)		(33)
Net income available to common shareholders	36,390		43,631

Basic weighted-average shares outstanding	39,094		38,824
Stock-based compensation awards	326		528
Diluted weighted-average shares outstanding	39,420		39,352
Antidilutive stock options	—		—

Earnings per share:
Basic	$	0.93	$	1.12
Diluted	$	0.92	$	1.11

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate for the first quarter of 2021 was 21.0% and is consistent with the U.S. federal statutory rate of 21% as state income taxes and a one time foreign expense associated with pension are offset by tax benefits on certain share-based payments. The Company's effective tax rate for the first quarter of 2020 was 23.0%, which differs from the U.S. statutory rate of 21% primarily due to state income taxes, higher foreign entity losses in jurisdictions where we cannot take tax benefits, partially offset by tax benefits on certain share-based payments. At March 31, 2021, the Company had a gross liability for unrecognized tax benefits of $9.1 million. The Company has recognized tax benefits associated with these liabilities of $2.7 million at March 31, 2021. The gross liability includes amounts associated with foreign tax exposure in prior periods. The Company recognizes interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company's liability for accrued interest related to uncertain tax positions was $1.1 million at March 31, 2021. We are subject to regular review and audit by both foreign and domestic tax authorities. While we believe our tax positions will be sustained, the final outcome of tax audits and related litigation may differ materially from the tax amounts recorded in our unaudited condensed consolidated financial statements.

Stock Plans

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock Plans

The 2016 Management Equity Incentive Plan provides for various forms of stock-based compensation for eligible key employees through May 2026. Management stock-based compensation includes stock options, restricted stock awards, restricted stock units and performance stock units. The 2017 Non-Employee Directors’ Equity Incentive Plan provides for grants of stock options and restricted stock to non-employee directors through May 2027. We issue treasury shares for stock option exercises and grants of restricted stock and performance stock. Please refer to Note 6—Capital Stock for further information regarding stock compensation share issuance.

Stock compensation expense is as follows:


	Three Months Ended March 31,
(In thousands)	2021		2020
Stock compensation expense	$	3,293	$	3,522
Income tax expense	794		859
Stock compensation expense, net of tax	$	2,499	$	2,663

A summary of stock option activity for the three months ended March 31, 2021, follows:


	Shares	Weighted Average Exercise Price
Outstanding at January 1, 2021	283,998	$	46.23

Exercised	(38,806)	46.09
Forfeited	(81)	49.66

Outstanding at March 31, 2021	245,111	46.26
Exercisable at March 31, 2021	243,563	$	46.25

Restricted stock awards and restricted stock units are valued at the market value of the stock on the grant date. A summary of restricted stock activity for the three months ended March 31, 2021, follows:


	Shares	Weighted Average Grant Date Fair Value
Unvested at January 1, 2021	146,191	$	105.83
Granted	28,128	170.69
Vested	(29,981)	85.89
Forfeited	(156)	121.83
Unvested at March 31, 2021	144,182	$	122.62

Performance stock units have a market condition modifier and are valued at an estimated fair value using a Monte Carlo model. The final number of shares to be issued for performance stock units granted in the first quarter of 2021 may range from 0% to 200% of the target award based on achieving the specified performance targets over the performance period plus an additional modifier based on total shareholder return (TSR) over the performance period. The following weighted average assumptions were used in estimating the fair value of the performance stock units granted in the first quarter of 2021.


Fair value per unit			$177.50
Risk-free interest rate			0.2%
Expected dividend yield			1.33%
Expected volatility			35.6%
MSA stock beta			0.932

The risk-free interest rate is based on the U.S. Treasury Constant Maturity rates as of the grant date converted into an implied spot rate yield curve. Expected dividend yield is based on the most recent annualized dividend divided by the one year average closing share price. Expected volatility is based on the ten year historical volatility using daily stock prices. Expected life is based on historical stock option exercise data.

A summary of performance stock unit activity for the three months ended March 31, 2021, follows:


	Shares	Weighted Average Grant Date Fair Value
Unvested at January 1, 2021	200,212	$	104.69
Granted	46,070	177.32
Performance adjustments	4,941	88.86
Vested	(63,286)	84.97

Unvested at March 31, 2021	187,937	$	128.72

The performance adjustments above relate primarily to the final number of shares issued for the 2018 performance unit awards which vested in the first quarter of 2021 at 105.4% of the target award based on both cumulative performance against the operating margin and revenue growth targets and MSA's TSR during the three-year performance period.

Long-Term Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt


(In thousands)	March 31, 2021		December 31, 2020
2010 Senior Notes payable through 2021, 4.00%, net of debt issuance costs	$	20,000	$	20,000
2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs	75,595		74,926
Senior revolving credit facility maturing in 2023, net of debt issuance costs	264,833		212,231
Total	360,428		307,157
Amounts due within one year, net of debt issuance costs	20,000		20,000
Long-term debt, net of debt issuance costs	$	340,428	$	287,157

On September 7, 2018, the Company entered into an amended agreement covering its senior revolving credit facility that extended its term through September 2023 and increased the capacity to $600.0 million. Under the amended agreement, the Company may elect either a Base rate of interest (“BASE”) or an interest rate based on the London Interbank Offered Rate (“LIBOR”). The BASE is a daily fluctuating per annum rate equal to the highest of (i) 0.00%, (ii) the Prime Rate, (ii) the Federal Funds Open Rate plus one half of one percent (0.5%), (iii) the Overnight Bank Funding Rate, plus one half of one percent (0.50%), or (iv) the Daily Libor Rate plus one percent (1.00%). The Company pays a credit spread of 0 to 175 basis points based on the Company’s net EBITDA leverage ratio and elected rate (BASE or LIBOR). The Company has a weighted average revolver interest rate of 1.09% as of March 31, 2021. At March 31, 2021, $333.1 million of the existing $600.0 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 from the bank group.

On January 22, 2016, the Company entered into an amended multi-currency note purchase and private shelf agreement, pursuant to which the Company issued notes in an aggregate original principal amount of £54.9 million (approximately $75.7 million at March 31, 2021). The Notes are repayable in annual installments of £6.1 million (approximately $8.4 million at March 31, 2021), commencing January 22, 2023, with a final payment of any remaining amount outstanding on January 22, 2031. The interest rate on these Notes is fixed at 3.4%. On September 7, 2018, the Company further amended the multi-currency note purchase and private shelf agreement to, among other things, allow the Company to request from time to time during a three-year period ending September 7, 2021, the issuance of up to $150 million of additional senior notes. No additional notes have been issued under the amended agreement as of March 31, 2021.

On January 4, 2019, the Company entered into an amended and restated master note facility with New York Life. Under the amended facility, the Company may request from time to time during a three-year period ending January 4, 2022, the issuance of up to $150 million of additional senior promissory notes. As of March 31, 2021, no notes have been issued under the amended facility.

The senior revolving credit facility and the multi-currency note purchase and private shelf agreement 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, both 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. However, the covenants contained in the New York Life amended facility do not apply until promissory notes are issued.

The Company was in compliance with all debt covenants at March 31, 2021.

The Company had outstanding bank guarantees and standby letters of credit with banks as of March 31, 2021, totaling $11.4 million, of which $1.3 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. The Company is also required to provide cash collateral in connection with certain arrangements. At March 31, 2021, the Company has $0.3 million of restricted cash in support of these arrangements.

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Changes in goodwill during the three months ended March 31, 2021 are as follows:



(In thousands)	Goodwill
Balance at January 1, 2021	$	443,272
Additions (Note 18)	4,708
Currency translation	(921)
Balance at March 31, 2021	$	447,059

At March 31, 2021, the Company had goodwill of $293.2 million and $153.9 million related to the Americas and International reportable segments, respectively.

Changes in intangible assets, net during the three months ended March 31, 2021, are as follows:



(In thousands)	Intangible Assets
Net balance at January 1, 2021	$	161,051
Additions (Note 18)	5,940
Amortization expense	(3,055)
Currency translation	298
Net balance at March 31, 2021	$	164,234

At March 31, 2021, the above intangible assets balance includes a trade name related to the Globe acquisition with an indefinite life totaling $60.0 million.

Leases	3 Months Ended
Leases	Mar. 31, 2021
Leases [Abstract]
Leases	LeasesLessor ArrangementsThe Company derives a portion of its revenue from various leasing arrangements. Such arrangements provide for monthly payments covering the equipment provided and interest. These arrangements meet the criteria to be accounted for as sales-type leases under ASC Topic 842, Leases. Accordingly, revenue from the provision of the equipment is recognized upon lease commencement. Upon the recognition of such revenue, an asset is established for the investment in sales-type leases. Interest income is recognized monthly over the lease term. Revenue from sales-type leases recognized by the Company, included in Net sales in the unaudited Condensed Consolidated Statements of Income, was $1.0 million during the three months ended March 31, 2021. Gross profit recognized at commencement from our various leasing arrangements was $0.6 million during the three months ended March 31, 2021. There were no new sales-type lease transactions commencing and no lease revenue recognized during the three months ended March 31, 2020.

Pensions and Other Post-retirement Benefits

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Pensions and Other Post-retirement Benefits

Components of net periodic benefit cost consisted of the following:


	Pension Benefits				Other Benefits
(In thousands)	2021		2020		2021		2020
Three Months Ended March 31,
Service cost	$	3,242	$	3,012	$	99	$	99
Interest cost	2,817		3,726		116		179
Expected return on plan assets	(9,147)		(8,503)		—		—
Amortization of prior service cost (credit)	66		46		(90)		(98)
Recognized net actuarial losses	4,421		3,935		399		286
Settlements	(1,879)		—		—		—
Net periodic benefit (income) cost (a)	$	(480)	$	2,216	$	524	$	466

(a) Components of net periodic benefit (income) cost other than service cost are included in the line item "Other income, net" in the unaudited Condensed Consolidated Statements of Income.

We made contributions of $1.9 million to our pension plans during both the three months ended March 31, 2021 and 2020, respectively. We expect to make total contributions of approximately $7.7 million to our pension plans in 2021 primarily associated with statutorily required plans in the International segment.

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

As part of our currency exchange rate risk management strategy, we may enter into certain derivative foreign currency forward contracts that do not meet the U.S. GAAP criteria for hedge accounting, but which have the impact of partially offsetting certain foreign currency exposures. We account for these forward contracts at fair value and report the related gains or losses in currency exchange (gains) losses, net, in the unaudited Condensed Consolidated Statement of Income. The notional amount of open forward contracts was $94.3 million and $96.0 million at March 31, 2021, and December 31, 2020, respectively.

The following table presents the unaudited Condensed Consolidated Balance Sheet location and fair value of assets and liabilities associated with derivative financial instruments:


(In thousands)	March 31, 2021		December 31, 2020
Derivatives not designated as hedging instruments:
Foreign exchange contracts: Warranty reserve and other current liabilities	$	1,039	$	157
Foreign exchange contracts: Prepaid expenses and other current assets	52		160

The following table presents the unaudited Condensed Consolidated Statement of Income location and impact of derivative financial instruments:


		Loss Recognized in Income
		Three Months Ended March 31,
(In thousands)	Statement of Income Location	2021		2020
Derivatives not designated as hedging instruments:
Foreign exchange contracts	Currency exchange (gains) losses, net	$	3,388	$	376

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are: •Level 1—Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets. •Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. •Level 3—Unobservable inputs for the asset or liability. The valuation methodologies we used to measure financial assets and liabilities include the derivative financial instruments described in Note 15—Derivative Financial Instruments. We estimate the fair value of the derivative financial instruments, consisting of foreign currency forward contracts, based upon valuation models with inputs that generally can be verified by observable market conditions and do not involve significant management judgment. Accordingly, the fair values of the derivative financial instruments are classified within Level 2 of the fair value hierarchy. With the exception of our investments in marketable securities and fixed rate long-term debt, we believe that the reported carrying amounts of our financial assets and liabilities approximate their fair values. We value our investments in marketable securities, primarily fixed income, at fair value using quoted market prices for similar securities or pricing models. Accordingly, the fair values of the investments are classified within Level 2 of the fair value hierarchy. The amortized cost basis of our investments was $55 million and $75 million as of March 31, 2021 and December 31, 2020, respectively. The fair value was $55 million and $75 million as of March 31, 2021 and December 31, 2020, respectively, which was reported in "Investments, short-term" in the accompanying unaudited Condensed Consolidated Balance Sheet. The change in fair value is recorded in other comprehensive income, net of tax. The Company does not intend to sell, nor is it more likely than not that we will be required to sell, these securities prior to recovery of their cost, as such, management believes that any unrealized gains or losses are temporary; therefore, no impairment gains or losses relating to these securities have been recognized. All investments in marketable securities have maturities of one year or less and are currently in an unrealized loss position as of March 31, 2021. The reported carrying amount of our fixed rate long-term debt (including the current portion) was $96 million and $95 million at March 31, 2021, and December 31, 2020, respectively. The fair value of this debt was $112 million and $113 million at March 31, 2021, and December 31, 2020, respectively. The fair value of this debt was determined using Level 2 inputs by evaluating similarly rated companies with publicly traded bonds where available or current borrowing rates available for financings with similar terms and maturities.

Contingencies

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Contingencies

Product liability

We face an inherent business risk of exposure to product liability claims arising from the alleged failure of our products to prevent the types of personal injury or death against which they are designed to protect. Product liability claims are categorized as either single incident or cumulative trauma.

Single incident product liability claims. Single incident product liability claims involve incidents of short duration that are typically known when they occur and involve observable injuries, which provide an objective basis for quantifying damages. The Company estimates its liability for single incident product liability claims based on expected settlement costs for asserted single incident product liability claims and an estimate of costs for single incident product liability claims incurred but not reported ("IBNR"). The estimate for IBNR claims is based on experience, sales volumes, and other relevant information. The reserve for single incident product liability claims, which includes asserted single incident product liability claims and IBNR single incident product liability claims, was $1.5 million and $1.4 million at March 31, 2021 and December 31, 2020, respectively. Single incident product liability expense was $0.1 million during the three months ended March 31, 2021 and $0.2 million during the three months ended March 31, 2020. Single incident product liability exposures are evaluated on an annual basis, or more frequently if changing circumstances warrant. Adjustments are made to the reserve as appropriate.

Cumulative trauma product liability claims. Cumulative trauma product liability claims involve alleged exposures to harmful substances (e.g., silica, asbestos and coal dust) that occurred years ago and may have developed over long periods of time into diseases such as silicosis, asbestosis, mesothelioma, or coal worker’s pneumoconiosis. One of the Company's affiliates, Mine Safety Appliances Company, LLC ("MSA LLC"), was named as a defendant in 1,632 lawsuits comprised of 3,043 claims as of March 31, 2021. These lawsuits mainly involve respiratory protection products allegedly manufactured and sold by MSA LLC or its predecessors. The products at issue were manufactured many years ago by MSA LLC and are no longer sold.

A summary of cumulative trauma product liability lawsuits and asserted cumulative trauma product liability claims activity is as follows:


	Three Months Ended March 31, 2021	Year Ended December 31, 2020
Open lawsuits, beginning of period	1,622	1,605
New lawsuits	80	402
Settled and dismissed lawsuits	(70)	(385)
Open lawsuits, end of period	1,632	1,622


	Three Months Ended March 31, 2021	Year Ended December 31, 2020
Asserted claims, beginning of period	2,878	2,456
New claims	241	917
Settled and dismissed claims	(76)	(495)
Asserted claims, end of period	3,043	2,878

The increases in the number of claims in 2020 and in the first quarter of 2021, are largely attributable to an increase in claims alleging injuries from exposure to coal mine dust, involving products that were manufactured many years ago by MSA LLC and are no longer sold.

More than half of the total open lawsuits at March 31, 2021, have had a de minimis level of activity over the last 5 years. It is possible that these cases could become active again at any time due to changes in circumstances.

Total cumulative trauma product liability reserve was $216.8 million at March 31, 2021, including $3.6 million for claims settled but not yet paid and related defense costs, and $221.5 million at December 31, 2020, including $7.8 million for claims settled but not yet paid and related defense costs. This reserve includes estimated amounts for asserted claims and IBNR claims. Those estimated amounts reflect asbestos, silica and coal dust claims expected to be resolved through the year 2069 and are not discounted to present value. The Company revised its estimates of MSA LLC's potential liability for cumulative trauma product liability claims for the year ended December 31, 2020 as a result of its annual review process described below. The reserve does not include amounts which will be spent to defend the claims covered by the reserve. Defense costs are recognized in the unaudited Condensed Consolidated Statement of Income as incurred. There was no change in trends or other activity during the quarter that required an interim remeasurement of the cumulative trauma product liability reserve as of March 31, 2021.

At March 31, 2021, $30.9 million of the total reserve for cumulative trauma product liability claims is recorded in the Insurance and product liability line within other current liabilities in the unaudited Condensed Consolidated Balance Sheet and the remainder, $185.9 million, is recorded in the Product liability and other noncurrent liabilities line. At December 31, 2020, $35.3 million of the total reserve for cumulative trauma product liability claims is recorded in the Insurance and product liability line within other current liabilities in the unaudited Condensed Consolidated Balance Sheet and the remainder, $186.2 million, is recorded in the Product liability and other noncurrent liabilities line.

Total cumulative trauma liability losses were $3.0 million for the three months ended March 31, 2021, and $2.1 million for the three months ended March 31, 2020, both primarily related to the defense of cumulative trauma product liability claims. Uninsured cumulative trauma product liability losses, which were included in Product liability and other operating expense on the unaudited Condensed Consolidated Statements of Income, were $2.8 million and $1.8 million for the three months ended March 31, 2021 and March 31, 2020, respectively, and represent the total cumulative trauma liability losses net of any estimated insurance receivables as discussed below.

To develop a reasonable estimate of MSA LLC’s potential exposure to cumulative trauma product liability claims, Management performs an annual review of MSA LLC’s cumulative trauma product liability claims in consultation with an outside valuation consultant and outside legal counsel. The review process takes into account developments in MSA LLC’s claims experience over the past year, developments in the tort system generally, and any other relevant information. Quarterly, management and outside legal counsel review whether significant new developments have occurred which could materially impact recorded amounts.

Certain significant assumptions underlying the material components of the reserve for cumulative trauma product liability claims have been made based on MSA LLC's experience related to the following:

•The types and severity, of illnesses alleged by claimants to give rise to their claims;

•The venues in which claims are asserted;

•The number of claims that may be asserted in the future against MSA LLC and the counsel asserting those claims; and

•The percentage of claims resolved through settlement and the values of settlements paid to claimants.

Additional assumptions include the following:

•MSA LLC will continue to evaluate and handle cumulative trauma product liability claims in accordance with its existing defense strategy;

•The number and effect of co-defendant bankruptcies will not materially change in the future;

•No material changes in medical science occur with respect to cumulative trauma product liability claims; and

•No material changes in law occur with respect to cumulative trauma product liability claims including no material state or federal tort reform actions.

Cumulative trauma product liability litigation is inherently unpredictable and MSA LLC's expense with respect to cumulative trauma product liability claims could vary significantly in future periods. With respect to asserted claims, this is because it is unclear at the time of filing whether a claim will be actively litigated. Even when a case is actively litigated, it is often difficult to determine if the lawsuit will be dismissed without payment or settled, because of sufficiency of product identification, statute of limitations challenges, or other defenses. As a result, it is typically unclear until late into a lawsuit whether any particular claim will result in a loss and, if so, to what extent. Actual loss amounts for settled claims are highly variable and turn on a case-by-case analysis of the relevant facts.

With respect to asserted or IBNR claims, MSA LLC’s expense in future periods may vary from the reserve currently established for several reasons. In particular, MSA LLC’s actual claims experience may differ in one or more respects from the significant assumptions listed above that were used by in establishing the reserve. Factors that make MSA LLC's asserted and IBNR claims difficult to reasonably estimate include uncertainty as to the number of claims that may be asserted in the future (and over what time periods), the wide variability in the alleged severity of claims asserted, and the number of claims that ultimately will be resolved with payment. This difficulty is increased when claims are asserted by plaintiff's counsel, with which MSA LLC does not have substantial prior experience (as claims experience can vary significantly among different counsel), the absence of discovery into many pending claims, the historically low volume of claims asserted and resolved, and numerous other factors. Numerous uncertainties also exist with respect to factors not specific to MSA LLC, including potential legislative or judicial changes at the federal level or in key states concerning claims adjudication, future bankruptcy proceedings involving key co-defendants, payments from trusts established to compensate claimants, and/or changes in medical science relating to the diagnosis and treatment of claims.

Because cumulative trauma product liability litigation is subject to the significant modeling assumptions and inherent uncertainties described above, and unfavorable developments or rulings could occur, there can be no certainty that MSA LLC may not ultimately incur charges in excess of presently recorded liabilities. The reserve for cumulative trauma product liability claims may be adjusted from time to time based on changes to the factors and assumptions described above. If future estimates of cumulative trauma product liability claims are materially different than the accrued liability, we will record an appropriate adjustment to the unaudited Condensed Consolidated Statement of Income. These adjustments could materially impact our consolidated financial statements in future periods.

Insurance Receivable and Notes Receivable, Insurance Companies

Many years ago, MSA LLC purchased insurance policies from various insurance carriers that, subject to common contract exclusions, provided coverage for cumulative trauma product liability losses (the "Occurrence-Based Policies"). While we continue to pursue reimbursement under certain remaining Occurrence-Based Policies, the vast majority of these policies have been exhausted, settled or converted into either (1) negotiated settlement agreements with scheduled payment streams (recorded as notes receivables), or (2) negotiated Coverage-in-Place Agreements (recorded as insurance receivables). As a result, MSA LLC is largely self-insured for cumulative trauma product liability claims, and additional amounts recorded as insurance receivables or notes receivables will be limited.

When adjustments are made to amounts recorded in the cumulative trauma product liability reserve, we calculate amounts due to be reimbursed pursuant to the terms of the negotiated Coverage-In-Place Agreements, including cumulative trauma product liability losses and related defense costs, and we record the amounts probable of reimbursement as insurance receivables. These amounts are not subject to current coverage litigation.

Insurance receivables at March 31, 2021, totaled $95.6 million, of which, $12.0 million is reported in Prepaid expenses and other current assets in the unaudited Condensed Consolidated Balance Sheet and $83.6 million is reported in Insurance receivable and other noncurrent assets. Insurance receivables at December 31, 2020, totaled $97.0 million, of which $12.0 million was reported in Prepaid expenses and other current assets in the unaudited Condensed Consolidated Balance Sheet and $85.0 million was reported in Insurance receivable and other noncurrent assets. The vast majority of the $95.6 million insurance receivables balance at March 31, 2021 is attributable to reimbursement believed to be due under the terms of signed Coverage-In-Place Agreements and a portion of this amount represents the estimated recovery of IBNR amounts not yet incurred.

A summary of insurance receivables balance and activity related to cumulative trauma product liability losses is as follows:


(In millions)	Three Months Ended March 31, 2021		Year Ended December 31, 2020
Balance beginning of period	$	97.0	$	63.8
Additions	0.4		39.0
Collections and other adjustments	(1.8)		(5.8)
Balance end of period	$	95.6	$	97.0

We record formal notes receivable due from scheduled payment streams according to negotiated settlement agreements with insurers. These amounts are not subject to current coverage litigation.

Notes receivable from insurance companies at March 31, 2021, totaled $52.7 million, of which $3.9 million is reported in Notes receivable, insurance companies, current on the unaudited Condensed Consolidated Balance Sheet and $48.8 million is reported in Notes receivable, insurance companies, noncurrent. Notes receivable from insurance companies at December 31, 2020, totaled $52.3 million, of which $3.8 million was reported in Notes receivable, insurance companies, current on the unaudited Condensed Consolidated Balance Sheet and $48.5 million was reported in Notes receivable, insurance companies, noncurrent.

A summary of notes receivables from insurance companies balance is as follows:


(In millions)	Three Months Ended March 31, 2021		Year Ended December 31, 2020
Balance beginning of period	$	52.3	$	56.0
Additions	0.4		1.4
Collections	—		(5.1)
Balance end of period	$	52.7	$	52.3

The vast majority of the insurance receivables balance at March 31, 2021, is attributable to reimbursement under the terms of signed agreements with insurers and are not currently subject to litigation. The collectibility of MSA LLC's insurance receivables and notes receivables is regularly evaluated and we believe that the amounts recorded are probable of collection. The determination that the recorded insurance receivables are probable of collection is based on the terms of the settlement agreements reached with the insurers, our history of collection, and the advice of MSA LLC's outside legal counsel and consultants. Various factors could affect the timing and amount of recovery of the insurance and notes receivables, including assumptions regarding various aspects of the composition and characteristics of future claims (which are relevant to calculating reimbursement under the terms of certain Coverage-In-Place Agreements) and the extent to which the issuing insurers may become insolvent in the future.

Product Warranty

The Company provides warranties on certain product sales. Product warranty reserves are established in the same period that revenue from the sale of the related products is recognized, or in the period that a specific issue arises as to the functionality of the Company's product. The determination of such reserves requires the Company to make estimates of product return rates and expected costs to repair or to replace the products under warranty.

The amounts of the reserves are based on established terms and the Company's best estimate of the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. If actual return rates and/or repair and replacement costs differ significantly from estimates, adjustments to recognize additional cost of sales may be required in future periods.

The following table reconciles the changes in the Company's accrued warranty reserve:


(In thousands)	Three Months Ended March 31, 2021		Year Ended December 31, 2020
Beginning warranty reserve	$	11,428	$	12,715
Warranty payments	(2,277)		(10,861)
Warranty claims	2,221		10,233
Provision for product warranties and other adjustments	56		(659)
Ending warranty reserve	$	11,428	$	11,428

Warranty expense was $2.3 million and $2.9 million for the three months ended March 31, 2021 and 2020, respectively, and is included in "Costs of products sold" on the unaudited Condensed Consolidated Statements of Income.

Acquisitions

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Acquisitions

Acquisition of Bristol Uniforms and Bell Apparel

On January 25, 2021, we acquired 100% of the common stock of B T Q Limited, including Bristol Uniforms and Bell Apparel ("Bristol") in an all-cash transaction valued at $63.0 million, net of cash acquired.

Bristol, which is headquartered in the United Kingdom (U.K.), is a leading innovator and provider of protective apparel to the fire, rescue services, and utility sectors. The acquisition strengthens MSA's position as a global market leader in fire service personal protective equipment (PPE) products, which include breathing apparatus, firefighter helmets, thermal imaging cameras, and firefighter protective apparel, while providing an avenue to expand its business in the U.K. and key European markets. The fire service equipment brands of MSA, which include Gallet Firefighter Helmets, the M1 and G1 Self-Contained Breathing Apparatus range, Cairns Helmets, Globe Manufacturing, and now Bristol Uniforms, represent more than 460 combined years of innovation in the fire service industry, with a common mission: protecting the health and safety of firefighters. Bristol is also a leading manufacturer of flame-retardant, waterproof, and other protective work wear for the utility industry. Marketed under the Bell Apparel brand, this line complements MSA's existing and broad range of offerings for the global utilities market.

Bristol's operating results are included in our unaudited condensed consolidated financial statements from the acquisition date as part of the International reportable segment. The acquisition qualifies as a business combination and will be accounted for using the acquisition method of accounting.

The following table summarizes the 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	11.9
Customer relationships	4.5
Trade name and other intangible assets	1.4
Goodwill	4.7
Total assets acquired	88.6
Total liabilities assumed	(12.3)
Net assets acquired	$	76.3

The amounts in the table above are subject to change upon completion of the valuation of the assets acquired and liabilities assumed. This valuation is expected to be completed by first quarter of 2022.

Assets acquired and liabilities assumed in connection with the acquisition have been recorded at their fair values. Fair values were determined by management, based in part on an independent valuation performed by a third party valuation specialist. The valuation methods used to determine the fair value of intangible assets included the excess earnings approach for customer relationships using customer inputs and contributory charges; the relief from royalty method for trade name; and the cost method for assembled workforce which is included in goodwill. A number of significant assumptions and estimates were involved in the application of these valuation methods, including sales volume and prices, royalty rates, costs to produce, tax rates, capital spending, discount rates, attrition rates and working capital changes. Cash flow forecasts were generally based on Bristol pre-acquisition forecasts, coupled with estimated MSA sales synergies. Identifiable intangible assets with finite lives are subject to amortization over their estimated useful lives. The customer relationships and trade name acquired in the Bristol transaction will be amortized over a period of 15 years. Estimated future amortization expense related to the identifiable intangible assets is approximately $0.3 million for the remainder of 2021, $0.5 million in 2022 and 2023, $0.4 million in 2024 and 2025, and $3.8 million thereafter. The step up to fair value of acquired inventory as part of the purchase price allocation totaled $1.5 million which will be amortized over four months, which is included in Cost of products sold in the unaudited condensed consolidated statement of income.

Goodwill is calculated as the excess of the purchase price over the fair value of net assets acquired and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Among the factors that contributed to a purchase price in excess of the fair value of the net tangible and intangible assets acquired were the acquisition of an assembled workforce, the expected synergies and other benefits that we believe will result from combining the operations of Bristol with our operations. Goodwill of $4.7 million related to the Bristol acquisition has been recorded in the International reportable segment and is non-deductible for tax purposes.

Our results for the three months ended March 31, 2021, include acquisition related costs of approximately $1.4 million, including costs related to the acquisition of Bristol. Our results for the three months ended March 31, 2020, include an immaterial amount of acquisition related costs. These costs are reported in selling, general, and administrative expenses and costs of products sold.

The operating results of the Bristol acquisition have been included in our unaudited condensed consolidated financial statements from the acquisition date through March 31, 2021. Our results for the three months ended March 31, 2021, include Bristol sales and net loss of $4.2 million and $1.4 million, respectively.

The following unaudited pro forma information presents our combined results as if the Bristol acquisition had occurred on January 1, 2020. The unaudited pro forma financial information was prepared to give effect to events that are (1) directly attributable to the acquisition; (2) factually supportable; and (3) expected to have a continuing impact on the combined company's results. There were no material transactions between MSA and Bristol during the periods presented that are required to be eliminated in the unaudited pro forma condensed combined financial information. The unaudited pro forma condensed combined financial information does not reflect any cost savings, operating synergies, or revenue enhancements that the combined companies may achieve as a result of the acquisition or the costs to integrate the operations or the costs necessary to achieve cost savings, operating synergies, or revenue enhancements.

Pro forma condensed combined financial information (Unaudited)


	Three months ended March 31,
(In millions, except per share amounts)	2021		2020
Net sales	$	310.4	$	364.3
Net income	36.6		46.7
Basic earnings per share	0.94		1.20
Diluted earnings per share	0.93		1.19

The unaudited pro forma condensed combined financial information is presented for information purposes only and is not intended to represent or be indicative of the combined results of operations or financial position that we would have reported had the acquisition been completed as of the date and for the periods presented, and should not be taken as representative of our condensed consolidated results of operations or financial condition following the acquisition. In addition, the unaudited pro forma condensed combined financial information is not intended to project the future financial position or result of operations of the combined company.

The unaudited pro forma condensed combined financial information was prepared using the acquisition method of accounting under existing U.S. GAAP. MSA has been treated as the acquirer.

Inventories (Tables)

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventories

The following table sets forth the components of inventory:


(In thousands)	March 31, 2021		December 31, 2020
Finished products	$	101,064	$	81,048
Work in process	6,115		2,618
Raw materials and supplies	160,034		161,300
Inventories at current cost	267,213		244,966
Less: LIFO valuation	(47,192)		(47,147)
Total inventories	$	220,021	$	197,819

Restructuring Charges (Tables)

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Schedule of Activity and Reserve Balance for Restructuring Charges by Segment

Activity and reserve balances for restructuring charges by segment were as follows:


(In millions)	Americas		International		Corporate		Total
Reserve balances at December 31, 2019	$	0.3	$	5.9	$	—	$	6.2
Restructuring charges	4.7		21.9		0.8		27.4
Currency translation and other adjustments	(0.1)		0.1		—		—
Cash payments / utilization	(2.1)		(8.6)		(0.4)		(11.1)
Reserve balances at December 31, 2020	$	2.8	$	19.3	$	0.4	$	22.5
Restructuring charges	0.2		1.0		0.1		1.3
Currency translation and other adjustments	—		(0.6)		—		(0.6)
Cash payments	(0.3)		(3.1)		(0.1)		(3.5)
Reserve balances at March 31, 2021	$	2.7	$	16.6	$	0.4	$	19.7

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

Components of Property, Plant and Equipment

The following table sets forth the components of property, plant and equipment, net:


(In thousands)	March 31, 2021		December 31, 2020
Land	$	5,189	$	4,275
Buildings	128,776		128,887
Machinery and equipment	426,336		422,333
Construction in progress	40,466		38,753
Total	600,767		594,249
Less: accumulated depreciation	(402,935)		(404,629)
Property, plant and equipment, net	$	197,832	$	189,620

Reclassifications Out of Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Reclassification Out of Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss were as follows:


	MSA Safety Incorporated					Noncontrolling Interests
	Three Months Ended March 31,					Three Months Ended March 31,
(In thousands)	2021		2020			2021		2020
Pension and other post-retirement benefits (a)
Balance at beginning of period	$	(115,552)	$	(124,848)		$	—	$	—
Amounts reclassified from accumulated other comprehensive loss into net income:
Amortization of prior service credit (Note 14)	(24)		(52)			—		—
Recognized net actuarial losses (Note 14)	4,820		4,221			—		—
Tax benefit	(1,084)		(1,067)			—		—
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income	3,712		3,102			—		—

Balance at end of period	$	(111,840)	$	(121,746)		$	—	$	—
Available-for-sale securities
Balance at beginning of period	$	(1)	$	6		$	—	$	—
Unrealized loss on available-for-sale securities (Note 16)	(5)		(62)			—		—
Balance at end of period	$	(6)	$	(56)		$	—	$	—
Foreign currency translation
Balance at beginning of period	$	(66,844)	$	(89,161)		$	582	$	423
Reclassification from accumulated other comprehensive loss into net income	—		720		(b)	—		—
Foreign currency translation adjustments	(10,258)		(22,832)			35		(115)
Balance at end of period	$	(77,102)	$	(111,273)		$	617	$	308

Capital Stock - (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Capital Stock Disclosure

Common stock activity is summarized as follows:


	Three Months Ended March 31, 2021				Three Months Ended March 31, 2020
(In thousands)	Common Stock		Treasury Cost		Common Stock		Treasury Cost
Balance at beginning of period	$	242,693	$	(326,156)	$	229,127	$	(303,566)
Stock compensation expense	3,293		—		3,522		—
Restricted and performance stock awards	(1,333)		1,333		(2,239)		2,239
Stock options exercised	1,234		556		1,757		976
Treasury shares purchased	—		(5,348)		—		(7,617)


Share repurchase program	—		—		—		(20,113)
Balance at end of period	$	245,887	$	(329,615)	$	232,167	$	(328,081)

Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of Reportable Segment Information

Reportable segment information is presented in the following table:


(In thousands, except percentage amounts)	Americas			International			Corporate		Consolidated Totals
Three Months Ended March 31, 2021
Sales to external customers	$	208,340		$	100,088		$	—	$	308,428

Operating income									44,038
Restructuring charges (Note 3)									1,308
Currency exchange gains, net (Note 5)									(2,099)
Product liability expense (Note 17)									2,796
Acquisition related costs (Note 18)									1,373

Adjusted operating income (loss)	45,152			8,790			(6,526)		47,416
Adjusted operating margin %	21.7		%	8.8		%
Depreciation and amortization									10,504
Adjusted EBITDA	52,186			12,163			(6,429)		57,920
Adjusted EBITDA margin %	25.0		%	12.2		%


(In thousands, except percentage amounts)	Americas			International			Corporate		Consolidated Totals
Three Months Ended March 31, 2020
Sales to external customers	$	231,253		$	109,892		$	—	$	341,145

Operating income									58,782
Restructuring charges (Note 3)									2,007
Currency exchange losses, net (Note 5)									270
Product liability expense (Note 17)									1,951
Acquisition related costs (Note 18)									97
COVID-19 related costs									757
Adjusted operating income (loss)	59,807			12,671			(8,614)		63,864
Adjusted operating margin %	25.9		%	11.5		%
Depreciation and amortization									9,640
Adjusted EBITDA	66,257			15,765			(8,518)		73,504
Adjusted EBITDA margin %	28.7		%	14.3		%

Percentage of Total Sales by Product Group

Total sales by product group was as follows:


Three Months Ended March 31, 2021	Consolidated			Americas			International
(In thousands, except percentages)	Dollars		Percent	Dollars		Percent	Dollars		Percent
Breathing Apparatus	$	69,644	23%	$	48,798	23%	$	20,846	21%
Fixed Gas & Flame Detection	60,119		19%	36,277		17%	23,842		24%
Firefighter Helmets & Protective Apparel	46,010		15%	34,988		17%	11,022		11%
Portable Gas Detection	37,429		12%	25,702		12%	11,727		12%
Industrial Head Protection	32,696		11%	25,111		12%	7,585		8%
Fall Protection	26,067		8%	15,672		8%	10,395		10%
Other (a)	36,463		12%	21,792		11%	14,671		14%
Total	$	308,428	100%	$	208,340	100%	$	100,088	100%


Three Months Ended March 31, 2020	Consolidated			Americas			International
(In thousands, except percentages)	Dollars		Percent	Dollars		Percent	Dollars		Percent
Breathing Apparatus	$	75,844	22%	$	52,693	23%	$	23,151	21%
Fixed Gas & Flame Detection	69,911		21%	41,247		18%	28,664		26%
Firefighter Helmets & Protective Apparel	42,547		12%	35,113		15%	7,434		7%
Portable Gas Detection	41,052		12%	27,648		12%	13,404		12%
Industrial Head Protection	35,332		10%	27,555		12%	7,777		7%
Fall Protection	27,428		8%	17,697		8%	9,731		9%
Other (a)	49,031		15%	29,300		12%	19,731		18%
Total	$	341,145	100%	$	231,253	100%	$	109,892	100%

(a)Other products include sales of Air Purifying Respirators ("APR").

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share


Amounts attributable to MSA Safety Incorporated common shareholders:	Three Months Ended March 31,
(In thousands, except per share amounts)	2021		2020
Net income	$	36,414	$	43,674
Preferred stock dividends	(10)		(10)
Net income available to common equity	36,404		43,664
Dividends and undistributed earnings allocated to participating securities	(14)		(33)
Net income available to common shareholders	36,390		43,631

Basic weighted-average shares outstanding	39,094		38,824
Stock-based compensation awards	326		528
Diluted weighted-average shares outstanding	39,420		39,352
Antidilutive stock options	—		—

Earnings per share:
Basic	$	0.93	$	1.12
Diluted	$	0.92	$	1.11

Stock Plans (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock Compensation Expense

Stock compensation expense is as follows:


	Three Months Ended March 31,
(In thousands)	2021		2020
Stock compensation expense	$	3,293	$	3,522
Income tax expense	794		859
Stock compensation expense, net of tax	$	2,499	$	2,663

Summary of Stock Option Activity

A summary of stock option activity for the three months ended March 31, 2021, follows:


	Shares	Weighted Average Exercise Price
Outstanding at January 1, 2021	283,998	$	46.23

Exercised	(38,806)	46.09
Forfeited	(81)	49.66

Outstanding at March 31, 2021	245,111	46.26
Exercisable at March 31, 2021	243,563	$	46.25

Summary of Restricted Stock and Unit Activity

A summary of restricted stock activity for the three months ended March 31, 2021, follows:


	Shares	Weighted Average Grant Date Fair Value
Unvested at January 1, 2021	146,191	$	105.83
Granted	28,128	170.69
Vested	(29,981)	85.89
Forfeited	(156)	121.83
Unvested at March 31, 2021	144,182	$	122.62

Schedule of Fair Value Assumptions for Units

The following weighted average assumptions were used in estimating the fair value of the performance stock units granted in the first quarter of 2021.


Fair value per unit			$177.50
Risk-free interest rate			0.2%
Expected dividend yield			1.33%
Expected volatility			35.6%
MSA stock beta			0.932

Summary of Performance Stock Unit Activity

A summary of performance stock unit activity for the three months ended March 31, 2021, follows:


	Shares	Weighted Average Grant Date Fair Value
Unvested at January 1, 2021	200,212	$	104.69
Granted	46,070	177.32
Performance adjustments	4,941	88.86
Vested	(63,286)	84.97

Unvested at March 31, 2021	187,937	$	128.72

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt


(In thousands)	March 31, 2021		December 31, 2020
2010 Senior Notes payable through 2021, 4.00%, net of debt issuance costs	$	20,000	$	20,000
2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs	75,595		74,926
Senior revolving credit facility maturing in 2023, net of debt issuance costs	264,833		212,231
Total	360,428		307,157
Amounts due within one year, net of debt issuance costs	20,000		20,000
Long-term debt, net of debt issuance costs	$	340,428	$	287,157

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Goodwill

Changes in goodwill during the three months ended March 31, 2021 are as follows:



(In thousands)	Goodwill
Balance at January 1, 2021	$	443,272
Additions (Note 18)	4,708
Currency translation	(921)
Balance at March 31, 2021	$	447,059

Changes in Intangible Assets, Net of Accumulated Amortization

Changes in intangible assets, net during the three months ended March 31, 2021, are as follows:



(In thousands)	Intangible Assets
Net balance at January 1, 2021	$	161,051
Additions (Note 18)	5,940
Amortization expense	(3,055)
Currency translation	298
Net balance at March 31, 2021	$	164,234

Pensions and Other Post-retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost

Components of net periodic benefit cost consisted of the following:


	Pension Benefits				Other Benefits
(In thousands)	2021		2020		2021		2020
Three Months Ended March 31,
Service cost	$	3,242	$	3,012	$	99	$	99
Interest cost	2,817		3,726		116		179
Expected return on plan assets	(9,147)		(8,503)		—		—
Amortization of prior service cost (credit)	66		46		(90)		(98)
Recognized net actuarial losses	4,421		3,935		399		286
Settlements	(1,879)		—		—		—
Net periodic benefit (income) cost (a)	$	(480)	$	2,216	$	524	$	466

(a) Components of net periodic benefit (income) cost other than service cost are included in the line item "Other income, net" in the unaudited Condensed Consolidated Statements of Income.

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Balance Sheet Location and Fair Value of Assets Associated with Derivative Financial Instruments

The following table presents the unaudited Condensed Consolidated Balance Sheet location and fair value of assets and liabilities associated with derivative financial instruments:


(In thousands)	March 31, 2021		December 31, 2020
Derivatives not designated as hedging instruments:
Foreign exchange contracts: Warranty reserve and other current liabilities	$	1,039	$	157
Foreign exchange contracts: Prepaid expenses and other current assets	52		160

Income Statement Location and Impact of Derivative Financial Instruments

The following table presents the unaudited Condensed Consolidated Statement of Income location and impact of derivative financial instruments:


		Loss Recognized in Income
		Three Months Ended March 31,
(In thousands)	Statement of Income Location	2021		2020
Derivatives not designated as hedging instruments:
Foreign exchange contracts	Currency exchange (gains) losses, net	$	3,388	$	376

Contingencies (Tables)

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Summary of Cumulative Trauma Product Liability Claims Activity

A summary of cumulative trauma product liability lawsuits and asserted cumulative trauma product liability claims activity is as follows:


	Three Months Ended March 31, 2021	Year Ended December 31, 2020
Open lawsuits, beginning of period	1,622	1,605
New lawsuits	80	402
Settled and dismissed lawsuits	(70)	(385)
Open lawsuits, end of period	1,632	1,622


	Three Months Ended March 31, 2021	Year Ended December 31, 2020
Asserted claims, beginning of period	2,878	2,456
New claims	241	917
Settled and dismissed claims	(76)	(495)
Asserted claims, end of period	3,043	2,878

Summary of Insurance Receivable Balances and Activity Related to Cumulative Trauma Product Liability Losses

A summary of insurance receivables balance and activity related to cumulative trauma product liability losses is as follows:


(In millions)	Three Months Ended March 31, 2021		Year Ended December 31, 2020
Balance beginning of period	$	97.0	$	63.8
Additions	0.4		39.0
Collections and other adjustments	(1.8)		(5.8)
Balance end of period	$	95.6	$	97.0

Schedule of Notes Receivable Balances from Insurance Companies

A summary of notes receivables from insurance companies balance is as follows:


(In millions)	Three Months Ended March 31, 2021		Year Ended December 31, 2020
Balance beginning of period	$	52.3	$	56.0
Additions	0.4		1.4
Collections	—		(5.1)
Balance end of period	$	52.7	$	52.3

Schedule of Product Warranty Liability

The following table reconciles the changes in the Company's accrued warranty reserve:


(In thousands)	Three Months Ended March 31, 2021		Year Ended December 31, 2020
Beginning warranty reserve	$	11,428	$	12,715
Warranty payments	(2,277)		(10,861)
Warranty claims	2,221		10,233
Provision for product warranties and other adjustments	56		(659)
Ending warranty reserve	$	11,428	$	11,428

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Schedule of Fair Value of Assets Acquired and Liabilities Assumed

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	11.9
Customer relationships	4.5
Trade name and other intangible assets	1.4
Goodwill	4.7
Total assets acquired	88.6
Total liabilities assumed	(12.3)
Net assets acquired	$	76.3

Schedule of Pro Forma Financial Information

Pro forma condensed combined financial information (Unaudited)


	Three months ended March 31,
(In millions, except per share amounts)	2021		2020
Net sales	$	310.4	$	364.3
Net income	36.6		46.7
Basic earnings per share	0.94		1.20
Diluted earnings per share	0.93		1.19

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished products	$ 101,064	$ 81,048
Work in process	6,115	2,618
Raw materials and supplies	160,034	161,300
Inventories at current cost	267,213	244,966
Less: LIFO valuation	(47,192)	(47,147)
Total inventories	$ 220,021	$ 197,819

Restructuring Charges - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1,308	$ 2,007
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	200
International
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1,000	$ 1,900

Restructuring Charges - Activity and Reserve Balance for Restructuring Charges by Segment (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2020
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 22.5	$ 6.2
Restructuring charges	1.3	27.4
Currency translation and other adjustments	(0.6)	0.0
Cash payments	(3.5)	(11.1)
Restructuring reserve, ending balance	19.7
Corporate
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0.4	0.0
Restructuring charges	0.1	0.8
Currency translation and other adjustments	0.0	0.0
Cash payments	(0.1)	(0.4)
Restructuring reserve, ending balance	0.4
Americas
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	2.8	0.3
Restructuring charges	0.2	4.7
Currency translation and other adjustments	0.0	(0.1)
Cash payments	(0.3)	(2.1)
Restructuring reserve, ending balance	2.7
International
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	19.3	5.9
Restructuring charges	1.0	21.9
Currency translation and other adjustments	(0.6)	0.1
Cash payments	(3.1)	$ (8.6)
Restructuring reserve, ending balance	$ 16.6

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 600,767	$ 594,249
Less: accumulated depreciation	(402,935)	(404,629)
Property, plant and equipment, net	197,832	189,620
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	5,189	4,275
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	128,776	128,887
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	426,336	422,333
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 40,466	$ 38,753

Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	$ 809,891
Total amount reclassified from Accumulated other comprehensive loss, net of tax	0	$ 720
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	(5)	(62)
Other comprehensive income (loss)	(6,516)	(19,187)
Balance at end of period	822,890
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	(115,552)	(124,848)
Tax benefit	(1,084)	(1,067)
Total amount reclassified from Accumulated other comprehensive loss, net of tax	3,712	3,102
Balance at end of period	(111,840)	(121,746)
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
Tax benefit	0	0
Total amount reclassified from Accumulated other comprehensive loss, net of tax	0	0
Balance at end of period	0	0
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Amounts reclassified from Accumulated other comprehensive loss	(24)	(52)
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
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Amounts reclassified from Accumulated other comprehensive loss	4,820	4,221
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Amounts reclassified from Accumulated other comprehensive loss	0	0
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	(1)	6
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	(5)	(62)
Balance at end of period	(6)	(56)
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
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	0	0
Balance at end of period	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	(66,844)	(89,161)
Total amount reclassified from Accumulated other comprehensive loss, net of tax	0	720
Other comprehensive income (loss)	(10,258)	(22,832)
Balance at end of period	(77,102)	(111,273)
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	582	423
Total amount reclassified from Accumulated other comprehensive loss, net of tax	0	0
Other comprehensive income (loss)	35	(115)
Balance at end of period	$ 617	$ 308

Capital Stock - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Capital Stock - Narrative (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2020
Capital Unit [Line Items]
Treasury stock, shares (shares)	22,914,184			23,013,489
Treasury shares, at cost	$ 331,215,000			$ 327,756,000
Common stock, shares authorized (shares)	180,000,000
Common stock, par value (dollars per share)	$ 0			$ 0
Common stock, shares, outstanding (shares)	39,167,207			39,067,902
Cumulative Preferred Stock
Capital Unit [Line Items]
Preferred stock, shares authorized (shares)	100,000
Preferred stock, par value (dollars per share)	$ 50
Percentage of cumulative preferred stock (percent)	4.50%
Preferred stock, callable price per share (dollars per share)	$ 52.50
Preferred stock, shares issued (shares)	71,340
Treasury stock, shares (shares)	52,998
Purchase of treasury shares (shares)	0	120
Second Cumulative Preferred Voting Stock
Capital Unit [Line Items]
Preferred stock, shares authorized (shares)	1,000,000
Preferred stock, par value (dollars per share)	$ 10
Preferred stock, shares issued (shares)	0
Common Stock
Capital Unit [Line Items]
Purchase of treasury shares (shares)	0	175,000
Common stock, shares issued (shares)				62,081,391
Stock issued during period, new issues (shares)	0
Common stock, value, issued (up to)	$ 100,000,000.0
Treasury stock
Capital Unit [Line Items]
Reissued shares (shares)	32,650	58,840
Preferred Stock
Capital Unit [Line Items]
Preferred stock, par value (dollars per share)	$ 50,000			$ 50,000
Percentage of cumulative preferred stock (percent)	4.50%		4.50%
Treasury shares, at cost	$ 1,800,000

Capital Stock - Schedule of Common Stock Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Common Stock Activity [Roll Forward]
Beginning balance	$ 242,693
Ending balance	245,887
Common Stock
Common Stock Activity [Roll Forward]
Beginning balance	242,693	$ 229,127
Stock compensation expense	(3,293)	(3,522)
Ending balance	245,887	232,167
Treasury Cost
Common Stock Activity [Roll Forward]
Beginning balance	326,156	303,566
Stock compensation expense	0	0
Ending balance	329,615	328,081
Restricted and performance stock awards \| Common Stock
Common Stock Activity [Roll Forward]
Restricted and performance stock awards	1,333	2,239
Restricted and performance stock awards \| Treasury Cost
Common Stock Activity [Roll Forward]
Restricted and performance stock awards	1,333	2,239
Stock options exercised \| Common Stock
Common Stock Activity [Roll Forward]
Stock compensation expense	(1,234)	(1,757)
Stock options exercised \| Treasury Cost
Common Stock Activity [Roll Forward]
Stock compensation expense	(556)	(976)
Treasury shares purchased \| Common Stock
Common Stock Activity [Roll Forward]
Treasury shares purchased	0	0
Treasury shares purchased \| Treasury Cost
Common Stock Activity [Roll Forward]
Treasury shares purchased	(5,348)	(7,617)
Share repurchase program \| Common Stock
Common Stock Activity [Roll Forward]
Treasury shares purchased	0	0
Share repurchase program \| Treasury Cost
Common Stock Activity [Roll Forward]
Treasury shares purchased	$ 0	$ (20,113)

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2021 Segment
Segment Reporting [Abstract]
Number of reportable segments	3
Number of geographical segments	4

Segment Information - Schedule of Reportable Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 308,428	$ 341,145
Operating income	44,038	58,782
Restructuring charges	1,308	2,007
Currency exchange gains (losses), net	(2,099)	270
Product liability expense	2,796	1,951
Strategic transaction costs	1,373	97
COVID-19 Related Costs		757
Adjusted operating income (loss)	47,416	63,864
Depreciation and amortization	10,504	9,640
Adjusted EBITDA	57,920	73,504
Americas
Segment Reporting Information [Line Items]
Revenues	208,340	231,253
Reportable Segments \| Americas
Segment Reporting Information [Line Items]
Revenues	208,340	231,253
Adjusted operating income (loss)	$ 45,152	$ 59,807
Adjusted operating margin, percentage	21.70%	25.90%
Adjusted EBITDA	$ 52,186	$ 66,257
Adjusted EBITDA, percentage	25.00%	28.70%
Reportable Segments \| International
Segment Reporting Information [Line Items]
Revenues	$ 100,088	$ 109,892
Adjusted operating income (loss)	$ 8,790	$ 12,671
Adjusted operating margin, percentage	8.80%	11.50%
Adjusted EBITDA	$ 12,163	$ 15,765
Adjusted EBITDA, percentage	12.20%	14.30%
Corporate
Segment Reporting Information [Line Items]
Revenues	$ 0	$ 0
Restructuring charges	200
Adjusted operating income (loss)	(6,526)	(8,614)
Adjusted EBITDA	$ (6,429)	$ (8,518)

Segment Information - Percentage of Total Sales by Product Group (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue from External Customer [Line Items]
Revenues	$ 308,428	$ 341,145
Breathing Apparatus
Revenue from External Customer [Line Items]
Revenues	69,644	75,844
Fixed Gas & Flame Detection
Revenue from External Customer [Line Items]
Revenues	60,119	69,911
Firefighter Helmets & Protective Apparel
Revenue from External Customer [Line Items]
Revenues	46,010	42,547
Portable Gas Detection
Revenue from External Customer [Line Items]
Revenues	37,429	41,052
Industrial Head Protection
Revenue from External Customer [Line Items]
Revenues	32,696	35,332
Fall Protection
Revenue from External Customer [Line Items]
Revenues	26,067	27,428
Other
Revenue from External Customer [Line Items]
Revenues	$ 36,463	$ 49,031
Sales
Revenue from External Customer [Line Items]
Concentration risk percentage	100.00%	100.00%
Sales \| Breathing Apparatus
Revenue from External Customer [Line Items]
Concentration risk percentage	23.00%	22.00%
Sales \| Fixed Gas & Flame Detection
Revenue from External Customer [Line Items]
Concentration risk percentage	19.00%	21.00%
Sales \| Firefighter Helmets & Protective Apparel
Revenue from External Customer [Line Items]
Concentration risk percentage	15.00%	12.00%
Sales \| Portable Gas Detection
Revenue from External Customer [Line Items]
Concentration risk percentage	12.00%	12.00%
Sales \| Industrial Head Protection
Revenue from External Customer [Line Items]
Concentration risk percentage	11.00%	10.00%
Sales \| Fall Protection
Revenue from External Customer [Line Items]
Concentration risk percentage	8.00%	8.00%
Sales \| Other
Revenue from External Customer [Line Items]
Concentration risk percentage	12.00%	15.00%
Americas
Revenue from External Customer [Line Items]
Revenues	$ 208,340	$ 231,253
Americas \| Breathing Apparatus
Revenue from External Customer [Line Items]
Revenues	48,798	52,693
Americas \| Fixed Gas & Flame Detection
Revenue from External Customer [Line Items]
Revenues	36,277	41,247
Americas \| Firefighter Helmets & Protective Apparel
Revenue from External Customer [Line Items]
Revenues	34,988	35,113
Americas \| Portable Gas Detection
Revenue from External Customer [Line Items]
Revenues	25,702	27,648
Americas \| Industrial Head Protection
Revenue from External Customer [Line Items]
Revenues	25,111	27,555
Americas \| Fall Protection
Revenue from External Customer [Line Items]
Revenues	15,672	17,697
Americas \| Other
Revenue from External Customer [Line Items]
Revenues	$ 21,792	$ 29,300
Americas \| Sales
Revenue from External Customer [Line Items]
Concentration risk percentage	100.00%	100.00%
Americas \| Sales \| Breathing Apparatus
Revenue from External Customer [Line Items]
Concentration risk percentage	23.00%	23.00%
Americas \| Sales \| Fixed Gas & Flame Detection
Revenue from External Customer [Line Items]
Concentration risk percentage	17.00%	18.00%
Americas \| Sales \| Firefighter Helmets & Protective Apparel
Revenue from External Customer [Line Items]
Concentration risk percentage	17.00%	15.00%
Americas \| Sales \| Portable Gas Detection
Revenue from External Customer [Line Items]
Concentration risk percentage	12.00%	12.00%
Americas \| Sales \| Industrial Head Protection
Revenue from External Customer [Line Items]
Concentration risk percentage	12.00%	12.00%
Americas \| Sales \| Fall Protection
Revenue from External Customer [Line Items]
Concentration risk percentage	8.00%	8.00%
Americas \| Sales \| Other
Revenue from External Customer [Line Items]
Concentration risk percentage	11.00%	12.00%
International
Revenue from External Customer [Line Items]
Revenues	$ 100,088	$ 109,892
International \| Breathing Apparatus
Revenue from External Customer [Line Items]
Revenues	20,846	23,151
International \| Fixed Gas & Flame Detection
Revenue from External Customer [Line Items]
Revenues	23,842	28,664
International \| Firefighter Helmets & Protective Apparel
Revenue from External Customer [Line Items]
Revenues	11,022	7,434
International \| Portable Gas Detection
Revenue from External Customer [Line Items]
Revenues	11,727	13,404
International \| Industrial Head Protection
Revenue from External Customer [Line Items]
Revenues	7,585	7,777
International \| Fall Protection
Revenue from External Customer [Line Items]
Revenues	10,395	9,731
International \| Other
Revenue from External Customer [Line Items]
Revenues	$ 14,671	$ 19,731
International \| Sales
Revenue from External Customer [Line Items]
Concentration risk percentage	100.00%	100.00%
International \| Sales \| Breathing Apparatus
Revenue from External Customer [Line Items]
Concentration risk percentage	21.00%	21.00%
International \| Sales \| Fixed Gas & Flame Detection
Revenue from External Customer [Line Items]
Concentration risk percentage	24.00%	26.00%
International \| Sales \| Firefighter Helmets & Protective Apparel
Revenue from External Customer [Line Items]
Concentration risk percentage	11.00%	7.00%
International \| Sales \| Portable Gas Detection
Revenue from External Customer [Line Items]
Concentration risk percentage	12.00%	12.00%
International \| Sales \| Industrial Head Protection
Revenue from External Customer [Line Items]
Concentration risk percentage	8.00%	7.00%
International \| Sales \| Fall Protection
Revenue from External Customer [Line Items]
Concentration risk percentage	10.00%	9.00%
International \| Sales \| Other
Revenue from External Customer [Line Items]
Concentration risk percentage	14.00%	18.00%

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income	$ 36,414	$ 43,674
Preferred stock dividends	(10)	(10)
Net income available to common equity	36,404	43,664
Dividends and undistributed earnings allocated to participating securities	(14)	(33)
Net income available to common shareholders	$ 36,390	$ 43,631
Basic weighted-average shares outstanding (shares)	39,094	38,824
Stock options and other stock compensation (shares)	326	528
Diluted weighted-average shares outstanding (shares)	39,420	39,352
Antidilutive stock options (shares)	0	0
Earnings per share:
Basic (in dollars per share)	$ 0.93	$ 1.12
Diluted (in dollars per share)	$ 0.92	$ 1.11

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Contingency [Line Items]
Effective income tax rate	21.00%	23.00%
Insurance receivable and other noncurrent assets	$ 87,896		$ 89,062
Accrued interest and penalties related to uncertain tax positions	1,100
Other Noncurrent Liabilities
Income Tax Contingency [Line Items]
Unrecognized tax benefits	9,100
Deferred Tax Asset
Income Tax Contingency [Line Items]
Insurance receivable and other noncurrent assets	$ 2,700

Stock Plans - Schedule of Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock compensation expense	$ 3,293	$ 3,522
Income tax expense	794	859
Stock compensation expense, net of tax	$ 2,499	$ 2,663

Stock Plans - Additional Information (Details)	3 Months Ended
Stock Plans - Additional Information (Details)	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target award based on achieving specified performance targets	105.40%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target award based on achieving targeted performance conditions	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target award based on achieving targeted performance conditions	200.00%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value assumptions, average closing price used to calculate expected dividend rate, period (years)	1 year
Stock beta, daily price data period (years)	10 years
Award vesting period	3 years

Stock Plans - Weighted Average Risk Assumptions (Details) - Performance Stock Unit	3 Months Ended
	Mar. 31, 2021 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per option (dollars per share)	$ 177.32
Monte Carlo Approach
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per option (dollars per share)	$ 177.50
Risk-free interest rate	0.20%
Expected dividend yield	1.33%
Expected volatility	35.60%
MSA stock beta	0.932

Stock Plans - Summary of Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Shares
Outstanding, beginning balance (in shares) \| shares	283,998
Exercised (in shares) \| shares	(38,806)
Forfeited (in shares) \| shares	(81)
Outstanding, ending balance (in shares) \| shares	245,111
Exercisable (in shares) \| shares	243,563
Weighted Average Exercise Price (dollars per share)
Outstanding, beginning balance (dollars per share) \| $ / shares	$ 46.23
Exercised (dollars per share) \| $ / shares	46.09
Forfeited (dollars per share) \| $ / shares	49.66
Outstanding, ending balance (dollars per share) \| $ / shares	46.26
Exercisable (dollars per share) \| $ / shares	$ 46.25

Stock Plans - Summary of Restricted Stock and Unit Activity (Details)	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Performance Shares
Shares
Unvested, beginning balance (in shares) \| shares	200,212
Granted (in shares) \| shares	46,070
Vested (in shares) \| shares	(63,286)
Unvested, ending balance (in shares) \| shares	187,937
Weighted Average Exercise Price (dollars per share)
Unvested, beginning balance (dollars per share) \| $ / shares	$ 104.69
Granted (dollars per share) \| $ / shares	177.32
Vested (dollars per share) \| $ / shares	84.97
Unvested, ending Balance (dollars per share) \| $ / shares	$ 128.72
Restricted Stock Activity
Shares
Unvested, beginning balance (in shares) \| shares	146,191
Granted (in shares) \| shares	28,128
Vested (in shares) \| shares	(29,981)
Forfeited (in shares) \| shares	(156)
Unvested, ending balance (in shares) \| shares	144,182
Weighted Average Exercise Price (dollars per share)
Unvested, beginning balance (dollars per share) \| $ / shares	$ 105.83
Granted (dollars per share) \| $ / shares	170.69
Vested (dollars per share) \| $ / shares	85.89
Forfeited (dollars per share) \| $ / shares	121.83
Unvested, ending Balance (dollars per share) \| $ / shares	$ 122.62

Stock Plans - Summary of Performance Stock Unit Activity (Details) - Performance Stock Unit	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Shares
Unvested, beginning balance (in shares) \| shares	200,212
Granted (in shares) \| shares	46,070
Performance adjustments (in shares) \| shares	4,941
Vested (in shares) \| shares	(63,286)
Unvested, ending balance (in shares) \| shares	187,937
Weighted Average Exercise Price (dollars per share)
Unvested, beginning balance (dollars per share) \| $ / shares	$ 104.69
Granted (dollars per share) \| $ / shares	177.32
Performance adjustments (dollars per share) \| $ / shares	88.86
Vested (dollars per share) \| $ / shares	84.97
Unvested, ending Balance (dollars per share) \| $ / shares	$ 128.72

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Senior revolving credit facility maturing in 2023, net of debt issuance costs	$ 264,833	$ 212,231
Total	360,428	307,157
Amounts due within one year, net of debt issuance costs	20,000	20,000
Long-term debt, net of debt issuance costs	340,428	287,157
2010 Senior Notes payable through 2021, 4.00%, net of debt issuance costs
Debt Instrument [Line Items]
Senior notes payable	$ 20,000	20,000
Debt instrument, stated interest rate percentage	4.00%
2016 Senior Notes payable through 2031, 3.40%, net of debt issuance costs
Debt Instrument [Line Items]
Senior notes payable	$ 75,595	$ 74,926
Debt instrument, stated interest rate percentage	3.40%

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Long-Term Debt - Additional Information (Details)				3 Months Ended
Long-Term Debt - Additional Information (Details)	Jan. 04, 2019 USD ($)	Sep. 07, 2018 USD ($)	Jan. 22, 2016 GBP (£)	Mar. 31, 2021 USD ($)
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 600,000,000.0
Weighted average revolving interest rate, percentage				1.09%
Line of credit facility, remaining borrowing capacity				$ 333,100,000
Line of credit facility, accordion feature				400,000,000.0
Debt instrument, collateral amount				300,000
Standby Letters of Credit
Debt Instrument [Line Items]
Proceeds from lines of credit				11,400,000
Senior Revolving Credit Facility Maturing in 2023 \| Standby Letters of Credit
Debt Instrument [Line Items]
Proceeds from lines of credit				1,300,000
Multi-currency Notes Due in 2031
Debt Instrument [Line Items]
Consolidated leverage ratio (not more than)	4.00
Notes Payable \| Multi-currency Notes Due in 2031
Debt Instrument [Line Items]
Aggregate principal amount			£ 54,900,000	75,700,000
Annual installment debt payments			£ 6,100,000	8,400,000
Debt instrument, stated interest rate percentage			3.40%
Debt instrument, term		3 years
Additional senior notes available for request (up to)		$ 150,000,000
Minimum fixed charges coverage ratio (not less than)	1.50
Maximum consolidated leverage ratio (not to exceed)	3.50
Notes Payable \| Master Note Facility Due in 2022
Debt Instrument [Line Items]
Debt instrument, term	3 years
Additional senior notes available for request (up to)	$ 150,000,000
Senior notes payable				$ 0
Base Rate \| Senior Revolving Credit Facility Maturing in 2023
Debt Instrument [Line Items]
Interest rate margin, percentage		0.00%
Federal Funds Open Rate \| Senior Revolving Credit Facility Maturing in 2023
Debt Instrument [Line Items]
Interest rate margin, percentage		0.50%
Overnight Bank Funding Rate \| Senior Revolving Credit Facility Maturing in 2023
Debt Instrument [Line Items]
Interest rate margin, percentage		0.50%
London Interbank Offered Rate (LIBOR) \| Senior Revolving Credit Facility Maturing in 2023
Debt Instrument [Line Items]
Interest rate margin, percentage		1.00%
Minimum \| Senior Revolving Credit Facility Maturing in 2023
Debt Instrument [Line Items]
Interest rate margin, percentage		0.00%
Maximum \| Senior Revolving Credit Facility Maturing in 2023
Debt Instrument [Line Items]
Interest rate margin, percentage		175.00%

Goodwill and Intangible Assets - Changes in Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 443,272
Additions (Note 18)	4,708
Currency translation	(921)
Ending balance	$ 447,059

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 447,059	$ 443,272
Americas
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill	293,200
International
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill	153,900
Trade name \| Globe Holding Company LLC
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 60,000

Goodwill and Intangible Assets - Changes in Intangible Assets, Net of Accumulated Amortization (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 161,051
Additions (Note 18)	5,940
Amortization expense	(3,055)
Currency translation	298
Ending balance	$ 164,234

Leases - Narrative (Details) $ in Millions	3 Months Ended
Leases - Narrative (Details) $ in Millions	Mar. 31, 2021 USD ($)
Leases [Abstract]
Sales-type lease income	$ 1.0
Lease income	$ 0.6

Pensions and Other Post-retirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 3,242	$ 3,012
Interest cost	2,817	3,726
Expected return on plan assets	(9,147)	(8,503)
Amortization of prior service cost (credit)	66	46
Recognized net actuarial losses	4,421	3,935
Settlements	1,879	0
Net periodic benefit cost	(480)	2,216
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	99	99
Interest cost	116	179
Expected return on plan assets	0	0
Amortization of prior service cost (credit)	(90)	(98)
Recognized net actuarial losses	399	286
Settlements	0	0
Net periodic benefit cost	$ 524	$ 466

Pensions and Other Post-retirement Benefits - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Retirement Benefits [Abstract]
Pension plans contributions	$ 1.9
Total estimated pension plans contributions for the fiscal year	$ 7.7

Derivative Financial Instruments - Additional Information (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Foreign Exchange Forward
Derivative [Line Items]
Notional amount of open forward contracts	$ 94,300,000	$ 96,000,000.0

Derivative Financial Instruments - Balance Sheet Location and Fair Value of Assets Associated with Derivative Financial Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Current Liabilities
Derivatives, Fair Value [Line Items]
Foreign exchange contracts: Warranty reserve and other current liabilities	$ 1,039	$ 157
Other Current Assets
Derivatives, Fair Value [Line Items]
Foreign exchange contracts: Prepaid expenses and other current assets	$ 52	$ 160

Derivative Financial Instruments - Income Statement Location and Impact of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Currency exchange (gains) losses, net	$ 3,388	$ 376

Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, amortized cost basis	$ 55.0	$ 75.0
investments, fair value	55.0	75.0
Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value disclosure	96.0	95.0
Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value disclosure	$ 112.0	$ 113.0

Contingencies - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) lawsuit	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) lawsuit	Dec. 31, 2019 USD ($) lawsuit
Loss Contingencies [Line Items]
Product liability expense	$ 2,796	$ 1,951
Loss contingency, years of activity	5 years
Insurance receivables	$ 95,600		$ 97,000	$ 63,800
Insurance receivables, current	12,000		12,000
Insurance receivables, noncurrent	83,600		85,000
Notes receivable from insurance companies	52,700		52,300	$ 56,000
Notes receivable from insurance companies, current	3,825		3,796
Notes receivable from insurance companies, current	3,900
Amount reported in notes receivable, insurance companies, noncurrent	48,800		48,500
Product warranty expense	2,300	2,900
Single Incident
Loss Contingencies [Line Items]
Product liability accrual	1,500		$ 1,400
Product liability expense	$ 100	200
Lawsuit
Loss Contingencies [Line Items]
Number of lawsuits \| lawsuit	1,632		1,622	1,605
Damages from Product Defects
Loss Contingencies [Line Items]
Number of lawsuits \| lawsuit	3,043		2,878	2,456
Cumulative Trauma
Loss Contingencies [Line Items]
Product liability accrual	$ 216,800		$ 221,500
Product liability expense	3,000	2,100
Claims Settled, But Not Yet Paid
Loss Contingencies [Line Items]
Product liability accrual	3,600		7,800
Uninsured Cumulative Trauma
Loss Contingencies [Line Items]
Product liability expense	2,800	$ 1,800
Other Current Liabilities \| Cumulative Trauma
Loss Contingencies [Line Items]
Product liability accrual	30,900		35,300
Other Noncurrent Liabilities \| Cumulative Trauma
Loss Contingencies [Line Items]
Product liability accrual			$ 186,200
Other Noncurrent Liabilities \| Cumulative Trauma, Reported Claims
Loss Contingencies [Line Items]
Product liability, gross	$ 185,900

Contingencies - Summary of Cumulative Trauma Product Liability Claims Activity (Details) - lawsuit	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Lawsuit
Loss Contingency, Quantities [Roll Forward]
Beginning of period	1,622	1,605
New lawsuits	80	402
Settled and dismissed lawsuits	(70)	(385)
End of period	1,632	1,622
Damages from Product Defects
Loss Contingency, Quantities [Roll Forward]
Beginning of period	2,878	2,456
New lawsuits	241	917
Settled and dismissed lawsuits	(76)	(495)
End of period	3,043	2,878

Contingencies - Summary of Insurance Receivable Balances and Activity Related to Cumulative Trauma Product Liability Losses (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]
Balance beginning of period	$ 97.0	$ 63.8
Additions	0.4	39.0
Collections and other adjustments	(1.8)	(5.8)
Balance end of period	$ 95.6	$ 97.0

Contingencies - Schedule of Notes Receivable Balances from Insurance Companies (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Movement in Loss Contingency Receivable, Increase (Decrease) [Roll Forward]
Balance beginning of period	$ 52.3	$ 56.0
Additions	0.4	1.4
Collections	0.0	(5.1)
Balance end of period	$ 52.7	$ 52.3

Contingencies - Schedule of Product Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning warranty reserve	$ 11,428	$ 12,715
Warranty payments	(2,277)	(10,861)
Warranty claims	2,221	10,233
Provision for product warranties and other adjustments	56	(659)
Ending warranty reserve	$ 11,428	$ 11,428

Acquisitions - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 25, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Business Acquisition [Line Items]
Acquisition, net of cash acquired (Note 18)		$ 62,992	$ 0
Amortization period	4 months
Goodwill		447,059		$ 443,272
Bristol
Business Acquisition [Line Items]
Voting interest acquired (percentage)	100.00%
Acquisition, net of cash acquired (Note 18)	$ 63,000
Useful life	15 years
Estimated future amortization expense, remainder of fiscal year	$ 300
Estimated future amortization expense, years two and three	500
Estimated future amortization expense, years four and five	400
Estimated future amortization expense, thereafter	3,800
Acquired inventory as part of the purchase price allocation	1,500
Goodwill	$ 4,700	4,700
Transaction costs		1,400
Revenues		4,200
Net income (loss)		$ (1,400)

Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jan. 25, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 447,059		$ 443,272
Bristol
Business Acquisition [Line Items]
Cash included in current assets		$ 13,300
Current assets (including cash of $13.3 million)		37,100
Net investment in sales-type leases, noncurrent		29,000
Property, plant and equipment and other noncurrent assets		11,900
Goodwill	$ 4,700	4,700
Total assets acquired		88,600
Total liabilities assumed		(12,300)
Net assets acquired		76,300
Customer relationships \| Bristol
Business Acquisition [Line Items]
Intangible assets		4,500
Trade name and other intangible assets \| Bristol
Business Acquisition [Line Items]
Intangible assets		$ 1,400

Acquisitions - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Business Combinations [Abstract]
Net sales	$ 310,400	$ 364,300
Net income	$ 36,600	$ 46,700
Basic earnings per share (in dollars per share)	$ 940,000	$ 1,200,000
Diluted earnings per share (in dollars per share)	$ 930,000	$ 1,190,000

Label	Element	Value
Restricted Cash, Current Assets, Included in Prepaid Expenses and Other Current Assets	msa_RestrictedCashCurrentAssetsIncludedinPrepaidExpensesandOtherCurrentAssets	$ 332,000
Restricted Cash, Current Assets, Included in Prepaid Expenses and Other Current Assets	msa_RestrictedCashCurrentAssetsIncludedinPrepaidExpensesandOtherCurrentAssets	$ 355,000