false000006657000000665702024-02-142024-02-14

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
FORM 8-K
________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 14, 2024

a8kimage1a09.jpg
MSA SAFETY INCORPORATED
(Exact name of registrant as specified in its charter)
Pennsylvania1-1557946-4914539
(State or other jurisdiction of incorporation or organization)(Commission File Number)(IRS Employer Identification Number)
1000 Cranberry Woods Drive
Cranberry Township,Pennsylvania16066-5207
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: 724-776-8600

Former name or former address, if changed since last report: N/A
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, no par valueMSANew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02
Results of Operations and Financial Condition
On February 14, 2024, the Company issued a press release announcing its financial results for the quarter and full year ended December 31, 2023. A copy of the press release is furnished herewith as Exhibit 99.1 to this report.

Item 9.01
Financial Statements and Exhibits
    
    (d) Exhibits

99.1    MSA Safety Incorporated Press Release dated February 14, 2024, announcing financial results for the quarter and full year ended December 31, 2023.




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MSA SAFETY INCORPORATED
(Registrant)
By
/s/ Lee B. McChesney
Lee B. McChesney
Senior Vice President and Chief Financial Officer
February 14, 2024


EXHIBIT INDEX

Exhibit No.     Description




EXHIBIT 99.1
msa01.jpg
FOR IMMEDIATE RELEASE

FROM: MSA Safety Incorporated
Ticker: MSA (NYSE)
Media Relations Contact: Mark Deasy (412) 559-8154
Investor Relations Contact: Chris Hepler (412) 225-3717

MSA Safety Announces Fourth Quarter and Full Year 2023 Results
Strong quarterly results and resilient demand support healthy outlook for 2024

PITTSBURGH, February 14, 2024 - Global safety equipment and solutions provider MSA Safety Incorporated (NYSE: MSA) today reported financial results for the fourth quarter and year ended December 31, 2023.

Fourth Quarter 2023 Highlights

•Achieved net sales of $495 million, a 12% increase year-over-year, reflecting strength across MSA's portfolio and in each reportable segment.

•Generated GAAP operating income of $102 million, or 20.6% of sales, and adjusted operating income of $115 million, or 23.3% of sales.

•Recorded GAAP net income of $76 million, or $1.93 per diluted share, and adjusted net income of $82 million, or $2.06 per diluted share.

•Invested $12 million for capital expenditures, repaid $145 million of debt, and returned
$18 million to shareholders through dividends.

Full Year 2023 Highlights

•Achieved net sales of $1.8 billion, a 17% increase year-over-year.

•Generated GAAP operating income of $231 million, or 12.9% of sales, and adjusted operating income of $398 million, or 22.2% of sales.

•Recorded GAAP earnings of $59 million, or $1.48 per diluted share, and adjusted earnings of $278 million, or $7.03 per diluted share.

•Invested $43 million for capital expenditures, repaid $289 million of debt subsequent to the January 2023 divestiture of a subsidiary holding legacy liabilities, and returned $73 million to shareholders through dividends.

•Strengthened financial position with net leverage of 1.0x at year end.

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“Our strong performance in the fourth quarter capped an outstanding 2023 for MSA,” said Nish Vartanian, MSA Safety Chairman and Chief Executive Officer. “Our team delivered excellent full year results with double-digit sales growth and robust margin expansion. Investments we have made in the development of innovative new products and solutions, our commercial strategy, and across our functional support areas are enabling us to better serve our customers and advance our mission. We enter 2024 with strong momentum and an ongoing focus on delivering value for all our stakeholders. Looking ahead, I believe our unique mission, highly talented team, and differentiated portfolio provide a solid foundation to fuel future growth and generate attractive long-term returns for our shareholders.”

Financial Highlights and Balance Sheet

Financial HighlightsThree Months Ended
December 31,		Twelve Months Ended
December 31,
($ millions, except per share data)20232022
% Change (a)
20232022
% Change (a)
Net Sales$495 $443 12 %$1,788 $1,528 17 %
Operating Income 1027145 %231239(3)%
Adjusted Operating Income1159620 %39829037 %
Net Income 765148 %59180(67)%
Diluted EPS1.931.3147 %1.484.56(68)%
Adjusted Earnings827115 %27822325 %
Adjusted Diluted EPS2.061.8014 %7.035.6524 %

(a) Percentage change may not calculate exactly due to rounding.
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“Our team’s strong commercial and operational execution resulted in a year of accelerated sales growth, margin enhancement, and free cash flow generation. We also made substantial progress during the year to strengthen our financial position, with net leverage of 1.0x at year end,” commented Lee McChesney, MSA Safety Senior Vice President and Chief Financial Officer. “As we move forward, we expect to build on our progress and leverage the MSA Business System to drive further sales growth and margin expansion. Despite the backdrop of macroeconomic and geopolitical uncertainty, we are focused on delivering mid-single digit sales growth in 2024. We continue to execute our disciplined and balanced capital allocation strategy with a focus on driving sustainable value creation in 2024 and beyond.”

Conference Call

MSA Safety will host a conference call on Thursday, February 15, 2024 at 10:00 a.m. Eastern Time to discuss the fourth quarter and full year 2023 results. The call and an accompanying slide presentation will be webcast at http://investors.msasafety.com/ under the "News and Events" tab, subheading "Events & Presentations." Investors and interested parties can also dial into the call at 1-844-854-4415 (Toll Free) or 1-412-902-6599 (International). When prompted, please instruct the operator to be joined into the MSA Safety Incorporated conference call. A replay of the conference call will be available at http://investors.msasafety.com/ shortly after the conclusion of the presentation and will be available for the next 90 days.

Investor Day Announcement

MSA Safety will hold an Investor Day for institutional investors and financial analysts in New York City on Wednesday, May 22, 2024, with a presentation given by members of executive management, along with Q&A sessions. A live webcast and presentation slides will be posted on the day of the event. Dial-in information and a detailed agenda will be provided at a later date. Due to limited capacity, in-person attendance is by invitation only.
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MSA Safety Incorporated
Condensed Consolidated Statement of Income (Unaudited)
(In thousands, except per share amounts)
Three Months Ended December 31,Twelve Months Ended December 31,
2023202220232022
Net sales
$495,358 $443,254 $1,787,647 $1,527,953 
Cost of products sold257,175 246,002 935,509 854,122 
Gross profit238,183 197,252 852,138 673,831 
Selling, general and administrative
107,043 91,494 396,645 338,872 
Research and development
19,082 13,995 67,988 57,012 
Restructuring charges
1,510 4,819 9,892 7,965 
Currency exchange losses, net 8,298 5,467 17,079 10,255 
Product liability expense — 10,857 3 20,590 
Loss on divestiture of MSA LLC— — 129,211 — 
Operating income102,250 70,620 231,320 239,137 
Interest expense9,584 7,502 46,733 21,660 
Other income, net(6,614)(5,935)(22,101)(21,056)
Total other expense, net2,970 1,567 24,632 604 
Income before income taxes99,280 69,053 206,688 238,533 
Provision for income taxes22,870 17,564 148,105 58,903 
Net income76,410 51,489 58,583 179,630 
Earnings per share attributable to MSA Safety Incorporated common shareholders:
Basic
$1.94 $1.31 $1.49 $4.58 
Diluted
$1.93 $1.31 $1.48 $4.56 
Basic shares outstanding
39,339 39,200 39,307 39,232 
Diluted shares outstanding
39,541 39,387 39,473 39,407 
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MSA Safety Incorporated
Condensed Consolidated Balance Sheet (Unaudited)
(In thousands)
December 31, 2023December 31, 2022
Assets
Cash and cash equivalents
$146,442 $162,902 
Trade receivables, net
294,678 297,028 
Inventories
292,604 338,316 
Notes receivable, insurance companies
— 5,931 
Other current assets
52,546 75,949 
    Total current assets
786,270 880,126 
Property, plant and equipment, net211,877 207,552 
Prepaid pension cost
172,161 141,643 
Goodwill
627,534 620,622 
Intangible assets, net266,134 281,853 
Notes receivable, insurance companies, noncurrent
— 38,695 
Insurance receivable, noncurrent
— 110,300 
Other noncurrent assets
106,174 96,185 
   Total assets
$2,170,150 $2,376,976 
Liabilities and shareholders' equity
Notes payable and current portion of long-term debt, net
$26,522 $7,387 
Accounts payable
111,872 112,532 
Other current liabilities
194,424 225,946 
   Total current liabilities
332,818 345,865 
Long-term debt, net
575,170 565,445 
Pensions and other employee benefits
143,967 137,810 
Deferred tax liabilities102,419 31,881 
Product liability and other noncurrent liabilities
48,974 372,234 
Total shareholders' equity966,802 923,741 
   Total liabilities and shareholders' equity
$2,170,150 $2,376,976 
(more)

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MSA Safety Incorporated
Condensed Consolidated Statement of Cash Flows (Unaudited)
(In thousands)
Three Months Ended December 31,Twelve Months Ended December 31,
2023202220232022
Net income$76,410 $51,489 $58,583 $179,630 
Depreciation and amortization
15,808 14,434 60,773 56,317 
Tax-effected loss on divestiture of MSA LLC— — 199,578 — 
Contribution on divestiture of MSA LLC— — (341,186)— 
Change in working capital and other operating66,696 (12,371)115,109 (78,492)
  Cash flow from operating activities
158,914 53,552 92,857 157,455 
Capital expenditures
(11,785)(13,800)(42,764)(42,553)
Change in short-term investments
— 15,138 — 39,458 
Property disposals and other investing121 (1,427)2,811 (1,389)
  Cash flow used in investing activities
(11,664)(89)(39,953)(4,484)
Change in debt
(144,750)(40,000)23,898 (13,000)
Cash dividends paid
(18,489)(18,050)(73,488)(71,497)
Other financing
479 863 (2,663)(28,853)
  Cash flow used in financing activities
(162,760)(57,187)(52,253)(113,350)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash		(2,519)6,867 (16,671)(16,631)
(Decrease) increase in cash, cash equivalents and restricted cash$(18,029)$3,143 $(16,020)$22,990 
(more)

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MSA Safety Incorporated
Segment Information (Unaudited)
(In thousands, except percentage amounts)
AmericasInternationalCorporateConsolidated
Three Months Ended December 31, 2023
Net sales to external customers$332,676 $162,682 $— $495,358 
Operating income102,250 
Operating margin %20.6 %
Restructuring charges1,510 
Currency exchange losses, net8,298 
Amortization of acquisition-related intangible assets2,310 
Transaction costs (a)
887 
Adjusted operating income (loss)99,189 29,600 (13,534)115,255 
Adjusted operating margin %29.8 %18.2 %23.3 %
Depreciation and amortization13,498 
Adjusted EBITDA108,968 33,108 (13,323)128,753 
Adjusted EBITDA margin %32.8 %20.4 %26.0 %
Three Months Ended December 31, 2022
Net sales to external customers$289,122 $154,132 $— $443,254 
Operating income70,620 
Operating margin %15.9 %
Restructuring charges4,819 
Currency exchange losses, net5,467 
Product liability expense10,857 
Amortization of acquisition-related intangible assets2,285 
Transaction costs (a)
1,757 
Adjusted operating income (loss)82,728 26,249 (13,172)95,805 
Adjusted operating margin %28.6 %17.0 %21.6 %
Depreciation and amortization12,149 
Adjusted EBITDA91,525 29,471 (13,042)107,954 
Adjusted EBITDA margin %31.7 %19.1 %24.4 %

(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income.
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MSA Safety Incorporated
Segment Information (Unaudited)
(In thousands, except percentage amounts)
AmericasInternationalCorporateConsolidated
Twelve Months Ended December 31, 2023
Net sales to external customers$1,235,594 $552,053 $— $1,787,647 
Operating income231,320 
Operating margin %12.9 %
Restructuring charges9,892 
Currency exchange losses, net17,079 
Loss on divestiture of MSA LLC129,211 
Product liability expense3 
Amortization of acquisition-related intangible assets9,246 
Transaction costs (a)
965 
Adjusted operating income (loss)359,617 89,699 (51,600)397,716 
Adjusted operating margin %29.1 %16.2 %22.2 %
Depreciation and amortization 51,527 
Adjusted EBITDA396,596 103,404 (50,757)449,243 
Adjusted EBITDA margin %32.1 %18.7 %25.1 %
Twelve Months Ended December 31, 2022
Net sales to external customers$1,043,238 $484,715 $— $1,527,953 
Operating income239,137 
Operating margin %15.7 %
Restructuring charges7,965 
Currency exchange losses, net10,255 
Product liability expense20,590 
Amortization of acquisition-related intangible assets9,207 
Transaction costs (a)
3,233 
Adjusted operating income (loss)267,392 60,923 (37,928)290,387 
Adjusted operating margin %25.6 %12.6 %19.0 %
Depreciation and amortization 47,110 
Adjusted EBITDA301,726 73,179 (37,408)337,497 
Adjusted EBITDA margin %28.9 %15.1 %22.1 %

(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income.
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9
The Americas segment is comprised of our operations in North America and Latin America geographies. The International segment is comprised of our operations in all geographies outside of the Americas. Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived.
Adjusted operating income, 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. As such, management believes that adjusted operating income, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are useful metrics for investors. Adjusted operating income is defined as operating income excluding restructuring charges, currency exchange gains / losses, loss on divestiture of MSA LLC, product liability expense, amortization of acquisition-related intangible assets, and transaction costs. Adjusted operating margin is defined as adjusted operating income divided by segment net sales to external customers. Adjusted EBITDA is defined as adjusted operating income plus depreciation and amortization, and adjusted EBITDA margin is defined as adjusted EBITDA divided by segment net sales to external customers. Adjusted operating income, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are not recognized terms under GAAP, and therefore do not purport to be alternatives to operating income or operating margin as a measure of operating performance. The company's definition of adjusted operating income, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. As such, management believes that it is appropriate to consider operating income determined on a GAAP basis in addition to these non-GAAP measures.
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MSA Safety Incorporated
Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures
Constant currency revenue growth (Unaudited)


Consolidated
Three Months Ended December 31, 2023
Firefighter Safety(a)
Detection(b)
Industrial PPE and Other(c)
Net Sales
GAAP reported sales change17%11%5%12%
Plus: Currency translation effects(1)%(2)%(3)%(2)%
Constant currency sales change16%9%2%10%


Twelve Months Ended December 31, 2023
Firefighter Safety(a)
Detection(b)
Industrial PPE and Other(c)
Net Sales
GAAP reported sales change18%20%12%17%
Plus: Currency translation effects—%(1)%(2)%(1)%
Constant currency sales change18%19%10%16%

(a) Firefighter Safety includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.
(b) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection.
(c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.
Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. There can be no assurances that MSA's definition of constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to this non-GAAP financial measure.
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MSA Safety Incorporated
Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures
Constant currency revenue growth (Unaudited)


Americas Segment
Three Months Ended December 31, 2023
Firefighter Safety(a)
Detection(b)
Industrial PPE and Other(c)
Net Sales
GAAP reported sales change22%15%4%15%
Plus: Currency translation effects—%(1)%(2)%(1)%
Constant currency sales change22%14%2%14%


Twelve Months Ended December 31, 2023
Firefighter Safety(a)
Detection(b)
Industrial PPE and Other(c)
Net Sales
GAAP reported sales change20%20%13%18%
Plus: Currency translation effects—%(1)%(2)%(1)%
Constant currency sales change20%19%11%17%
(a) Firefighter Safety includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.
(b) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection.
(c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.
Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. There can be no assurances that MSA's definition of constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to this non-GAAP financial measure.
(more)

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MSA Safety Incorporated
Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures
Constant currency revenue growth (Unaudited)


International Segment
Three Months Ended December 31, 2023
Firefighter Safety(a)
Detection(b)
Industrial PPE and Other(c)
Net Sales
GAAP reported sales change6%5%6%6%
Plus: Currency translation effects(4)%(3)%(3)%(3)%
Constant currency sales change2%2%3%3%


Twelve Months Ended December 31, 2023
Firefighter Safety(a)
Detection(b)
Industrial PPE and Other(c)
Net Sales
GAAP reported sales change12%20%8%14%
Plus: Currency translation effects(1)%(1)%—%(1)%
Constant currency sales change11%19%8%13%

(a) Firefighter Safety includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.
(b) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection.
(c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.
Management believes that constant currency revenue growth is a useful metric for investors, as foreign currency translation can have a material impact on revenue growth trends. Constant currency revenue growth highlights ongoing business performance excluding the impact of fluctuating foreign currencies, which is outside of management's control. There can be no assurances that MSA's definition of constant currency revenue growth is consistent with that of other companies. As such, management believes that it is appropriate to consider revenue growth determined on a GAAP basis in addition to this non-GAAP financial measure.
(more)

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MSA Safety Incorporated
Supplemental Segment Information (Unaudited)
Summary of constant currency revenue growth by segment and product group

Three Months Ended December 31, 2023
ConsolidatedAmericasInternational
Firefighter Safety16 %22 %2 %
Detection9 %14 %2 %
Industrial PPE and Other2 %2 %3 %
Net Sales10 %14 %3 %



Twelve Months Ended December 31, 2023
ConsolidatedAmericasInternational
Firefighter Safety18 %20 %11 %
Detection19 %19 %19 %
Industrial PPE and Other10 %11 %8 %
Net Sales16 %17 %13 %
(more)

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MSA Safety Incorporated
Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures
Adjusted earnings (Unaudited)
Adjusted earnings per diluted share (Unaudited)
(In thousands, except per share amounts)

Three Months
Ended December 31,		Twelve Months
 Ended December 31,
20232022% Change20232022% Change
Net income attributable to
MSA Safety Incorporated
$76,410 $51,489 48%$58,583 $179,630 (67)%
Loss on divestiture of MSA LLC— — 129,211 — 
Deferred tax asset write-off related to divestiture of MSA LLC— — 70,366 — 
Product liability expense
— 10,857 3 20,590 
Restructuring charges
1,510 4,819 9,892 7,965 
Transaction costs (a)
887 1,757 965 3,233 
Amortization of acquisition-related intangible assets2,310 2,285 9,246 9,207 
Currency exchange losses, net
8,298 5,467 17,079 10,255 
Asset related losses and other
844 1,515 173 6,290 
Tax benefit associated with tax reform(5,313)— (5,313)— 
Income tax expense on adjustments
(3,409)(7,263)(12,657)(14,662)
Adjusted earnings
$81,537 $70,926 15%$277,548 $222,508 25%


Adjusted earnings per diluted share
$2.06 $1.80 14%$7.03 $5.65 24%

(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in selling, general and administrative expense in the Consolidated Statements of Income.
Management believes that adjusted earnings and adjusted earnings per diluted share are useful measures for investors, as management uses these measures to internally assess the Company’s performance and ongoing operating trends. There can be no assurances that additional special items will not occur in future periods, nor that MSA's definition of adjusted earnings is consistent with that of other companies. As such, management believes that it is appropriate to consider both net income determined on a GAAP basis as well as adjusted earnings.
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MSA Safety Incorporated
Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures
Debt to adjusted EBITDA / Net debt to adjusted EBITDA (Unaudited)
(In thousands)
Twelve Months Ended December 31,
2023
Operating income$231,320 
Loss on divestiture of MSA LLC129,211 
Depreciation and amortization51,527 
Product liability expense3 
Restructuring charges9,892 
Currency exchange losses, net17,079 
Amortization of acquisition-related intangible assets9,246 
Transaction costs (a)
965 
Adjusted EBITDA$449,243 
Total end-of-period debt601,692 
Debt to adjusted EBITDA1.3 
Total end-of-period debt601,692 
Total end-of-period cash and cash equivalents146,442 
Net debt$455,250 
Net debt to adjusted EBITDA1.0 

(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in selling, general and administrative expense in the Consolidated Statements of Income.

Management believes that Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA are useful measures for investors, as management uses these measures to internally assess the Company’s liquidity and balance sheet strength. There can be no assurances that that MSA's definition of Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA is consistent with that of other companies.

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MSA Safety Incorporated
Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures
Adjusted Payments on Debt (Unaudited)
(In thousands)

Twelve Months Ended December 31,
20232022
Change in debt$23,898 $(13,000)
Borrowings related to divestiture of MSA LLC (a)
(312,943)$— 
Adjusted payments on debt$(289,045)$(13,000)
(a) Net of foreign exchange and issuance costs
Management believes that Adjusted Payments on Debt is a useful measure for investors, as management uses this measure to internally assess the Company’s debt activity, less the divestiture of MSA LLC. There can be no assurances that MSA's definition of Adjusted Payments on Debt is consistent with that of other companies.

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About MSA Safety:    
MSA Safety Incorporated (NYSE: MSA) is the global leader in advanced safety products, technologies and solutions. Driven by its singular mission of safety, the Company has been at the forefront of safety innovation since 1914, protecting workers and facility infrastructure around the world across a broad range of diverse end markets while creating sustainable value for shareholders. With 2023 revenues of
$1.8 billion, MSA Safety is headquartered in Cranberry Township, Pennsylvania and employs a team of over 5,000 associates across its more than 40 international locations. For more information, please visit www.MSASafety.com
Cautionary Statement Regarding Forward-Looking Statements:
Except for historical information, certain matters discussed in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance and involve various assumptions, known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by words such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or other comparable words. Actual results, performance or outcomes may differ materially from those expressed or implied by these forward-looking statements and may not align with historical performance and events due to a number of factors, including those discussed in the sections of our annual report on Form 10-K entitled “Cautionary Statement Regarding Forward-Looking Statements” and “Risk Factors,” and those discussed in our Form 10-Q quarterly reports filed after such annual report. MSA’s SEC filings are readily obtainable at no charge at www.sec.gov, as well as on its own investor relations website at http://investors.MSAsafety.com. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and caution should be exercised against placing undue reliance upon such statements. We are under no duty to update publicly any of the forward-looking statements after the date of this earnings press release, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures:
This press release includes certain non-GAAP financial measures. These financial measures include constant currency revenue growth, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings, adjusted earnings per diluted share, debt to adjusted EBITDA, net debt to adjusted EBITDA, and adjusted payments on debt. These non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management also uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use, and computational methods with respect thereto, may differ from the non-GAAP financial measures and key performance indicators, and computational methods, that our peers use to assess their performance and trends.

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The presentation of these non-GAAP financial measures does not comply with U.S. GAAP. These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. When non-GAAP financial measures are disclosed, the Securities and Exchange Commission's Regulation G requires: (i) the presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly comparable financial measure calculated and presented in accordance with GAAP. The presentation of these financial measures does not comply with U.S. generally accepted accounting principles ("GAAP"). For an explanation of these measures, with a reconciliation to the most directly comparable GAAP financial measure, see the Reconciliation of As Reported Financial Measures to Non-GAAP Financial Measures in the financial tables section above.

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v3.24.0.1
Cover Page Document
Feb. 14, 2024
Cover [Abstract]  
Entity Incorporation, State or Country Code PA
Document Type 8-K
City Area Code 724
Title of 12(b) Security Common stock, no par value
Pre-commencement Issuer Tender Offer false
Pre-commencement Tender Offer false
Soliciting Material false
Written Communications false
Amendment Flag false
Entity Central Index Key 0000066570
Entity File Number 1-15579
Entity Tax Identification Number 46-4914539
Trading Symbol MSA
Security Exchange Name NYSE
Local Phone Number 776-8600
Entity Emerging Growth Company false
Document Period End Date Feb. 14, 2024
Entity Registrant Name MSA SAFETY INCORPORATED
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
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