MSA Safety IncMSA
MSA Safety Inc Segments Disclosure
Segment Information
The Company is organized into four geographical operating segments that are based on management responsibilities: Northern North America; Latin America; Europe, Middle East & Africa; and Asia Pacific. The operating segments have been aggregated (based on economic similarities, the nature of their products and solutions, end-user markets and methods of distribution) into two reportable segments: Americas and International.
The Americas segment is comprised of our operations in Northern North America and Latin America geographies. The International segment is comprised of our operations in all geographies outside of the Americas. Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived. General and administrative expenses incurred in our corporate headquarters, costs associated with corporate development initiatives, legal expense, interest expense, foreign exchange gains or losses and other centrally-managed costs are considered corporate expenses and are not allocated to the reportable segments.
The Company's sales are allocated to each segment based primarily on the country destination of the end-customer.
The Company adopted ASU No. 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures for the year ended December 31, 2024 and applied it retrospectively for all prior periods presented.
Adjusted operating income is the measure used by the chief operating decision maker, identified as our President and Chief Executive Officer, to evaluate reportable segment performance and identify opportunities when allocating resources. Adjusted operating income is defined as operating income excluding restructuring charges, currency exchange, product liability expense, loss on divestiture of Mine Safety Appliances Company, LLC ("MSA LLC"), net cost for product-related legal matter, transaction costs and acquisition-related amortization.
The accounting principles applied at the operating segment level in determining the segment measure of profit or loss are the same as those applied at the consolidated financial statement level. Sales and transfers between operating segments are accounted for at market-based transaction prices and are eliminated in consolidation.
Reportable segment information is presented in the following table:
| (In thousands) | Americas | International | Corporate/Reconciling Items(a) | Consolidated Totals | |||||||||||||||||||
| 2025 | |||||||||||||||||||||||
| Net sales to external customers | $ | 1,261,841 | $ | 612,973 | $ | — | $ | 1,874,814 | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Cost of products sold | 644,402 | 346,683 | — | ||||||||||||||||||||
| Selling, general and administrative | 214,011 | 146,364 | 43,412 | ||||||||||||||||||||
| Research and development | 38,670 | 26,674 | — | ||||||||||||||||||||
| Adjusted operating income | $ | 364,758 | $ | 93,252 | |||||||||||||||||||
| Noncash items: | |||||||||||||||||||||||
| Depreciation and amortization | 47,530 | 22,864 | 1,197 | $ | 71,591 | ||||||||||||||||||
| Pension (income) expense | (17,799) | 3,823 | — | (13,976) | |||||||||||||||||||
| Total Assets | 1,621,335 | 935,830 | (2,791) | (b) | 2,554,374 | ||||||||||||||||||
| Capital expenditures | 34,479 | 13,804 | 20,155 | 68,438 | |||||||||||||||||||
| 2024 | |||||||||||||||||||||||
| Net sales to external customers | $ | 1,246,641 | $ | 561,499 | $ | — | $ | 1,808,140 | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Cost of products sold | 618,019 | 320,502 | — | ||||||||||||||||||||
| Selling, general and administrative | 208,753 | 129,683 | 50,385 | ||||||||||||||||||||
| Research and development | 39,783 | 26,743 | — | ||||||||||||||||||||
| Adjusted operating income | $ | 380,086 | $ | 84,571 | |||||||||||||||||||
| Noncash items: | |||||||||||||||||||||||
| Depreciation and amortization | 46,289 | 17,164 | 880 | 64,333 | |||||||||||||||||||
| Pension (income) expense | (11,854) | 3,707 | — | (8,147) | |||||||||||||||||||
| Total Assets | 1,480,124 | 682,816 | 42,844 | 2,205,784 | |||||||||||||||||||
| Capital expenditures | 31,546 | 19,091 | 3,586 | 54,223 | |||||||||||||||||||
| 2023 | |||||||||||||||||||||||
| Net sales to external customers | $ | 1,235,594 | $ | 552,053 | $ | — | $ | 1,787,647 | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Cost of products sold | 619,948 | 306,443 | (128) | ||||||||||||||||||||
| Selling, general and administrative | 215,236 | 128,720 | 51,724 | ||||||||||||||||||||
| Research and development | 40,793 | 27,191 | 4 | ||||||||||||||||||||
| Adjusted operating income | $ | 359,617 | $ | 89,699 | |||||||||||||||||||
| Noncash items: | |||||||||||||||||||||||
| Depreciation and amortization | 44,170 | 15,760 | 843 | 60,773 | |||||||||||||||||||
| Pension (income) expense | (11,873) | 3,958 | — | (7,915) | |||||||||||||||||||
| Total Assets | 1,433,244 | 734,856 | 2,050 | 2,170,150 | |||||||||||||||||||
| Capital expenditures | 28,011 | 13,341 | 1,412 | 42,764 | |||||||||||||||||||
(a) Corporate/Reconciling items consist primarily of corporate expenses and other items not directly attributable to reportable segments. (b) Negative Corporate and reconciling items assets driven primarily by bank overdrafts under our notional cash pooling arrangement. Refer to Note 3—Cash and Cash Equivalents for further details. | |||||||||||||||||||||||
A reconciliation of total Adjusted operating income from reportable segments to Income before income taxes is presented in the following table:
| (In thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| Adjusted operating income | $ | 458,010 | $ | 464,657 | $ | 449,316 | ||||||||||||||
| Less: | ||||||||||||||||||||
| Corporate Expenses | 43,412 | 50,385 | 51,600 | |||||||||||||||||
| Restructuring charges (Note 4) | 3,897 | 6,397 | 9,892 | |||||||||||||||||
| Currency exchange losses, net | 15,801 | 3,638 | 17,079 | |||||||||||||||||
| Interest expense | 31,799 | 36,889 | 46,733 | |||||||||||||||||
| Other income, net (Note 17) | (26,379) | (22,718) | (22,101) | |||||||||||||||||
| Acquisition-related amortization | 12,615 | 9,174 | 9,246 | |||||||||||||||||
Transaction costs(a) | 10,467 | 886 | 965 | |||||||||||||||||
| Net cost for product-related legal matter | — | 5,000 | — | |||||||||||||||||
| Loss on divestiture of MSA LLC (Note 21) | — | — | 129,211 | |||||||||||||||||
| Product liability expense (Note 21) | — | — | 3 | |||||||||||||||||
| Income before income taxes | $ | 366,398 | $ | 375,006 | $ | 206,688 | ||||||||||||||
(a)Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the Consolidated Statements of Operations. | ||||||||||||||||||||
Geographic information on Net sales to external customers, based on country of origin:
| (In thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| United States | $ | 943,363 | $ | 954,979 | $ | 961,062 | |||||||||||
| Other | 931,451 | 853,161 | 826,585 | ||||||||||||||
| Total | $ | 1,874,814 | $ | 1,808,140 | $ | 1,787,647 | |||||||||||
Geographic information on tangible long-lived assets, net, based on country of origin:
| (In thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| United States | $ | 177,507 | $ | 160,760 | $ | 156,937 | |||||||||||
| Germany | 65,230 | 17,198 | 18,596 | ||||||||||||||
| United Kingdom | 28,627 | 30,274 | 24,740 | ||||||||||||||
| Other | 68,629 | 59,716 | 64,902 | ||||||||||||||
| Total | $ | 339,993 | $ | 267,948 | $ | 265,175 | |||||||||||
Total Net sales by product category was as follows:
| 2025 | Consolidated | Americas | International | |||||||||||||||||||||||
| (In thousands) | Dollars | Percent | Dollars | Percent | Dollars | Percent | ||||||||||||||||||||
Detection (a) | $ | 763,393 | 41% | $ | 501,784 | 40% | $ | 261,609 | 43% | |||||||||||||||||
Fire Service (b) | 647,474 | 34% | 446,245 | 35% | 201,229 | 33% | ||||||||||||||||||||
Industrial PPE and Other (c) | 463,947 | 25% | 313,812 | 25% | 150,135 | 24% | ||||||||||||||||||||
| Total | $ | 1,874,814 | 100% | $ | 1,261,841 | 100% | $ | 612,973 | 100% | |||||||||||||||||
| 2024 | Consolidated | Americas | International | |||||||||||||||||||||||
| (In thousands) | Dollars | Percent | Dollars | Percent | Dollars | Percent | ||||||||||||||||||||
Detection (a) | $ | 642,792 | 36% | $ | 426,839 | 34% | $ | 215,953 | 38% | |||||||||||||||||
Fire Service (b) | 712,684 | 39% | 507,738 | 41% | 204,946 | 36% | ||||||||||||||||||||
Industrial PPE and Other (c) | 452,664 | 25% | 312,064 | 25% | 140,600 | 26% | ||||||||||||||||||||
| Total | $ | 1,808,140 | 100% | $ | 1,246,641 | 100% | $ | 561,499 | 100% | |||||||||||||||||
| 2023 | Consolidated | Americas | International | |||||||||||||||||||||||
| (In thousands) | Dollars | Percent | Dollars | Percent | Dollars | Percent | ||||||||||||||||||||
Detection (a) | $ | 634,915 | 36% | $ | 419,312 | 34% | $ | 215,603 | 39% | |||||||||||||||||
Fire Service (b) | 684,224 | 38% | 501,676 | 41% | 182,548 | 33% | ||||||||||||||||||||
Industrial PPE and Other (c) | 468,508 | 26% | 314,606 | 25% | 153,902 | 28% | ||||||||||||||||||||
| Total | $ | 1,787,647 | 100% | $ | 1,235,594 | 100% | $ | 552,053 | 100% | |||||||||||||||||
(a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Detection includes sales from the M&C acquisition from May 6th, 2025 onward (Americas and International). Refer to Note 15—Acquisitions for further information. (b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel. (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and other. | ||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.