msa-20260331

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 1-15579

MSA SAFETY INCORPORATED

(Exact name of registrant as specified in its charter)


Pennsylvania		46-4914539
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

1000 Cranberry Woods Drive
Cranberry Township,	Pennsylvania	16066-5207
(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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which is registered
Common Stock, no par value	MSA	New York Stock Exchange

As of May 1, 2026, 38,604,089 shares of common stock, of the registrant were outstanding.

Table of Contents


Item No.		Page
Part I
1.	Financial Statements	3
	Condensed Consolidated Statements of Income (unaudited)	3
	Condensed Consolidated Statements of Comprehensive Income (unaudited)	4
	Condensed Consolidated Balance Sheets (unaudited)	5
	Condensed Consolidated Statements of Cash Flows (unaudited)	6
	Condensed Consolidated Statements of Changes in Retained Earnings and Accumulated Other Comprehensive Loss (unaudited)	7
	Notes to Condensed Consolidated Financial Statements (unaudited)	8
2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
3.	Quantitative and Qualitative Disclosures About Market Risk	31
4.	Controls and Procedures	31
Part II
2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
6.	Exhibits	32
	Signatures	33

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

MSA SAFETY INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Unaudited


	Three Months Ended March 31,
(In thousands, except per share values)		2026		2025
Net sales		$	463,632	$	421,340
Cost of products sold		244,051		227,945
Gross profit		219,581		193,395

Selling, general and administrative		107,684		93,965
Research and development		16,355		15,669
Restructuring charges (Note 4)		2,329		1,924
Currency exchange losses, net		199		4,076


Operating income		93,014		77,761

Interest expense		7,703		6,835

Other income, net		(7,681)		(7,023)
Total other expense (income), net		22		(188)

Income before income taxes		92,992		77,949
Provision for income taxes (Note 11)		21,723		18,344
Net income		$	71,269	$	59,605





Earnings per share attributable to common shareholders (Note 10):
Basic		$	1.83	$	1.51
Diluted		$	1.83	$	1.51
Dividends per common share		$	0.53	$	0.51

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

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MSA SAFETY INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Unaudited


	Three Months Ended March 31,
(In thousands)		2026		2025
Net income		$	71,269	$	59,605
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments (Note 7)		(6,074)		22,537
Pension and post-retirement plan adjustments, net of tax (Note 7)		328		201
Unrealized losses on cash flow hedges (Note 7)		(155)		—


Total other comprehensive (loss) income, net of tax		(5,901)		22,738
Comprehensive income		$	65,368	$	82,343

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

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MSA SAFETY INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited


(In thousands)	March 31, 2026		December 31, 2025
Assets
Cash and cash equivalents	$	180,158	$	165,067
Trade receivables, less allowance for credit loss of $10,404 and $10,286	325,011		306,452
Inventories (Note 5)	352,314		343,035



Prepaid expenses and other current assets	34,189		54,738
Total current assets	891,672		869,292

Property, plant and equipment, net (Note 6)	278,056		283,063
Operating lease right-of-use assets, net	56,437		56,930
Prepaid pension cost (Note 16)	285,283		279,450
Deferred tax assets (Note 11)	20,491		20,991
Goodwill (Note 14)	727,440		731,592
Intangible assets, net (Note 14)	291,991		299,127


Other noncurrent assets	12,616		13,929
Total assets	$	2,563,986	$	2,554,374

Liabilities
Notes payable and current portion of long-term debt (Note 13)	$	8,074	$	8,225
Accounts payable	118,348		110,775
Employees’ compensation	45,089		57,640


Other current liabilities	109,756		112,571
Total current liabilities	281,267		289,211

Long-term debt, net (Note 13)	605,075		572,709
Pensions (Note 16) and other employee benefits	141,788		143,834
Noncurrent operating lease liabilities	45,200		46,151
Deferred tax liabilities (Note 11)	127,000		127,540
Other noncurrent liabilities	8,296		7,917
Total liabilities	$	1,208,626	$	1,187,362

Equity
Preferred stock, 4.5% cumulative, $50 par value (Note 8)	$	3,569	$	3,569
Common stock, no par value (Note 8)	344,328		343,842
Treasury shares, at cost (Note 8)	(541,793)		(484,848)
Accumulated other comprehensive loss (Note 7)	(47,682)		(41,781)
Retained earnings	1,596,938		1,546,230


Total shareholders’ equity	1,355,360		1,367,012
Total liabilities and shareholders’ equity	$	2,563,986	$	2,554,374

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

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MSA SAFETY INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Unaudited


	Three Months Ended March 31,
(In thousands)	2026		2025
Operating Activities
Net income	$	71,269	$	59,605
Depreciation and amortization	18,352		16,251


Stock-based compensation (Note 12)	3,812		2,629
Pension income (Note 16)	(4,378)		(3,848)
Deferred income tax benefit (Note 11)	—		(83)
Loss on asset dispositions, net	160		8
Pension contributions (Note 16)	(2,229)		(1,832)
Currency exchange losses, net	199		4,076





Changes in:
Trade receivables	(19,120)		(13,727)
Inventories (Note 5)	(8,689)		(4,422)
Accounts payable	7,457		8,502
Other current assets and liabilities	7,485		(5,173)
Other noncurrent assets and liabilities	1,369		(153)
Cash Flow From Operating Activities	75,687		61,833
Investing Activities

Capital expenditures	(10,587)		(10,784)


Property disposals and other investing	34		18
Cash Flow Used in Investing Activities	(10,553)		(10,766)
Financing Activities

Proceeds from long-term debt (Note 13)	296,000		246,000
Payments on long-term debt (Note 13)	(262,240)		(253,466)

Cash dividends paid	(20,561)		(20,033)
Company stock purchases (Note 8)	(60,444)		(18,343)
Exercise of stock options (Note 8)	22		230


Cash Flow Used in Financing Activities	(47,223)		(45,612)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2,568)		743
Change in cash, cash equivalents and restricted cash	15,343		6,198
Beginning cash, cash equivalents and restricted cash	165,992		165,097
Ending cash, cash equivalents and restricted cash	$	181,335	$	171,295

Supplemental cash flow information:
Cash and cash equivalents	$	180,158	$	170,617
Restricted cash included in prepaid expenses and other current assets	1,177		678
Total cash, cash equivalents and restricted cash	$	181,335	$	171,295

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

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MSA SAFETY INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN RETAINED EARNINGS

AND ACCUMULATED OTHER COMPREHENSIVE LOSS

Unaudited


(In thousands, except per share values)	Retained Earnings		Accumulated Other Comprehensive (Loss)






















Balances December 31, 2025	$	1,546,230	$	(41,781)
Net income	71,269		—
Foreign currency translation adjustments	—		(6,074)
Pension and post-retirement plan adjustments, net of tax benefit of $44	—		328

Unrecognized net loss on cash flow hedges (Note 17)	—		(155)

Common dividends ($0.53 per share)	(20,551)		—
Preferred dividends ($0.5625 per share)	(10)		—
Balances March 31, 2026	$	1,596,938	$	(47,682)

Balances December 31, 2024	$	1,349,650	$	(141,649)
Net income	59,605		—
Foreign currency translation adjustments	—		22,537
Pension and post-retirement plan adjustments, net of tax benefit of $191	—		201


Common dividends ($0.51 per share)	(20,023)		—
Preferred dividends ($0.5625 per share)	(10)		—
Balances March 31, 2025	$	1,389,222	$	(118,911)

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

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MSA SAFETY INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Unaudited

Note 1—Basis of Presentation

The condensed consolidated financial statements of MSA Safety Incorporated and its subsidiaries (“MSA” or “the Company”) are unaudited. These unaudited 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 unaudited condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. The December 31, 2025, Balance Sheet data was derived from the audited Consolidated Balance Sheets, 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, 2025, which includes all disclosures required by U.S. GAAP.

In the first quarter 2026, the Company early adopted Accounting Standards Update ("ASU") 2025‑06, Targeted Improvements to the Accounting for Internal-Use Software. The ASU updates guidance related to recognition and capitalization costs incurred to develop or obtain internal-use software, including certain cloud-based software arrangements, and clarifies related disclosure requirements. The company adopted the ASU prospectively as of January 1, 2026, in accordance with the transition provisions of the standard. Accordingly, amounts capitalized prior to the adoption date were not adjusted, and the new guidance applies only to qualifying costs incurred after adoption. Therefore, the adoption of the standard did not have an impact on the Company’s condensed consolidated financial statements for the quarter ended March 31, 2026.

Note 2—Revenue Recognition

We are the global leader in advanced industrial safety technology products and solutions and generate revenue primarily from manufacturing and selling a comprehensive line of safety products and solutions to protect the health and safety of workers and facility infrastructures around the world. Our customers generally fall into two categories: distributors and end-users. All customer categories have similar nature, timing and uncertainty related to cash flows. As a result, the underlying principles of revenue recognition are identical for both categories of customers.

We account for revenue in accordance with ASC 606, Revenue from Contracts with Customers. Revenue from the sale of products and solutions is recognized when there is persuasive evidence of an arrangement and control passes to the customer, which generally occurs either when product is shipped to the customer or, in the case of certain customers, when product is delivered to the customer's site. We establish our shipping terms according to local practice and market characteristics. We do not ship product unless we have an order or other documentation authorizing shipment to our customers. Our payment terms vary by the type and location of our customer and the products and solutions offered; however, in most cases, the term between invoicing and when payment is due is not significant.

Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Amounts billed and due from our customers are classified as receivables on the unaudited Condensed Consolidated Balance Sheets. We make appropriate provisions for credit losses, which have historically been insignificant in relation to our net sales. Certain contracts with customers may have an element of variable consideration that is estimated when revenue is recognized under the contract. Variable consideration could include volume incentive rebates and performance guarantees. Rebates are based on achieving a certain level of purchases and other performance criteria that are documented in established distributor programs. These rebates are estimated based on projected sales to the customer and accrued as a reduction of net sales as they are earned by the customer. Sales, value added and other taxes collected with revenue-producing activities and remitted to governmental authorities are excluded from revenue.

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Depending on the terms of the arrangement, we may defer revenue for which we have a future obligation, which may include leases where the Company is the lessor, training, extended warranty, software subscriptions, maintenance and technical services, until such time that the obligation has been satisfied. We use an observable price, or a cost plus margin approach when one is not available, to determine the stand-alone selling price for separate performance obligations. We have elected to recognize the cost for shipping and handling as an expense when control of the product has passed to the customer. These costs are included within the Cost of products sold line on the unaudited Condensed Consolidated Statements of Income. Amounts billed to customers for shipping and handling are included within the Net sales line on the unaudited Condensed Consolidated Statements of Income.

Performance Obligations

The Company recognizes revenue when performance obligations identified under the terms of the contract with its customers are satisfied, which generally occurs upon the transfer of control in accordance with the contractual terms and conditions of sale. For most contracts with customers, this results in point-in-time revenue recognition once contractual shipping terms are fulfilled.

Disaggregation of Revenue

Refer to Note 9—Segment Information for disaggregation of revenue by segment and product category, as we believe this best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors.

Lessor Arrangements

The Company derives a portion of its revenue from various leasing contracts where the Company is the lessor, primarily managed fire service contracts. Such arrangements provide for recurring payments throughout the contract term. These payments cover equipment provided in addition to several services which include maintenance and interest.

Managed fire service contracts meet the criteria to be accounted for as sales-type leases. Under ASC 842, Leases, these contracts contain both lease and non-lease components. For a component to be separate, the customer would be able to benefit from the right of use of the component separately or with other resources readily available to the customer and the right of the use is not highly dependent or highly interrelated with the other rights to use the other underlying assets or components.

For managed fire service contracts, revenue from equipment provided is considered a lease component and recognized with point in time revenue recognition upon lease commencement. Upon the recognition of such revenue, an asset is established for the investment in sales-type leases. Maintenance revenue, which is considered a non-lease component, and interest are recognized monthly over the lease term. As of March 31, 2026, remaining maintenance performance obligations for managed fire service contracts were $27.0 million, which are expected to be recognized as revenue over the remaining contract lives which are primarily two years.

Lease revenues and interest earned by the Company, which are included in the unaudited Condensed Consolidated Statements of Income, were not material for the three month period ended March 31, 2026, or 2025.

Practical Expedients and Exemptions

We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

We do not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less.

We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling, general and administrative expenses in our unaudited Condensed Consolidated Statements of Income.

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Note 3—Cash and Cash Equivalents

Several of the Company's subsidiaries participate in a notional cash pooling arrangement to manage global liquidity requirements. As part of a master netting arrangement, the participants combine their cash balances in pooling accounts at the same financial institution with the ability to offset bank overdrafts of one participant against positive cash account balances held by another participant. Under the terms of the master netting arrangement, the financial institution has the right, ability and intent to offset a positive balance in one account against an overdrawn amount in another account. Amounts in each of the accounts are unencumbered and unrestricted with respect to use. As such, the net cash balance related to this pooling arrangement is included in Cash and cash equivalents in the unaudited Condensed Consolidated Balance Sheets.

The Company's net cash pool position consisted of the following:


(In thousands)	March 31, 2026
Gross cash pool position	$	92,201
Less: cash pool borrowings	(87,696)
Net cash pool position	$	4,505

Note 4—Restructuring Charges

During the three months ended March 31, 2026, we recorded $2.3 million of restructuring charges. Americas segment restructuring charges of $0.4 million during the three months ended March 31, 2026, were related to footprint optimization. International segment restructuring charges of $0.6 million during the three months ended March 31, 2026, were primarily related to ongoing initiatives to right-size the organization in response to macroeconomic conditions. Corporate related restructuring charges of $1.3 million during the three months ended March 31, 2026, were related to management restructuring.

During the three months ended March 31, 2025, we recorded restructuring charges of $1.9 million. Americas segment restructuring charges of $0.4 million during the three months ended March 31, 2025, were related to initiatives to right-size the organization in response to macroeconomic conditions. International segment restructuring charges of $0.9 million during the three months ended March 31, 2025, were primarily related to ongoing initiatives to optimize our manufacturing footprint and initiatives to right-size the organization in response to macroeconomic conditions. Corporate related restructuring charges of $0.6 million during the three months ended March 31, 2025, were related to initiatives to right-size the organization in response to macroeconomic conditions.

Restructuring reserves are included in Other current liabilities in the accompanying unaudited Condensed Consolidated Balance Sheets. Activity and reserve balances for restructuring by segment were as follows:


(In millions)	Americas segment		International segment		Corporate		Total
Reserve balances at December 31, 2024	$	0.2	$	3.2	$	—	$	3.4
Restructuring charges	1.2		1.7		1.0		3.9
Currency translation	—		0.4		—		0.4
Cash payments / utilization	(0.6)		(2.8)		(1.0)		(4.4)
Reserve balances at December 31, 2025	$	0.8	$	2.5	$	—	$	3.3
Restructuring charges	0.4		0.6		1.3		2.3

Cash payments	(0.4)		(0.7)		(0.1)		(1.2)
Reserve balances at March 31, 2026	$	0.8	$	2.4	$	1.2	$	4.4

Note 5—Inventories

The following table sets forth the components of inventory:


(In thousands)	March 31, 2026		December 31, 2025
Raw materials and supplies	$	220,168	$	228,374
Finished products	113,363		99,266
Work in process	18,783		15,395
Total inventories	$	352,314	$	343,035

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Note 6—Property, Plant and Equipment

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


(In thousands)	March 31, 2026		December 31, 2025
Land	$	9,486	$	9,549

Buildings	211,192		212,145
Machinery and equipment	531,850		565,082
Construction in progress	24,612		24,964
Total	777,140		811,740
Less: accumulated depreciation	(499,084)		(528,677)
Property, plant and equipment, net	$	278,056	$	283,063

Note 7—Reclassifications Out of Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss were as follows:


	Three Months Ended March 31,
(In thousands)		2026		2025
Pension and other post-retirement benefits (a)
Balance at beginning of period		$	21,184	$	(11,390)
Amounts reclassified from accumulated other comprehensive loss into net income:
Amortization of prior service cost (Note 16)		40		32
Recognized net actuarial losses (Note 16)		332		360
Tax benefit		(44)		(191)
Total amount reclassified from accumulated other comprehensive loss, net of tax, into net income		328		201
Balance at end of period		$	21,512	$	(11,189)
Foreign currency forward cash flow hedges
Balance at beginning of period		$	(215)	$	—
Unrealized losses on cash flow hedges (Note 17)		(155)		—
Balance at end of period		$	(370)	$	—




Foreign currency translation
Balance at beginning of period		$	(62,750)	$	(130,259)

Foreign currency translation adjustments		(6,074)		22,537
Balance at end of period		$	(68,824)	$	(107,722)
(a) Amounts reclassified from accumulated other comprehensive loss (“AOCL”) into net income are included in the computation of net periodic pension and other post-retirement benefit costs (refer to Note 16—Pensions and Other Post-retirement Benefits).

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Note 8—Capital Stock

Preferred Stock - The Company has authorized 100,000 shares of $50 par value 4.5% cumulative preferred nonvoting stock, which is callable at $52.50. There were 71,340 shares issued and 52,998 shares held in treasury at both March 31, 2026, and December 31, 2025. The Treasury shares at cost line in the unaudited Condensed Consolidated Balance Sheets includes $1.8 million related to preferred stock. There were no shares of preferred stock purchased and subsequently held in treasury during the three months ended March 31, 2026, or 2025. 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, 2026, or December 31, 2025.

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 March 31, 2026, and December 31, 2025. No new shares were issued during the three months ended March 31, 2026, or 2025. There were 38,731,722 and 38,912,629 shares outstanding at March 31, 2026, and December 31, 2025, respectively.

Treasury Shares - The Company's 2026 stock repurchase program authorizes up to $500.0 million to repurchase MSA common stock in the open market and in private transactions. The stock 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, 2026, and 2025, the Company repurchased 277,270 and 62,125 shares, respectively, under this and the prior stock repurchase program. There were 23,349,669 and 23,168,762 treasury shares at March 31, 2026, and December 31, 2025, respectively.

The Company issues treasury shares for all stock-based benefit plans. Shares are issued from treasury at the average treasury share cost on the date of the transaction. There were 150,196 and 153,734 Treasury shares issued for these purposes during the three months ended March 31, 2026, and 2025, respectively.

Common stock activity is summarized as follows:


	Three Months Ended March 31, 2026				Three Months Ended March 31, 2025
(In thousands)	Common Stock		Treasury Cost(a)		Common Stock		Treasury Cost(a)
Balance at beginning of period	$	343,842	$	(483,248)	$	329,953	$	(396,604)
Stock compensation expense	3,812		—		2,629		—
Restricted and performance stock awards	(3,338)		3,338		(2,642)		2,642
Stock options exercised	12		10		137		93
Treasury shares purchased for stock compensation programs	—		(9,847)		—		(8,347)


Share repurchase program	—		(50,447)		—		(9,996)
Balance at end of period	$	344,328	$	(540,194)	$	330,077	$	(412,212)
(a)Excludes treasury cost related to preferred stock.

Note 9—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.

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

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, transaction costs and acquisition-related amortization.

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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 unaudited condensed 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
Three Months Ended March 31, 2026
Net sales to external customers	$	325,238	$	138,394	$	—		$	463,632
Less:
Cost of products sold	160,932		79,728		—
Selling, general and administrative	56,540		37,420		11,536
Research and development	9,640		6,715		—
Adjusted operating income	98,126		14,531
Noncash items:
Depreciation and amortization	12,160		5,973		219			18,352
Pension (income) expense	(5,427)		1,049		—			(4,378)
Total Assets	1,660,427		949,179		(45,620)		(b)	2,563,986
Capital expenditures	7,658		2,286		643			10,587
Three Months Ended March 31, 2025
Net sales to external customers	$	293,160	$	128,180	$	—		$	421,340
Less:

SEC Form 10-Q filed by MSA Safety Incorporated