$MNESP

MINE SAFETY APPLIANCES CO

CIK:0000066570|SEC Filings

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 503,327	$ 474,116	$ 966,959	$ 895,456
Cost of products sold	254,036	253,406	498,088	481,351
Gross profit	249,291	220,710	468,871	414,105
Selling, general and administrative	114,073	112,078	221,756	206,042
Research and development	19,154	16,996	35,509	32,665
Restructuring charges (Note 4)	2,209	488	4,538	2,412
Currency exchange losses, net	1,896	5,286	2,095	9,363
Operating income	111,959	85,862	204,973	163,623
Interest expense	7,951	8,116	15,654	14,951
Other income, net	(7,379)	(5,000)	(15,060)	(12,022)
Total other expense, net	572	3,116	594	2,929
Income before income taxes	111,387	82,746	204,379	160,694
Provision for income taxes (Note 11)	25,193	19,973	46,916	38,316
Net income	$ 86,194	$ 62,773	$ 157,463	$ 122,378
Earnings per share attributable to common shareholders (Note 10):
Basic (in dollars per share)	$ 2.23	$ 1.60	$ 4.06	$ 3.11
Diluted (in dollars per share)	2.23	1.59	4.05	3.10
Dividends per common share (in dollars per share)	$ 0.54	$ 0.53	$ 1.07	$ 1.04

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net income	$ 157,463	$ 122,378
Depreciation and amortization	37,674	34,350
Stock-based compensation (Note 12)	11,621	7,999
Pension (income) expense	(8,756)	(6,917)
Deferred income tax benefit (Note 11)	0	(307)
Loss on asset dispositions, net	388	892
Pension contributions (Note 16)	(4,458)	(3,729)
Currency exchange losses, net	2,095	9,363
Changes in:
Trade receivables	(41,234)	(37,070)
Inventories (Note 5)	(6,421)	(11,147)
Accounts payable	12,651	12,916
Other current assets and liabilities	7,951	(831)
Other noncurrent assets and liabilities	2,089	1,154
Cash Flow From Operating Activities	171,063	129,051
Investing Activities
Capital expenditures	(23,260)	(40,118)
Acquisitions, net of cash acquired (Note 15)	0	(187,774)
Property disposals and other investing	36	19
Cash Flow Used in Investing Activities	(23,224)	(227,873)
Financing Activities
Proceeds from long-term debt (Note 13)	796,000	600,686
Payments on long-term debt (Note 13)	(775,240)	(435,466)
Debt issuance costs	0	3,064
Cash dividends paid	(41,414)	(40,881)
Company stock purchases (Note 8)	(86,396)	(48,875)
Exercise of stock options (Note 8)	23	497
Employee stock purchase plan (Note 8)	1,079	1,082
Cash Flow (Used in) From Financing Activities	(105,948)	73,979
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(6,577)	7,692
Change in cash, cash equivalents and restricted cash	35,314	(17,151)
Beginning cash, cash equivalents and restricted cash	165,992	165,097
Ending cash, cash equivalents and restricted cash	201,306	147,946
Supplemental cash flow information:
Cash and cash equivalents	200,057	146,988
Restricted cash included in prepaid expenses and other current assets	1,249	958
Total cash, cash equivalents and restricted cash	$ 201,306	$ 147,946

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 200,057	$ 165,067
Trade receivables, less allowance for credit loss of $10,434 and $10,286	347,877	306,452
Inventories (Note 5)	350,119	343,035
Prepaid expenses and other current assets	36,787	54,738
Total current assets	934,840	869,292
Property, plant and equipment, net (Note 6)	276,691	283,063
Operating lease right-of-use assets, net	54,913	56,930
Prepaid pension cost (Note 16)	291,214	279,450
Deferred tax assets (Note 11)	20,305	20,991
Goodwill (Note 14)	726,055	731,592
Intangible assets, net (Note 14)	285,721	299,127
Other noncurrent assets	11,772	13,929
Total assets	2,601,511	2,554,374
Liabilities
Notes payable and current portion of long-term debt (Note 13)	8,096	8,225
Accounts payable	123,632	110,775
Employees’ compensation	49,381	57,640
Other current liabilities	107,790	112,571
Total current liabilities	288,899	289,211
Long-term debt, net (Note 13)	591,648	572,709
Pensions (Note 16) and other employee benefits	140,535	143,834
Noncurrent operating lease liabilities	43,764	46,151
Deferred tax liabilities (Note 11)	126,747	127,540
Other noncurrent liabilities	8,261	7,917
Total liabilities	1,199,854	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)	352,597	343,842
Treasury shares, at cost (Note 8)	(567,308)	(484,848)
Accumulated other comprehensive loss (Note 7)	(49,480)	(41,781)
Retained earnings	1,662,279	1,546,230
Total shareholders’ equity	1,401,657	1,367,012
Total liabilities and shareholders’ equity	$ 2,601,511	$ 2,554,374