MSA Safety Incorporated

NYSE-MSA

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	279.9	285	58.6	179.6	21.8	125.1	139.2	125.1	27	93.9	67.9
Net Income
Depreciation & Amortization	69.7	64.3	60.8	56.3	50.3	39.7	38	37.9	37.9	35.3	31.7
Depreciation and Amortization
Share-Based Compensation Expense	16.1	18.2	30	19.7	18.9	6.9	13.8	12.2	11.8	9.2	7.6
Stock-Based Compensation
Other Adjustments	-10.1	-11.7	-151.2	-1.5	120.2	37.2	12.9	86.8	177.8	-11.3	11.9
Deferred Income Taxes
Pension Expense
Pension Contributions
Currency Exchange Gains, Net
Gain (Loss) on Asset Dispositions, Net
Restructuring Charges
Tax-Effected Income on Divestiture of MSA LLC
Contribution on Divestiture of MSA LLC
Asset Impairment Charges
Product Liability Expense
Collections on Insurance Receivable and Notes Receivable, Insurance Companies
Product Liability Payments
Loss on Extinguishment of Debt
Excess Tax Benefit Related to Stock Plans
Other Noncurrent Assets and Liabilities
Other, Net
Changes in Trade Receivables	-17.2	-1.4	-7.1	-38.6	4.4	7.7	-8.9	-10.1	-6.4	13.2	-22
Change in Trade Receivables
Changes in Inventories	21.8	-14.7	51.6	-67.4	-17.8	-13.6	-25.3	-11.1	-30.4	14.4	-9.4
Inventories
Changes in Accounts Payable	-8.8	3.1	-5.5	7.6	13.3	-3.1	9.8	18	17.9	-7.6	19.7
Accounts Payable
Accounts Payable and Accrued Liabilities
Increase in Accounts Payable and Accrued Liabilities
Changes in Other Operating Activities	-3.5	-46.4	55.7	1.7	-11.9	6.7	-14.6	5.1	-5.2	-12.2	-52.2
Change in Prepaid Expenses and Other Current Assets
Change in Other Current Assets and Liabilities
Change in Other Noncurrent Assets and Liabilities
Change in Working Capital and Other Operating
Cash from Operating Activities	349.4	296.4	92.9	157.5	199.1	206.6	165	263.9	230.3	134.9	55.3
Cash Flow from Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-66.5	-54.2	-42.8	-42.6	-43.8	-48.9	-36.6	-34	-23.7	-25.5	-36.2
Capital Expenditures
Proceeds from Sale of Property, Plant & Equipment	0.4	0.5	2.8	-1.4	-5.3	0.5	0.2	4.6	0.8	18.2	8
Property Disposals
Property Disposals and Other Investing
Purchases of Investments	—	—	—	-79.5	-133.9	-199.3	-169.2	-73	—	—	—
Purchase of Short-Term Investments
Proceeds from Sale of Investments	—	—	—	119	160	175	174.7	18	—	—	—
Proceeds from Maturities of Short-Term Investments
Payments for Business Acquisitions	—	—	—	—	-392.4	—	-33.2	—	-216.3	-18.2	-180.3
Acquisitions, Net of Cash Acquired
Acquisitions, Net of Cash Acquired, and Other Investing
Other Investing Activities	—	—	—	—	—	—	—	—	—	—	—
Other Investing
Cash from Investing Activities	-253.9	-53.8	-40	-4.5	-415.5	-72.8	-64.2	-84.4	-239.2	-25.5	-208.5
Cash Flow Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Long-Term Debt	1,117.7	1,149.6	1,895	1,010	1,639.7	987	864	462.5	637	382.7	510.5
Proceeds from Long-Term Debt
Repayments of Long-Term Debt	-1,045.6	-1,243.9	-1,871.1	-1,023	-1,346.6	-1,031	-880.5	-570.2	-559.8	-443.6	-291.5
Payments on Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	72.1	-94.3	23.9	-13	293.2	-44	-16.5	-107.7	77.2	-60.9	218.9
Issuance of Common Shares	0.5	1.9	2.4	5.5	6.6	13.2	8.1	9.1	19	13	2.4
Exercise of Stock Options
Employee Stock Purchase Plan
Repurchases of Common Shares	-59.9	-37.3	-4	-34.4	-6.2	-29.1	-12.6	-4.8	-17.5	-1.9	-9.9
Company Stock Purchases
Net Issuance / (Repurchases) of Common Shares	-59.4	-35.5	-1.5	-28.9	0.5	-16	-4.5	4.3	1.5	11.2	-7.5
Common Share Dividends Paid	-81.7	-78.8	-73.5	-71.5	-68.6	-66.6	-63.5	-57.2	-52.5	-49.1	-47.4
Cash Dividends Paid
Other Financing Activities	—	-0.2	-1.1	—	-21.1	—	-0.1	-2.7	-0.6	-0.5	0.9
Debt Issuance Costs
Acquisition of Noncontrolling Interests in Consolidated Subsidiaries
Distribution to Noncontrolling Interests
Excess Tax Benefit Related to Stock Plans
Other, Net
Restricted Cash
Payments On / Proceeds from Short-Term Debt, Net
Cash from Financing Activities	-70.3	-208.7	-52.3	-113.4	203.9	-126.5	-84.6	-163.3	25.6	-99.3	164.9
Cash Flow Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	282.9	242.2	50.1	114.9	155.3	157.7	128.4	229.9	206.6	109.4	19
NOPAT	284.2	295.7	65.6	180.1	21	127.9	141.1	133.7	35.8	99.6	73.6
Levered Free Cash Flow	364.7	142.8	202.3	122.3	304.5	60.8	92.8	32.3	99.7	127.3	314.1
Unlevered Free Cash Flow	296.9	247.8	185.4	135.8	11	108.6	112.4	149.5	32.3	103.9	27.2
Net Change in Cash	25.2	34	0.7	39.6	-12.4	7.3	16.2	16.2	16.7	10.1	11.7