XML 31 R16.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Capital Stock | 12 Months Ended
--- | ---
Dec. 31, 2023
Equity [Abstract] |
Capital Stock | 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 December 31, 2023 and 2022. The Treasury shares at cost line of the 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 years ended December 31, 2023, or 2022. 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 December 31, 2023 or 2022. 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 December 31, 2023 and December 31, 2022. There were 39,317,212 and 39,213,064 shares outstanding at December 31, 2023 and 2022, respectively. Treasury Shares—The Company's stock repurchase program authorizes up to $100.0 million to repurchase MSA common stock in the open market and in private transactions. The share repurchase program has no expiration date. The maximum number of shares that may be purchased is calculated based on the dollars remaining under the program and the respective month-end closing share price. Under the program, there were no shares repurchased during 2023, 251,408 shares repurchased during 2022 and no shares repurchased during 2021. We do not have any other share repurchase programs. There were 22,764,179 and 22,868,327 Treasury shares at December 31, 2023 and 2022, 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 132,797 and 219,214 Treasury shares issued for these purposes during the years ended December 31, 2023 and 2022, respectively. Common stock activity is summarized as follows:
|  | Shares |  | Dollars |  |
(Dollars in thousands) |  | Issued |  | Treasury |  | Common Stock |  | Treasury Cost |  |
Balance at January 1, 2021 |  | 62,081,391 |  |  | (23,013,489) |  |  | $ | 242,693 |  |  | $ | (326,156) |  |  |
Restricted stock awards |  | — |  |  | 53,934 |  |  | (762) |  |  | 762 |  |  |
Restricted stock expense |  | — |  |  | — |  |  | 6,562 |  |  | — |  |  |
Restricted stock forfeitures |  | — |  |  | — |  |  | (765) |  |  | — |  |  |
Stock options exercised |  | — |  |  | 122,119 |  |  | 4,003 |  |  | 1,767 |  |  |
Stock option expense |  | — |  |  | — |  |  | 90 |  |  | — |  |  |
Stock option forfeitures |  | — |  |  | — |  |  | (9) |  |  | — |  |  |
Performance stock issued |  | — |  |  | 64,543 |  |  | (939) |  |  | 939 |  |  |
Performance stock expense |  | — |  |  | — |  |  | 13,227 |  |  | — |  |  |
Employee stock purchase plan |  | — |  |  | 5,730 |  |  | 772 |  |  | 83 |  |  |
Treasury shares purchased |  | — |  |  | (37,710) |  |  | — |  |  | (6,171) |  |  |
Acquisition of noncontrolling interest |  | — |  |  | — |  |  | (4,751) |  |  | — |  |  |
Balances December 31, 2021 |  | 62,081,391 |  |  | (22,804,873) |  |  | $ | 260,121 |  |  | $ | (328,776) |  |  |
Restricted stock awards |  | — |  |  | 52,810 |  |  | (711) |  |  | 711 |  |  |
Restricted stock expense |  | — |  |  | — |  |  | 7,715 |  |  | — |  |  |
Restricted stock forfeitures |  | — |  |  | — |  |  | (1,227) |  |  | — |  |  |
Stock options exercised |  | — |  |  | 103,545 |  |  | 3,021 |  |  | 1,629 |  |  |
Stock option expense |  | — |  |  | — |  |  | 49 |  |  | — |  |  |
Performance stock issued |  | — |  |  | 55,447 |  |  | (880) |  |  | 880 |  |  |
Performance stock expense |  | — |  |  | — |  |  | 15,843 |  |  | — |  |  |
Performance stock forfeitures |  | — |  |  | — |  |  | (2,730) |  |  | — |  |  |
Employee stock purchase plan |  | — |  |  | 7,412 |  |  | 779 |  |  | 112 |  |  |
Treasury shares purchased |  | — |  |  | (31,260) |  |  | — |  |  | (4,021) |  |  |
Share repurchase program |  | — |  |  | (251,408) |  |  | — |  |  | (30,373) |  |  |
Balances December 31, 2022 |  | 62,081,391 |  |  | (22,868,327) |  |  | $ | 281,980 |  |  | $ | (359,838) |  |  |
Restricted stock awards |  | — |  |  | 40,856 |  |  | (643) |  |  | 643 |  |  |
Restricted stock expense |  | — |  |  | — |  |  | 9,476 |  |  | — |  |  |
Restricted stock forfeitures |  | — |  |  | — |  |  | (1,414) |  |  | — |  |  |
Stock options exercised |  | — |  |  | 31,394 |  |  | 970 |  |  | 503 |  |  |
Stock option expense |  | — |  |  | — |  |  | 11 |  |  | — |  |  |
Stock option forfeitures |  | — |  |  | — |  |  | (11) |  |  | — |  |  |
Performance stock issued |  | — |  |  | 53,407 |  |  | (855) |  |  | 855 |  |  |
Performance stock expense |  | — |  |  | — |  |  | 23,546 |  |  | — |  |  |
Performance stock forfeitures |  | — |  |  | — |  |  | (1,585) |  |  | — |  |  |
Employee stock purchase plan |  | — |  |  | 7,140 |  |  | 849 |  |  | 114 |  |  |
Treasury shares purchased |  | — |  |  | (28,649) |  |  | — |  |  | (3,961) |  |  |
Balances December 31, 2023 |  | 62,081,391 |  |  | (22,764,179) |  |  | $ | 312,324 |  |  | $ | (361,684) |  |  |

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration