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v3.24.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Reportable Segment Information | Reportable segment information is presented in the following table:
(In thousands, except percentages) |  | Americas |  | International |  | Corporate |  |  |  | Consolidated Totals
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |
Net sales to external customers |  | $ | 314,711 |  |  | $ | 147,752 |  |  | $ | — |  |  |  |  | $ | 462,463 |
Operating income |  |  |  |  |  |  |  |  |  | 99,944 |
Restructuring charges (Note 3) |  |  |  |  |  |  |  |  |  | 1,543 |
Currency exchange gains, net |  |  |  |  |  |  |  |  |  | (603) |
Net cost for product related legal matter |  |  |  |  |  |  |  |  |  | 5,000 |
Amortization of acquisition-related intangible assets |  |  |  |  |  |  |  |  |  | 2,306 |
Adjusted operating income (loss) |  | 98,468 |  |  | 24,285 |  |  | (14,563) |  |  |  |  | 108,190 |
Adjusted operating margin % |  | 31.3 | % |  | 16.4 | % |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  | 13,741 |
Adjusted EBITDA |  | 108,230 |  |  | 28,052 |  |  | (14,351) |  |  |  |  | 121,931 |
Adjusted EBITDA margin % |  | 34.4 | % |  | 19.0 | % |  |  |  |  |  |
Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |
Net sales to external customers |  | $ | 308,378 |  |  | $ | 138,921 |  |  | $ | — |  |  |  |  | $ | 447,299 |
Operating income |  |  |  |  |  |  |  |  |  | 95,008 |
Restructuring charges (Note 3) |  |  |  |  |  |  |  |  |  | 3,350 |
Currency exchange losses, net |  |  |  |  |  |  |  |  |  | 3,110 |
Amortization of acquisition-related intangible assets |  |  |  |  |  |  |  |  |  | 2,315 |
Adjusted operating income (loss) |  | 94,816 |  |  | 21,743 |  |  | (12,776) |  |  |  |  | 103,783 |
Adjusted operating margin % |  | 30.7 | % |  | 15.7 | % |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  | 12,574 |
Adjusted EBITDA |  | 103,977 |  |  | 24,949 |  |  | (12,569) |  |  |  |  | 116,357 |
Adjusted EBITDA margin % |  | 33.7 | % |  | 18.0 | % |  |  |  |  |  |
(In thousands, except percentages) |  | Americas |  | International |  | Corporate |  |  |  | Consolidated Totals
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |
Net sales to external customers |  | $ | 610,249 |  |  | $ | 265,516 |  |  | $ | — |  |  |  |  | $ | 875,765 |
Operating income |  |  |  |  |  |  |  |  |  | 180,056 |
Restructuring charges (Note 3) |  |  |  |  |  |  |  |  |  | 4,560 |
Currency exchange losses, net |  |  |  |  |  |  |  |  |  | 1,730 |
Net cost for product related legal matter |  |  |  |  |  |  |  |  |  | 5,000 |
Amortization of acquisition-related intangible assets |  |  |  |  |  |  |  |  |  | 4,620 |
Transaction costs(a) |  |  |  |  |  |  |  |  |  | 234 |
Adjusted operating income (loss) |  | 184,688 |  |  | 37,770 |  |  | (26,258) |  |  |  |  | 196,200 |
Adjusted operating margin % |  | 30.3 | % |  | 14.2 | % |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  | 26,985 |
Adjusted EBITDA |  | 203,923 |  |  | 45,097 |  |  | (25,835) |  |  |  |  | 223,185 |
Adjusted EBITDA margin % |  | 33.4 | % |  | 17.0 | % |  |  |  |  |  |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |
Net sales to external customers |  | $ | 588,645 |  |  | $ | 256,916 |  |  | $ | — |  |  |  |  | $ | 845,561 |
Operating income |  |  |  |  |  |  |  |  |  | 34,947 |
Restructuring charges (Note 3) |  |  |  |  |  |  |  |  |  | 5,097 |
Currency exchange losses, net |  |  |  |  |  |  |  |  |  | 7,285 |
Loss on divestiture of MSA LLC (Note 17) |  |  |  |  |  |  |  |  |  | 129,211 |
Product liability expense (Note 17) |  |  |  |  |  |  |  |  |  | 3 |
Amortization of acquisition-related intangible assets |  |  |  |  |  |  |  |  |  | 4,620 |
Adjusted operating income (loss) |  | 166,510 |  |  | 37,522 |  |  | (22,869) |  |  |  |  | 181,163 |
Adjusted operating margin % |  | 28.3 | % |  | 14.6 | % |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  | 24,841 |
Adjusted EBITDA |  | 184,471 |  |  | 44,007 |  |  | (22,474) |  |  |  |  | 206,004 |
Adjusted EBITDA margin % |  | 31.3 | % |  | 17.1 | % |  |  |  |  |  |
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations.
Percentage of Total Sales by Product Group | Total sales by product group was as follows:
Three Months Ended June 30, 2024 | Consolidated |  | Americas |  | International
(In thousands, except percentages) | Dollars |  | Percent |  | Dollars |  | Percent |  | Dollars |  | Percent
Fire Service (a) | $ | 172,269 |  |  | 37% |  | $ | 118,487 |  |  | 38% |  | $ | 53,782 |  |  | 37%
Detection (b) | 170,848 |  |  | 37% |  | 111,405 |  |  | 35% |  | 59,443 |  |  | 40%
Industrial PPE and Other (c) | 119,346 |  |  | 26% |  | 84,819 |  |  | 27% |  | 34,527 |  |  | 23%
Total | $ | 462,463 |  |  | 100% |  | $ | 314,711 |  |  | 100% |  | $ | 147,752 |  |  | 100%
Three Months Ended June 30, 2023 | Consolidated |  | Americas |  | International
(In thousands, except percentages) | Dollars |  | Percent |  | Dollars |  | Percent |  | Dollars |  | Percent
Fire Service (a) | $ | 166,490 |  |  | 37% |  | $ | 121,157 |  |  | 39% |  | $ | 45,333 |  |  | 33%
Detection (b) | 158,242 |  |  | 35% |  | 104,374 |  |  | 34% |  | 53,868 |  |  | 39%
Industrial PPE and Other (c) | 122,567 |  |  | 28% |  | 82,847 |  |  | 27% |  | 39,720 |  |  | 28%
Total | $ | 447,299 |  |  | 100% |  | $ | 308,378 |  |  | 100% |  | $ | 138,921 |  |  | 100%
Six Months Ended June 30, 2024 | Consolidated |  | Americas |  | International
(In thousands, except percentages) | Dollars |  | Percent |  | Dollars |  | Percent |  | Dollars |  | Percent
Fire Service (a) | $ | 335,962 |  |  | 39% |  | $ | 240,738 |  |  | 39% |  | $ | 95,224 |  |  | 36%
Detection (b) | 310,064 |  |  | 35% |  | 207,700 |  |  | 34% |  | 102,364 |  |  | 38%
Industrial PPE and Other (c) | 229,739 |  |  | 26% |  | 161,811 |  |  | 27% |  | 67,928 |  |  | 26%
Total | $ | 875,765 |  |  | 100% |  | $ | 610,249 |  |  | 100% |  | $ | 265,516 |  |  | 100%
Six Months Ended June 30, 2023 | Consolidated |  | Americas |  | International
(In thousands, except percentages) | Dollars |  | Percent |  | Dollars |  | Percent |  | Dollars |  | Percent
Fire Service (a) | $ | 305,878 |  |  | 36% |  | $ | 223,213 |  |  | 38% |  | $ | 82,665 |  |  | 32%
Detection (b) | 304,843 |  |  | 36% |  | 203,685 |  |  | 35% |  | 101,158 |  |  | 39%
Industrial PPE and Other (c) | 234,840 |  |  | 28% |  | 161,747 |  |  | 27% |  | 73,093 |  |  | 29%
Total | $ | 845,561 |  |  | 100% |  | $ | 588,645 |  |  | 100% |  | $ | 256,916 |  |  | 100%
(a) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel. (b) Detection includes Fixed Gas and Flame Detection and Portable Gas detection. (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.

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