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Inventories
 12 Months Ended
Dec. 31, 2021
Inventory Disclosure [Abstract]  
Inventories Inventories
During the fourth quarter of 2021, the Company changed its method of accounting for certain inventory in the United States from the LIFO method to the FIFO method. The FIFO method of accounting for inventory is preferable because it conforms the Company's entire inventory to a single method of accounting and improves comparability with the Company's peers.
The following table sets forth the components of inventory:
December 31,
(In thousands)20212020
As adjusted
Finished products$87,657 $81,048 
Work in process6,534 2,618 
Raw materials and supplies186,426 161,300 
Total inventories280,617 244,966 
As a result of the retrospective application of the change in accounting method, the following financial statement line items within the accompanying consolidated financial statements were adjusted, as follows:
December 31, 2021December 31, 2020December 31, 2019
(In thousands, except per share amounts)
As computed under LIFO1
As reported under FIFOEffect of ChangeAs originally reportedAs AdjustedEffect of ChangeAs originally reportedAs AdjustedEffect of Change
Consolidated Statements of Income
Cost of products sold$792,410 $784,834 $(7,576)$757,775 $752,731 $(5,044)$765,369 $763,352 $(2,017)
Income before income taxes$16,028 $23,604 $7,576 $163,103 $168,147 $5,044 $183,735 $185,752 $2,017 
(Benefit) Provision for income taxes$(40)$1,816 $1,856 $41,941 $43,009 $1,068 $46,086 $46,545 $459 
Net income$16,068 $21,788 $5,720 $121,162 $125,138 $3,976 $137,649 $139,207 $1,558 
Net income attributable to MSA Safety Incorporated$15,620 $21,340 $5,720 $120,101 $124,077 $3,976 $136,440 $137,998 $1,558 
Earnings per share
Basic$0.39 $0.54 $0.15 $3.09 $3.19 $0.10 $3.52 $3.56 $0.04 
Diluted$0.39 $0.54 $0.15 $3.05 $3.15 $0.10 $3.48 $3.52 $0.04 
Consolidated Statements of Comprehensive Income
Net income$16,068 $21,788 $5,720 $121,162 $125,138 $3,976 $137,649 $139,207 $1,558 
Total comprehensive income attributable to MSA Safety Incorporated$48,877 $54,597 $5,720 $151,707 $155,683 $3,976 $145,136 $146,694 $1,558 
Consolidated Balance Sheets
Inventories$225,894 $280,617 $54,723 $197,819 $244,966 $47,147 
Deferred tax liabilities$21,637 $33,337 $11,700 $10,916 $20,760 $9,844 
Retained earnings$1,007,191 $1,050,214 $43,023 $1,065,789 $1,103,092 $37,303 
Consolidated Statements of Cash Flows
Net income$16,068 $21,788 $5,720 $121,162 $125,138 $3,976 $137,649 $139,207 $1,558 
Deferred income tax (benefit) provision$(40,706)$(38,850)$1,856 $(3,322)$(2,254)$1,068 $1,272 $1,731 $459 
Inventories$(10,251)$(17,827)$(7,576)$(8,601)$(13,645)$(5,044)$(23,246)$(25,263)$(2,017)

1 Information presented as of and for the year ended December 31, 2021 reflect financial statement data had the LIFO inventory accounting method been applied for the year ended December 31, 2021.
As a result of the retrospective application of the change in accounting principle, the following financial statement line items within the unaudited interim 2021 and 2020 quarterly condensed consolidated financial statements were adjusted, as follows:
(unaudited)Three months ended
March 31, 2021June 30, 2021September 30, 2021
(In thousands, except per share amounts)As originally reportedAs adjustedEffect of ChangeAs originally reportedAs adjustedEffect of ChangeAs originally reportedAs adjustedEffect of Change
Consolidated Statements of Income
Cost of products sold$173,688$173,643$(45)$188,374$188,289$(85)$194,199$190,758$(3,441)
Income before income taxes$46,340$46,385$45$35,171$35,256$85$27,463$30,904$3,441
Provision for income taxes$9,740$9,749$9$9,784$9,808$24$8,640$9,724$1,084
Net income$36,600$36,636$36$25,387$25,448$61$18,823$21,180$2,357
Net income attributable to MSA Safety Incorporated$36,414$36,450$36$25,125$25,186$61$18,823$21,180$2,357
Earnings per share
Basic$0.93 $0.93 $— $0.64 $0.64 $— $0.48 $0.54 $0.06 
Diluted$0.92 $0.92 $— $0.64 $0.64 $— $0.48 $0.54 $0.06 
(unaudited)Three months ended
March 31, 2020June 30, 2020September 30, 2020
(In thousands, except per share amounts)As originally reportedAs adjustedEffect of ChangeAs originally reportedAs adjustedEffect of ChangeAs originally reportedAs adjustedEffect of Change
Consolidated Statements of Income
Cost of products sold$183,786$183,697$(89)$172,853$172,693$(160)$172,160$170,254$(1,906)
Income before income taxes$56,897$56,986$89$47,824$47,984$160$39,961$41,867$1,906
Provision for income taxes$13,095$13,116$21$11,429$11,468$39$11,727$12,286$559
Net income$43,802$43,870$68$36,395$36,516$121$28,234$29,581$1,347
Net income attributable to MSA Safety Incorporated$43,674$43,742$68$36,055$36,176$121$28,034$29,381$1,347
Earnings per share
Basic$1.12 $1.12 $— $0.93 $0.93 $— $0.72 $0.75 $0.03 
Diluted$1.11 $1.11 $— $0.92 $0.92 $— $0.71 $0.74 $0.03