Albany International (AIN) 10-Q 26 Apr 22 2022 Q1 Quarterly report Financial data

Cover page

Cover page - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Apr. 15, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-10026
Entity Registrant Name	ALBANY INTERNATIONAL CORP.
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	216 Airport Drive
Entity Address, City or Town	Rochester
Entity Address, State or Province	NH
Entity Tax Identification Number	14-0462060
Entity Address, Postal Zip Code	03867
City Area Code	603
Local Phone Number	330-5850
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000819793
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class A
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	AIN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		31.5
Common Class B
Entity Information [Line Items]
Title of 12(b) Security	Class B Common Stock, $0.001 par value per share
Trading Symbol	AIN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		0

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 244,169	$ 222,362
Cost of goods sold	152,565	133,816
Gross profit	91,604	88,546
Selling, general, and administrative expenses	42,707	37,195
Technical and research expenses	9,889	9,481
Restructuring expenses, net	254	52
Operating income	38,754	41,818
Interest expense, net	3,609	3,569
Other expense/(income), net	(3,928)	600
Income before income taxes	39,073	37,649
Income tax expense	10,998	10,040
Net income	28,075	27,609
Net income attributable to the noncontrolling interest	338	27
Net income attributable to the Company	$ 27,737	$ 27,582
Earnings per share attributable to Company shareholders - Basic (in dollars per share)	$ 0.87	$ 0.85
Earnings per share attributable to Company shareholders - Diluted (in dollars per share)	$ 0.87	$ 0.85
Shares of the Company used in computing earnings per share:
Shares of the Company used in computing earnings per share, basic (in shares)	31,877	32,352
Shares of the Company used in computing earnings per share, diluted (in shares)	31,961	32,401
Dividends declared per share, Class A and Class B (in dollars per share)	$ 0.21	$ 0.20

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 28,075	$ 27,609
Other comprehensive income/(loss), before tax:
Foreign currency translation and other adjustments	(1,551)	(15,439)
Amortization of pension liability adjustments:
Amortization of prior service credit	(1,123)	(1,119)
Net actuarial loss	971	1,109
Payments and amortization related to interest rate swaps included in earnings	1,696	1,476
Derivative valuation adjustment	11,721	(478)
Income taxes related to items of other comprehensive income/(loss):
Amortization of prior service credit	344	336
Amortization of net actuarial loss	(297)	(333)
Payments and amortization related to interest rate swaps included in earnings	(430)	(381)
Derivative valuation adjustment	(2,969)	135
Comprehensive income/(loss)	36,437	12,915
Comprehensive income/(loss) attributable to the noncontrolling interest	394	(183)
Comprehensive income/(loss) attributable to the Company	$ 36,043	$ 13,098

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 307,415,000	$ 302,036,000
Accounts receivable, net	207,555,000	191,985,000
Contract assets, net	112,262,000	112,546,000
Inventories	123,835,000	117,882,000
Income taxes prepaid and receivable	126,000	1,958,000
Prepaid expenses and other current assets	37,387,000	32,394,000
Total current assets	788,580,000	758,801,000
Property, plant and equipment, net	431,860,000	436,417,000
Intangibles, net	37,170,000	39,081,000
Goodwill	180,785,000	182,124,000
Deferred income taxes	20,317,000	26,376,000
Noncurrent receivables, net	30,982,000	31,849,000
Other assets	90,367,000	81,416,000
Total assets	1,580,061,000	1,556,064,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	64,501,000	68,954,000
Accrued liabilities	108,855,000	124,325,000
Current maturities of long-term debt	0	0
Income taxes payable	4,711,000	14,887,000
Total current liabilities	178,067,000	208,166,000
Long-term debt	427,000,000	350,000,000
Other noncurrent liabilities	99,498,000	107,794,000
Deferred taxes and other liabilities	11,244,000	12,499,000
Total liabilities	715,809,000	678,459,000
SHAREHOLDERS' EQUITY
Preferred stock	0	0
Additional paid in capital	437,748,000	436,996,000
Retained earnings	884,133,000	863,057,000
Accumulated items of other comprehensive income:
Translation adjustments	(107,610,000)	(105,880,000)
Pension and postretirement liability adjustments	(38,416,000)	(38,490,000)
Derivative valuation adjustment	8,404,000	(1,614,000)
Treasury stock	(324,080,000)	(280,143,000)
Total Company shareholders' equity	860,220,000	873,967,000
Noncontrolling interest	4,032,000	3,638,000
Total equity	864,252,000	877,605,000
Total liabilities and shareholders' equity	1,580,061,000	1,556,064,000
Common Class A
SHAREHOLDERS' EQUITY
Common stock, par value	41,000	41,000
Common Class B
SHAREHOLDERS' EQUITY
Common stock, par value	$ 0	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Preferred stock, par or stated value per share (in dollars per share)	$ 5	$ 5
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	0	0
Common Class A
Common stock, par or stated value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares, issued (in shares)	40,781,434	40,760,577
Treasury stock, shares (in shares)	9,179,776	8,665,090
Common Class B
Common stock, par or stated value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares, issued (in shares)	0	104
Common stock, shares, outstanding (in shares)	0	104

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES
Net income	$ 28,075	$ 27,609
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Depreciation	15,597	16,589
Amortization	2,165	2,293
Change in deferred taxes and other liabilities	1,792	4,442
Impairment of property, plant, equipment, and inventory	2,868	185
Non-cash interest expense	282	45
Compensation and benefits paid or payable in Class A Common Stock	745	(13)
Provision for credit losses from uncollected receivables and contract assets	1,858	(110)
Foreign currency remeasurement (gain)/loss on intercompany loans	(2,385)	(308)
Fair value adjustment on foreign currency options	(977)	139
Changes in operating assets and liabilities that (used)/provided cash:
Accounts receivable	(15,674)	(3,236)
Contract assets	272	16,104
Inventories	(7,549)	(8,563)
Prepaid expenses and other current assets	(1,976)	(899)
Income taxes prepaid and receivable	1,829	(1,465)
Accounts payable	(375)	9,188
Accrued liabilities	(19,350)	(19,485)
Income taxes payable	(10,890)	(8,077)
Noncurrent receivables	614	488
Other noncurrent liabilities	(1,914)	(2,097)
Other, net	(398)	857
Net cash (used in)/provided by operating activities	(5,391)	33,686
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(15,719)	(12,534)
Purchased software	(35)	(2)
Net cash used in investing activities	(15,754)	(12,536)
FINANCING ACTIVITIES
Proceeds from borrowings	77,000	8,000
Principal payments on debt	0	(22,007)
Principal payments on finance lease liabilities	(390)	(349)
Purchase of Treasury shares	(42,230)	0
Taxes paid in lieu of share issuance	(770)	(998)
Proceeds from options exercised	7	128
Dividends paid	(6,742)	(6,468)
Net cash provided by/(used in) financing activities	26,875	(21,694)
Effect of exchange rate changes on cash and cash equivalents	(351)	(2,901)
Increase/(decrease) in cash and cash equivalents	5,379	(3,445)
Cash and cash equivalents at beginning of period	302,036	241,316
Cash and cash equivalents at end of period	$ 307,415	$ 237,871

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of results for such periods. Albany International Corp. (Albany, the Registrant, the Company, we, us, or our) consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in Albany International Corp.’s Consolidated Financial Statements and accompanying Notes. Actual results could differ materially from those estimates. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Albany International Corp.’s Annual Report on Form 10-K for the year ended December 31, 2021.

Reportable Segments and Revenue

Reportable Segments and Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Reportable Segments and Revenue Recognition	Reportable Segments and Revenue Recognition In accordance with applicable disclosure guidance for enterprise segments and related information, the internal organization that is used by management for making operating decisions and assessing performance is used as the basis for our reportable segments. Machine Clothing: The Machine Clothing (“MC”) segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, tissue and towel, nonwovens, fiber cement and several other industrial applications. We sell our MC products directly to customer end-users in countries across the globe. Our products, manufacturing processes, and distribution channels for MC are substantially the same in each region of the world in which we operate. We design, manufacture, and market paper machine clothing (used in the manufacturing of paper, paperboard, tissue and towel) for each section of the paper machine and for every grade of paper. Paper machine clothing products are customized, consumable products of technologically sophisticated design that utilize polymeric materials in a complex structure. Albany Engineered Composites: The Albany Engineered Composites (“AEC”) segment provides highly engineered, advanced composite structures to customers in the commercial and defense aerospace industries. The segment includes Albany Safran Composites, LLC (“ASC”), in which our customer SAFRAN Group (“Safran”) owns a 10 percent noncontrolling interest. AEC, through ASC, is the exclusive supplier of the LEAP program of advanced composite fan blades and fan cases under a long-term supply contract.The LEAP engine is used on the Airbus A320neo and Boeing 737 MAX family of jets. AEC's largest aerospace customer is the SAFRAN Group and sales to SAFRAN (consisting primarily of fan blades and cases for CFM's LEAP engine) accounted for approximately 12 percent of the Company's consolidated Net sales in 2021. AEC net sales to Safran were $40.4 million and $27.7 million in the first three months of 2022 and 2021, respectively. The total of Accounts receivable, Contract assets and Noncurrent receivables due from Safran amounted to $83.7 million and $79.6 million as of March 31, 2022 and December 31, 2021, respectively. Other significant programs by AEC include the F-35, Boeing 787, Sikorsky CH-53K and JASSM programs. AEC also supplies vacuum waste tanks for the Boeing 7-Series programs, and specialty components for the Rolls Royce lift fan on the F-35, as well as the fan case for the GE9X engine. In 2021, approximately 47 percent of AEC sales were related to U.S. government contracts or programs. The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements: Three months ended March 31, (in thousands) 2022 2021 Net sales Machine Clothing $ 154,062 $ 148,206 Albany Engineered Composites 90,107 74,156 Consolidated total $ 244,169 $ 222,362 Operating income/(loss) Machine Clothing $ 49,644 $ 50,363 Albany Engineered Composites 1,195 2,938 Corporate expenses (12,085) (11,483) Operating income $ 38,754 $ 41,818 Reconciling items: Interest income (652) (529) Interest expense 4,261 4,098 Other expense/(income), net (3,928) 600 Income before income taxes $ 39,073 $ 37,649 A subsidiary within our Machine Clothing segment has been a partner in a joint venture (“JV”) that supplies paper machine clothing products to local papermakers in Russia. In March 2022, we made the decision to cease doing business in Russia, including giving notice to our JV partner of our intent to exit the venture. As a result, we recognized $1.8 million expense in the consolidated statement of operations, representing reserves against the risk of uncollectible customer receivables and obsolescence of certain inventory destined for Russian customers. We also wrote down the net book value of our investment in the aforementioned JV to reflect our intent to exit such venture, resulting in $0.8 million impairment loss during the first quarter of 2022. The table below presents restructuring costs by reportable segment: Three months ended March 31, (in thousands) 2022 2021 Machine Clothing $ 243 $ (69) Albany Engineered Composites — 89 Corporate expenses 11 32 Total $ 254 $ 52 Revenue Recognition: Products and services provided under long-term contracts represent a significant portion of sales in the Albany Engineered Composites segment and we account for these contracts using the percentage of completion (actual cost to estimated cost) method. That method requires significant judgment and estimation, which could be considerably different if the underlying circumstances were to change. When adjustments in estimated contract revenues or costs are required, any changes from prior estimates are included in earnings in the period the change occurs. Changes in the estimated profitability of long-term contracts could be caused by increases or decreases in the contract value, revisions to customer delivery requirements, updated labor or overhead rates, factors affecting the supply chain, changes in the evaluation of contract risks and opportunities, or other factors. Changes in the estimated profitability of long-term contracts decreased operating income by $0.7 million during the first three months of 2022, compared to an insignificant effect in the same period last year. We disaggregate revenue earned from contracts with customers for each of our business segments and product groups based on the timing of revenue recognition, and groupings used for internal review purposes. The following table disaggregates revenue for each product group by timing of revenue recognition: Three months ended March 31, 2022 (in thousands) Point in Time Revenue Recognition Over Time Revenue Recognition Total Machine Clothing $ 153,163 $ 899 $ 154,062 Albany Engineered Composites ASC — 39,712 39,712 Other AEC 3,913 46,482 50,395 Total Albany Engineered Composites 3,913 86,194 90,107 Total revenue $ 157,076 $ 87,093 $ 244,169 Three months ended March 31, 2021 (in thousands) Point in Time Revenue Recognition Over Time Revenue Recognition Total Machine Clothing $ 147,341 $ 865 $ 148,206 Albany Engineered Composites ASC — 27,084 27,084 Other AEC 3,880 43,192 47,072 Total Albany Engineered Composites 3,880 70,276 74,156 Total revenue $ 151,221 $ 71,141 $ 222,362 The following table disaggregates MC segment revenue by significant product groupings (paper machine clothing (PMC) and engineered fabrics), and, for PMC, the geographical region to which the paper machine clothing was sold: Three months ended March 31, (in thousands) 2022 2021 Americas PMC $ 76,616 $ 73,302 Eurasia PMC 55,486 55,143 Engineered Fabrics 21,960 19,761 Total Machine Clothing Net sales $ 154,062 $ 148,206 We do not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Contracts in the MC segment are generally for periods of less than a year. Most contracts in the AEC segment are short duration firm-fixed-price orders representing performance obligations with an original maturity of less than one year. Remaining performance obligations on contracts that had an original duration of greater than one year totaled $263 million and $76 million as of March 31, 2022 and 2021, respectively, and related primarily to firm contracts in the AEC segment. Of the remaining performance obligations as of March 31, 2022, we expect to recognize as revenue approximately $79 million during 2022, $45 million during 2023, $38 million during 2024, and the remainder thereafter.

Pensions and Other Postretireme

Pensions and Other Postretirement Benefit Plans	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Pensions and Other Postretirement Benefit Plans	Pensions and Other Postretirement Benefit Plans The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The Company also provides certain postretirement benefits to retired employees in the U.S. and Canada. The Company accrues the cost of providing these benefits during the active service period of the employees. The composition of the net periodic benefit cost for the three months ended March 31, 2022 and 2021, was as follows: Pension plans Other postretirement benefits (in thousands) 2022 2021 2022 2021 Components of net periodic benefit cost: Service cost $ 355 $ 545 $ 29 $ 33 Interest cost 1,417 1,338 305 276 Expected return on assets (1,706) (1,606) — — Amortization of prior service cost/(credit) (1) 3 (1,122) (1,122) Amortization of net actuarial loss 500 544 471 565 Net periodic benefit cost $ 565 $ 824 $ (317) $ (248) The amount of net periodic benefit cost is determined at the beginning of each year and generally only varies from quarter to quarter when a significant event occurs, such as a curtailment or a settlement. There were no such events in the first three months of 2022 or 2021. Service cost for defined benefit pension and postretirement plans are reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net periodic benefit cost are included in the line item Other (income)/expense, net in the Consolidated Statements of Income.

Other (Income)_Expense, net

Other (Income)/Expense, net	3 Months Ended
	Mar. 31, 2022
Other Income and Expenses [Abstract]
Other (Income)/Expense, net	Other (Income)/Expense, net The components of Other (Income)/Expense, net are: Three months ended March 31, (in thousands) 2022 2021 Currency transaction (gains)/losses $ (3,741) $ 166 Bank fees and amortization of debt issuance costs 96 107 Components of net periodic pension and postretirement cost other than service cost (136) (2) Other (147) 329 Total $ (3,928) $ 600

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table presents components of income tax expense for the three months ended March 31, 2022 and 2021: Three months ended March 31, (in thousands, except percentages) 2022 2021 Income tax based on income from continuing operations (1) $ 10,942 $ 11,332 Income tax before discrete items 10,942 11,332 Discrete tax expense: Exercise of U.S. stock options (9) (142) Impact of amended tax returns (81) (645) Adjustments of prior year estimated taxes 104 (751) Changes in uncertain tax positions 6 278 Other 36 (32) Total income tax expense $ 10,998 $ 10,040 (1) Calculated at estimated tax rates of 28.0% and 30.1%, respectively Income tax expense for the quarter was computed in accordance with ASC 740-270, Income Taxes – Interim Reporting. Under this method, loss jurisdictions, which cannot recognize a tax benefit with regard to their generated losses, are excluded from the annual effective tax rate (AETR) calculation and their taxes will be recorded discretely in each quarter.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The amounts used in computing earnings per share and the weighted average number of shares of potentially dilutive securities are as follows: Three months ended March 31, (in thousands, except market price and earnings per share) 2022 2021 Net income attributable to the Company $ 27,737 $ 27,582 Weighted average number of shares: Weighted average number of shares used in calculating basic net income per share 31,877 32,352 Effect of dilutive stock-based compensation plans: Stock options — 3 RSU and MPP shares 84 46 Weighted average number of shares used in calculating diluted net income per share 31,961 32,401 Average market price of common stock used for calculation of dilutive shares $ 86.09 $ 79.30 Net income attributable to the Company per share: Basic $ 0.87 $ 0.85 Diluted $ 0.87 $ 0.85

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (AOCI)	3 Months Ended
	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (AOCI)	Accumulated Other Comprehensive Income (AOCI) The table below presents changes in the components of AOCI for the period December 31, 2021 to March 31, 2022: (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income December 31, 2021 $ (105,880) $ (38,490) $ (1,614) $ (145,984) Other comprehensive income/(loss) before reclassifications, net of tax (1,730) 179 8,752 7,201 Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax — — 1,266 1,266 Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax — (105) — (105) Net current period other comprehensive income (1,730) 74 10,018 8,362 March 31, 2022 $ (107,610) $ (38,416) $ 8,404 $ (137,622) The table below presents changes in the components of AOCI for the period December 31, 2020 to March 31, 2021: (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income December 31, 2020 $ (83,203) $ (39,661) $ (9,544) $ (132,408) Other comprehensive income/(loss) before reclassifications, net of tax (15,955) 516 (343) (15,782) Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax — — 1,095 1,095 Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax — (7) — (7) Net current period other comprehensive income (15,955) 509 752 (14,694) March 31, 2021 $ (99,158) $ (39,152) $ (8,792) $ (147,102) The components of our Accumulated Other Comprehensive Income that are reclassified to the Statement of Income relate to our pension and postretirement plans and interest rate swaps. The table below presents the expense/(income) amounts reclassified from AOCI, and the line items of the Statement of Income that were affected for the three months ended March 31, 2022 and 2021: Three months ended March 31, (in thousands) 2022 2021 Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income: Expense/(income) related to interest rate swaps included in Income before taxes (a) $ 1,696 $ 1,476 Income tax effect (430) (381) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ 1,266 $ 1,095 Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: Amortization of prior service credit (1,123) (1,119) Amortization of net actuarial loss 971 1,109 Total pretax amount reclassified (b) (152) (10) Income tax effect 47 3 Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ (105) $ (7) (a) Included in Interest expense, net are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 13 and 14). (b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 3).

Noncontrolling Interest

Noncontrolling Interest	3 Months Ended
	Mar. 31, 2022
Noncontrolling Interest [Abstract]
Noncontrolling Interest	Noncontrolling Interest Effective October 31, 2013, Safran S.A. (Safran) acquired a 10 percent equity interest in a new Albany subsidiary, Albany Safran Composites, LLC (ASC). The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity in the Company’s subsidiary Albany Safran Composites, LLC: Three months ended March 31, (in thousands, except percentages) 2022 2021 Net income/(loss) of Albany Safran Composites (ASC) $ 3,702 $ 585 Less: Return attributable to the Company's preferred holding 319 318 Net /income/(loss) of ASC available for common ownership $ 3,383 $ 267 Ownership percentage of noncontrolling shareholder 10 % 10 % Net /income/(loss) attributable to the noncontrolling interest $ 338 $ 27 Noncontrolling interest, beginning of year $ 3,638 $ 3,799 Net income/(loss) attributable to noncontrolling interest 338 27 Changes in other comprehensive income attributable to the noncontrolling interest 56 (210) Noncontrolling interest, end of interim period $ 4,032 $ 3,616

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Accounts receivable includes trade receivables. In connection with certain sales in Asia, the Company accepts a bank promissory note as customer payment. The notes may be presented for payment at maturity, which is less than one year. As of March 31, 2022 and December 31, 2021, Accounts receivable consisted of the following: (in thousands) March 31, December 31, Trade and other accounts receivable $ 186,462 $ 168,046 Bank promissory notes 24,609 26,284 Allowance for expected credit losses (3,516) (2,345) Accounts receivable, net $ 207,555 $ 191,985 The Company has Noncurrent receivables in the AEC segment that represent revenue earned, which has extended payment terms. The Noncurrent receivables will be invoiced to the customer over a 10-year period, which began in 2020. As of March 31, 2022 and December 31, 2021, Noncurrent receivables consisted of the following: (in thousands) March 31, December 31, Noncurrent receivables $ 31,177 $ 32,049 Allowance for expected credit losses (195) (200) Noncurrent receivables, net $ 30,982 $ 31,849

Contract Assets and Liabilities

Contract Assets and Liabilities	3 Months Ended
	Mar. 31, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract Assets and Liabilities	Contract Assets and Liabilities Contract assets includes unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to Accounts receivable, net when the entitlement to pay becomes unconditional. Contract liabilities include advance payments and billings in excess of revenue recognized. Contract liabilities are included in Accrued liabilities in the Consolidated Balance Sheets. Contract assets and Contract liabilities are reported on the Consolidated Balance Sheets in a net position on a contract-by-contract basis at the end of each reporting period. As of March 31, 2022 and December 31, 2021, Contract assets and Contract liabilities consisted of the following: (in thousands) March 31, December 31, Contract assets $ 112,967 $ 113,249 Allowance for expected credit losses (705) (703) Contract assets, net $ 112,262 $ 112,546 Contract liabilities $ 5,293 $ 6,959 Contract assets decreased $0.3 million during the three-month period ended March 31, 2022. The decrease was primarily due to invoicing to customers exceeding revenue recognized for satisfied performance obligations for contracts that were in a contract asset position. There were no impairment losses related to our Contract assets during the three month periods ended March 31, 2022 and March 31, 2021. Contract liabilities decreased $1.7 million during the three-month period ended March 31, 2022, primarily due to revenue recognized from satisfied performance obligations exceeding amounts invoiced to customers that were in a contract liability position. Revenue recognized for the three-month periods ended March 31, 2022 and 2021 that was included in the Contract liability balance at the beginning of the year was $4.8 million and $4.3 million, respectively.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Costs included in inventories are raw materials, labor, supplies and allocable depreciation and overhead. Raw material inventories are valued on an average cost basis. Other inventory cost elements are valued at cost, using the first-in, first-out method. The Company writes down the inventories for estimated obsolescence, and to lower of cost or net realizable value based upon assumptions about future demand and market conditions. If actual demand or market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required. Once established, the original cost of the inventory less the related write-down represents the new cost basis of such inventories. As of March 31, 2022 and December 31, 2021, Inventories consisted of the following: (in thousands) March 31, 2022 December 31, 2021 Raw materials $ 58,493 $ 58,689 Work in process 48,297 44,839 Finished goods 17,045 14,354 Total inventories $ 123,835 $ 117,882

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually. Our reportable segments are consistent with our operating segments. In the second quarter of 2021, management applied the qualitative assessment approach in performing its annual evaluation of goodwill for the Company's Machine Clothing reporting unit and three AEC reporting units and concluded that each reporting unit’s fair value continued to exceed its carrying value. In addition, there were no amounts at risk due to the estimated excess between the fair and carrying values. Accordingly, no impairment charges were recorded. When a quantitative assessment is performed, determining the fair value of a reporting unit requires the use of significant estimates and assumptions, including revenue growth rates, operating margins, discount rates, and future market conditions, among others. Goodwill and other long-lived assets are reviewed for impairment whenever events, such as significant changes in the business climate, plant closures, changes in product offerings, or other circumstances indicate that the carrying amount may not be recoverable. To determine fair value, we utilize two market-based approaches and an income approach. Under the market-based approaches, we utilize information regarding the Company, as well as publicly available industry information, to determine earnings multiples and sales multiples. Under the income approach, we determine fair value based on estimated future cash flows of each reporting unit, discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Financial Instruments	Financial Instruments Long-term debt, principally to banks and noteholders, consists of: (in thousands, except interest rates) March 31, 2022 December 31, 2021 Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.42% in 2022 and 3.74% in 2021 (including the effect of interest rate hedging transactions, as described below), due in 2024 $ 427,000 $ 350,000 We had no current maturities of Long-term debt as of March 31, 2022 or December 31, 2021. On October 27, 2020, we entered into a $700 million unsecured Four-Year Revolving Credit Facility Agreement (the “Credit Agreement”) which amended and restated the prior amended and restated $685 million Five-Year Revolving Credit Facility Agreement, which we had entered into on November 7, 2017 (the “Prior Agreement”). Under the Credit Agreement, $427 million of borrowings were outstanding as of March 31, 2022. The applicable interest rate for borrowings was LIBOR plus a spread, based on our leverage ratio at the time of borrowing. At the time of the last borrowing on March 31, 2022, the spread was 1.625%. The spread was based on a pricing grid, which ranged from 1.500% to 2.000%, based on our leverage ratio. Based on our maximum leverage ratio and our Consolidated EBITDA, and without modification to any other credit agreements, as of March 31, 2022, we would have been able to borrow an additional $273 million under the Agreement. The Credit Agreement contains customary terms, as well as affirmative covenants, negative covenants and events of default that are comparable to those in the Prior Agreement. The Borrowings are guaranteed by certain of the Company’s subsidiaries. Our ability to borrow additional amounts under the Credit Agreement is conditional upon the absence of any defaults, as well as the absence of any material adverse change (as defined in the Credit Agreement). On June 14, 2021, we entered into interest rate swap agreements for the period October 17, 2022 through October 27, 2024. These transactions have the effect of fixing the LIBOR portion of the effective interest rate (before addition of the spread) on $350 million of indebtedness drawn under the Credit Agreement at the rate of 0.838% during the period. Under the terms of these transactions, we pay the fixed rate of 0.838% and the counterparties pay a floating rate based on the one-month LIBOR rate at each monthly calculation date, which on March 16, 2022 was 0.44%. On November 28, 2017, we entered into interest rate swap agreements for the period December 18, 2017 through October 17, 2022. These transactions have the effect of fixing the LIBOR portion of the effective interest rate (before addition of the spread) on $350 million of indebtedness drawn under the Credit Agreement at the rate of 2.11% during the period. Under the terms of these transactions, we pay the fixed rate of 2.11% and the counterparties pay a floating rate based on the one-month LIBOR rate at each monthly calculation date, which on March 16, 2022 was 0.44%, during the swap period. On March 16, 2022, the all-in-rate on the $350 million of debt was 3.735%. These interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 14. No cash collateral was received or pledged in relation to the swap agreements. Under the Credit Agreement, we are currently required to maintain a leverage ratio (as defined in the agreement) of not greater than 3.50 to 1.00 and minimum interest coverage (as defined) of 3.00 to 1.00. As of March 31, 2022, our leverage ratio was 1.32 to 1.00 and our interest coverage ratio was 14.80 to 1.00. We may purchase our Common Stock or pay dividends to the extent our leverage ratio remains at or below 3.50 to 1.00, and may make acquisitions with cash, provided our leverage ratio does not exceed the limits noted above. Indebtedness under the Credit Agreement is ranked equally in right of payment to all unsecured senior debt. We were in compliance with all debt covenants as of March 31, 2022. Currently, our Credit Agreement and certain of our derivative instruments reference one-month USD LIBOR-based rates, which are set to discontinue after June 30, 2023. Regulators in the U.S. and other jurisdictions have been working to replace these rates with alternative reference interest rates that are supported by transactions in liquid and observable markets, such as the Secured Overnight Financing Rate (SOFR) for USD LIBOR. Our Credit Agreement contains provisions specifying alternative interest rate calculations to be employed when LIBOR ceases to be available as a benchmark and we have adhered to the ISDA IBOR Fallbacks Protocol, which will govern our derivatives upon the final cessation of USD LIBOR. ASU 2020-04, Reference Rate Reform, helps limit the accounting impact from contract modifications, including hedging relationships, due to the transition from LIBOR to alternative reference rates that are completed by December 31, 2022. We adopted certain provisions of ASU 2020-04 during 2021. While we currently do not expect a significant impact to our operating results, financial position or cash flows from the transition from LIBOR to alternative reference interest rates, we will continue to monitor the impact of this transition until it is completed.

Fair-Value Measurements

Fair-Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair-Value Measurements	Fair-Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accounting principles establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Level 3 inputs are unobservable data points for the asset or liability, and include situations in which there is little, if any, market activity for the asset or liability. We had no Level 3 financial assets or liabilities at March 31, 2022, or at December 31, 2021. The following table presents the fair-value hierarchy for our Level 1 and Level 2 financial and non-financial assets and liabilities, which are measured at fair value on a recurring basis: March 31, 2022 December 31, 2021 Quoted prices in active markets Significant other observable inputs Quoted prices in active markets Significant other observable inputs (in thousands) (Level 1) (Level 2) (Level 1) (Level 2) Fair Value Assets: Cash equivalents $ 19,058 $ — $ 20,665 $ — Other Assets: Common stock of unaffiliated foreign public company (a) 689 — 702 — Interest rate swaps 13,519 — 3,328 Liabilities: Interest rate swaps — (1,941) — (5,176) (a) Original cost basis $0.5 million. Cash equivalents include short-term securities that are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities. The interest rate swaps are accounted for as hedges of future cash flows. The fair value of our interest rate swaps are derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve, and is included in Other assets and/or Other noncurrent liabilities in the Consolidated Balance Sheets. Amounts determined to be due within one year are reclassified to Other current assets and/or Accrued liabilities in the Consolidated Balance Sheets. Unrealized gains and losses on the swaps flow through the caption Derivative valuation adjustment in the Shareholders’ equity section of the Consolidated Balance Sheets. As of March 31, 2022, these interest rate swaps were determined to be highly effective hedges of interest rate cash flow risk. Amounts accumulated in Other comprehensive income are reclassified as Interest expense, net when the related interest payments (that is, the hedged forecasted transactions), and amortization related to the swap buyouts, affect earnings. Interest (income)/expense related to payments under the active swap agreements totaled $1.7 million for the three month period ended March 31, 2022, and $1.7 million for the three month period ended March 31, 2021. Additionally, non-cash interest income related to the amortization of swap buyouts totaled $0.0 million for the three month period ended March 31, 2022 and $0.3 million for the three month period ended March 31, 2021. We operate our business in many regions of the world, and currency rate movements can have a significant effect on operating results. Foreign currency instruments are entered into periodically, and consist of foreign currency option contracts and forward contracts that are valued using quoted prices in active markets obtained from independent pricing sources. These instruments are measured using market foreign exchange prices and are recorded in the Consolidated Balance Sheets as Other current assets and Accounts payable, as applicable. Changes in fair value of these instruments are recorded as gains or losses within Other (income)/expense, net. When exercised, the foreign currency instruments are net settled with the same financial institution that bought or sold them. For all positions, whether options or forward contracts, there is risk from the possible inability of the financial institution to meet the terms of the contracts and the risk of unfavorable changes in interest and currency rates, which may reduce the value of the instruments. We seek to mitigate risk by evaluating the creditworthiness of counterparties and by monitoring the currency exchange and interest rate markets while reviewing the hedging risks and contracts to ensure compliance with our internal guidelines and policies. (Gains)/losses related to changes in fair value of derivative instruments that were recognized in Other (income)/expense, net in the Consolidated Statements of Income were as follows: Three months ended March 31, (in thousands) 2022 2021 Derivatives not designated as hedging instruments Foreign currency options (gains)/losses $ (977) $ 140

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Asbestos Litigation Albany International Corp. is a defendant in suits brought in various courts in the United States by plaintiffs who allege that they have suffered personal injury as a result of exposure to asbestos-containing paper machine clothing synthetic dryer fabrics marketed during the period from 1967 to 1976 and used in certain paper mills. We were defending 3,616 claims as of March 31, 2022. The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented: Year ended December 31, Opening Number of Claims Claims Dismissed, Settled, or Resolved New Claims Closing Number of Claims Amounts Paid (thousands) to Settle or Resolve 2021 3,615 32 26 3,609 93 2022 (As of March 31) 3,609 2 9 3,616 $ — We anticipate that additional claims will be filed against the Company and related companies in the future but are unable to predict the number and timing of such future claims. Due to the fact that information sufficient to meaningfully estimate a range of possible loss of a particular claim is typically not available until late in the discovery process, we do not believe a meaningful estimate can be made regarding the range of possible loss with respect to pending or future claims and therefore are unable to estimate a range of reasonably possible loss in excess of amounts already accrued for pending or future claims. While we believe we have meritorious defenses to these claims, we have settled certain claims for amounts we consider reasonable given the facts and circumstances of each case. Our insurance carrier has defended each case and funded settlements under a standard reservation of rights. As of March 31, 2022, we had resolved, by means of settlement or dismissal, 37,982 claims. The total cost of resolving all claims was $10.5 million. Of this amount, almost 100% was paid by our insurance carrier, who has confirmed that we have approximately $140 million of remaining coverage under primary and excess policies that should be available with respect to current and future asbestos claims. The Company’s subsidiary, Brandon Drying Fabrics, Inc. (“Brandon”), is also a separate defendant in many of the asbestos cases in which Albany is named as a defendant, despite never having manufactured any fabrics containing asbestos. While Brandon was defending against 7,709 claims as of March 31, 2022, only twelve claims have been filed against Brandon since January 1, 2012, and only $15,000 in settlement costs have been incurred since 2001. Brandon was acquired by the Company in 1999 and has its own insurance policies covering periods prior to 1999. Since 2004, Brandon’s insurance carriers have covered 100% of indemnification and defense costs, subject to policy limits and a standard reservation of rights. In some of these asbestos cases, the Company is named both as a direct defendant and as the “successor in interest” to Mount Vernon Mills (“Mount Vernon”). We acquired certain assets from Mount Vernon in 1993. Certain plaintiffs allege injury caused by asbestos-containing products alleged to have been sold by Mount Vernon many years prior to this acquisition. Mount Vernon is contractually obligated to indemnify the Company against any liability arising out of such products. We deny any liability for products sold by Mount Vernon prior to the acquisition of the Mount Vernon assets. Pursuant to its contractual indemnification obligations, Mount Vernon has assumed the defense of these claims. On this basis, we have successfully moved for dismissal in a number of actions. We currently do not anticipate, based on currently available information, that the ultimate resolution of the aforementioned proceedings will have a material adverse effect on the financial position, results of operations, or cash flows of the Company. Although we cannot predict the number and timing of future claims, based on the foregoing factors, the trends in claims filed against us, and available insurance, we also do not currently anticipate that potential future claims will have a material adverse effect on our financial position, results of operations, or cash flows.

Changes in Shareholders' Equity

Changes in Shareholders' Equity	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Changes in Shareholders’ Equity	Changes in Shareholders’ Equity The following table summarizes changes in Shareholders’ Equity for the period December 31, 2021 to March 31, 2022: Class A Common Stock Class B Common Stock Additional paid-in capital Retained earnings Accumulated items of other comprehensive income Class A Treasury Stock Noncontrolling Interest Total Equity (in thousands) Shares Amount Shares Amount Shares Amount December 31, 2021 40,760 $ 41 — $ — $ 436,996 $ 863,057 $ (145,984) 8,665 $ (280,143) $ 3,638 $ 877,605 Net income — — — — — 27,737 — — — 338 28,075 Compensation and benefits paid or payable in shares 21 — — — 745 — — — — — 745 Options exercised — — — — 7 — — — — — 7 Shares issued to Directors' — — — — — — — — — — — Purchase of Treasury shares (a) — — — — — — — 515 (43,937) — (43,937) Dividends declared Class A Common Stock, $0.21 per share — — — — — (6,661) — — — — (6,661) Class B Common Stock, $0.21 per share — — — — — — — — — — — Cumulative translation adjustments — — — — — — (1,730) — — 56 (1,674) Pension and postretirement liability adjustments — — — — — — 74 — — — 74 Derivative valuation adjustment — — — — — — 10,018 — — — 10,018 March 31, 2022 40,781 $ 41 — $ — $ 437,748 $ 884,133 $ (137,622) 9,180 $ (324,080) $ 4,032 $ 864,252 The following table summarizes changes in Shareholders’ Equity for the period December 31, 2020 to March 31, 2021: Class A Common Stock Class B Common Stock Additional paid-in capital Retained earnings Accumulated items of other comprehensive income Class A Treasury Stock Noncontrolling Interest Total Equity (in thousands) Shares Amount Shares Amount Shares Amount December 31, 2020 39,115 $ 39 1,618 $ 2 $ 433,696 $ 770,746 $ (132,408) 8,391 $ (256,009) $ 3,799 $ 819,865 Net income — — — — — 27,582 — — — 27 27,609 Compensation and benefits paid or payable in shares 20 — — — (13) — — — — — (13) Options exercised 6 — 128 — — — — — 128 Shares issued to Directors' — — — — — — — — — — — Dividends declared Class A Common Stock, $0.20 per share — — — — — (6,150) — — — — (6,150) Class B Common Stock, $0.20 per share — — — — — (324) — — — — (324) Cumulative translation adjustments — — — — — — (15,955) — — (210) (16,165) Pension and postretirement liability adjustments — — — — — — 509 — — — 509 Derivative valuation adjustment — — — — — — 752 — — — 752 March 31, 2021 39,141 $ 39 1,618 $ 2 $ 433,811 $ 791,854 $ (147,102) 8,391 $ (256,009) $ 3,616 $ 826,211 (a) In October 2021, the Company's Board of Directors authorized the Company to repurchase shares of up to $200 million through open market purchases, privately negotiated transactions or otherwise, and to determine the prices, times and amounts. In 2021, the Company repurchased 285,286 shares totaling $24.4 million.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of results for such periods. Albany International Corp. (Albany, the Registrant, the Company, we, us, or our) consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in Albany International Corp.’s Consolidated Financial Statements and accompanying Notes. Actual results could differ materially from those estimates. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Albany International Corp.’s Annual Report on Form 10-K for the year ended December 31, 2021.

Reportable Segments and Reven_2

Reportable Segments and Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements: Three months ended March 31, (in thousands) 2022 2021 Net sales Machine Clothing $ 154,062 $ 148,206 Albany Engineered Composites 90,107 74,156 Consolidated total $ 244,169 $ 222,362 Operating income/(loss) Machine Clothing $ 49,644 $ 50,363 Albany Engineered Composites 1,195 2,938 Corporate expenses (12,085) (11,483) Operating income $ 38,754 $ 41,818 Reconciling items: Interest income (652) (529) Interest expense 4,261 4,098 Other expense/(income), net (3,928) 600 Income before income taxes $ 39,073 $ 37,649
Schedule of Restructuring Costs by Reporting Segment	The table below presents restructuring costs by reportable segment: Three months ended March 31, (in thousands) 2022 2021 Machine Clothing $ 243 $ (69) Albany Engineered Composites — 89 Corporate expenses 11 32 Total $ 254 $ 52
Schedule of Disaggregation of Revenue For Each Product Group by Timing of Revenue Recognition	The following table disaggregates revenue for each product group by timing of revenue recognition: Three months ended March 31, 2022 (in thousands) Point in Time Revenue Recognition Over Time Revenue Recognition Total Machine Clothing $ 153,163 $ 899 $ 154,062 Albany Engineered Composites ASC — 39,712 39,712 Other AEC 3,913 46,482 50,395 Total Albany Engineered Composites 3,913 86,194 90,107 Total revenue $ 157,076 $ 87,093 $ 244,169 Three months ended March 31, 2021 (in thousands) Point in Time Revenue Recognition Over Time Revenue Recognition Total Machine Clothing $ 147,341 $ 865 $ 148,206 Albany Engineered Composites ASC — 27,084 27,084 Other AEC 3,880 43,192 47,072 Total Albany Engineered Composites 3,880 70,276 74,156 Total revenue $ 151,221 $ 71,141 $ 222,362
Schedule of Disaggregate MC Segment Revenue by Significant Product or Service	The following table disaggregates MC segment revenue by significant product groupings (paper machine clothing (PMC) and engineered fabrics), and, for PMC, the geographical region to which the paper machine clothing was sold: Three months ended March 31, (in thousands) 2022 2021 Americas PMC $ 76,616 $ 73,302 Eurasia PMC 55,486 55,143 Engineered Fabrics 21,960 19,761 Total Machine Clothing Net sales $ 154,062 $ 148,206

Pensions and Other Postretire_2

Pensions and Other Postretirement Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The composition of the net periodic benefit cost for the three months ended March 31, 2022 and 2021, was as follows: Pension plans Other postretirement benefits (in thousands) 2022 2021 2022 2021 Components of net periodic benefit cost: Service cost $ 355 $ 545 $ 29 $ 33 Interest cost 1,417 1,338 305 276 Expected return on assets (1,706) (1,606) — — Amortization of prior service cost/(credit) (1) 3 (1,122) (1,122) Amortization of net actuarial loss 500 544 471 565 Net periodic benefit cost $ 565 $ 824 $ (317) $ (248)

Other (Income)_Expense, net (Ta

Other (Income)/Expense, net (Tables)	3 Months Ended
	Mar. 31, 2022
Other Income and Expenses [Abstract]
Schedule of Other (Income)/Expense, net	The components of Other (Income)/Expense, net are: Three months ended March 31, (in thousands) 2022 2021 Currency transaction (gains)/losses $ (3,741) $ 166 Bank fees and amortization of debt issuance costs 96 107 Components of net periodic pension and postretirement cost other than service cost (136) (2) Other (147) 329 Total $ (3,928) $ 600

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The following table presents components of income tax expense for the three months ended March 31, 2022 and 2021: Three months ended March 31, (in thousands, except percentages) 2022 2021 Income tax based on income from continuing operations (1) $ 10,942 $ 11,332 Income tax before discrete items 10,942 11,332 Discrete tax expense: Exercise of U.S. stock options (9) (142) Impact of amended tax returns (81) (645) Adjustments of prior year estimated taxes 104 (751) Changes in uncertain tax positions 6 278 Other 36 (32) Total income tax expense $ 10,998 $ 10,040 (1) Calculated at estimated tax rates of 28.0% and 30.1%, respectively

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The amounts used in computing earnings per share and the weighted average number of shares of potentially dilutive securities are as follows: Three months ended March 31, (in thousands, except market price and earnings per share) 2022 2021 Net income attributable to the Company $ 27,737 $ 27,582 Weighted average number of shares: Weighted average number of shares used in calculating basic net income per share 31,877 32,352 Effect of dilutive stock-based compensation plans: Stock options — 3 RSU and MPP shares 84 46 Weighted average number of shares used in calculating diluted net income per share 31,961 32,401 Average market price of common stock used for calculation of dilutive shares $ 86.09 $ 79.30 Net income attributable to the Company per share: Basic $ 0.87 $ 0.85 Diluted $ 0.87 $ 0.85

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (AOCI) (Tables)	3 Months Ended
	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The table below presents changes in the components of AOCI for the period December 31, 2021 to March 31, 2022: (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income December 31, 2021 $ (105,880) $ (38,490) $ (1,614) $ (145,984) Other comprehensive income/(loss) before reclassifications, net of tax (1,730) 179 8,752 7,201 Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax — — 1,266 1,266 Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax — (105) — (105) Net current period other comprehensive income (1,730) 74 10,018 8,362 March 31, 2022 $ (107,610) $ (38,416) $ 8,404 $ (137,622) The table below presents changes in the components of AOCI for the period December 31, 2020 to March 31, 2021: (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income December 31, 2020 $ (83,203) $ (39,661) $ (9,544) $ (132,408) Other comprehensive income/(loss) before reclassifications, net of tax (15,955) 516 (343) (15,782) Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax — — 1,095 1,095 Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax — (7) — (7) Net current period other comprehensive income (15,955) 509 752 (14,694) March 31, 2021 $ (99,158) $ (39,152) $ (8,792) $ (147,102)
Reclassification out of Accumulated Other Comprehensive Income	The table below presents the expense/(income) amounts reclassified from AOCI, and the line items of the Statement of Income that were affected for the three months ended March 31, 2022 and 2021: Three months ended March 31, (in thousands) 2022 2021 Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income: Expense/(income) related to interest rate swaps included in Income before taxes (a) $ 1,696 $ 1,476 Income tax effect (430) (381) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ 1,266 $ 1,095 Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: Amortization of prior service credit (1,123) (1,119) Amortization of net actuarial loss 971 1,109 Total pretax amount reclassified (b) (152) (10) Income tax effect 47 3 Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ (105) $ (7) (a) Included in Interest expense, net are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 13 and 14). (b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 3).

Noncontrolling Interest (Tables

Noncontrolling Interest (Tables)	3 Months Ended
	Mar. 31, 2022
Noncontrolling Interest [Abstract]
Schedule of Income Attributable to Noncontrolling Interest and Noncontrolling Equity	The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity in the Company’s subsidiary Albany Safran Composites, LLC: Three months ended March 31, (in thousands, except percentages) 2022 2021 Net income/(loss) of Albany Safran Composites (ASC) $ 3,702 $ 585 Less: Return attributable to the Company's preferred holding 319 318 Net /income/(loss) of ASC available for common ownership $ 3,383 $ 267 Ownership percentage of noncontrolling shareholder 10 % 10 % Net /income/(loss) attributable to the noncontrolling interest $ 338 $ 27 Noncontrolling interest, beginning of year $ 3,638 $ 3,799 Net income/(loss) attributable to noncontrolling interest 338 27 Changes in other comprehensive income attributable to the noncontrolling interest 56 (210) Noncontrolling interest, end of interim period $ 4,032 $ 3,616

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	As of March 31, 2022 and December 31, 2021, Accounts receivable consisted of the following: (in thousands) March 31, December 31, Trade and other accounts receivable $ 186,462 $ 168,046 Bank promissory notes 24,609 26,284 Allowance for expected credit losses (3,516) (2,345) Accounts receivable, net $ 207,555 $ 191,985
Schedule of Contract Receivables	As of March 31, 2022 and December 31, 2021, Noncurrent receivables consisted of the following: (in thousands) March 31, December 31, Noncurrent receivables $ 31,177 $ 32,049 Allowance for expected credit losses (195) (200) Noncurrent receivables, net $ 30,982 $ 31,849

Contract Assets and Liabiliti_2

Contract Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Schedule of Contract Assets and Contract Liabilities	As of March 31, 2022 and December 31, 2021, Contract assets and Contract liabilities consisted of the following: (in thousands) March 31, December 31, Contract assets $ 112,967 $ 113,249 Allowance for expected credit losses (705) (703) Contract assets, net $ 112,262 $ 112,546 Contract liabilities $ 5,293 $ 6,959

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory	As of March 31, 2022 and December 31, 2021, Inventories consisted of the following: (in thousands) March 31, 2022 December 31, 2021 Raw materials $ 58,493 $ 58,689 Work in process 48,297 44,839 Finished goods 17,045 14,354 Total inventories $ 123,835 $ 117,882

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt, principally to banks and noteholders, consists of: (in thousands, except interest rates) March 31, 2022 December 31, 2021 Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.42% in 2022 and 3.74% in 2021 (including the effect of interest rate hedging transactions, as described below), due in 2024 $ 427,000 $ 350,000

Fair-Value Measurements (Tables

Fair-Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The following table presents the fair-value hierarchy for our Level 1 and Level 2 financial and non-financial assets and liabilities, which are measured at fair value on a recurring basis: March 31, 2022 December 31, 2021 Quoted prices in active markets Significant other observable inputs Quoted prices in active markets Significant other observable inputs (in thousands) (Level 1) (Level 2) (Level 1) (Level 2) Fair Value Assets: Cash equivalents $ 19,058 $ — $ 20,665 $ — Other Assets: Common stock of unaffiliated foreign public company (a) 689 — 702 — Interest rate swaps 13,519 — 3,328 Liabilities: Interest rate swaps — (1,941) — (5,176) (a) Original cost basis $0.5 million.
Derivative Instruments, Gain (Loss) [Table Text Block]	(Gains)/losses related to changes in fair value of derivative instruments that were recognized in Other (income)/expense, net in the Consolidated Statements of Income were as follows: Three months ended March 31, (in thousands) 2022 2021 Derivatives not designated as hedging instruments Foreign currency options (gains)/losses $ (977) $ 140

Contingencies (Tables)

Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Loss Contingencies by Contingency	The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented: Year ended December 31, Opening Number of Claims Claims Dismissed, Settled, or Resolved New Claims Closing Number of Claims Amounts Paid (thousands) to Settle or Resolve 2021 3,615 32 26 3,609 93 2022 (As of March 31) 3,609 2 9 3,616 $ —

Changes in Shareholders' Equi_2

Changes in Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Schedule of Stockholders Equity	The following table summarizes changes in Shareholders’ Equity for the period December 31, 2021 to March 31, 2022: Class A Common Stock Class B Common Stock Additional paid-in capital Retained earnings Accumulated items of other comprehensive income Class A Treasury Stock Noncontrolling Interest Total Equity (in thousands) Shares Amount Shares Amount Shares Amount December 31, 2021 40,760 $ 41 — $ — $ 436,996 $ 863,057 $ (145,984) 8,665 $ (280,143) $ 3,638 $ 877,605 Net income — — — — — 27,737 — — — 338 28,075 Compensation and benefits paid or payable in shares 21 — — — 745 — — — — — 745 Options exercised — — — — 7 — — — — — 7 Shares issued to Directors' — — — — — — — — — — — Purchase of Treasury shares (a) — — — — — — — 515 (43,937) — (43,937) Dividends declared Class A Common Stock, $0.21 per share — — — — — (6,661) — — — — (6,661) Class B Common Stock, $0.21 per share — — — — — — — — — — — Cumulative translation adjustments — — — — — — (1,730) — — 56 (1,674) Pension and postretirement liability adjustments — — — — — — 74 — — — 74 Derivative valuation adjustment — — — — — — 10,018 — — — 10,018 March 31, 2022 40,781 $ 41 — $ — $ 437,748 $ 884,133 $ (137,622) 9,180 $ (324,080) $ 4,032 $ 864,252 The following table summarizes changes in Shareholders’ Equity for the period December 31, 2020 to March 31, 2021: Class A Common Stock Class B Common Stock Additional paid-in capital Retained earnings Accumulated items of other comprehensive income Class A Treasury Stock Noncontrolling Interest Total Equity (in thousands) Shares Amount Shares Amount Shares Amount December 31, 2020 39,115 $ 39 1,618 $ 2 $ 433,696 $ 770,746 $ (132,408) 8,391 $ (256,009) $ 3,799 $ 819,865 Net income — — — — — 27,582 — — — 27 27,609 Compensation and benefits paid or payable in shares 20 — — — (13) — — — — — (13) Options exercised 6 — 128 — — — — — 128 Shares issued to Directors' — — — — — — — — — — — Dividends declared Class A Common Stock, $0.20 per share — — — — — (6,150) — — — — (6,150) Class B Common Stock, $0.20 per share — — — — — (324) — — — — (324) Cumulative translation adjustments — — — — — — (15,955) — — (210) (16,165) Pension and postretirement liability adjustments — — — — — — 509 — — — 509 Derivative valuation adjustment — — — — — — 752 — — — 752 March 31, 2021 39,141 $ 39 1,618 $ 2 $ 433,811 $ 791,854 $ (147,102) 8,391 $ (256,009) $ 3,616 $ 826,211 (a) In October 2021, the Company's Board of Directors authorized the Company to repurchase shares of up to $200 million through open market purchases, privately negotiated transactions or otherwise, and to determine the prices, times and amounts. In 2021, the Company repurchased 285,286 shares totaling $24.4 million.

Reportable Segments and Reven_3

Reportable Segments and Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Oct. 31, 2013
Segment Reporting Information [Line Items]
Net sales		$ 244,169	$ 222,362
Operating income		38,754	41,818
Albany Engineered Composites
Segment Reporting Information [Line Items]
Net sales		90,107	74,156
Operating income		700
Machine Clothing
Segment Reporting Information [Line Items]
Net sales		154,062	148,206
Machine Clothing | RUSSIAN FEDERATION
Segment Reporting Information [Line Items]
Reserve for uncollectable receivables and inventory	$ 1,800
Impairment of investment		800
Revenue Benchmark | Customer Concentration Risk | SAFRAN Group
Segment Reporting Information [Line Items]
Concentration risk percentage				12.00%
US Government Contracts Or Programs | Revenue Benchmark | Product Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage				47.00%
Albany Aerostructures Composites LLC (AAC)
Segment Reporting Information [Line Items]
Receivables	$ 83,700	83,700	79,600
Safran
Segment Reporting Information [Line Items]
Net sales		$ 40,400	$ 27,700
Albany Safran Composites, LLC
Segment Reporting Information [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%	10.00%
Albany Safran Composites, LLC | Safran
Segment Reporting Information [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%	10.00%			10.00%

Reportable Segments and Reven_4

Reportable Segments and Revenue Recognition (Schedule of Financial Data by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 244,169	$ 222,362
Operating income	38,754	41,818
Other expense/(income), net	(3,928)	600
Income before income taxes	39,073	37,649
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Operating income	(12,085)	(11,483)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Interest income	(652)	(529)
Interest expense	4,261	4,098
Other expense/(income), net	(3,928)	600
Machine Clothing
Segment Reporting Information [Line Items]
Net sales	154,062	148,206
Machine Clothing | Operating Segments
Segment Reporting Information [Line Items]
Net sales	154,062	148,206
Operating income	49,644	50,363
Albany Engineered Composites
Segment Reporting Information [Line Items]
Net sales	90,107	74,156
Operating income	700
Albany Engineered Composites | Operating Segments
Segment Reporting Information [Line Items]
Net sales	90,107	74,156
Operating income	$ 1,195	$ 2,938

Reportable Segments and Reven_5

Reportable Segments and Revenue Recognition (Schedule of Restructuring Costs by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information, Additional Information [Abstract]
Restructuring expenses, net	$ 254	$ 52
Corporate, Non-Segment
Segment Reporting Information, Additional Information [Abstract]
Restructuring expenses, net	11	32
Machine Clothing | Operating Segments
Segment Reporting Information, Additional Information [Abstract]
Restructuring expenses, net	243	(69)
Albany Engineered Composites | Operating Segments
Segment Reporting Information, Additional Information [Abstract]
Restructuring expenses, net	$ 0	$ 89

Reportable Segments and Reven_6

Reportable Segments and Revenue Recognition (Schedule of Disaggregate Revenue for Each Business Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 244,169	$ 222,362
Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	157,076	151,221
Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	87,093	71,141
Machine Clothing
Disaggregation of Revenue [Line Items]
Net sales	154,062	148,206
Machine Clothing | Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	153,163	147,341
Machine Clothing | Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	899	865
Albany Engineered Composites
Disaggregation of Revenue [Line Items]
Net sales	90,107	74,156
Albany Engineered Composites | Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	3,913	3,880
Albany Engineered Composites | Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	86,194	70,276
ASC
Disaggregation of Revenue [Line Items]
Net sales	39,712	27,084
ASC | Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	0	0
ASC | Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	39,712	27,084
Other AEC
Disaggregation of Revenue [Line Items]
Net sales	50,395	47,072
Other AEC | Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	3,913	3,880
Other AEC | Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	$ 46,482	$ 43,192

Reportable Segments and Reven_7

Reportable Segments and Revenue Recognition (Schedule of Disaggregate MC Segment Revenue by Significant Product or Service) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 244,169	$ 222,362
Machine Clothing
Disaggregation of Revenue [Line Items]
Net sales	154,062	148,206
Machine Clothing | Americas PMC
Disaggregation of Revenue [Line Items]
Net sales	76,616	73,302
Machine Clothing | Eurasia PMC
Disaggregation of Revenue [Line Items]
Net sales	55,486	55,143
Machine Clothing | Engineered Fabrics
Disaggregation of Revenue [Line Items]
Net sales	$ 21,960	$ 19,761

Reportable Segments and Reven_8

Reportable Segments and Revenue Recognition (Remaining Performance Obligation) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Revenue, remaining performance obligation, amount	$ 263	$ 76
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	263	$ 76
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Leases [Abstract]
Revenue, remaining performance obligation, amount	79
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 79
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Leases [Abstract]
Revenue, remaining performance obligation, amount	$ 45
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 45
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Leases [Abstract]
Revenue, remaining performance obligation, amount	$ 38
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 38
Revenue, remaining performance obligation, expected timing of satisfaction, period

Pensions and Other Postretire_3

Pensions and Other Postretirement Benefit Plans (Schedule of Net Periodic Benefit Plan Cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 355	$ 545
Interest cost	1,417	1,338
Expected return on assets	(1,706)	(1,606)
Amortization of prior service cost/(credit)	(1)	3
Amortization of net actuarial loss	500	544
Net periodic benefit cost	565	824
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	29	33
Interest cost	305	276
Expected return on assets	0	0
Amortization of prior service cost/(credit)	(1,122)	(1,122)
Amortization of net actuarial loss	471	565
Net periodic benefit cost	$ (317)	$ (248)

Other (Income)_Expense, net (De

Other (Income)/Expense, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Income and Expenses [Abstract]
Currency transaction (gains)/losses	$ (3,741)	$ 166
Bank fees and amortization of debt issuance costs	96	107
Components of net periodic pension and postretirement cost other than service cost	(136)	(2)
Other	(147)	329
Total	$ (3,928)	$ 600

Other (Income)_Expense, net (Na

Other (Income)/Expense, net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Income and Expenses [Abstract]
Foreign currency transaction gain (loss), realized	$ 3.7	$ (0.2)

Income Taxes (Schedule of Compo

Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax based on income from continuing operations	$ 10,942	$ 11,332
Income tax before discrete items	10,942	11,332
Discrete tax expense:
Exercise of U.S. stock options	(9)	(142)
Impact of amended tax returns	(81)	(645)
Adjustments of prior year estimated taxes	104	(751)
Changes in uncertain tax positions	6	278
Other	36	(32)
Total income tax expense	$ 10,998	$ 10,040
Effective income tax rate reconciliation, percent	28.00%	30.10%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Net tax benefit		$ 1,400
Changes in uncertain tax positions	$ 6	$ 278

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to the Company	$ 27,737	$ 27,582
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share (in shares)	31,877	32,352
Effect of dilutive stock-based compensation plans:
Weighted average number of shares used in calculating diluted net income per share (in shares)	31,961	32,401
Average market price of common stock used for calculation of dilutive shares (in dollars per share)	$ 86.09	$ 79.30
Net income attributable to the Company per share:
Earnings per share attributable to Company shareholders - Basic (in dollars per share)	0.87	0.85
Earnings per share attributable to Company shareholders - Diluted (in dollars per share)	$ 0.87	$ 0.85
Stock options
Effect of dilutive stock-based compensation plans:
Weighted average number diluted shares outstanding adjustment (in shares)	0	3
RSU And MPP
Effect of dilutive stock-based compensation plans:
Weighted average number diluted shares outstanding adjustment (in shares)	84	46

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (AOCI) (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 873,967
Other comprehensive income/(loss) before reclassifications, net of tax	7,201	$ (15,782)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	1,266	1,095
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	(105)	(7)
Net current period other comprehensive income	8,362	(14,694)
Ending balance	860,220
Accumulated items of other comprehensive income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(145,984)	(132,408)
Ending balance	(137,622)	(147,102)
Translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(105,880)	(83,203)
Other comprehensive income/(loss) before reclassifications, net of tax	(1,730)	(15,955)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	0	0
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	0	0
Net current period other comprehensive income	(1,730)	(15,955)
Ending balance	(107,610)	(99,158)
Pension and postretirement liability adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(38,490)	(39,661)
Other comprehensive income/(loss) before reclassifications, net of tax	179	516
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	0	0
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	(105)	(7)
Net current period other comprehensive income	74	509
Ending balance	(38,416)	(39,152)
Derivative valuation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,614)	(9,544)
Other comprehensive income/(loss) before reclassifications, net of tax	8,752	(343)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	1,266	1,095
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	0	0
Net current period other comprehensive income	10,018	752
Ending balance	$ 8,404	$ (8,792)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (AOCI) (Schedule of Items Reclassified to Statement of Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service credit	$ (1,123)	$ (1,119)
Net actuarial loss	971	1,109
Income before income taxes	39,073	37,649
Income tax effect	(10,998)	(10,040)
Net income attributable to the Company	27,737	27,582
Reclassification out of Accumulated Other Comprehensive Income | Derivative valuation adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Expense/(income) related to interest rate swaps included in Income before taxes	1,696	1,476
Income tax effect	(430)	(381)
Net income attributable to the Company	1,266	1,095
Reclassification out of Accumulated Other Comprehensive Income | Pension and postretirement liability adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service credit	(1,123)	(1,119)
Net actuarial loss	971	1,109
Income before income taxes	(152)	(10)
Income tax effect	47	3
Net income attributable to the Company	$ (105)	$ (7)

Noncontrolling Interest (Narrat

Noncontrolling Interest (Narrative) (Details) - Albany Safran Composites, LLC	Mar. 31, 2022	Oct. 31, 2013
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%
Safran
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%	10.00%

Noncontrolling Interest - Incom

Noncontrolling Interest - Income attributable to the noncontrolling interest and noncontrolling equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Oct. 31, 2013
Noncontrolling Interest [Line Items]
Net income/(loss) of Albany Safran Composites (ASC)	$ 28,075	$ 27,609
Net /income/(loss) of ASC available for common ownership	27,737	27,582
Net income attributable to the noncontrolling interest	338	27
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year	3,638
Net income attributable to the noncontrolling interest	338	27
Noncontrolling interest, end of interim period	$ 4,032
Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%
Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Net income/(loss) of Albany Safran Composites (ASC)	$ 3,702	585
Less: Return attributable to the Company's preferred holding	319	318
Net /income/(loss) of ASC available for common ownership	3,383	267
Net income attributable to the noncontrolling interest	338	27
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year	3,638	3,799
Net income attributable to the noncontrolling interest	338	27
Changes in other comprehensive income attributable to the noncontrolling interest	56	(210)
Noncontrolling interest, end of interim period	$ 4,032	$ 3,616
Albany Safran Composites, LLC | Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder		10.00%
Safran | Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%		10.00%

Accounts Receivable (Schedule o

Accounts Receivable (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Trade and other accounts receivable	$ 186,462	$ 168,046
Bank promissory notes	24,609	26,284
Allowance for expected credit losses	(3,516)	(2,345)
Accounts receivable, net	$ 207,555	$ 191,985

Accounts Receivable (Narrative)

Accounts Receivable (Narrative) (Details)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Noncurrent receivables invoice, period	10 years

Accounts Receivable (Schedule_2

Accounts Receivable (Schedule of Contract Receivables) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Noncurrent receivables	$ 31,177,000	$ 32,049,000
Allowance for expected credit losses	(195,000)	(200,000)
Noncurrent receivables, net	$ 30,982,000	$ 31,849,000

Contract Assets and Liabiliti_3

Contract Assets and Liabilities (Schedule of Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets	$ 112,967	$ 113,249
Allowance for expected credit losses	(705)	(703)
Contract assets, net	112,262	112,546
Contract liabilities	$ 5,293	$ 6,959

Contract Assets and Liabiliti_4

Contract Assets and Liabilities (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract with customer, asset, period decrease	$ 300,000
Contract with customer, asset, impairment loss	0	$ 0
Decrease in contract with customer, liability	1,700,000
Contract with customer, liability, revenue recognized	$ 4,800,000	$ 4,300,000

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 58,493	$ 58,689
Work in process	48,297	44,839
Finished goods	17,045	14,354
Total inventories	$ 123,835	$ 117,882

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Details)	3 Months Ended
	Jun. 30, 2021USD ($)reportingUnit
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reporting units | reportingUnit	3
Goodwill impairment charges | $	$ 0

Financial Instruments (Schedule

Financial Instruments (Schedule of Long-Term Debt) (Details) - Line of Credit - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt	$ 427,000	$ 350,000
Interest rate, effective percentage	3.42%	3.74%

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Details)	Oct. 27, 2020USD ($)	Nov. 07, 2017USD ($)	Mar. 31, 2022USD ($)	Mar. 16, 2022USD ($)	Dec. 31, 2021USD ($)	Jun. 14, 2021USD ($)	Nov. 28, 2017USD ($)
Debt Instrument [Line Items]
Current maturities of long-term debt			$ 0		$ 0
Maximum leverage ratio allowed			3.50
Minimum interest coverage ratio required			3
Leverage ratio			1.32
Interest coverage ratio			14.80
Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 700,000,000	$ 685,000,000
Debt instrument, term	4 years	5 years
Borrowings outstanding			$ 427,000,000
Basis spread on variable rate			1.625%
Line of credit facility, remaining borrowing capacity			$ 273,000,000
Line of Credit | Interest Rate Swap
Debt Instrument [Line Items]
Derivative, notional amount				$ 350,000,000		$ 350,000,000	$ 350,000,000
Derivative, fixed interest rate				44.00%		0.838%	2.11%
LIBOR rate				3.735%
Line of Credit | Interest Rate Swap | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Derivative, basis spread on variable rate				0.44%
Line of Credit | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
Line of Credit | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%

Fair-Value Measurements (Schedu

Fair-Value Measurements (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivative Asset [Abstract]
Equity securities, cost basis	$ 500	$ 500
Fair Value, Recurring | (Level 1)
Assets:
Cash equivalents	19,058	20,665
Common stock of unaffiliated foreign public company	689	702
Interest rate swaps		0
Liabilities:
Interest rate swaps	0	0
Fair Value, Recurring | (Level 2)
Assets:
Cash equivalents	0	0
Common stock of unaffiliated foreign public company	0	0
Interest rate swaps	13,519	3,328
Liabilities:
Interest rate swaps	$ (1,941)	$ (5,176)

Fair-Value Measurements (Narrat

Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative [Line Items]
Interest income (expense), net	$ (3,609)	$ (3,569)
Interest Rate Swap
Derivative [Line Items]
Interest income (expense), net	$ 1,700	1,700
Interest Rate Swap Buyouts
Derivative [Line Items]
Interest income (expense), net		$ 300

Fair-Value Measurements (Sche_2

Fair-Value Measurements (Schedule of (Losses)/Gains on Changes in Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Foreign Exchange Option | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency options (gains)/losses	$ (977)	$ 140

Contingencies (Narrative) (Deta

Contingencies (Narrative) (Details) $ in Thousands	3 Months Ended	12 Months Ended	123 Months Ended	207 Months Ended	243 Months Ended
	Mar. 31, 2022USD ($)claim	Dec. 31, 2021claim	Mar. 31, 2022USD ($)claim	Mar. 31, 2022USD ($)claim	Mar. 31, 2022USD ($)claim	Dec. 31, 2020claim
Loss Contingencies [Line Items]
Number of pending claims	3,616		3,616	3,616	3,616
Subsidiaries | Brandon Drying Fabrics, Inc.
Loss Contingencies [Line Items]
Resolution costs paid by insurance carrier				100.00%
Number of pending claims	7,709		7,709	7,709	7,709
Loss contingency, damages paid, value | $					$ 15,000
New Claims			12
Asbestos Issue
Loss Contingencies [Line Items]
Total resolved claims, by means of settlement or dismissal	37,982		37,982	37,982	37,982
Total cost of resolution | $	$ 10,500		$ 10,500	$ 10,500	$ 10,500
Confirmed insurance coverage | $	$ 140,000		$ 140,000	$ 140,000	$ 140,000
Resolution costs paid by insurance carrier	100.00%
Number of pending claims	3,616	3,609	3,616	3,616	3,616	3,615
New Claims	9	26

Contingencies (Schedule of Chan

Contingencies (Schedule of Changes in Claims) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)claim	Dec. 31, 2021USD ($)claim
Loss Contingencies [Line Items]
Closing Number of Claims	3,616
Asbestos Issue
Loss Contingencies [Line Items]
Opening Number of Claims	3,609	3,615
Claims Dismissed, Settled, or Resolved	2	32
New Claims	9	26
Closing Number of Claims	3,616	3,609
Amounts Paid (thousands) to Settle or Resolve | $	$ 0	$ 93

Changes in Shareholders' Equi_3

Changes in Shareholders' Equity (Schedule of Activity in Shareholders' Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Oct. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of the period		$ 877,605	$ 819,865	$ 819,865
Net income		28,075	27,609
Compensation and benefits paid or payable in shares		745	(13)
Options exercised		7	128
Shares issued to Directors'		0	0
Purchase of Treasury shares		(43,937)
Cumulative translation adjustments		(1,674)	(16,165)
Pension and postretirement liability adjustments		74	509
Derivative valuation adjustment		10,018	752
Balance at end of the period		$ 864,252	$ 826,211	$ 877,605
Dividends declared per share, Class A and Class B (in dollars per share)		$ 0.21	$ 0.20
Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared		$ (6,661)	$ (6,150)
Dividends declared per share, Class A and Class B (in dollars per share)		$ 0.21	$ 0.20
Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning of the period (in shares)		104
Dividends declared		$ 0	$ (324)
Balance at the end of the period (in shares)		0		104
Dividends declared per share, Class A and Class B (in dollars per share)		$ 0.21	$ 0.20
Common Stock | Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning of the period (in shares)		40,760,000	39,115,000	39,115,000
Balance at beginning of the period		$ 41	$ 39	$ 39
Compensation and benefits paid or payable in shares (in shares)		21,000	20,000
Options exercised (in shares)		0
Balance at the end of the period (in shares)		40,781,000	39,141,000	40,760,000
Balance at end of the period		$ 41	$ 39	$ 41
Common Stock | Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning of the period (in shares)		0	1,618,000	1,618,000
Balance at beginning of the period		$ 0	$ 2	$ 2
Balance at the end of the period (in shares)		0	1,618,000	0
Balance at end of the period		$ 0	$ 2	$ 0
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of the period		436,996	433,696	433,696
Compensation and benefits paid or payable in shares		745	(13)
Options exercised		7	128
Balance at end of the period		437,748	433,811	436,996
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of the period		863,057	770,746	770,746
Net income		27,737	27,582
Balance at end of the period		884,133	791,854	863,057
Retained earnings | Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared		(6,661)	(6,150)
Retained earnings | Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared		0	(324)
Accumulated items of other comprehensive income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of the period		(145,984)	(132,408)	(132,408)
Cumulative translation adjustments		(1,730)	(15,955)
Pension and postretirement liability adjustments		74	509
Derivative valuation adjustment		10,018	752
Balance at end of the period		$ (137,622)	$ (147,102)	$ (145,984)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning of the period (in shares)		8,665,000	8,391,000	8,391,000
Balance at beginning of the period		$ (280,143)	$ (256,009)	$ (256,009)
Purchase of Treasury shares (in shares)		514,686		285,286
Purchase of Treasury shares	$ 200,000	$ (43,937)		$ (24,400)
Balance at the end of the period (in shares)		9,180,000	8,391,000	8,665,000
Balance at end of the period		$ (324,080)	$ (256,009)	$ (280,143)
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of the period		3,638	3,799	3,799
Net income		338	27
Cumulative translation adjustments		56	(210)
Balance at end of the period		$ 4,032	$ 3,616	$ 3,638