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 |