Albany International (AIN) 10-Q 26 Apr 23 2023 Q1 Quarterly report Financial data

Cover page

Cover page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 15, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	2023
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		31,200,000
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, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales	$ 269,096	$ 244,169
Cost of goods sold	169,778	152,565
Gross profit	99,318	91,604
Selling, general, and administrative expenses	48,479	42,707
Technical and research expenses	10,277	9,889
Restructuring expenses, net	20	254
Operating income	40,542	38,754
Interest expense, net	3,290	3,609
Other (income)/expense, net	(455)	(3,928)
Income before income taxes	37,707	39,073
Income tax expense	10,621	10,998
Net income	27,086	28,075
Net income attributable to the noncontrolling interest	197	338
Net income attributable to the Company	$ 26,889	$ 27,737
Earnings per share attributable to Company shareholders - Basic (in dollars per share)	$ 0.86	$ 0.87
Earnings per share attributable to Company shareholders - Diluted (in dollars per share)	$ 0.86	$ 0.87
Shares of the Company used in computing earnings per share:
Basic (in shares)	31,131	31,877
Diluted (in shares)	31,217	31,961
Dividends declared per share, Class A and Class B (in dollars per share)	$ 0.25	$ 0.21

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 27,086	$ 28,075
Other comprehensive income/(loss), before tax:
Foreign currency translation and other adjustments	13,440	(1,551)
Amortization of pension liability adjustments:
Prior service credit	(1,031)	(1,123)
Net actuarial loss	346	971
Payments and amortization related to interest rate swaps included in earnings	(3,223)	1,696
Derivative valuation adjustment	(662)	11,721
Income taxes related to items of other comprehensive income/(loss):
Amortization of prior service credit	315	344
Amortization of net actuarial loss	(105)	(297)
Payments and amortization related to interest rate swaps included in earnings	815	(430)
Derivative valuation adjustment	168	(2,969)
Comprehensive income	37,149	36,437
Comprehensive income attributable to the noncontrolling interest	435	394
Comprehensive income attributable to the Company	$ 36,714	$ 36,043

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 304,258,000	$ 291,776,000
Accounts receivable, net	216,035,000	200,018,000
Contract assets, net	153,817,000	148,695,000
Inventories	153,777,000	139,050,000
Income taxes prepaid and receivable	8,711,000	7,938,000
Prepaid expenses and other current assets	52,857,000	50,962,000
Total current assets	889,455,000	838,439,000
Property, plant and equipment, net	450,254,000	445,658,000
Intangibles, net	32,874,000	33,811,000
Goodwill	179,255,000	178,217,000
Deferred income taxes	15,843,000	15,196,000
Noncurrent receivables, net	27,322,000	27,913,000
Other assets	100,755,000	103,021,000
Total assets	1,695,758,000	1,642,255,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	76,241,000	69,707,000
Accrued liabilities	103,986,000	126,385,000
Current maturities of long-term debt	0	0
Income taxes payable	4,464,000	15,224,000
Total current liabilities	184,691,000	211,316,000
Long-term debt	491,000,000	439,000,000
Other noncurrent liabilities	108,371,000	108,758,000
Deferred taxes and other liabilities	14,181,000	15,638,000
Total liabilities	798,243,000	774,712,000
SHAREHOLDERS' EQUITY
Preferred stock	0	0
Additional paid in capital	441,917,000	441,540,000
Retained earnings	950,415,000	931,318,000
Accumulated items of other comprehensive income:
Translation adjustments	(132,970,000)	(146,851,000)
Pension and postretirement liability adjustments	(16,699,000)	(15,783,000)
Derivative valuation adjustment	14,805,000	17,707,000
Treasury stock (Class A), at cost; 9,674,542 shares in 2023 and 9,674,542 in 2022	(364,923,000)	(364,923,000)
Total Company shareholders' equity	892,586,000	863,049,000
Noncontrolling interest	4,929,000	4,494,000
Total equity	897,515,000	867,543,000
Total liabilities and shareholders' equity	1,695,758,000	1,642,255,000
Common Class A
SHAREHOLDERS' EQUITY
Common stock	41,000	41,000
Common Class B
SHAREHOLDERS' EQUITY
Common stock	$ 0	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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)	40,842,023	40,785,434
Treasury stock, shares (in shares)	9,674,542	9,674,542
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	0
Common stock, shares, outstanding (in shares)	0	0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES
Net income	$ 27,086	$ 28,075
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	15,864	15,597
Amortization	1,503	2,165
Change in deferred taxes and other liabilities	(887)	1,792
Impairment of property, plant, equipment, and inventory	100	2,868
Non-cash interest expense	280	282
Compensation and benefits paid or payable in Class A Common Stock	378	745
Provision/(recovery) for credit losses from uncollected receivables and contract assets	309	1,858
Foreign currency remeasurement (gain)/loss on intercompany loans	(1,732)	(2,385)
Fair value adjustment on foreign currency options	58	(977)
Changes in operating assets and liabilities that provided/(used) cash:
Accounts receivable	(13,702)	(15,674)
Contract assets	(4,403)	272
Inventories	(12,360)	(7,549)
Prepaid expenses and other current assets	(2,191)	(1,976)
Income taxes prepaid and receivable	(693)	1,829
Accounts payable	5,214	(375)
Accrued liabilities	(23,137)	(19,350)
Income taxes payable	(10,996)	(10,890)
Noncurrent receivables	867	614
Other noncurrent liabilities	7	(1,914)
Other, net	2,042	(398)
Net cash used in operating activities	(16,393)	(5,391)
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(16,275)	(15,719)
Purchased software	0	(35)
Net cash used in investing activities	(16,275)	(15,754)
FINANCING ACTIVITIES
Proceeds from borrowings	58,000	77,000
Principal payments on debt	(6,000)	0
Principal payments on finance lease liabilities	0	(390)
Purchase of Treasury shares	0	(42,230)
Taxes paid in lieu of share issuance	(3,136)	(770)
Proceeds from options exercised	0	7
Dividends paid	(7,778)	(6,742)
Net cash provided by financing activities	41,086	26,875
Effect of exchange rate changes on cash and cash equivalents	4,064	(351)
Increase in cash and cash equivalents	12,482	5,379
Cash and cash equivalents at beginning of period	291,776	302,036
Cash and cash equivalents at end of period	$ 304,258	$ 307,415

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 the Company'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, 2022.

Reportable Segments and Revenue

Reportable Segments and Revenue Recognition	3 Months Ended
	Mar. 31, 2023
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, the 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, where revenue is determined by a cost-plus-fee agreement. The LEAP engine is used on the Airbus A320neo, Boeing 737 MAX, and COMAC 919 aircraft . 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 16 percent of the Company's consolidated Net sales in 2022. AEC net sales to SAFRAN were $45.3 million and $40.4 million in the first three months of 2023 and 2022, respectively. The total of Accounts receivable, Contract assets and Noncurrent receivables due from SAFRAN amounted to $80.2 million and $80.8 million as of March 31, 2023 and December 31, 2022, respectively. Other significant programs by AEC include the Sikorsky CH-53K, F-35, JASSM, and Boeing 787 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 2022, approximately 46 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) 2023 2022 Net sales Machine Clothing $ 153,222 $ 154,062 Albany Engineered Composites 115,874 90,107 Consolidated total $ 269,096 $ 244,169 Operating income/(loss) Machine Clothing $ 48,964 $ 49,644 Albany Engineered Composites 9,418 1,195 Corporate expenses (17,840) (12,085) Operating income $ 40,542 $ 38,754 Reconciling items: Interest income (1,102) (652) Interest expense 4,392 4,261 Other (income)/expense, net (455) (3,928) Income before income taxes $ 37,707 $ 39,073 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 over time, primarily 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 2023, compared to a decrease of $0.7 million 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, 2023 (in thousands) Point in Time Revenue Recognition Over Time Revenue Recognition Total Machine Clothing $ 152,278 $ 944 $ 153,222 Albany Engineered Composites ASC — 44,532 44,532 Other AEC 5,793 65,549 71,342 Total Albany Engineered Composites 5,793 110,081 115,874 Total revenue $ 158,071 $ 111,025 $ 269,096 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 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) 2023 2022 Americas PMC $ 83,378 $ 76,616 Eurasia PMC 51,737 55,486 Engineered Fabrics 18,107 21,960 Total Machine Clothing Net sales $ 153,222 $ 154,062 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 relatively short duration firm-fixed-price orders. Remaining performance obligations on contracts that had an original duration of greater than one year totaled $821 million and $263 million as of March 31, 2023 and 2022, respectively, and related primarily to firm contracts in the AEC segment. Of the remaining performance obligations as of March 31, 2023, we expect to recognize as revenue approximately $126 million during 2023, $135 million during 2024, $129 million during 2025, and the remainder thereafter.

Pensions and Other Postretireme

Pensions and Other Postretirement Benefit Plans	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022, was as follows: Pension plans Other postretirement benefits (in thousands) 2023 2022 2023 2022 Components of net periodic benefit cost: Service cost $ 281 $ 355 $ 15 $ 29 Interest cost 1,063 1,417 468 305 Expected return on assets (971) (1,706) — — Amortization of prior service cost/(credit) (8) (1) (1,023) (1,122) Amortization of net actuarial loss 139 500 207 471 Net periodic benefit cost/(credit) $ 504 $ 565 $ (333) $ (317) The amount of net benefit cost/(credit) 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 2023 or 2022. 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, 2023
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) 2023 2022 Currency transaction (gains)/losses $ 60 $ (3,741) Bank fees and amortization of debt issuance costs 59 96 Components of net periodic pension and postretirement cost other than service cost (125) (136) Other (449) (147) Total $ (455) $ (3,928) Other (income)/expense, net, included foreign currency losses of $0.1 million in the first three months of 2023, as compared to gains of $3.7 million in the same period last year. The weaker Euro and Renminbi during the three month period ended March 31, 2023 led to a net loss on foreign currency related transactions, compared to a stronger Euro and Renminbi in the same period last year.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table presents components of income tax expense for the three months ended March 31, 2023 and 2022: Three months ended March 31, (in thousands, except percentages) 2023 2022 Income tax based on income from continuing operations (1) $ 11,058 $ 10,942 Provision for change in estimated tax rate — — Income tax before discrete items 11,058 10,942 Discrete tax expense: Exercise of U.S. stock options — (9) Impact of amended tax returns — (81) True-up of prior year estimated taxes (545) 104 Enacted tax legislation and rate change 313 — Provision for/resolution of tax audits and contingencies, net 28 6 Impact of long range tax planning (443) — Other 210 36 Total income tax expense/(benefit) $ 10,621 $ 10,998 (1) Calculated at estimated annual tax rates of 29.3% and 28.0%, 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 calculation and their taxes will be recorded discretely in each quarter.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
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) 2023 2022 Net income attributable to the Company $ 26,889 $ 27,737 Weighted average number of shares: Weighted average number of shares used in calculating basic net income per share 31,131 31,877 Effect of dilutive stock-based compensation plans: Stock options — — RSU and MPP shares 86 84 Weighted average number of shares used in calculating diluted net income per share 31,217 31,961 Net income attributable to the Company per share: Basic $ 0.86 $ 0.87 Diluted $ 0.86 $ 0.87

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (AOCI)	3 Months Ended
	Mar. 31, 2023
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, 2022 to March 31, 2023: (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income December 31, 2022 $ (146,851) $ (15,783) $ 17,707 $ (144,927) Other comprehensive income/(loss) before reclassifications, net of tax 13,881 (441) (494) 12,946 Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax — — (2,408) (2,408) Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax — (475) — (475) Net current period other comprehensive income 13,881 (916) (2,902) 10,063 March 31, 2023 $ (132,970) $ (16,699) $ 14,805 $ (134,864) 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 components of AOCI that are reclassified to the Consolidated Statements 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 Consolidated Statements of Income that were affected for the three months ended March 31, 2023 and 2022: Three months ended March 31, (in thousands) 2023 2022 Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income: Expense/(income) related to interest rate swaps included in Income before taxes $ (3,223) $ 1,696 Income tax effect 815 (430) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ (2,408) $ 1,266 Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: Amortization of prior service credit (1,031) (1,123) Amortization of net actuarial loss 346 971 Total pretax amount reclassified (a) (685) (152) Income tax effect 210 47 Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ (475) $ (105) (a) 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, 2023
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) 2023 2022 Net income of Albany Safran Composites (ASC) $ 2,282 $ 3,702 Less: Return attributable to the Company's preferred holding 308 319 Net income of ASC available for common ownership $ 1,974 $ 3,383 Ownership percentage of noncontrolling shareholder 10 % 10 % Net income attributable to the noncontrolling interest $ 197 $ 338 Noncontrolling interest, beginning of year $ 4,494 $ 3,638 Net income attributable to noncontrolling interest 197 338 Changes in other comprehensive income attributable to the noncontrolling interest 238 56 Noncontrolling interest, end of interim period $ 4,929 $ 4,032

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2023
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, 2023 and December 31, 2022, Accounts receivable consisted of the following: (in thousands) March 31, December 31, Trade and other accounts receivable $ 199,290 $ 179,676 Bank promissory notes 20,196 23,439 Allowance for expected credit losses (3,451) (3,097) Accounts receivable, net $ 216,035 $ 200,018 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, 2023 and December 31, 2022, Noncurrent receivables consisted of the following: (in thousands) March 31, December 31, Noncurrent receivables $ 27,459 $ 28,053 Allowance for expected credit losses (137) (140) Noncurrent receivables, net $ 27,322 $ 27,913

Contract Assets and Liabilities

Contract Assets and Liabilities	3 Months Ended
	Mar. 31, 2023
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, 2023 and December 31, 2022, Contract assets and Contract liabilities consisted of the following: (in thousands) March 31, December 31, Contract assets $ 154,589 $ 149,443 Allowance for expected credit losses (772) (748) Contract assets, net $ 153,817 $ 148,695 Contract liabilities $ 12,310 $ 15,176 Contract assets increased $5.1 million during the three-month period ended March 31, 2023. The increase was primarily due to an increase in unbilled revenue related to the satisfaction of performance obligations, in excess of the amounts billed to customers 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, 2023 and March 31, 2022. Contract liabilities decreased $2.9 million during the three-month period ended March 31, 2023, 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, 2023 and 2022 that was included in the Contract liability balance at the beginning of the year was $6.7 million and $4.8 million, respectively.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
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, 2023 and December 31, 2022, Inventories consisted of the following: (in thousands) March 31, 2023 December 31, 2022 Raw materials $ 81,611 $ 74,631 Work in process 56,537 50,516 Finished goods 15,629 13,903 Total inventories $ 153,777 $ 139,050

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2023
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 2022, management applied the qualitative assessment approach in performing its annual evaluation of goodwill for the Company's Machine Clothing reporting unit and two 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, 2023
Debt Disclosure [Abstract]
Financial Instruments	Financial Instruments Long-term debt, principally to banks and noteholders, consists of: (in thousands, except interest rates) March 31, 2023 December 31, 2022 Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.58% in 2023 and 3.16% in 2022 (including the effect of interest rate hedging transactions, as described below), due in 2024 $ 491,000 $ 439,000 We had no current maturities of Long-term debt as of March 31, 2023 or December 31, 2022. 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, entered into on November 7, 2017 (the “Prior Agreement”). Under the Credit Agreement, $491 million of borrowings were outstanding as of March 31, 2023. The applicable interest rate for borrowings was LIBOR plus a spread, based on our leverage ratio (as defined in the Credit Agreement) at the time of borrowing. At the time of the last borrowing on March 30, 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 (as defined in the Credit Agreement), and without modification to any other credit agreements, as of March 31, 2023, we would have been able to borrow an additional $209 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. The monthly calculation date is the 16th of each month, and on March 16, 2023, one-month LIBOR was 4.73%. On March 16, 2023, the all-in-rate on the $350 million of debt was 2.463%. On October 17, 2022, our interest rate swap agreements that were in effect from December 18, 2017 terminated. These transactions had 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 those transactions, we paid the fixed rate of 2.11% and the counterparties paid a floating rate based on the one-month LIBOR rate at each monthly calculation date. 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 required to maintain leverage and minimum interest coverage ratios (as defined in the Credit Agreement) of not greater than 3.50 to 1.00 and greater than 3.00 to 1.00, respectively. As of March 31, 2023, our leverage ratio was 1.47 to 1.00 and our interest coverage ratio was 14.76 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, 2023. 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"). 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. Amendments to the Reference Rate Reform standard have helped 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, 2024. We adopted certain provisions of this standard 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, 2023
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, 2023, or at December 31, 2022. 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, 2023 December 31, 2022 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 $ 4,317 $ — $ 6,533 $ — Other Assets: Common stock of unaffiliated foreign public company (a) 601 — 602 — Interest rate swaps 19,784 — 23,605 (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 interest rate swaps flow through the caption Derivative valuation adjustment in the Shareholders’ equity section of the Consolidated Balance Sheets. As of March 31, 2023, 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), affect earnings. Interest (income)/expense related to payments under the active swap agreements totaled $(3.2) million for the three month period ended March 31, 2023, and $1.7 million for the three month period ended March 31, 2022. 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) 2023 2022 Derivatives not designated as hedging instruments Foreign currency options (gains)/losses $ 16 $ (977)

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2023
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 3,597 claims as of March 31, 2023. 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 2022 3,609 43 32 3,598 125 2023 (As of March 31) 3,598 4 3 3,597 $ — 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, 2023, we had resolved, by means of settlement or dismissal, 38,028 claims. The total cost of resolving all claims was $10.6 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, 2023, 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, 2023
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, 2022 to March 31, 2023: 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, 2022 40,785 $ 41 — $ — $ 441,540 $ 931,318 $ (144,927) 9,675 $ (364,923) $ 4,494 $ 867,543 Net income — — — — — 26,889 — — — 197 27,086 Compensation and benefits paid or payable in shares 58 — — — 378 — — — — — 378 Dividends declared Class A Common Stock, $0.25 per share — — — — — (7,792) — — — — (7,792) Class B Common Stock, $0.25 per share — — — — — — — — — — — Cumulative translation adjustments — — — — — — 13,881 — — 238 14,119 Pension and postretirement liability adjustments — — — — — — (916) — — — (916) Derivative valuation adjustment — — — — — — (2,902) — — — (2,902) March 31, 2023 40,842 $ 41 — $ — $ 441,917 $ 950,415 $ (134,864) 9,675 $ (364,923) $ 4,929 $ 897,515 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 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

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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 the Company'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, 2022.

Reportable Segments and Reven_2

Reportable Segments and Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2023
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) 2023 2022 Net sales Machine Clothing $ 153,222 $ 154,062 Albany Engineered Composites 115,874 90,107 Consolidated total $ 269,096 $ 244,169 Operating income/(loss) Machine Clothing $ 48,964 $ 49,644 Albany Engineered Composites 9,418 1,195 Corporate expenses (17,840) (12,085) Operating income $ 40,542 $ 38,754 Reconciling items: Interest income (1,102) (652) Interest expense 4,392 4,261 Other (income)/expense, net (455) (3,928) Income before income taxes $ 37,707 $ 39,073
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, 2023 (in thousands) Point in Time Revenue Recognition Over Time Revenue Recognition Total Machine Clothing $ 152,278 $ 944 $ 153,222 Albany Engineered Composites ASC — 44,532 44,532 Other AEC 5,793 65,549 71,342 Total Albany Engineered Composites 5,793 110,081 115,874 Total revenue $ 158,071 $ 111,025 $ 269,096 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
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) 2023 2022 Americas PMC $ 83,378 $ 76,616 Eurasia PMC 51,737 55,486 Engineered Fabrics 18,107 21,960 Total Machine Clothing Net sales $ 153,222 $ 154,062

Pensions and Other Postretire_2

Pensions and Other Postretirement Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The composition of the net periodic benefit cost for the three months ended March 31, 2023 and 2022, was as follows: Pension plans Other postretirement benefits (in thousands) 2023 2022 2023 2022 Components of net periodic benefit cost: Service cost $ 281 $ 355 $ 15 $ 29 Interest cost 1,063 1,417 468 305 Expected return on assets (971) (1,706) — — Amortization of prior service cost/(credit) (8) (1) (1,023) (1,122) Amortization of net actuarial loss 139 500 207 471 Net periodic benefit cost/(credit) $ 504 $ 565 $ (333) $ (317)

Other (Income)_Expense, net (Ta

Other (Income)/Expense, net (Tables)	3 Months Ended
	Mar. 31, 2023
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) 2023 2022 Currency transaction (gains)/losses $ 60 $ (3,741) Bank fees and amortization of debt issuance costs 59 96 Components of net periodic pension and postretirement cost other than service cost (125) (136) Other (449) (147) Total $ (455) $ (3,928)

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022: Three months ended March 31, (in thousands, except percentages) 2023 2022 Income tax based on income from continuing operations (1) $ 11,058 $ 10,942 Provision for change in estimated tax rate — — Income tax before discrete items 11,058 10,942 Discrete tax expense: Exercise of U.S. stock options — (9) Impact of amended tax returns — (81) True-up of prior year estimated taxes (545) 104 Enacted tax legislation and rate change 313 — Provision for/resolution of tax audits and contingencies, net 28 6 Impact of long range tax planning (443) — Other 210 36 Total income tax expense/(benefit) $ 10,621 $ 10,998 (1) Calculated at estimated annual tax rates of 29.3% and 28.0%, respectively.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
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) 2023 2022 Net income attributable to the Company $ 26,889 $ 27,737 Weighted average number of shares: Weighted average number of shares used in calculating basic net income per share 31,131 31,877 Effect of dilutive stock-based compensation plans: Stock options — — RSU and MPP shares 86 84 Weighted average number of shares used in calculating diluted net income per share 31,217 31,961 Net income attributable to the Company per share: Basic $ 0.86 $ 0.87 Diluted $ 0.86 $ 0.87

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (AOCI) (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2022 to March 31, 2023: (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income December 31, 2022 $ (146,851) $ (15,783) $ 17,707 $ (144,927) Other comprehensive income/(loss) before reclassifications, net of tax 13,881 (441) (494) 12,946 Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax — — (2,408) (2,408) Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax — (475) — (475) Net current period other comprehensive income 13,881 (916) (2,902) 10,063 March 31, 2023 $ (132,970) $ (16,699) $ 14,805 $ (134,864) 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)
Reclassification out of Accumulated Other Comprehensive Income	The table below presents the expense/(income) amounts reclassified from AOCI, and the line items of the Consolidated Statements of Income that were affected for the three months ended March 31, 2023 and 2022: Three months ended March 31, (in thousands) 2023 2022 Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income: Expense/(income) related to interest rate swaps included in Income before taxes $ (3,223) $ 1,696 Income tax effect 815 (430) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ (2,408) $ 1,266 Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: Amortization of prior service credit (1,031) (1,123) Amortization of net actuarial loss 346 971 Total pretax amount reclassified (a) (685) (152) Income tax effect 210 47 Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ (475) $ (105) (a) 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, 2023
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) 2023 2022 Net income of Albany Safran Composites (ASC) $ 2,282 $ 3,702 Less: Return attributable to the Company's preferred holding 308 319 Net income of ASC available for common ownership $ 1,974 $ 3,383 Ownership percentage of noncontrolling shareholder 10 % 10 % Net income attributable to the noncontrolling interest $ 197 $ 338 Noncontrolling interest, beginning of year $ 4,494 $ 3,638 Net income attributable to noncontrolling interest 197 338 Changes in other comprehensive income attributable to the noncontrolling interest 238 56 Noncontrolling interest, end of interim period $ 4,929 $ 4,032

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	As of March 31, 2023 and December 31, 2022, Accounts receivable consisted of the following: (in thousands) March 31, December 31, Trade and other accounts receivable $ 199,290 $ 179,676 Bank promissory notes 20,196 23,439 Allowance for expected credit losses (3,451) (3,097) Accounts receivable, net $ 216,035 $ 200,018
Schedule of Contract Receivables	As of March 31, 2023 and December 31, 2022, Noncurrent receivables consisted of the following: (in thousands) March 31, December 31, Noncurrent receivables $ 27,459 $ 28,053 Allowance for expected credit losses (137) (140) Noncurrent receivables, net $ 27,322 $ 27,913

Contract Assets and Liabiliti_2

Contract Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Schedule of Contract Assets and Contract Liabilities	As of March 31, 2023 and December 31, 2022, Contract assets and Contract liabilities consisted of the following: (in thousands) March 31, December 31, Contract assets $ 154,589 $ 149,443 Allowance for expected credit losses (772) (748) Contract assets, net $ 153,817 $ 148,695 Contract liabilities $ 12,310 $ 15,176

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	As of March 31, 2023 and December 31, 2022, Inventories consisted of the following: (in thousands) March 31, 2023 December 31, 2022 Raw materials $ 81,611 $ 74,631 Work in process 56,537 50,516 Finished goods 15,629 13,903 Total inventories $ 153,777 $ 139,050

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.58% in 2023 and 3.16% in 2022 (including the effect of interest rate hedging transactions, as described below), due in 2024 $ 491,000 $ 439,000

Fair-Value Measurements (Tables

Fair-Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 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 $ 4,317 $ — $ 6,533 $ — Other Assets: Common stock of unaffiliated foreign public company (a) 601 — 602 — Interest rate swaps 19,784 — 23,605 (a) Original cost basis $0.5 million.
Derivative Instruments, Gain (Loss)	(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) 2023 2022 Derivatives not designated as hedging instruments Foreign currency options (gains)/losses $ 16 $ (977)

Contingencies (Tables)

Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
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 2022 3,609 43 32 3,598 125 2023 (As of March 31) 3,598 4 3 3,597 $ —

Changes in Shareholders' Equi_2

Changes in Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Schedule of Stockholders Equity	The following table summarizes changes in Shareholders’ Equity for the period December 31, 2022 to March 31, 2023: 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, 2022 40,785 $ 41 — $ — $ 441,540 $ 931,318 $ (144,927) 9,675 $ (364,923) $ 4,494 $ 867,543 Net income — — — — — 26,889 — — — 197 27,086 Compensation and benefits paid or payable in shares 58 — — — 378 — — — — — 378 Dividends declared Class A Common Stock, $0.25 per share — — — — — (7,792) — — — — (7,792) Class B Common Stock, $0.25 per share — — — — — — — — — — — Cumulative translation adjustments — — — — — — 13,881 — — 238 14,119 Pension and postretirement liability adjustments — — — — — — (916) — — — (916) Derivative valuation adjustment — — — — — — (2,902) — — — (2,902) March 31, 2023 40,842 $ 41 — $ — $ 441,917 $ 950,415 $ (134,864) 9,675 $ (364,923) $ 4,929 $ 897,515 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 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

Reportable Segments and Reven_3

Reportable Segments and Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 269,096	$ 244,169
Operating income loss	(40,542)	(38,754)
Machine Clothing
Segment Reporting Information [Line Items]
Net sales	153,222	154,062
Albany Engineered Composites
Segment Reporting Information [Line Items]
Net sales	115,874	90,107
Operating income loss	700	700
Albany Engineered Composites | SAFRAN Group
Segment Reporting Information [Line Items]
Net sales	45,300	$ 40,400
Receivables	$ 80,200		$ 80,800
Revenue Benchmark | Customer Concentration Risk | Albany Engineered Composites | SAFRAN Group
Segment Reporting Information [Line Items]
Concentration risk percentage			16%
US Government Contracts Or Programs | Revenue Benchmark | Product Concentration Risk | Albany Engineered Composites
Segment Reporting Information [Line Items]
Concentration risk percentage			46%
Albany Safran Composites, LLC
Segment Reporting Information [Line Items]
Ownership percentage of noncontrolling shareholder	10%

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, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 269,096	$ 244,169
Operating income	40,542	38,754
Other (income)/expense, net	(455)	(3,928)
Income before income taxes	37,707	39,073
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Operating income	(17,840)	(12,085)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Interest income	(1,102)	(652)
Interest expense	4,392	4,261
Other (income)/expense, net	(455)	(3,928)
Machine Clothing
Segment Reporting Information [Line Items]
Net sales	153,222	154,062
Machine Clothing | Operating Segments
Segment Reporting Information [Line Items]
Net sales	153,222	154,062
Operating income	48,964	49,644
Albany Engineered Composites
Segment Reporting Information [Line Items]
Net sales	115,874	90,107
Operating income	(700)	(700)
Albany Engineered Composites | Operating Segments
Segment Reporting Information [Line Items]
Net sales	115,874	90,107
Operating income	$ 9,418	$ 1,195

Reportable Segments and Reven_5

Reportable Segments and Revenue Recognition (Schedule of Disaggregate Revenue for Each Business Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 269,096	$ 244,169
Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	158,071	157,076
Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	111,025	87,093
Machine Clothing
Disaggregation of Revenue [Line Items]
Net sales	153,222	154,062
Machine Clothing | Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	152,278	153,163
Machine Clothing | Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	944	899
Albany Engineered Composites
Disaggregation of Revenue [Line Items]
Net sales	115,874	90,107
Albany Engineered Composites | Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	5,793	3,913
Albany Engineered Composites | Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	110,081	86,194
ASC
Disaggregation of Revenue [Line Items]
Net sales	44,532	39,712
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	44,532	39,712
Other AEC
Disaggregation of Revenue [Line Items]
Net sales	71,342	50,395
Other AEC | Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	5,793	3,913
Other AEC | Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	$ 65,549	$ 46,482

Reportable Segments and Reven_6

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, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 269,096	$ 244,169
Machine Clothing
Disaggregation of Revenue [Line Items]
Net sales	153,222	154,062
Machine Clothing | Americas PMC
Disaggregation of Revenue [Line Items]
Net sales	83,378	76,616
Machine Clothing | Eurasia PMC
Disaggregation of Revenue [Line Items]
Net sales	51,737	55,486
Machine Clothing | Engineered Fabrics
Disaggregation of Revenue [Line Items]
Net sales	$ 18,107	$ 21,960

Reportable Segments and Reven_7

Reportable Segments and Revenue Recognition (Remaining Performance Obligation) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 821	$ 263
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 126
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 135
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 129
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

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, 2023	Mar. 31, 2022
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 281	$ 355
Interest cost	1,063	1,417
Expected return on assets	(971)	(1,706)
Amortization of prior service cost/(credit)	(8)	(1)
Amortization of net actuarial loss	139	500
Net periodic benefit cost/(credit)	504	565
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	15	29
Interest cost	468	305
Expected return on assets	0	0
Amortization of prior service cost/(credit)	(1,023)	(1,122)
Amortization of net actuarial loss	207	471
Net periodic benefit cost/(credit)	$ (333)	$ (317)

Other (Income)_Expense, net (De

Other (Income)/Expense, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Income and Expenses [Abstract]
Currency transaction (gains)/losses	$ 60	$ (3,741)
Bank fees and amortization of debt issuance costs	59	96
Components of net periodic pension and postretirement cost other than service cost	(125)	(136)
Other	(449)	(147)
Total	$ (455)	$ (3,928)

Other (Income)_Expense, net (Na

Other (Income)/Expense, net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Income and Expenses [Abstract]
Foreign currency transaction gain (loss), realized	$ (0.1)	$ 3.7

Income Taxes (Schedule of Compo

Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax based on income from continuing operations	$ 11,058	$ 10,942
Provision for change in estimated tax rate	0	0
Income tax before discrete items	11,058	10,942
Discrete tax expense:
Exercise of U.S. stock options	0	(9)
Impact of amended tax returns	0	(81)
True-up of prior year estimated taxes	(545)	104
Enacted tax legislation and rate change	313	0
Provision for/resolution of tax audits and contingencies, net	28	6
Impact of long range tax planning	(443)	0
Other	210	36
Total income tax expense/(benefit)	$ 10,621	$ 10,998
Effective income tax rate reconciliation, percent	29.30%	28%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to the Company	$ 26,889	$ 27,737
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share (in shares)	31,131	31,877
Effect of dilutive stock-based compensation plans:
Weighted average number of shares used in calculating diluted net income per share (in shares)	31,217	31,961
Net income attributable to the Company per share:
Basic (in dollars per share)	$ 0.86	$ 0.87
Diluted (in dollars per share)	$ 0.86	$ 0.87
Stock options
Effect of dilutive stock-based compensation plans:
Weighted average number diluted shares outstanding adjustment (in shares)	0	0
RSU and MPP
Effect of dilutive stock-based compensation plans:
Weighted average number diluted shares outstanding adjustment (in shares)	86	84

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (AOCI) (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 863,049
Other comprehensive income/(loss) before reclassifications, net of tax	12,946	$ 7,201
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	(2,408)	1,266
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	(475)	(105)
Net current period other comprehensive income	10,063	8,362
Ending balance	892,586
Accumulated items of other comprehensive income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(144,927)	(145,984)
Ending balance	(134,864)	(137,622)
Translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(146,851)	(105,880)
Other comprehensive income/(loss) before reclassifications, net of tax	13,881	(1,730)
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	13,881	(1,730)
Ending balance	(132,970)	(107,610)
Pension and postretirement liability adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(15,783)	(38,490)
Other comprehensive income/(loss) before reclassifications, net of tax	(441)	179
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	(475)	(105)
Net current period other comprehensive income	(916)	74
Ending balance	(16,699)	(38,416)
Derivative valuation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	17,707	(1,614)
Other comprehensive income/(loss) before reclassifications, net of tax	(494)	8,752
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	(2,408)	1,266
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	0	0
Net current period other comprehensive income	(2,902)	10,018
Ending balance	$ 14,805	$ 8,404

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, 2023	Mar. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Prior service credit	$ (1,031)	$ (1,123)
Net actuarial loss	346	971
Income before income taxes	37,707	39,073
Income tax effect	(10,621)	(10,998)
Net income attributable to the Company	26,889	27,737
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	(3,223)	1,696
Income tax effect	815	(430)
Net income attributable to the Company	(2,408)	1,266
Reclassification out of Accumulated Other Comprehensive Income | Pension and postretirement liability adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Prior service credit	(1,031)	(1,123)
Net actuarial loss	346	971
Income before income taxes	(685)	(152)
Income tax effect	210	47
Net income attributable to the Company	$ (475)	$ (105)

Noncontrolling Interest (Narrat

Noncontrolling Interest (Narrative) (Details) - Albany Safran Composites, LLC	Mar. 31, 2023	Mar. 31, 2022	Oct. 31, 2013
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10%
Safran
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10%	10%	10%

Noncontrolling Interest (Income

Noncontrolling Interest (Income Attributable to the Noncontrolling Interest and Noncontrolling Equity) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Oct. 31, 2013
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)	$ 27,086	$ 28,075
Net income of ASC available for common ownership	26,889	27,737
Net income attributable to the noncontrolling interest	197	338
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year	4,494
Net income attributable to the noncontrolling interest	197	338
Noncontrolling interest, end of interim period	$ 4,929
Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10%
Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)	$ 2,282	3,702
Less: Return attributable to the Company's preferred holding	308	319
Net income of ASC available for common ownership	1,974	3,383
Net income attributable to the noncontrolling interest	197	338
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year	4,494	3,638
Net income attributable to the noncontrolling interest	197	338
Changes in other comprehensive income attributable to the noncontrolling interest	238	56
Noncontrolling interest, end of interim period	$ 4,929	$ 4,032
Safran | Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10%	10%	10%

Accounts Receivable (Schedule o

Accounts Receivable (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Trade and other accounts receivable	$ 199,290	$ 179,676
Bank promissory notes	20,196	23,439
Allowance for expected credit losses	(3,451)	(3,097)
Accounts receivable, net	$ 216,035	$ 200,018

Accounts Receivable (Narrative)

Accounts Receivable (Narrative) (Details)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Noncurrent receivables invoice, period	10 years

Accounts Receivable (Schedule_2

Accounts Receivable (Schedule of Contract Receivables) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Noncurrent receivables	$ 27,459	$ 28,053
Allowance for expected credit losses	(137)	(140)
Noncurrent receivables, net	$ 27,322	$ 27,913

Contract Assets and Liabiliti_3

Contract Assets and Liabilities (Schedule of Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets	$ 154,589	$ 149,443
Allowance for expected credit losses	(772)	(748)
Contract assets, net	153,817	148,695
Contract liabilities	$ 12,310	$ 15,176

Contract Assets and Liabiliti_4

Contract Assets and Liabilities (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract with customer, asset, period increase	$ 5,100,000
Contract with customer, asset, impairment loss	0	$ 0
Decrease in contract with customer, liability	2,900,000
Contract with customer, liability, revenue recognized	$ 6,700,000	$ 4,800,000

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 81,611	$ 74,631
Work in process	56,537	50,516
Finished goods	15,629	13,903
Total inventories	$ 153,777	$ 139,050

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022 reporting_unit	Jun. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reporting units | reporting_unit	2
Goodwill impairment charges | $		$ 0

Financial Instruments (Schedule

Financial Instruments (Schedule of Long-Term Debt) (Details) - Line of Credit - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 491,000	$ 439,000
Interest rate, effective percentage	3.58%	3.16%

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Details)	Mar. 30, 2022	Oct. 27, 2020 USD ($)	Nov. 07, 2017 USD ($)	Mar. 31, 2023 USD ($)	Mar. 16, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 17, 2022 USD ($)	Jun. 14, 2021 USD ($)
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				1.47
Interest coverage ratio				14.76
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				$ 491,000,000
Basis spread on variable rate	1.625%
Line of credit facility, remaining borrowing capacity				$ 209,000,000
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							2.11%	0.838%
All-in interest rate					2.463%		3.735%
Line of Credit | Interest Rate Swap | London Interbank Offered Rate
Debt Instrument [Line Items]
Derivative, basis spread on variable rate					4.73%
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%

Fair-Value Measurements (Schedu

Fair-Value Measurements (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative Asset [Abstract]
Equity securities, cost basis	$ 500	$ 500
Fair Value, Recurring | (Level 1)
Assets:
Cash equivalents	4,317	6,533
Common stock of unaffiliated foreign public company	601	602
Interest rate swaps		0
Fair Value, Recurring | (Level 2)
Assets:
Cash equivalents	0	0
Common stock of unaffiliated foreign public company	0	0
Interest rate swaps	$ 19,784	$ 23,605

Fair-Value Measurements (Narrat

Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Interest (income) expense	$ 3,290	$ 3,609
Interest Rate Swap
Derivative [Line Items]
Interest (income) expense	$ (3,200)	$ 1,700

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, 2023	Mar. 31, 2022
Foreign Exchange Option | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency options (gains)/losses	$ 16	$ (977)

Contingencies (Narrative) (Deta

Contingencies (Narrative) (Details) $ in Thousands	3 Months Ended	12 Months Ended	135 Months Ended	219 Months Ended	255 Months Ended
	Mar. 31, 2023 USD ($) claim	Dec. 31, 2022 claim	Mar. 31, 2023 USD ($) claim	Mar. 31, 2023 USD ($) claim	Mar. 31, 2023 USD ($) claim	Dec. 31, 2021 claim
Loss Contingencies [Line Items]
Number of pending claims	3,597		3,597	3,597	3,597
Subsidiaries | Brandon Drying Fabrics, Inc.
Loss Contingencies [Line Items]
Number of pending claims	7,709		7,709	7,709	7,709
Resolution costs paid by insurance carrier				100%
New claims			12
Loss contingency, damages paid, value | $					$ 15,000
Asbestos Issue
Loss Contingencies [Line Items]
Number of pending claims	3,597	3,598	3,597	3,597	3,597	3,609
Total resolved claims, by means of settlement or dismissal	38,028		38,028	38,028	38,028
Total cost of resolution | $	$ 10,600		$ 10,600	$ 10,600	$ 10,600
Resolution costs paid by insurance carrier	100%
Confirmed insurance coverage | $	$ 140,000		$ 140,000	$ 140,000	$ 140,000
New claims	3	32

Contingencies (Schedule of Chan

Contingencies (Schedule of Changes in Claims) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) claim	Dec. 31, 2022 USD ($) claim
Loss Contingency Accrual [Roll Forward]
Closing Number of Claims	3,597
Asbestos Issue
Loss Contingency Accrual [Roll Forward]
Opening Number of Claims	3,598	3,609
Claims Dismissed, Settled, or Resolved	4	43
New Claims	3	32
Closing Number of Claims	3,597	3,598
Amounts Paid (thousands) to Settle or Resolve | $	$ 0	$ 125

Changes in Shareholders' Equi_3

Changes in Shareholders' Equity (Schedule of Activity in Shareholders' Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Oct. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of the period	$ 867,543	$ 877,605
Net income	27,086	28,075
Compensation and benefits paid or payable in shares	378	745
Options exercised		7
Purchase of Treasury shares		(43,937)
Cumulative translation adjustments	14,119	(1,674)
Pension and postretirement liability adjustments	(916)	74
Derivative valuation adjustment	(2,902)	10,018
Balance at end of the period	$ 897,515	$ 864,252
Dividends declared per share, Class A and Class B (in dollars per share)	$ 0.25	$ 0.21
Stock repurchase program, authorized amount			$ 200,000
Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock, balance at the beginning of the period (in shares)	9,674,542
Dividends declared	$ (7,792)	$ (6,661)
Treasury stock, balance at the end of the period (in shares)	9,674,542
Dividends declared per share, Class A and Class B (in dollars per share)	$ 0.25	$ 0.21
Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, balance at the beginning of the period (in shares)	0
Common stock, balance at the end of the period (in shares)	0
Dividends declared per share, Class A and Class B (in dollars per share)	$ 0.25	$ 0.21
Common Stock | Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, balance at the beginning of the period (in shares)	40,785,000	40,760,000
Balance at beginning of the period	$ 41	$ 41
Compensation and benefits paid or payable in shares (in shares)	58,000	21,000
Common stock, balance at the end of the period (in shares)	40,842,000	40,781,000
Balance at end of the period	$ 41	$ 41
Common Stock | Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, balance at the beginning of the period (in shares)	0	0
Balance at beginning of the period	$ 0	$ 0
Common stock, balance at the end of the period (in shares)	0	0
Balance at end of the period	$ 0	$ 0
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of the period	441,540	436,996
Compensation and benefits paid or payable in shares	378	745
Options exercised		7
Balance at end of the period	441,917	437,748
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of the period	931,318	863,057
Net income	26,889	27,737
Balance at end of the period	950,415	884,133
Retained earnings | Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(7,792)	(6,661)
Accumulated items of other comprehensive income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of the period	(144,927)	(145,984)
Cumulative translation adjustments	13,881	(1,730)
Pension and postretirement liability adjustments	(916)	74
Derivative valuation adjustment	(2,902)	10,018
Balance at end of the period	$ (134,864)	$ (137,622)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock, balance at the beginning of the period (in shares)	9,675,000	8,665,000
Balance at beginning of the period	$ (364,923)	$ (280,143)
Purchase of Treasury shares (in shares)		514,686
Purchase of Treasury shares		$ (43,937)
Treasury stock, balance at the end of the period (in shares)	9,675,000	9,180,000
Balance at end of the period	$ (364,923)	$ (324,080)
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of the period	4,494	3,638
Net income	197	338
Cumulative translation adjustments	238	56
Balance at end of the period	$ 4,929	$ 4,032