Albany International (AIN) 10-Q 29 Apr 24 2024 Q1 Quarterly report Financial data

Cover page

Cover page - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Apr. 15, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	330-5800
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	AIN
Security Exchange Name	NYSE
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 Common Stock, Shares Outstanding		31.2
Entity Central Index Key	0000819793
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net revenues	$ 313,330	$ 269,096
Cost of goods sold	204,644	169,778
Gross profit	108,686	99,318
Selling, general, and administrative expenses	54,835	48,479
Technical and research expenses	12,665	10,277
Restructuring expenses, net	2,209	20
Operating income	38,977	40,542
Interest expense/(income), net	3,319	3,290
Other (income)/expense, net	(2,982)	(455)
Income before income taxes	38,640	37,707
Income taxes	11,271	10,621
Net income	27,369	27,086
Net income attributable to the noncontrolling interest	78	197
Net income attributable to the Company	$ 27,291	$ 26,889
Earnings per share attributable to Company shareholders - Basic (in dollars per share)	$ 0.87	$ 0.86
Earnings per share attributable to Company shareholders - Diluted (in dollars per share)	$ 0.87	$ 0.86
Shares of the Company used in computing earnings per share:
Basic (in shares)	31,209	31,131
Diluted (in shares)	31,291	31,217
Dividends declared per Class A share (in dollars per share)	$ 0.26	$ 0.25

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 27,369	$ 27,086
Other comprehensive income/(loss), before tax:
Foreign currency translation	(11,831)	13,440
Amortization of pension liability adjustments:
Prior service credit	(38)	(1,031)
Net actuarial loss	178	346
Payments and amortization related to interest rate swaps included in earnings	(4,038)	(3,223)
Derivative valuation adjustment	1,194	(662)
Income taxes related to items of other comprehensive income/(loss):
Amortization of prior service credit	11	315
Amortization of net actuarial loss	(54)	(105)
Payments and amortization related to interest rate swaps included in earnings	1,022	815
Derivative valuation adjustment	(302)	168
Comprehensive income	13,511	37,149
Comprehensive income attributable to the noncontrolling interest	124	435
Comprehensive income attributable to the Company	$ 13,387	$ 36,714

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 125,412	$ 173,420
Accounts receivable, net	305,495	287,781
Contract assets, net	179,223	182,281
Inventories	166,025	169,567
Income taxes prepaid and receivable	11,686	11,043
Prepaid expenses and other current assets	57,331	53,872
Total current assets	845,172	877,964
Property, plant and equipment, net	589,970	601,989
Intangibles, net	42,839	44,646
Goodwill	178,704	180,181
Deferred income taxes	24,153	22,941
Noncurrent receivables, net	0	4,392
Other assets	117,342	102,901
Total assets	1,798,180	1,835,014
Liabilities and Shareholders' Equity
Accounts payable	80,778	87,104
Accrued liabilities	118,181	142,988
Current maturities of long-term debt	4,445	4,218
Income taxes payable	8,586	14,369
Total current liabilities	211,990	248,679
Long-term debt	434,689	452,667
Other noncurrent liabilities	151,121	139,385
Deferred taxes and other liabilities	26,815	26,963
Total liabilities	824,615	867,694
Commitments and Contingencies (Note 16)
Shareholders' Equity:
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued	0	0
Additional paid in capital	449,028	448,218
Retained earnings	1,030,111	1,010,942
Accumulated items of other comprehensive income:
Translation adjustments	(137,017)	(124,901)
Pension and postretirement liability adjustments	(16,964)	(17,346)
Derivative valuation adjustment	6,955	9,079
Treasury stock (Class A), at cost; 9,661,845 shares in 2024 and 2023	(364,665)	(364,665)
Total shareholders' equity	967,489	961,368
Noncontrolling interest	6,076	5,952
Total equity	973,565	967,320
Total liabilities and shareholders' equity	1,798,180	1,835,014
Common Class A
Shareholders' Equity:
Class A Common Stock, par value $0.001 per share; authorized 100,000,000 shares; 40,898,219 issued in 2024 and 40,856,910 in 2023	$ 41	$ 41

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	40,898,219	40,856,910
Treasury stock, shares (in shares)	9,661,845	9,661,845

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 27,369	$ 27,086
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation	20,556	15,864
Amortization	1,748	1,503
Change in deferred taxes and other liabilities	(675)	(887)
Impairment of property, plant and equipment	49	100
Non-cash interest expense	256	280
Compensation and benefits paid or payable in Class A Common Stock	810	378
Provision for credit losses from uncollected receivables and contract assets	365	309
Foreign currency remeasurement (gain) on intercompany loans	(792)	(1,732)
Fair value adjustment on foreign currency options	280	58
Changes in operating assets and liabilities that provided/(used) cash:
Accounts receivable	(17,061)	(13,702)
Contract assets	2,982	(4,403)
Inventories	1,917	(12,360)
Prepaid expenses and other current assets	(6,525)	(2,191)
Income taxes prepaid and receivable	(721)	(693)
Accounts payable	7,730	5,214
Accrued liabilities	(22,739)	(23,137)
Income taxes payable	(5,466)	(10,996)
Noncurrent receivables	(178)	867
Other noncurrent liabilities	506	7
Other, net	(814)	2,042
Net cash provided by/(used in) operating activities	9,597	(16,393)
Cash flows from investing activities:
Purchases of property, plant and equipment	(26,859)	(16,275)
Purchased software	(21)	0
Net cash used in investing activities	(26,880)	(16,275)
Cash flows from financing activities:
Proceeds from borrowings	43,237	58,000
Principal payments on debt	(60,750)	(6,000)
Taxes paid in lieu of share issuance	(2,446)	(3,136)
Dividends paid	(8,110)	(7,778)
Net cash (used in)/provided by financing activities	(28,069)	41,086
Effect of exchange rate changes on cash and cash equivalents	(2,656)	4,064
(Decrease)/increase in cash and cash equivalents	(48,008)	12,482
Cash and cash equivalents at beginning of period	173,420	291,776
Cash and cash equivalents at end of period	$ 125,412	$ 304,258

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation In the opinion of management, the accompanying consolidated financial information reflects all adjustments necessary for a fair presentation of Albany International Corp.'s ("Albany", the "Registrant", the "Company", "we", "us", or "our") financial position, results of operations and cash flows for the interim periods presented, but do not require all disclosures required by the accounting principles generally accepted in the United States ("GAAP"). All such adjustments are of a normal recurring nature, unless otherwise disclosed in this report. Certain amounts in prior year financial statements and notes thereto have been reclassified to conform to current year presentation. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of any revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.

Reportable Segments and Revenue

Reportable Segments and Revenue Recognition	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Reportable Segments and Revenue Recognition	Reportable Segments and Revenue Recognition The Company is organized based on the nature of its products and is composed of two reportable segments, Machine Clothing ("MC") and Albany Engineered Composites ("AEC"), each overseen by a Segment President. These segments are reflective of how the Company's Chief Executive Officer, who is its Chief Operating Decisions Maker ("CODM"), reviews operating results for the purpose of allocating resources and assessing performance. The Company has not aggregated operating segments for purposes of identifying reportable segments. Machine Clothing: The Machine Clothing (“MC”) segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, tissue and towel products, nonwovens, fiber cement and for several other industrial applications. Paper machine clothing products are customized, consumable products of technologically sophisticated design that utilize polymeric materials in a complex structure. We manufacture belts for each section of the paper machine and for every grade of paper. We sell our MC products directly to customer end-users in countries across the globe. MC's products, manufacturing processes, and distribution channels are substantially the same in each region of the world in which we operate. On August 31, 2023, the Company completed the acquisition of Heimbach GmbH (“Heimbach”), a privately-held manufacturer of paper machine clothing and technical textiles. The financial results of the acquired company are included in the Machine Clothing reportable segment. 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 to 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 International's LEAP engine) accounted for approximately 16 percent of the Company's consolidated Net revenues in 2023. AEC net sales to SAFRAN were $50.1 million and $45.3 million in the first three months of 2024 and 2023, respectively. The total of Accounts receivable, Contract assets and Noncurrent receivables due from SAFRAN amounted to $89.6 million and $93.8 million as of March 31, 2024 and December 31, 2023, respectively. Other significant programs for AEC include the Sikorsky CH-53K, F-35, JASSM, and Boeing 787 programs. AEC also supplies vacuum waste tanks for the Boeing commercial programs, and specialty components for the Rolls Royce lift fan on the F-35, as well as the fan case for the GE9X engine. For the year ended December 31, 2023, approximately 39 percent of AEC revenues 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) 2024 2023 Net revenues Machine Clothing $ 185,217 $ 153,222 Albany Engineered Composites 128,113 115,874 Consolidated revenues $ 313,330 $ 269,096 Operating income/(loss) Machine Clothing $ 48,110 $ 48,964 Albany Engineered Composites 9,188 9,418 Corporate expenses (18,321) (17,840) Consolidated Operating income $ 38,977 $ 40,542 Reconciling items: Interest income (1,123) (1,102) Interest expense 4,442 4,392 Other (income)/expense, net (2,982) (455) Income before income taxes $ 38,640 $ 37,707 First quarter results include Heimbach, which was acquired August 31, 2023. Heimbach contributed $37.9 million of net revenues and $(2.9) million of operating loss for the three months ended March 31, 2024. Corporate expenses include global information system costs of $8.3 million and $6.2 million for the three months ended March 31, 2024 and 2023, respectively. Revenue Recognition: Products and services provided under long-term contracts represent a significant portion of revenues 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 $0.9 million during the first three months of 2024, 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 for the three months ended March 31, 2024: Three months ended March 31, 2024 (in thousands) Point in Time Revenue Recognition Over Time Revenue Recognition Total Machine Clothing $ 184,235 $ 982 $ 185,217 Albany Engineered Composites: ASC — 49,739 49,739 Other AEC 5,757 72,617 78,374 Total Albany Engineered Composites 5,757 122,356 128,113 Total revenues $ 189,992 $ 123,338 $ 313,330 The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended March 31, 2023: 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 revenues $ 158,071 $ 111,025 $ 269,096 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) 2024 2023 Americas PMC $ 83,501 $ 83,378 Eurasia PMC 76,190 51,737 Engineered Fabrics 25,526 18,107 Total Machine Clothing Net revenues $ 185,217 $ 153,222 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 and certain 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 $752 million and $821 million as of March 31, 2024 and 2023, respectively, and related primarily to firm fixed price contracts in the AEC segment. Of the remaining performance obligations as of March 31, 2024, we expect to recognize as revenue approximately $127 million during 2024, $168 million during 2025, $143 million during 2026, and the remainder thereafter.

Pensions and Other Postretireme

Pensions and Other Postretirement Benefit Plans	3 Months Ended
	Mar. 31, 2024
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/(income) for the three months ended March 31, 2024 and 2023, was as follows: Pension plans Other postretirement benefits (in thousands) 2024 2023 2024 2023 Components of net periodic benefit cost/(income): Service cost $ 497 $ 281 $ 12 $ 15 Interest cost 1,532 1,063 354 468 Expected return on assets (1,358) (971) — — Amortization of prior service cost/(income) (7) (8) (31) (1,023) Amortization of net actuarial loss 187 139 (9) 207 Net periodic benefit cost/(credit) $ 851 $ 504 $ 326 $ (333) 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 2024 or 2023. 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.

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring Restructuring costs in the first quarter of 2024 were related to reductions in workforce at various AEC locations, while restructuring charges for the first quarter of 2023 were not significant. There were no charges related to the impairment of assets for the periods presented. The following table summarizes charges reported in the Consolidated Statements of Income under "Restructuring expenses, net": Three months ended March 31, (in thousands) 2024 2023 Machine Clothing $ 21 $ 20 Albany Engineered Composites 2,188 — Total $ 2,209 $ 20 The table below presents the year-to-date changes in restructuring liabilities for 2024 and 2023, all of which are related to termination and other costs: (in thousands) December 31, 2023 Restructuring Payments Currency March 31, 2024 Total termination and other costs $ — $ 2,209 $ (221) $ (1) $ 1,987 (in thousands) December 31, 2022 Restructuring Payments Currency March 31, 2023 Total termination and other costs $ — $ 20 $ (20) $ — $ —

Other (Income)_Expense, net

Other (Income)/Expense, net	3 Months Ended
	Mar. 31, 2024
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) 2024 2023 Currency transaction (gains)/losses $ (1,292) $ 60 Bank fees and amortization of debt issuance costs 43 59 Components of net periodic pension and postretirement cost other than service cost 668 (125) Other (2,401) (449) Total other (income)/expense, net $ (2,982) $ (455) Other (income)/expense, net, included foreign currency related transactions which resulted in gains of $1.3 million in the first three months of 2024, as compared to losses of $0.1 million in the same period last year. The stronger Mexican Peso and weaker Euro during the three months ended March 31, 2024 led to a net gain on foreign currency related transactions, as compared to the same period last year. Other (income)/expense, net, also included gains on changes in fair value of derivative instruments, gains on sales of fixed assets, and rental income.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective income tax rate for the three months ended March 31, 2024 and 2023, is as follows: Three months ended March 31, 2024 2023 Effective income tax rate 29.2 % 28.2 % 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. Our 2024 estimated annual effective tax rate primarily reflects the 21% federal tax rate, the impact of taxation upon foreign operations, and forecasted permanent differences. Our actual effective tax rates were 29.2% and 28.2% for the three months ended March 31, 2024 and 2023, respectively. The effective tax rate for the three months ended March 31, 2024 included a $2.4 million benefit related to the true-up for prior year estimated taxes treated as a discrete tax benefit and an additional increase of $1.2 million in the valuation allowance treated as a discrete tax expense. The rate for the first quarter of 2024 was higher than the first quarter of 2023 mainly due to an unfavorable change in the jurisdictional mix of pre-tax earnings forecasted for 2024. The Company is subject to audit in the U.S. and various foreign jurisdictions. Our open tax years for major jurisdictions generally range from 2013-2024. We believe appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years. Audit outcomes and the timing of audit settlements are subject to significant uncertainty. It is reasonably possible that within the next 12 months, unrecognized tax benefits related to federal tax matters under audit may decrease by up to $0.8 million based on current estimates.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
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) 2024 2023 Net income attributable to the Company $ 27,291 $ 26,889 Weighted average number of shares: Weighted average number of shares used in calculating basic net income per share 31,209 31,131 Effect of dilutive stock-based compensation plans: Restricted stock units and multi-year awards 82 86 Weighted average number of shares used in calculating diluted net income per share 31,291 31,217 Net income attributable to the Company per share: Basic $ 0.87 $ 0.86 Diluted $ 0.87 $ 0.86

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income ("AOCI")	3 Months Ended
	Mar. 31, 2024
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 from December 31, 2023 to March 31, 2024: (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income December 31, 2023 $ (124,901) $ (17,346) $ 9,079 $ (133,168) Other comprehensive income/(loss) before reclassifications, net of tax (12,116) 285 892 (10,939) Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax — — (3,016) (3,016) Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax — 97 — 97 Net current period other comprehensive income (12,116) 382 (2,124) (13,858) March 31, 2024 $ (137,017) $ (16,964) $ 6,955 $ (147,026) The table below presents changes in the components of AOCI for the period from 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)/income 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 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, 2024 and 2023: Three months ended March 31, (in thousands) 2024 2023 Pre-tax Derivative valuation reclassified from Accumulated Other Comprehensive Income: Other (income)/expense, net related to interest rate swaps included in Income before taxes $ (4,038) $ (3,223) Income tax effect 1,022 815 Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ (3,016) $ (2,408) Pre-tax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: Amortization of prior service credit $ (38) $ (1,031) Amortization of net actuarial loss 178 346 Total pre-tax amount reclassified (a) 140 (685) Income tax effect (43) 210 Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ 97 $ (475) (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 3. Pensions and Other Postretirement Benefit Plans ).

Noncontrolling Interest

Noncontrolling Interest	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interest	Noncontrolling Interests Effective October 31, 2013, Safran S.A. (Safran) acquired a 10 percent equity interest in Albany Safran Composites, LLC ("ASC"). On August 31, 2023, the Company acquired all the outstanding shares of Heimbach, a privately held manufacturer of paper machine clothing with headquarters in Düren, Germany. In July 2021, Heimbach acquired 85% of Arcari, SRL (“Arcari”). Arcari is a manufacturer of textile and plastic industrial technical products and conveyor belts. On the date of the acquisition, the fair value of the noncontrolling interest in Arcari was $0.5 million. For the three months ended March 31, 2024, the net income/(loss) attributable to Arcari’s noncontrolling interest was less than $0.1 million and the noncontrolling interest balance at March 31, 2024 was $0.5 million. The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity in the Company’s subsidiaries: ASC Noncontrolling Interest Three months ended March 31, (in thousands, except percentages) 2024 2023 Net income of Albany Safran Composites (ASC) $ 1,014 $ 2,282 Less: Return attributable to the Company's preferred holding 308 308 Net income of ASC available for common ownership $ 706 $ 1,974 Ownership percentage of noncontrolling shareholder 10 % 10 % Net income attributable to the noncontrolling interest $ 71 $ 197 Noncontrolling interest, beginning of year $ 5,423 $ 4,494 Net income attributable to noncontrolling interest 71 197 Changes in other comprehensive income attributable to the noncontrolling interest 57 238 ASC Noncontrolling interest, end of interim period $ 5,551 $ 4,929 Arcari Noncontrolling interest, end of interim period $ 525 $ — Total Noncontrolling interest, end of interim period $ 6,076 $ 4,929

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Accounts receivable, net includes Trade and other accounts receivable and Bank promissory notes, net of Allowance for expected credit losses. In connection with certain revenues 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, 2024 and December 31, 2023, Accounts receivable consisted of the following: (in thousands) March 31, 2024 December 31, 2023 Trade and other accounts receivable $ 287,862 $ 272,351 Bank promissory notes 22,699 20,690 Allowance for expected credit losses (5,066) (5,260) Accounts receivable, net $ 305,495 $ 287,781 The Company had Noncurrent receivables in the AEC segment that represent revenue earned, which had extended payment terms. In 2023, the payment terms were amended and the Noncurrent receivables are now included in Trade and other accounts receivable. As of March 31, 2024 and December 31, 2023, Noncurrent receivables consisted of the following: (in thousands) March 31, 2024 December 31, 2023 Noncurrent receivables $ — $ 4,414 Allowance for expected credit losses — (22) Noncurrent receivables, net $ — $ 4,392

Contract Assets and Liabilities

Contract Assets and Liabilities	3 Months Ended
	Mar. 31, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract Assets and Liabilities	Contract Assets and Liabilities Contract assets include unbilled amounts typically resulting from revenues under contracts when the over time 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 and the customer is invoiced. 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, 2024 and December 31, 2023, Contract assets and Contract liabilities consisted of the following: (in thousands) March 31, 2024 December 31, 2023 Contract assets $ 180,122 $ 183,189 Allowance for expected credit losses (899) (908) Contract assets, net $ 179,223 $ 182,281 Contract liabilities $ 6,034 $ 7,127 Contract assets, net decreased $3.1 million during the three months ended March 31, 2024. The decrease was primarily due to a decrease in unbilled revenue primarily related to commercial and defense programs, partially offset by an increase in unbilled revenue on space programs. There were no impairment losses related to our Contract assets during the three months ended March 31, 2024 and March 31, 2023. Contract liabilities decreased $1.1 million during the three months ended March 31, 2024, primarily due to revenue recognized from satisfied performance obligations exceeding customer advance payments for commercial and defense programs. Revenue recognized for the three months ended March 31, 2024 and 2023 that was included in the Contract liability balance at the beginning of the year was $3.5 million an d $6.7 million, respectively.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023, Inventories consisted of the following: (in thousands) March 31, 2024 December 31, 2023 Raw materials $ 77,391 $ 79,611 Work in process 63,764 67,743 Finished goods 24,870 22,213 Total inventories $ 166,025 $ 169,567

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The following table sets forth the gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of March 31, 2024 and December 31, 2023: March 31, 2024 (in thousands) Amortization Gross carrying amount Accumulated amortization Net carrying amount Finite-lived assets: AEC Trademarks and trade names 6-15 $ 208 $ (189) $ 19 AEC Technology 10-15 6,033 (2,824) 3,209 AEC Intellectual property 15 1,250 (360) 890 AEC Customer relationships 8-15 69,290 (44,721) 24,569 Heimbach Developed technology 9 8,789 (572) 8,217 Total Finite-lived intangible assets $ 85,570 $ (48,666) $ 36,904 Indefinite-lived intangible assets: Heimbach Trade name $ 5,935 $ — $ 5,935 MC Goodwill 65,785 — 65,785 AEC Goodwill 112,919 — 112,919 Total Indefinite-lived intangible assets: $ 184,639 $ — $ 184,639 December 31, 2023 (in thousands) Amortization Gross carrying amount Accumulated amortization Net carrying amount Finite-lived assets: AEC Trademarks and trade names 6-15 $ 208 $ (186) $ 22 AEC Technology 10-15 6,161 (2,735) 3,426 AEC Intellectual property 15 1,250 (339) 911 AEC Customer relationships 8-15 69,360 (43,875) 25,485 Heimbach Developed technology 9 9,042 (310) 8,732 Total Finite-lived assets $ 86,021 $ (47,445) $ 38,576 Indefinite-lived intangible assets: Heimbach Trade name $ 6,070 $ — $ 6,070 MC Goodwill 66,873 — 66,873 AEC Goodwill 113,308 — 113,308 Total Indefinite-lived intangible assets: $ 186,251 $ — $ 186,251 The changes in intangible assets, net and goodwill from December 31, 2023 to March 31, 2024, were as follows: (in thousands) December 31, 2023 Other Amortization Currency March 31, 2024 Finite-lived intangible assets: AEC Trademarks and trade names $ 22 $ — $ (3) $ — $ 19 AEC Technology 3,426 — (142) (75) 3,209 AEC Intellectual property 911 — (21) — 890 AEC Customer relationships 25,485 — (870) (46) 24,569 Heimbach Developed technology 8,732 — (262) (253) 8,217 Total Finite-lived intangible assets $ 38,576 $ — $ (1,298) $ (374) $ 36,904 Indefinite-lived intangible assets: Heimbach Trade name $ 6,070 $ — $ — $ (135) $ 5,935 MC Goodwill 66,873 — — (1,088) 65,785 AEC Goodwill 113,308 — — (389) 112,919 Total Indefinite-lived assets: $ 186,251 $ — $ — $ (1,612) $ 184,639

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Financial Instruments	Financial Instruments Debt principally consists of a revolving credit agreement and foreign bank debt assumed in the acquisition of Heimbach. The following table represents the Company's outstanding debt: (in thousands, except interest rates) March 31, 2024 December 31, 2023 Borrowings under the Amended Credit Agreement(1) $ 429,000 $ 446,000 Foreign bank debt 10,134 10,885 Total bank debt 439,134 456,885 Less: Current maturities of long-term debt 4,445 4,218 Long-term debt $ 434,689 $ 452,667 (1) the credit facility matures in August 2028. At the end of March 31, 2024 and December 31, 2023, the interest rate in effect was 3.34% and 3.49%, respectively, including the effect of interest rate hedging transactions, as described below. Amended Credit Agreement On August 16, 2023, we entered into a $800 million unsecured committed Five-Year Revolving Credit Facility Agreement (the “Amended Credit Agreement”). The applicable interest rate for borrowings under the Amended Credit Agreement is based on Term SOFR plus a spread, which is based on our leverage ratio (as defined in the Amended Credit Agreement) at the time of a borrowing as follows: Leverage Ratio Commitment Fee ABR Spread Term Benchmark/ Daily <1.00:1.00 0.275% 0.500% 1.500% ≥ 1.00:1.00 and < 2.00:1.00 0.300% 0.625% 1.625% ≥ 2.00:1.00 and < 3.00:1.00 0.325% 0.750% 1.750% ≥ 3.00:1.00 0.350% 1.000% 2.000% As of March 31, 2024, the applicable interest rate for borrowings under the Amended Credit Agreement was based on one-month term SOFR plus the spread, which was 1.625%. As of March 31, 2024, there was $429 million of borrowings outstanding under the Amended Credit Agreement and we had borrowings available of $371 million, based on our maximum leverage ratio and our Consolidated EBITDA (as defined in the Amended Credit Agreement). The Amended Credit Agreement contains customary terms including affirmative covenants, negative covenants and events of default. Under the Amended Credit Agreement, we are required to maintain a leverage ratio (as defined in the Credit Agreement) of not greater than 3.75 to 1.00, or 4.25 to 1.00 after a significant acquisition. We are also required to maintain a minimum interest coverage ratio (as defined in the Credit Agreement) of greater than 3.00 to 1.00. As of March 31, 2024, our leverage ratio was 1.17 to 1.00 (as defined in the Amended Credit Agreement) and our interest coverage ratio was 14.38 to 1.00. If our leverage ratio exceeds 3.50 to 1.00, then we are restricted in paying dividends to a maximum amount of $40 million in a calendar year. As of March 31, 2024, we were in compliance with all applicable covenants. We anticipate continued compliance in each of the next four quarters while continuing to monitor future compliance based on current and future economic conditions. The borrowings are guaranteed by certain of the Company’s subsidiaries, including all significant U.S. subsidiaries (subject to certain exceptions), as defined in the Amended Credit Agreement. Our ability to borrow additional amounts under the Amended Credit Agreement is conditional upon the absence of any defaults, as well as the absence of any material adverse change (as defined in the Amended Credit Agreement). Interest Rate Swaps In 2021, we entered into interest rate swap agreements for the period of October 17, 2022 through October 27, 2024. 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. We amended the swap agreements on June 29, 2023 replacing the LIBOR (in preparation for the cessation of LIBOR) with SOFR and adjusting the spread. We pay a fixed blended rate of 0.8828% through October 27, 2024 on $350 million and the counterparties pay a floating rate based on the one-month term SOFR at each monthly calculation date, which on March 18, 2024 was 5.33%. As of March 31, 2024 , the all-in rate on the $350M of debt was 2.51%. Upon the expiration of the interest rate swap on October 27, 2024, our interest cost will increase significantly. Beginning in October 2024, our interest cost will be calculated using a floating rate based on the one-month term SOFR. The interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 15, Fair-Value Measurements . No cash collateral was received or pledged in relation to the swap agreements. Foreign Bank Debt On August 31, 2023, the Company acquired Heimbach. The Company assumed Heimbach’s bank debt in the amount of $32.7 million. The bank debt is held by several European financial institutions, with maturity dates ranging from June 30, 2024 to June 30, 2031. At March 31, 2024 and December 31, 2023, the foreign debt was $10.1 million and $10.9 million, respectively, of which $4.4 million and $4.2 million, respectively, was classified as Current maturities on long-term debt.

Fair-Value Measurements

Fair-Value Measurements	3 Months Ended
	Mar. 31, 2024
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. The Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data. • Level 3 - Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. We had no Level 3 financial assets or liabilities at March 31, 2024 or at December 31, 2023, other than certain pension assets as indicated in our December 31, 2023 Annual Report on Form 10-K. 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, 2024 December 31, 2023 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 $ 19,892 $ — $ 27,157 $ — Foreign currency option contracts — 1,533 — 1,725 Foreign currency forward contracts — 269 — 199 Other Assets: Common stock of unaffiliated foreign public company (a) 759 — 682 — Interest rate swaps — 9,404 — 12,214 Liabilities Foreign currency forward contracts — (160) — — (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 is 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. Amounts accumulated in Other comprehensive income are reclassified as interest expense/(income), net when the related interest payments (that is, the hedged forecasted transactions), affect earnings. Interest expense/(income) related to payments under the active swap agreements totaled $(4.0) million for the three months ended March 31, 2024, and $(3.2) million for the three months ended March 31, 2023. 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 a 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) 2024 2023 Derivatives not designated as hedging instruments: Foreign currency options (gains)/losses $ (118) $ 16

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and 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 3,613 claims as of March 31, 2024. 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: (in thousands, except number of claims) Opening Number of Claims Claims Dismissed, Settled, or Resolved New Claims Closing Number of Claims Amounts Paid to For the period ended December 31, 2023 3,598 19 27 3,606 $ 74 For the period ended March 31, 2024 3,606 4 11 3,613 $ 9 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, 2024, we had resolved, by means of settlement or dismissal, 38,045 claims at a total cost of $10.7 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 7,676 claims as of March 31, 2024, 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, 2024
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, 2023 to March 31, 2024: Class A Common Stock Additional paid-in capital Retained earnings Accumulated items of other comprehensive income Class A Treasury Stock Noncontrolling Interest Total Shareholders' Equity (in thousands) Shares Amount Shares Amount December 31, 2023 40,856 $ 41 $ 448,218 $ 1,010,942 $ (133,168) 9,662 $ (364,665) $ 5,952 $ 967,320 Net income — — — 27,291 — — — 78 27,369 Compensation and benefits paid or payable in shares 42 — 810 — — — — — 810 Dividends declared on Class A Common Stock, $0.26 per share — — — (8,122) — — — — (8,122) Cumulative translation adjustments — — — — (12,116) — — 46 (12,070) Pension and postretirement liability adjustments — — — — 382 — — — 382 Derivative valuation adjustment — — — — (2,124) — — — (2,124) March 31, 2024 40,898 $ 41 $ 449,028 $ 1,030,111 $ (147,026) 9,662 $ (364,665) $ 6,076 $ 973,565 The following table summarizes changes in Shareholders’ Equity for the period December 31, 2022 to March 31, 2023: Class A Common Stock Additional paid-in capital Retained earnings Accumulated items of other comprehensive income Class A Treasury Stock Noncontrolling Interest Total (in thousands) 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 on Class A Common Stock, $0.25 per share — — — (7,792) — — — — (7,792) 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

Business Combination

Business Combination	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Business Combination	Business Combination On August 31, 2023, the Company acquired all the outstanding shares of Heimbach, a privately-held manufacturer of paper machine clothing with headquarters in Düren, Germany. For the three months ended March 31, 2024, there were no material adjustments to the assets acquired and liabilities assumed.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn April 19, 2024, we announced a plan to discontinue manufacturing at our Chungju, South Korea operation, and to transfer production to other international manufacturing facilities owned by the Company. This action will enable the Company to align forming fabric capacity with the local market demand and the needs of customers. The company remains committed to the local papermaking industry and will continue to provide customers with strong expertise in Product Application, Sales and Marketing Service through the current Sales, Service & Application teams located in South Korea. The Company estimates the cash outflows associated with this restructuring to be approximately $6 million, which will include employee-related costs, asset write-offs, and equipment transfer costs.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 27,291	$ 26,889

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation In the opinion of management, the accompanying consolidated financial information reflects all adjustments necessary for a fair presentation of Albany International Corp.'s ("Albany", the "Registrant", the "Company", "we", "us", or "our") financial position, results of operations and cash flows for the interim periods presented, but do not require all disclosures required by the accounting principles generally accepted in the United States ("GAAP"). All such adjustments are of a normal recurring nature, unless otherwise disclosed in this report. Certain amounts in prior year financial statements and notes thereto have been reclassified to conform to current year presentation. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Estimates	Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of any revisions are reflected in the consolidated financial statements in the period they are determined to be necessary.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.

Reportable Segments and Reven_2

Reportable Segments and Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
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) 2024 2023 Net revenues Machine Clothing $ 185,217 $ 153,222 Albany Engineered Composites 128,113 115,874 Consolidated revenues $ 313,330 $ 269,096 Operating income/(loss) Machine Clothing $ 48,110 $ 48,964 Albany Engineered Composites 9,188 9,418 Corporate expenses (18,321) (17,840) Consolidated Operating income $ 38,977 $ 40,542 Reconciling items: Interest income (1,123) (1,102) Interest expense 4,442 4,392 Other (income)/expense, net (2,982) (455) Income before income taxes $ 38,640 $ 37,707
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 for the three months ended March 31, 2024: Three months ended March 31, 2024 (in thousands) Point in Time Revenue Recognition Over Time Revenue Recognition Total Machine Clothing $ 184,235 $ 982 $ 185,217 Albany Engineered Composites: ASC — 49,739 49,739 Other AEC 5,757 72,617 78,374 Total Albany Engineered Composites 5,757 122,356 128,113 Total revenues $ 189,992 $ 123,338 $ 313,330 The following table disaggregates revenue for each product group by timing of revenue recognition for the three months ended March 31, 2023: 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 revenues $ 158,071 $ 111,025 $ 269,096
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) 2024 2023 Americas PMC $ 83,501 $ 83,378 Eurasia PMC 76,190 51,737 Engineered Fabrics 25,526 18,107 Total Machine Clothing Net revenues $ 185,217 $ 153,222

Pensions and Other Postretire_2

Pensions and Other Postretirement Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The composition of the net periodic benefit cost/(income) for the three months ended March 31, 2024 and 2023, was as follows: Pension plans Other postretirement benefits (in thousands) 2024 2023 2024 2023 Components of net periodic benefit cost/(income): Service cost $ 497 $ 281 $ 12 $ 15 Interest cost 1,532 1,063 354 468 Expected return on assets (1,358) (971) — — Amortization of prior service cost/(income) (7) (8) (31) (1,023) Amortization of net actuarial loss 187 139 (9) 207 Net periodic benefit cost/(credit) $ 851 $ 504 $ 326 $ (333)

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges	The following table summarizes charges reported in the Consolidated Statements of Income under "Restructuring expenses, net": Three months ended March 31, (in thousands) 2024 2023 Machine Clothing $ 21 $ 20 Albany Engineered Composites 2,188 — Total $ 2,209 $ 20
Schedule of Changes in Restructuring Liabilities	The table below presents the year-to-date changes in restructuring liabilities for 2024 and 2023, all of which are related to termination and other costs: (in thousands) December 31, 2023 Restructuring Payments Currency March 31, 2024 Total termination and other costs $ — $ 2,209 $ (221) $ (1) $ 1,987 (in thousands) December 31, 2022 Restructuring Payments Currency March 31, 2023 Total termination and other costs $ — $ 20 $ (20) $ — $ —

Other (Income)_Expense, net (Ta

Other (Income)/Expense, net (Tables)	3 Months Ended
	Mar. 31, 2024
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) 2024 2023 Currency transaction (gains)/losses $ (1,292) $ 60 Bank fees and amortization of debt issuance costs 43 59 Components of net periodic pension and postretirement cost other than service cost 668 (125) Other (2,401) (449) Total other (income)/expense, net $ (2,982) $ (455)

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Reconciliation of the U.S. Federal Statutory Tax Rate to the Company's Effective Income Tax Rate	The Company's effective income tax rate for the three months ended March 31, 2024 and 2023, is as follows: Three months ended March 31, 2024 2023 Effective income tax rate 29.2 % 28.2 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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) 2024 2023 Net income attributable to the Company $ 27,291 $ 26,889 Weighted average number of shares: Weighted average number of shares used in calculating basic net income per share 31,209 31,131 Effect of dilutive stock-based compensation plans: Restricted stock units and multi-year awards 82 86 Weighted average number of shares used in calculating diluted net income per share 31,291 31,217 Net income attributable to the Company per share: Basic $ 0.87 $ 0.86 Diluted $ 0.87 $ 0.86

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income ("AOCI") (Tables)	3 Months Ended
	Mar. 31, 2024
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 from December 31, 2023 to March 31, 2024: (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income December 31, 2023 $ (124,901) $ (17,346) $ 9,079 $ (133,168) Other comprehensive income/(loss) before reclassifications, net of tax (12,116) 285 892 (10,939) Interest (expense)/income related to swaps reclassified to the Consolidated Statements of Income, net of tax — — (3,016) (3,016) Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax — 97 — 97 Net current period other comprehensive income (12,116) 382 (2,124) (13,858) March 31, 2024 $ (137,017) $ (16,964) $ 6,955 $ (147,026) The table below presents changes in the components of AOCI for the period from 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)/income 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)
Schedule of 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, 2024 and 2023: Three months ended March 31, (in thousands) 2024 2023 Pre-tax Derivative valuation reclassified from Accumulated Other Comprehensive Income: Other (income)/expense, net related to interest rate swaps included in Income before taxes $ (4,038) $ (3,223) Income tax effect 1,022 815 Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ (3,016) $ (2,408) Pre-tax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: Amortization of prior service credit $ (38) $ (1,031) Amortization of net actuarial loss 178 346 Total pre-tax amount reclassified (a) 140 (685) Income tax effect (43) 210 Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ 97 $ (475) (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 3. Pensions and Other Postretirement Benefit Plans ).

Noncontrolling Interest (Tables

Noncontrolling Interest (Tables)	3 Months Ended
	Mar. 31, 2024
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 subsidiaries: ASC Noncontrolling Interest Three months ended March 31, (in thousands, except percentages) 2024 2023 Net income of Albany Safran Composites (ASC) $ 1,014 $ 2,282 Less: Return attributable to the Company's preferred holding 308 308 Net income of ASC available for common ownership $ 706 $ 1,974 Ownership percentage of noncontrolling shareholder 10 % 10 % Net income attributable to the noncontrolling interest $ 71 $ 197 Noncontrolling interest, beginning of year $ 5,423 $ 4,494 Net income attributable to noncontrolling interest 71 197 Changes in other comprehensive income attributable to the noncontrolling interest 57 238 ASC Noncontrolling interest, end of interim period $ 5,551 $ 4,929 Arcari Noncontrolling interest, end of interim period $ 525 $ — Total Noncontrolling interest, end of interim period $ 6,076 $ 4,929

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	As of March 31, 2024 and December 31, 2023, Accounts receivable consisted of the following: (in thousands) March 31, 2024 December 31, 2023 Trade and other accounts receivable $ 287,862 $ 272,351 Bank promissory notes 22,699 20,690 Allowance for expected credit losses (5,066) (5,260) Accounts receivable, net $ 305,495 $ 287,781
Schedule of Contract Receivables	As of March 31, 2024 and December 31, 2023, Noncurrent receivables consisted of the following: (in thousands) March 31, 2024 December 31, 2023 Noncurrent receivables $ — $ 4,414 Allowance for expected credit losses — (22) Noncurrent receivables, net $ — $ 4,392

Contract Assets and Liabiliti_2

Contract Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Schedule of Contract Assets and Contract Liabilities	As of March 31, 2024 and December 31, 2023, Contract assets and Contract liabilities consisted of the following: (in thousands) March 31, 2024 December 31, 2023 Contract assets $ 180,122 $ 183,189 Allowance for expected credit losses (899) (908) Contract assets, net $ 179,223 $ 182,281 Contract liabilities $ 6,034 $ 7,127

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	As of March 31, 2024 and December 31, 2023, Inventories consisted of the following: (in thousands) March 31, 2024 December 31, 2023 Raw materials $ 77,391 $ 79,611 Work in process 63,764 67,743 Finished goods 24,870 22,213 Total inventories $ 166,025 $ 169,567

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	The following table sets forth the gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of March 31, 2024 and December 31, 2023: March 31, 2024 (in thousands) Amortization Gross carrying amount Accumulated amortization Net carrying amount Finite-lived assets: AEC Trademarks and trade names 6-15 $ 208 $ (189) $ 19 AEC Technology 10-15 6,033 (2,824) 3,209 AEC Intellectual property 15 1,250 (360) 890 AEC Customer relationships 8-15 69,290 (44,721) 24,569 Heimbach Developed technology 9 8,789 (572) 8,217 Total Finite-lived intangible assets $ 85,570 $ (48,666) $ 36,904 Indefinite-lived intangible assets: Heimbach Trade name $ 5,935 $ — $ 5,935 MC Goodwill 65,785 — 65,785 AEC Goodwill 112,919 — 112,919 Total Indefinite-lived intangible assets: $ 184,639 $ — $ 184,639 December 31, 2023 (in thousands) Amortization Gross carrying amount Accumulated amortization Net carrying amount Finite-lived assets: AEC Trademarks and trade names 6-15 $ 208 $ (186) $ 22 AEC Technology 10-15 6,161 (2,735) 3,426 AEC Intellectual property 15 1,250 (339) 911 AEC Customer relationships 8-15 69,360 (43,875) 25,485 Heimbach Developed technology 9 9,042 (310) 8,732 Total Finite-lived assets $ 86,021 $ (47,445) $ 38,576 Indefinite-lived intangible assets: Heimbach Trade name $ 6,070 $ — $ 6,070 MC Goodwill 66,873 — 66,873 AEC Goodwill 113,308 — 113,308 Total Indefinite-lived intangible assets: $ 186,251 $ — $ 186,251
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The changes in intangible assets, net and goodwill from December 31, 2023 to March 31, 2024, were as follows: (in thousands) December 31, 2023 Other Amortization Currency March 31, 2024 Finite-lived intangible assets: AEC Trademarks and trade names $ 22 $ — $ (3) $ — $ 19 AEC Technology 3,426 — (142) (75) 3,209 AEC Intellectual property 911 — (21) — 890 AEC Customer relationships 25,485 — (870) (46) 24,569 Heimbach Developed technology 8,732 — (262) (253) 8,217 Total Finite-lived intangible assets $ 38,576 $ — $ (1,298) $ (374) $ 36,904 Indefinite-lived intangible assets: Heimbach Trade name $ 6,070 $ — $ — $ (135) $ 5,935 MC Goodwill 66,873 — — (1,088) 65,785 AEC Goodwill 113,308 — — (389) 112,919 Total Indefinite-lived assets: $ 186,251 $ — $ — $ (1,612) $ 184,639

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table represents the Company's outstanding debt: (in thousands, except interest rates) March 31, 2024 December 31, 2023 Borrowings under the Amended Credit Agreement(1) $ 429,000 $ 446,000 Foreign bank debt 10,134 10,885 Total bank debt 439,134 456,885 Less: Current maturities of long-term debt 4,445 4,218 Long-term debt $ 434,689 $ 452,667 (1) the credit facility matures in August 2028. At the end of March 31, 2024 and December 31, 2023, the interest rate in effect was 3.34% and 3.49%, respectively, including the effect of interest rate hedging transactions, as described below.
Schedule Interest Rate for Borrowings	The applicable interest rate for borrowings under the Amended Credit Agreement is based on Term SOFR plus a spread, which is based on our leverage ratio (as defined in the Amended Credit Agreement) at the time of a borrowing as follows: Leverage Ratio Commitment Fee ABR Spread Term Benchmark/ Daily <1.00:1.00 0.275% 0.500% 1.500% ≥ 1.00:1.00 and < 2.00:1.00 0.300% 0.625% 1.625% ≥ 2.00:1.00 and < 3.00:1.00 0.325% 0.750% 1.750% ≥ 3.00:1.00 0.350% 1.000% 2.000%

Fair-Value Measurements (Tables

Fair-Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of 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, 2024 December 31, 2023 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 $ 19,892 $ — $ 27,157 $ — Foreign currency option contracts — 1,533 — 1,725 Foreign currency forward contracts — 269 — 199 Other Assets: Common stock of unaffiliated foreign public company (a) 759 — 682 — Interest rate swaps — 9,404 — 12,214 Liabilities Foreign currency forward contracts — (160) — — (a) Original cost basis $0.5 million.
Schedule of 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) 2024 2023 Derivatives not designated as hedging instruments: Foreign currency options (gains)/losses $ (118) $ 16

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
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: (in thousands, except number of claims) Opening Number of Claims Claims Dismissed, Settled, or Resolved New Claims Closing Number of Claims Amounts Paid to For the period ended December 31, 2023 3,598 19 27 3,606 $ 74 For the period ended March 31, 2024 3,606 4 11 3,613 $ 9

Changes in Shareholders' Equi_2

Changes in Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Schedule of Stockholders Equity	The following table summarizes changes in Shareholders’ Equity for the period December 31, 2023 to March 31, 2024: Class A Common Stock Additional paid-in capital Retained earnings Accumulated items of other comprehensive income Class A Treasury Stock Noncontrolling Interest Total Shareholders' Equity (in thousands) Shares Amount Shares Amount December 31, 2023 40,856 $ 41 $ 448,218 $ 1,010,942 $ (133,168) 9,662 $ (364,665) $ 5,952 $ 967,320 Net income — — — 27,291 — — — 78 27,369 Compensation and benefits paid or payable in shares 42 — 810 — — — — — 810 Dividends declared on Class A Common Stock, $0.26 per share — — — (8,122) — — — — (8,122) Cumulative translation adjustments — — — — (12,116) — — 46 (12,070) Pension and postretirement liability adjustments — — — — 382 — — — 382 Derivative valuation adjustment — — — — (2,124) — — — (2,124) March 31, 2024 40,898 $ 41 $ 449,028 $ 1,030,111 $ (147,026) 9,662 $ (364,665) $ 6,076 $ 973,565 The following table summarizes changes in Shareholders’ Equity for the period December 31, 2022 to March 31, 2023: Class A Common Stock Additional paid-in capital Retained earnings Accumulated items of other comprehensive income Class A Treasury Stock Noncontrolling Interest Total (in thousands) 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 on Class A Common Stock, $0.25 per share — — — (7,792) — — — — (7,792) 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

Reportable Segments and Reven_3

Reportable Segments and Revenue Recognition (Narrative) (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
Net revenues	$ 313,330	$ 269,096
Global information system expense	8,300	6,200
Operating income (loss)	38,977	40,542
Heimbach
Segment Reporting Information [Line Items]
Net revenue of acquiree since acquisition date, actual	37,900
Operating loss of acquiree since acquisition date, actual	(2,900)
Albany Engineered Composites
Segment Reporting Information [Line Items]
Net revenues	128,113	115,874
Operating income (loss)	(900)	(700)
Revenue Benchmark | Product Concentration Risk | Albany Engineered Composites | US Government Contracts Or Programs
Segment Reporting Information [Line Items]
Concentration risk percentage			39%
SAFRAN Group | Albany Engineered Composites
Segment Reporting Information [Line Items]
Net revenues	50,100	$ 45,300
Receivables	$ 89,600		$ 93,800
SAFRAN Group | Revenue Benchmark | Customer Concentration Risk | Albany Engineered Composites
Segment Reporting Information [Line Items]
Concentration risk percentage			16%
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, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net revenues	$ 313,330	$ 269,096
Operating income/(loss)	38,977	40,542
Other (income)/expense, net	(2,982)	(455)
Income before income taxes	38,640	37,707
Corporate expenses
Segment Reporting Information [Line Items]
Operating income/(loss)	(18,321)	(17,840)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Interest income	(1,123)	(1,102)
Interest expense	4,442	4,392
Other (income)/expense, net	(2,982)	(455)
Machine Clothing
Segment Reporting Information [Line Items]
Net revenues	185,217	153,222
Machine Clothing | Operating Segments
Segment Reporting Information [Line Items]
Net revenues	185,217	153,222
Operating income/(loss)	48,110	48,964
Albany Engineered Composites
Segment Reporting Information [Line Items]
Net revenues	128,113	115,874
Operating income/(loss)	(900)	(700)
Albany Engineered Composites | Operating Segments
Segment Reporting Information [Line Items]
Net revenues	128,113	115,874
Operating income/(loss)	$ 9,188	$ 9,418

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, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net revenues	$ 313,330	$ 269,096
Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	189,992	158,071
Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	123,338	111,025
Machine Clothing
Disaggregation of Revenue [Line Items]
Net revenues	185,217	153,222
Machine Clothing | Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	184,235	152,278
Machine Clothing | Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	982	944
Albany Engineered Composites
Disaggregation of Revenue [Line Items]
Net revenues	128,113	115,874
Albany Engineered Composites | Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	5,757	5,793
Albany Engineered Composites | Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	122,356	110,081
ASC
Disaggregation of Revenue [Line Items]
Net revenues	49,739	44,532
ASC | Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	0	0
ASC | Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	49,739	44,532
Other AEC
Disaggregation of Revenue [Line Items]
Net revenues	78,374	71,342
Other AEC | Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	5,757	5,793
Other AEC | Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net revenues	$ 72,617	$ 65,549

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, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net revenues	$ 313,330	$ 269,096
Machine Clothing
Disaggregation of Revenue [Line Items]
Net revenues	185,217	153,222
Machine Clothing | Americas PMC
Disaggregation of Revenue [Line Items]
Net revenues	83,501	83,378
Machine Clothing | Eurasia PMC
Disaggregation of Revenue [Line Items]
Net revenues	76,190	51,737
Machine Clothing | Engineered Fabrics
Disaggregation of Revenue [Line Items]
Net revenues	$ 25,526	$ 18,107

Reportable Segments and Reven_7

Reportable Segments and Revenue Recognition (Remaining Performance Obligation) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 752	$ 821
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 127
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
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	$ 168
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 143
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, 2024	Mar. 31, 2023
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 497	$ 281
Interest cost	1,532	1,063
Expected return on assets	(1,358)	(971)
Amortization of prior service cost/(income)	(7)	(8)
Amortization of net actuarial loss	187	139
Net periodic benefit cost/(credit)	851	504
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	12	15
Interest cost	354	468
Expected return on assets	0	0
Amortization of prior service cost/(income)	(31)	(1,023)
Amortization of net actuarial loss	(9)	207
Net periodic benefit cost/(credit)	$ 326	$ (333)

Restructuring (Schedule of Rest

Restructuring (Schedule of Restructuring Charges) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring expenses, net
Total restructuring expenses, net	$ 2,209	$ 20
Operating segments | Machine Clothing
Restructuring expenses, net
Total restructuring expenses, net	21	20
Operating segments | Albany Engineered Composites
Restructuring expenses, net
Total restructuring expenses, net	$ 2,188	$ 0

Restructuring (Schedule of Re_2

Restructuring (Schedule of Restructuring Liability) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Reserve [Roll Forward]
Restructuring charges accrued	$ 2,209	$ 20
Employee Severance
Restructuring Reserve [Roll Forward]
Beginning balance	0	0
Restructuring charges accrued	2,209	20
Payments	(221)	(20)
Currency translation /other	(1)	0
Ending balance	$ 1,987	$ 0

Other (Income)_Expense, net (De

Other (Income)/Expense, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Currency transaction (gains)/losses	$ (1,292)	$ 60
Bank fees and amortization of debt issuance costs	43	59
Components of net periodic pension and postretirement cost other than service cost	668	(125)
Other	(2,401)	(449)
Total other (income)/expense, net	$ (2,982)	$ (455)

Other (Income)_Expense, net (Na

Other (Income)/Expense, net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Foreign currency transaction gain (loss), realized	$ 1.3	$ (0.1)

Income Taxes (Reconciliation of

Income Taxes (Reconciliation of the U.S. Federal Statutory Tax Rate to the Company's Effective Income Tax Rate) (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	29.20%	28.20%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	29.20%	28.20%
Discrete tax benefit, prior year estimated tax true-up	$ 2.4
Discrete tax expense, increase in valuation allowance	1.2
Decrease in unrecognized tax benefits is reasonably possible	$ 0.8

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to the Company	$ 27,291	$ 26,889
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share (in shares)	31,209	31,131
Effect of dilutive stock-based compensation plans:
Weighted average number of shares used in calculating diluted net income per share (in shares)	31,291	31,217
Net income attributable to the Company per share:
Basic (in dollars per share)	$ 0.87	$ 0.86
Diluted (in dollars per share)	$ 0.87	$ 0.86
RSU and MPP
Effect of dilutive stock-based compensation plans:
Restricted stock units and multi-year awards (in shares)	82	86

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income ("AOCI") (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at start of the period	$ 967,320	$ 867,543
Other comprehensive income/(loss) before reclassifications, net of tax	(10,939)	12,946
Net current period other comprehensive income	(13,858)	10,063
Balance at end of the period	973,565	897,515
Accumulated items of other comprehensive income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at start of the period	(133,168)	(144,927)
Balance at end of the period	(147,026)	(134,864)
Translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at start of the period	(124,901)	(146,851)
Other comprehensive income/(loss) before reclassifications, net of tax	(12,116)	13,881
Net current period other comprehensive income	(12,116)	13,881
Balance at end of the period	(137,017)	(132,970)
Pension and postretirement liability adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at start of the period	(17,346)	(15,783)
Other comprehensive income/(loss) before reclassifications, net of tax	285	(441)
Amounts reclassified to the Consolidated Statements of Income, net of tax	97	(475)
Net current period other comprehensive income	382	(916)
Balance at end of the period	(16,964)	(16,699)
Derivative valuation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at start of the period	9,079	17,707
Other comprehensive income/(loss) before reclassifications, net of tax	892	(494)
Amounts reclassified to the Consolidated Statements of Income, net of tax	(3,016)	(2,408)
Net current period other comprehensive income	(2,124)	(2,902)
Balance at end of the period	$ 6,955	$ 14,805

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, 2024	Mar. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (income)/expense, net	$ (2,982)	$ (455)
Income tax effect	11,271	10,621
Net income attributable to the Company	(27,291)	(26,889)
Prior service credit	(38)	(1,031)
Net actuarial loss	178	346
Income before income taxes	(38,640)	(37,707)
Reclassification out of Accumulated Other Comprehensive Income | Derivative valuation adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (income)/expense, net	(4,038)	(3,223)
Income tax effect	1,022	815
Net income attributable to the Company	(3,016)	(2,408)
Reclassification out of Accumulated Other Comprehensive Income | Pension and postretirement liability adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax effect	(43)	210
Net income attributable to the Company	97	(475)
Prior service credit	(38)	(1,031)
Net actuarial loss	178	346
Income before income taxes	$ 140	$ (685)

Noncontrolling Interest (Narrat

Noncontrolling Interest (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Aug. 31, 2023	Jul. 31, 2021	Oct. 31, 2013
Noncontrolling Interest [Line Items]
Net income attributable to noncontrolling interest (less than)	$ 27,369	$ 27,086
Noncontrolling interest	6,076	4,929	$ 5,952
Arcari
Noncontrolling Interest [Line Items]
Net income attributable to noncontrolling interest (less than)	100
Noncontrolling interest	$ 525	$ 0
Heimbach
Noncontrolling Interest [Line Items]
Fair value of acquired noncontrolling interest				$ 500
Heimbach | Arcari
Noncontrolling Interest [Line Items]
Business acquisition, percentage of voting interests acquired					85%
Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10%
Albany Safran Composites, LLC | 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, 2024	Mar. 31, 2023	Oct. 31, 2013
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)	$ 27,369	$ 27,086
Net income of ASC available for common ownership	27,291	26,889
Net income attributable to the noncontrolling interest	78	197
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year	5,952
Net income attributable to the noncontrolling interest	78	197
Noncontrolling interest, end of interim period	6,076	4,929
Arcari
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)	100
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, end of interim period	$ 525	0
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)	$ 1,014	2,282
Less: Return attributable to the Company's preferred holding	308	308
Net income of ASC available for common ownership	706	1,974
Net income attributable to the noncontrolling interest	71	197
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year	5,423	4,494
Net income attributable to the noncontrolling interest	71	197
Changes in other comprehensive income attributable to the noncontrolling interest	57	238
Noncontrolling interest, end of interim period	$ 5,551	$ 4,929
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, 2024	Dec. 31, 2023
Receivables [Abstract]
Trade and other accounts receivable	$ 287,862	$ 272,351
Bank promissory notes	22,699	20,690
Allowance for expected credit losses	(5,066)	(5,260)
Accounts receivable, net	$ 305,495	$ 287,781

Accounts Receivable (Schedule_2

Accounts Receivable (Schedule of Contract Receivables) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Noncurrent receivables	$ 0	$ 4,414
Allowance for expected credit losses	0	(22)
Noncurrent receivables, net	$ 0	$ 4,392

Contract Assets and Liabiliti_3

Contract Assets and Liabilities (Schedule of Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets	$ 180,122	$ 183,189
Allowance for expected credit losses	(899)	(908)
Contract assets, net	179,223	182,281
Contract liabilities	$ 6,034	$ 7,127

Contract Assets and Liabiliti_4

Contract Assets and Liabilities (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract with customer, asset, period decrease	$ 3,100,000
Contract with customer, asset, impairment loss	0	$ 0
Decrease in contract with customer, liability	1,100,000
Contract with customer, liability, revenue recognized	$ 3,500,000	$ 6,700,000

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 77,391	$ 79,611
Work in process	63,764	67,743
Finished goods	24,870	22,213
Total inventories	$ 166,025	$ 169,567

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Schedule of Intangible Assets and Goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Finite-lived Intangible Assets [Roll Forward]
Gross carrying amount	$ 85,570	$ 86,021
Accumulated amortization	(48,666)	(47,445)
Net carrying amount	36,904	38,576
Goodwill [Line Items]
Goodwill	178,704	180,181
Total Indefinite-lived intangible assets:	184,639	186,251
MC Goodwill
Goodwill [Line Items]
Goodwill	65,785	66,873
AEC Goodwill
Goodwill [Line Items]
Goodwill	112,919	113,308
Heimbach Trade name
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	5,935	6,070
AEC Trademarks and trade names
Finite-lived Intangible Assets [Roll Forward]
Gross carrying amount	208	208
Accumulated amortization	(189)	(186)
Net carrying amount	$ 19	$ 22
AEC Trademarks and trade names | Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization  life in years	6 years	6 years
AEC Trademarks and trade names | Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization  life in years	15 years	15 years
AEC Technology
Finite-lived Intangible Assets [Roll Forward]
Gross carrying amount	$ 6,033	$ 6,161
Accumulated amortization	(2,824)	(2,735)
Net carrying amount	$ 3,209	$ 3,426
AEC Technology | Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization  life in years	10 years	10 years
AEC Technology | Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization  life in years	15 years	15 years
AEC Intellectual property
Finite-Lived Intangible Assets [Line Items]
Amortization  life in years	15 years	15 years
Finite-lived Intangible Assets [Roll Forward]
Gross carrying amount	$ 1,250	$ 1,250
Accumulated amortization	(360)	(339)
Net carrying amount	890	911
AEC Customer relationships
Finite-lived Intangible Assets [Roll Forward]
Gross carrying amount	69,290	69,360
Accumulated amortization	(44,721)	(43,875)
Net carrying amount	$ 24,569	$ 25,485
AEC Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization  life in years	8 years	8 years
AEC Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization  life in years	15 years	15 years
Heimbach Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortization  life in years	9 years	9 years
Finite-lived Intangible Assets [Roll Forward]
Gross carrying amount	$ 8,789	$ 9,042
Accumulated amortization	(572)	(310)
Net carrying amount	$ 8,217	$ 8,732

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Schedule of Changes in Intangible Assets and Goodwill) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 38,576
Other Changes	0
Amortization	(1,298)
Currency Translation	(374)
Ending balance	36,904
Goodwill [Roll Forward]
Beginning balance	180,181
Ending balance	178,704
Indefinite-Lived Intangible Assets Including Goodwill [Roll Forward]
Beginning Balance	186,251
Other Changes	0
Currency Translation	(1,612)
Ending Balance	184,639
MC Goodwill
Goodwill [Roll Forward]
Beginning balance	66,873
Other Changes	0
Currency Translation	(1,088)
Ending balance	65,785
AEC Goodwill
Goodwill [Roll Forward]
Beginning balance	113,308
Other Changes	0
Currency Translation	(389)
Ending balance	112,919
Heimbach Trade name
Indefinite-Lived Intangible Assets [Roll Forward]
Beginning Balance	6,070
Other Changes	0
Currency Translation	(135)
Ending Balance	5,935
AEC Trademarks and trade names
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	22
Other Changes	0
Amortization	(3)
Currency Translation	0
Ending balance	19
AEC Technology
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	3,426
Other Changes	0
Amortization	(142)
Currency Translation	(75)
Ending balance	3,209
AEC Intellectual property
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	911
Other Changes	0
Amortization	(21)
Currency Translation	0
Ending balance	890
AEC Customer relationships
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	25,485
Other Changes	0
Amortization	(870)
Currency Translation	(46)
Ending balance	24,569
Heimbach Developed technology
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	8,732
Other Changes	0
Amortization	(262)
Currency Translation	(253)
Ending balance	$ 8,217

Financial Instruments (Schedule

Financial Instruments (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 439,134	$ 456,885
Less: Current maturities of long-term debt	4,445	4,218
Long-term debt	434,689	452,667
Line of Credit
Debt Instrument [Line Items]
Long-term debt	$ 429,000	$ 446,000
Interest rate, effective percentage	3.34%	3.49%
Foreign bank debt
Debt Instrument [Line Items]
Long-term debt	$ 10,134	$ 10,885

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Details)			3 Months Ended
	Mar. 31, 2024 USD ($)	Aug. 16, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 18, 2024	Dec. 31, 2023 USD ($)	Aug. 31, 2023 USD ($)	Jun. 29, 2023 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Maximum leverage ratio allowed	3.50	3.75	3.50
Maximum leverage ratio allowed, after significant acquisition		4.25
Minimum interest coverage ratio required		3
Leverage ratio	1.17		1.17
Interest coverage ratio	14.38		14.38
Long-term debt	$ 439,134,000		$ 439,134,000		$ 456,885,000
Current maturities of long-term debt	4,445,000		4,445,000		4,218,000
Line of Credit
Debt Instrument [Line Items]
Long-term debt	429,000,000		429,000,000		446,000,000
Line of Credit | Interest rate swaps
Debt Instrument [Line Items]
Derivative, notional amount	$ 350,000,000		$ 350,000,000				$ 350,000,000	$ 350,000,000
Derivative, fixed interest rate				5.33%			0.8828%
All-in interest SOFR rate	2.51%		2.51%
Foreign bank debt
Debt Instrument [Line Items]
Long-term debt	$ 10,134,000		$ 10,134,000		10,885,000
Foreign bank debt | Heimbach
Debt Instrument [Line Items]
Long-term debt	10,100,000		10,100,000		10,900,000	$ 32,700,000
Current maturities of long-term debt	4,400,000		4,400,000		$ 4,200,000
Unsecured Debt | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 800,000,000
Debt instrument, term		5 years
Borrowings outstanding	429,000,000		429,000,000
Line of credit facility, remaining borrowing capacity	$ 371,000,000		371,000,000
Debt covenant, maximum annual dividend payout amount			$ 40,000,000
Unsecured Debt | Line of Credit | SOFR
Debt Instrument [Line Items]
Total spread	1.625%

Financial Instruments (Schedu_2

Financial Instruments (Schedule Interest Rate for Borrowings) (Details) - Line of Credit - Unsecured Debt		3 Months Ended
	Mar. 31, 2024	Mar. 31, 2024
Less than 1.00:1.00
Line of Credit Facility [Line Items]
Commitment Fee		0.275%
Less than 1.00:1.00 | Maximum
Line of Credit Facility [Line Items]
Leverage Ratio		1
Greater than or equal to 1.00:1.00 and less than 2.00:1.00
Line of Credit Facility [Line Items]
Commitment Fee		0.30%
Greater than or equal to 1.00:1.00 and less than 2.00:1.00 | Maximum
Line of Credit Facility [Line Items]
Leverage Ratio		2
Greater than or equal to 1.00:1.00 and less than 2.00:1.00 | Minimum
Line of Credit Facility [Line Items]
Leverage Ratio		1
Greater than or equal to 2.00:1.00 and less than 3.00:1.00
Line of Credit Facility [Line Items]
Commitment Fee		0.325%
Greater than or equal to 2.00:1.00 and less than 3.00:1.00 | Maximum
Line of Credit Facility [Line Items]
Leverage Ratio		3
Greater than or equal to 2.00:1.00 and less than 3.00:1.00 | Minimum
Line of Credit Facility [Line Items]
Leverage Ratio		2
Greater than or equal to 3.00:1.00
Line of Credit Facility [Line Items]
Commitment Fee		0.35%
Greater than or equal to 3.00:1.00 | Minimum
Line of Credit Facility [Line Items]
Leverage Ratio		3
Base Rate | Less than 1.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		0.50%
Base Rate | Greater than or equal to 1.00:1.00 and less than 2.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		0.625%
Base Rate | Greater than or equal to 2.00:1.00 and less than 3.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		0.75%
Base Rate | Greater than or equal to 3.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		1%
SOFR
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread	1.625%
SOFR | Less than 1.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		1.50%
SOFR | Greater than or equal to 1.00:1.00 and less than 2.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		1.625%
SOFR | Greater than or equal to 2.00:1.00 and less than 3.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		1.75%
SOFR | Greater than or equal to 3.00:1.00
Line of Credit Facility [Line Items]
Term Benchmark/ Daily Simple SOFR Spread		2%

Fair-Value Measurements (Schedu

Fair-Value Measurements (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative Asset [Abstract]
Equity securities, cost basis	$ 500	$ 500
Fair Value, Recurring | (Level 1)
Assets:
Cash equivalents	19,892	27,157
Common stock of unaffiliated foreign public company	759	682
Fair Value, Recurring | (Level 1) | Foreign currency option contracts
Assets:
Derivative asset	0	0
Fair Value, Recurring | (Level 1) | Foreign currency forward contracts
Assets:
Derivative asset	0	0
Liabilities:
Derivative liability	0	0
Fair Value, Recurring | (Level 1) | Interest rate swaps
Assets:
Derivative asset	0	0
Fair Value, Recurring | (Level 2)
Assets:
Cash equivalents	0	0
Common stock of unaffiliated foreign public company	0	0
Fair Value, Recurring | (Level 2) | Foreign currency option contracts
Assets:
Derivative asset	1,533	1,725
Fair Value, Recurring | (Level 2) | Foreign currency forward contracts
Assets:
Derivative asset	269	199
Liabilities:
Derivative liability	(160)	0
Fair Value, Recurring | (Level 2) | Interest rate swaps
Assets:
Derivative asset	$ 9,404	$ 12,214

Fair-Value Measurements (Narrat

Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Interest (income) expense	$ 3,319	$ 3,290
Interest rate swaps
Derivative [Line Items]
Interest (income) expense	$ (4,000)	$ (3,200)

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, 2024	Mar. 31, 2023
Foreign currency option contracts | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency options (gains)/losses	$ (118)	$ 16

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details) $ in Thousands	3 Months Ended	12 Months Ended	147 Months Ended	243 Months Ended	279 Months Ended
	Mar. 31, 2024 USD ($) claim	Dec. 31, 2023 claim	Mar. 31, 2024 USD ($) claim	Mar. 31, 2024 USD ($) claim	Mar. 31, 2024 USD ($) claim	Dec. 31, 2022 claim
Loss Contingencies [Line Items]
Number of pending claims	3,613		3,613	3,613	3,613
Subsidiaries | Brandon Drying Fabrics, Inc.
Loss Contingencies [Line Items]
Number of pending claims	7,676		7,676	7,676	7,676
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	3,613	3,606	3,613	3,613	3,613	3,598
Total resolved claims, by means of settlement or dismissal	38,045		38,045	38,045	38,045
Total cost of resolution | $	$ 10,700		$ 10,700	$ 10,700	$ 10,700
Resolution costs paid by insurance carrier	100%
Confirmed insurance coverage | $	$ 140,000		$ 140,000	$ 140,000	$ 140,000
New claims	11	27

Commitments and Contingencies_3

Commitments and Contingencies (Schedule of Changes in Claims) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) claim	Dec. 31, 2023 USD ($) claim
Loss Contingency Accrual [Roll Forward]
Closing Number of Claims	3,613
Asbestos Issue
Loss Contingency Accrual [Roll Forward]
Opening Number of Claims	3,606	3,598
Claims Dismissed, Settled, or Resolved	4	19
New Claims	11	27
Closing Number of Claims	3,613	3,606
Amounts Paid to Settle or Resolve | $	$ 9	$ 74

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, 2024	Mar. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at start of the period	$ 967,320	$ 867,543
Net income	27,369	27,086
Compensation and benefits paid or payable in shares	810	378
Cumulative translation adjustments	(12,070)	14,119
Pension and postretirement liability adjustments	382	(916)
Derivative valuation adjustment	(2,124)	(2,902)
Balance at end of the period	$ 973,565	$ 897,515
Dividends declared per Class A share (in dollars per share)	$ 0.26	$ 0.25
Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock, balance at the beginning of the period (in shares)	9,661,845
Dividends declared	$ (8,122)	$ (7,792)
Treasury stock, balance at the end of the period (in shares)	9,661,845
Dividends declared per Class A share (in dollars per share)	$ 0.26	$ 0.25
Common Stock | Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, balance at the beginning of the period (in shares)	40,856,000	40,785,000
Balance at start of the period	$ 41	$ 41
Compensation and benefits paid or payable in shares (in shares)	42,000	58,000
Common stock, balance at the end of the period (in shares)	40,898,000	40,842,000
Balance at end of the period	$ 41	$ 41
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at start of the period	448,218	441,540
Compensation and benefits paid or payable in shares	810	378
Balance at end of the period	449,028	441,917
Retained  earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at start of the period	1,010,942	931,318
Net income	27,291	26,889
Balance at end of the period	1,030,111	950,415
Retained  earnings | Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(8,122)	(7,792)
Accumulated items of other comprehensive income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at start of the period	(133,168)	(144,927)
Cumulative translation adjustments	(12,116)	13,881
Pension and postretirement liability adjustments	382	(916)
Derivative valuation adjustment	(2,124)	(2,902)
Balance at end of the period	(147,026)	(134,864)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at start of the period	$ (364,665)	$ (364,923)
Treasury stock, balance at the beginning of the period (in shares)	9,662,000	9,675,000
Balance at end of the period	$ (364,665)	$ (364,923)
Treasury stock, balance at the end of the period (in shares)	9,662,000	9,675,000
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at start of the period	$ 5,952	$ 4,494
Net income	78	197
Cumulative translation adjustments	46	238
Balance at end of the period	$ 6,076	$ 4,929

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Apr. 19, 2024 USD ($)
Subsequent Event [Member] | Discontinue Manufacturing at Chungju, South Korea Operation
Subsequent Event [Line Items]
Estimated restructuring cash outflows	$ 6