Document and Entity Information
Document and Entity Information - USD ($) shares in Millions, $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Entity Registrant Name | ALBANY INTERNATIONAL CORP /DE/ | ||
Entity Central Index Key | 819,793 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1.1 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Common Class A [Member] | |||
Entity Common Stock, Shares Outstanding | 28.8 | ||
Common Class B [Member] | |||
Entity Common Stock, Shares Outstanding | 3.2 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Income [Abstract] | |||
Net sales | $ 709,868 | $ 745,345 | $ 757,414 |
Cost of goods sold | 431,182 | 453,710 | 466,860 |
Gross profit | 278,686 | 291,635 | 290,554 |
Selling, general and administrative expenses | 146,192 | 147,198 | 157,688 |
Technical, product engineering, and research expenses | 44,753 | 59,128 | 55,667 |
Restructuring and other, net | $ 23,846 | 5,759 | $ 25,108 |
Pension settlement expense | 8,190 | ||
Operating income | $ 63,895 | 71,360 | $ 52,091 |
Interest income | (1,857) | (1,541) | (1,468) |
Interest expense | 11,841 | 12,254 | 15,227 |
Other expense/(income), net | 2,433 | (6,853) | 7,256 |
Income before income taxes | 51,478 | 67,500 | 31,076 |
Income tax (benefit)/expense | (5,787) | 25,751 | 13,372 |
Income from continuing operations | $ 57,265 | $ 41,749 | 17,704 |
Loss from operations of discontinued businesses | (75) | ||
Income tax benefit on discontinued operations | (29) | ||
Loss from discontinued operations | (46) | ||
Net income | $ 57,265 | $ 41,749 | 17,658 |
Net (loss)/income attributable to the noncontrolling interest | (14) | 180 | 141 |
Net income attributable to the Company | $ 57,279 | $ 41,569 | $ 17,517 |
Earnings per share attributable to Company shareholders - Basic | |||
Income from continuing operations | $ 1.79 | $ 1.31 | $ 0.55 |
Discontinued operations | 0 | 0 | 0 |
Net Income attributable to the Company | 1.79 | 1.31 | 0.55 |
Earnings per share attributable to Company shareholders - Diluted | |||
Income from continuing operations | 1.79 | 1.30 | 0.55 |
Discontinued operations | 0 | 0 | 0 |
Net Income attributable to the Company | 1.79 | 1.30 | 0.55 |
Dividends declared per share, Class A and Class B | $ 0.67 | $ 0.63 | $ 0.59 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Comprehensive Income/(Loss) [Abstract] | |||
Net income | $ 57,265 | $ 41,749 | $ 17,658 |
Other comprehensive income, before tax: | |||
Foreign currency translation adjustments | (51,177) | (54,850) | 8,135 |
Pension/postretirement settlements and curtailments | 103 | 8,377 | 46 |
Pension/postretirement plan remeasurement | $ (700) | $ (14,707) | 20,500 |
Pension/postretirement plan amendments | 7,361 | ||
Amortization of pension liability adjustments: | |||
Transition obligation | 70 | ||
Prior service credit | $ (4,440) | $ (4,436) | (3,905) |
Net actuarial loss | 5,932 | 5,329 | 6,512 |
Payments related to interest rate swaps included in earnings | 1,988 | 1,914 | 1,900 |
Derivative valuation adjustment | $ (2,961) | (1,724) | 1,216 |
Income taxes related to items of other comprehensive income: | |||
Pension/postretirement settlements and curtailments | (3,210) | (18) | |
Pension/postretirement plan remeasurement | $ 78 | $ 5,442 | (6,757) |
Pension/postretirement plan amendments | (2,871) | ||
Amortization of pension liability adjustments | $ (270) | $ (330) | (451) |
Payments related to interest rate swaps included in earnings | (755) | (746) | (741) |
Derivative valuation adjustment | 1,125 | 672 | (474) |
Comprehensive income/(loss) | 6,188 | (16,520) | $ 48,181 |
Comprehensive (loss)/income attributable to the noncontrolling interest | (9) | 178 | |
Comprehensive income/(loss) attributable to the Company | $ 6,197 | $ (16,698) | $ 48,181 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 185,113 | $ 179,802 |
Accounts receivable, net | 146,383 | 158,237 |
Inventories | 106,406 | 107,274 |
Income taxes prepaid and deferred | 2,927 | $ 6,743 |
Asset held for sale | 4,988 | |
Prepaid expenses and other current assets | 6,243 | $ 8,074 |
Total current assets | 452,060 | 460,130 |
Property, plant and equipment, net | 357,470 | 395,113 |
Intangibles | 154 | 385 |
Goodwill | 66,373 | 71,680 |
Income taxes receivable and deferred | 108,945 | 69,540 |
Other assets | 24,560 | 32,456 |
Total assets | 1,009,562 | 1,029,304 |
Current liabilities: | ||
Notes and loans payable | 587 | 661 |
Accounts payable | 26,753 | 34,787 |
Accrued liabilities | 91,785 | 95,149 |
Current maturities of long-term debt | 16 | 50,015 |
Income taxes payable and deferred | 7,090 | 2,786 |
Total current liabilities | 126,231 | 183,398 |
Long-term debt | 265,080 | 222,096 |
Other noncurrent liabilities | 101,544 | 103,079 |
Deferred taxes and other liabilities | 14,154 | 7,163 |
Total liabilities | $ 507,009 | $ 515,736 |
Commitments and Contingencies | ||
Shareholders' Equity | ||
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued | ||
Additional paid-in capital | $ 423,108 | $ 418,972 |
Retained earnings | 491,950 | 456,105 |
Accumulated items of other comprehensive income: | ||
Translation adjustments | (108,655) | (55,240) |
Pension and postretirement liability adjustments | (48,725) | (51,666) |
Derivative valuation adjustment | (1,464) | (861) |
Treasury stock (Class A), at cost; 8,455,293 shares in 2015 and 8,459,498 shares in 2014 | (257,391) | (257,481) |
Total Company shareholders' equity | 498,863 | 509,869 |
Noncontrolling interest | 3,690 | 3,699 |
Total Equity | 502,553 | 513,568 |
Total liabilities and shareholders' equity | 1,009,562 | 1,029,304 |
Common Class A [Member] | ||
Shareholders' Equity | ||
Common Stock | 37 | 37 |
Common Class B [Member] | ||
Shareholders' Equity | ||
Common Stock | $ 3 | $ 3 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred Stock, par value per share | $ 5 | $ 5 |
Preferred Stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Common Stock, shares outstanding | 32,000,000 | 31,900,000 |
Treasury stock, shares | 8,455,293 | 8,459,498 |
Common Class A [Member] | ||
Common Stock, par value per share | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 37,238,913 | 37,085,489 |
Common Class B [Member] | ||
Common Stock, par value per share | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 25,000,000 | 25,000,000 |
Common Stock, shares issued | 3,235,048 | 3,235,048 |
Common Stock, shares outstanding | 3,235,048 | 3,235,048 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||
Net income | $ 57,265 | $ 41,749 | $ 17,658 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 52,974 | 56,575 | 57,182 |
Amortization | 7,140 | 7,717 | 6,607 |
Change in long-term liabilities and deferred taxes | (27,358) | (10,725) | (12,261) |
Provision for write-off of property, plant and equipment | 867 | $ 1,915 | $ 619 |
Fair value adjustment on asset held for sale | 3,212 | ||
Write-off of pension liability adjustment due to settlement | 103 | $ 8,331 | |
Gain on disposition or involuntary conversion of assets | (1,056) | (1,126) | $ (3,763) |
Excess tax benefit of options exercised | (624) | (201) | (1,134) |
Compensation and benefits paid or payable in Class A Common Stock | 1,707 | 1,384 | (766) |
Changes in operating assets and liabilities that provide/(use) cash, net of business divestitures: | |||
Accounts receivable | (404) | (6,564) | (8,878) |
Inventories | (8,277) | (744) | 5,739 |
Prepaid expenses and other current assets | 1,253 | 1,318 | 545 |
Income taxes prepaid and receivable | (3,156) | 2,566 | 5,731 |
Accounts payable | (6,001) | 640 | 955 |
Accrued liabilities | 2,081 | (11,042) | 4,628 |
Income taxes payable | 9,072 | 1,535 | (7,348) |
Other, net | 7,139 | (9,132) | (2,883) |
Net cash provided by operating activities | 95,937 | 84,196 | 62,631 |
Investing Activities | |||
Purchases of property, plant and equipment | (48,622) | (58,224) | (61,844) |
Purchased software | (1,973) | (649) | (2,613) |
Proceeds from sale or involuntary conversion of assets | $ 2,797 | $ 1,126 | 6,268 |
Proceeds from sale of discontinued operations, net of expenses | 16,797 | ||
Net cash used in by investing activities | $ (47,798) | $ (57,747) | (41,392) |
Financing Activities | |||
Proceeds from borrowings | 95,126 | 13,396 | 117,452 |
Principal payments on debt | $ (102,215) | $ (45,124) | (132,691) |
Cash received for noncontrolling interest in Albany Safran Composites | 28,000 | ||
Proceeds from options exercised | $ 1,897 | $ 773 | 5,538 |
Excess tax benefit of options exercised | 624 | $ 201 | 1,134 |
Debt acquisition costs | (1,673) | (1,639) | |
Dividends paid | (21,088) | $ (19,729) | (13,929) |
Net cash (used in)/provided by financing activities | (27,329) | (50,483) | 3,865 |
Effect of exchange rate changes on cash and cash equivalents | (15,499) | (18,830) | 6,844 |
Increase/(decrease) in cash and cash equivalents | 5,311 | (42,864) | 31,948 |
Cash and cash equivalents at beginning of year | 179,802 | 222,666 | 190,718 |
Cash and cash equivalents at end of year | $ 185,113 | $ 179,802 | $ 222,666 |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Accounting Policies | 1. Accounting Policies Basis of Consolidation The consolidated financial statements include the accounts of Albany International Corp. and its subsidiaries (the Company, Albany, we, us, or our) after elimination of intercompany transactions. We have a 50 The Company owns 90 percent of the common equity of Albany Safran Composites (ASC) which is reported within the Albany Engineered Composites (AEC) segment. Additional information regarding that entity is included in Note 10, which is incorporated herein by reference Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure 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. Estimates are used in accounting for, among other things, revenue recognition, contract profitability, allowances for doubtful accounts, rebates and sales allowances, inventory allowances, pension benefits, goodwill and intangible assets, contingencies, income tax related balances, and other accruals. Our estimates are based on historical experience and on various other assumptions, which are believed to be reasonable under the circumstances. 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. Revenue Recognition We record sales when persuasive evidence of an arrangement exists, delivery has occurred, title has been transferred, the selling price is fixed, and collectability is reasonably assured. We include in revenue any amounts invoiced for shipping and handling. The timing of revenue recognition is dependent upon the contractual arrangement with customers. These arrangements, which may include provisions for transfer of title and guarantees of workmanship, are specific to each customer. Some of these contracts provide for a transfer of title upon delivery, or upon reaching a specific date, while other contracts provide for title transfer to occur upon consumption of the product. Products and services provided under long-term contracts represent a significant portion of sales in the Albany Engineered Composites segment. We have a contract with a major customer for which revenue is recognized under a cost plus fixed fee arrangement. We also have fixed price long-term contracts, for which we use 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 estimates increased gross profit by $ 0.4 0.6 2.3 The AEC phases: a phase during which the production part is designed and tested, and a phase of supplying production parts. Certain costs are capitalized during the first phase, such as costs for engineering, equipment, and inventory, where recovery is probable. Revenue will be recognized during the second phase using a percentage of completion (units of delivery) method. Accumulated capitalized costs are written off when those costs are determined to be unrecoverable. Included in Other assets is capitalized cost of $ 1.4 million as of December 31, 2015 and $ 9.2 million as of December 31, 2014, principally for engineering services, that will be amortized into expense as deliveries are made in the future. Capitalized costs as of December 31, 2015 i 0.1 that is in the production phase and 1.3 million for a contract that is still in the development phase We limit the concentration of credit risk in receivables by closely monitoring credit and collection policies. We record allowances for sales returns as a deduction in the computation of net sales. Such provisions are recorded on the basis of written communication with customers and/or historical experience. Any value added taxes that are imposed on sales transactions are excluded from net sales. Cost of Goods Sold Cost of goods sold includes the cost of materials, provisions for obsolete inventories, labor and supplies, shipping and handling costs, depreciation of manufacturing facilities and equipment, purchasing, receiving, warehousing, and other expenses. Selling, General, Administrative, Technical, Product Engineering, and Research Expenses Selling, general, administrative, technical, and product engineering expenses are primarily comprised of wages, benefits, travel, professional fees, revaluation of trade foreign currency balances, and other costs, and are expensed as incurred. Selling expense includes provisions for bad debts and costs related to contract acquisition. Research expenses are charged to operations as incurred and consist primarily of compensation, supplies, and professional fees incurred in connection with intellectual property. Total Company research expense was $ 31.7 32.4 30.2 The Albany Engineered Composites segment participates in both Company-sponsored, and customer-funded research and development. Some customer-funded research and development may be on a cost-sharing basis, in which case amounts charged to the customer are credited against research and development expense. Expenses were reduced by $ 0.0 million in , $ 0.4 million in and $ 1.4 million in 2013 as a result of such arrangements. For customer-funded research and development in which we anticipate funding to exceed expenses, we include amounts charged to the customer in Net sales, while expenses are included in Cost of goods sold . Restructuring Expense We may incur expenses related to restructuring of our operations, which could include employee termination costs, costs to consolidate or close facilities, or costs to terminate contractual relationships. Restructuring expenses may also include impairment of Property, plant and equipment, as described below. Employee termination costs include the severance pay and social costs for periods after employee service is completed. Termination costs related to an ongoing benefit arrangement are recognized when the amount becomes probable and estimable. Termination costs related to a one-time benefit arrangement are recognized at the communication date to employees. Costs related to contract termination, relocation of employees, outplacement and the consolidation or the closure of facilities, are recognized when incurred. Income Taxes Deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates applicable for future years to differences between financial statement and tax bases of existing assets and liabilities. The effect of tax rate changes on deferred taxes is recognized in the income tax provision in the period that includes the enactment date. A tax valuation allowance is established, as needed, to reduce net deferred tax assets to the amount expected to be realized. In the event it becomes more likely than not that some or all of the deferred tax asset allowances will not be needed, the valuation allowance will be adjusted. In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have determined the amount of the tax benefit to be recognized by estimating the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest and penalties have also been recognized. We recognize accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. Discontinued Operations The income/(loss) from discontinued operations includes operating income and expenses previously attributed to businesses that were sold in 2012 and, additionally, amounts previously reported as Corporate expenses, and Other (income)/expense that were directly related to the divested businesses. Corporate expenses attributed to the discontinued business include expenses related to global information systems. Interest expense is attributed to the discontinued business only when such expense results from direct third-party borrowings. Earnings Per Share Net income or loss per share is computed using the weighted average number of shares of Class A Common Stock and Class B Common Stock outstanding during each year. Diluted net income per share includes the effect of all potentially dilutive securities. If we report a net loss from continuing operations, the diluted loss is equal to the basic earnings per share calculation. Translation of Financial Statements Assets and liabilities of non-U.S. operations are translated at year-end rates of exchange, and the income statements are translated at the average exchange rates. Gains or losses resulting from translating non-U.S. currency financial statements are recorded in other comprehensive income and accumulated in Shareholders' equity in the caption “Translation adjustments”. Selling, general, and administrative expenses include foreign currency gains and losses resulting from third party balances, such as receivables and payables, which are denominated in a currency other than the entity's local currency. Gains or losses resulting from cash and short-term intercompany loans and balances denominated in a currency other than the entity's local currency, and foreign currency options are generally included in Other expense/(income), net. Gains and losses on long-term intercompany loans not intended to be repaid in the foreseeable future are recorded in other comprehensive income. The following table summarizes foreign currency transaction gains and losses recognized in the income statement: (in thousands) 2015 2014 2013 (Gains)/losses included in: Selling, general, and administrative expenses ($5,090 ) (3,931 ) $341 Other expense/(income), net 1,496 (6,379 ) 5,227 Total transaction (gains)/losses ($3,594 ) ($10,310 ) $5,568 The following table presents foreign currency gains and losses on long-term intercompany loans that were recognized in Other comprehensive income (in thousands) 2015 2014 2013 Gain/(loss) on long-term intercompany loans ($5,225 ) $5,317 ($18,052 ) Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less. Accounts Receivable Accounts receivable includes trade receivables and revenue in excess of progress billings on long-term contracts in the Albany Engineered Composites business. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company determines the allowance based on historical write-off experience, customer specific facts and economic conditions. If the financial condition of the Company's customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. As of December 31, 2015 and 2014, Accounts receivable consisted of the following (in thousands) 2015 2014 Trade and other accounts receivable $123,179 $136,479 Bank promissory notes 15,845 17,426 Revenue in excess of progress billings 15,889 13,045 Allowance for doubtful accounts (8,530 ) (8,713 ) Total accounts receivable $146,383 $158,237 In connection with certain sales in Asia Pacific, 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. Inventories Inventories are stated at the lower of cost or market, with cost determined using the first-in-first-out method. The Company writes down the inventory for estimated obsolescence and to lower of cost of market value based upon assumptions about future demand and market conditions. If actual 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 inventory allowance represents the new cost basis of such inventories As of December 31, 2015 and 2014, inventories consisted of the following: (in thousands) 2015 2014 Raw materials $27,636 $27,006 Work in process 41,823 43,512 Finished goods 36,947 36,756 Total inventories $106,406 $107,274 Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets for financial reporting purposes; in some cases, accelerated methods are used for income tax purposes. Significant additions or improvements extending assets' useful lives are capitalized; normal maintenance and repair costs are expensed as incurred. The cost of fully depreciated assets remaining in use is included in the respective asset and accumulated depreciation accounts. When items are sold or retired, related gains or losses are included in net income. Computer software purchased for internal use, at cost, is amortized on a straight-line basis over five to eight years, depending on the nature of the asset, after being placed into service, and is included in property, plant, and equipment. We capitalize internal and external costs incurred related to the software development stage. Capitalized salaries, travel, and consulting costs related to the software development amounted to $ 1.3 0.6 We review the carrying value of property, plant and equipment and other long-lived assets for impairment whenever events and circumstances indicate that the carrying value of an asset group may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. Goodwill, Intangibles, and Other Assets Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually. Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. Our reporting units are consistent with our operating segments. See additional information set forth under Note 12. We have an investment in a company in Russia that is accounted for under the equity method of accounting and is included in Other assets amounting to $ 0.4 0.3 Other assets also includes $ 10.4 10.1 Stock-Based Compensation We have stock-based compensation plans for key employees. Stock options are accounted for in accordance with applicable guidance for the modified prospective transition method of share-based payments. No options have been granted since 2002. See additional information set forth under Note 18. Derivatives We use derivatives from time to time to reduce potentially large adverse effects from changes in currency exchange rates and interest rates. We monitor our exposure to these risks and evaluate, on an ongoing basis, the risk of potentially large adverse effects versus the costs associated with hedging such risks. We use interest rate swaps in the management of interest rate exposures and foreign currency derivatives in the management of foreign currency exposure related to assets and liabilities (including net investments in subsidiaries located outside the U.S.) denominated in foreign currencies. When we enter into a derivative contract, we make a determination whether the transaction is deemed to be a hedge for accounting purposes. For those contracts deemed to be a hedge, we formally document the relationship between the derivative instrument and the risk being hedged. In this documentation, we specifically identify the asset, liability, forecasted transaction, cash flow, or net investment that has been designated as the hedged item, and evaluate whether the derivative instrument is expected to reduce the risks associated with the hedged item. To the extent these criteria are not met, we do not use hedge accounting for the derivative. All derivative contracts are recorded in the balance sheet at fair value. For transactions that are designated as hedges, we perform an evaluation of the effectiveness of the hedge. To the extent that the hedge is effective, changes in the fair value of the hedge are recorded, net of tax, in other comprehensive income. We measure the effectiveness of hedging relationships both at inception and on an ongoing basis. The ineffective portion of a hedge, if any, and changes in the fair value of a derivative not deemed to be a hedge, are recorded in Other expense/(income), net. For derivatives that are designated and qualify as hedges of net investments in subsidiaries located outside the United States, changes in the fair value of derivatives are reported in other comprehensive income as part of the Cumulative translation adjustment. Pension and Postretirement Benefit Plans As described in Note 4 The pension plans are generally trusteed or insured, and accrued amounts are funded as required in accordance with governing laws and regulations. The annual expense and liabilities recognized for defined benefit pension plans and postretirement benefit plans are developed from actuarial valuations. Inherent in these valuations are key assumptions, including discount rates and expected return on plan assets, which are updated on an annual basis at the beginning of each fiscal year. We consider current market conditions, including changes in interest rates, in making these assumptions. Discount rate assumptions are based on the population of plan participants and a mixture of high-quality fixed-income investments for which the average maturity approximates the average remaining service period of plan participants. The assumption for expected return on plan assets is based on historical and expected returns on various categories of plan assets. Reportable Segments In accordance with applicable disclosure guidance for enterprise segments and related information, the internal organization that is used by management for making operating decisions and assessing performance is used as the basis for our reportable segments. The reportable segments, which are described in more detail in Note 3, are Machine Clothing (MC) and Albany Engineered Composites (AEC). In the determination of segment operating income, we exclude expenses for certain Corporate expenses, which consist primarily of corporate headquarters and global information systems costs. Recent Accounting Pronouncements In May 2014, an accounting update was issued that replaces the existing revenue recognition framework regarding contracts with customers. In July 2015, the FASB agreed to defer by one year, the mandatory effective date of the revenue recognition standard and, as a result, this accounting update is effective for reporting periods beginning after December 31, 2017. This accounting update permits the use of either the retrospective or modified retrospective (cumulative effect) transition method. We are evaluating the effect his accounting update will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method, nor have we determined the effect of the standard on our ongoing financial reporting In January 2015, an accounting update was issued which eliminates the concept of extraordinary items from U.S. GAAP. This accounting update is effective for reporting periods beginning after December 15, 2015. We do not expect the adoption of this update to have a significant effect on our financial statements, absent any future transactions that would have qualified for extraordinary item presentation under the prior guidance. In February 2015, amended accounting guidance was issued which changes the evaluation of variable interest entities regarding whether they should consolidate limited partnerships and similar entities, or whether fees are paid to a decision maker or service provider, or whether they are held by related parties. This accounting update is effective for reporting periods beginning after December 15, 2015. We do not expect the adoption of this update to have a significant effect on our financial statements. In April 2015 and August 2015, accounting updates were issued which requires that debt issuance costs related to certain types of recognized debt liability be presented in the balance sheet as a direct deduction of that debt, which may result in a minor netting down of our assets and liabilities. This accounting update is effective for reporting periods beginning after December 15, 2015. We do not expect the adoption of this update to have a material effect on our financial statements. In May 2015, an accounting update was issued which eliminates the requirement to categorize pension plan investments in the fair value hierarchy if their fair value is measured at net asset value (NAV) per share. This accounting update is effective for reporting periods beginning after December 15, 2015. We do not expect the adoption of this update to have a significant effect on our financial statements. In July 2015, an accounting update was issued simplifying the measurement of inventory from the lower of cost or market to lower of cost or net realizable value. This accounting update eliminates the requirement for consideration of replacement cost or net realizable value less normal profit margin measurements. This accounting update is effective for reporting periods beginning after December 15, 2016. We do not expect the adoption of this update to have a significant effect on our financial statements. In September 2015, an accounting update was issued which eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. This accounting update is effective for reporting periods beginning after December 15, 2015. We have not determined the impact of this update due to the absence of transactions that would be impacted In November 2015, an accounting update was issued which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. This accounting update is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted and we have adopted this accounting update on a prospective basis. The effect of adopting this update is described in Note 7. In January 2016, an accounting update was issued which requires entities to present separately in Other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk if the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This accounting update is effective for reporting periods beginning after December 15, 2017. We have not determined the impact of this update on our financial statements |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | 2. Discontinued Operations In May 2012, we announced an agreement to sell our PrimaLoft Products business and that transaction closed on June 29, 2012. Under the terms of the agreement, the purchaser acquired all of the assets of that business, which were located in the United States, Italy and Germany. The purchase price of $ 38.0 3.8 34.9 We provided customary representations and warranties in the sale of both of these businesses but we do not expect any material negative financial consequence will result from these arrangements. In accordance with the applicable accounting guidance for discontinued businesses, the associated results of operations and financial position are reported separately in the accompanying Consolidated Statements of Income and Balance Sheets. Cash flows of the discontinued operation were combined with cash flows from continuing operations in the Consolidated Statements of Cash Flows. There was no effect from the discontinued operations in 2015 or 2014. The table below summarizes operating results of the discontinued operations for 2013: (in thousands) 2013 Net sales $- Income from operations of discontinued business (75 ) Gain on disposition of discontinued operations - Income tax benefit (29 ) |
Reportable Segments and Geograp
Reportable Segments and Geographic Data | 12 Months Ended |
Dec. 31, 2015 | |
Reportable Segments and Geographic Data [Abstract] | |
Reportable Segments and Geographic Data | 3. Reportable Segments and Geographic Data In accordance with applicable disclosure guidance for enterprise segments and related information, the internal organization that is used by management for making operating decisions and assessing performance is used as the basis for our reportable segments. The accounting policies of the segments are the same as those described in Note 1. Corporate expenses include wages and benefits for Corporate headquarters personnel, costs related to information systems development and support, and professional fees related to legal, audit, and other activities. These costs are not allocated to the reportable segments because the decision-making for these functions lies outside of the segments. Machine Clothing: The Machine Clothing segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, nonwovens, fiber cement and several other industrial applications. The Machine Clothing segment also supplies customized, consumable fabrics used in the manufacturing process in the pulp, corrugator, nonwovens, fiber cement, building products, and tannery and textile industries. We sell our Machine Clothing products directly to customer end-users. Our products, manufacturing processes, and distribution channels for Machine Clothing are substantially the same in each region of the world in which we operate. We design, manufacture, and market paper machine clothing for each section of the paper machine and for every grade of paper. Paper machine clothing products are customized, consumable products of technologically sophisticated design that utilize polymeric materials in a complex structure. Albany Engineered Composites The Albany Engineered Composites segment (AEC), including Albany Safran Composites, LLC (ASC), in which our customer SAFRAN Group owns a 10 15 In February 2016, our customer on the BR 725 contract notified us that they disagreed with our calculation of pricing for the parts to be sold in 2016, which could, potentially, have an adverse effect on the profitability of this contract in the future. While the Company believes that its position is supported by the contract, as well as by the prior course of dealing between the parties, if the customer's position were to prevail it could have a material effect on operating results in future periods. The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements: (in thousands) 2015 2014 2013 Net Sales Machine Clothing $ 608,581 $ 655,026 $ 674,747 Albany Engineered Composites 101,287 90,319 82,667 Consolidated total $ 709,868 $ 745,345 $ 757,414 Depreciation and amortization Machine Clothing 39,503 45,066 46,521 Albany Engineered Composites 12,140 10,880 8,460 Corporate expenses 8,471 8,346 8,808 Consolidated total $ 60,114 $ 64,292 $ 63,789 Operating income/(loss) Machine Clothing 141,311 136,450 114,370 Albany Engineered Composites (28,478) (10,483) (14,404) Corporate expenses (48,938) (54,607) (47,875) Operating income $ 63,895 $ 71,360 $ 52,091 Reconciling items: Interest income (1,857) (1,541) (1,468) Interest expense 11,841 12,254 15,227 Other expense/(income),net 2,433 (6,853) 7,256 Income before income taxes $ 51,478 $ 67,500 $ 31,076 The table below presents pension settlement and restructuring costs by reportable segment (also see Note 5): (in thousands) 2015 2014 2013 Pension settlement expense Corporate expenses $ - $ 8,190 $ - Restructuring expenses, net Machine Clothing $ 22,211 $ 4,828 $ 24,568 Albany Engineered Composites - 931 540 Corporate expenses 1,635 - - Consolidated total $ 23,846 $ 5,759 $ 25,108 In the measurement of assets utilized by each reportable segment, we include accounts receivable, inventories, net property, plant and equipment, intangibles and goodwill. Excluded from segment assets are cash, tax related assets, prepaid and other current assets, and certain other assets not directly associated with segment operations. The following table presents assets and capital expenditures by reportable segment: (in thousands) 2015 2014 2013 Segment assets Machine Clothing $494,347 $565,853 $624,388 Albany Engineered Composites 181,825 175,338 147,104 Reconciling items: Cash 185,113 179,802 222,666 Asset held for sale 4,988 - - Income taxes prepaid, receivable and deferred 111,872 76,283 92,754 Other assets 31,417 32,028 39,245 Consolidated total assets $ 1,009,562 $ 1,029,304 $ 1,126,157 Capital expenditures and purchased software Machine Clothing $ 16,010 $ 23,202 $ 22,892 Albany Engineered Composites 30,378 32,141 36,928 Corporate expenses 4,207 3,530 4,637 Consolidated total $ 50,595 $ 58,873 $ 64,457 The following table shows data by geographic area. Net sales are based on the location of the operation recording the final sale to the customer. Net sales recorded by our entity in Switzerland are derived from products sold throughout Europe and Asia, and are invoiced in various currencies. (in thousands) 2015 2014 2013 Net sales United States $ 323,399 $ 324,750 $ 338,729 Switzerland 159,804 184,022 190,035 Brazil 58,846 59,332 62,076 China 48,490 52,822 43,265 Mexico 30,581 27,431 24,938 France 26,081 26,654 21,557 Other countries 62,667 70,334 76,814 Consolidated total $ 709,868 $ 745,345 $ 757,414 Property, plant and equipment, at cost, net United States $ 172,372 $ 168,848 $ 162,380 China 80,786 93,182 103,109 France 28,539 25,091 15,893 Korea 19,095 23,473 35,542 United Kingdom 19,029 22,222 25,246 Canada 12,861 18,236 22,434 Other countries 24,788 44,061 54,226 Consolidated total $ 357,470 $ 395,113 $ 418,830 |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Pensions and Other Postretirement Benefit Plans [Abstract] | |
Pensions and Other Postretirement Benefit Plans | 4. Pensions and Other Postretirement Benefit Plans Pension Plans The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The U.S. qualified defined benefit pension plan has been closed to new participants since October 1998 and, as of February 2009, benefits accrued under this plan were frozen. As a result of the freeze, employees covered by the pension plan will receive, at retirement, benefits already accrued through February 2009, but no new benefits accrue after that date. Benefit accruals under the U.S. Supplemental Executive Retirement Plan ("SERP") were similarly frozen. The U.S. pension plan accounts for 45 44 The December 31, 2015 and 2014 benefit obligations for the U.S. pension and postretirement plans were calculated using the RP-2014 with generational projection with scale BB-2D from 2006 mortality basis. For U.S. pension funding purposes, the Company uses the plan's IRS-basis current liability as its funding target, which is determined based on mandated assumptions. Weak investment returns and low interest rates could result in higher than expected contributions to pension plans in future years. Other Postretirement Benefits In addition to providing pension benefits, the Company provides various medical, dental, and life insurance benefits for certain retired United States employees. U.S. employees hired prior to 2005 may become eligible for these benefits if they reach normal retirement age while working for the Company. Benefits provided under this plan are subject to change. Retirees share in the cost of these benefits. Effective January 2005, any new employees who wish to be covered under this plan will be responsible for the full cost of such benefits. In September 2008, we changed the cost sharing arrangement under this program such that increases in health care costs are the responsibility of plan participants. In August 2013, we reduced the life insurance benefit for retirees and eliminated the benefit for active employees. The Company also provides certain postretirement life insurance benefits to retired employees in Canada. As of December 31, 2015, the accrued postretirement liability was $ 59.1 0.9 Accounting guidance requires the recognition of the funded status of each defined benefit and other postretirement benefit plan. Each overfunded plan is recognized as an asset and each underfunded plan is recognized as a liability. Company pension plan data for U.S. and non-U.S. plans has been combined for both 2015 and 2014, except where indicated below. The Company's pension and postretirement benefit costs and benefit obligations are based on actuarial valuations that are affected by many assumptions, the most significant of which are the assumed discount rate, expected rate of return on pension plan assets, and mortality. Each of the assumptions is reviewed and updated annually, as appropriate. The assumed rates of return for pension plan assets are determined for each major asset category based on historical rates of return for assets in that category and expectations of future rates of return based, in part, on simulated future capital market performance. The assumed discount rate is based on yields from a portfolio of currently available high-quality fixed-income investments with durations matching the expected future payments, based on the demographics of the plan participants and the plan provisions. Gains and losses arise from changes in the assumptions used to measure the benefit obligations, and experience different from what had been assumed, including asset returns different than what had been expected. The Company amortizes gains and losses in excess of a “corridor” over the average future service of the plan's current participants. The corridor is defined as 10 percent of the greater of the plan's projected benefit obligation or market-related value of plan assets. The market-related value of plan assets is also used to determine the expected return on plan assets component of net periodic cost. The Company's market-related value for its U.S. plan is measured by first determining the absolute difference between the actual and the expected return on the plan assets. The absolute difference in excess of 5 percent of the expected return is added to the market-related value over two years; the remainder is added to the market-related value immediately. To the extent the Company's unrecognized net losses and unrecognized prior service costs, including the amount recognized through accumulated other comprehensive income, are not reduced by future favorable plan experience, they will be recognized as a component of the net periodic cost in future years. The following table sets forth the plan benefit obligations: As of December 31, 2015 As of December 31, 2014 (in thousands) Pension plans Other Pension plans Other Benefit obligation, beginning of year $ $ $ 204,334 $ 61,108 Service cost 2,959 330 3,269 314 Interest cost 7,787 2,437 9,505 2,741 Plan participants' contributions 304 - 323 - Actuarial (gain)/loss (4,209 ) (2,855 ) 30,943 5,926 Benefits paid (6,530 ) (4,758 ) (6,205 ) (5,010 Settlements and curtailments (321 ) - (17,936 ) - Plan amendments and other (37 ) - - - Foreign currency changes (13,207 ) (171 ) (11,123 ) (92) Benefit obligation, end of year $ 199,856 $ 59,970 $ 213,110 $ 64,987 Accumulated benefit obligation $ 188,909 $ - $ 199,622 $ - Weighted average assumptions used to determine benefit obligations, end of year: Discount rate - U.S. plan 4.54 % 4.24 % 4.18 % 3.90 Discount rate - non-U.S. plans 3.67 % 4.00 % 3.58 % 3.85 Compensation increase - U.S. plan - - - - Compensation increase - non-U.S. plans 3.24 % 3.00 % 3.23 % 3.00 The following sets forth information about plan assets: As of December 31, 2015 As of December 31, 2014 (in thousands) Pension plans Other Pension plans Other Fair value of plan assets, beginning of year $ $ $ 168,390 $ - Actual return on plan assets, net of expenses 730 - 29,638 - Employer contributions 5,287 4,758 15,768 5,010 Plan participants' contributions 304 1,068 323 1,404 Benefits paid (6,530 ) (5,826 ) (6,205 ) (6,414 Settlements (688 ) - (16,945 ) - Foreign currency changes (10,915 ) - (7,770 ) - Fair value of plan assets, end of year $ 171,387 $ - $ 183,199 $ - The funded status of the plans was as follows: As of December 31, 2015 As of December 31, 2014 (in thousands) Pension plans Other Pension plans Other Fair value of plan assets $ 171,387 $ - $ 183,199 $ - Benefit obligation 199,856 59,970 213,110 64,987 Funded status ($28,469 ) ($59,970 ) ($29,911 ) ($64,987 ) Accrued benefit cost, end of year ($28,469 ) ($59,970 ) ($29,911 ) ($64,987 ) Amounts recognized in the consolidated balance sheet consist of the following: Noncurrent asset $ 10,423 $ - $ 10,097 $ - Current liability (2,110 ) (4,660 ) (2,141 ) (4,750 ) Noncurrent liability (36,782 ) (55,310 ) (37,867 ) (60,237 ) Net amount recognized ($28,469 ) ($59,970 ) ($29,911 ) ($64,987 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial loss $ 69,896 $ 37,997 $ 71,623 $ 44,195 Prior service cost/(credit) 608 (35,387 ) 753 (39,875 ) Net amount recognized $ 70,504 $ 2,610 $ 72,376 $ 4,320 The composition of the net pension plan funded status as of December 31, 2015 was as follows Non-U.S. (in thousands) U.S. plan plans Total Pension plans with pension assets ($2,890 ) $6,097 $3,207 Pension plans without pension assets (7,905 ) (23,771 ) (31,676 ) Total ($10,795 ) ($17,674 ) ($28,469 ) The composition of the net periodic benefit plan cost for the years ended December 31, 2015, 2014, and 2013, was as follows: Pension plans Other postretirement benefits (in thousands) 2015 2014 2013 2015 2014 2013 Components of net periodic benefit cost: Service cost $ 2,959 $ 3,269 $ 3,662 $ 330 $ 314 $ 875 Interest cost 7,787 9,505 8,852 2,437 2,741 3,080 Expected return on assets (8,630 ) (9,577 (8,677 - - - Amortization of prior service cost/(credit) 48 53 35 (4,488 ) (4,488 (3,940 Amortization of transition obligation - - 70 - - - Amortization of net actuarial loss 2,594 2,421 3,117 3,338 2,908 3,395 Settlement 103 8,331 502 - - - Curtailment (gain)/loss - (942 (1,143 ) - - - Special/contractual termination of benefits 44 - - - - - Net periodic benefit cost $ 4,905 $ 13,060 $ 6,418 $ 1,617 $ 1,475 $ 3,410 Weighted average assumptions used to determine net cost: Discount rate - U.S. plan 4.18 % 5.22 % 4.28 % 3.90 % 4.68 % 3.93 Discount rate - non-U.S. plan 3.58 % 4.50 % 4.09 % 3.85 % 4.75 % 4.00 Expected return on plan assets - U.S. plan 4.43 % 5.40 % 4.61 % - - - Expected return on plan assets - non-U.S. plans 5.52 % 5.65 % 5.53 % - - - Rate of compensation increase - U.S. plan - - - - - 3.00 Rate of compensation increase - non-U.S. plans 3.23 % 3.39 % 3.26 % 3.00 % 3.00 % 3.00 Health care cost trend rate (U.S. and non-U.S. plans): Initial rate - - - - - - Ultimate rate - - - - - - Years to ultimate - - - - - - Pretax (gains)/losses in plan assets and benefit obligations recognized in other comprehensive income during 2015 were as follows: Other Pension postretirement (in thousands) plan benefits Settlements/curtailments ($103 ) $ - Asset/liabilty loss/(gain) 3,555 (2,855) Amortization of actuarial (loss) (2,594 ) (3,338) Amortization of prior service (cost)/credit (48 ) 4,488 Amortization of transition (obligation) - - Currency impact (2,682 ) (5) Gain in other comprehensive income ($1,872 ) ($1,710) Total cost/(benefit) recognized in net periodic benefit cost and other comprehensive income $ 3,033 ($93) The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2016 are as follows: Total Total postretirement (in thousands) pension benefits Actuarial loss $ 2,293 $ 2,819 Prior service cost/(benefit) 37 (4,488 ) Total $ 2,330 ($1,669 ) Investment Strategy Our investment strategy for pension assets differs for the various countries in which we have defined benefit pension plans. Some of our defined benefit plans do not require funded trusts and, in those arrangements, the Company funds the plans on a “pay as you go” basis. The largest of the funded defined benefit plans is the United States plan. United States plan: During 2009, we changed our investment strategy for the United States pension plan by adopting a liability-driven investment strategy. Under this arrangement, the Company seeks to invest in assets that track closely to the discount rate that is used to measure the plan liabilities. Accordingly, the plan assets are primarily debt securities. The change in investment strategy is reflective of the Company's 2008 decision to freeze benefit accruals under the plan. Non-United States plans: For the countries in which the Company has funded pension trusts, the investment strategy is to achieve a competitive, total investment return, achieving diversification between and within asset classes and managing other risks. Investment objectives for each asset class are determined based on specific risks and investment opportunities identified. Actual allocations to each asset class vary from target allocations due to periodic investment strategy changes, market value fluctuations, the length of time it takes to fully implement investment allocation positions, and the timing of benefit payments and contributions. Fair-Value Measurements The following tables present plan assets as of December 31, 2015, and 2014, using the fair-value hierarchy, which has three levels based on the reliability of inputs used, as described in Note 15. Total fair Quoted prices Significant other Significant value at in active markets observable inputs unobservable inputs (in thousands) December 31, 2015 (Level 1) (Level 2) (Level 3) Common stocks and equity funds $35,113 $ 404 $ 34,709 $ - Debt securities $125,502 - 125,502 - Insurance contracts $2,403 - - 2,403 Limited partnerships $5,676 - - 5,676 Hedge funds $192 - - 192 Cash and short-term investments $2,501 2,501 - - Total plan assets $171,387 $ 2,905 $ 160,211 $ 8,271 Total fair Quoted prices Significant other Significant value at in active markets observable inputs unobservable inputs (in thousands) December 31, 2014 (Level 1) (Level 2) (Level 3) Common stocks and equity funds $ 34,624 $ 803 $ 33,821 $ - Debt securities 136,984 - 136,984 - Insurance contracts 2,133 - - 2,133 Limited partnerships 6,522 - - 6,522 Hedge funds 364 - - 364 Cash and short-term investments 2,572 2,572 - - Total plan assets 183,199 $ 3,375 $ 170,805 $ 9,019 The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2015 and 2014: (in thousands) December Net realized Net Net Net transfers December Insurance contracts $2,133 $ - $ 35 $ 235 $ - $ 2,403 Limited partnerships 6,522 46 222 (1,114 ) - 5,676 Hedge funds 364 7 (17 ) (162 ) - 192 Total $9,019 $ 53 $ 240 ($1,041 ) $ - $ 8,271 (in thousands) December Net realized Net Net Net transfers December Insurance contracts $ 2,875 $ - $ 49 $ (791 ) $ - $ 2,133 Limited partnerships 7,034 44 613 (1,169 ) - 6,522 Hedge funds 392 - 3 (31 ) - 364 Total $ 10,301 $ 44 $ 665 ($1,991 ) $ - $ 9,019 The asset allocation for the Company's U.S. and non-U.S. pension plans for 2015 and 2014, and the target allocation for 2016, by asset category, are as follows: United States Plan Non-U.S. Plans Target Percentage of plan assets Target Percentage of plan assets Allocation at plan measurement date Allocation at plan measurement date Asset category 2016 2015 2014 2016 2015 2014 Equity securities - 3 % 3 % 34 % 35 % 32 % Debt securities 100 % 92 % 91 % 56 % 55 % 59 % Real estate - 5 % 5 % 5 % 4 % 4 % Other (1) - 0 % 1 % 5 % 6 % 5 % 100 % 100 % 100 % 100 % 100 % 100 % (1) Other includes hedged equity and absolute return strategies, and private equity. The Company has procedures to closely monitor the performance of these investments and compares asset valuations to audited financial statements of the funds. The targeted plan asset allocation is based on an analysis of the actuarial liabilities, a review of viable asset classes, and an analysis of the expected rate of return, risk, and other investment characteristics of various investment asset classes. At the end of 2015 and 2014, the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with projected benefit obligation and an accumulated benefit obligation in excess of plan assets were as follows: Plans with projected benefit obligation in excess of plan assets (in thousands) 2015 2014 Projected benefit obligation $ 120,312 $ 126,029 Accumulated benefit obligation 117,447 122,855 Fair value of plan assets 81,421 86,021 Plans with accumulated benefit obligation in excess of plan assets (in thousands) 2015 2014 Projected benefit obligation $ 120,312 $ 126,029 Accumulated benefit obligation 117,447 122,855 Fair value of plan assets 81,421 86,021 Information about expected cash flows for the pension and other benefit obligations are as follows: (in thousands) Pension plans Other postretirement Expected employer contributions and direct employer payments in the next fiscal year $ 5,046 $ 4,660 Expected benefit payments 2016 $ 6,518 $ 4,660 2017 7,162 4,475 2018 7,873 4,296 2019 7,881 4,128 2020 8,349 4,006 2021-2025 49,954 19,049 |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring [Abstract] | |
Restructuring | 5. Restructuring In 2015, the Company announced a plan to discontinue manufacturing operations at its press fabric manufacturing facility in Göppingen, Germany and manufacturing operations were discontinued during the second quarter. The restructuring program was driven by the Company's need to balance manufacturing capacity with demand. Approximately 50 11.4 3.3 In the fourth quarter of 2015, the Company implemented an early retirement program for certain employees in the United States. 8.1 5 6 2015 restructuring charges also includes $ 4.3 200 positions. Albany Engineered Composites restructuring expenses in 2014 and 2013 were principally related to organizational changes and exiting certain aerospace programs The following table summarizes charges reported in the Consolidated Statements of Income under “Restructuring and other, net”: Year ended December 31, 2015 (in thousands) Total restructuring costs incurred Termination and other costs Impairment of plant and equipment Benefit plan curtailment/ settlement Machine Clothing $22,211 $18,906 $3,305 $- Albany Engineered Composites - - - - Corporate expenses 1,635 1,635 - - Total $23,846 $20,541 $3,305 $- Year ended December 31, 2014 Total restructuring costs Impairment of plant and Benefit plan curtailment/ (in thousands) incurred Termination and other costs equipment settlement Machine Clothing $4,828 $5,769 $- ($941 ) Albany Engineered Composites 931 319 612 - Corporate expenses - - - - Total $5,759 $6,088 $612 ($941 ) Year ended December 31, 2013 Total restructuring costs Impairment of plant and Benefit plan curtailment/ (in thousands) incurred Termination and other costs equipment settlement Machine Clothing $24,568 $25,838 $- ($1,270 ) Albany Engineered Composites 540 452 88 - Corporate expenses - - - - Total $25,108 $26,290 $ 88 ($1,270 ) We expect that approximately $ 6.9 3.3 December 31, Restructuring Currency December 31, (in thousands) 2014 charges accrued Payments translation/other 2015 Total Termination costs $ 1,874 $ 20,541 $ (12,323 ) $ 85 $ 10,177 December 31, Restructuring Currency December 31, (in thousands) 2013 charges accrued Payments translation/other 2014 Total Termination costs $ 9,656 $ 6,088 $ (13,240 ) $ (630 ) $ 1,874 |
Other Expense_(Income), net
Other Expense/(Income), net | 12 Months Ended |
Dec. 31, 2015 | |
Other Expense/(Income), net [Abstract] | |
Other Expense/(Income), net | 6. Other Expense/(Income), net The components of Other Expense/(Income), net, are: (in thousands) 2015 2014 2013 Currency transactions $1,496 ($6,379 ) $5,227 Bank fees and amortization of debt issuance costs 916 1,174 1,542 Gain on sale of investment (872 ) - - Gain on insurance recovery - (1,126 ) - Other 893 (522 ) 487 Total $2,433 ($6,853 ) $7,256 In March 2015, the Company sold its total equity investment in an unaffiliated company, resulting in a gain of $0.9 million. The value of the investment had been written off in 2004. In July 2013, the Company's manufacturing facility in Germany was damaged by severe weather. At that time, the Company expensed the remaining book value of the damaged property, but the value was minimal. The gain recorded in 2014 represents the finalization of the insurance claim |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 7. Income Taxes The following tables present components of income tax (benefit)/expense and income before income taxes on continuing operations: (in thousands) 2015 2014 2013 Income tax based on income from continuing operations, at estimated tax rates of 32 34 49 $ 16,388 $ 25,703 $ 15,172 Pension plan settlements - (3,194) (-) Income tax before discrete items 16,388 22,509 15,172 Discrete tax (benefit)/expense Worthless stock deduction (28,553 - - Repatriation of non-U.S. prior years' earnings - 2,210 618 Provision for/resolution of tax audits and contingencies, net 6,500 744 2,643 Adjustments to prior period tax liabilities (867 397 (942) Provision for/adjustment to beginning of year valuation allowances 75 (109) (3,741) Enacted tax legislation 670 - (282) Other discrete tax adjustments, net - - (96) Total income tax (benefit)/expense ($5,787 $ 25,751 $ 13,372 (in thousands) 2015 2014 2013 Income/(loss) before income taxes: U.S. ($7,211) $ 4,993 $ 14,395 Non-U.S. 58,689 62,507 16,681 $ 51,478 $ 67,500 $ 31,076 Income tax provision: Current: Federal $ - $ 1,874 $ 3,508 State 1,993 1,102 2,301 Non-U.S. 20,842 17,474 14,957 $ 22,835 $ 20,450 $ 20,766 Deferred: Federal ($34,135) ($1,707) $ 1,723 State (40) (495) (180) Non-U.S. 5,553 7,503 (8,937) ($28,622) $ 5,301 ($7,394) Total income tax (benefit)/expense ($5,787) $ 25,751 $ 13,372 The significant components of deferred income tax (benefit)/expense are as follows (in thousands) 2015 2014 2013 Net effect of temporary differences ($7,615) ($1,667) ($334) Foreign tax credits (17,874) (481) 2,378 Retirement benefits 1,844 1,438 1,482 Net impact to operating loss carryforwards (5,722) 6,120 (6,897) Enacted changes in tax laws and rates 670 (-) (282) Adjustments to beginning-of-the-year valuation allowance balance for changes in circumstances 75 (109) (3,741) Total ($28,622) $ 5,301 ($7,394) A reconciliation of the U.S. federal statutory tax rate to the Company's effective income tax rate is as follows: 2015 2014 2013 U.S. federal statutory tax rate 35.0 % 35.0 % 35.0 % State taxes, net of federal benefit 2.4 1.7 4.9 Non-U.S. local income taxes 4.1 4.0 8.7 Foreign adjustments and rate differential (6.2) (10.2) 0.2 Net U.S. tax on non-U.S. earnings and foreign withholdings (1.8) 8.0 5.3 Provision for/resolution of tax audits and contingencies, net 12.6 1.0 8.5 Research and development and other tax credits (2.4) (1.6) (3.8) Adjustment to beginning of year valuation allowances 0.1 (0.2) (12.0) Worthless stock deduction (55.5 ) - - Other 0.5 0.4 (3.8) Effective income tax rate (11.2) % 38.1 % 43.0 % The Company has operations which constitute a taxable presence in 18 35 During the periods reported, income outside of the U.S. was heavily concentrated within Brazil, China, ( 25 30 8 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of certain assets and liabilities for financial reporting and the amounts used for income tax expense purposes. Significant components of the Company's deferred tax assets and liabilities are as follows: U.S. Non-U.S. 2015 2014 2015 2014 (in thousands) Current deferred tax assets: Accounts receivable $ - $ 1,597 $ - $ 1,537 Inventories - 343 - 1,240 Other - 2,662 - 3,574 Current deferred tax assets before valuation allowance $ - $ 4,602 $ - $ 6,351 Less: valuation allowance - - - (497) Total current deferred tax assets $ - $ 4,602 $ - $ 5,854 Noncurrent deferred tax assets: Accounts receivable 1,392 - 1,304 - Inventories 897 - 1,750 - Deferred compensation 6,714 5,981 - - Depreciation and amortization 10,323 3,575 4,882 4,460 Postretirement benefits 26,475 28,344 4,138 4,804 Tax loss carryforwards 2,682 1,358 27,134 34,980 Tax credit carryforwards 42,851 24,426 1,740 1,772 Other 10,222 2,939 3,503 428 Noncurrent deferred tax assets before valuation allowance 101,556 66,623 44,451 46,444 Less: valuation allowance - - (24,439) (21,363) Total noncurrent deferred tax assets 101,556 66,623 20,012 25,081 Total deferred tax assets $ 101,556 $ 71,225 $ 20,012 $ 30,935 Current deferred tax liabilities: Unrepatriated foreign earnings $ - $ 3,679 $ - $ - Inventories - - - 32 Other - - - 577 Total current deferred tax liabilities - 3,679 - 609 Noncurrent deferred tax liabilities: Unrepatriated foreign earnings 1,157 - - - Depreciation and amortization 10,309 11,587 3,174 3,106 Postretirement benefits - - 2,003 1,917 Deferred Gain 7,559 8,396 - - Branch losses subject to recapture - - 918 11,369 Other - - 3,245 1,888 Total noncurrent deferred tax liabilities 19,025 19,983 9,340 18,280 Total deferred tax liabilities 19,025 23,662 9,340 18,889 Net deferred tax asset $ 82,531 $ 47,563 $ 10,672 $ 12,046 In 2015, the Company adopted the provisions of ASU 2015-17 which requires that deferred income taxes related to each tax paying jurisdiction be aggregated and classified as a single noncurrent asset or noncurrent liability. Prior to adopting ASU 2015-17, we were required to net current deferred tax assets and liabilities, and to net noncurrent deferred tax assets and liabilities, for each tax jurisdiction. As of December (in thousands) 31, 2014 Current assets: Income taxes prepaid and deferred ($6,743 Noncurrent asset: Income taxes receivable and deferred 13,657 Current liabilities: Income taxes payable and deferred (575 Noncurrent liabilities : Deferred taxes and other credits 7,489 Total $ - Deferred income tax assets, net of valuation allowances, are expected to be realized through the reversal of existing taxable temporary differences and future taxable income. In 2015, the Company recorded an increase in its valuation allowance of $ 5.1 due to a net increase of deferred tax assets and a decrease in its valuation allowance due to translation of $ 2.6 2.5 At December 31, 2015, the Company had available approximately $ 220.0 30.0 21.6 20.7 35.1 2018 7.6 2025 1.2 The Company reported a U.S. net deferred tax asset of $ 82.5 48.5 The Company records the residual U.S. and foreign taxes on certain amounts of foreign earnings that have been targeted for repatriation to the U.S. As a result, such amounts are not considered to be permanently reinvested, and the Company accrued for the residual taxes on these earnings to the extent they cannot be repatriated in a tax-free manner. At December 31, 2015 the Company reported a deferred tax liability of $ 1.1 59.0 1.1 46.8 The accumulated undistributed earnings of the Company's foreign operations not targeted for repatriation to the U.S. were approximately $ 165.6 The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits, all of which, if recognized, would impact the effective tax rate. (in thousands) 2015 2014 2013 Unrecognized tax benefits balance at January 1 $ 19,509 $ 12,538 $ 24,386 Increase in gross amounts of tax positions related to prior years 2,315 14,699 2,121 Decrease in gross amounts of tax positions related to prior years (145) (67) - Increase in gross amounts of tax positions related to current year 79 1,077 2,622 Decrease due to settlements with tax authorities (42) (32) (16,721) Decrease due to lapse in statute of limitations (90) (6,775) (-) Currency translation (2,020) (1,931) 130 Unrecognized tax benefits balance at December 31 $ 19,606 $ 19,509 $ 12,538 The Company recognizes interest and penalties related to unrecognized tax benefits within its global operations as a component of income tax expense. The Company recognized interest and penalties related to the unrecognized tax benefits noted above of ($0.1) 1.0 1.3 1.4 0.4 0.4 0.1 We conduct business globally and, as a result, the Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business we are subject to examination by taxing authorities throughout the world, including major jurisdictions such as the United States, Brazil, Canada, France, Germany, Italy, Mexico, and Switzerland. The open tax years in these jurisdictions range from 2000 2015 It is reasonably possible that over the next twelve months the amount of unrecognized tax benefits may change within a range of a net increase of $ 0.6 3.6 The Company recognized current and deferred tax benefits of approximately $ 25.3 14.5 6.3 6.4 3.2 As of December 31, 2015 and 2014, current income taxes prepaid and deferred consisted of the following: (in thousands) 2015 2014 Prepaid taxes $ 2,417 $ - Taxes receivable 510 - Deferred income taxes - 6,743 Total current income taxes prepaid and deferred $ 2,927 $ 6,743 As of December 31, 2015 and 2014, noncurrent income taxes receivable and deferred consisted of the following: (in thousands) 2015 2014 Deferred income taxes $ 105,792 $ 59,022 Taxes receivable 3,153 10,518 Total noncurrent income taxes receivable and deferred $ 108,945 $ 69,540 As of December 31, 2015 and 2014, current income taxes payable and deferred consisted of the following: (in thousands) 2015 2014 Taxes payable $ 7,090 $ 2,211 Deferred income taxes - 575 Total current income taxes payable and deferred $ 7,090 $ 2,786 As of December 31, 2015 and 2014, noncurrent deferred taxes and other liabilities consisted of the following: (in thousands) 2015 2014 Deferred income taxes $ 12,589 $ 5,583 Other liabilities 1,565 1,580 Total noncurrent deferred taxes and other liabilities $ 14,154 $ 7,163 Taxes paid, net of refunds, amounted to $ 18.3 million in 17.6 29.4 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 8. 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: (in thousands, except market price and earnings per share) 2015 2014 2013 Net income attributable to the Company $ 57,279 $ 41,569 $ 17,517 Weighted average number of shares: Weighted average number of shares used in calculating basic net income per share 31,978 31,832 31,649 Effect of dilutive stock-based compensation plans: Stock options 58 99 129 Long-term incentive plan 52 57 156 Weighted average number of shares used in calculating diluted net income per share 32,088 31,988 31,934 Average market price of common stock used for calculation of dilutive shares $ 36.68 $36.29 $31.85 Net income per share: Basic $ 1.79 $ 1.31 $ 0.55 Diluted $ 1.79 $ 1.30 $ 0.55 Shares outstanding, net of treasury shares, were 32.0 31.9 31.8 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (AOCI) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (AOCI) [Abstract] | |
Accumulated Other Comprehensive Income (AOCI) | 9. Accumulated Other Comprehensive Income (AOCI) The table below presents changes in the components of AOCI from January 1, 2013 to December 31, 2015: (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income January 1, 2013 ($7,659 ($69,484 ($2,878 ($80,021 Other comprehensive income before reclassifications 7,521 614 742 8,877 Postretirement plan change in benefits 4,864 4,864 Pension/postretirement plan remeasurement 13,771 13,771 Pension plan change in benefits (374 (374 Interest expense related to swaps reclassified to the Statement of Income, net of tax 1,159 1,159 Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax 2,226 2,226 Net current period other comprehensive income 7,521 21,101 1,901 30,523 December 31, 2013 (138) (48,383) (977) (49,498) Other comprehensive income/(loss) before reclassifications (55,102) 252 (1,052) (55,902) Pension/postretirement settlements and curtailments 5,167 5,167 Pension/postretirement plan remeasurement (9,265) (9,265) Interest expense related to swaps reclassified to the Statement of Income, net of tax 1,168 1,168 Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax 563 563 Net current period other comprehensive income (55,102) (3,283) 116 (58,269) December 31, 2014 (55,240) (51,666) (861) (107,767) Other comprehensive income/(loss) before reclassifications (53,415) 2,238 (1,836) (53,013) Pension/postretirement settlements and curtailments 103 103 Pension/postretirement plan remeasurement (622) (622) Interest expense related to swaps reclassified to the Statement of Income, net of tax 1,233 1,233 Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax 1,222 1,222 Net current period other comprehensive income (53,415) 2,941 (603) (51,077) December 31, 2015 ($108,655) ($48,725) ($1,464) ($158,844) As part of the Company's pension de-risking strategy, in 2014, certain U.S. participants received a lump-sum distribution from the pension plan, which led to a pension settlement charge of $ 8.2 8.4 5.2 In 2013, the Company modified certain provisions of its U.S. postretirement plan. The change in plan benefits decreased pretax liabilities by $ 8.0 4.9 The components of our Accumulated Other Comprehensive Income that are reclassified to the Statement of Income relate to our pension and postretirement plans and interest rate swaps. The table below presents the expense/(income) amounts reclassified, and the line items of the Statement of Income that were affected for the periods ended December 31, 2015 and 2014. (in thousands) 2015 2014 2013 Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income: Payments made on interest rate swaps included in Income before taxes (a) $ 1,988 $1,914 $ 1,900 Income tax effect (755) (746) (741) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ 1,233 $1,168 $1,159 Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: Pension/postretirement settlements and curtailments $ 103 $ 8,377 $ - Amortization of prior service credit (4,440) (4,436) (3,905) Amortization of transition obligation - - 70 Amortization of net actuarial loss 5,932 5,329 6,512 Total pretax amount reclassified (b) 1,595 9,270 2,677 Income tax effect (270) (3,540) (451) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ 1,325 $5,730 $2,226 (a) Included in Interest expense. (b) These accumulated other comprehensive income/ components are included in the computation of net periodic pension cost (see Note 4). |
Noncontrolling Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | 10. Noncontrolling Interest Effective October 31, 2013, Safran S.A. (Safran) acquired a 10 The agreement provides Safran an option to purchase Albany's remaining 90 In accordance with the operating agreement, Albany received a $ 28 90 The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity: (in thousands) 2015 2014 Net income of ASC $ $ Less: Return attributable to the Company's preferred holding 978 1,019 Net (loss)/income of ASC available for common ownership ( $ ) 1,797 Ownership percentage of noncontrolling shareholder 10 % 10 % Net (loss)/income attributable to noncontrolling interest ($14 ) $ Noncontrolling interest, beginning of year $ $ Adjustment to net assets contributed by Albany - 39 Net (loss)/income attributable to noncontrolling interest (14 ) 180 Changes in other comprehensive income attributable to noncontrolling interest 5 (2 ) Noncontrolling interest, end of year $ $ |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 11. Property, Plant and Equipment The table below sets forth the reclassification and components of property, plant and equipment as of December 31, 2015 and 2014: (in thousands) 2015 2014 Estimated useful life Land and land improvements $ 14,307 $ 22,967 25 Buildings 211,027 225,094 25 40 Machinery and equipment 828,409 892,171 10 Furniture and fixtures 6,074 6,716 5 Computer and other equipment 14,813 13,692 3 10 Software 52,503 50,586 5 8 Capital expenditures in progress 26,291 48,593 Property, plant and equipment, gross 1,153,424 1,259,819 Accumulated depreciation and amortization (795,954) (864,706) Property, plant and equipment, net $ 357,470 $ 395,113 In 2015, we reclassified to Asset held for sale real property of our former manufacturing facility in Germany. The value of $ 5.0 We anticipate the sale of the property to occur in 2016. 7.7 7.6 6.2 Expenditures for maintenance and repairs are charged to income as incurred and amounted to $ 16.6 17.4 17.5 Depreciation expense was $ 53.0 56.6 57.2 6.5 6.2 6.0 50.6 58.9 64.5 9.6 13.8 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | 12. Goodwill and Other Intangible Assets Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually. Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. Our reporting units are consistent with our operating segments. Determining the fair value of a reporting unit requires the use of significant estimates and assumptions, including revenue growth rates, operating margins, discount rates, and future market conditions, among others. Goodwill and other long-lived assets are reviewed for impairment whenever events, such as significant changes in the business climate, plant closures, changes in product offerings, or other circumstances indicate that the carrying amount may not be recoverable. To determine fair value, we utilize two market-based approaches and an income approach. Under the market-based approaches, we utilize information regarding the Company as well as publicly available industry information to determine earnings multiples and sales multiples. Under the income approach, we determine fair value based on estimated future cash flows of each reporting unit, discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn. The entire balance of goodwill on our books is attributable to the Machine Clothing business. In the second quarter of 2015, the Company applied the qualitative assessment approach in performing its annual evaluation of goodwill and concluded that no impairment provision was required. There were no amounts at risk due to the large spread between the fair and carrying values. We are continuing to amortize certain patents, trade names, customer contracts and technology assets that have finite lives. The changes in intangible assets and goodwill from December 31, 2013 to December 31, 2015, were as follows: Balance at Amortization Currency Balance at (in thousands) December 31, 2014 Translation December 31, 2015 Amortized intangible assets: AEC trade names $ 29 ($ 4) $ - $ 25 AEC customer contracts 202 (202) - - AEC technology 154 (25) - 129 Total amortized intangible assets $ 385 ($ 231) $ - $ 154 Unamortized intangible assets: Goodwill $ 71,680 $ - ($ 5,307) $ 66,373 Balance at Amortization Currency Balance at (in thousands) December 31, 2013 Translation December 31, 2014 Amortized intangible assets: AEC trade names $ 33 ($ 4) $ - $ 29 AEC customer contracts 404 (202) - 202 AEC technology 179 (25) - 154 Total amortized intangible assets $ 616 ($ 231) $ - $ 385 Unamortized intangible assets: Goodwill $ 78,890 $ - $ (7,210) $ 71,680 Estimated amortization expense of intangibles for the years ending December 31, 2016 through 2020, is as follows: Annual amortization Year (in thousands) 2016 $ 29 2017 29 2018 29 2019 29 2020 29 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | 13. Accrued Liabilities Accrued liabilities consist of: (in thousands) 2015 2014 Salaries and wages $17,621 $19,229 Accrual for compensated absences 9,564 11,330 Employee benefits 10,880 11,525 Pension liability - current portion 2,110 2,141 Postretirement medical benefits - current portion 4,660 4,750 Returns and allowances 14,024 17,265 Interest 942 2,052 Restructuring costs 6,856 1,873 Dividends 5,443 5,098 Workers' compensation 2,086 2,502 Billings in excess of revenue recognized 2,903 2,024 Professional fees 2,093 2,051 Utilities 779 962 Other 11,824 12,347 Total $91,785 $95,149 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments [Abstract] | |
Financial Instruments | 14. Financial Instruments Long-term debt, principally to banks and bondholders, consists of: (in thousands, except interest rates) 2015 2014 Private placement with a fixed interest rate of 6.84 $50,000 $100,000 Revolving credit agreements with borrowings outstanding at an end of period interest rate of 2.27 2.69 2020 215,000 172,000 Various notes and mortgages, at an average end of period rate of 5.50 96 111 Long-term debt 265,096 272,111 Less: current portion (16) (50,015) Long-term debt, net of current portion $265,080 $222,096 Principal payments due on long-term debt are: 2017, $ 50.0 215.0 0.1 14.8 13.0 16.1 A note agreement and guaranty (“Prudential Agreement”) was originally entered into in October 2005 with the Prudential Insurance Company of America, and certain other purchasers, with interest at 6.84 50 54.6 On June 18, 2015, we entered into a $ 400 215 330 The applicable interest rate for borrowings under the Credit Agreement is, as it was under the former agreement, LIBOR plus a spread, based on our leverage ratio at the time of borrowing. At the time of the last borrowing on 1.375 1.250 1.750 Our ability to borrow additional amounts under the Credit Agreement is conditional upon the absence of any defaults, as well as the absence of any material adverse change (as defined in the Credit Agreement) 185 the Credit Agreement. On July 16, 2010, we entered into interest rate hedging transactions that had the effect of fixing the LIBOR portion of the effective interest rate (before addition of the spread) on $ 105 2.04 The agreement expired on July 16, 2015. On May 20, 2013, we entered into interest rate hedging transactions for the period July 16, 2015 through March 16, 2018. These transactions have the effect of fixing the LIBOR portion of the effective interest rate (before addition of the spread) on $ 110 1.414 0.350 2.789 On July 16, 2015, we entered into interest rate hedging transactions for the period March 16, 2018 through June 16, 2020. These transactions have the effect of fixing the LIBOR portion of the effective interest rate (before addition of the spread) on $ 120 2.43 0.35 Under the Credit Agreement and Prudential Agreement, we are currently required to maintain a leverage ratio (as defined in the agreements) of not greater than 3.50 3.00 As of December 31, 2015, our leverage ratio was 1.27 13.39 Indebtedness under each of the Prudential Agreement and the Credit Agreement is ranked equally in right of payment to all unsecured senior debt. We were in compliance with all debt covenants as of December 31, 2015. |
Fair-Value Measurements
Fair-Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair-Value Measurements [Abstract] | |
Fair-Value Measurements | 15. Fair-Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accounting principles establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Level 3 inputs are unobservable data points for the asset or liability, and include situations in which there is little, if any, market activity for the asset or liability. In 2015, we reclassified land and building related to the former manufacturing facility in Germany as Asset held for sale in the accompanying Consolidated Balance Sheets. As of December 31, 2015 and December 31, 2014, we have Level 3 non-financial assets of $5.0 million and $0.0 million, respectively. The value as of December 31, 2015 was determined based on preliminary offers from active market participants. 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 , and Level 3 non-financial assets measured at fair value: December 31, 2015 December 31, 2014 Quoted markets Significant Unobservable inputs Quoted Significant Unobservable Inputs (Level 3) (in thousands) (Level 1) (Level 2) (Level 3) (Level 1) (Level 2) Fair Value Assets: Cash equivalents $5,189 $ $ - $ $ $ - Assets held for sale - - 4,988 - - - Prepaid expenses and other current assets: Foreign currency options - - - 69 - - Other Assets: Common stock of foreign public company 819 (a) - - 701 - - Liabilities: Other Interest rate swaps - (2,400) (b) - - (1,411 ) (C) - (a) Original cost basis $ 0.5 (b) Net of $ 7.4 9.8 (c) Net of $ 4.3 5.7 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 common stock of the unaffiliated foreign public company is traded in an active market exchange. The shares are measured at fair value using closing stock prices and are recorded in the Consolidated Balance Sheets as Other assets. The securities are classified as available for sale, and as a result any unrealized gain or loss is recorded in the Shareholders' Equity section of the Consolidated Balance Sheets rather than in the Consolidated Statements of Income. When the security is sold or impaired, gains and losses are reported in the Consolidated Statements of Income. Investments are considered to be impaired when a decline in fair value is judged to be other than temporary. 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)/expenses, net. When exercised, the foreign currency instruments are net settled with the same financial institution that bought or sold them. For all positions, whether options or forward contracts, there is risk from the possible inability of the financial institution to meet the terms of the contracts and the risk of unfavorable changes in interest and currency rates, which may reduce the value of the instruments. We seek to control 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. We operate our business in many regions of the world, and currency rate movements can have a significant effect on operating results. Changes in exchange rates can result in revaluation gains and losses that are recorded in Selling, General and Administrative expenses or Other (income)/expenses, net. Revaluation gains and losses occur when our business units have cash, intercompany (recorded in Other (income)/expenses, net) or third-party trade (recorded in Selling, General and Administrative expenses) receivable or payable balances in a currency other than their local reporting (or functional) currency. Operating results can also be affected by the translation of sales and costs, for each non-U.S. subsidiary, from the local functional currency to the U.S. dollar. The translation effect on the Consolidated Statements of Income is dependent on our net income or expense position in each non-U.S. currency in which we do business. A net income position exists when sales realized in a particular currency exceed expenses paid in that currency; a net expense position exists if the opposite is true. The interest rate swaps are accounted for as hedges of future cash flows. The fair value of our interest rate swaps are derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve, and is included in Other assets and/or Other noncurrent liabilities in the Consolidated Balance Sheets. U nrealized gains and losses on the swaps flow through the caption Derivative valuation adjustment in the Shareholders' equity section of the Consolidated Balance Sheets, to the extent that the hedges are highly effective. As of December 31, 2015, these interest rate swaps were determined to be highly effective hedges of interest rate cash flow risk. Any gains and losses related to the ineffective portion of the hedges will be recognized in the current period in earnings. 2.0 1.9 Gains/(losses) related to changes in fair value of derivative instruments that were recognized in Other (income)/expenses, net in the Consolidated Statements of Income were as follows: Years ended December 31, (in thousands) 2015 2014 2013 Derivatives not designated as hedging instruments Foreign currency options $121 ($81 ($107) |
Other Noncurrent Liabilities
Other Noncurrent Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Noncurrent Liabilities [Abstract] | |
Other Noncurrent Liabilities | 16. Other Noncurrent Liabilities As of December 31 of each year, Other noncurrent liabilities consists of: (in thousands) 2015 2014 Pension liabilities $ 36,782 $ 37,867 Postretirement benefits other than pensions 55,310 60,237 Interest rate swap agreement 2,400 1,411 Incentive and deferred compensation 3,421 2,730 Restructuring 3,320 - Other 311 834 Total $ 101,544 $ 103,079 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 17. Commitments and Contingencies Principal leases are for machinery and equipment, vehicles, and real property. Certain leases contain renewal and purchase option provisions at fair values. There were no significant capital leases entered into during 2015. Total rental expense amounted to $ 3.5 4.2 4.6 Future rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year, as of December 31, 2015 are: 2016, $ 3.4 2.2 1.0 0.6 0.8 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 products that we previously manufactured. We produced asbestos-containing paper machine clothing synthetic dryer fabrics marketed during the period from 1967 to 1976 and used in certain paper mills. Such fabrics generally had a useful life of three to twelve months. We were defending 3,791 claims as of December 31, 2015. The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented: Year ended Opening Claims New Claims Closing Amounts Paid 2005 29,411 6,257 1,297 24,451 $ 504 2006 24,451 6,841 1,806 19,416 3,879 2007 19,416 808 190 18,798 15 2008 18,798 523 110 18,385 52 2009 18,385 9,482 42 8,945 88 2010 8,945 3,963 188 5,170 159 2011 5,170 789 65 4,446 1,111 2012 4,446 90 107 4,463 530 2013 4,463 230 66 4,299 78 2014 4,299 625 147 3,821 437 2015 3,821 116 86 3,791 $ 164 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. Exposure and disease information sufficient to meaningfully estimate a range of possible loss of a particular claim is typically not available until late in the discovery process, and often not until a trial date is imminent and a settlement demand has been received. For these reasons, we do not believe a meaningful estimate can be made regarding the range of possible loss with respect to 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 insurer, Liberty Mutual, has defended each case and funded settlements under a standard reservation of rights. As of December 31, 2015, we had resolved, by means of settlement or dismissal, 37,341 9.4 100 two 23 3 140 Brandon Drying Fabrics, Inc. (“Brandon”), a subsidiary of Geschmay Corp., which is a subsidiary of the Company, is also a separate defendant in many of the asbestos cases in which Albany is named as a defendant. Brandon was defending against 7,713 claims as of December 31, 2015. The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented: Year ended December 31, Opening Claims New Claims Closing Number of Claims Amounts 2005 9,985 642 223 9,566 $ - 2006 9,566 1,182 730 9,114 - 2007 9,114 462 88 8,740 - 2008 8,740 86 10 8,664 - 2009 8,664 760 3 7,907 - 2010 7,907 47 9 7,869 - 2011 7,869 3 11 7,877 - 2012 7,877 12 2 7,867 - 2013 7,867 55 3 7,815 - 2014 7,815 87 2 7,730 - 2015 7,730 18 1 7,713 $ - We acquired Geschmay Corp., formerly known as Wangner Systems Corporation, in 1999. Brandon is a wholly owned subsidiary of Geschmay Corp. In 1978, Brandon acquired certain assets from Abney Mills (“Abney”), a South Carolina textile manufacturer. Among the assets acquired by Brandon from Abney were assets of Abney's wholly owned subsidiary, Brandon Sales, Inc. which had sold, among other things, dryer fabrics containing asbestos made by its parent, Abney. Although Brandon manufactured and sold dryer fabrics under its own name subsequent to the asset purchase, none of such fabrics contained asbestos. Because Brandon did not manufacture asbestos-containing products, and because it does not believe that it was the legal successor to, or otherwise responsible for obligations of Abney with respect to products manufactured by Abney, it believes it has strong defenses to the claims that have been asserted against it. As of December 31, 2015, Brandon has resolved, by means of settlement or dismissal, 9,893 0.2 88.2 11.8 100 For the same reasons set forth above with respect to Albany's claims, as well as the fact that no amounts have been paid to resolve any Brandon claims since 2001, we do not believe a meaningful estimate can be made regarding the range of possible loss with respect to these remaining claims. 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. Although we do not believe, based on currently available information and for the reasons stated above, that a meaningful estimate of a range of possible loss can be made with respect to such claims, based on our understanding of the insurance policies available, how settlement amounts have been allocated to various policies, our settlement experience, the absence of any judgments against the Company or Brandon, the ratio of paper mill claims to total claims filed, and the defenses available, we currently do not anticipate any material liability relating to the resolution of the aforementioned pending proceedings in excess of existing insurance limits. Consequently, 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 and the trends in claims against us to date, we do not anticipate that additional claims likely to be filed against us in the future will have a material adverse effect on our financial position, results of operations, or cash flows. We are aware that litigation is inherently uncertain, especially when the outcome is dependent primarily on determinations of factual matters to be made by juries. |
Stock Options and Incentive Pla
Stock Options and Incentive Plans | 12 Months Ended |
Dec. 31, 2015 | |
Stock Options and Incentive Plans [Abstract] | |
Stock Options and Incentive Plans | 18. Stock Options and Incentive Plans We recognized no stock option expense during 2015, 2014 or 2013 and there are currently no remaining unvested options for which stock-option compensation costs will be recognized in future periods. There have been no stock options granted since November 2002 and we have no stock option plan under which options may be granted. Options issued under previous plans and still outstanding were exercisable in five cumulative annual amounts beginning twelve months after date of grant. Option exercise prices were normally equal to and were not permitted to be less than the market value on the date of grant. Unexercised options generally terminate twenty years after the date of grant for all plans, and must be exercised within ten years of retirement. Activity with respect to these plans is as follows: 2015 2014 2013 Shares under option January 1 187,233 228,533 507,313 Options canceled - - - Options exercised 98,460 41,300 278,780 Shares under option at December 31 88,773 187,233 228,533 Options exercisable at December 31 88,773 187,233 228,533 The weighted average exercise price is as follows: 2015 2014 2013 Shares under option January 1 $ 18.99 $ 18.94 $ 19.45 Options canceled - - - Options exercised 19.27 18.71 19.87 Shares under option December 31 18.67 18.99 18.94 Options exercisable December 31 18.67 18.99 18.94 As of December 31, 2015, the aggregate intrinsic value of vested options was $ 1.6 2.0 0.7 3.1 Executive Management share-based compensation: In 2011, shareholders approved the Albany International 2011 Incentive Plan. Awards granted to date under these plans provide key members of management with incentive compensation based on achieving certain performance targets over a three year period. Such awards are paid out partly in cash and partly in shares of Class A Common Stock. Participants may elect to receive shares net of applicable income taxes. In March 2015 we issued 35,393 1.2 29,321 1.1 40,255 1.1 three 3.0 2.4 1.5 0.6 In 2011, the Board of Directors modified the annual incentive plan for executive management whereby 40 50 19,571 1.5 15,910 1.4 34,988 2.0 3.4 2.7 2.3 Shares payable under these plans generally vest immediately prior to payment. As of December 31, 2015, there were 288,219 Number of shares Weighted average grant date value per share Year-end intrinsic value (000's) Shares potentially payable at January 1, 2013 229,361 $ 24.13 $ 5,202 Forfeitures - - Payments (118,364) $ 23.05 Shares accrued based on 2013 performance 74,567 $ 31.62 Shares potentially payable at December 31, 2013 185,564 $ 27.51 $ 6,667 Forfeitures - - Payments (75,385) $ 28.60 Shares accrued based on 2014 performance 75,020 $ 34.65 Shares potentially payable at December 31, 2014 185,199 $ 30.69 $ 5,683 Forfeitures - - Payments (95,889) $ 29.09 Shares accrued based on 2015 performance 98,998 $ 38.01 Shares potentially payable at December 31, 2015 188,308 $ 35.35 $ 6,657 Other Management share-based compensation: In 2003, the Company adopted a Restricted Stock Program under which certain key employees were awarded restricted stock units. Such units vest over a five 0.6 1.4 2.5 In 2012, the Company adopted a Phantom Stock Plan that replaced the Restricted Stock Program. Awards under this program vest over a five 2.6 2.2 1.5 6.6 2 In 2012, the Company granted restricted stock units to two executives. The amount of compensation expense was subject to changes in the market price of the Company's stock and was recorded in Selling, general, and administrative expenses. The final vesting and payment due under these grants occurred in 2015. Expense recognized for these grants was $ 0.3 0.7 1.0 The determination of compensation expense for other management share-based compensation plans is based on the number of outstanding share units, the end-of-period share price, and Company performance. Information with respect to these plans is presented below: Number of shares Weighted average value per share Cash paid for share based liabilities(000's) Share units potentially payable at January 1, 2013 350,760 Grants 104,554 Payments (85,902) $ 32.71 $ 2,810 Forfeitures (8,223) Share units potentially payable at December 31, 2013 361,189 Grants 91,631 Changes due to performance (8,793) Payments (86,840) $ 35.01 $ 3,040 Forfeitures (9,246) Share units potentially payable at December 31, 2014 347,941 Grants 90,065 Changes due to performance 13,966 Payments (167,482) $ 36.08 $ 6,040 Forfeitures (31,624) Share units potentially payable at December 31, 2015 252,866 The Company maintains a voluntary savings plan covering substantially all employees in the United States. The Plan, known as the ProsperityPlus Savings Plan, is a qualified plan under section 401(k) of the U.S. Internal Revenue Code. The Company matches, in the form of cash, between 50 100 4.8 4.3 4.1 The Company's profit-sharing plan covers substantially all employees in the United States. After the close of each year, the Board of Directors determines the amount of the profit-sharing contribution. Company contributions to the plan are in the form of cash. The expense recorded for this plan was $ 2.4 1.5 1.6 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 19. Shareholders' Equity We have two classes of Common Stock, Class A Common Stock and Class B Common Stock, each with a par value of $ 0.001 3.3 In August 2006, we announced that the Board of Directors authorized management to purchase up to 2.0 Class A Common Stock Class B Preferred Stock Additional paid-in capital Retained earnings Accumulated items of Class A Treasury Stock Noncontrolling (in thousands) Shares Amount Shares Amount Shares Amount January 1, 2013 36,642 $ 37 3,236 $ 3 $ 395,381 $ 435,775 $ (80,021) 8,468 $ (257,664) $ - Net income - - - - - 17,517 - - - 141 Compensation and benefits paid or payable in shares 75 - - - (902) - - - - - Initial equity related to Noncontrolling interest in ASC - - - - 15,535 - - - - 3,341 Options exercised 279 - - - 6,670 - - - - Shares issued to Directors' - - - - 44 - - (4) 93 - Dividends declared - - - - - (18,694) - - - - Cumulative translation adjustments - - - - - - 7,521 - - - Pension and postretirement liability adjustments - - - - - - 21,101 - - - Derivative valuation adjustment - - - - - - 1,901 - - - December 31, 2013 36,996 $ 37 3,236 $ 3 $ 416,728 $ 434,598 $ (49,498) 8,464 $ (257,571) $ 3,482 Net income - - - - - 41,569 - - - 180 Compensation and benefits paid or payable in shares 47 - - - 1,234 - - - - - Conversion of Class B shares to Class A shares 1 - (1) - - - - - - - Changes in equity related to Noncontrolling interest in ASC - - - - (24) - - - - 38 Options exercised 41 - - - 974 - - - - - Shares issued to Directors' - - - - 60 - - (5) 90 - Dividends declared - - - - - (20,062) - - - Cumulative translation adjustments - - - - - - (55,102) - - (1) Pension and postretirement liability adjustments - - - - - - (3,283) - - - Derivative valuation adjustment - - - - - - 116 - - - December 31, 2014 37,085 $ 37 3,235 $ 3 $ 418,972 $ 456,105 $ (107,767) 8,459 $ (257,481) $ 3,699 Net income - - - - - 57,279 - - - (14) Compensation and benefits paid or payable in shares 55 - - - 1,540 - - - - - Options exercised 99 - - - 2,520 - - - - - Shares issued to Directors' - - - - 76 - - (4) 90 - Dividends declared - - - - - (21,434) - - - Cumulative translation adjustments - - - - - - (53,415) - - 5 Pension and postretirement liability adjustments - - - - - - 2,941 - - - Derivative valuation adjustment - - - - - - (603) - - - December 31, 2015 37,239 $ 37 3,235 $ 3 $ 423,108 $ 491,950 $ (158,844) 8,455 $ (257,391) $ 3,690 |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data | 20. Quarterly Financial Data (unaudited) (in millions, except per share amounts) 2015 1st 2nd 3rd 4th Net sales $ 181.3 $ 172.3 $ 178.8 $ 177.5 Gross profit 76.7 54.6 75.7 71.7 Net income/(loss) attributable to the Company 12.2 (2.2 ) 9.7 37.6 Basic earnings per share 0.38 (0.07 ) 0.30 1.18 Diluted earnings per share 0.38 (0.07 ) 0.30 1.18 Cash dividends per share 0.16 0.17 0.17 0.17 Class A Common Stock prices: High 40.31 41.15 40.21 39.25 Low 34.13 39.15 28.28 28.19 1st 2nd 3rd 4th 2014 Net sales $ 180.3 $ 193.5 $ 179.9 $ 191.6 Gross profit 74.8 75.3 68.6 72.9 Net income attributable to the Company 10.6 11.2 11.8 8.0 Basic earnings per share 0.33 0.35 0.37 0.26 Diluted earnings per share 0.33 0.35 0.37 0.25 Cash dividends per share 0.15 0.16 0.16 0.16 Class A Common Stock prices: High 37.59 38.01 38.53 38.15 Low 32.85 33.67 34.04 32.46 2013 Net sales $ 186.7 $ 198.0 $ 183.1 $ 189.6 Gross profit 72.8 77.4 68.0 72.4 Net income attributable to the Company 11.5 (7.4) 4.7 8.7 Basic earnings per share 0.36 (0.23) 0.15 0.27 Diluted earnings per share 0.36 (0.23) 0.15 0.27 Cash dividends per share 0.14 0.15 0.15 0.15 Class A Common Stock prices: High 29.87 33.90 36.53 37.25 Low 23.21 27.48 32.27 33.81 In 2015, restructuring charges reduced earnings per share by $ 0.18 0.02 0.07 0.21 In 2015, discrete income tax adjustments, increased/(decreased) earnings per share by: $ (0.01) 0.00 ($0.15) 0.85 In 2015, we recognized a gain related to the sale of investment, $ 0.02 In 2014, restructuring charges reduced earnings per share by $ 0.02 0.04 0.02 0.04 In 2014, we recognized a gain related to the insurance recovery due to damage to a Machine Clothing manufacturing facility, $ 0.03 0.01 In 2014, earnings per share included a pension plan settlement charge of $ 0.16 In 2013, restructuring charges reduced earnings per share by $ 0.01 0.47 0.04 0.03 In the first quarter of 2013, we recognized a gain of $ 0.08 The Company's Class A Common Stock is traded principally on the New York Stock Exchange. As of December 31, 2015, there were approximately 7,500 |
VALUATION AND QUALIFYING ACCOUN
VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2015 | |
VALUATION AND QUALIFYING ACCOUNTS [Abstract] | |
VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II ALBANY INTERNATIONAL CORP. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS (Dollars in thousands) Column A Column B Column C Column D Column E Description Balance at beginning of period Charge to expense Other (A) Balance at end of the period Allowance for doubtful accounts Year ended December 31: 2015 $ 8,713 $ 744 $ (927 ) $ 8,530 2014 11,274 (341) (2,220 ) 8,713 2013 11,862 235 (823 ) 11,274 Allowance for sales returns Year ended December 31: 2015 $ 17,265 $ 10,640 $ (13,881 ) $ 14,024 2014 22,428 13,879 (19,042 ) 17,265 2013 19,536 25,013 (22,121 ) 22,428 Valuation allowance deferred tax assets Year ended December 31: 2015 $ 21,860 $ 75 $ 2,504 $ 24,339 2014 49,987 (3,347 ) (24,780 ) 21,860 2013 60,348 (8,795 ) (1,566 ) 49,987 (A) Amounts sold, written off, or recovered, and the effect of changes in currency translation rates, are included in Column D. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements include the accounts of Albany International Corp. and its subsidiaries (the Company, Albany, we, us, or our) after elimination of intercompany transactions. We have a 50 The Company owns 90 percent of the common equity of Albany Safran Composites (ASC) which is reported within the Albany Engineered Composites (AEC) segment. Additional information regarding that entity is included in Note 10, which is incorporated herein by reference |
Estimates | Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure 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. Estimates are used in accounting for, among other things, revenue recognition, contract profitability, allowances for doubtful accounts, rebates and sales allowances, inventory allowances, pension benefits, goodwill and intangible assets, contingencies, income tax related balances, and other accruals. Our estimates are based on historical experience and on various other assumptions, which are believed to be reasonable under the circumstances. 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. |
Revenue Recognition | Revenue Recognition We record sales when persuasive evidence of an arrangement exists, delivery has occurred, title has been transferred, the selling price is fixed, and collectability is reasonably assured. We include in revenue any amounts invoiced for shipping and handling. The timing of revenue recognition is dependent upon the contractual arrangement with customers. These arrangements, which may include provisions for transfer of title and guarantees of workmanship, are specific to each customer. Some of these contracts provide for a transfer of title upon delivery, or upon reaching a specific date, while other contracts provide for title transfer to occur upon consumption of the product. Products and services provided under long-term contracts represent a significant portion of sales in the Albany Engineered Composites segment. We have a contract with a major customer for which revenue is recognized under a cost plus fixed fee arrangement. We also have fixed price long-term contracts, for which we use 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 estimates increased gross profit by $ 0.4 0.6 2.3 The AEC phases: a phase during which the production part is designed and tested, and a phase of supplying production parts. Certain costs are capitalized during the first phase, such as costs for engineering, equipment, and inventory, where recovery is probable. Revenue will be recognized during the second phase using a percentage of completion (units of delivery) method. Accumulated capitalized costs are written off when those costs are determined to be unrecoverable. Included in Other assets is capitalized cost of $ 1.4 million as of December 31, 2015 and $ 9.2 million as of December 31, 2014, principally for engineering services, that will be amortized into expense as deliveries are made in the future. Capitalized costs as of December 31, 2015 i 0.1 that is in the production phase and 1.3 million for a contract that is still in the development phase We limit the concentration of credit risk in receivables by closely monitoring credit and collection policies. We record allowances for sales returns as a deduction in the computation of net sales. Such provisions are recorded on the basis of written communication with customers and/or historical experience. Any value added taxes that are imposed on sales transactions are excluded from net sales. |
Cost of Goods Sold | Cost of Goods Sold Cost of goods sold includes the cost of materials, provisions for obsolete inventories, labor and supplies, shipping and handling costs, depreciation of manufacturing facilities and equipment, purchasing, receiving, warehousing, and other expenses. |
Selling, General, Administrative, Technical, Product Engineering, and Research Expenses | Selling, General, Administrative, Technical, Product Engineering, and Research Expenses Selling, general, administrative, technical, and product engineering expenses are primarily comprised of wages, benefits, travel, professional fees, revaluation of trade foreign currency balances, and other costs, and are expensed as incurred. Selling expense includes provisions for bad debts and costs related to contract acquisition. Research expenses are charged to operations as incurred and consist primarily of compensation, supplies, and professional fees incurred in connection with intellectual property. Total Company research expense was $ 31.7 32.4 30.2 The Albany Engineered Composites segment participates in both Company-sponsored, and customer-funded research and development. Some customer-funded research and development may be on a cost-sharing basis, in which case amounts charged to the customer are credited against research and development expense. Expenses were reduced by $ 0.0 million in , $ 0.4 million in and $ 1.4 million in 2013 as a result of such arrangements. For customer-funded research and development in which we anticipate funding to exceed expenses, we include amounts charged to the customer in Net sales, while expenses are included in Cost of goods sold . |
Restructuring Expense | Restructuring Expense We may incur expenses related to restructuring of our operations, which could include employee termination costs, costs to consolidate or close facilities, or costs to terminate contractual relationships. Restructuring expenses may also include impairment of Property, plant and equipment, as described below. Employee termination costs include the severance pay and social costs for periods after employee service is completed. Termination costs related to an ongoing benefit arrangement are recognized when the amount becomes probable and estimable. Termination costs related to a one-time benefit arrangement are recognized at the communication date to employees. Costs related to contract termination, relocation of employees, outplacement and the consolidation or the closure of facilities, are recognized when incurred. |
Income Taxes | Income Taxes Deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory tax rates applicable for future years to differences between financial statement and tax bases of existing assets and liabilities. The effect of tax rate changes on deferred taxes is recognized in the income tax provision in the period that includes the enactment date. A tax valuation allowance is established, as needed, to reduce net deferred tax assets to the amount expected to be realized. In the event it becomes more likely than not that some or all of the deferred tax asset allowances will not be needed, the valuation allowance will be adjusted. In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have determined the amount of the tax benefit to be recognized by estimating the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest and penalties have also been recognized. We recognize accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. |
Discontinued Operations | Discontinued Operations The income/(loss) from discontinued operations includes operating income and expenses previously attributed to businesses that were sold in 2012 and, additionally, amounts previously reported as Corporate expenses, and Other (income)/expense that were directly related to the divested businesses. Corporate expenses attributed to the discontinued business include expenses related to global information systems. Interest expense is attributed to the discontinued business only when such expense results from direct third-party borrowings. |
Earnings Per Share | Earnings Per Share Net income or loss per share is computed using the weighted average number of shares of Class A Common Stock and Class B Common Stock outstanding during each year. Diluted net income per share includes the effect of all potentially dilutive securities. If we report a net loss from continuing operations, the diluted loss is equal to the basic earnings per share calculation. |
Translation of Financial Statements | Translation of Financial Statements Assets and liabilities of non-U.S. operations are translated at year-end rates of exchange, and the income statements are translated at the average exchange rates. Gains or losses resulting from translating non-U.S. currency financial statements are recorded in other comprehensive income and accumulated in Shareholders' equity in the caption “Translation adjustments”. Selling, general, and administrative expenses include foreign currency gains and losses resulting from third party balances, such as receivables and payables, which are denominated in a currency other than the entity's local currency. Gains or losses resulting from cash and short-term intercompany loans and balances denominated in a currency other than the entity's local currency, and foreign currency options are generally included in Other expense/(income), net. Gains and losses on long-term intercompany loans not intended to be repaid in the foreseeable future are recorded in other comprehensive income. The following table summarizes foreign currency transaction gains and losses recognized in the income statement: (in thousands) 2015 2014 2013 (Gains)/losses included in: Selling, general, and administrative expenses ($5,090 ) (3,931 ) $341 Other expense/(income), net 1,496 (6,379 ) 5,227 Total transaction (gains)/losses ($3,594 ) ($10,310 ) $5,568 The following table presents foreign currency gains and losses on long-term intercompany loans that were recognized in Other comprehensive income (in thousands) 2015 2014 2013 Gain/(loss) on long-term intercompany loans ($5,225 ) $5,317 ($18,052 ) |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less. |
Accounts Receivable | Accounts Receivable Accounts receivable includes trade receivables and revenue in excess of progress billings on long-term contracts in the Albany Engineered Composites business. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company determines the allowance based on historical write-off experience, customer specific facts and economic conditions. If the financial condition of the Company's customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. As of December 31, 2015 and 2014, Accounts receivable consisted of the following (in thousands) 2015 2014 Trade and other accounts receivable $123,179 $136,479 Bank promissory notes 15,845 17,426 Revenue in excess of progress billings 15,889 13,045 Allowance for doubtful accounts (8,530 ) (8,713 ) Total accounts receivable $146,383 $158,237 In connection with certain sales in Asia Pacific, 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. |
Inventories | Inventories Inventories are stated at the lower of cost or market, with cost determined using the first-in-first-out method. The Company writes down the inventory for estimated obsolescence and to lower of cost of market value based upon assumptions about future demand and market conditions. If actual 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 inventory allowance represents the new cost basis of such inventories As of December 31, 2015 and 2014, inventories consisted of the following: (in thousands) 2015 2014 Raw materials $27,636 $27,006 Work in process 41,823 43,512 Finished goods 36,947 36,756 Total inventories $106,406 $107,274 |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets for financial reporting purposes; in some cases, accelerated methods are used for income tax purposes. Significant additions or improvements extending assets' useful lives are capitalized; normal maintenance and repair costs are expensed as incurred. The cost of fully depreciated assets remaining in use is included in the respective asset and accumulated depreciation accounts. When items are sold or retired, related gains or losses are included in net income. Computer software purchased for internal use, at cost, is amortized on a straight-line basis over five to eight years, depending on the nature of the asset, after being placed into service, and is included in property, plant, and equipment. We capitalize internal and external costs incurred related to the software development stage. Capitalized salaries, travel, and consulting costs related to the software development amounted to $ 1.3 0.6 We review the carrying value of property, plant and equipment and other long-lived assets for impairment whenever events and circumstances indicate that the carrying value of an asset group may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. |
Goodwill, Intangibles, and Other Assets | Goodwill, Intangibles, and Other Assets Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually. Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. Our reporting units are consistent with our operating segments. See additional information set forth under Note 12. We have an investment in a company in Russia that is accounted for under the equity method of accounting and is included in Other assets amounting to $ 0.4 0.3 Other assets also includes $ 10.4 10.1 |
Stock-Based Compensation | Stock-Based Compensation We have stock-based compensation plans for key employees. Stock options are accounted for in accordance with applicable guidance for the modified prospective transition method of share-based payments. No options have been granted since 2002. See additional information set forth under Note 18. |
Derivatives | Derivatives We use derivatives from time to time to reduce potentially large adverse effects from changes in currency exchange rates and interest rates. We monitor our exposure to these risks and evaluate, on an ongoing basis, the risk of potentially large adverse effects versus the costs associated with hedging such risks. We use interest rate swaps in the management of interest rate exposures and foreign currency derivatives in the management of foreign currency exposure related to assets and liabilities (including net investments in subsidiaries located outside the U.S.) denominated in foreign currencies. When we enter into a derivative contract, we make a determination whether the transaction is deemed to be a hedge for accounting purposes. For those contracts deemed to be a hedge, we formally document the relationship between the derivative instrument and the risk being hedged. In this documentation, we specifically identify the asset, liability, forecasted transaction, cash flow, or net investment that has been designated as the hedged item, and evaluate whether the derivative instrument is expected to reduce the risks associated with the hedged item. To the extent these criteria are not met, we do not use hedge accounting for the derivative. All derivative contracts are recorded in the balance sheet at fair value. For transactions that are designated as hedges, we perform an evaluation of the effectiveness of the hedge. To the extent that the hedge is effective, changes in the fair value of the hedge are recorded, net of tax, in other comprehensive income. We measure the effectiveness of hedging relationships both at inception and on an ongoing basis. The ineffective portion of a hedge, if any, and changes in the fair value of a derivative not deemed to be a hedge, are recorded in Other expense/(income), net. For derivatives that are designated and qualify as hedges of net investments in subsidiaries located outside the United States, changes in the fair value of derivatives are reported in other comprehensive income as part of the Cumulative translation adjustment. |
Pension and Postretirement Benefit Plans | Pension and Postretirement Benefit Plans As described in Note 4 The pension plans are generally trusteed or insured, and accrued amounts are funded as required in accordance with governing laws and regulations. The annual expense and liabilities recognized for defined benefit pension plans and postretirement benefit plans are developed from actuarial valuations. Inherent in these valuations are key assumptions, including discount rates and expected return on plan assets, which are updated on an annual basis at the beginning of each fiscal year. We consider current market conditions, including changes in interest rates, in making these assumptions. Discount rate assumptions are based on the population of plan participants and a mixture of high-quality fixed-income investments for which the average maturity approximates the average remaining service period of plan participants. The assumption for expected return on plan assets is based on historical and expected returns on various categories of plan assets. |
Reportable Segments | Reportable Segments In accordance with applicable disclosure guidance for enterprise segments and related information, the internal organization that is used by management for making operating decisions and assessing performance is used as the basis for our reportable segments. The reportable segments, which are described in more detail in Note 3, are Machine Clothing (MC) and Albany Engineered Composites (AEC). In the determination of segment operating income, we exclude expenses for certain Corporate expenses, which consist primarily of corporate headquarters and global information systems costs. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, an accounting update was issued that replaces the existing revenue recognition framework regarding contracts with customers. In July 2015, the FASB agreed to defer by one year, the mandatory effective date of the revenue recognition standard and, as a result, this accounting update is effective for reporting periods beginning after December 31, 2017. This accounting update permits the use of either the retrospective or modified retrospective (cumulative effect) transition method. We are evaluating the effect his accounting update will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method, nor have we determined the effect of the standard on our ongoing financial reporting In January 2015, an accounting update was issued which eliminates the concept of extraordinary items from U.S. GAAP. This accounting update is effective for reporting periods beginning after December 15, 2015. We do not expect the adoption of this update to have a significant effect on our financial statements, absent any future transactions that would have qualified for extraordinary item presentation under the prior guidance. In February 2015, amended accounting guidance was issued which changes the evaluation of variable interest entities regarding whether they should consolidate limited partnerships and similar entities, or whether fees are paid to a decision maker or service provider, or whether they are held by related parties. This accounting update is effective for reporting periods beginning after December 15, 2015. We do not expect the adoption of this update to have a significant effect on our financial statements. In April 2015 and August 2015, accounting updates were issued which requires that debt issuance costs related to certain types of recognized debt liability be presented in the balance sheet as a direct deduction of that debt, which may result in a minor netting down of our assets and liabilities. This accounting update is effective for reporting periods beginning after December 15, 2015. We do not expect the adoption of this update to have a material effect on our financial statements. In May 2015, an accounting update was issued which eliminates the requirement to categorize pension plan investments in the fair value hierarchy if their fair value is measured at net asset value (NAV) per share. This accounting update is effective for reporting periods beginning after December 15, 2015. We do not expect the adoption of this update to have a significant effect on our financial statements. In July 2015, an accounting update was issued simplifying the measurement of inventory from the lower of cost or market to lower of cost or net realizable value. This accounting update eliminates the requirement for consideration of replacement cost or net realizable value less normal profit margin measurements. This accounting update is effective for reporting periods beginning after December 15, 2016. We do not expect the adoption of this update to have a significant effect on our financial statements. In September 2015, an accounting update was issued which eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. This accounting update is effective for reporting periods beginning after December 15, 2015. We have not determined the impact of this update due to the absence of transactions that would be impacted In November 2015, an accounting update was issued which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. This accounting update is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted and we have adopted this accounting update on a prospective basis. The effect of adopting this update is described in Note 7. In January 2016, an accounting update was issued which requires entities to present separately in Other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk if the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This accounting update is effective for reporting periods beginning after December 15, 2017. We have not determined the impact of this update on our financial statements |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Foreign Currency Transaction Gains and Losses | (in thousands) 2015 2014 2013 (Gains)/losses included in: Selling, general, and administrative expenses ($5,090 ) (3,931 ) $341 Other expense/(income), net 1,496 (6,379 ) 5,227 Total transaction (gains)/losses ($3,594 ) ($10,310 ) $5,568 |
Schedule of foreign currency gains and losses on long-term intercompany loans | (in thousands) 2015 2014 2013 Gain/(loss) on long-term intercompany loans ($5,225 ) $5,317 ($18,052 ) |
Schedule of Accounts Receivable | (in thousands) 2015 2014 Trade and other accounts receivable $123,179 $136,479 Bank promissory notes 15,845 17,426 Revenue in excess of progress billings 15,889 13,045 Allowance for doubtful accounts (8,530 ) (8,713 ) Total accounts receivable $146,383 $158,237 |
Schedule of Inventories | (in thousands) 2015 2014 Raw materials $27,636 $27,006 Work in process 41,823 43,512 Finished goods 36,947 36,756 Total inventories $106,406 $107,274 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations [Abstract] | |
Schedule of Financial Results of Discontinued Operations | (in thousands) 2013 Net sales $- Income from operations of discontinued business (75 ) Gain on disposition of discontinued operations - Income tax benefit (29 ) |
Reportable Segments and Geogr31
Reportable Segments and Geographic Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Reportable Segments and Geographic Data [Abstract] | |
Schedule of Financial Data by Reporting Segment | (in thousands) 2015 2014 2013 Net Sales Machine Clothing $ 608,581 $ 655,026 $ 674,747 Albany Engineered Composites 101,287 90,319 82,667 Consolidated total $ 709,868 $ 745,345 $ 757,414 Depreciation and amortization Machine Clothing 39,503 45,066 46,521 Albany Engineered Composites 12,140 10,880 8,460 Corporate expenses 8,471 8,346 8,808 Consolidated total $ 60,114 $ 64,292 $ 63,789 Operating income/(loss) Machine Clothing 141,311 136,450 114,370 Albany Engineered Composites (28,478) (10,483) (14,404) Corporate expenses (48,938) (54,607) (47,875) Operating income $ 63,895 $ 71,360 $ 52,091 Reconciling items: Interest income (1,857) (1,541) (1,468) Interest expense 11,841 12,254 15,227 Other expense/(income),net 2,433 (6,853) 7,256 Income before income taxes $ 51,478 $ 67,500 $ 31,076 |
Schedule of Restructuring Costs by Reporting Segment | (in thousands) 2015 2014 2013 Pension settlement expense Corporate expenses $ - $ 8,190 $ - Restructuring expenses, net Machine Clothing $ 22,211 $ 4,828 $ 24,568 Albany Engineered Composites - 931 540 Corporate expenses 1,635 - - Consolidated total $ 23,846 $ 5,759 $ 25,108 |
Schedule of Operating Assets and Capital Expenditures by Reporting Segment | (in thousands) 2015 2014 2013 Segment assets Machine Clothing $494,347 $565,853 $624,388 Albany Engineered Composites 181,825 175,338 147,104 Reconciling items: Cash 185,113 179,802 222,666 Asset held for sale 4,988 - - Income taxes prepaid, receivable and deferred 111,872 76,283 92,754 Other assets 31,417 32,028 39,245 Consolidated total assets $ 1,009,562 $ 1,029,304 $ 1,126,157 Capital expenditures and purchased software Machine Clothing $ 16,010 $ 23,202 $ 22,892 Albany Engineered Composites 30,378 32,141 36,928 Corporate expenses 4,207 3,530 4,637 Consolidated total $ 50,595 $ 58,873 $ 64,457 |
Schedule of Financial Data by Geographic Area | (in thousands) 2015 2014 2013 Net sales United States $ 323,399 $ 324,750 $ 338,729 Switzerland 159,804 184,022 190,035 Brazil 58,846 59,332 62,076 China 48,490 52,822 43,265 Mexico 30,581 27,431 24,938 France 26,081 26,654 21,557 Other countries 62,667 70,334 76,814 Consolidated total $ 709,868 $ 745,345 $ 757,414 Property, plant and equipment, at cost, net United States $ 172,372 $ 168,848 $ 162,380 China 80,786 93,182 103,109 France 28,539 25,091 15,893 Korea 19,095 23,473 35,542 United Kingdom 19,029 22,222 25,246 Canada 12,861 18,236 22,434 Other countries 24,788 44,061 54,226 Consolidated total $ 357,470 $ 395,113 $ 418,830 |
Pensions and Other Postretire32
Pensions and Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Pensions and Other Postretirement Benefit Plans [Abstract] | |
Schedule of Plan Benefit Obligations | As of December 31, 2015 As of December 31, 2014 (in thousands) Pension plans Other Pension plans Other Benefit obligation, beginning of year $ $ $ 204,334 $ 61,108 Service cost 2,959 330 3,269 314 Interest cost 7,787 2,437 9,505 2,741 Plan participants' contributions 304 - 323 - Actuarial (gain)/loss (4,209 ) (2,855 ) 30,943 5,926 Benefits paid (6,530 ) (4,758 ) (6,205 ) (5,010 Settlements and curtailments (321 ) - (17,936 ) - Plan amendments and other (37 ) - - - Foreign currency changes (13,207 ) (171 ) (11,123 ) (92) Benefit obligation, end of year $ 199,856 $ 59,970 $ 213,110 $ 64,987 Accumulated benefit obligation $ 188,909 $ - $ 199,622 $ - Weighted average assumptions used to determine benefit obligations, end of year: Discount rate - U.S. plan 4.54 % 4.24 % 4.18 % 3.90 Discount rate - non-U.S. plans 3.67 % 4.00 % 3.58 % 3.85 Compensation increase - U.S. plan - - - - Compensation increase - non-U.S. plans 3.24 % 3.00 % 3.23 % 3.00 |
Schedule of Plan Assets | As of December 31, 2015 As of December 31, 2014 (in thousands) Pension plans Other Pension plans Other Fair value of plan assets, beginning of year $ $ $ 168,390 $ - Actual return on plan assets, net of expenses 730 - 29,638 - Employer contributions 5,287 4,758 15,768 5,010 Plan participants' contributions 304 1,068 323 1,404 Benefits paid (6,530 ) (5,826 ) (6,205 ) (6,414 Settlements (688 ) - (16,945 ) - Foreign currency changes (10,915 ) - (7,770 ) - Fair value of plan assets, end of year $ 171,387 $ - $ 183,199 $ - |
Schedule of Funded Status of Plans | As of December 31, 2015 As of December 31, 2014 (in thousands) Pension plans Other Pension plans Other Fair value of plan assets $ 171,387 $ - $ 183,199 $ - Benefit obligation 199,856 59,970 213,110 64,987 Funded status ($28,469 ) ($59,970 ) ($29,911 ) ($64,987 ) Accrued benefit cost, end of year ($28,469 ) ($59,970 ) ($29,911 ) ($64,987 ) Amounts recognized in the consolidated balance sheet consist of the following: Noncurrent asset $ 10,423 $ - $ 10,097 $ - Current liability (2,110 ) (4,660 ) (2,141 ) (4,750 ) Noncurrent liability (36,782 ) (55,310 ) (37,867 ) (60,237 ) Net amount recognized ($28,469 ) ($59,970 ) ($29,911 ) ($64,987 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial loss $ 69,896 $ 37,997 $ 71,623 $ 44,195 Prior service cost/(credit) 608 (35,387 ) 753 (39,875 ) Net amount recognized $ 70,504 $ 2,610 $ 72,376 $ 4,320 Non-U.S. (in thousands) U.S. plan plans Total Pension plans with pension assets ($2,890 ) $6,097 $3,207 Pension plans without pension assets (7,905 ) (23,771 ) (31,676 ) Total ($10,795 ) ($17,674 ) ($28,469 ) |
Schedule of Net Periodic Benefit Plan Cost | Pension plans Other postretirement benefits (in thousands) 2015 2014 2013 2015 2014 2013 Components of net periodic benefit cost: Service cost $ 2,959 $ 3,269 $ 3,662 $ 330 $ 314 $ 875 Interest cost 7,787 9,505 8,852 2,437 2,741 3,080 Expected return on assets (8,630 ) (9,577 (8,677 - - - Amortization of prior service cost/(credit) 48 53 35 (4,488 ) (4,488 (3,940 Amortization of transition obligation - - 70 - - - Amortization of net actuarial loss 2,594 2,421 3,117 3,338 2,908 3,395 Settlement 103 8,331 502 - - - Curtailment (gain)/loss - (942 (1,143 ) - - - Special/contractual termination of benefits 44 - - - - - Net periodic benefit cost $ 4,905 $ 13,060 $ 6,418 $ 1,617 $ 1,475 $ 3,410 Weighted average assumptions used to determine net cost: Discount rate - U.S. plan 4.18 % 5.22 % 4.28 % 3.90 % 4.68 % 3.93 Discount rate - non-U.S. plan 3.58 % 4.50 % 4.09 % 3.85 % 4.75 % 4.00 Expected return on plan assets - U.S. plan 4.43 % 5.40 % 4.61 % - - - Expected return on plan assets - non-U.S. plans 5.52 % 5.65 % 5.53 % - - - Rate of compensation increase - U.S. plan - - - - - 3.00 Rate of compensation increase - non-U.S. plans 3.23 % 3.39 % 3.26 % 3.00 % 3.00 % 3.00 Health care cost trend rate (U.S. and non-U.S. plans): Initial rate - - - - - - Ultimate rate - - - - - - Years to ultimate - - - - - - |
Schedule of Pretax (gains)/Losses Recognized in Other Comprehensive Income | Other Pension postretirement (in thousands) plan benefits Settlements/curtailments ($103 ) $ - Asset/liabilty loss/(gain) 3,555 (2,855) Amortization of actuarial (loss) (2,594 ) (3,338) Amortization of prior service (cost)/credit (48 ) 4,488 Amortization of transition (obligation) - - Currency impact (2,682 ) (5) Gain in other comprehensive income ($1,872 ) ($1,710) Total cost/(benefit) recognized in net periodic benefit cost and other comprehensive income $ 3,033 ($93) |
Schedule of Amounts That Will Be Amortized from Accumulated Other Comprehensive Income | Total Total postretirement (in thousands) pension benefits Actuarial loss $ 2,293 $ 2,819 Prior service cost/(benefit) 37 (4,488 ) Total $ 2,330 ($1,669 ) |
Schedule of Fair Value of Plan Assets | Total fair Quoted prices Significant other Significant value at in active markets observable inputs unobservable inputs (in thousands) December 31, 2015 (Level 1) (Level 2) (Level 3) Common stocks and equity funds $35,113 $ 404 $ 34,709 $ - Debt securities $125,502 - 125,502 - Insurance contracts $2,403 - - 2,403 Limited partnerships $5,676 - - 5,676 Hedge funds $192 - - 192 Cash and short-term investments $2,501 2,501 - - Total plan assets $171,387 $ 2,905 $ 160,211 $ 8,271 Total fair Quoted prices Significant other Significant value at in active markets observable inputs unobservable inputs (in thousands) December 31, 2014 (Level 1) (Level 2) (Level 3) Common stocks and equity funds $ 34,624 $ 803 $ 33,821 $ - Debt securities 136,984 - 136,984 - Insurance contracts 2,133 - - 2,133 Limited partnerships 6,522 - - 6,522 Hedge funds 364 - - 364 Cash and short-term investments 2,572 2,572 - - Total plan assets 183,199 $ 3,375 $ 170,805 $ 9,019 |
Reconciliation of Level 3 Assets | (in thousands) December Net realized Net Net Net transfers December Insurance contracts $2,133 $ - $ 35 $ 235 $ - $ 2,403 Limited partnerships 6,522 46 222 (1,114 ) - 5,676 Hedge funds 364 7 (17 ) (162 ) - 192 Total $9,019 $ 53 $ 240 ($1,041 ) $ - $ 8,271 (in thousands) December Net realized Net Net Net transfers December Insurance contracts $ 2,875 $ - $ 49 $ (791 ) $ - $ 2,133 Limited partnerships 7,034 44 613 (1,169 ) - 6,522 Hedge funds 392 - 3 (31 ) - 364 Total $ 10,301 $ 44 $ 665 ($1,991 ) $ - $ 9,019 |
Schedule of Asset Allocation | United States Plan Non-U.S. Plans Target Percentage of plan assets Target Percentage of plan assets Allocation at plan measurement date Allocation at plan measurement date Asset category 2016 2015 2014 2016 2015 2014 Equity securities - 3 % 3 % 34 % 35 % 32 % Debt securities 100 % 92 % 91 % 56 % 55 % 59 % Real estate - 5 % 5 % 5 % 4 % 4 % Other (1) - 0 % 1 % 5 % 6 % 5 % 100 % 100 % 100 % 100 % 100 % 100 % (1) Other includes hedged equity and absolute return strategies, and private equity. The Company has procedures to closely monitor the performance of these investments and compares asset valuations to audited financial statements of the funds. |
Schedule of Pension Plans with Projected Benefit Obligation in Excess of Plan Assets and for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets | Plans with projected benefit obligation in excess of plan assets (in thousands) 2015 2014 Projected benefit obligation $ 120,312 $ 126,029 Accumulated benefit obligation 117,447 122,855 Fair value of plan assets 81,421 86,021 Plans with accumulated benefit obligation in excess of plan assets (in thousands) 2015 2014 Projected benefit obligation $ 120,312 $ 126,029 Accumulated benefit obligation 117,447 122,855 Fair value of plan assets 81,421 86,021 |
Schedule of Expected Cash Flows | (in thousands) Pension plans Other postretirement Expected employer contributions and direct employer payments in the next fiscal year $ 5,046 $ 4,660 Expected benefit payments 2016 $ 6,518 $ 4,660 2017 7,162 4,475 2018 7,873 4,296 2019 7,881 4,128 2020 8,349 4,006 2021-2025 49,954 19,049 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring [Abstract] | |
Schedule of Restructuring Charges | Year ended December 31, 2015 (in thousands) Total restructuring costs incurred Termination and other costs Impairment of plant and equipment Benefit plan curtailment/ settlement Machine Clothing $22,211 $18,906 $3,305 $- Albany Engineered Composites - - - - Corporate expenses 1,635 1,635 - - Total $23,846 $20,541 $3,305 $- Year ended December 31, 2014 Total restructuring costs Impairment of plant and Benefit plan curtailment/ (in thousands) incurred Termination and other costs equipment settlement Machine Clothing $4,828 $5,769 $- ($941 ) Albany Engineered Composites 931 319 612 - Corporate expenses - - - - Total $5,759 $6,088 $612 ($941 ) Year ended December 31, 2013 Total restructuring costs Impairment of plant and Benefit plan curtailment/ (in thousands) incurred Termination and other costs equipment settlement Machine Clothing $24,568 $25,838 $- ($1,270 ) Albany Engineered Composites 540 452 88 - Corporate expenses - - - - Total $25,108 $26,290 $ 88 ($1,270 ) |
Schedule of Restructuring Liability | December 31, Restructuring Currency December 31, (in thousands) 2014 charges accrued Payments translation/other 2015 Total Termination costs $ 1,874 $ 20,541 $ (12,323 ) $ 85 $ 10,177 December 31, Restructuring Currency December 31, (in thousands) 2013 charges accrued Payments translation/other 2014 Total Termination costs $ 9,656 $ 6,088 $ (13,240 ) $ (630 ) $ 1,874 |
Other Expense_(Income), net (Ta
Other Expense/(Income), net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Expense/(Income), net [Abstract] | |
Other Expense/(Income), Net | (in thousands) 2015 2014 2013 Currency transactions $1,496 ($6,379 ) $5,227 Bank fees and amortization of debt issuance costs 916 1,174 1,542 Gain on sale of investment (872 ) - - Gain on insurance recovery - (1,126 ) - Other 893 (522 ) 487 Total $2,433 ($6,853 ) $7,256 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Tax (Benefit)/Expense | (in thousands) 2015 2014 2013 Income tax based on income from continuing operations, at estimated tax rates of 32 34 49 $ 16,388 $ 25,703 $ 15,172 Pension plan settlements - (3,194) (-) Income tax before discrete items 16,388 22,509 15,172 Discrete tax (benefit)/expense Worthless stock deduction (28,553 - - Repatriation of non-U.S. prior years' earnings - 2,210 618 Provision for/resolution of tax audits and contingencies, net 6,500 744 2,643 Adjustments to prior period tax liabilities (867 397 (942) Provision for/adjustment to beginning of year valuation allowances 75 (109) (3,741) Enacted tax legislation 670 - (282) Other discrete tax adjustments, net - - (96) Total income tax (benefit)/expense ($5,787 $ 25,751 $ 13,372 |
Schedule of Income/(Loss) From Continuing Operations | (in thousands) 2015 2014 2013 Income/(loss) before income taxes: U.S. ($7,211) $ 4,993 $ 14,395 Non-U.S. 58,689 62,507 16,681 $ 51,478 $ 67,500 $ 31,076 Income tax provision: Current: Federal $ - $ 1,874 $ 3,508 State 1,993 1,102 2,301 Non-U.S. 20,842 17,474 14,957 $ 22,835 $ 20,450 $ 20,766 Deferred: Federal ($34,135) ($1,707) $ 1,723 State (40) (495) (180) Non-U.S. 5,553 7,503 (8,937) ($28,622) $ 5,301 ($7,394) Total income tax (benefit)/expense ($5,787) $ 25,751 $ 13,372 |
Schedule of significant components of deferred income tax expense/(benefit) | (in thousands) 2015 2014 2013 Net effect of temporary differences ($7,615) ($1,667) ($334) Foreign tax credits (17,874) (481) 2,378 Retirement benefits 1,844 1,438 1,482 Net impact to operating loss carryforwards (5,722) 6,120 (6,897) Enacted changes in tax laws and rates 670 (-) (282) Adjustments to beginning-of-the-year valuation allowance balance for changes in circumstances 75 (109) (3,741) Total ($28,622) $ 5,301 ($7,394) |
Reconciliation of the U.S. Federal Statutory Tax Rate to the Company's Effective Income Tax Rate | 2015 2014 2013 U.S. federal statutory tax rate 35.0 % 35.0 % 35.0 % State taxes, net of federal benefit 2.4 1.7 4.9 Non-U.S. local income taxes 4.1 4.0 8.7 Foreign adjustments and rate differential (6.2) (10.2) 0.2 Net U.S. tax on non-U.S. earnings and foreign withholdings (1.8) 8.0 5.3 Provision for/resolution of tax audits and contingencies, net 12.6 1.0 8.5 Research and development and other tax credits (2.4) (1.6) (3.8) Adjustment to beginning of year valuation allowances 0.1 (0.2) (12.0) Worthless stock deduction (55.5 ) - - Other 0.5 0.4 (3.8) Effective income tax rate (11.2) % 38.1 % 43.0 % |
Schedule of Deferred Tax Assets and Liabilities | U.S. Non-U.S. 2015 2014 2015 2014 (in thousands) Current deferred tax assets: Accounts receivable $ - $ 1,597 $ - $ 1,537 Inventories - 343 - 1,240 Other - 2,662 - 3,574 Current deferred tax assets before valuation allowance $ - $ 4,602 $ - $ 6,351 Less: valuation allowance - - - (497) Total current deferred tax assets $ - $ 4,602 $ - $ 5,854 Noncurrent deferred tax assets: Accounts receivable 1,392 - 1,304 - Inventories 897 - 1,750 - Deferred compensation 6,714 5,981 - - Depreciation and amortization 10,323 3,575 4,882 4,460 Postretirement benefits 26,475 28,344 4,138 4,804 Tax loss carryforwards 2,682 1,358 27,134 34,980 Tax credit carryforwards 42,851 24,426 1,740 1,772 Other 10,222 2,939 3,503 428 Noncurrent deferred tax assets before valuation allowance 101,556 66,623 44,451 46,444 Less: valuation allowance - - (24,439) (21,363) Total noncurrent deferred tax assets 101,556 66,623 20,012 25,081 Total deferred tax assets $ 101,556 $ 71,225 $ 20,012 $ 30,935 Current deferred tax liabilities: Unrepatriated foreign earnings $ - $ 3,679 $ - $ - Inventories - - - 32 Other - - - 577 Total current deferred tax liabilities - 3,679 - 609 Noncurrent deferred tax liabilities: Unrepatriated foreign earnings 1,157 - - - Depreciation and amortization 10,309 11,587 3,174 3,106 Postretirement benefits - - 2,003 1,917 Deferred Gain 7,559 8,396 - - Branch losses subject to recapture - - 918 11,369 Other - - 3,245 1,888 Total noncurrent deferred tax liabilities 19,025 19,983 9,340 18,280 Total deferred tax liabilities 19,025 23,662 9,340 18,889 Net deferred tax asset $ 82,531 $ 47,563 $ 10,672 $ 12,046 |
Schedule of amounts previously reported in the 2014 Consolidated Balance Sheet which would have been increased/(decreased) | As of December (in thousands) 31, 2014 Current assets: Income taxes prepaid and deferred ($6,743 Noncurrent asset: Income taxes receivable and deferred 13,657 Current liabilities: Income taxes payable and deferred (575 Noncurrent liabilities : Deferred taxes and other credits 7,489 Total $ - |
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits | (in thousands) 2015 2014 2013 Unrecognized tax benefits balance at January 1 $ 19,509 $ 12,538 $ 24,386 Increase in gross amounts of tax positions related to prior years 2,315 14,699 2,121 Decrease in gross amounts of tax positions related to prior years (145) (67) - Increase in gross amounts of tax positions related to current year 79 1,077 2,622 Decrease due to settlements with tax authorities (42) (32) (16,721) Decrease due to lapse in statute of limitations (90) (6,775) (-) Currency translation (2,020) (1,931) 130 Unrecognized tax benefits balance at December 31 $ 19,606 $ 19,509 $ 12,538 |
Schedule of Current Income Taxes Prepaid and Deferred | (in thousands) 2015 2014 Prepaid taxes $ 2,417 $ - Taxes receivable 510 - Deferred income taxes - 6,743 Total current income taxes prepaid and deferred $ 2,927 $ 6,743 |
Schedule of Non-Current Income Taxes Receivable and Deferred | (in thousands) 2015 2014 Deferred income taxes $ 105,792 $ 59,022 Taxes receivable 3,153 10,518 Total noncurrent income taxes receivable and deferred $ 108,945 $ 69,540 |
Schedule of Current Income Taxes Payable and Deferred | (in thousands) 2015 2014 Taxes payable $ 7,090 $ 2,211 Deferred income taxes - 575 Total current income taxes payable and deferred $ 7,090 $ 2,786 |
Schedule of Noncurrent Deferred Taxes and Other Liabilities | (in thousands) 2015 2014 Deferred income taxes $ 12,589 $ 5,583 Other liabilities 1,565 1,580 Total noncurrent deferred taxes and other liabilities $ 14,154 $ 7,163 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule Computing Earnings Per Share | (in thousands, except market price and earnings per share) 2015 2014 2013 Net income attributable to the Company $ 57,279 $ 41,569 $ 17,517 Weighted average number of shares: Weighted average number of shares used in calculating basic net income per share 31,978 31,832 31,649 Effect of dilutive stock-based compensation plans: Stock options 58 99 129 Long-term incentive plan 52 57 156 Weighted average number of shares used in calculating diluted net income per share 32,088 31,988 31,934 Average market price of common stock used for calculation of dilutive shares $ 36.68 $36.29 $31.85 Net income per share: Basic $ 1.79 $ 1.31 $ 0.55 Diluted $ 1.79 $ 1.30 $ 0.55 |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (AOCI) [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income January 1, 2013 ($7,659 ($69,484 ($2,878 ($80,021 Other comprehensive income before reclassifications 7,521 614 742 8,877 Postretirement plan change in benefits 4,864 4,864 Pension/postretirement plan remeasurement 13,771 13,771 Pension plan change in benefits (374 (374 Interest expense related to swaps reclassified to the Statement of Income, net of tax 1,159 1,159 Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax 2,226 2,226 Net current period other comprehensive income 7,521 21,101 1,901 30,523 December 31, 2013 (138) (48,383) (977) (49,498) Other comprehensive income/(loss) before reclassifications (55,102) 252 (1,052) (55,902) Pension/postretirement settlements and curtailments 5,167 5,167 Pension/postretirement plan remeasurement (9,265) (9,265) Interest expense related to swaps reclassified to the Statement of Income, net of tax 1,168 1,168 Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax 563 563 Net current period other comprehensive income (55,102) (3,283) 116 (58,269) December 31, 2014 (55,240) (51,666) (861) (107,767) Other comprehensive income/(loss) before reclassifications (53,415) 2,238 (1,836) (53,013) Pension/postretirement settlements and curtailments 103 103 Pension/postretirement plan remeasurement (622) (622) Interest expense related to swaps reclassified to the Statement of Income, net of tax 1,233 1,233 Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax 1,222 1,222 Net current period other comprehensive income (53,415) 2,941 (603) (51,077) December 31, 2015 ($108,655) ($48,725) ($1,464) ($158,844) |
Schedule of Accumulated Other Comprehensive Income Components Reclassified to Statement of Income | (in thousands) 2015 2014 2013 Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income: Payments made on interest rate swaps included in Income before taxes (a) $ 1,988 $1,914 $ 1,900 Income tax effect (755) (746) (741) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ 1,233 $1,168 $1,159 Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: Pension/postretirement settlements and curtailments $ 103 $ 8,377 $ - Amortization of prior service credit (4,440) (4,436) (3,905) Amortization of transition obligation - - 70 Amortization of net actuarial loss 5,932 5,329 6,512 Total pretax amount reclassified (b) 1,595 9,270 2,677 Income tax effect (270) (3,540) (451) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ 1,325 $5,730 $2,226 (a) Included in Interest expense. (b) These accumulated other comprehensive income/ components are included in the computation of net periodic pension cost (see Note 4). |
Noncontrolling Interest (Tables
Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Schedule of Income Attributable to Noncontrolling Interest and Noncontrolling Equity | (in thousands) 2015 2014 Net income of ASC $ $ Less: Return attributable to the Company's preferred holding 978 1,019 Net (loss)/income of ASC available for common ownership ( $ ) 1,797 Ownership percentage of noncontrolling shareholder 10 % 10 % Net (loss)/income attributable to noncontrolling interest ($14 ) $ Noncontrolling interest, beginning of year $ $ Adjustment to net assets contributed by Albany - 39 Net (loss)/income attributable to noncontrolling interest (14 ) 180 Changes in other comprehensive income attributable to noncontrolling interest 5 (2 ) Noncontrolling interest, end of year $ $ |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant, and Equipment | (in thousands) 2015 2014 Estimated useful life Land and land improvements $ 14,307 $ 22,967 25 Buildings 211,027 225,094 25 40 Machinery and equipment 828,409 892,171 10 Furniture and fixtures 6,074 6,716 5 Computer and other equipment 14,813 13,692 3 10 Software 52,503 50,586 5 8 Capital expenditures in progress 26,291 48,593 Property, plant and equipment, gross 1,153,424 1,259,819 Accumulated depreciation and amortization (795,954) (864,706) Property, plant and equipment, net $ 357,470 $ 395,113 |
Goodwill and Other Intangible40
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |
Schedule of Changes in Intangible Assets and Goodwill | Balance at Amortization Currency Balance at (in thousands) December 31, 2014 Translation December 31, 2015 Amortized intangible assets: AEC trade names $ 29 ($ 4) $ - $ 25 AEC customer contracts 202 (202) - - AEC technology 154 (25) - 129 Total amortized intangible assets $ 385 ($ 231) $ - $ 154 Unamortized intangible assets: Goodwill $ 71,680 $ - ($ 5,307) $ 66,373 Balance at Amortization Currency Balance at (in thousands) December 31, 2013 Translation December 31, 2014 Amortized intangible assets: AEC trade names $ 33 ($ 4) $ - $ 29 AEC customer contracts 404 (202) - 202 AEC technology 179 (25) - 154 Total amortized intangible assets $ 616 ($ 231) $ - $ 385 Unamortized intangible assets: Goodwill $ 78,890 $ - $ (7,210) $ 71,680 |
Schedule of Estimated Amortization Expense | Annual amortization Year (in thousands) 2016 $ 29 2017 29 2018 29 2019 29 2020 29 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Liabilities | (in thousands) 2015 2014 Salaries and wages $17,621 $19,229 Accrual for compensated absences 9,564 11,330 Employee benefits 10,880 11,525 Pension liability - current portion 2,110 2,141 Postretirement medical benefits - current portion 4,660 4,750 Returns and allowances 14,024 17,265 Interest 942 2,052 Restructuring costs 6,856 1,873 Dividends 5,443 5,098 Workers' compensation 2,086 2,502 Billings in excess of revenue recognized 2,903 2,024 Professional fees 2,093 2,051 Utilities 779 962 Other 11,824 12,347 Total $91,785 $95,149 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments [Abstract] | |
Schedule of Long-Term Debt | (in thousands, except interest rates) 2015 2014 Private placement with a fixed interest rate of 6.84 $50,000 $100,000 Revolving credit agreements with borrowings outstanding at an end of period interest rate of 2.27 2.69 2020 215,000 172,000 Various notes and mortgages, at an average end of period rate of 5.50 96 111 Long-term debt 265,096 272,111 Less: current portion (16) (50,015) Long-term debt, net of current portion $265,080 $222,096 |
Fair-Value Measurements (Tables
Fair-Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair-Value Measurements [Abstract] | |
Schedule of Fair Value of Financial Assets and Liabilities | December 31, 2015 December 31, 2014 Quoted markets Significant Unobservable inputs Quoted Significant Unobservable Inputs (Level 3) (in thousands) (Level 1) (Level 2) (Level 3) (Level 1) (Level 2) Fair Value Assets: Cash equivalents $5,189 $ $ - $ $ $ - Assets held for sale - - 4,988 - - - Prepaid expenses and other current assets: Foreign currency options - - - 69 - - Other Assets: Common stock of foreign public company 819 (a) - - 701 - - Liabilities: Other Interest rate swaps - (2,400) (b) - - (1,411 ) (C) - (a) Original cost basis $ 0.5 (b) Net of $ 7.4 9.8 (c) Net of $ 4.3 5.7 |
Schedule of (Losses)/Gains on Changes in Fair Value of Derivative Instruments | Years ended December 31, (in thousands) 2015 2014 2013 Derivatives not designated as hedging instruments Foreign currency options $121 ($81 ($107) |
Other Noncurrent Liabilities (T
Other Noncurrent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Noncurrent Liabilities [Abstract] | |
Schedule of Other Noncurrent Liabilities | (in thousands) 2015 2014 Pension liabilities $ 36,782 $ 37,867 Postretirement benefits other than pensions 55,310 60,237 Interest rate swap agreement 2,400 1,411 Incentive and deferred compensation 3,421 2,730 Restructuring 3,320 - Other 311 834 Total $ 101,544 $ 103,079 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Changes in Claims | Year ended Opening Claims New Claims Closing Amounts Paid 2005 29,411 6,257 1,297 24,451 $ 504 2006 24,451 6,841 1,806 19,416 3,879 2007 19,416 808 190 18,798 15 2008 18,798 523 110 18,385 52 2009 18,385 9,482 42 8,945 88 2010 8,945 3,963 188 5,170 159 2011 5,170 789 65 4,446 1,111 2012 4,446 90 107 4,463 530 2013 4,463 230 66 4,299 78 2014 4,299 625 147 3,821 437 2015 3,821 116 86 3,791 $ 164 |
Brandon Drying Fabrics, Inc. [Member] | |
Schedule of Changes in Claims | Year ended December 31, Opening Claims New Claims Closing Number of Claims Amounts 2005 9,985 642 223 9,566 $ - 2006 9,566 1,182 730 9,114 - 2007 9,114 462 88 8,740 - 2008 8,740 86 10 8,664 - 2009 8,664 760 3 7,907 - 2010 7,907 47 9 7,869 - 2011 7,869 3 11 7,877 - 2012 7,877 12 2 7,867 - 2013 7,867 55 3 7,815 - 2014 7,815 87 2 7,730 - 2015 7,730 18 1 7,713 $ - |
Stock Options and Incentive P46
Stock Options and Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stock Options and Incentive Plans [Abstract] | |
Schedule of Stock Option Activity | Activity with respect to these plans is as follows: 2015 2014 2013 Shares under option January 1 187,233 228,533 507,313 Options canceled - - - Options exercised 98,460 41,300 278,780 Shares under option at December 31 88,773 187,233 228,533 Options exercisable at December 31 88,773 187,233 228,533 The weighted average exercise price is as follows: 2015 2014 2013 Shares under option January 1 $ 18.99 $ 18.94 $ 19.45 Options canceled - - - Options exercised 19.27 18.71 19.87 Shares under option December 31 18.67 18.99 18.94 Options exercisable December 31 18.67 18.99 18.94 |
Schedule of Executive Management Share-based Compensation Activity | Number of shares Weighted average grant date value per share Year-end intrinsic value (000's) Shares potentially payable at January 1, 2013 229,361 $ 24.13 $ 5,202 Forfeitures - - Payments (118,364) $ 23.05 Shares accrued based on 2013 performance 74,567 $ 31.62 Shares potentially payable at December 31, 2013 185,564 $ 27.51 $ 6,667 Forfeitures - - Payments (75,385) $ 28.60 Shares accrued based on 2014 performance 75,020 $ 34.65 Shares potentially payable at December 31, 2014 185,199 $ 30.69 $ 5,683 Forfeitures - - Payments (95,889) $ 29.09 Shares accrued based on 2015 performance 98,998 $ 38.01 Shares potentially payable at December 31, 2015 188,308 $ 35.35 $ 6,657 |
Schedule of Other Management Share-based Compensation Activity | Number of shares Weighted average value per share Cash paid for share based liabilities(000's) Share units potentially payable at January 1, 2013 350,760 Grants 104,554 Payments (85,902) $ 32.71 $ 2,810 Forfeitures (8,223) Share units potentially payable at December 31, 2013 361,189 Grants 91,631 Changes due to performance (8,793) Payments (86,840) $ 35.01 $ 3,040 Forfeitures (9,246) Share units potentially payable at December 31, 2014 347,941 Grants 90,065 Changes due to performance 13,966 Payments (167,482) $ 36.08 $ 6,040 Forfeitures (31,624) Share units potentially payable at December 31, 2015 252,866 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Shareholders' Equity [Abstract] | |
Schedule of Activity in Shareholders' Equity | Class A Common Stock Class B Preferred Stock Additional paid-in capital Retained earnings Accumulated items of Class A Treasury Stock Noncontrolling (in thousands) Shares Amount Shares Amount Shares Amount January 1, 2013 36,642 $ 37 3,236 $ 3 $ 395,381 $ 435,775 $ (80,021) 8,468 $ (257,664) $ - Net income - - - - - 17,517 - - - 141 Compensation and benefits paid or payable in shares 75 - - - (902) - - - - - Initial equity related to Noncontrolling interest in ASC - - - - 15,535 - - - - 3,341 Options exercised 279 - - - 6,670 - - - - Shares issued to Directors' - - - - 44 - - (4) 93 - Dividends declared - - - - - (18,694) - - - - Cumulative translation adjustments - - - - - - 7,521 - - - Pension and postretirement liability adjustments - - - - - - 21,101 - - - Derivative valuation adjustment - - - - - - 1,901 - - - December 31, 2013 36,996 $ 37 3,236 $ 3 $ 416,728 $ 434,598 $ (49,498) 8,464 $ (257,571) $ 3,482 Net income - - - - - 41,569 - - - 180 Compensation and benefits paid or payable in shares 47 - - - 1,234 - - - - - Conversion of Class B shares to Class A shares 1 - (1) - - - - - - - Changes in equity related to Noncontrolling interest in ASC - - - - (24) - - - - 38 Options exercised 41 - - - 974 - - - - - Shares issued to Directors' - - - - 60 - - (5) 90 - Dividends declared - - - - - (20,062) - - - Cumulative translation adjustments - - - - - - (55,102) - - (1) Pension and postretirement liability adjustments - - - - - - (3,283) - - - Derivative valuation adjustment - - - - - - 116 - - - December 31, 2014 37,085 $ 37 3,235 $ 3 $ 418,972 $ 456,105 $ (107,767) 8,459 $ (257,481) $ 3,699 Net income - - - - - 57,279 - - - (14) Compensation and benefits paid or payable in shares 55 - - - 1,540 - - - - - Options exercised 99 - - - 2,520 - - - - - Shares issued to Directors' - - - - 76 - - (4) 90 - Dividends declared - - - - - (21,434) - - - Cumulative translation adjustments - - - - - - (53,415) - - 5 Pension and postretirement liability adjustments - - - - - - 2,941 - - - Derivative valuation adjustment - - - - - - (603) - - - December 31, 2015 37,239 $ 37 3,235 $ 3 $ 423,108 $ 491,950 $ (158,844) 8,455 $ (257,391) $ 3,690 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Data | (in millions, except per share amounts) 2015 1st 2nd 3rd 4th Net sales $ 181.3 $ 172.3 $ 178.8 $ 177.5 Gross profit 76.7 54.6 75.7 71.7 Net income/(loss) attributable to the Company 12.2 (2.2 ) 9.7 37.6 Basic earnings per share 0.38 (0.07 ) 0.30 1.18 Diluted earnings per share 0.38 (0.07 ) 0.30 1.18 Cash dividends per share 0.16 0.17 0.17 0.17 Class A Common Stock prices: High 40.31 41.15 40.21 39.25 Low 34.13 39.15 28.28 28.19 1st 2nd 3rd 4th 2014 Net sales $ 180.3 $ 193.5 $ 179.9 $ 191.6 Gross profit 74.8 75.3 68.6 72.9 Net income attributable to the Company 10.6 11.2 11.8 8.0 Basic earnings per share 0.33 0.35 0.37 0.26 Diluted earnings per share 0.33 0.35 0.37 0.25 Cash dividends per share 0.15 0.16 0.16 0.16 Class A Common Stock prices: High 37.59 38.01 38.53 38.15 Low 32.85 33.67 34.04 32.46 2013 Net sales $ 186.7 $ 198.0 $ 183.1 $ 189.6 Gross profit 72.8 77.4 68.0 72.4 Net income attributable to the Company 11.5 (7.4) 4.7 8.7 Basic earnings per share 0.36 (0.23) 0.15 0.27 Diluted earnings per share 0.36 (0.23) 0.15 0.27 Cash dividends per share 0.14 0.15 0.15 0.15 Class A Common Stock prices: High 29.87 33.90 36.53 37.25 Low 23.21 27.48 32.27 33.81 |
Accounting Policies (Narrative)
Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||||||||||||||
Customer-funded research and development | $ 0 | $ 400 | $ 1,400 | ||||||||||||
Research expense | 31,700 | 32,400 | 30,200 | ||||||||||||
Capitalized salaries, travel, and consulting costs related to software development | 1,300 | 600 | |||||||||||||
Defined benefit pension plan assets | $ 10,400 | $ 10,100 | 10,400 | 10,100 | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||||||
Gross profit | 71,700 | $ 75,700 | $ 54,600 | $ 76,700 | 72,900 | $ 68,600 | $ 75,300 | $ 74,800 | $ 72,400 | $ 68,000 | $ 77,400 | $ 72,800 | 278,686 | 291,635 | 290,554 |
Supply Commitment [Line Items] | |||||||||||||||
Capitalized costs included in other assets | 1,400 | 9,200 | 1,400 | 9,200 | |||||||||||
Contract A [Member] | |||||||||||||||
Supply Commitment [Line Items] | |||||||||||||||
Capitalized costs included in other assets | 100 | 100 | |||||||||||||
Contract B [Member] | |||||||||||||||
Supply Commitment [Line Items] | |||||||||||||||
Capitalized costs included in other assets | $ 1,300 | $ 1,300 | |||||||||||||
Albany Safran Composites, LLC [Member] | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Ownership interest in ASC | 90.00% | 90.00% | |||||||||||||
Russia Entity [Member] | |||||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||||
Interest in foreign subsidiaries | 50.00% | 50.00% | |||||||||||||
Equity method investment | $ 400 | $ 300 | $ 400 | 300 | |||||||||||
Contracts Accounted for under Percentage of Completion [Member] | |||||||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||||||
Gross profit | $ 400 | $ (600) | $ (2,300) |
Accounting Policies (Schedule o
Accounting Policies (Schedule of Foreign Currency Transaction Gains and Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Selling, general, and administrative expense | $ (5,090) | $ (3,931) | $ 341 |
Other expense/(income), net | 1,496 | (6,379) | 5,227 |
Total transaction (gains)/losses | (3,594) | (10,310) | 5,568 |
Gain/(loss) on long-term intercompany loans | $ (5,225) | $ 5,317 | $ (18,052) |
Accounting Policies (Schedule51
Accounting Policies (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Trade and other accounts receivable | $ 123,179 | $ 136,479 |
Bank promissory notes | 15,845 | 17,426 |
Revenue in excess of progress billings | 15,889 | 13,045 |
Allowance for doubtful accounts | (8,530) | (8,713) |
Total accounts receivable | $ 146,383 | $ 158,237 |
Accounting Policies (Schedule52
Accounting Policies (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Raw materials | $ 27,636 | $ 27,006 |
Work in process | 41,823 | 43,512 |
Finished goods | 36,947 | 36,756 |
Total inventories | $ 106,406 | $ 107,274 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 29, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income tax expense pertaining to cash repatriations | $ 2,210 | $ 618 | |||
PrimaLoft Products [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sales price operations | $ 38,000 | ||||
Proceeds from sale of business | $ 3,800 | ||||
Gain on sale of discontinued businesses | $ 34,900 |
Discontinued Operations (Schedu
Discontinued Operations (Schedule of Operating Results) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Discontinued Operations [Abstract] | |||
Net sales | |||
Income from operations of discontinued business | $ (75) | ||
Gain on disposition of discontinued operations | |||
Income tax benefit | $ (29) |
Reportable Segments and Geogr55
Reportable Segments and Geographic Data (Schedule of Financial Data by Reporting Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | $ 177,500 | $ 178,800 | $ 172,300 | $ 181,300 | $ 191,600 | $ 179,900 | $ 193,500 | $ 180,300 | $ 189,600 | $ 183,100 | $ 198,000 | $ 186,700 | $ 709,868 | $ 745,345 | $ 757,414 |
Depreciation and amortization | 60,114 | 64,292 | 63,789 | ||||||||||||
Operating income | 63,895 | 71,360 | 52,091 | ||||||||||||
Interest income | (1,857) | (1,541) | (1,468) | ||||||||||||
Interest expense | 11,841 | 12,254 | 15,227 | ||||||||||||
Other expense/ (income), net | 2,433 | (6,853) | 7,256 | ||||||||||||
Income before income taxes | 51,478 | 67,500 | 31,076 | ||||||||||||
Machine Clothing [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 608,581 | 655,026 | 674,747 | ||||||||||||
Depreciation and amortization | 39,503 | 45,066 | 46,521 | ||||||||||||
Operating income | 141,311 | 136,450 | 114,370 | ||||||||||||
Albany Engineered Composites [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 101,287 | 90,319 | 82,667 | ||||||||||||
Depreciation and amortization | 12,140 | 10,880 | 8,460 | ||||||||||||
Operating income | (28,478) | (10,483) | (14,404) | ||||||||||||
Corporate Expenses [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Depreciation and amortization | 8,471 | 8,346 | 8,808 | ||||||||||||
Operating income | (48,938) | (54,607) | (47,875) | ||||||||||||
Significant Reconciling Items [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Interest income | (1,857) | (1,541) | (1,468) | ||||||||||||
Interest expense | 11,841 | 12,254 | 15,227 | ||||||||||||
Other expense/ (income), net | $ 2,433 | $ (6,853) | $ 7,256 |
Reportable Segments and Geogr56
Reportable Segments and Geographic Data (Schedule of Restructuring Costs by Reporting Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension settlement expense | |||
Pension settlement expense | $ 8,190 | ||
Restructuring expenses, net | |||
Charges/ (reversals) | $ 23,846 | 5,759 | $ 25,108 |
Machine Clothing [Member] | |||
Restructuring expenses, net | |||
Charges/ (reversals) | $ 22,211 | 4,828 | 24,568 |
Albany Engineered Composites [Member] | |||
Restructuring expenses, net | |||
Charges/ (reversals) | 931 | $ 540 | |
Corporate Expenses [Member] | |||
Pension settlement expense | |||
Pension settlement expense | $ 8,190 | ||
Restructuring expenses, net | |||
Charges/ (reversals) | $ 1,635 |
Reportable Segments and Geogr57
Reportable Segments and Geographic Data (Schedule of Operating Assets and Capital Expenditures by Reporting Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Assets | $ 1,009,562 | $ 1,029,304 | $ 1,126,157 | |
Capital expenditures and purchased software | 50,595 | 58,873 | 64,457 | |
Cash | 185,113 | $ 179,802 | 222,666 | $ 190,718 |
Asset held for sale | 4,988 | |||
Machine Clothing [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Assets | 494,347 | $ 565,853 | 624,388 | |
Capital expenditures and purchased software | 16,010 | 23,202 | 22,892 | |
Albany Engineered Composites [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Assets | 181,825 | 175,338 | 147,104 | |
Capital expenditures and purchased software | 30,378 | 32,141 | 36,928 | |
Significant Reconciling Items [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash | 185,113 | $ 179,802 | $ 222,666 | |
Asset held for sale | 4,988 | |||
Income taxes prepaid, receivable and deferred | 111,872 | $ 76,283 | $ 92,754 | |
Other assets | 31,417 | 32,028 | 39,245 | |
Corporate Expenses [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Capital expenditures and purchased software | $ 4,207 | $ 3,530 | $ 4,637 |
Reportable Segments and Geogr58
Reportable Segments and Geographic Data (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Albany Safran Composites, LLC [Member] | ||
Segment Reporting Information [Line Items] | ||
Ownership percentage of noncontrolling shareholder | 10.00% | 10.00% |
Sales Revenue, Segment [Member] | Government Contracts Concentration Risk [Member] | Albany Engineered Composites [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration Risk, Percentage | 15.00% |
Reportable Segments and Geogr59
Reportable Segments and Geographic Data (Schedule of Financial Data by Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net sales | $ 177,500 | $ 178,800 | $ 172,300 | $ 181,300 | $ 191,600 | $ 179,900 | $ 193,500 | $ 180,300 | $ 189,600 | $ 183,100 | $ 198,000 | $ 186,700 | $ 709,868 | $ 745,345 | $ 757,414 |
Property, plant and equipment, net | 357,470 | 395,113 | 418,830 | 357,470 | 395,113 | 418,830 | |||||||||
United States [Member] | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net sales | 323,399 | 324,750 | 338,729 | ||||||||||||
Property, plant and equipment, net | 172,372 | 168,848 | 162,380 | 172,372 | 168,848 | 162,380 | |||||||||
Switzerland [Member] | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net sales | 159,804 | 184,022 | 190,035 | ||||||||||||
Brazil [Member] | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net sales | 58,846 | 59,332 | 62,076 | ||||||||||||
China [Member] | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net sales | 48,490 | 52,822 | 43,265 | ||||||||||||
Property, plant and equipment, net | 80,786 | 93,182 | 103,109 | 80,786 | 93,182 | 103,109 | |||||||||
Mexico [Member] | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net sales | 30,581 | 27,431 | 24,938 | ||||||||||||
France [Member] | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net sales | 26,081 | 26,654 | 21,557 | ||||||||||||
Property, plant and equipment, net | 28,539 | 25,091 | 15,893 | 28,539 | 25,091 | 15,893 | |||||||||
Korea [Member] | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Property, plant and equipment, net | 19,095 | 23,473 | 35,542 | 19,095 | 23,473 | 35,542 | |||||||||
United Kingdom [Member] | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Property, plant and equipment, net | 19,029 | 22,222 | 25,246 | 19,029 | 22,222 | 25,246 | |||||||||
Canada [Member] | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Property, plant and equipment, net | 12,861 | 18,236 | 22,434 | 12,861 | 18,236 | 22,434 | |||||||||
Other Countries [Member] | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net sales | 62,667 | 70,334 | 76,814 | ||||||||||||
Property, plant and equipment, net | $ 24,788 | $ 44,061 | $ 54,226 | $ 24,788 | $ 44,061 | $ 54,226 |
Pensions and Other Postretire60
Pensions and Other Postretirement Benefit Plans (Narrative) (Details) $ in Millions | Dec. 31, 2015USD ($) |
United States [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Accrued postretirement liability | $ 59.1 |
Canada [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Accrued postretirement liability | $ 0.9 |
United States Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Percent of consolidated pension plan assets | 45.00% |
Percent of consolidated pension plan obligations | 44.00% |
Pensions and Other Postretire61
Pensions and Other Postretirement Benefit Plans (Schedule of Plan Benefit Obligations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plans [Member] | |||
Change in benefit obligation: | |||
Benefit obligation, beginning of year | $ 213,110 | $ 204,334 | |
Service cost | 2,959 | 3,269 | $ 3,662 |
Interest cost | 7,787 | 9,505 | 8,852 |
Plan participants' contributions | 304 | 323 | |
Actuarial (gain)/loss | (4,209) | 30,943 | |
Benefits paid | (6,530) | (6,205) | |
Settlements and curtailments | (321) | $ (17,936) | |
Plan amendments and other | (37) | ||
Foreign currency changes | (13,207) | $ (11,123) | |
Benefit obligation, end of year | 199,856 | 213,110 | 204,334 |
Accumulated benefit obligation | 188,909 | 199,622 | |
Other Postretirement Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation, beginning of year | 64,987 | 61,108 | |
Service cost | 330 | 314 | 875 |
Interest cost | $ 2,437 | $ 2,741 | 3,080 |
Plan participants' contributions | |||
Actuarial (gain)/loss | $ (2,855) | $ 5,926 | |
Benefits paid | $ (4,758) | $ (5,010) | |
Settlements and curtailments | |||
Plan amendments and other | |||
Foreign currency changes | $ (171) | $ (92) | |
Benefit obligation, end of year | $ 59,970 | $ 64,987 | $ 61,108 |
Accumulated benefit obligation | |||
United States Pension Plan [Member] | |||
Weighted average assumptions used to determine benefit obligations, end of year: | |||
Discount rate | 4.54% | 4.18% | |
Compensation increase | |||
Non-U.S. Pension Plans [Member] | |||
Weighted average assumptions used to determine benefit obligations, end of year: | |||
Discount rate | 3.67% | 3.58% | |
Compensation increase | 3.24% | 3.23% | |
United States Postretirement Benefits Plan [Member] | |||
Weighted average assumptions used to determine benefit obligations, end of year: | |||
Discount rate | 4.24% | 3.90% | |
Compensation increase | |||
Non-U.S. Postretirement Benefits Plan [Member] | |||
Weighted average assumptions used to determine benefit obligations, end of year: | |||
Discount rate | 4.00% | 3.85% | |
Compensation increase | 3.00% | 3.00% |
Pensions and Other Postretire62
Pensions and Other Postretirement Benefit Plans (Schedule of Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning of year | $ 183,199 | $ 168,390 |
Actual return on plan assets, net of expenses | 730 | 29,638 |
Employer contributions | 5,287 | 15,768 |
Plan participants' contributions | 304 | 323 |
Benefits paid | (6,530) | (6,205) |
Settlements | (688) | (16,945) |
Foreign currency changes | (10,915) | (7,770) |
Fair value of plan assets, end of year | $ 171,387 | $ 183,199 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning of year | ||
Actual return on plan assets, net of expenses | ||
Employer contributions | $ 4,758 | $ 5,010 |
Plan participants' contributions | ||
Plan participants' contributions | $ 1,068 | $ 1,404 |
Benefits paid | $ (4,758) | $ (5,010) |
Settlements | ||
Foreign currency changes | ||
Fair value of plan assets, end of year |
Pensions and Other Postretire63
Pensions and Other Postretirement Benefit Plans (Schedule of Funded Status of Plans and Composition of Accrued Pension Cost) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Noncurrent asset | $ 10,400 | $ 10,100 | |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 171,387 | 183,199 | $ 168,390 |
Benefit obligation | 199,856 | 213,110 | $ 204,334 |
Funded status | (28,469) | (29,911) | |
Noncurrent asset | 10,423 | 10,097 | |
Current liability | (2,110) | (2,141) | |
Noncurrent liability | (36,782) | (37,867) | |
Net amount recognized | (28,469) | (29,911) | |
Net actuarial loss | 69,896 | 71,623 | |
Prior service cost/(credit) | 608 | 753 | |
Net amount recognized | $ 70,504 | $ 72,376 | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Benefit obligation | $ 59,970 | $ 64,987 | $ 61,108 |
Funded status | $ (59,970) | $ (64,987) | |
Noncurrent asset | |||
Current liability | $ (4,660) | $ (4,750) | |
Noncurrent liability | (55,310) | (60,237) | |
Net amount recognized | (59,970) | (64,987) | |
Net actuarial loss | 37,997 | 44,195 | |
Prior service cost/(credit) | (35,387) | (39,875) | |
Net amount recognized | 2,610 | $ 4,320 | |
U.S. Pension Plans with Pension Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net amount recognized | (2,890) | ||
U.S. Pension Plans without Pension Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net amount recognized | (7,905) | ||
United States Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net amount recognized | (10,795) | ||
Non-U.S. Pension Plans with Pension Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net amount recognized | 6,097 | ||
Non-U.S. Pension Plans without Pension Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net amount recognized | (23,771) | ||
Non-U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net amount recognized | (17,674) | ||
Pension Plans with Pension Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net amount recognized | 3,207 | ||
Pension Plans without Pension Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net amount recognized | $ (31,676) |
Pensions and Other Postretire64
Pensions and Other Postretirement Benefit Plans (Schedule of Net Periodic Benefit Plan Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of net periodic benefit cost: | |||
Settlement | $ 8,190 | ||
Pension Plans [Member] | |||
Components of net periodic benefit cost: | |||
Service cost | $ 2,959 | 3,269 | $ 3,662 |
Interest cost | 7,787 | 9,505 | 8,852 |
Expected return on assets | (8,630) | (9,577) | (8,677) |
Amortization of prior service cost/(credit) | $ 48 | $ 53 | 35 |
Amortization of transition obligation | 70 | ||
Amortization of net actuarial loss | $ 2,594 | $ 2,421 | 3,117 |
Settlement | $ 103 | 8,331 | 502 |
Curtailment (gain)/loss | $ (942) | $ (1,143) | |
Special / contractual termination benefits | $ 44 | ||
Net periodic benefit cost | $ 4,905 | $ 13,060 | $ 6,418 |
Health care cost trend rate (U.S. and non-U.S. plans): | |||
Initial rate | |||
Ultimate rate | |||
Years to ultimate | |||
Other Postretirement Benefits [Member] | |||
Components of net periodic benefit cost: | |||
Service cost | $ 330 | $ 314 | $ 875 |
Interest cost | $ 2,437 | $ 2,741 | $ 3,080 |
Expected return on assets | |||
Amortization of prior service cost/(credit) | $ (4,488) | $ (4,488) | $ (3,940) |
Amortization of transition obligation | |||
Amortization of net actuarial loss | $ 3,338 | $ 2,908 | $ 3,395 |
Settlement | |||
Curtailment (gain)/loss | |||
Special / contractual termination benefits | |||
Net periodic benefit cost | $ 1,617 | $ 1,475 | $ 3,410 |
Health care cost trend rate (U.S. and non-U.S. plans): | |||
Initial rate | |||
Ultimate rate | |||
Years to ultimate | |||
United States Pension Plan [Member] | |||
Weighted average assumptions used to determine net cost: | |||
Discount rate | 4.18% | 5.22% | 4.28% |
Expected return on plan assets | 4.43% | 5.40% | 4.61% |
Rate of compensation increase | |||
Non-U.S. Pension Plans [Member] | |||
Weighted average assumptions used to determine net cost: | |||
Discount rate | 3.58% | 4.50% | 4.09% |
Expected return on plan assets | 5.52% | 5.65% | 5.53% |
Rate of compensation increase | 3.23% | 3.39% | 3.26% |
United States Postretirement Benefits Plan [Member] | |||
Weighted average assumptions used to determine net cost: | |||
Discount rate | 3.90% | 4.68% | 3.93% |
Expected return on plan assets | |||
Rate of compensation increase | 3.00% | ||
Non-U.S. Postretirement Benefits Plan [Member] | |||
Weighted average assumptions used to determine net cost: | |||
Discount rate | 3.85% | 4.75% | 4.00% |
Expected return on plan assets | |||
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Pensions and Other Postretire65
Pensions and Other Postretirement Benefit Plans (Schedule of (Gains)/Losses Recognized in Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
(Gains)/losses in plan assets and benefit obligations recognized in other comprehensive income: | |||
Settlements/curtailments | $ (103) | $ (8,377) | $ (46) |
Asset/liability loss/(gain) | 700 | 14,707 | (20,500) |
Amortization of actuarial (loss) | (5,932) | (5,329) | (6,512) |
Amortization of prior service (cost)/credit | $ 4,440 | $ 4,436 | 3,905 |
Amortization of transition (obligation) | $ (70) | ||
Pension Plans [Member] | |||
(Gains)/losses in plan assets and benefit obligations recognized in other comprehensive income: | |||
Settlements/curtailments | $ (103) | ||
Asset/liability loss/(gain) | 3,555 | ||
Amortization of actuarial (loss) | (2,594) | ||
Amortization of prior service (cost)/credit | $ (48) | ||
Amortization of transition (obligation) | |||
Currency impact | $ (2,682) | ||
Gain in other comprehensive income | (1,872) | ||
Total cost/(benefit) recognized in net periodic benefit cost and other comprehensive income | $ 3,033 | ||
Other Postretirement Benefits [Member] | |||
(Gains)/losses in plan assets and benefit obligations recognized in other comprehensive income: | |||
Settlements/curtailments | |||
Asset/liability loss/(gain) | $ (2,855) | ||
Amortization of actuarial (loss) | (3,338) | ||
Amortization of prior service (cost)/credit | $ 4,488 | ||
Amortization of transition (obligation) | |||
Currency impact | $ (5) | ||
Gain in other comprehensive income | (1,710) | ||
Total cost/(benefit) recognized in net periodic benefit cost and other comprehensive income | $ (93) |
Pensions and Other Postretire66
Pensions and Other Postretirement Benefit Plans (Schedule of Amounts That Will Be Amortized from Accumulated Other Comprehensive Income) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss | $ 2,293 |
Prior service cost/(benefit) | 37 |
Total | 2,330 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss | 2,819 |
Prior service cost/(benefit) | (4,488) |
Total | $ (1,669) |
Pensions and Other Postretire67
Pensions and Other Postretirement Benefit Plans (Schedule of Fair Value of Plan Assets) (Details) - Pension Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 171,387 | $ 183,199 | $ 168,390 |
Quoted Prices in Active Markets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,905 | 3,375 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 160,211 | 170,805 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,271 | 9,019 | 10,301 |
Common Stocks and Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 35,113 | 34,624 | |
Common Stocks and Equity Funds [Member] | Quoted Prices in Active Markets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 404 | 803 | |
Common Stocks and Equity Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 34,709 | $ 33,821 | |
Common Stocks and Equity Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 125,502 | $ 136,984 | |
Debt Securities [Member] | Quoted Prices in Active Markets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 125,502 | $ 136,984 | |
Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Insurance Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 2,403 | $ 2,133 | |
Insurance Contracts [Member] | Quoted Prices in Active Markets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Insurance Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Insurance Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 2,403 | $ 2,133 | 2,875 |
Limited Partnerships [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 5,676 | $ 6,522 | |
Limited Partnerships [Member] | Quoted Prices in Active Markets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Limited Partnerships [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Limited Partnerships [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 5,676 | $ 6,522 | 7,034 |
Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 192 | $ 364 | |
Hedge Funds [Member] | Quoted Prices in Active Markets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Hedge Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Hedge Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 192 | $ 364 | $ 392 |
Cash and Short-Term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,501 | 2,572 | |
Cash and Short-Term Investments [Member] | Quoted Prices in Active Markets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 2,501 | $ 2,572 | |
Cash and Short-Term Investments [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Cash and Short-Term Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets |
Pensions and Other Postretire68
Pensions and Other Postretirement Benefit Plans (Reconciliation of Level 3 Assets) (Details) - Pension Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning of year | $ 183,199 | $ 168,390 |
Fair value of plan assets, end of year | 171,387 | 183,199 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning of year | 9,019 | 10,301 |
Net realized gains/(losses) | 53 | 44 |
Net unrealized gains/(losses) | 240 | 665 |
Net purchases, issuances and settlements | $ (1,041) | $ (1,991) |
Net transfers (out of) Level 3 | ||
Fair value of plan assets, end of year | $ 8,271 | $ 9,019 |
Insurance Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning of year | 2,133 | |
Fair value of plan assets, end of year | 2,403 | 2,133 |
Insurance Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning of year | $ 2,133 | $ 2,875 |
Net realized gains/(losses) | ||
Net unrealized gains/(losses) | $ 35 | $ 49 |
Net purchases, issuances and settlements | $ 235 | $ (791) |
Net transfers (out of) Level 3 | ||
Fair value of plan assets, end of year | $ 2,403 | $ 2,133 |
Limited Partnerships [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning of year | 6,522 | |
Fair value of plan assets, end of year | 5,676 | 6,522 |
Limited Partnerships [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning of year | 6,522 | 7,034 |
Net realized gains/(losses) | 46 | 44 |
Net unrealized gains/(losses) | 222 | 613 |
Net purchases, issuances and settlements | $ (1,114) | $ (1,169) |
Net transfers (out of) Level 3 | ||
Fair value of plan assets, end of year | $ 5,676 | $ 6,522 |
Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning of year | 364 | |
Fair value of plan assets, end of year | 192 | 364 |
Hedge Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning of year | 364 | $ 392 |
Net realized gains/(losses) | 7 | |
Net unrealized gains/(losses) | (17) | $ 3 |
Net purchases, issuances and settlements | $ (162) | $ (31) |
Net transfers (out of) Level 3 | ||
Fair value of plan assets, end of year | $ 192 | $ 364 |
Pensions and Other Postretire69
Pensions and Other Postretirement Benefit Plans (Schedule of Asset Allocation) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
United States Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 100.00% | ||
Percentage of plan assets at plan measurement date | 100.00% | 100.00% | |
United States Pension Plan [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | |||
Percentage of plan assets at plan measurement date | 3.00% | 3.00% | |
United States Pension Plan [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 100.00% | ||
Percentage of plan assets at plan measurement date | 92.00% | 91.00% | |
United States Pension Plan [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | |||
Percentage of plan assets at plan measurement date | 5.00% | 5.00% | |
United States Pension Plan [Member] | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | [1] | ||
Percentage of plan assets at plan measurement date | [1] | 0.00% | 1.00% |
Non-U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 100.00% | ||
Percentage of plan assets at plan measurement date | 100.00% | 100.00% | |
Non-U.S. Pension Plans [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 34.00% | ||
Percentage of plan assets at plan measurement date | 35.00% | 32.00% | |
Non-U.S. Pension Plans [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 56.00% | ||
Percentage of plan assets at plan measurement date | 55.00% | 59.00% | |
Non-U.S. Pension Plans [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 5.00% | ||
Percentage of plan assets at plan measurement date | 4.00% | 4.00% | |
Non-U.S. Pension Plans [Member] | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | [1] | 5.00% | |
Percentage of plan assets at plan measurement date | [1] | 6.00% | 5.00% |
[1] | Other includes hedged equity and absolute return strategies, and private equity. The Company has procedures to closely monitor the performance of these investments and compares asset valuations to audited financial statements of the funds. |
Pensions and Other Postretire70
Pensions and Other Postretirement Benefit Plans (Schedule of Pension Plans with Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Plans with projected benefit obligation in excess of plan assets: | ||
Projected benefit obligation | $ 120,312 | $ 126,029 |
Accumulated benefit obligation | 117,447 | 122,855 |
Fair value of plan assets | 81,421 | 86,021 |
Plans with accumulated benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 120,312 | 126,029 |
Accumulated benefit obligation | 117,447 | 122,855 |
Fair value of plan assets | $ 81,421 | $ 86,021 |
Pensions and Other Postretire71
Pensions and Other Postretirement Benefit Plans (Schedule of Expected Cash Flows) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions in the next fiscal year | $ 5,046 |
2,016 | 6,518 |
2,017 | 7,162 |
2,018 | 7,873 |
2,019 | 7,881 |
2,020 | 8,349 |
2021 - 2025 | 49,954 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions in the next fiscal year | 4,660 |
2,016 | 4,660 |
2,017 | 4,475 |
2,018 | 4,296 |
2,019 | 4,128 |
2,020 | 4,006 |
2021 - 2025 | $ 19,049 |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($)employees | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Fair value adjustment on available-for-sale assets | $ 3,212 | |||
Accrued liabilities for restructuring charges | $ 6,856 | 6,856 | $ 1,873 | |
Restructuring reserve, noncurrent | 3,320 | 3,320 | ||
Early retirement program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges accrued | 8,100 | |||
Early retirement program [Member] | Machine Clothing and Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Effect of cost savings | $ 4,300 | |||
Reduced Employee Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Reduction in employees | employees | 50 | |||
Restructuring charges accrued | $ 11,400 | |||
Fair value adjustment on available-for-sale assets | $ 3,300 | |||
Reduced Employee Expenses [Member] | Machine Clothing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Reduction in employees | employees | 200 | |||
Minimum [Member] | Early retirement program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Effect of cost savings | 5,000 | |||
Maximum [Member] | Early retirement program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Effect of cost savings | $ 6,000 |
Restructuring (Schedule of Rest
Restructuring (Schedule of Restructuring Charges) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring expenses, net | |||
Restructuring expenses, net | $ 23,846 | $ 5,759 | $ 25,108 |
Termination and Other Costs [Member] | |||
Restructuring expenses, net | |||
Restructuring expenses, net | 20,541 | 6,088 | 26,290 |
Impairment of Plant and Equipment [Member] | |||
Restructuring expenses, net | |||
Restructuring expenses, net | $ 3,305 | 612 | 88 |
Benefit Plan Curtailment/ Settlement [Member] | |||
Restructuring expenses, net | |||
Restructuring expenses, net | (941) | (1,270) | |
Machine Clothing [Member] | |||
Restructuring expenses, net | |||
Restructuring expenses, net | $ 22,211 | 4,828 | 24,568 |
Machine Clothing [Member] | Termination and Other Costs [Member] | |||
Restructuring expenses, net | |||
Restructuring expenses, net | 18,906 | $ 5,769 | $ 25,838 |
Machine Clothing [Member] | Impairment of Plant and Equipment [Member] | |||
Restructuring expenses, net | |||
Restructuring expenses, net | $ 3,305 | ||
Machine Clothing [Member] | Benefit Plan Curtailment/ Settlement [Member] | |||
Restructuring expenses, net | |||
Restructuring expenses, net | $ (941) | $ (1,270) | |
Albany Engineered Composites [Member] | |||
Restructuring expenses, net | |||
Restructuring expenses, net | 931 | 540 | |
Albany Engineered Composites [Member] | Termination and Other Costs [Member] | |||
Restructuring expenses, net | |||
Restructuring expenses, net | 319 | 452 | |
Albany Engineered Composites [Member] | Impairment of Plant and Equipment [Member] | |||
Restructuring expenses, net | |||
Restructuring expenses, net | $ 612 | $ 88 | |
Albany Engineered Composites [Member] | Benefit Plan Curtailment/ Settlement [Member] | |||
Restructuring expenses, net | |||
Restructuring expenses, net | |||
Corporate Expenses [Member] | |||
Restructuring expenses, net | |||
Restructuring expenses, net | $ 1,635 | ||
Corporate Expenses [Member] | Termination and Other Costs [Member] | |||
Restructuring expenses, net | |||
Restructuring expenses, net | $ 1,635 | ||
Corporate Expenses [Member] | Impairment of Plant and Equipment [Member] | |||
Restructuring expenses, net | |||
Restructuring expenses, net | |||
Corporate Expenses [Member] | Benefit Plan Curtailment/ Settlement [Member] | |||
Restructuring expenses, net | |||
Restructuring expenses, net |
Restructuring (Schedule of Re74
Restructuring (Schedule of Restructuring Liability) (Details) - Termination Costs [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 1,874 | $ 9,656 |
Restructuring charges accrued | 20,541 | 6,088 |
Payments | (12,323) | (13,240) |
Currency translation/other | 85 | (630) |
Ending balance | $ 10,177 | $ 1,874 |
Other Expense_(Income), net (De
Other Expense/(Income), net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Expense/(Income), net [Abstract] | |||
Currency transactions | $ 1,496 | $ (6,379) | $ 5,227 |
Bank fees and amortization of debt issuance costs | 916 | $ 1,174 | $ 1,542 |
Gain on sale of investment | $ (872) | ||
Gain on insurance recovery | $ (1,126) | ||
Other | $ 893 | (522) | $ 487 |
Total | $ 2,433 | $ (6,853) | $ 7,256 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax (Benefit)/Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Income tax based on income from continuing operations, at estimated tax rates of 32%, 34%, and 49%, respectively | $ 16,388 | $ 25,703 | $ 15,172 |
Pension plan settlements | (3,194) | ||
Income tax before discrete items | $ 16,388 | $ 22,509 | $ 15,172 |
Discrete tax (benefit)/expense: | |||
Worthless stock deduction | $ (28,553) | ||
Repatriation of non-U.S. prior years' earnings | $ 2,210 | $ 618 | |
Provision for/resolution of tax audits and contingencies, net | $ 6,500 | 744 | 2,643 |
Adjustments to prior period tax liabilities | (867) | 397 | (942) |
Provision for/adjustment to beginning of year valuation allowances | 75 | $ (109) | (3,741) |
Enacted tax legislation | $ 670 | (282) | |
Other discrete tax adjustments, net | (96) | ||
Total income tax (benefit)/expense | $ (5,787) | $ 25,751 | $ 13,372 |
Estimated tax rate | 32.00% | 34.00% | 49.00% |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income/(Loss) From Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
U.S. | $ (7,211) | $ 4,993 | $ 14,395 |
Non-U.S. | 58,689 | 62,507 | 16,681 |
Income/(loss) before income taxes | $ 51,478 | 67,500 | 31,076 |
Current: | |||
Federal | 1,874 | 3,508 | |
State | $ 1,993 | 1,102 | 2,301 |
Non-U.S. | 20,842 | 17,474 | 14,957 |
Current income tax provision | 22,835 | 20,450 | 20,766 |
Deferred: | |||
Federal | (34,135) | (1,707) | 1,723 |
State | (40) | (495) | (180) |
Non-U.S. | 5,553 | 7,503 | (8,937) |
Deferred income tax provision | (28,622) | 5,301 | (7,394) |
Total income tax (benefit)/expense | $ (5,787) | $ 25,751 | $ 13,372 |
Income Taxes (Schedule of Com78
Income Taxes (Schedule of Components of Deferred Income Tax Expense/(Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Net effect of temporary differences | $ (7,615) | $ (1,667) | $ (334) |
Foreign tax credits | (17,874) | (481) | 2,378 |
Retirement benefits | 1,844 | 1,438 | 1,482 |
Net impact to operating loss carryforwards | (5,722) | $ 6,120 | (6,897) |
Enacted changes in tax laws and rates | 670 | (282) | |
Adjustments to beginning-of-the-year valuation allowance balance for changes in circumstances | 75 | $ (109) | (3,741) |
Deferred income tax provision | $ (28,622) | $ 5,301 | $ (7,394) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of the U.S. Federal Statutory Tax Rate to the Company's Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
U.S. federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 2.40% | 1.70% | 4.90% |
Non-U.S. local income taxes | 4.10% | 4.00% | 8.70% |
Foreign adjustments and rate differential | (6.20%) | (10.20%) | 0.20% |
Net U.S. tax on non-U.S. earnings and foreign withholdings | (1.80%) | 8.00% | 5.30% |
Provision for/resolution of tax audits and contingencies, net | 12.60% | 1.00% | 8.50% |
Research and development and other tax credits | (2.40%) | (1.60%) | (3.80%) |
Adjustment to beginning of year valuation allowances | 0.10% | (0.20%) | (12.00%) |
Worthless stock deduction | (55.50%) | ||
Other | 0.50% | 0.40% | (3.80%) |
Effective income tax rate | (11.20%) | 38.10% | 43.00% |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Line Items] | ||
Tax loss carryforwards | $ 30,000 | |
Unrepatriated foreign earnings | 1,100 | |
U.S. [Member] | ||
Income Tax Disclosure [Line Items] | ||
Total deferred tax assets | 101,556 | $ 71,225 |
Total deferred tax liabilities | 19,025 | 23,662 |
Net deferred tax asset | $ 82,531 | 47,563 |
U.S. [Member] | Current Assets [Member] | ||
Income Tax Disclosure [Line Items] | ||
Accounts receivable | 1,597 | |
Inventories | 343 | |
Other | 2,662 | |
Deferred tax assets before valuation allowance | $ 4,602 | |
Less: valuation allowance | ||
Total deferred tax assets | $ 4,602 | |
U.S. [Member] | Noncurrent Assets [Member] | ||
Income Tax Disclosure [Line Items] | ||
Accounts receivable | $ 1,392 | |
Inventories | 897 | |
Deferred compensation | 6,714 | $ 5,981 |
Depreciation and amortization | 10,323 | 3,575 |
Postretirement benefits | 26,475 | 28,344 |
Tax loss carryforwards | 2,682 | 1,358 |
Tax credit carryforwards | 42,851 | 24,426 |
Other | 10,222 | 2,939 |
Deferred tax assets before valuation allowance | $ 101,556 | $ 66,623 |
Less: valuation allowance | ||
Total deferred tax assets | $ 101,556 | $ 66,623 |
U.S. [Member] | Current Liabilities [Member] | ||
Income Tax Disclosure [Line Items] | ||
Unrepatriated foreign earnings | $ 3,679 | |
Inventories | ||
Other | ||
Total deferred tax liabilities | $ 3,679 | |
U.S. [Member] | Noncurrent Liabilities [Member] | ||
Income Tax Disclosure [Line Items] | ||
Unrepatriated foreign earnings | $ 1,157 | |
Depreciation and amortization | $ 10,309 | $ 11,587 |
Postretirement benefits | ||
Deferred Gain | $ 7,559 | $ 8,396 |
Branch losses subject to recapture | ||
Other | ||
Total deferred tax liabilities | $ 19,025 | $ 19,983 |
Non-U.S. [Member] | ||
Income Tax Disclosure [Line Items] | ||
Total deferred tax assets | 20,012 | 30,935 |
Total deferred tax liabilities | 9,340 | 18,889 |
Net deferred tax asset | $ 10,672 | 12,046 |
Non-U.S. [Member] | Current Assets [Member] | ||
Income Tax Disclosure [Line Items] | ||
Accounts receivable | 1,537 | |
Inventories | 1,240 | |
Other | 3,574 | |
Deferred tax assets before valuation allowance | 6,351 | |
Less: valuation allowance | (497) | |
Total deferred tax assets | $ 5,854 | |
Non-U.S. [Member] | Noncurrent Assets [Member] | ||
Income Tax Disclosure [Line Items] | ||
Accounts receivable | $ 1,304 | |
Inventories | $ 1,750 | |
Deferred compensation | ||
Depreciation and amortization | $ 4,882 | $ 4,460 |
Postretirement benefits | 4,138 | 4,804 |
Tax loss carryforwards | 27,134 | 34,980 |
Tax credit carryforwards | 1,740 | 1,772 |
Other | 3,503 | 428 |
Deferred tax assets before valuation allowance | 44,451 | 46,444 |
Less: valuation allowance | (24,439) | (21,363) |
Total deferred tax assets | $ 20,012 | $ 25,081 |
Non-U.S. [Member] | Current Liabilities [Member] | ||
Income Tax Disclosure [Line Items] | ||
Unrepatriated foreign earnings | ||
Inventories | $ 32 | |
Other | 577 | |
Total deferred tax liabilities | $ 609 | |
Non-U.S. [Member] | Noncurrent Liabilities [Member] | ||
Income Tax Disclosure [Line Items] | ||
Unrepatriated foreign earnings | ||
Depreciation and amortization | $ 3,174 | $ 3,106 |
Postretirement benefits | $ 2,003 | $ 1,917 |
Deferred Gain | ||
Branch losses subject to recapture | $ 918 | $ 11,369 |
Other | 3,245 | 1,888 |
Total deferred tax liabilities | $ 9,340 | $ 18,280 |
Income Taxes (Schedule of Amoun
Income Taxes (Schedule of Amounts Previously Reported in 2014 Consolidated Balance Sheet, Which would have been Increased/(Decreased)) (Details) - Error in the presentation of deferred tax assets and liabilities in balance sheets [Member] - Amount of revision [Member] $ in Thousands | Dec. 31, 2014USD ($) |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Deferred tax assets, net | |
Current Assets [Member] | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Deferred tax assets, net | $ (6,743) |
Noncurrent Assets [Member] | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Deferred tax assets, net | 13,657 |
Current Liabilities [Member] | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Deferred tax assets, net | (575) |
Noncurrent Liabilities [Member] | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |
Deferred tax assets, net | $ 7,489 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)countries | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Income Tax Disclosure [Line Items] | |||
Number of countries in which operations constitute a taxable presence | countries | 18 | ||
Net increase(decrease) in valuation allowance | $ 5,100 | ||
Tax rates | 35.00% | 35.00% | 35.00% |
Net operating loss carryforwards | $ 220,000 | ||
Net operating loss carryforwards, deferred tax asset | 30,000 | ||
Net operating loss carryforwards, valuation allowance | 21,600 | ||
Unrepatriated foreign earnings | 1,100 | ||
Non-U.S. earnings that have been targeted for future repatriation | 59,000 | ||
Foreign earnings expected to be distributed | 46,800 | ||
Income tax expense recorded due to expected repatriation of foreign earnings | 1,100 | ||
Accumulated undistributed earnings intended to remain permanently invested | 165,600 | ||
Recognized interest and penalties related to unrecognized tax benefits | (100) | $ 1,000 | $ (1,300) |
Interest and penalties related to settlement of audits | (1,400) | ||
Accrued interest and penalties related to unrecognized tax benefits | 400 | 400 | 100 |
Estimated range of change, net increase | 600 | ||
Estimated range of change, net decrease | 3,600 | ||
Taxes paid, net of refunds | 18,300 | 17,600 | 29,400 |
Recognized current and deferred tax benefits | $ 42 | 32 | $ 16,721 |
Earliest Tax Year [Member] | |||
Income Tax Disclosure [Line Items] | |||
Open tax years | 2,000 | ||
Latest Tax Year [Member] | |||
Income Tax Disclosure [Line Items] | |||
Open tax years | 2,015 | ||
China [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax rates | 25.00% | ||
Mexico [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax rates | 30.00% | ||
Switzerland [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax rates | 8.00% | ||
Research [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax credit carryforward | $ 7,600 | ||
Research [Member] | Earliest Tax Year [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax credit carryforwards, expiration date | Jan. 1, 2025 | ||
Alternative Minimum Tax [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax credit carryforward | $ 1,200 | ||
State and Local Jurisdiction [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | 20,700 | ||
Non-U.S. [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax credit carryforward | 35,100 | ||
Net deferred tax asset | $ 10,672 | 12,046 | |
Non-U.S. [Member] | Earliest Tax Year [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax credit carryforwards, expiration date | Jan. 1, 2018 | ||
German Tax Authority [Member] | |||
Income Tax Disclosure [Line Items] | |||
Payment to taxing authority to pursue litigation | $ 14,500 | ||
Recognized current and deferred tax benefits | 25,300 | ||
Taxes and interest along with deferred tax assets adjusted with anticipation of settlement | 6,400 | $ 6,300 | |
Estimated range of change amount | 3,200 | ||
Tax Attributes With Limited Lives [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net deferred tax asset | 48,500 | ||
Deferred tax assets [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net increase(decrease) in valuation allowance | (2,600) | ||
Valuation allowance due to translation [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net increase(decrease) in valuation allowance | $ 2,500 |
Income Taxes (Reconciliation 83
Income Taxes (Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Unrecognized tax benefits balance at January 1 | $ 19,509 | $ 12,538 | $ 24,386 |
Increase in gross amounts of tax positions related to prior years | 2,315 | 14,699 | $ 2,121 |
Decrease in gross amounts of tax positions related to prior years | (145) | (67) | |
Increase in gross amounts of tax positions related to current year | 79 | 1,077 | $ 2,622 |
Decrease due to settlements with tax authorities | (42) | (32) | $ (16,721) |
Decrease due to lapse in statute of limitations | (90) | (6,775) | |
Currency translation | $ 130 | ||
Currency translation | (2,020) | (1,931) | |
Unrecognized tax benefits balance at December 31 | $ 19,606 | $ 19,509 | $ 12,538 |
Income Taxes (Schedule of Curre
Income Taxes (Schedule of Current Income Taxes Prepaid and Deferred) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes [Abstract] | ||
Prepaid taxes | $ 2,417 | |
Taxes receivable | $ 510 | |
Deferred income taxes | $ 6,743 | |
Total current income taxes prepaid and deferred | $ 2,927 | $ 6,743 |
Income Taxes (Schedule of Non-C
Income Taxes (Schedule of Non-Current Income Taxes Receivable and Deferred) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Line Items] | ||
Deferred income taxes | $ 105,792 | $ 59,022 |
Taxes receivable | 3,153 | 10,518 |
Total noncurrent income taxes receivable and deferred | $ 108,945 | $ 69,540 |
Income Taxes (Schedule of Cur86
Income Taxes (Schedule of Current Income Taxes Payable and Deferred) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Line Items] | ||
Taxes Payable | $ 7,090 | $ 2,211 |
Deferred income taxes | 575 | |
Total current taxes payable and deferred | $ 7,090 | $ 2,786 |
Income Taxes (Schedule of Noncu
Income Taxes (Schedule of Noncurrent Deferred Taxes and Other Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes [Abstract] | ||
Deferred income taxes | $ 12,589 | $ 5,583 |
Other liabilities | 1,565 | 1,580 |
Total noncurrent deferred taxes and other liabilities | $ 14,154 | $ 7,163 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||||||
Net income attributable to the Company | $ 57,279 | $ 41,569 | $ 17,517 | ||||||||||||
Weighted average number of shares used in calculating basic net income per share | 31,978 | 31,832 | 31,649 | ||||||||||||
Stock options | 58 | 99 | 129 | ||||||||||||
Long-term incentive plan | 52 | 57 | 156 | ||||||||||||
Weighted average number of shares used in calculating diluted net income per share | 32,088 | 31,988 | 31,934 | ||||||||||||
Average market price of common stock used for calculation of dilutive shares | $ 36.68 | $ 36.29 | $ 31.85 | ||||||||||||
Basic | $ 1.18 | $ 0.30 | $ (0.07) | $ 0.38 | $ 0.26 | $ 0.37 | $ 0.35 | $ 0.33 | $ 0.27 | $ 0.15 | $ (0.23) | $ 0.36 | 1.79 | 1.31 | 0.55 |
Diluted | $ 1.18 | $ 0.30 | $ (0.07) | $ 0.38 | $ 0.25 | $ 0.37 | $ 0.35 | $ 0.33 | $ 0.27 | $ 0.15 | $ (0.23) | $ 0.36 | $ 1.79 | $ 1.30 | $ 0.55 |
Common Stock, shares outstanding | 32,000 | 31,900 | 31,800 | 32,000 | 31,900 | 31,800 |
Accumulated Other Comprehensi89
Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ (107,767) | $ (49,498) | $ (80,021) |
Other comprehensive income/(loss) before reclassifications | (53,013) | (55,902) | 8,877 |
Pension/postretirement settlements and curtailments | 103 | 5,167 | |
Pension/postretirement plan remeasurement | (622) | (9,265) | 13,771 |
Interest expense related to swaps reclassified to the Statement of Income, net of tax | 1,233 | 1,168 | 1,159 |
Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax | 1,222 | 563 | 2,226 |
Net current period other comprehensive income | (51,077) | (58,269) | 30,523 |
Ending balance | (158,844) | (107,767) | (49,498) |
Other Postretirement Benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pension/Postretirement plan change in benefits | 4,864 | ||
Pension Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pension/Postretirement plan change in benefits | (374) | ||
Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (55,240) | (138) | (7,659) |
Other comprehensive income/(loss) before reclassifications | $ (53,415) | $ (55,102) | $ 7,521 |
Pension/postretirement settlements and curtailments | |||
Pension/postretirement plan remeasurement | |||
Interest expense related to swaps reclassified to the Statement of Income, net of tax | |||
Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax | |||
Net current period other comprehensive income | $ (53,415) | $ (55,102) | $ 7,521 |
Ending balance | (108,655) | $ (55,240) | $ (138) |
Translation Adjustments [Member] | Other Postretirement Benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pension/Postretirement plan change in benefits | |||
Translation Adjustments [Member] | Pension Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pension/Postretirement plan change in benefits | |||
Pension and Postretirement Liability Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (51,666) | $ (48,383) | $ (69,484) |
Other comprehensive income/(loss) before reclassifications | 2,238 | 252 | 614 |
Pension/postretirement settlements and curtailments | 103 | 5,167 | |
Pension/postretirement plan remeasurement | $ (622) | $ (9,265) | $ 13,771 |
Interest expense related to swaps reclassified to the Statement of Income, net of tax | |||
Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax | $ 1,222 | $ 563 | $ 2,226 |
Net current period other comprehensive income | 2,941 | (3,283) | 21,101 |
Ending balance | (48,725) | (51,666) | (48,383) |
Pension and Postretirement Liability Adjustments [Member] | Other Postretirement Benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pension/Postretirement plan change in benefits | 4,864 | ||
Pension and Postretirement Liability Adjustments [Member] | Pension Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pension/Postretirement plan change in benefits | (374) | ||
Derivative Valuation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (861) | (977) | (2,878) |
Other comprehensive income/(loss) before reclassifications | $ (1,836) | $ (1,052) | $ 742 |
Pension/postretirement settlements and curtailments | |||
Pension/postretirement plan remeasurement | |||
Interest expense related to swaps reclassified to the Statement of Income, net of tax | $ 1,233 | $ 1,168 | $ 1,159 |
Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax | |||
Net current period other comprehensive income | $ (603) | $ 116 | $ 1,901 |
Ending balance | $ (1,464) | $ (861) | $ (977) |
Derivative Valuation Adjustment [Member] | Other Postretirement Benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pension/Postretirement plan change in benefits | |||
Derivative Valuation Adjustment [Member] | Pension Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pension/Postretirement plan change in benefits |
Accumulated Other Comprehensi90
Accumulated Other Comprehensive Income (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pension settlement charge | $ (8,190) | ||
Pension/postretirement settlements and curtailments, before tax | $ 103 | 8,377 | $ 46 |
Pension/postretirement settlements and curtailments | 103 | 5,167 | |
Other Postretirement Benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Plan remeasurement, effect on liabilities | $ 2,855 | $ (5,926) | |
Pension settlement charge | |||
Pension/postretirement settlements and curtailments, before tax | |||
Pension/Postretirement plan change in benefits | $ 4,864 | ||
Other comprehensive income resulting from plan modification and remeasurement | $ 4,900 |
Accumulated Other Comprehensi91
Accumulated Other Comprehensive Income (Schedule of Items Reclassified to Statement of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||
Payments made on interest rate swaps included in earnings | $ 11,841 | $ 12,254 | $ 15,227 | |||||||||||||
Total pretax amount reclassified | (51,478) | (67,500) | (31,076) | |||||||||||||
Income tax effect | (5,787) | 25,751 | 13,372 | |||||||||||||
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | $ (37,600) | $ (9,700) | $ 2,200 | $ (12,200) | $ (8,000) | $ (11,800) | $ (11,200) | $ (10,600) | $ (8,700) | $ (4,700) | $ 7,400 | $ (11,500) | (57,279) | (41,569) | (17,517) | |
Derivative Valuation Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||
Payments made on interest rate swaps included in earnings | [1] | 1,988 | 1,914 | 1,900 | ||||||||||||
Income tax effect | (755) | (746) | (741) | |||||||||||||
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | 1,233 | 1,168 | $ 1,159 | |||||||||||||
Pension/Postretirement Settlements and Curtailments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||
Total pretax amount reclassified | 103 | 8,377 | ||||||||||||||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||
Total pretax amount reclassified | $ (4,440) | (4,436) | $ (3,905) | |||||||||||||
Accumulated Defined Benefit Plans Adjustment, Net Transition Asset (Obligation) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||
Total pretax amount reclassified | 70 | |||||||||||||||
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||
Total pretax amount reclassified | $ 5,932 | 5,329 | 6,512 | |||||||||||||
Pension and Postretirement Liability Adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||
Total pretax amount reclassified | [2] | 1,595 | 9,270 | 2,677 | ||||||||||||
Income tax effect | (270) | (3,540) | (451) | |||||||||||||
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | $ 1,325 | $ 5,730 | $ 2,226 | |||||||||||||
[1] | Included in Interest expense. | |||||||||||||||
[2] | These accumulated other comprehensive income/ components are included in the computation of net periodic pension cost (see Note 4). |
Noncontrolling Interest (Detail
Noncontrolling Interest (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 14 Months Ended | 26 Months Ended | ||
Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2015 | |
Noncontrolling Interest [Line Items] | ||||||
Net income of ASC | $ 57,265 | $ 41,749 | $ 17,658 | |||
Net (loss)/income of ASC available for common ownership | 57,279 | 41,569 | 17,517 | |||
Net (loss)/income attributable to noncontrolling interest | (14) | 180 | 141 | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||
Noncontrolling interest, beginning of year | 3,699 | |||||
Net (loss)/income attributable to noncontrolling interest | (14) | 180 | 141 | |||
Noncontrolling interest, end of year | 3,690 | 3,699 | $ 3,699 | $ 3,690 | ||
Albany Safran Composites, LLC [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Interest in subsidiary sold | 10.00% | |||||
Cash contribution | $ 28,000 | |||||
Albany's remaining interest | 90.00% | |||||
Net income of ASC | 842 | 2,816 | ||||
Less: Return attributable to the Company's preferred holding | 978 | 1,019 | ||||
Net (loss)/income of ASC available for common ownership | $ (136) | $ 1,797 | ||||
Ownership percentage of noncontrolling shareholder | 10.00% | 10.00% | 10.00% | 10.00% | ||
Net (loss)/income attributable to noncontrolling interest | $ (14) | $ 180 | $ 180 | $ (14) | ||
Ownership interest in ASC | 90.00% | 90.00% | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||
Noncontrolling interest, beginning of year | $ 3,699 | 3,482 | ||||
Adjustment to net assets contributed by Albany | 39 | |||||
Net (loss)/income attributable to noncontrolling interest | $ (14) | 180 | 180 | $ (14) | ||
Changes in other comprehensive income attributable to noncontrolling interest | 5 | (2) | ||||
Noncontrolling interest, end of year | $ 3,690 | $ 3,699 | $ 3,482 | $ 3,699 | $ 3,690 |
Property, Plant and Equipment93
Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,153,424,000 | $ 1,259,819,000 | |
Accumulated depreciation and amortization | (795,954,000) | (864,706,000) | |
Property, plant and equipment, net | 357,470,000 | 395,113,000 | $ 418,830,000 |
Expenditures for maintenance and repairs | 16,600,000 | 17,400,000 | 17,500,000 |
Depreciation expense | 52,974,000 | 56,575,000 | 57,182,000 |
Software amortization | 6,500,000 | 6,200,000 | 6,000,000 |
Capital expenditures and purchased software | 50,595,000 | 58,873,000 | $ 64,457,000 |
Unamortized software cost | 9,600,000 | $ 13,800,000 | |
Asset held for sale real property | 4,988,000 | ||
Former manufacturing facility in Germany [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Accumulated depreciation and amortization | $ (6,200,000) | ||
Asset held for sale real property | 5,000 | ||
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 14,307,000 | 22,967,000 | |
Estimated useful life | 25 years | ||
Land and Land Improvements [Member] | Former manufacturing facility in Germany [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 7,700,000 | ||
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 211,027,000 | 225,094,000 | |
Buildings [Member] | Former manufacturing facility in Germany [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 7,600,000 | ||
Buildings [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 25 years | ||
Buildings [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 40 years | ||
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 828,409,000 | 892,171,000 | |
Estimated useful life | 10 years | ||
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 6,074,000 | 6,716,000 | |
Estimated useful life | 5 years | ||
Computer and Other Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 14,813,000 | 13,692,000 | |
Computer and Other Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Computer and Other Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 10 years | ||
Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 52,503,000 | 50,586,000 | |
Software [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 5 years | ||
Software [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 8 years | ||
Capital expenditures in progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 26,291,000 | $ 48,593,000 |
Goodwill and Other Intangible94
Goodwill and Other Intangible Assets (Schedule of Changes in Intangible Assets and Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Amortized intangible assets: | ||
Beginning balance | $ 385 | $ 616 |
Amortization | $ (231) | $ (231) |
Currency Translation | ||
Ending balance | $ 154 | $ 385 |
Goodwill | ||
Beginning balance | $ 71,680 | $ 78,890 |
Amortization | ||
Currency translation | $ (5,307) | $ (7,210) |
Ending balance | 66,373 | 71,680 |
AEC Trade Names [Member] | ||
Amortized intangible assets: | ||
Beginning balance | 29 | 33 |
Amortization | $ (4) | $ (4) |
Currency Translation | ||
Ending balance | $ 25 | $ 29 |
AEC Customer Contracts [Member] | ||
Amortized intangible assets: | ||
Beginning balance | 202 | 404 |
Amortization | $ (202) | $ (202) |
Currency Translation | ||
Ending balance | $ 202 | |
AEC Technology [Member] | ||
Amortized intangible assets: | ||
Beginning balance | $ 154 | 179 |
Amortization | $ (25) | $ (25) |
Currency Translation | ||
Ending balance | $ 129 | $ 154 |
Goodwill and Other Intangible95
Goodwill and Other Intangible Assets (Schedule of Estimated Amortization Expense) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Other Intangible Assets [Abstract] | |
2,016 | $ 29 |
2,017 | 29 |
2,018 | 29 |
2,019 | 29 |
2,020 | $ 29 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Liabilities [Abstract] | ||
Salaries and wages | $ 17,621 | $ 19,229 |
Accrual for compensated absences | 9,564 | 11,330 |
Employee benefits | 10,880 | 11,525 |
Pension liability - current portion | 2,110 | 2,141 |
Postretirement medical benefits - current portion | 4,660 | 4,750 |
Returns and allowances | 14,024 | 17,265 |
Interest | 942 | 2,052 |
Restructuring costs | 6,856 | 1,873 |
Dividends | 5,443 | 5,098 |
Workers' compensation | 2,086 | 2,502 |
Billings in excess of revenue recognized | 2,903 | 2,024 |
Professional fees | 2,093 | 2,051 |
Utilities | 779 | 962 |
Other | 11,824 | 12,347 |
Total | $ 91,785 | $ 95,149 |
Financial Instruments (Schedule
Financial Instruments (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Long-term debt | $ 265,096 | $ 272,111 |
Less: current portion | (16) | (50,015) |
Long-term debt, net of current portion | 265,080 | 222,096 |
Private Placement, Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 50,000 | 100,000 |
Interest rate | 6.84% | |
Maturity date range, end | Dec. 31, 2017 | |
Revolving Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 215,000 | $ 172,000 |
Interest rate at end of period | 2.27% | 2.69% |
Year of maturity | 2,020 | |
Various Notes and Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 96 | $ 111 |
Interest rate at end of period | 5.50% | 5.50% |
Maturity date range, end | Dec. 31, 2021 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) $ in Millions | Dec. 16, 2015 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jul. 16, 2015USD ($) | Jun. 18, 2015USD ($) | May. 20, 2013USD ($) | Jul. 16, 2010USD ($) |
Debt Instrument [Line Items] | ||||||||
Principal payments due in 2016 | $ 0.1 | |||||||
Principal payments due in 2017 | 50 | |||||||
Principal payments due in 2018 | 0.1 | |||||||
Principal payments due in 2019 | 0.1 | |||||||
Principal payments due in 2020 | 215 | |||||||
Principal payments due 2021 and thereafter | 0.1 | |||||||
Interest paid | $ 14.8 | $ 13 | $ 16.1 | |||||
Maximum leverage ratio allowed | 3.50 | |||||||
Minimum interest coverage ratio required | 3 | |||||||
Leverage ratio | 1.27 | |||||||
Interest coverage ratio | 13.39 | |||||||
Private Placement, Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 6.84% | |||||||
Maturity date | Oct. 25, 2017 | |||||||
Payment required on October 25, 2017 | $ 50 | |||||||
Fair value of long-term debt | 54.6 | |||||||
Revolving Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount of credit facility | $ 330 | $ 400 | ||||||
Amount of credit facility outstanding | 215 | |||||||
Additional amount that can be borrowed on facility | $ 185 | |||||||
LIBOR spread | 1.375% | |||||||
Interest rate at end of period | 2.27% | 2.69% | ||||||
LIBOR rate | 0.35% | |||||||
Revolving Credit Agreement [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
LIBOR spread | 1.25% | |||||||
Revolving Credit Agreement [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
LIBOR spread | 1.75% | |||||||
Revolving Credit Agreement [Member] | Interest Rate Swap [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Notional amount | $ 120 | $ 110 | $ 105 | |||||
Fixed interest rate in swap | 2.789% | 2.43% | 1.414% | 2.04% | ||||
LIBOR rate | 0.35% |
Fair-Value Measurements (Schedu
Fair-Value Measurements (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | ||
Derivative asset: | ||||
Common stock of foreign public company, original cost | $ 500 | |||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ||||
Assets: | ||||
Cash equivalents | $ 5,189 | $ 14,096 | ||
Assets held for sale | ||||
Foreign currency options | $ 69 | |||
Common stock of foreign public company | $ 819 | [1] | $ 701 | |
Liabilities: | ||||
Interest rate swaps | ||||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Assets: | ||||
Cash equivalents | ||||
Assets held for sale | ||||
Foreign currency options | ||||
Common stock of foreign public company | ||||
Liabilities: | ||||
Interest rate swaps | $ (2,400) | [2] | $ (1,411) | [3] |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Assets: | ||||
Cash equivalents | ||||
Assets held for sale | $ 4,988 | |||
Foreign currency options | ||||
Common stock of foreign public company | ||||
Liabilities: | ||||
Interest rate swaps | ||||
Interest Rate Swap [Member] | ||||
Derivative liability: | ||||
Liability for fixed rate leg | $ 7,400 | $ 4,300 | ||
Receivable for floating rate leg | $ 9,800 | $ 5,700 | ||
[1] | Original cost basis $0.5 million. | |||
[2] | Net of $7.4 million receivable floating leg and $9.8 million liability fixed leg | |||
[3] | Net of $4.3 million receivable floating leg and $5.7 million liability fixed leg |
Fair-Value Measurements (Narrat
Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | |||
Interest expense | $ 11,841 | $ 12,254 | $ 15,227 |
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Interest expense | $ 2,000 | $ 1,900 |
Fair-Value Measurements (Sch101
Fair-Value Measurements (Schedule of (Losses)/Gains on Changes in Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Foreign Currency Options [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Losses)/gains recognized in income, net | $ 121 | $ (81) | $ (107) |
Other Noncurrent Liabilities (D
Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Noncurrent Liabilities [Abstract] | ||
Pension liabilities | $ 36,782 | $ 37,867 |
Postretirement benefits other than pensions | 55,310 | 60,237 |
Interest rate swap agreement | 2,400 | 1,411 |
Incentive and deferred compensation | 3,421 | $ 2,730 |
Restructuring | 3,320 | |
Other | 311 | $ 834 |
Total | $ 101,544 | $ 103,079 |
Commitments and Contingencie103
Commitments and Contingencies (Narrative) (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015USD ($)claimspolicies | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jan. 31, 2014 | Dec. 31, 2003 | |
Operating leases | |||||
Rental expense | $ 3.5 | $ 4.2 | $ 4.6 | ||
Due in 2016 | 3.4 | ||||
Due in 2017 | 2.2 | ||||
Due in 2018 | 1 | ||||
Due in 2019 | 0.6 | ||||
Due in 2020 and thereafter | $ 0.8 | ||||
Asbestos Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Total resolved claims, by means of settlement or dismissal | claims | 37,341 | ||||
Total cost of resolution | $ 9.4 | ||||
Resolution costs paid by insurance carrier | 100.00% | ||||
Number of policies | policies | 23 | ||||
Confirmed insurance coverage | $ 140 | ||||
Asbestos Litigation [Member] | Policies Exhausted [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of policies | policies | 2 | ||||
Asbestos Litigation [Member] | Other Available Policies [Member] | |||||
Loss Contingencies [Line Items] | |||||
Confirmed insurance coverage | $ 3 | ||||
Asbestos Litigation [Member] | Brandon Drying Fabrics, Inc. [Member] | |||||
Loss Contingencies [Line Items] | |||||
Total resolved claims, by means of settlement or dismissal | claims | 9,893 | ||||
Total cost of resolution | $ 0.2 | ||||
Resolution costs paid by insurance carrier | 100.00% | 88.20% | |||
Percent of resolution costs paid by entity | 11.80% |
Commitments and Contingencie104
Commitments and Contingencies (Schedule of Changes in Claims) (Details) - Asbestos Litigation [Member] $ in Thousands | 12 Months Ended | ||||||||||
Dec. 31, 2015USD ($)claims | Dec. 31, 2014USD ($)claims | Dec. 31, 2013USD ($)claims | Dec. 31, 2012USD ($)claims | Dec. 31, 2011USD ($)claims | Dec. 31, 2010USD ($)claims | Dec. 31, 2009USD ($)claims | Dec. 31, 2008USD ($)claims | Dec. 31, 2007USD ($)claims | Dec. 31, 2006USD ($)claims | Dec. 31, 2005USD ($)claims | |
Loss Contingencies [Line Items] | |||||||||||
Opening Number of Claims | 3,821 | 4,299 | 4,463 | 4,446 | 5,170 | 8,945 | 18,385 | 18,798 | 19,416 | 24,451 | 29,411 |
Claims Dismissed, Settled, or Resolved | 116 | 625 | 230 | 90 | 789 | 3,963 | 9,482 | 523 | 808 | 6,841 | 6,257 |
New Claims | 86 | 147 | 66 | 107 | 65 | 188 | 42 | 110 | 190 | 1,806 | 1,297 |
Closing Number of Claims | 3,791 | 3,821 | 4,299 | 4,463 | 4,446 | 5,170 | 8,945 | 18,385 | 18,798 | 19,416 | 24,451 |
Amounts Paid (thousands) to Settle or Resolve ($) | $ | $ 164 | $ 437 | $ 78 | $ 530 | $ 1,111 | $ 159 | $ 88 | $ 52 | $ 15 | $ 3,879 | $ 504 |
Brandon Drying Fabrics, Inc. [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Opening Number of Claims | 7,730 | 7,815 | 7,867 | 7,877 | 7,869 | 7,907 | 8,664 | 8,740 | 9,114 | 9,566 | 9,985 |
Claims Dismissed, Settled, or Resolved | 18 | 87 | 55 | 12 | 3 | 47 | 760 | 86 | 462 | 1,182 | 642 |
New Claims | 1 | 2 | 3 | 2 | 11 | 9 | 3 | 10 | 88 | 730 | 223 |
Closing Number of Claims | 7,713 | 7,730 | 7,815 | 7,867 | 7,877 | 7,869 | 7,907 | 8,664 | 8,740 | 9,114 | 9,566 |
Amounts Paid (thousands) to Settle or Resolve ($) | $ |
Stock Options and Incentive 105
Stock Options and Incentive Plans (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Prosperity Plus Savings Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred compensation plan expense | $ 4.8 | $ 4.3 | $ 4.1 | |||
Prosperity Plus Savings Plan [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percent of employee contribution matched by the Company | 50.00% | |||||
Prosperity Plus Savings Plan [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percent of employee contribution matched by the Company | 100.00% | |||||
Profit Sharing Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred compensation plan expense | $ 2.4 | 1.5 | 1.6 | |||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Contractual term of stock options, in years | 20 years | |||||
Length of time options are valid after retirement, in years | 10 years | |||||
Aggregate intrinsic value of vested options | $ 1.6 | |||||
Aggregate intrinsic value of options exercised | $ 2 | 0.7 | 3.1 | |||
Long Term Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares of stock authorized for payment of awards | 288,219 | |||||
Shares issued for long term incentive plan | 35,393 | 29,321 | 40,255 | |||
Cash payments in connection with long term incentive plan | $ 1.2 | $ 1.1 | $ 1.1 | |||
Deferred compensation expense | $ 3 | 2.4 | 2.4 | |||
Vesting period | 3 years | |||||
Additional share based compensation expense expected to be recognized in next twelve months | $ 1.5 | |||||
Additional share based compensation expense expected to be recognized in two years | 0.6 | |||||
Long Term Incentive Plan [Member] | Management [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued for long term incentive plan | 19,571 | 15,910 | 34,988 | |||
Cash payments in connection with long term incentive plan | $ 1.5 | $ 1.4 | $ 2 | |||
Deferred compensation expense | $ 3.4 | 2.7 | 2.3 | |||
Long Term Incentive Plan [Member] | Management [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Earned incentive compensation paid in shares of Class A Common Stock | 40.00% | |||||
Long Term Incentive Plan [Member] | Management [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Earned incentive compensation paid in shares of Class A Common Stock | 50.00% | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred compensation expense | $ 0.6 | 1.4 | 2.5 | |||
Vesting period | 5 years | |||||
Additional Restricted Stock Plan [Member] | Management [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred compensation expense | $ 0.3 | 0.7 | 1 | |||
Phantom Stock Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred compensation expense | 2.6 | $ 2.2 | $ 1.5 | |||
Compensation cost not yet recognized | $ 6.6 | |||||
Vesting period | 5 years | |||||
Compensation cost recognition period | 2 years |
Stock Options and Incentive 106
Stock Options and Incentive Plans (Schedules of Stock Option Activity) (Details) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares | |||
Shares under option | 187,233 | 228,533 | 507,313 |
Options canceled | |||
Options exercised | 98,460 | 41,300 | 278,780 |
Shares under option at December 31 | 88,773 | 187,233 | 228,533 |
Options exercisable at December 31 | 88,773 | 187,233 | 228,533 |
Weighted Average Exercise Price | |||
Shares under option January 1 | $ 18.99 | $ 18.94 | $ 19.45 |
Options canceled | |||
Options exercised | $ 19.27 | $ 18.71 | $ 19.87 |
Shares under option December 31 | 18.67 | 18.99 | 18.94 |
Options exercisable December 31 | $ 18.67 | $ 18.99 | $ 18.94 |
Stock Options and Incentive 107
Stock Options and Incentive Plans (Schedules of Executive Management Share-based Compensation Activity) (Details) - Performance Shares [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of shares | |||
Shares/Share units potentially payable, beginning balance | 185,199 | 185,564 | 229,361 |
Forfeitures | |||
Payments | (95,889) | (75,385) | (118,364) |
Shares accrued | 98,998 | 75,020 | 74,567 |
Shares/Share units potentially payable, ending balance | 188,308 | 185,199 | 185,564 |
Weighted average grant date value per share | |||
Shares/Share units potentially payable, beginning balance | $ 30.69 | $ 27.51 | $ 24.13 |
Forfeitures | |||
Payments | $ 29.09 | $ 28.60 | $ 23.05 |
Shares accrued | 38.01 | 34.65 | 31.62 |
Shares/Share units potentially payable, ending balance | $ 35.35 | $ 30.69 | $ 27.51 |
Year-end intrinsic value | |||
Shares potentially payable | $ 5,683 | $ 6,667 | $ 5,202 |
Shares potentially payable | $ 6,657 | $ 5,683 | $ 6,667 |
Stock Options and Incentive 108
Stock Options and Incentive Plans (Schedules of Other Share-based Compensation Activity) (Details) - Restricted Stock [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of shares | |||
Shares/Share units potentially payable, beginning balance | 347,941 | 361,189 | 350,760 |
Grants | 90,065 | 91,631 | 104,554 |
Changes due to performance | 13,966 | (8,793) | |
Payments | (167,482) | (86,840) | (85,902) |
Forfeitures | (31,624) | (9,246) | (8,223) |
Shares/Share units potentially payable, ending balance | 252,866 | 347,941 | 361,189 |
Weighted average grant date value per share | |||
Shares/Share units potentially payable, beginning balance | |||
Grants | |||
Changes due to performance | |||
Payments | $ 36.08 | $ 35.01 | $ 32.71 |
Forfeitures | |||
Shares/Share units potentially payable, ending balance | |||
Cash paid for share based liabilities | $ 6,040 | $ 3,040 | $ 2,810 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - $ / shares shares in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, par value per share | $ 0.001 | $ 0.001 |
Common Stock reserved for the conversion of Class B Common Stock and the exercise of stock options | 3.3 | |
Number of shares authorized to be repurchased | 2 | |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, par value per share | $ 0.001 | $ 0.001 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Activity in Shareholders' Equity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Balance | $ 513,568 | ||
Balance, shares | 31,900,000 | 31,800,000 | |
Net income | $ 57,265 | $ 41,749 | $ 17,658 |
Settlement of certain pension plan liabilities | 103 | 5,167 | |
Balance | $ 502,553 | $ 513,568 | |
Balance, shares | 32,000,000 | 31,900,000 | 31,800,000 |
Common Class B [Member] | |||
Balance, shares | 3,235,048 | ||
Balance, shares | 3,235,048 | 3,235,048 | |
Common Stock [Member] | Common Class A [Member] | |||
Balance | $ 37 | $ 37 | $ 37 |
Balance, shares | 37,085,000 | 36,996,000 | 36,642,000 |
Net income | |||
Compensation and benefits paid or payable in shares | |||
Compensation and benefits paid or payable in shares, shares | 55,000 | 47,000 | 75,000 |
Conversion of Class B shares to Class A shares | |||
Conversion of Class B shares to Class A shares, shares | 1,000 | ||
Initial equity related to Noncontrolling interest in ASC | |||
Changes in equity related to Noncontrolling interest in ASC | |||
Options exercised | |||
Options exercised, shares | 99,000 | 41,000 | 279,000 |
Shares issued to Directors' | |||
Shares issued to Directors', shares | |||
Dividends declared | |||
Cumulative translation adjustments | |||
Pension and postretirement liability adjustments | |||
Derivative valuation adjustment | |||
Balance | $ 37 | $ 37 | $ 37 |
Balance, shares | 37,239,000 | 37,085,000 | 36,996,000 |
Common Stock [Member] | Common Class B [Member] | |||
Balance | $ 3 | $ 3 | $ 3 |
Balance, shares | 3,235,000 | 3,236,000 | 3,236,000 |
Net income | |||
Compensation and benefits paid or payable in shares | |||
Compensation and benefits paid or payable in shares, shares | |||
Conversion of Class B shares to Class A shares | |||
Conversion of Class B shares to Class A shares, shares | (1,000) | ||
Initial equity related to Noncontrolling interest in ASC | |||
Changes in equity related to Noncontrolling interest in ASC | |||
Options exercised | |||
Options exercised, shares | |||
Shares issued to Directors' | |||
Shares issued to Directors', shares | |||
Dividends declared | |||
Cumulative translation adjustments | |||
Pension and postretirement liability adjustments | |||
Derivative valuation adjustment | |||
Balance | $ 3 | $ 3 | $ 3 |
Balance, shares | 3,235,000 | 3,235,000 | 3,236,000 |
Additional Paid-in Capital [Member] | |||
Balance | $ 418,972 | $ 416,728 | $ 395,381 |
Net income | |||
Compensation and benefits paid or payable in shares | $ 1,540 | $ 1,234 | $ (902) |
Conversion of Class B shares to Class A shares | |||
Initial equity related to Noncontrolling interest in ASC | 15,535 | ||
Changes in equity related to Noncontrolling interest in ASC | $ (24) | ||
Options exercised | 2,520 | 974 | 6,670 |
Shares issued to Directors' | $ 76 | $ 60 | $ 44 |
Dividends declared | |||
Cumulative translation adjustments | |||
Pension and postretirement liability adjustments | |||
Derivative valuation adjustment | |||
Balance | $ 423,108 | $ 418,972 | $ 416,728 |
Retained Earnings [Member] | |||
Balance | 456,105 | 434,598 | 435,775 |
Net income | $ 57,279 | $ 41,569 | $ 17,517 |
Compensation and benefits paid or payable in shares | |||
Conversion of Class B shares to Class A shares | |||
Initial equity related to Noncontrolling interest in ASC | |||
Changes in equity related to Noncontrolling interest in ASC | |||
Options exercised | |||
Shares issued to Directors' | |||
Dividends declared | $ (21,434) | $ (20,062) | $ (18,694) |
Cumulative translation adjustments | |||
Pension and postretirement liability adjustments | |||
Derivative valuation adjustment | |||
Balance | $ 491,950 | $ 456,105 | $ 434,598 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Balance | $ (107,767) | $ (49,498) | $ (80,021) |
Net income | |||
Compensation and benefits paid or payable in shares | |||
Conversion of Class B shares to Class A shares | |||
Initial equity related to Noncontrolling interest in ASC | |||
Changes in equity related to Noncontrolling interest in ASC | |||
Options exercised | |||
Shares issued to Directors' | |||
Dividends declared | |||
Cumulative translation adjustments | $ (53,415) | $ (55,102) | $ 7,521 |
Pension and postretirement liability adjustments | 2,941 | (3,283) | 21,101 |
Derivative valuation adjustment | (603) | 116 | 1,901 |
Balance | (158,844) | (107,767) | (49,498) |
Treasury Stock [Member] | |||
Balance | $ (257,481) | $ (257,571) | $ (257,664) |
Balance, shares | 8,459,000 | 8,464,000 | 8,468,000 |
Net income | |||
Compensation and benefits paid or payable in shares | |||
Compensation and benefits paid or payable in shares, shares | |||
Conversion of Class B shares to Class A shares | |||
Conversion of Class B shares to Class A shares, shares | |||
Initial equity related to Noncontrolling interest in ASC | |||
Changes in equity related to Noncontrolling interest in ASC | |||
Options exercised | |||
Options exercised, shares | |||
Shares issued to Directors' | $ 90 | $ 90 | $ 93 |
Shares issued to Directors', shares | (4,000) | (5,000) | (4,000) |
Dividends declared | |||
Cumulative translation adjustments | |||
Pension and postretirement liability adjustments | |||
Derivative valuation adjustment | |||
Balance | $ (257,391) | $ (257,481) | $ (257,571) |
Balance, shares | 8,455,000 | 8,459,000 | 8,464,000 |
Noncontrolling Interest [Member] | |||
Balance | $ 3,699 | $ 3,482 | |
Net income | $ (14) | $ 180 | $ 141 |
Compensation and benefits paid or payable in shares | |||
Conversion of Class B shares to Class A shares | |||
Initial equity related to Noncontrolling interest in ASC | $ 3,341 | ||
Changes in equity related to Noncontrolling interest in ASC | $ 38 | ||
Options exercised | |||
Shares issued to Directors' | |||
Dividends declared | |||
Cumulative translation adjustments | $ 5 | $ (1) | |
Pension and postretirement liability adjustments | |||
Derivative valuation adjustment | |||
Balance | $ 3,690 | $ 3,699 | $ 3,482 |
Quarterly Financial Data (Sched
Quarterly Financial Data (Schedule of Quarterly Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net sales | $ 177,500 | $ 178,800 | $ 172,300 | $ 181,300 | $ 191,600 | $ 179,900 | $ 193,500 | $ 180,300 | $ 189,600 | $ 183,100 | $ 198,000 | $ 186,700 | $ 709,868 | $ 745,345 | $ 757,414 |
Gross profit | 71,700 | 75,700 | 54,600 | 76,700 | 72,900 | 68,600 | 75,300 | 74,800 | 72,400 | 68,000 | 77,400 | 72,800 | 278,686 | 291,635 | 290,554 |
Net income/(loss) attributable to the Company | $ 37,600 | $ 9,700 | $ (2,200) | $ 12,200 | $ 8,000 | $ 11,800 | $ 11,200 | $ 10,600 | $ 8,700 | $ 4,700 | $ (7,400) | $ 11,500 | $ 57,279 | $ 41,569 | $ 17,517 |
Basic earnings per share | $ 1.18 | $ 0.30 | $ (0.07) | $ 0.38 | $ 0.26 | $ 0.37 | $ 0.35 | $ 0.33 | $ 0.27 | $ 0.15 | $ (0.23) | $ 0.36 | $ 1.79 | $ 1.31 | $ 0.55 |
Diluted earnings per share | 1.18 | 0.30 | (0.07) | 0.38 | 0.25 | 0.37 | 0.35 | 0.33 | 0.27 | 0.15 | (0.23) | 0.36 | $ 1.79 | $ 1.30 | $ 0.55 |
Cash dividends per share | 0.17 | 0.17 | 0.17 | 0.16 | 0.16 | 0.16 | 0.16 | 0.15 | 0.15 | 0.15 | 0.15 | 0.14 | |||
Maximum [Member] | |||||||||||||||
Class A Common Stock prices: | 39.25 | 40.21 | 41.15 | 40.31 | 38.15 | 38.53 | 38.01 | 37.59 | 37.25 | 36.53 | 33.90 | 29.87 | |||
Minimum [Member] | |||||||||||||||
Class A Common Stock prices: | $ 28.19 | $ 28.28 | $ 39.15 | $ 34.13 | $ 32.46 | $ 34.04 | $ 33.67 | $ 32.85 | $ 33.81 | $ 32.27 | $ 27.48 | $ 23.21 |
Quarterly Financial Data (Narra
Quarterly Financial Data (Narrative) (Details) | 3 Months Ended | |||||||||||
Dec. 31, 2015owners$ / shares | Sep. 30, 2015$ / shares | Jun. 30, 2015$ / shares | Mar. 31, 2015$ / shares | Dec. 31, 2014$ / shares | Sep. 30, 2014$ / shares | Jun. 30, 2014$ / shares | Mar. 31, 2014$ / shares | Dec. 31, 2013$ / shares | Sep. 30, 2013$ / shares | Jun. 30, 2013$ / shares | Mar. 31, 2013$ / shares | |
Quarterly Financial Data [Abstract] | ||||||||||||
Restructuring charges, per share | $ (0.21) | $ (0.07) | $ (0.02) | $ (0.18) | $ (0.04) | $ (0.02) | $ (0.04) | $ (0.02) | $ (0.03) | $ (0.04) | $ (0.47) | $ (0.01) |
Discrete income tax adjustments, per share | $ 0.85 | $ (0.15) | $ 0 | (0.01) | ||||||||
Gain related to the sale of investment, per share | $ 0.02 | |||||||||||
Gain related to insurance recovery, per share | $ 0.01 | $ 0.03 | ||||||||||
Pension plan settlement, per share | $ (0.16) | |||||||||||
Gain on sale of assets, per share | $ 0.08 | |||||||||||
Number of beneficial owners, including employees owning shares through the Company's 401(k) | owners | 7,500 |
VALUATION AND QUALIFYING ACC113
VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Allowance for Doubtful Accounts [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of period | $ 8,713 | $ 11,274 | $ 11,862 | |
Charge to expense | 744 | (341) | 235 | |
Other | [1] | (927) | (2,220) | (823) |
Balance at end of the period | 8,530 | 8,713 | 11,274 | |
Allowance for Sales Returns [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of period | 17,265 | 22,428 | 19,536 | |
Charge to expense | 10,640 | 13,879 | 25,013 | |
Other | [1] | (13,881) | (19,042) | (22,121) |
Balance at end of the period | 14,024 | 17,265 | 22,428 | |
Valuation Allowance Deferred Tax Assets [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of period | 21,860 | 49,987 | 60,348 | |
Charge to expense | 75 | (3,347) | (8,795) | |
Other | [1] | 2,504 | (24,780) | (1,566) |
Balance at end of the period | $ 24,339 | $ 21,860 | $ 49,987 | |
[1] | Amounts sold, written off, or recovered, and the effect of changes in currency translation rates, are included in Column D. |