Albany International (AIN) 10-Q 3 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	3 Months Ended
	Mar. 31, 2016	Apr. 20, 2016
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Entity Registrant Name	ALBANY INTERNATIONAL CORP /DE/
Entity Central Index Key	819,793
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Filer Category	Large Accelerated Filer
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 ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Net sales	$ 172,331	$ 181,324
Cost of goods sold	99,830	104,640
Gross profit	72,501	76,684
Selling, general and administrative expenses	39,421	35,233
Technical, product engineering, and research expenses	10,132	12,301
Restructuring expenses, net	679	9,001
Operating income	22,269	20,149
Interest expense, net	2,238	2,676
Other income, net	(328)	(3,285)
Income before income taxes	20,359	20,758
Income tax expense	7,043	8,519
Net income	13,316	12,239
Net (loss)/income attributable to the noncontrolling interest	(185)	26
Net income attributable to the Company	$ 13,501	$ 12,213
Earnings per share attributable to Company shareholders - Basic	$ 0.42	$ 0.38
Earnings per share attributable to Company shareholders - Diluted	$ .42	$ .38
Shares of the Company used in computing earnings per share:
Basic	32,041	31,882
Diluted	32,081	31,972
Dividends declared per share, Class A and Class B	$ 0.17	$ 0.16

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 13,316	$ 12,239
Other comprehensive income/(loss), before tax:
Foreign currency translation adjustments	12,741	$ (35,683)
Pension/postretirement plan remeasurement	(170)
Amortization of pension liability adjustments:
Prior service credit	(1,113)	$ (1,109)
Net actuarial loss	1,278	1,505
Payments related to derivatives included in earnings	281	486
Derivative valuation adjustment	(2,852)	$ (1,107)
Income taxes related to items of other comprehensive income/(loss):
Pension/postretirement plan remeasurement	65
Amortization of pension liability adjustment	(49)	$ (139)
Payments related to derivatives included in earnings	(107)	(190)
Derivative valuation adjustment	1,084	432
Comprehensive income/(loss)	24,474	(23,566)
Comprehensive (loss)/income attributable to the noncontrolling interest	(188)	27
Comprehensive income/(loss) attributable to the Company	$ 24,662	$ (23,593)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 169,615	$ 185,113
Accounts receivable, net	150,821	146,383
Inventories	110,356	106,406
Income taxes prepaid and receivable	4,953	2,927
Asset held for sale	5,193	4,988
Prepaid expenses and other current assets	11,796	6,243
Total current assets	452,734	452,060
Property, plant and equipment, net	356,943	357,470
Intangibles	147	154
Goodwill	68,359	66,373
Income taxes receivable and deferred	108,123	108,945
Other assets	28,607	24,560
Total assets	1,014,913	1,009,562
Current liabilities:
Notes and loans payable	590	587
Accounts payable	31,865	26,753
Accrued liabilities	84,450	91,785
Current maturities of long-term debt	16	16
Income taxes payable	3,465	7,090
Total current liabilities	120,386	126,231
Long-term debt	255,076	265,080
Other noncurrent liabilities	102,689	101,544
Deferred taxes and other liabilities	14,057	14,154
Total liabilities	$ 492,208	$ 507,009
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
Additional paid-in capital	$ 424,243	$ 423,108
Retained earnings	499,997	491,950
Accumulated items of other comprehensive income:
Translation adjustments	(95,541)	(108,655)
Pension and postretirement liability adjustments	(49,087)	(48,725)
Derivative valuation adjustment	(3,058)	(1,464)
Treasury stock (Class A), at cost; 8,455,293 shares in 2016 and in 2015	(257,391)	(257,391)
Total Company shareholders' equity	519,203	498,863
Noncontrolling interest	3,502	3,690
Total equity	522,705	502,553
Total liabilities and shareholders' equity	1,014,913	1,009,562
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	Mar. 31, 2016	Dec. 31, 2015
Preferred Stock, par value per share	$ 5	$ 5
Preferred Stock, shares authorized	2,000,000	2,000,000
Preferred Stock, shares issued	0	0
Treasury stock, shares	8,455,293	8,455,293
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	37,302,833	37,238,913
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 FLOW - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OPERATING ACTIVITIES
Net income	$ 13,316	$ 12,239
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	13,124	13,524
Amortization	1,696	1,830
Change in other noncurrent liabilities	(2,636)	(1,552)
Change in deferred taxes and other liabilities	2,529	1,275
Provision for write-off of property, plant and equipment	$ 592	152
Gain on disposition of assets		(1,056)
Excess tax benefit of options exercised	$ (66)	(261)
Compensation and benefits paid or payable in Class A Common Stock	864	576
Changes in operating assets and liabilities that provide/(use) cash:
Accounts receivable	(902)	(13,699)
Inventories	(1,348)	(3,070)
Prepaid expenses and other current assets	(5,382)	(2,705)
Income taxes prepaid and receivable	(1,895)	84
Accounts payable	1,632	3,512
Accrued liabilities	(8,843)	(1,587)
Income taxes payable	(3,836)	(398)
Other, net	(4,801)	(2,455)
Net cash provided by operating activities	4,044	6,409
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(7,993)	(12,211)
Purchased software	$ (82)	(33)
Proceeds from sale or involuntary conversion of assets		2,797
Net cash used in investing activities	$ (8,075)	(9,447)
FINANCING ACTIVITIES
Proceeds from borrowings	12,396	15,274
Principal payments on debt	(22,398)	$ (5,443)
Debt acquisition costs	(200)
Proceeds from options exercised	205	$ 685
Excess tax benefit of options exercised	66	261
Dividends paid	(5,443)	(5,098)
Net cash (used in)/provided by financing activities	(15,374)	5,679
Effect of exchange rate changes on cash and cash equivalents	3,907	(11,605)
Decrease in cash and cash equivalents	(15,498)	(8,964)
Cash and cash equivalents at beginning of period	185,113	179,802
Cash and cash equivalents at end of period	$ 169,615	$ 170,838

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	1. Significant Accounting Policies Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments and elimination of intercompany transactions necessary for a fair presentation of results for such periods. Albany International Corp. (“Albany”) consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in Albany International Corp.’s Consolidated Financial Statements and accompanying Notes. Actual results could differ materially from those estimates. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with “Risk Factors,” “Legal Proceedings,” “Management’s Discussion and Analysis of Financial Condition and Results of Operation,” “Quantitative and Qualitative Disclosures about Market Risk” and the Consolidated Financial Statements and Notes thereto included in Items 1A, 3, 7, 7A and 8, respectively, of the Albany International Corp. Annual Report on Form 10-K for the year ended December 31, 2015. Except as described herein, there has been no material change to the accounting policies applied to our consolidated results and footnote disclosures. In accordance with the accounting guidance for business combinations, we use the acquisition method of accounting to allocate costs of acquired businesses to the assets acquired and liabilities assumed based on their estimated fair values at the dates of acquisition. The excess costs of acquired businesses over the fair values of the assets acquired and liabilities assumed are recognized as goodwill. The valuations of acquired assets and liabilities will impact the determination of future operating results. In addition to using management estimates and negotiated amounts, we use a variety of information sources to determine the estimated fair values of the assets and liabilities, including third-party appraisals for the estimated value and lives of identifiable intangible assets and property and equipment. The business and technical judgment of management is used in determining the useful lives of finite-lived intangible assets in accordance with the accounting guidance for goodwill and intangible assets.

Business Acquisitions

Business Acquisitions	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Business Acquisitions	2. On April 8, 2016, the Company completed the purchase of Harris Corporation’s composite aerostructures business for total consideration of $210 million, including the assumption of a capital lease. The purchase price is subject to a post-closing working capital adjustment. The acquired business, which is now called Albany Aerostructures Composites LLC (“AAC”), will be part of Albany Engineered Composites (“AEC”) segment. The acquisition of AAC significantly increases the growth opportunity for the Company. Allocation of the respective purchase price to the fair value of net assets associated with the AAC acquisition will be performed upon completion of acquisition accounting valuation activities.

Reportable Segments

Reportable Segments	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Reportable Segments	3. Reportable Segments The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements: Three months ended (in thousands) 2016 2015 Net sales Machine Clothing $145,264 $158,494 Albany Engineered Composites 27,067 22,830 Consolidated total $172,331 $181,324 Operating income/(loss) Machine Clothing $37,139 $35,689 Albany Engineered Composites (3,706 ) (3,811 ) Corporate expenses (11,164 ) (11,729 ) Operating income 22,269 20,149 Reconciling items: Interest income (126 ) (340 ) Interest expense 2,364 3,016 Other income, net (328 ) (3,285 ) Income before income taxes $20,359 $20,758 There were no material changes in the total assets of the reportable segments during this period. Total capital expenditures for the first quarter of 2016 were $10.9 million, including amounts that were included in Accounts payable. In the Consolidated Statements of Cash Flows, capital expenditures and accounts payable were each adjusted by $2.9 million to reflect the non-cash nature of that amount. During the first quarter of 2016, the Company recorded expenses of $1.6 million for acquisition related costs incurred during the period. These costs are included in Selling, general and administrative expenses of the AEC segment. The table below presents restructuring costs by reportable segment (also see Note 5): Three months ended (in thousands) 2016 2015 Restructuring expenses, net Machine Clothing $698 $9,001 Albany Engineered Composites - - Corporate expenses (19 ) - Consolidated total $679 $9,001 During the first quarter of 2016 the Company announced the initiation of discussions with the employee Works Council regarding a proposal to discontinue R&D activities at its Machine Clothing production facility in Sélestat, France. The Company is unable to determine the restructuring costs associated with this proposal. See Note 5 for additional information. Machine Clothing restructuring costs in 2016 and 2015 were principally related to ongoing plant closure costs in Göppingen, Germany.

Pensions and Other Postretireme

Pensions and Other Postretirement Benefit Plans	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [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 eligibility, benefit formulas, and contribution requirements for plans outside of the U.S. vary by location. Other Postretirement Benefits The Company also provides certain postretirement life insurance benefits to retired employees in Canada. The Company accrues the cost of providing postretirement benefits during the active service period of the employees. The Company currently funds the plan as claims are paid. The composition of the net periodic benefit plan cost for the three months ended March 31, 2016 and 2015 was as follows: Pension plans Other postretirement benefits (in thousands) 2016 2015 2016 2015 Components of net periodic benefit cost: Service cost $650 $790 $63 $83 Interest cost 1,994 2,013 611 610 Expected return on assets (2,207 ) (2,235 ) - - Amortization of prior service cost/(credit) 9 13 (1,122 ) (1,122 ) Amortization of net actuarial loss 573 670 705 835 Net periodic benefit cost $1,019 $1,251 $257 $406

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring	5. Restructuring During the first quarter of 2016 the Company announced the initiation of discussions with the employee Works Council regarding a proposal to discontinue R&D activities at its Machine Clothing production facility in Sélestat, France. The proposed measures would result in the elimination of 25 positions and the departure of 22 employees. The consultations are subject to applicable law, and until they are concluded the Company is unable to determine the restructuring costs associated with this proposal. Machine Clothing restructuring costs in 2016 and 2015 were principally related to ongoing plant closure costs in Göppingen, Germany. The following table summarizes charges reported in the Consolidated Statements of Income under “Restructuring expenses, net”: Three months ended March 31, (in thousands) 2016 2015 Machine Clothing $698 $9,001 Albany Engineered Composites - - Corporate Expenses (19 ) - Total $679 $9,001 Three months ended March 31,2016 (in thousands) Total restructuring costs incurred Termination and other costs Machine Clothing $698 $698 Albany Engineered Composites - - Corporate Expenses (19 ) (19 ) Total $679 $679 Three months ended March 31, 2015 (in thousands) Total restructuring costs incurred Termination and other costs Machine Clothing $9,001 $9,001 Albany Engineered Composites - - Corporate Expenses - - Total $9,001 $9,001 We expect that approximately $5.6 million of Accrued liabilities for restructuring at March 31, 2016 will be paid within one year and approximately $2.7 million will be paid in the following year. The table below presents the year-to-date changes in restructuring liabilities for 2016 and 2015, all of which related to termination costs: (in thousands) December 31, 2015 Restructuring charges accrued Payments Currency translation /other March 31 , 2016 Total termination costs $10,177 $679 ($2,573 ) $39 $8,322 (in thousands) December 31, 2014 Restructuring charges accrued Payments Currency translation /other March 31, 2015 Total termination costs $1,874 $9,001 ($2,122 ) ($228 ) $8,525

Other Income, net

Other Income, net	3 Months Ended
	Mar. 31, 2016
Other Income and Expenses [Abstract]
Other Income, net	6. Other Income, net The components of other (income)/expense, net are: Three months ended (in thousands) 2016 2015 Currency transaction gains ($479 ) ($2,427 ) Bank fees and amortization of debt issuance costs 152 311 Gain on sale of investment - (872 ) Other (1 ) (297 ) Total ($328 ) ($3,285 ) 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.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes The following table presents components of income tax expense for the three months ended March 31, 2016 and 2015: Three months ended (in thousands) 2016 2015 Income tax based on income from continuing operations, at estimated tax rates of 39.7% and 40.0%, respectively $8,076 $8,300 Income tax before discrete items 8,076 8,300 Discrete tax expense/(benefit): Provision for/resolution of tax audits and contingencies, net (825 ) 83 Other discrete tax adjustments, net (208 ) 45 Enacted tax legislation - 91 Total income tax expense $7,043 $8,519 The first quarter estimated effective tax rate on continuing operations before discrete items was 39.7 percent in 2016, compared to 40.0 percent for the same period in 2015. The Company records the residual U.S. and foreign taxes on certain amounts of current year 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 income tax provision before discrete items, includes the residual taxes on these earnings to the extent they cannot be repatriated in a tax-free manner. As of March 31, 2016, the Company has recorded a deferred tax liability on $59.0 million of prior year non-U.S. earnings that have been targeted for future repatriation to the U.S. 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 and we are currently under audit in various jurisdictions, including Canada and Italy. The open tax years range from 2007 to 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 $0.0 million to a net decrease of $2.3 million, from the reevaluation of uncertain tax positions arising in examinations, in appeals, or in the courts, or from the closure of tax statutes. In the first quarter of 2016, the Company reached a settlement with the German tax authorities over matters that had been outstanding for many years. The German Tax Authority had denied tax positions taken by the Company related to a 1999 reorganization. In 2009, the Company made a payment of $14.5 million in order to appeal the German Tax Authority decision, and we recorded that payment as an income tax receivable. As additional information became available in recent years, we wrote down the receivable by $6.3 million in 2014 and $6.4 million in 2015 ($5.8 million in the third quarter and $0.6 million in the fourth quarter). In April 2016, we received $3.7 million representing the final settlement of this matter, and accordingly, we adjusted our income tax receivable as of March 31, 2016 to that amount, and recorded a discrete tax benefit of $0.5 million for the first quarter of 2016.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
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: Three months ended (in thousands, except market price and earnings per share) 2016 2015 Net income attributable to the Company $13,501 $12,213 Weighted average number of shares: Weighted average number of shares used in calculating basic net income per share 32,041 31,882 Effect of dilutive stock-based compensation plans: Stock options 40 90 Weighted average number of shares used in calculating diluted net income per share 32,081 31,972 Average market price of common stock used for calculation of dilutive shares $35.23 $37.36 Earnings per share attributable to Company shareholders: Basic $0.42 $0.38 Diluted $0.42 $0.38

Noncontrolling Interest

Noncontrolling Interest	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interest [Abstract]
Noncontrolling Interest	9. Noncontrolling Interest The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity: Three months ended (in thousands) 2016 2015 Net (loss)/income of Albany Safran Composites (ASC) $(1,609 ) $511 Less: Return attributable to the Company's preferred holding 238 255 Net (loss)/income of ASC available for common ownership ($1,847 ) $256 Ownership percentage of noncontrolling shareholder 10 % 10 % Net (loss)/income attributable to noncontrolling interest ($185 ) $26 Noncontrolling interest, beginning of year $3,690 $3,699 Net (loss)/income attributable to noncontrolling interest (185 ) 26 Changes in other comprehensive income attributable to noncontrolling interest (3 ) 1 Noncontrolling interest $3,502 $3,726

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (AOCI)	3 Months Ended
	Mar. 31, 2016
Accumulated items of other comprehensive income:
Accumulated Other Comprehensive Income (AOCI)	10. Accumulated Other Comprehensive Income (AOCI) The table below presents changes in the components of AOCI for the period December 31, 2015 to March 31, 2016: (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income December 31, 2015 ($108,655 ) ($48,725 ) ($1,464 ) ($158,844 ) Other comprehensive income/(loss) before reclassifications 13,114 (373 ) (1,768 ) 10,973 Pension/postretirement plan remeasurements, net of tax - (105 ) - (105 ) Interest expense related to swaps reclassified to the Statement of Income, net of tax - - 174 174 Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax - 116 - 116 Net current period other comprehensive income/(loss) 13,114 (362 ) (1,594 ) 11,158 March 31, 2016 ($95,541 ) ($49,087 ) ($3,058 ) ($147,686 ) The table below presents changes in the components of AOCI for the period December 31, 2014 to March 31, 2015: (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income December 31, 2014 ($55,240 ) ($51,666 ) ($861 ) ($107,767 ) Other comprehensive income/(loss) before reclassifications (37,413 ) 1,730 (675 ) (36,358 ) Interest expense related to swaps reclassified to the Statement of Income, net of tax - - 296 296 Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax - 257 - 257 Net current period other comprehensive income/(loss) (37,413 ) 1,987 (379 ) (35,805 ) March 31, 2015 ($92,653 ) ($49,679 ) ($1,240 ) ($143,572 ) The table below presents the expense/(income) amounts reclassified, and the line items of the Consolidated Statements of Income that were affected for the periods ended March 31, 2016 and 2015. Three months ended (in thousands) 2016 2015 Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income: Payments made on interest rate swaps included in Income $281 $486 Income tax effect (107 ) (190 ) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $174 $296 Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: Amortization of prior service credit ($1,113 ) ($1,109 ) Amortization of net actuarial loss 1,278 1,505 Total pretax amount reclassified (b) 165 396 Income tax effect (49 ) (139 ) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $116 $257 (a) Included in Interest expense. (b) These accumulated other comprehensive income/(loss) components are included in the computation of net periodic pension cost (see Note 4).

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Accounts Receivable	11. 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 March 31, 2016 and December 31, 2015, Accounts receivable consisted of the following: (in thousands) March 31, 2016 December 31, 2015 Trade and other accounts receivable $132,215 $123,179 Bank promissory notes 14,560 15,845 Revenue in excess of progress billings 12,569 15,889 Allowance for doubtful accounts (8,523 ) (8,530 ) Total accounts receivable $150,821 $146,383 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	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Inventories	12. 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 or 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 March 31, 2016 and December 31, 2015, inventories consisted of the following: (in thousands) March 31, 2016 December 31, 2015 Raw materials $26,824 $27,636 Work in process 46,884 41,823 Finished goods 36,648 36,947 Total inventories $110,356 $106,406

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	13. 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 and technology assets that have finite lives. The changes in intangible assets and goodwill from December 31, 2015 to March 31, 2016, were as follows: (in thousands) December 31, Amortization Currency Translation March 31, 2016 Amortized intangible assets: AEC trade names $25 $(1 ) $- $24 AEC technology 129 (6 ) - 123 Total amortized intangible assets $154 $(7 ) $- $147 Unamortized intangible assets: Goodwill $66,373 $- $1,986 $68,359 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

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2016
Long-term Debt and Capital Lease Obligations [Abstract]
Financial Instruments	14. Financial Instruments Long-term debt, principally to banks and bondholders, consists of: (in thousands, except interest rates) March 31, 2016 December 31, 2015 Private placement with a fixed interest rate of 6.84%, due 2017 $50,000 $50,000 Credit agreement with borrowings outstanding at an end of period interest rate of 2.34% in 2016 and 2.27% in 2015 (including the effect of interest rate hedging transactions, as described below) 205,000 215,000 Various notes and mortgages relative to operations principally outside the United States, at an average end of period rate of 5.5% in 2016 and 2015, due in varying amounts through 2021 92 96 Long-term debt 255,092 265,096 Less: current portion (16 ) (16 ) Long-term debt, net of current portion $255,076 $265,080 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% and a maturity date of October 25, 2017. The remaining obligation under the Prudential Agreement has a final payment of $50 million due on October 25, 2017. At the noteholders’ election, certain prepayments may also be required in connection with certain asset dispositions or financings. The notes may not otherwise be prepaid without a premium, under certain market conditions. The Prudential Agreement contains customary terms, as well as affirmative covenants, negative covenants, and events of default, comparable to those in our current principal credit facility agreement (as described below). The Prudential Agreement has been amended a number of times, most recently in April 2016, in order to maintain terms comparable to our current principal credit facility. For disclosure purposes, we are required to measure the fair value of outstanding debt on a recurring basis. As of March 31, 2016, the fair value of this debt was approximately $54.3 million, and was measured using active market interest rates, which would be considered Level 2 for fair value measurement purposes. On June 18, 2015, we entered into a $400 million, unsecured Five-Year Revolving Credit Facility Agreement (the “Prior Agreement”), under which $205 million of borrowings were outstanding as of March 31, 2016. The applicable interest rate for borrowings under the Prior Agreement was LIBOR plus a spread, based on our leverage ratio at the time of borrowing. At the time of the last borrowing on March 16, 2016, the spread was 1.375%. The spread was based on a pricing grid, which ranged from 1.250% to 1.750%, based on our leverage ratio. Based on our maximum leverage ratio and our Consolidated EBITDA (as defined in the Prior Agreement), and without modification to any other credit agreements, as of March 31, 2016, we would have been able to borrow an additional $195 million under the Prior Agreement. On April 8, 2016, we entered into a $550 million unsecured Five-Year Revolving Credit Facility Agreement (the “Credit Agreement”) which amends and restates the Prior Agreement. The Credit Agreement contains customary terms, as well as affirmative covenants, negative covenants and events of default comparable to those in the Prior Agreement. The Borrowings are guaranteed by certain of the Company's subsidiaries. Our ability to borrow additional amounts under the Credit Agreement is conditional upon the absence of any defaults, as well as the absence of any material adverse change (as defined in the Credit Agreement). On 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 million of indebtedness drawn under the Credit Agreement at the rate of 1.414% during this period. Under the terms of these transactions, we pay the fixed rate of 1.414% and the counterparties pay a floating rate based on the one-month LIBOR rate at each monthly calculation date, which on March 16, 2016 was 0.450%. The net effect is to fix the effective interest rate on $110 million of indebtedness at 1.414%, plus the applicable spread, during the swap period. On March 16, 2016, the all-in-rate on the $110 million of debt was 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 million of indebtedness drawn under the Credit Agreement at the rate of 2.43% during this period. Under the terms of these transactions, we pay the fixed rate of 2.43% and the counterparties pay a floating rate based on the one-month LIBOR rate at each monthly calculation date, which on March 16, 2016 was 0.45%. The net effect is to fix the effective interest rate on $120 million of indebtedness at 2.43%, plus the applicable spread, during the swap period. These interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 15 of the Notes to Consolidated Financial Statements. No cash collateral was received or pledged in relation to the swap agreements. 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 to 1.00 and minimum interest coverage (as defined) of 3.00 to 1.00. As of March 31, 2016, our leverage ratio, including the pro-forma effect of the acquisition, was 2.57 to 1.00 and our interest coverage ratio was 13.59 to 1.00. We may purchase our Common Stock or pay dividends to the extent our leverage ratio remains at or below 3.50 to 1.00, and may make acquisitions with cash provided our leverage ratio would not exceed 3.50 to 1.00 after giving pro forma effect to the acquisition. 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 March 31, 2016.

Fair-Value Measurements

Fair-Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [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 March 31, 2016 and December 31, 2015, we have Level 3 financial assets of $5.2 million and $5.0 million, respectively. The value as of March 31, 2016 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 measured at fair value: March 31, 2016 December 31, 2015 Quoted prices in active markets Significant other observable inputs Unobservable inputs Quoted prices in active markets Significant other observable inputs Unobservable inputs (in thousands) (Level 1) (Level 2) (Level 3) (Level 1) (Level 2) (Level 3) Fair Value Assets: Cash equivalents $9,028 $- $- $5,189 $- $- Asset held for sale 5,193 4,988 Prepaid expenses and other current assets: Foreign currency options - 263 - - - - Other Assets: Common stock of unaffiliated foreign public company 721 (a) - - 819 - - Liabilities: Other noncurrent liabilities: Interest rate swaps - (4,971 ) (b) - (2,400 ) (c) (a) Original cost basis $0.5 million (b) Net of $4.6 million receivable floating leg and $9.6 million liability fixed leg (c) Net of $7.4 million receivable floating leg and $9.8 million liability fixed leg 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 on 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. Unrealized 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 March 31, 2016, 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. Amounts accumulated in Other comprehensive income are reclassified as Interest expense, net when the related interest payments (that is, the hedged forecasted transactions) affect earnings. Interest expense related to the swaps totaled $0.3 million for the three month period ended March 31, 2016 and $0.5 million for the three month period ended March 31, 2015. 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: Three months ended (in thousands) 2016 2015 Derivatives not designated as hedging instruments Foreign currency options $205 $217

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies	16. Contingencies Asbestos Litigation Albany International Corp. is a defendant in suits brought in various courts in the United States by plaintiffs who allege that they have suffered personal injury as a result of exposure to asbestos-containing 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 3,785 claims as of March 31, 2016. The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented: Year ended December 31, Opening Number of Claims Claims Dismissed, Settled, or Resolved New Claims Closing Number of Claims Amounts Paid (thousands) to Settle or Resolve 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 As of March 31, 2016 3,791 37 31 3,785 $12 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 March 31, 2016 we had resolved, by means of settlement or dismissal, 37,378 claims. The total cost of resolving all claims was $9.4 million. Of this amount, almost 100% was paid by our insurance carrier. The Company’s insurer has confirmed that although the coverage limits under two (of approximately 23) primary insurance policies have been exhausted, there still remains approximately $3 million in coverage limits under other applicable primary policies, and $140 million in coverage under excess umbrella coverage policies that should be available with respect to current and future asbestos claims. 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 7,707 claims as of March 31, 2016. The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented: Year ended December 31, Opening Number of Claims Claims Dismissed, Settled, or Resolved New Claims Closing Number of Claims Amounts Paid (thousands) to Settle or Resolve 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 - As of March 31, 2016 7,713 6 - 7,707 $- 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 March 31, 2016, Brandon has resolved, by means of settlement or dismissal, 9,899 claims for a total of $0.2 million. Brandon’s insurance carriers initially agreed to pay 88.2% of the total indemnification and defense costs related to these proceedings, subject to the standard reservation of rights. The remaining 11.8% of the costs had been borne directly by Brandon. During 2004, Brandon’s insurance carriers agreed to cover 100% of indemnification and defense costs, subject to policy limits and the standard reservation of rights, and to reimburse Brandon for all indemnity and defense costs paid directly by Brandon related to these proceedings. 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.

Changes in Shareholders' Equity

Changes in Shareholders' Equity	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Changes in Shareholders' Equity	17. Changes in Shareholders’ Equity The following table summarizes changes in Shareholders’ Equity: (in thousands) Common Stock Class A and B Additional paid in capital Retained earnings Accumulated items of other comprehensive income/(loss) Treasury stock Noncontrolling Interest Total Equity December 31, 2015 $40 $423,108 $491,950 ($158,844 ) ($257,391 ) $3,690 $502,553 Net income - - 13,501 - - (185 ) 13,316 Compensation and benefits paid or payable in shares - 864 - - - - 864 Options exercised - 271 - - - - 271 Dividends declared - - (5,454 ) - - - (5,454 ) Cumulative translation adjustments - - - 13,114 - (3 ) 13,111 Pension and postretirement liability adjustments - - - (362 ) - - (362 ) Derivative valuation adjustment - - - (1,594 ) - - (1,594 ) March 31, 2016 $40 $424,243 $499,997 ($147,686 ) ($257,391 ) $3,502 $522,705

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	18. Recent Accounting Pronouncements In May 2014, an accounting update was issued that replaces the existing revenue recognition framework regarding contracts with customers. The standard was revised in July 2015 and March 2016. This accounting update is effective for reporting periods beginning after December 31, 2017. Early adoption is permitted but not before the original effective date, which is for reporting periods beginning after December 31, 2016. We have not determined the impact of this update on our financial statements. 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. We adopted this provision as of January 1, 2016 and it did not affect our financial statements. In April 2015 and August 2015, accounting updates were issued which require 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 could result in a minor netting down of assets and liabilities. We adopted this provision as of January 1, 2016 and it did not affect our financial statements. In May 2015, an accounting update was issued which eliminates the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value (NAV) per share. We adopted this provision as of January 1, 2016 and it did not affect 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 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. Adoption of this update did not affect our financial statements. 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. In February 2016, an accounting update was issued which requires lessees to recognize most leases on the balance sheet. The update may significantly increase reported assets and liabilities. This accounting update is effective for reporting periods beginning after December 15, 2018. We have not determined the impact of this update on our financial statements. In March 2016, an accounting update was issued which clarifies that a change in counterparty to a derivative contract, through novation, that is part of a hedge accounting relationship does not, by itself, require dedesignation of that relationship, as long as all other hedge accounting criteria continue to be met. 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 March 2016, an accounting update was issued which simplifies the transition to the equity method of accounting by eliminating the requirement for an investor to retroactively apply the equity method when its increase in ownership interest, or degree of influence, triggers equity method accounting. 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 March 2016, an accounting update was issued which simplifies several aspects related to the accounting for share-based payment transactions, including the income tax consequences, statutory tax withholding requirements, and classification of excess tax benefits on the statement of cash flows. This accounting update is effective for reporting periods beginning after December 15, 2016. Early adoption is permitted. Adoption of this accounting update could increase the volatility of income tax expense. We have not determined the effect of this update on our financial statements.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments and elimination of intercompany transactions necessary for a fair presentation of results for such periods. Albany International Corp. (“Albany”) consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in Albany International Corp.’s Consolidated Financial Statements and accompanying Notes. Actual results could differ materially from those estimates. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with “Risk Factors,” “Legal Proceedings,” “Management’s Discussion and Analysis of Financial Condition and Results of Operation,” “Quantitative and Qualitative Disclosures about Market Risk” and the Consolidated Financial Statements and Notes thereto included in Items 1A, 3, 7, 7A and 8, respectively, of the Albany International Corp. Annual Report on Form 10-K for the year ended December 31, 2015. Except as described herein, there has been no material change to the accounting policies applied to our consolidated results and footnote disclosures. In accordance with the accounting guidance for business combinations, we use the acquisition method of accounting to allocate costs of acquired businesses to the assets acquired and liabilities assumed based on their estimated fair values at the dates of acquisition. The excess costs of acquired businesses over the fair values of the assets acquired and liabilities assumed are recognized as goodwill. The valuations of acquired assets and liabilities will impact the determination of future operating results. In addition to using management estimates and negotiated amounts, we use a variety of information sources to determine the estimated fair values of the assets and liabilities, including third-party appraisals for the estimated value and lives of identifiable intangible assets and property and equipment. The business and technical judgment of management is used in determining the useful lives of finite-lived intangible assets in accordance with the accounting guidance for goodwill and intangible assets.

Reportable Segments and Geograp

Reportable Segments and Geographic Data (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of Financial Data by Reporting Segment	The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements: Three months ended (in thousands) 2016 2015 Net sales Machine Clothing $145,264 $158,494 Albany Engineered Composites 27,067 22,830 Consolidated total $172,331 $181,324 Operating income/(loss) Machine Clothing $37,139 $35,689 Albany Engineered Composites (3,706 ) (3,811 ) Corporate expenses (11,164 ) (11,729 ) Operating income 22,269 20,149 Reconciling items: Interest income (126 ) (340 ) Interest expense 2,364 3,016 Other income, net (328 ) (3,285 ) Income before income taxes $20,359 $20,758
Schedule of Restructuring Costs by Reporting Segment	The table below presents restructuring costs by reportable segment (also see Note 5): Three months ended (in thousands) 2016 2015 Restructuring expenses, net Machine Clothing $698 $9,001 Albany Engineered Composites - - Corporate expenses (19 ) - Consolidated total $679 $9,001

Pensions and Other Postretire27

Pensions and Other Postretirement Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of Net Periodic Benefit Plan Cost	The composition of the net periodic benefit plan cost for the three months ended March 31, 2016 and 2015 was as follows: Pension plans Other postretirement benefits (in thousands) 2016 2015 2016 2015 Components of net periodic benefit cost: Service cost $650 $790 $63 $83 Interest cost 1,994 2,013 611 610 Expected return on assets (2,207 ) (2,235 ) - - Amortization of prior service cost/(credit) 9 13 (1,122 ) (1,122 ) Amortization of net actuarial loss 573 670 705 835 Net periodic benefit cost $1,019 $1,251 $257 $406

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges	The following table summarizes charges reported in the Consolidated Statements of Income under “Restructuring expenses, net”: Three months ended March 31, (in thousands) 2016 2015 Machine Clothing $698 $9,001 Albany Engineered Composites - - Corporate Expenses (19 ) - Total $679 $9,001 Three months ended March 31,2016 (in thousands) Total restructuring costs incurred Termination and other costs Machine Clothing $698 $698 Albany Engineered Composites - - Corporate Expenses (19 ) (19 ) Total $679 $679 Three months ended March 31, 2015 (in thousands) Total restructuring costs incurred Termination and other costs Machine Clothing $9,001 $9,001 Albany Engineered Composites - - Corporate Expenses - - Total $9,001 $9,001
Schedule of Restructuring Liability	The table below presents the year-to-date changes in restructuring liabilities for 2016 and 2015, all of which related to termination costs: (in thousands) December 31, 2015 Restructuring charges accrued Payments Currency translation /other March 31 , 2016 Total termination costs $10,177 $679 ($2,573 ) $39 $8,322 (in thousands) December 31, 2014 Restructuring charges accrued Payments Currency translation /other March 31, 2015 Total termination costs $1,874 $9,001 ($2,122 ) ($228 ) $8,525

Other Income, net (Tables)

Other Income, net (Tables)	3 Months Ended
	Mar. 31, 2016
Other Income and Expenses [Abstract]
Other Income, net	The components of other (income)/expense, net are: Three months ended (in thousands) 2016 2015 Currency transaction gains ($479 ) ($2,427 ) Bank fees and amortization of debt issuance costs 152 311 Gain on sale of investment - (872 ) Other (1 ) (297 ) Total ($328 ) ($3,285 )

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The following table presents components of income tax expense for the three months ended March 31, 2016 and 2015: Three months ended (in thousands) 2016 2015 Income tax based on income from continuing operations, at estimated tax rates of 39.7% and 40.0%, respectively $8,076 $8,300 Income tax before discrete items 8,076 8,300 Discrete tax expense/(benefit): Provision for/resolution of tax audits and contingencies, net (825 ) 83 Other discrete tax adjustments, net (208 ) 45 Enacted tax legislation - 91 Total income tax expense $7,043 $8,519

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule Computing Earnings Per Share	The amounts used in computing earnings per share and the weighted average number of shares of potentially dilutive securities are as follows: Three months ended (in thousands, except market price and earnings per share) 2016 2015 Net income attributable to the Company $13,501 $12,213 Weighted average number of shares: Weighted average number of shares used in calculating basic net income per share 32,041 31,882 Effect of dilutive stock-based compensation plans: Stock options 40 90 Weighted average number of shares used in calculating diluted net income per share 32,081 31,972 Average market price of common stock used for calculation of dilutive shares $35.23 $37.36 Earnings per share attributable to Company shareholders: Basic $0.42 $0.38 Diluted $0.42 $0.38

Noncontrolling Interest (Tables

Noncontrolling Interest (Tables)	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interest [Abstract]
Schedule of Income Attributable to Noncontrolling Interest and Noncontrolling Equity	The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity: Three months ended (in thousands) 2016 2015 Net (loss)/income of Albany Safran Composites (ASC) $(1,609 ) $511 Less: Return attributable to the Company's preferred holding 238 255 Net (loss)/income of ASC available for common ownership ($1,847 ) $256 Ownership percentage of noncontrolling shareholder 10 % 10 % Net (loss)/income attributable to noncontrolling interest ($185 ) $26 Noncontrolling interest, beginning of year $3,690 $3,699 Net (loss)/income attributable to noncontrolling interest (185 ) 26 Changes in other comprehensive income attributable to noncontrolling interest (3 ) 1 Noncontrolling interest $3,502 $3,726

Accumulated Other Comprehensi33

Accumulated Other Comprehensive Income (AOCI) (Tables)	3 Months Ended
	Mar. 31, 2016
Accumulated items of other comprehensive income:
Schedule of Accumulated Other Comprehensive Income	The table below presents changes in the components of AOCI for the period December 31, 2015 to March 31, 2016: (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income December 31, 2015 ($108,655 ) ($48,725 ) ($1,464 ) ($158,844 ) Other comprehensive income/(loss) before reclassifications 13,114 (373 ) (1,768 ) 10,973 Pension/postretirement plan remeasurements, net of tax - (105 ) - (105 ) Interest expense related to swaps reclassified to the Statement of Income, net of tax - - 174 174 Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax - 116 - 116 Net current period other comprehensive income/(loss) 13,114 (362 ) (1,594 ) 11,158 March 31, 2016 ($95,541 ) ($49,087 ) ($3,058 ) ($147,686 ) The table below presents changes in the components of AOCI for the period December 31, 2014 to March 31, 2015: (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income December 31, 2014 ($55,240 ) ($51,666 ) ($861 ) ($107,767 ) Other comprehensive income/(loss) before reclassifications (37,413 ) 1,730 (675 ) (36,358 ) Interest expense related to swaps reclassified to the Statement of Income, net of tax - - 296 296 Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax - 257 - 257 Net current period other comprehensive income/(loss) (37,413 ) 1,987 (379 ) (35,805 ) March 31, 2015 ($92,653 ) ($49,679 ) ($1,240 ) ($143,572 )
Schedule of Accumulated Other Comprehensive Income Components Reclassified to Statement of Income	The table below presents the expense/(income) amounts reclassified, and the line items of the Consolidated Statements of Income that were affected for the periods ended March 31, 2016 and 2015. Three months ended (in thousands) 2016 2015 Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income: Payments made on interest rate swaps included in Income $281 $486 Income tax effect (107 ) (190 ) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $174 $296 Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: Amortization of prior service credit ($1,113 ) ($1,109 ) Amortization of net actuarial loss 1,278 1,505 Total pretax amount reclassified (b) 165 396 Income tax effect (49 ) (139 ) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $116 $257 (a) Included in Interest expense. (b) These accumulated other comprehensive income/(loss) components are included in the computation of net periodic pension cost (see Note 4).

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Schedule of Accounts Receivable	As of March 31, 2016 and December 31, 2015, Accounts receivable consisted of the following: (in thousands) March 31, 2016 December 31, 2015 Trade and other accounts receivable $132,215 $123,179 Bank promissory notes 14,560 15,845 Revenue in excess of progress billings 12,569 15,889 Allowance for doubtful accounts (8,523 ) (8,530 ) Total accounts receivable $150,821 $146,383

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Schedule of Inventories	As of March 31, 2016 and December 31, 2015, inventories consisted of the following: (in thousands) March 31, 2016 December 31, 2015 Raw materials $26,824 $27,636 Work in process 46,884 41,823 Finished goods 36,648 36,947 Total inventories $110,356 $106,406

Goodwill and Other Intangible36

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Intangible Assets and Goodwill	The changes in intangible assets and goodwill from December 31, 2015 to March 31, 2016, were as follows: (in thousands) December 31, Amortization Currency Translation March 31, 2016 Amortized intangible assets: AEC trade names $25 $(1 ) $- $24 AEC technology 129 (6 ) - 123 Total amortized intangible assets $154 $(7 ) $- $147 Unamortized intangible assets: Goodwill $66,373 $- $1,986 $68,359
Schedule of Estimated Amortization Expense	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

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Long-term Debt and Capital Lease Obligations [Abstract]
Schedule of Long-Term Debt	Long-term debt, principally to banks and bondholders, consists of: (in thousands, except interest rates) March 31, 2016 December 31, 2015 Private placement with a fixed interest rate of 6.84%, due 2017 $50,000 $50,000 Credit agreement with borrowings outstanding at an end of period interest rate of 2.34% in 2016 and 2.27% in 2015 (including the effect of interest rate hedging transactions, as described below) 205,000 215,000 Various notes and mortgages relative to operations principally outside the United States, at an average end of period rate of 5.5% in 2016 and 2015, due in varying amounts through 2021 92 96 Long-term debt 255,092 265,096 Less: current portion (16 ) (16 ) Long-term debt, net of current portion $255,076 $265,080

Fair-Value Measurements (Tables

Fair-Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets and Liabilities	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 measured at fair value: March 31, 2016 December 31, 2015 Quoted prices in active markets Significant other observable inputs Unobservable inputs Quoted prices in active markets Significant other observable inputs Unobservable inputs (in thousands) (Level 1) (Level 2) (Level 3) (Level 1) (Level 2) (Level 3) Fair Value Assets: Cash equivalents $9,028 $- $- $5,189 $- $- Asset held for sale 5,193 4,988 Prepaid expenses and other current assets: Foreign currency options - 263 - - - - Other Assets: Common stock of unaffiliated foreign public company 721 (a) - - 819 - - Liabilities: Other noncurrent liabilities: Interest rate swaps - (4,971 ) (b) - (2,400 ) (c) (a) Original cost basis $0.5 million (b) Net of $4.6 million receivable floating leg and $9.6 million liability fixed leg (c) Net of $7.4 million receivable floating leg and $9.8 million liability fixed leg
Schedule of (Losses)/Gains on Changes in Fair Value of Derivative Instruments	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: Three months ended (in thousands) 2016 2015 Derivatives not designated as hedging instruments Foreign currency options $205 $217

Contingencies (Tables)

Contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
Schedule of Changes in Claims	The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented: Year ended December 31, Opening Number of Claims Claims Dismissed, Settled, or Resolved New Claims Closing Number of Claims Amounts Paid (thousands) to Settle or Resolve 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 As of March 31, 2016 3,791 37 31 3,785 $12
Brandon Drying Fabrics, Inc. [Member]
Schedule of Changes in Claims	The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented: Year ended December 31, Opening Number of Claims Claims Dismissed, Settled, or Resolved New Claims Closing Number of Claims Amounts Paid (thousands) to Settle or Resolve 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 - As of March 31, 2016 7,713 6 - 7,707 $-

Changes in Shareholders' Equi40

Changes in Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Schedule of Activity in Shareholders' Equity	The following table summarizes changes in Shareholders’ Equity: (in thousands) Common Stock Class A and B Additional paid in capital Retained earnings Accumulated items of other comprehensive income/(loss) Treasury stock Noncontrolling Interest Total Equity December 31, 2015 $40 $423,108 $491,950 ($158,844 ) ($257,391 ) $3,690 $502,553 Net income - - 13,501 - - (185 ) 13,316 Compensation and benefits paid or payable in shares - 864 - - - - 864 Options exercised - 271 - - - - 271 Dividends declared - - (5,454 ) - - - (5,454 ) Cumulative translation adjustments - - - 13,114 - (3 ) 13,111 Pension and postretirement liability adjustments - - - (362 ) - - (362 ) Derivative valuation adjustment - - - (1,594 ) - - (1,594 ) March 31, 2016 $40 $424,243 $499,997 ($147,686 ) ($257,391 ) $3,502 $522,705

Business Acquisitions (Details)

Business Acquisitions (Details) $ in Millions	Apr. 08, 2016USD ($)
Subsequent Event [Member] | Harris Corporation's Composite Aerostructures Division [Member]
Business Acquisition [Line Items]
Total consideration for acquisition	$ 210

Reportable Segments and Geogr42

Reportable Segments and Geographic Data (Schedule of Financial Data by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Net sales	$ 172,331	$ 181,324
Operating income/(loss)	22,269	20,149
Interest income	(1,857)
Interest expense	2,238	2,676
Other income, net	(328)	(3,285)
Income before income taxes	20,359	20,758
Capital expenditures including amounts that were included in accounts payable	10,900
Adjustment to capital expenditures and accounts payable amounts in cash flows to reflect non-cash amount	2,900
Acquisition related costs	1,600
Corporate Expenses [Member]
Segment Reporting Information [Line Items]
Operating income/(loss)	(11,164)	(11,729)
Significant Reconciling Items [Member]
Segment Reporting Information [Line Items]
Interest income	(126)	(340)
Interest expense	2,364	3,016
Other income, net	(328)	(3,285)
Machine Clothing [Member]
Segment Reporting Information [Line Items]
Net sales	145,264	158,494
Operating income/(loss)	37,139	35,689
Albany Engineered Composites [Member]
Segment Reporting Information [Line Items]
Net sales	27,067	22,830
Operating income/(loss)	$ (3,706)	$ (3,811)

Reportable Segments and Geogr43

Reportable Segments and Geographic Data (Schedule of Restructuring Costs by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Restructuring expenses, net	$ 679	$ 9,001
Corporate Expenses [Member]
Segment Reporting Information [Line Items]
Restructuring expenses, net	(19)
Machine Clothing [Member]
Segment Reporting Information [Line Items]
Restructuring expenses, net	$ 698	$ 9,001
Albany Engineered Composites [Member]
Segment Reporting Information [Line Items]
Restructuring expenses, net

Pensions and Other Postretire44

Pensions and Other Postretirement Benefit Plans (Schedule of Net Periodic Benefit Plan Cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 650	$ 790
Interest cost	1,994	2,013
Expected return on assets	(2,207)	(2,235)
Amortization of prior service cost/(credit)	9	13
Amortization of net actuarial loss	573	670
Net periodic benefit cost	1,019	1,251
Other Postretirement Benefits [Member]
Components of net periodic benefit cost:
Service cost	63	83
Interest cost	$ 611	$ 610
Expected return on assets
Amortization of prior service cost/(credit)	$ (1,122)	$ (1,122)
Amortization of net actuarial loss	705	835
Net periodic benefit cost	$ 257	$ 406

Restructuring (Narrative) (Deta

Restructuring (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)PositionsEmployees
Restructuring and Related Activities [Abstract]
Reduction in positions from restructuring | Positions	25
Number of employee departures from restructuring | Employees	22
Accrued liabilities for restructuring charges	$ 5.6
Restructuring reserve, noncurrent	$ 2.7

Restructuring (Schedule of Rest

Restructuring (Schedule of Restructuring Charges) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restructuring expenses, net
Restructuring expenses, net	$ 679	$ 9,001
Machine Clothing [Member]
Restructuring expenses, net
Restructuring expenses, net	$ 698	$ 9,001
Albany Engineered Composites [Member]
Restructuring expenses, net
Restructuring expenses, net
Termination and Other Costs [Member]
Restructuring expenses, net
Restructuring expenses, net	$ 679	$ 9,001
Termination and Other Costs [Member] | Machine Clothing [Member]
Restructuring expenses, net
Restructuring expenses, net	$ 698	$ 9,001
Termination and Other Costs [Member] | Albany Engineered Composites [Member]
Restructuring expenses, net
Restructuring expenses, net
Corporate Expenses [Member]
Restructuring expenses, net
Restructuring expenses, net	$ (19)
Corporate Expenses [Member] | Termination and Other Costs [Member]
Restructuring expenses, net
Restructuring expenses, net	$ (19)

Restructuring (Schedule of Re47

Restructuring (Schedule of Restructuring Liability) (Details) - Termination Costs [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restructuring Reserve [Roll Forward]
Beginning balance	$ 10,177	$ 1,874
Restructuring charges accrued	679	9,001
Payments	(2,573)	(2,122)
Currency translation/other	39	(228)
Ending balance	$ 8,322	$ 8,525

Other Income, net (Details)

Other Income, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Other Income and Expenses [Abstract]
Currency transaction gains	$ (479)	$ (2,427)
Bank fees and amortization of debt issuance costs	$ 152	311
Gain on sale of investment		(872)
Other	$ (1)	(297)
Total	$ (328)	$ (3,285)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2009	Apr. 30, 2016
Income Tax Disclosure [Line Items]
Net increase from the reevaluation of uncertain tax positions arising in examinations	$ 0
Net decrease from the reevaluation of uncertain tax positions arising in examinations	$ 2,300
Income Tax Expense Benefit Estimated Tax Rate	39.70%			40.00%
Earliest Tax Year [Member]
Income Tax Disclosure [Line Items]
Open tax years	2,007
Latest Tax Year [Member]
Income Tax Disclosure [Line Items]
Open tax years	2,015
Scenario, Plan [Member]
Income Tax Disclosure [Line Items]
Foreign Earnings Repatriated	$ 59,400
Subsequent Event [Member]
Income Tax Disclosure [Line Items]
Final settlement with tax authority								$ 3,700
Federal Ministry of Finance, Germany [Member]
Income Tax Disclosure [Line Items]
Payment to taxing authority to pursue litigation							$ 14,500
Recognized current and deferred tax benefits	$ 500
Adjustment of certain deferred tax assets		$ 600	$ 5,800		$ 6,400	$ 6,300

Income Taxes (Schedule of Compo

Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income tax based on income from continuing operations, at estimated tax rates of 39.7% and 40.0%, respectively	$ 8,076	$ 8,300
Income tax before discrete items	8,076	8,300
Provision for/resolution of tax audits and contingencies, net	(825)	83
Other discrete tax adjustments, net	$ (208)	45
Enacted legislation change		91
Total income tax expense	$ 7,043	$ 8,519
Estimated tax rate	39.70%	40.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net income attributable to the Company	$ 13,501	$ 12,213
Weighted average number of shares used in calculating basic net income per share	32,041	31,882
Stock options	40	90
Weighted average number of shares used in calculating diluted net income per share	32,081	31,972
Average market price of common stock used for calculation of dilutive shares	$ 35.23	$ 37.36
Basic	0.42	0.38
Diluted	$ .42	$ .38

Noncontrolling Interest (Detail

Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Noncontrolling Interest [Line Items]
Net (loss)/income of Albany Safran Composites, LLC (ASC)	$ 13,316	$ 12,239
Net (loss)/income of ASC available for common ownership	13,501	12,213
Net (loss)/income attributable to noncontrolling interest	(185)	26
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year	3,690
Net (loss)/income attributable to noncontrolling interest	(185)	26
Noncontrolling interest	3,502
Albany Safran Composites, LLC [Member]
Noncontrolling Interest [Line Items]
Net (loss)/income of Albany Safran Composites, LLC (ASC)	(1,609)	511
Less: Return attributable to the Company's preferred holding	238	255
Net (loss)/income of ASC available for common ownership	$ (1,847)	$ 256
Ownership percentage of noncontrolling shareholder	10.00%	10.00%
Net (loss)/income attributable to noncontrolling interest	$ (185)	$ 26
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year	3,690	3,699
Net (loss)/income attributable to noncontrolling interest	(185)	26
Changes in other comprehensive income attributable to noncontrolling interest	(3)	1
Noncontrolling interest	$ 3,502	$ 3,726

Accumulated Other Comprehensi53

Accumulated Other Comprehensive Income (AOCI) (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (158,844)	$ (107,767)
Other comprehensive income/(loss) before reclassifications	10,973	(36,358)
Pension/postretirement plan remeasurements, net of tax	(105)
Interest expense related to swaps reclassified to the Statement of Income, net of tax	174	296
Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax	116	257
Net current period other comprehensive income/(loss)	11,158	(35,805)
Ending balance	(147,686)	(143,572)
Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(108,655)	(55,240)
Other comprehensive income/(loss) before reclassifications	$ 13,114	$ (37,413)
Pension/postretirement plan remeasurements, net of tax
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/(loss)	$ 13,114	$ (37,413)
Ending balance	(95,541)	(92,653)
Pension and Postretirement Liability Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(48,725)	(51,666)
Other comprehensive income/(loss) before reclassifications	(373)	$ 1,730
Pension/postretirement plan remeasurements, net of tax	$ (105)
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	$ 116	$ 257
Net current period other comprehensive income/(loss)	(362)	1,987
Ending balance	(49,087)	(49,679)
Derivative Valuation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(1,464)	(861)
Other comprehensive income/(loss) before reclassifications	$ (1,768)	$ (675)
Pension/postretirement plan remeasurements, net of tax
Interest expense related to swaps reclassified to the Statement of Income, net of tax	$ 174	$ 296
Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax
Net current period other comprehensive income/(loss)	$ (1,594)	$ (379)
Ending balance	$ (3,058)	$ (1,240)

Accumulated Other Comprehensi54

Accumulated Other Comprehensive Income (AOCI) (Schedule of Items Reclassified to Statement of Income) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Payments made on interest rate swaps included in Income before taxes		$ 2,238	$ 2,676
Total pretax amount reclassified		(20,359)	(20,758)
Income tax effect		7,043	8,519
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income		(13,501)	(12,213)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative Valuation Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Payments made on interest rate swaps included in Income before taxes	[1]	281	486
Income tax effect		(107)	(190)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income		174	296
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension and Postretirement Liability Adjustments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total pretax amount reclassified	[2]	165	396
Income tax effect		(49)	(139)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income		116	257
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total pretax amount reclassified		(1,113)	(1,109)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total pretax amount reclassified		$ 1,278	$ 1,505
[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).

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Receivables [Abstract]
Trade and other accounts receivable	$ 132,215	$ 123,179
Bank promissory notes	14,560	15,845
Revenue in excess of progress billings	12,569	15,889
Allowance for doubtful accounts	(8,523)	(8,530)
Total accounts receivable	$ 150,821	$ 146,383

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 26,824	$ 27,636
Work in process	46,884	41,823
Finished goods	36,648	36,947
Total inventories	$ 110,356	$ 106,406

Goodwill and Other Intangible57

Goodwill and Other Intangible Assets (Schedule of Changes in Intangible Assets and Goodwill) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Amortized intangible assets:
Beginning balance	$ 154
Amortization	$ (7)
Currency Translation
Ending balance	$ 147
Goodwill
Beginning balance	$ 66,373
Amortization
Currency translation	$ 1,986
Ending balance	68,359
AEC Trade Names [Member]
Amortized intangible assets:
Beginning balance	25
Amortization	$ (1)
Currency Translation
Ending balance	$ 24
AEC Technology [Member]
Amortized intangible assets:
Beginning balance	129
Amortization	$ (6)
Currency Translation
Ending balance	$ 123

Goodwill and Other Intangible58

Goodwill and Other Intangible Assets (Schedule of Estimated Amortization Expense) (Details) $ in Thousands	Mar. 31, 2016USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,016	$ 29
2,017	29
2,018	29
2,019	29
2,020	$ 29

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Details) $ in Millions	Mar. 16, 2016	Mar. 31, 2016USD ($)	Dec. 31, 2014USD ($)	Apr. 08, 2016USD ($)	Dec. 31, 2015	Jul. 16, 2015USD ($)	Jun. 18, 2015USD ($)	May. 20, 2013USD ($)
Debt Instrument [Line Items]
Interest paid		$ 14.8	$ 13
Maximum leverage ratio allowed		3.50
Minimum interest coverage ratio required		3
Leverage ratio		2.57
Interest coverage ratio		13.59
Private Placement, Notes [Member]
Debt Instrument [Line Items]
Interest rate		6.84%			6.84%
Maturity date		Oct. 25, 2017
Payment required on October 25, 2017		$ 50
Fair value of long-term debt		54.3
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Amount of credit facility							$ 400
Amount of credit facility outstanding		205
Additional amount that can be borrowed on facility		$ 195
LIBOR spread	1.375%
Interest rate at end of period		2.34%			2.27%
LIBOR rate	0.45%
Revolving Credit Agreement [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Notional amount						$ 120		$ 110
Fixed interest rate in swap	2.789%					2.43%		1.414%
LIBOR rate	0.45%					0.35%
Revolving Credit Agreement [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Amount of credit facility				$ 550
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%

Financial Instruments (Schedule

Financial Instruments (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term debt	$ 255,092	$ 265,096
Less: current portion	(16)	(16)
Long-term debt, net of current portion	255,076	265,080
Private Placement, Notes [Member]
Debt Instrument [Line Items]
Long-term debt	$ 50,000	$ 50,000
Interest rate	6.84%	6.84%
Maturity date range, end	Dec. 31, 2017
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term debt	$ 205,000	$ 215,000
Interest rate at end of period	2.34%	2.27%
Various Notes and Mortgages [Member]
Debt Instrument [Line Items]
Long-term debt	$ 92	$ 96
Interest rate at end of period	5.50%	5.50%
Maturity date range, end	Dec. 31, 2021

Fair-Value Measurements (Narrat

Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative [Line Items]
Interest expense	$ 2,238	$ 2,676
Interest Rate Swap [Member]
Derivative [Line Items]
Interest expense	$ 300	$ 500

Fair-Value Measurements (Schedu

Fair-Value Measurements (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2016		Dec. 31, 2015
Assets:
Common stock of unaffiliated foreign public company	$ 500
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Cash equivalents	$ 9,028		$ 5,189
Assets held for sale
Foreign currency options
Common stock of unaffiliated foreign public company	$ 721	[1]	$ 819
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	$ 263
Common stock of unaffiliated foreign public company
Liabilities:
Interest rate swaps	$ (4,971)	[2]	$ (2,400)	[3]
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets:
Cash equivalents
Assets held for sale	$ 5,193		$ 4,988
Foreign currency options
Common stock of unaffiliated foreign public company
Liabilities:
Interest rate swaps
Interest Rate Swap [Member]
Derivative liability:
Liability for fixed rate leg	$ 4,600		$ 7,400
Receivable for floating rate leg	$ 9,600		$ 9,800
[1]	Original cost basis $0.5 million
[2]	Net of $4.6 million receivable floating leg and $9.6 million liability fixed leg
[3]	Net of $7.4 million receivable floating leg and $9.8 million liability fixed leg

Fair-Value Measurements (Sche63

Fair-Value Measurements (Schedule of (Losses)/Gains on Changes in Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value Disclosures [Abstract]
(Losses)/gains recognized in income, net	$ 205	$ 217

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - Asbestos Litigation [Member] $ in Millions	Mar. 31, 2016USD ($)claimspolicies	Dec. 31, 2015USD ($)claims	Jan. 31, 2014	Dec. 31, 2003
Loss Contingencies [Line Items]
Total resolved claims, by means of settlement or dismissal | claims	37,378	37,341
Total cost of resolution	$ 9.4	$ 9.4
Resolution costs paid by insurance carrier	100.00%
Number of policies | policies	23
Confirmed insurance coverage	$ 140
Policies Exhausted [Member]
Loss Contingencies [Line Items]
Number of policies | policies	2
Other Available Policies [Member]
Loss Contingencies [Line Items]
Confirmed insurance coverage	$ 3
Brandon Drying Fabrics, Inc. [Member]
Loss Contingencies [Line Items]
Total resolved claims, by means of settlement or dismissal | claims	9,899
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 Contingencies65

Commitments and Contingencies (Schedule of Changes in Claims) (Details) - Asbestos Litigation [Member] $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)claims	Dec. 31, 2015USD ($)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	3,791	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	37	116	625	230	90	789	3,963	9,482	523	808	6,841	6,257
New Claims	31	86	147	66	107	65	188	42	110	190	1,806	1,297
Closing Number of Claims	3,785	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 ($) | $	$ 12	$ 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	7,713	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	6	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	7,707	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 ($) | $

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule of Activity in Shareholders' Equity) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Balance	$ 502,553
Net income	13,316	$ 12,239
Compensation and benefits paid or payable in shares	864
Options exercised	271
Dividends declared	(5,454)
Cumulative translation adjustments	13,111
Pension and postretirement liability adjustments	(362)
Derivative valuation adjustment	(1,594)
Balance	522,705
Common Stock [Member]
Balance	$ 40
Net income
Compensation and benefits paid or payable in shares
Options exercised
Dividends declared
Cumulative translation adjustments
Pension and postretirement liability adjustments
Derivative valuation adjustment
Balance	$ 40
Additional Paid-in Capital [Member]
Balance	$ 423,108
Net income
Compensation and benefits paid or payable in shares	$ 864
Options exercised	$ 271
Dividends declared
Cumulative translation adjustments
Pension and postretirement liability adjustments
Derivative valuation adjustment
Balance	$ 424,243
Retained Earnings [Member]
Balance	491,950
Net income	$ 13,501
Compensation and benefits paid or payable in shares
Options exercised
Dividends declared	$ (5,454)
Cumulative translation adjustments
Pension and postretirement liability adjustments
Derivative valuation adjustment
Balance	$ 499,997
Accumulated Other Comprehensive Income (Loss) [Member]
Balance	$ (158,844)
Net income
Compensation and benefits paid or payable in shares
Options exercised
Dividends declared
Cumulative translation adjustments	$ 13,114
Pension and postretirement liability adjustments	(362)
Derivative valuation adjustment	(1,594)
Balance	(147,686)
Treasury Stock [Member]
Balance	$ (257,391)
Net income
Compensation and benefits paid or payable in shares
Options exercised
Dividends declared
Cumulative translation adjustments
Pension and postretirement liability adjustments
Derivative valuation adjustment
Balance	$ (257,391)
Noncontrolling Interest [Member]
Balance	3,690
Net income	$ (185)
Compensation and benefits paid or payable in shares
Options exercised
Dividends declared
Cumulative translation adjustments	$ (3)
Pension and postretirement liability adjustments
Derivative valuation adjustment
Balance	$ 3,502