Albany International (AIN) 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information shares in Millions	3 Months Ended
	Mar. 31, 2017shares
Entity Registrant Name	ALBANY INTERNATIONAL CORP /DE/
Entity Central Index Key	819,793
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,017
Common Class A [Member]
Entity Common Stock, Shares Outstanding	28.9
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, 2017	Mar. 31, 2016
Income Statement [Abstract]
Net sales	$ 199,277	$ 172,331
Cost of goods sold	123,372	99,830
Gross profit	75,905	72,501
Selling, general, and administrative expenses	40,906	39,421
Technical and research expenses	10,262	10,132
Restructuring expenses, net	2,681	679
Operating income	22,056	22,269
Interest expense, net	4,328	2,238
Other expense/(income), net	204	(328)
Income before income taxes	17,524	20,359
Income tax expense	6,550	7,043
Net income	10,974	13,316
Net income/(loss) attributable to the noncontrolling interest	135	(185)
Net income attributable to the Company	$ 10,839	$ 13,501
Earnings per share attributable to Company shareholders - Basic	$ 0.34	$ 0.42
Earnings per share attributable to Company shareholders - Diluted	$ 0.34	$ 0.42
Shares of the Company used in computing earnings per share:
Basic	32,128	32,041
Diluted	32,164	32,081
Dividends declared per share, Class A and Class B	$ 0.17	$ 0.17

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 10,974	$ 13,316
Other comprehensive income/(loss), before tax:
Foreign currency translation adjustments	9,938	12,741
Pension/postretirement plan remeasurement		(170)
Amortization of pension liability adjustments:
Prior service credit	(1,113)	(1,113)
Net actuarial loss	1,347	1,278
Payments related to interest rate swaps included in earnings	600	281
Derivative valuation adjustment	416	(2,852)
Income taxes related to items of other comprehensive income/(loss):
Pension/postretirement plan remeasurement		65
Amortization of pension liability adjustment	(70)	(49)
Payments related to interest rate swaps included in earnings	(228)	(107)
Derivative valuation adjustment	(158)	1,084
Comprehensive income	21,706	24,474
Comprehensive income/(loss) attributable to the noncontrolling interest	140	(188)
Comprehensive income attributable to the Company	$ 21,566	$ 24,662

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 143,333	$ 181,742
Accounts receivable, net	174,339	171,193
Inventories	150,481	133,906
Income taxes prepaid and receivable	5,224	5,213
Prepaid expenses and other current assets	11,245	9,251
Total current assets	484,622	501,305
Property, plant and equipment, net	432,465	422,564
Intangibles, net	64,685	66,454
Goodwill	161,089	160,375
Income taxes receivable and deferred	69,505	68,865
Contract receivables	17,960	14,045
Other assets	31,799	29,825
Total assets	1,262,125	1,263,433
Current liabilities:
Notes and loans payable	274	312
Accounts payable	43,756	43,305
Accrued liabilities	85,151	95,195
Current maturities of long-term debt	51,699	51,666
Income taxes payable	7,199	9,531
Total current liabilities	188,079	200,009
Long-term debt	428,477	432,918
Other noncurrent liabilities	104,262	106,827
Deferred taxes and other liabilities	12,714	12,389
Total liabilities	733,532	752,143
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
Additional paid in capital	427,017	425,953
Retained earnings	528,227	522,855
Accumulated items of other comprehensive income:
Translation adjustments	(123,172)	(133,298)
Pension and postretirement liability adjustments	(51,748)	(51,719)
Derivative valuation adjustment	1,458	828
Treasury stock (Class A), at cost 8,445,342 shares in 2016 and 8,455,293 shares in 2015 and 2016	(257,136)	(257,136)
Total Company shareholders' equity	524,686	507,523
Noncontrolling interest	3,907	3,767
Total equity	528,593	511,290
Total liabilities and shareholders' equity	1,262,125	1,263,433
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, 2017	Dec. 31, 2016
Preferred Stock, par value per share	$ 5	$ 5
Preferred Stock, shares authorized	2,000,000	2,000,000
Preferred Stock, shares issued	0	0
Common 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	37,368,649	37,319,266
Treasury stock, shares	8,443,444	8,443,444
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	3,233,998	3,233,998
Common Stock, shares outstanding	3,233,998	3,233,998

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
OPERATING ACTIVITIES
Net income	$ 10,974	$ 13,316
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Depreciation	14,644	13,124
Amortization	2,649	1,696
Change in other noncurrent liabilities	(1,596)	(1,364)
Change in deferred taxes and other liabilities	(612)	2,529
Provision for write-off of property, plant and equipment	296	592
Non-cash interest expense	211
Compensation and benefits paid or payable in Class A Common Stock	989	864
Changes in operating assets and liabilities that provide/(use) cash:
Accounts receivable	(741)	(902)
Inventories	(14,921)	(1,348)
Prepaid expenses and other current assets	(1,917)	(5,382)
Income taxes prepaid and receivable		(1,895)
Accounts payable	3,524	1,632
Accrued liabilities	(10,971)	(8,843)
Income taxes payable	(2,486)	(3,836)
Contract receivables	(3,915)
Other, net	(700)	(4,801)
Net cash (used in)/provided by operating activities	(4,572)	5,382
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(25,045)	(7,993)
Purchased software	(38)	(82)
Net cash used in investing activities	(25,083)	(8,075)
FINANCING ACTIVITIES
Proceeds from borrowings	16,145	12,396
Principal payments on debt	(20,602)	(22,398)
Debt acquisition costs		(200)
Taxes paid in lieu of share issuance	(1,364)	(1,272)
Proceeds from options exercised	75	205
Dividends paid	(5,459)	(5,443)
Net cash used in financing activities	(11,205)	(16,712)
Effect of exchange rate changes on cash and cash equivalents	2,451	3,907
Decrease in cash and cash equivalents	(38,409)	(15,498)
Cash and cash equivalents at beginning of period	181,742	185,113
Cash and cash equivalents at end of period	$ 143,333	$ 169,615

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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, 2016.

Business Acquisition

Business Acquisition	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Business Acquisition	2. On April 8, 2016, the Company acquired the outstanding shares of Harris Corporation’s composite aerostructures business for cash of $187 million, plus the assumption of certain liabilities. The Company funded the cash payable at closing by utilizing proceeds from a $550 million, unsecured credit facility agreement that was completed April 8, 2016. The acquired entity is located in Salt Lake City, Utah (“SLC”) and is part of the Albany Engineered Composites (“AEC”) segment. The following table presents operational results of the acquired entity that are included in the Consolidated Statements of Income: (in thousands, except per share amounts) Three months ended Net sales $20,200 Operating loss (2,626 ) Loss before income taxes (2,958 ) Net loss attributable to the Company (1,864 ) Loss per share: Basic ($0.06 ) Diluted ($0.06 ) The Consolidated Statements of Income reflect operational activity of the acquired business for only the period subsequent to the closing, which affects comparability of results. The following table shows total Company pro forma results for the first quarter of 2016 as if the acquisition had occurred on January 1, 2015. Unaudited - Pro forma Three months ended (in thousands, except per share amounts) 2016 Combined Net sales $193,335 Combined Income before income taxes $23,150 Pro forma increase/(decrease) to income before income taxes: Acquisition expenses 1,596 Interest expense related to purchase price (1,052 ) Acquisition accounting adjustments: Depreciation and amortization on property, plant and equipment, and intangible assets (1,575 ) Valuation of contract inventories 1,891 Interest expense on captial lease obligation 300 Interest expense on other obligations (133 ) Pro forma Income before income taxes $24,177 Pro forma Net Income attributable to the Company $16,265

Reportable Segments

Reportable Segments	3 Months Ended
	Mar. 31, 2017
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) 2017 2016 Net sales Machine Clothing $142,827 $145,264 Albany Engineered Composites 56,450 27,067 Consolidated total $199,277 $172,331 Operating income/(loss) Machine Clothing 38,261 37,139 Albany Engineered Composites (5,114 ) (3,706 ) Corporate expenses (11,091 ) (11,164 ) Operating income $22,056 $22,269 Reconciling items: Interest income (107 ) (126 ) Interest expense 4,435 2,364 Other expense/(income), net 204 (328 ) Income before income taxes $17,524 $20,359 There were no material changes in the total assets of the reportable segments in the first quarter of 2017. Total capital expenditures for the first quarter of 2017 were $21.5 million, including amounts that were included in Accounts payable. In the Consolidated Statements of Cash Flows, capital expenditures were $3.6 million higher as a result of payments in 2017 for capital expenditures that were recorded in 2016. For the first quarter of 2016, total capital expenditures were $10.9 million, including amounts that were included in Accounts payable. In the Consolidated Statements of Cash Flows, capital expenditures were $2.8 million lower as a result of a first-quarter increase in the amount of capital expenditures included in Accounts payable. The table below presents restructuring costs by reportable segment (also see Note 5): Three months ended (in thousands) 2017 2016 Restructuring expenses, net Machine Clothing $110 $698 Albany Engineered Composites 2,571 - Corporate expenses - (19 ) Consolidated total $2,681 $679

Pensions and Other Postretireme

Pensions and Other Postretirement Benefit Plans	3 Months Ended
	Mar. 31, 2017
Retirement Benefits [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 benefits to retired employees in the U.S. and 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, 2017 and 2016, was as follows: Pension plans Other postretirement (in thousands) 2017 2016 2017 2016 Components of net periodic benefit cost: Service cost $651 $650 $61 $63 Interest cost 1,828 1,994 553 611 Expected return on assets (1,993 ) (2,207 ) - - Amortization of prior service cost/(credit) 9 9 (1,122 ) (1,122 ) Amortization of net actuarial loss 645 573 702 705 Net periodic benefit cost $1,140 $1,019 $194 $257

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2017
Restructuring and Related Activities [Abstract]
Restructuring	5. Restructuring Albany Engineered Composites restructuring charges for the first three months of 2017 included $2.6 million principally related to a reduction in personnel in Salt Lake City, Utah. Machine Clothing restructuring costs in 2016 were principally related to 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 (in thousands) 2017 2016 Machine Clothing $110 $698 Albany Engineered Composites 2,571 - Corporate Expenses - (19 ) Total $2,681 $679 Three months ended March 31, 2017 Total Termination Impairment of Machine Clothing $110 $110 $- Albany Engineered Composites 2,571 2,456 115 Corporate Expenses - - - Total $2,681 $2,566 $115 Three months ended March 31, 2016 Total restructuring costs incurred Termination Impairment of plant and equipment Machine Clothing $698 $698 $- Albany Engineered Composites - - - Corporate Expenses (19 ) (19 ) - Total $679 $679 $- We expect that approximately $5.1 million of Accrued liabilities for restructuring at March 31, 2017 will be paid within one year and approximately $0.9 million will be paid in the following year. The table below presents the year-to-date changes in restructuring liabilities for 2017 and 2016, all of which related to termination costs: (in thousands) December 31, 2016 Restructuring charges Payments Currency March 31, Total termination and other costs $5,559 $2,566 ($2,126 ) $17 $6,016 (in thousands) December 31, 2015 Restructuring charges Payments Currency March 31, Total termination and other costs $10,177 $679 ($2,573 ) $39 $8,322

Other Expense_(Income), net

Other Expense/(Income), net	3 Months Ended
	Mar. 31, 2017
Other Income and Expenses [Abstract]
Other Expense/(Income), net	6. Other Expense/(Income), net The components of other expense/(income), net are: Three months ended (in thousands) 2017 2016 Currency transaction losses/(gains) $101 ($479 ) Bank fees and amortization of debt issuance costs 149 152 Other (46 ) (1 ) Total $204 ($328 )

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
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, 2017 and 2016: Three months ended (in thousands) 2017 2016 Income tax based on income from continuing operations, at estimated tax rates of 32.6% in 2017 and 39.7% in 2016 $5,719 $8,076 Income tax expense before discrete items 5,719 8,076 Discrete tax expense/(benefit): Provision for/resolution of tax audits and contingencies, net 852 (825 ) Other discrete tax adjustments, net - (208 ) Enacted tax legislation (21 ) - Total income tax expense $6,550 $7,043 The first quarter estimated income tax rate based on continuing operations was 32.6 percent in 2017, compared to 39.7 percent for the same period in 2016. The Company records the residual U.S. and foreign taxes on certain amounts of foreign earnings that have been targeted for repatriation to the U.S. These amounts are not considered to be permanently reinvested, and the Company accrued for the tax cost on these earnings to the extent they cannot be repatriated in a tax-free manner. At March 31, 2017, the Company calculated a deferred tax liability of $4.8 million on $69.7 million of non-U.S. earnings that have been targeted for future repatriation to the U.S. The Company conducts business globally and, as a result, files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business the Company is subject to examination by taxing authorities throughout the world, including major jurisdictions such as United States, Brazil, Canada, France, Germany, Italy, Mexico and Switzerland. The open tax years range from 2007 to 2016. The Company is currently under audit in certain non-U.S. tax jurisdictions. It is reasonably possible that over the next twelve months the amount of unrecognized tax benefits may change within a range of $0.0 million to a net decrease of $0.6 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 March 2016, an accounting update was issued which simplified several aspects related to accounting for share-based payment transactions, including the income tax consequences of these transactions. We adopted this update as of January 1, 2017. The income tax consequences which related to accounting for excess tax benefits have been adopted prospectively, resulting in recognition of excess tax benefits against income tax expenses rather than additional paid-in capital of less than $0.1 million for the three months ended March 31, 2017. No adjustment was necessary related to the deferred balances.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
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) 2017 2016 Net income attributable to the Company $10,839 $13,501 Weighted average number of shares: Weighted average number of shares used in calculating basic net income per share 32,128 32,041 Effect of dilutive stock-based compensation plans: Stock options 36 40 Weighted average number of shares used in calculating diluted net income per share 32,164 32,081 Average market price of common stock used for calculation of dilutive shares $46.49 $35.23 Net income per share: Basic $0.34 $0.42 Diluted $0.34 $0.42

Noncontrolling Interest

Noncontrolling Interest	3 Months Ended
	Mar. 31, 2017
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) 2017 2016 Net income/(loss) of ASC $1,601 ($1,609 ) Less: Return attributable to the Company’s preferred holding 254 238 Net income/(loss) of ASC available for common ownership $1,347 ($1,847 ) Ownership percentage of noncontrolling shareholder 10 % 10 % Net income/(loss) attributable to noncontrolling interest $135 ($185 ) Noncontrolling interest, beginning of year $3,767 $3,690 Net (loss)/income attributable to noncontrolling interest 135 (185 ) Changes in other comprehensive income attributable to noncontrolling interest 5 (3 ) Noncontrolling interest $3,907 $3,502

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (AOCI)	3 Months Ended
	Mar. 31, 2017
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, 2016 to March 31, 2017: (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income December 31, 2016 ($133,298 ) ($51,719 ) $828 ($184,189 ) Other comprehensive income/(loss) before reclassifications 10,126 (193 ) 258 10,191 Interest expense related to swaps reclassified to the Statement of Income, net of tax - - 372 372 Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax - 164 - 164 Net current period other comprehensive income 10,126 (29 ) 630 10,727 March 31, 2017 ($123,172 ) ($51,748 ) $1,458 ($173,462 ) 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 remeasurement - (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 13,114 (362 ) (1,594 ) 11,158 March 31, 2016 ($95,541 ) ($49,087 ) ($3,058 ) ($147,686 ) The table below presents the expense/(income) amounts reclassified, and the line items of the Statements of Income that were affected for the periods ended March 31, 2017 and 2016. Three months ended (in thousands) 2017 2016 Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income: Expense related to interest rate swaps included in Income before taxes(a) $600 $281 Income tax effect (228 ) (107 ) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $372 $174 Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: Amortization of prior service credit ($1,113 ) ($1,113 ) Amortization of net actuarial loss 1,347 1,278 Total pretax amount reclassified (b) 234 165 Income tax effect (70 ) (49 ) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $164 $116 (a) Included in Interest expense are payments related to the interest rate swap agreements and amortization of swap buyouts (see Note 15). (b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 4).

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2017
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 segment. 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, 2017 and December 31, 2016, Accounts receivable consisted of the following: (in thousands) March 31, December 31, Trade and other accounts receivable $145,879 $146,460 Bank promissory notes 16,828 15,759 Revenue in excess of progress billings 18,658 15,926 Allowance for doubtful accounts (7,026 ) (6,952 ) Total accounts receivable $174,339 $171,193 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. The Company also has Contract receivables in the AEC segment that represent revenue earned which has extended payment terms. The Contract receivables will be invoiced to the customer, with 2% interest, over a 10 year period starting in 2020. As of March 31, 2017 and December 31, 2016, Contract Receivables consisted of the following: (in thousands) March 31, December 31, Contract receivable $17,960 $14,045

Inventories

Inventories	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Inventories	12. Inventories Costs included in inventories are raw materials, labor, supplies and allocable depreciation and overhead. Raw material inventories are valued on an average cost basis. Other inventory cost elements are valued at cost, using the first-in, first out method. The Company writes down the inventories for estimated obsolescence, and to lower of cost or net realizable value based upon assumptions about future demand and market conditions. If actual demand or market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required. Once established, the original cost of the inventory less the related write-down represents the new cost basis of such inventories. The AEC segment has long-term contracts under which we incur engineering and development costs that are allocable to parts that will be delivered over multiple years. These costs are included in Work in process in the table below. As of March 31, 2017 and December 31, 2016, inventories consisted of the following: (in thousands) March 31, 2017 December 31, 2016 Raw materials $39,865 $37,691 Work in process 78,177 58,715 Finished goods 32,439 37,500 Total inventories $150,481 $133,906

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2017
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. 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. In the second quarter of 2016, the Company applied the qualitative assessment approach in performing its annual evaluation of Machine Clothing goodwill and concluded that no impairment provision was required. There were no amounts at risk due to the large spread between the fair and carrying values. We are continuing to amortize certain patents, trade names, customer relationships, customer contracts and technology assets that have finite lives. The gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of December 31, 2016 to March 31, 2017, were as follows: As of March 31, 2017 Weighted average amortization life in years Gross carrying amount Accumulated amortization Net carrying amount Amortized intangible assets: AEC trade names 15 $43 $24 $19 AEC technology 15 228 130 98 Customer relationships 15 49,490 3,306 46,184 Customer contracts 6 20,420 3,412 17,008 Other intangibles 5 1,720 344 1,376 Total amortized intangible assets $71,901 $7,216 $64,685 Unamortized intangible assets: MC Goodwill $65,359 $- $65,359 AEC Goodwill 95,730 - 95,730 Total unamortized intangible assets: $161,089 $- $161,089 As of December 31, 2016 Weighted average amortization life in years Gross carrying amount Accumulated amortization Net carrying amount Amortized intangible assets: AEC trade names 15 $43 $23 $20 AEC technology 15 228 124 104 Customer relationships 15 49,490 2,481 47,009 Customer contracts 6 20,420 2,561 17,859 Other intangibles 5 1,720 258 1,462 Total amortized intangible assets $71,901 $5,447 $66,454 Unamortized intangible assets: MC Goodwill $64,645 $- $64,645 AEC Goodwill 95,730 - 95,730 Total unamortized intangible assets: $160,375 $- $160,375 The changes in intangibles, net and goodwill from December 31, 2016 to March 31, 2017, were as follows: (in thousands) December 31, 2016 Amortization Currency Translation March 31, 2017 Amortized intangible assets: AEC trade names $20 $(1 ) $- $19 AEC technology 104 (6 ) - 98 Customer relationships 47,009 (825 ) - 46,184 Customer contracts 17,859 (851 ) - 17,008 Other intangibles 1,462 (86 ) - 1,376 Net amortized intangible assets $66,454 ($1,769 ) $- $64,685 Unamortized intangible assets: MC Goodwill $64,645 $- $714 $65,359 AEC Goodwill 95,730 - - 95,730 Total unamortized intangible assets: $160,375 $- $714 $161,089 Estimated amortization expense of intangibles for the years ending December 31, 2017 through 2021, is as follows: Annual amortization Year (in thousands) 2017 $7,076 2018 7,076 2019 7,076 2020 7,076 2021 6,796

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2017
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, December 31, 2016 Private placement with a fixed interest rate of 6.84%, due 2017 $50,000 $50,000 Revolving credit agreement with borrowings outstanding at an end of period interest rate of 2.63% in 2017 and 2.58% in 2016 (including the effect of interest rate hedging transactions, as described below), due in 2021 414,000 418,000 Obligation under capital lease, matures 2022 16,176 16,584 Long-term debt 480,176 484,584 Less: current portion (51,699 ) (51,666 ) Long-term debt, net of current portion $428,477 $432,918 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%. The remaining principal under the Prudential Agreement is $50.0 million, and is due on the maturity date of 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, 2017 the fair value of this debt was approximately $52.2 million, and was measured using active market interest rates, which would be considered Level 2 for fair value measurement purposes. On April 8, 2016, we entered into a $550 million unsecured Five-Year Revolving Credit Facility Agreement (the “Credit Agreement”) which amended and restated the prior $400 million Agreement, entered into on June 18, 2015 (the “Prior Agreement”). Under the Credit Agreement, $414 million of borrowings were outstanding as of March 31, 2017. The applicable interest rate for borrowings was LIBOR plus a spread, based on our leverage ratio at the time of borrowing. At the time of the last borrowing on March 24, 2017, the spread was 1.500%. 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, and without modification to any other credit agreements, as of March 31, 2017, we would have been able to borrow an additional $136 million under the 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). The Company has a long-term capital lease obligation for real property in Salt Lake City, Utah. The lease has an implied interest rate of 5.0% and matures in 2022. The following schedule presents future minimum annual lease payments under the capital lease obligation and the present value of the minimum lease payments, as of March 31, 2017. Years ending December 31, (in thousands) 2017 $1,819 2018 2,473 2019 2,473 2020 2,520 2021 2,520 Thereafter 7,373 Total minimum lease payments 19,178 Less: Amount representing interest (3,002 ) Present value of minimum lease payments $16,176 On May 6, 2016, we terminated our interest rate swap agreements that had effectively fixed the interest rate on up to $120 million of revolving credit borrowings, in order to enter into a new interest rate swap with a greater notional amount, and the same maturity as the Credit Agreement. We paid $5.2 million to terminate the swap agreements and that cost will be amortized into interest expense through June 2020. On May 9, 2016, we entered into interest rate hedges for the period May 16, 2016 through March 16, 2021. These transactions have the effect of fixing the LIBOR portion of the effective interest rate (before addition of the spread) on $300 million of indebtedness drawn under the Credit Agreement at the rate of 1.245% during the period. Under the terms of these transactions, we pay the fixed rate of 1.245% and the counterparties pay a floating rate based on the one-month LIBOR rate at each monthly calculation date, which on March 16, 2017 was 0.930%, plus the applicable spread, during the swap period. On March 16, 2017, the all-in-rate on the $300 million of debt was 2.745%. 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, 2017, our leverage ratio was 2.30 to 1.00 and our interest coverage ratio was 10.25 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 any such 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, 2017.

Fair-Value Measurements

Fair-Value Measurements	3 Months Ended
	Mar. 31, 2017
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. We had no Level 3 financial assets or liabilities at December 31, 2016 or March 31, 2017. The following table presents the fair-value hierarchy for our Level 1 and Level 2 financial assets and liabilities, which are measured at fair value on a recurring basis: March 31, 2017 December 31, 2016 Quoted prices in active markets Significant other observable inputs Quoted prices Significant (in thousands) (Level 1) (Level 2) (Level 1) (Level 2) Fair Value Assets: Cash equivalents $8,146 $- $8,468 $- Prepaid expenses and other current assets: Foreign currency options 77 - - - Other Assets: Common stock of unaffiliated foreign public company 811 (a) - 762 (a) - Interest rate swaps - 6,588 (b) - 5,784 (c) (a) Original cost basis $0.5 million (b) Net of $21.3 million receivable floating leg and $14.7 million liability fixed leg (c) Net of $21.4 million receivable floating leg and $15.6 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. We operate our business in many regions of the world, and currency rate movements can have a significant effect on operating results. Foreign currency instruments are entered into periodically, and consist of foreign currency option contracts and forward contracts that are valued using quoted prices in active markets obtained from independent pricing sources. These instruments are measured using market foreign exchange prices and are recorded in the Consolidated Balance Sheets as Other current assets and Accounts payable, as applicable. Changes in fair value of these instruments are recorded as gains or losses within Other (income)/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. 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, 2017, 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), and amortization related to the swap buyouts, affect earnings. Interest expense related to the current swaps totaled $0.4 million for the three month period ended March 31, 2017 and $0.3 million for the three month period ended March 31, 2016. Additionally, interest expense related to the swap buyouts totaled $0.2 million for the three month period ended March 31, 2017. 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 March 31, (in thousands) 2017 2016 Derivatives not designated as hedging instruments Foreign currency options ($54) $205

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2017
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 3,752 claims as of March 31, 2017. The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented: Year ended December 31, Opening Claims New Claims Closing Amounts 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 2016 3,791 148 102 3,745 758 As of March 31, 2017 3,745 13 20 3,752 $10 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. To date, almost 100% of settlement and defense costs have been paid by our insurance carrier. The Company’s insurer has confirmed the existence of approximately $2 million in remaining coverage under available primary policies, and $140 million in coverage under excess umbrella coverage policies, all of which 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 7,706 claims as of March 31, 2017. 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 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 - 2016 7,713 7 - 7,706 - As of March 31, 2017 7,706 - - 7,706 $- We acquired Geschmay Corp., formerly known as Wangner Systems Corporation, in 1999. Brandon is a wholly owned subsidiary of Geschmay Corp. As of March 31, 2017, Brandon has resolved, by means of settlement or dismissal, 9,900 claims for a total of $0.2 million. 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. 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.

Changes in Shareholders' Equity

Changes in Shareholders' Equity	3 Months Ended
	Mar. 31, 2017
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 Additional paid in capital Retained earnings Accumulated items of other comprehensive income/(loss) Treasury stock Noncontrolling Interest Total Equity December 31, 2016 $40 $425,953 $522,855 ($184,189 ) ($257,136 ) $3,767 $511,290 Net income - - 10,839 - - 135 10,974 Compensation and benefits paid or payable in shares - 989 - - - - 989 Options exercised - 75 - - - - 75 Dividends declared - - (5,467 ) - - - (5,467 ) Cumulative translation adjustments - - - 10,126 - 5 10,131 Pension and postretirement liability adjustments - - - (29 ) - - (29 ) Derivative valuation adjustment - - - 630 - - 630 March 31, 2017 $40 $427,017 $528,227 ($173,462 ) ($257,136 ) $3,907 $528,593

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
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. We will adopt the standard on January 1, 2018 and the Company is currently assessing the effects of the new standard. The new standard may result in earlier recognition of revenue in Machine Clothing due to the customized nature of our products. In Albany Engineered Composites, we use the units of delivery method for some contracts, which is considered an output method. Under the new standard, we expect that most of these contracts will be accounted for using an input method, which is expected to result in earlier recognition of revenue. However, we are currently unable to determine the full effect that the new standard will have on our financial statements. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years, and one requiring prospective application of the new standard with disclosure of results under old standards. The Company is continuing to evaluate the implementation approach to be used. 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 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 and cash paid to a tax authority in lieu of share issuances to employees on the statements of cash flows. The update also affects presentation in the Statements of Cash Flows of income tax effects of shares withheld for incentive compensation, and the exercise of stock options. We adopted this accounting update January 1, 2017 and it had an insignificant effect on income tax expense. The updates affecting the Statements of Cash Flows have been applied retrospectively as follows: - As a result of the change affecting cash payments of taxes in lieu of share issuance, operating cash flows for the three month period ended March 31, 2016 were increased $1.3 million and financing cash flows were decreased by the same amount. - As a result of the change affecting classification of excess tax benefits, operating cash flows for the three month period ended March 31, 2016 were increased $0.1 million and financing cash flows were decreased by the same amount. In October 2016, an accounting update was issued which modifies the recognition of income tax effects on intracompany transfers of assets, other than inventory. This accounting update is effective for reporting periods beginning after December 15, 2017. We have not determined the effect of this update on our financial statements. In November 2016, an accounting update was issued which provides clarification of how changes in restricted cash should be reported in the statement of cash flows. This accounting update is effective for reporting periods beginning after December 15, 2017. We do not expect this update to have a material impact on our financial statements. In January 2017, an accounting update was issued which provides the definition of a business for the purposes of business combination accounting. This accounting update is effective for reporting periods beginning after December 15, 2017 and is to be applied prospectively. Accordingly, there will be no effect on prior business combinations. We have not determined the impact of the update due to the absence of transactions that would be impacted. In January 2017, an accounting update was issued which simplifies the process for determining the amount of goodwill impairment. This accounting update is required to be adopted for reporting periods beginning after December 15, 2019, with early adoption permitted. We have adopted this standard as of January 1, 2017 and do not expect that it will have any effect on the conclusions reached in our periodic goodwill impairment assessment. In March 2017, an accounting update was issued which requires service cost for defined benefit pension and postretirement plans be reported in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. Additionally, the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. This accounting update is effective for reporting periods beginning after December 15, 2017. We expect that the principal effect of adopting this standard will be to reclassify a portion of our pension and postretirement costs to Other income/expense.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
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, 2016.

Business Acquisition (Tables)

Business Acquisition (Tables)	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Schedule of Consolidated Statement of Income	The following table presents operational results of the acquired entity that are included in the Consolidated Statements of Income: (in thousands, except per share amounts) Three months ended Net sales $20,200 Operating loss (2,626 ) Loss before income taxes (2,958 ) Net loss attributable to the Company (1,864 ) Loss per share: Basic ($0.06 ) Diluted ($0.06 )
Schedule of Proforma Statement of Operations	The following table shows total Company pro forma results for the first quarter of 2016 as if the acquisition had occurred on January 1, 2015. Unaudited - Pro forma Three months ended (in thousands, except per share amounts) 2016 Combined Net sales $193,335 Combined Income before income taxes $23,150 Pro forma increase/(decrease) to income before income taxes: Acquisition expenses 1,596 Interest expense related to purchase price (1,052 ) Acquisition accounting adjustments: Depreciation and amortization on property, plant and equipment, and intangible assets (1,575 ) Valuation of contract inventories 1,891 Interest expense on captial lease obligation 300 Interest expense on other obligations (133 ) Pro forma Income before income taxes $24,177 Pro forma Net Income attributable to the Company $16,265

Reportable Segments and Geograp

Reportable Segments and Geographic Data (Tables)	3 Months Ended
	Mar. 31, 2017
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) 2017 2016 Net sales Machine Clothing $142,827 $145,264 Albany Engineered Composites 56,450 27,067 Consolidated total $199,277 $172,331 Operating income/(loss) Machine Clothing 38,261 37,139 Albany Engineered Composites (5,114 ) (3,706 ) Corporate expenses (11,091 ) (11,164 ) Operating income $22,056 $22,269 Reconciling items: Interest income (107 ) (126 ) Interest expense 4,435 2,364 Other expense/(income), net 204 (328 ) Income before income taxes $17,524 $20,359
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) 2017 2016 Restructuring expenses, net Machine Clothing $110 $698 Albany Engineered Composites 2,571 - Corporate expenses - (19 ) Consolidated total $2,681 $679

Pensions and Other Postretire28

Pensions and Other Postretirement Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2017
Retirement Benefits [Abstract]
Schedule of Net Periodic Benefit Plan Cost	The composition of the net periodic benefit plan cost for the three months ended March 31, 2017 and 2016, was as follows: Pension plans Other postretirement (in thousands) 2017 2016 2017 2016 Components of net periodic benefit cost: Service cost $651 $650 $61 $63 Interest cost 1,828 1,994 553 611 Expected return on assets (1,993 ) (2,207 ) - - Amortization of prior service cost/(credit) 9 9 (1,122 ) (1,122 ) Amortization of net actuarial loss 645 573 702 705 Net periodic benefit cost $1,140 $1,019 $194 $257

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2017
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 (in thousands) 2017 2016 Machine Clothing $110 $698 Albany Engineered Composites 2,571 - Corporate Expenses - (19 ) Total $2,681 $679 Three months ended March 31, 2017 Total Termination Impairment of Machine Clothing $110 $110 $- Albany Engineered Composites 2,571 2,456 115 Corporate Expenses - - - Total $2,681 $2,566 $115 Three months ended March 31, 2016 Total restructuring costs incurred Termination Impairment of plant and equipment Machine Clothing $698 $698 $- Albany Engineered Composites - - - Corporate Expenses (19 ) (19 ) - Total $679 $679 $-
Schedule of Restructuring Liability	The table below presents the year-to-date changes in restructuring liabilities for 2017 and 2016, all of which related to termination costs: (in thousands) December 31, 2016 Restructuring charges Payments Currency March 31, Total termination and other costs $5,559 $2,566 ($2,126 ) $17 $6,016 (in thousands) December 31, 2015 Restructuring charges Payments Currency March 31, Total termination and other costs $10,177 $679 ($2,573 ) $39 $8,322

Other Expense_(Income), net (Ta

Other Expense/(Income), net (Tables)	3 Months Ended
	Mar. 31, 2017
Other Income and Expenses [Abstract]
Schedule Other Expense/(Income), net	The components of other expense/(income), net are: Three months ended (in thousands) 2017 2016 Currency transaction losses/(gains) $101 ($479 ) Bank fees and amortization of debt issuance costs 149 152 Other (46 ) (1 ) Total $204 ($328 )

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 and 2016: Three months ended (in thousands) 2017 2016 Income tax based on income from continuing operations, at estimated tax rates of 32.6% in 2017 and 39.7% in 2016 $5,719 $8,076 Income tax expense before discrete items 5,719 8,076 Discrete tax expense/(benefit): Provision for/resolution of tax audits and contingencies, net 852 (825 ) Other discrete tax adjustments, net - (208 ) Enacted tax legislation (21 ) - Total income tax expense $6,550 $7,043

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
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) 2017 2016 Net income attributable to the Company $10,839 $13,501 Weighted average number of shares: Weighted average number of shares used in calculating basic net income per share 32,128 32,041 Effect of dilutive stock-based compensation plans: Stock options 36 40 Weighted average number of shares used in calculating diluted net income per share 32,164 32,081 Average market price of common stock used for calculation of dilutive shares $46.49 $35.23 Net income per share: Basic $0.34 $0.42 Diluted $0.34 $0.42

Noncontrolling Interest (Tables

Noncontrolling Interest (Tables)	3 Months Ended
	Mar. 31, 2017
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) 2017 2016 Net income/(loss) of ASC $1,601 ($1,609 ) Less: Return attributable to the Company’s preferred holding 254 238 Net income/(loss) of ASC available for common ownership $1,347 ($1,847 ) Ownership percentage of noncontrolling shareholder 10 % 10 % Net income/(loss) attributable to noncontrolling interest $135 ($185 ) Noncontrolling interest, beginning of year $3,767 $3,690 Net (loss)/income attributable to noncontrolling interest 135 (185 ) Changes in other comprehensive income attributable to noncontrolling interest 5 (3 ) Noncontrolling interest $3,907 $3,502

Accumulated Other Comprehensi34

Accumulated Other Comprehensive Income (AOCI) (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2016 to March 31, 2017: (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income December 31, 2016 ($133,298 ) ($51,719 ) $828 ($184,189 ) Other comprehensive income/(loss) before reclassifications 10,126 (193 ) 258 10,191 Interest expense related to swaps reclassified to the Statement of Income, net of tax - - 372 372 Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax - 164 - 164 Net current period other comprehensive income 10,126 (29 ) 630 10,727 March 31, 2017 ($123,172 ) ($51,748 ) $1,458 ($173,462 ) 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 remeasurement - (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 13,114 (362 ) (1,594 ) 11,158 March 31, 2016 ($95,541 ) ($49,087 ) ($3,058 ) ($147,686 )
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 Statements of Income that were affected for the periods ended March 31, 2017 and 2016. Three months ended (in thousands) 2017 2016 Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income: Expense related to interest rate swaps included in Income before taxes(a) $600 $281 Income tax effect (228 ) (107 ) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $372 $174 Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: Amortization of prior service credit ($1,113 ) ($1,113 ) Amortization of net actuarial loss 1,347 1,278 Total pretax amount reclassified (b) 234 165 Income tax effect (70 ) (49 ) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $164 $116 (a) Included in Interest expense are payments related to the interest rate swap agreements and amortization of swap buyouts (see Note 15). (b) These accumulated other comprehensive income 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, 2017
Receivables [Abstract]
Schedule of Accounts Receivable	As of March 31, 2017 and December 31, 2016, Accounts receivable consisted of the following: (in thousands) March 31, December 31, Trade and other accounts receivable $145,879 $146,460 Bank promissory notes 16,828 15,759 Revenue in excess of progress billings 18,658 15,926 Allowance for doubtful accounts (7,026 ) (6,952 ) Total accounts receivable $174,339 $171,193
Schedule of Contract Receivables	As of March 31, 2017 and December 31, 2016, Contract Receivables consisted of the following: (in thousands) March 31, December 31, Contract receivable $17,960 $14,045

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Schedule of Inventories	As of March 31, 2017 and December 31, 2016, inventories consisted of the following: (in thousands) March 31, 2017 December 31, 2016 Raw materials $39,865 $37,691 Work in process 78,177 58,715 Finished goods 32,439 37,500 Total inventories $150,481 $133,906

Goodwill and Other Intangible37

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Intangible Assets and Goodwill	The gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of December 31, 2016 to March 31, 2017, were as follows: As of March 31, 2017 Weighted average amortization life in years Gross carrying amount Accumulated amortization Net carrying amount Amortized intangible assets: AEC trade names 15 $43 $24 $19 AEC technology 15 228 130 98 Customer relationships 15 49,490 3,306 46,184 Customer contracts 6 20,420 3,412 17,008 Other intangibles 5 1,720 344 1,376 Total amortized intangible assets $71,901 $7,216 $64,685 Unamortized intangible assets: MC Goodwill $65,359 $- $65,359 AEC Goodwill 95,730 - 95,730 Total unamortized intangible assets: $161,089 $- $161,089 As of December 31, 2016 Weighted average amortization life in years Gross carrying amount Accumulated amortization Net carrying amount Amortized intangible assets: AEC trade names 15 $43 $23 $20 AEC technology 15 228 124 104 Customer relationships 15 49,490 2,481 47,009 Customer contracts 6 20,420 2,561 17,859 Other intangibles 5 1,720 258 1,462 Total amortized intangible assets $71,901 $5,447 $66,454 Unamortized intangible assets: MC Goodwill $64,645 $- $64,645 AEC Goodwill 95,730 - 95,730 Total unamortized intangible assets: $160,375 $- $160,375 The changes in intangibles, net and goodwill from December 31, 2016 to March 31, 2017, were as follows: (in thousands) December 31, 2016 Amortization Currency Translation March 31, 2017 Amortized intangible assets: AEC trade names $20 $(1 ) $- $19 AEC technology 104 (6 ) - 98 Customer relationships 47,009 (825 ) - 46,184 Customer contracts 17,859 (851 ) - 17,008 Other intangibles 1,462 (86 ) - 1,376 Net amortized intangible assets $66,454 ($1,769 ) $- $64,685 Unamortized intangible assets: MC Goodwill $64,645 $- $714 $65,359 AEC Goodwill 95,730 - - 95,730 Total unamortized intangible assets: $160,375 $- $714 $161,089
Schedule of Estimated Amortization Expense	Estimated amortization expense of intangibles for the years ending December 31, 2017 through 2021, is as follows: Annual amortization Year (in thousands) 2017 $7,076 2018 7,076 2019 7,076 2020 7,076 2021 6,796

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
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, December 31, 2016 Private placement with a fixed interest rate of 6.84%, due 2017 $50,000 $50,000 Revolving credit agreement with borrowings outstanding at an end of period interest rate of 2.63% in 2017 and 2.58% in 2016 (including the effect of interest rate hedging transactions, as described below), due in 2021 414,000 418,000 Obligation under capital lease, matures 2022 16,176 16,584 Long-term debt 480,176 484,584 Less: current portion (51,699 ) (51,666 ) Long-term debt, net of current portion $428,477 $432,918
Schedule of Future Minimum Annual Capital Lease Obilgations	The following schedule presents future minimum annual lease payments under the capital lease obligation and the present value of the minimum lease payments, as of March 31, 2017. Years ending December 31, (in thousands) 2017 $1,819 2018 2,473 2019 2,473 2020 2,520 2021 2,520 Thereafter 7,373 Total minimum lease payments 19,178 Less: Amount representing interest (3,002 ) Present value of minimum lease payments $16,176

Fair-Value Measurements (Tables

Fair-Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
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 assets and liabilities, which are measured at fair value on a recurring basis: March 31, 2017 December 31, 2016 Quoted prices in active markets Significant other observable inputs Quoted prices Significant (in thousands) (Level 1) (Level 2) (Level 1) (Level 2) Fair Value Assets: Cash equivalents $8,146 $- $8,468 $- Prepaid expenses and other current assets: Foreign currency options 77 - - - Other Assets: Common stock of unaffiliated foreign public company 811 (a) - 762 (a) - Interest rate swaps - 6,588 (b) - 5,784 (c) (a) Original cost basis $0.5 million (b) Net of $21.3 million receivable floating leg and $14.7 million liability fixed leg (c) Net of $21.4 million receivable floating leg and $15.6 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 March 31, (in thousands) 2017 2016 Derivatives not designated as hedging instruments Foreign currency options ($54) $205

Contingencies (Tables)

Contingencies (Tables)	3 Months Ended
	Mar. 31, 2017
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 Claims New Claims Closing Amounts 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 2016 3,791 148 102 3,745 758 As of March 31, 2017 3,745 13 20 3,752 $10
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 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 - 2016 7,713 7 - 7,706 - As of March 31, 2017 7,706 - - 7,706 $-

Changes in Shareholders' Equi41

Changes in Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Schedule of Activity in Shareholders' Equity	The following table summarizes changes in Shareholders’ Equity: (in thousands) Common Stock Class Additional paid in capital Retained earnings Accumulated items of other comprehensive income/(loss) Treasury stock Noncontrolling Interest Total Equity December 31, 2016 $40 $425,953 $522,855 ($184,189 ) ($257,136 ) $3,767 $511,290 Net income - - 10,839 - - 135 10,974 Compensation and benefits paid or payable in shares - 989 - - - - 989 Options exercised - 75 - - - - 75 Dividends declared - - (5,467 ) - - - (5,467 ) Cumulative translation adjustments - - - 10,126 - 5 10,131 Pension and postretirement liability adjustments - - - (29 ) - - (29 ) Derivative valuation adjustment - - - 630 - - 630 March 31, 2017 $40 $427,017 $528,227 ($173,462 ) ($257,136 ) $3,907 $528,593

Business Acquisition (Narrative

Business Acquisition (Narrative) (Details) - USD ($) $ in Thousands	Apr. 08, 2016	Jun. 18, 2015
Credit Agreement [Member]
Business Acquisition [Line Items]
Proceeds from unsecured credit facility agreement	$ 550,000	$ 400,000
Harris Corporation's Composite Aerostructures Division [Member]
Business Acquisition [Line Items]
Cash consideration for acquisition	$ 187,000

Business Acquisition (Summary o

Business Acquisition (Summary of operational results of AAC) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net sales	$ 199,277	$ 172,331
Operating income (loss)	22,056	22,269
Income (loss) before income taxes	17,524	20,359
Net income (loss) attributable to the Company	$ 10,839	$ 13,501
Income (loss) per share:
Basic	$ 0.34	$ 0.42
Diluted	$ 0.34	$ 0.42
Albany Aerostructures Composites LLC (AAC) [Member]
Net sales	$ 20,200
Operating income (loss)	(2,626)
Income (loss) before income taxes	(2,958)
Net income (loss) attributable to the Company	$ (1,864)
Income (loss) per share:
Basic	$ (0.06)
Diluted	$ (0.06)

Business Acquisition (Summary44

Business Acquisition (Summary of pro-forma information of AAC) (Details) - Albany Aerostructures Composites LLC (AAC) [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Combined Net sales	$ 193,335
Combined Income before income taxes	23,150
Pro forma increase/(decrease) to income before income taxes:
Acquisition expenses	1,596
Interest expense related to purchase price	(1,052)
Acquisition accounting adjustments:
Depreciation and amortization on property, plant and equipment, and intangible assets	(1,575)
Valuation of contract inventories	1,891
Interest expense on capital lease obligation	300
Interest expense on other obligations	(133)
Pro forma Income before income taxes	24,177
Pro forma Net Income attributable to the Company	$ 16,265

Reportable Segments (Schedule o

Reportable Segments (Schedule of Financial Data by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Net sales	$ 199,277	$ 172,331
Operating income/(loss)	22,056	22,269
Interest income	(107)	(126)
Interest expense	4,328	2,238
Other expense/(income), net	204	(328)
Income before income taxes	17,524	20,359
Total assets of the AEC segment increased	0
Capital expenditures including amounts that were included in accounts payable	21,500	10,900
Adjustment to capital expenditures and accounts payable amounts in cash flows to reflect non-cash amount	3,600	2,800
Machine Clothing [Member]
Segment Reporting Information [Line Items]
Net sales	142,827	145,264
Operating income/(loss)	38,261	37,139
Albany Engineered Composites [Member]
Segment Reporting Information [Line Items]
Net sales	56,450	27,067
Operating income/(loss)	(5,114)	(3,706)
Corporate Expenses [Member]
Segment Reporting Information [Line Items]
Operating income/(loss)	$ (11,091)	$ (11,164)

Reportable Segments (Schedule46

Reportable Segments (Schedule of Restructuring Costs by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Restructuring expense
Restructuring expenses, net	$ 2,681	$ 679
Machine Clothing [Member]
Restructuring expense
Restructuring expenses, net	110	698
Albany Engineered Composites [Member]
Restructuring expense
Restructuring expenses, net	2,571
Corporate Expenses [Member]
Restructuring expense
Restructuring expenses, net		$ (19)

Pensions and Other Postretire47

Pensions and Other Postretirement Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 651	$ 650
Interest cost	1,828	1,994
Expected return on assets	(1,993)	(2,207)
Amortization of prior service cost/(credit)	9	9
Amortization of net actuarial loss	645	573
Net periodic benefit cost	1,140	1,019
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	61	63
Interest cost	553	611
Expected return on assets
Amortization of prior service cost/(credit)	(1,122)	(1,122)
Amortization of net actuarial loss	702	705
Net periodic benefit cost	$ 194	$ 257

Restructuring (Narrative) (Deta

Restructuring (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Accrued liabilities for restructuring charges	$ 5,100
Restructuring expenses, net	2,681	$ 679
Payments for restructuring	$ 900

Restructuring (Schedule of Rest

Restructuring (Schedule of Restructuring Charges) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Restructuring and other, net
Restructuring expenses, net	$ 2,681	$ 679
Termination and other costs [Member]
Restructuring and other, net
Restructuring expenses, net	2,566	679
Impairment of plant and equipment [Member]
Restructuring and other, net
Restructuring expenses, net	115
Machine Clothing [Member]
Restructuring and other, net
Restructuring expenses, net	110	698
Machine Clothing [Member] | Termination and other costs [Member]
Restructuring and other, net
Restructuring expenses, net	110	698
Machine Clothing [Member] | Impairment of plant and equipment [Member]
Restructuring and other, net
Restructuring expenses, net
Albany Engineered Composites [Member]
Restructuring and other, net
Restructuring expenses, net	2,571
Albany Engineered Composites [Member] | Termination and other costs [Member]
Restructuring and other, net
Restructuring expenses, net	2,456
Albany Engineered Composites [Member] | Impairment of plant and equipment [Member]
Restructuring and other, net
Restructuring expenses, net	115
Corporate Expenses [Member]
Restructuring and other, net
Restructuring expenses, net		(19)
Corporate Expenses [Member] | Termination and other costs [Member]
Restructuring and other, net
Restructuring expenses, net		(19)
Corporate Expenses [Member] | Impairment of plant and equipment [Member]
Restructuring and other, net
Restructuring expenses, net

Restructuring (Schedule of Re50

Restructuring (Schedule of Restructuring Liability) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Restructuring Reserve [Roll Forward]
Payments	$ (900)
Termination and other costs [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	5,559	$ 10,177
Restructuring charges accrued	2,566	679
Payments	(2,126)	(2,573)
Currency translation/other	17	39
Ending balance	$ 6,016	$ 8,322

Other Expense_(Income), net (De

Other Expense/(Income), net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other Income and Expenses [Abstract]
Currency transaction losses/ (gains)	$ 101	$ (479)
Bank fees and amortization of debt issuance costs	149	152
Other	(46)	(1)
Total	$ 204	$ (328)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Line Items]
Unrepatriated foreign earnings	$ 4,800
Net increase from the reevaluation of uncertain tax positions arising in examinations	100
Net decrease from the reevaluation of uncertain tax positions arising in examinations	$ 600
Income Tax Expense Benefit Estimated Tax Rate	32.60%	39.70%
Non-U.S. earnings that have been targeted for future repatriation	$ 69,700
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	2,016

Income Taxes (Schedule of Compo

Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income tax based on income from continuing operations, at estimated tax rates of 32.6% in 2017 and 39.7% in 2016	$ 5,719	$ 8,076
Income tax expense before discrete items	5,719	8,076
Discrete tax expense/(benefit):
Provision for/resolution of tax audits and contingencies, net	852	(825)
Other discrete tax adjustments, net		(208)
Enacted tax legislation	(21)
Total income tax expense	$ 6,550	$ 7,043

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net income attributable to the Company	$ 10,839	$ 13,501
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share	32,128	32,041
Effect of dilutive stock-based compensation plans:
Stock options	36	40
Weighted average number of shares used in calculating diluted net income per share	32,164	32,081
Average market price of common stock used for calculation of dilutive shares	$ 46.49	$ 35.23
Net income per share:
Basic	0.34	0.42
Diluted	$ 0.34	$ 0.42

Noncontrolling Interest (Detail

Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Noncontrolling Interest [Line Items]
Net income/(loss) of ASC	$ 10,974	$ 13,316
Net income/(loss) of ASC available for common ownership	10,839	13,501
Net income/(loss) attributable to noncontrolling interest	135	(185)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year	3,767
Net (loss)/income attributable to noncontrolling interest	135	(185)
Noncontrolling interest	3,907
Albany Safran Composites, LLC [Member]
Noncontrolling Interest [Line Items]
Net income/(loss) of ASC	1,601	(1,609)
Less: Return attributable to the Company's preferred holding	254	238
Net income/(loss) of ASC available for common ownership	$ 1,347	$ (1,847)
Ownership percentage of noncontrolling shareholder	10.00%	10.00%
Net income/(loss) attributable to noncontrolling interest	$ 135	$ (185)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year	3,767	3,690
Net (loss)/income attributable to noncontrolling interest	135	(185)
Changes in other comprehensive income attributable to noncontrolling interest	5	(3)
Noncontrolling interest	$ 3,907	$ 3,502

Accumulated Other Comprehensi56

Accumulated Other Comprehensive Income (AOCI) (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 507,523
Ending balance	524,686
Translation adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(133,298)	$ (108,655)
Other comprehensive income/(loss) before reclassifications	10,126	13,114
Pension/postretirement plan remeasurement
Interest expense related to swaps reclassified to the Statement of Income, net of tax
Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax
Net current period other comprehensive income	10,126	13,114
Ending balance	(123,172)	(95,541)
Pension and postretirement liability adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(51,719)	(48,725)
Other comprehensive income/(loss) before reclassifications	(193)	(373)
Pension/postretirement plan remeasurement		(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	164	116
Net current period other comprehensive income	(29)	(362)
Ending balance	(51,748)	(49,087)
Derivative valuation adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	828	(1,464)
Other comprehensive income/(loss) before reclassifications	258	(1,768)
Pension/postretirement plan remeasurement
Interest expense related to swaps reclassified to the Statement of Income, net of tax	372	174
Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax
Net current period other comprehensive income	630	(1,594)
Ending balance	1,458	(3,058)
Total Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(184,189)	(158,844)
Other comprehensive income/(loss) before reclassifications	10,191	10,973
Pension/postretirement plan remeasurement		(105)
Interest expense related to swaps reclassified to the Statement of Income, net of tax	372	174
Pension and postretirement liability adjustments reclassified to Statement of Income, net of tax	164	116
Net current period other comprehensive income	10,727	11,158
Ending balance	$ (173,462)	$ (147,686)

Accumulated Other Comprehensi57

Accumulated Other Comprehensive Income (AOCI) (Schedule of Items Reclassified to Statement of Income) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Expense related to interest rate swaps included in Income		$ 4,328	$ 2,238
Total pretax amount reclassified (b)		17,524	20,359
Income tax effect		6,550	7,043
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income		(10,839)	(13,501)
Prior service credit		(1,113)	(1,113)
Net actuarial loss		1,347	1,278
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative valuation adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Expense related to interest rate swaps included in Income	[1]	600	281
Income tax effect		(228)	(107)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income		372	174
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 (b)	[2]	234	165
Income tax effect		(70)	(49)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income		$ 164	$ 116
[1]	Included in Interest expense are payments related to the interest rate swap agreements and amortization of swap buyouts (see Note 15).
[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, 2017	Dec. 31, 2016
Receivables [Abstract]
Trade and other accounts receivable	$ 145,879	$ 146,460
Bank promissory notes	16,828	15,759
Revenue in excess of progress billings	18,658	15,926
Allowance for doubtful accounts	(7,026)	(6,952)
Total accounts receivable	174,339	171,193
Contract receivable	$ 17,960	$ 14,045
Interest rate	2.00%

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Raw materials	$ 39,865	$ 37,691
Work in process	78,177	58,715
Finished goods	32,439	37,500
Total inventories	$ 150,481	$ 133,906

Goodwill and Other Intangible60

Goodwill and Other Intangible Assets (Schedule of Changes in Intangible Assets and Goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2017	Dec. 31, 2016
Amortized intangible assets:
Gross carrying value			$ 71,901	$ 71,901
Accumulated amortization			7,216	5,447
Net carrying amount	$ 64,685	$ 66,454	64,685	66,454
Beginning balance	66,454
Amortization	(1,769)
Currency Translation
Ending balance	64,685	66,454
Goodwill
Gross carrying value			160,375
Beginning balance	160,375
Amortization
Currency Translation	714
Ending balance	161,089	160,375
AEC Trade Names [Member]
Amortized intangible assets:
Gross carrying value			43	43
Accumulated amortization			24	23
Net carrying amount	20	20	19	20
Beginning balance	20
Amortization	(1)
Currency Translation
Ending balance	$ 19	$ 20
Goodwill
Amortization life in years	15 years	15 years
AEC Technology [Member]
Amortized intangible assets:
Gross carrying value			228	228
Accumulated amortization			130	124
Net carrying amount	$ 104	$ 104	98	104
Beginning balance	104
Amortization	(6)
Currency Translation
Ending balance	$ 98	$ 104
Goodwill
Amortization life in years	15 years	15 years
Customer Relationships [Member]
Amortized intangible assets:
Gross carrying value			49,490	49,490
Accumulated amortization			3,306	2,481
Net carrying amount	$ 46,184	$ 47,009	46,184	47,009
Beginning balance	47,009
Amortization	(825)
Currency Translation
Ending balance	$ 46,184	$ 47,009
Goodwill
Amortization life in years	15 years	15 years
Customer Contracts [Member]
Amortized intangible assets:
Gross carrying value			20,420	20,420
Accumulated amortization			3,412	2,561
Net carrying amount	$ 17,008	$ 17,859	17,008	17,859
Beginning balance	17,859
Amortization	(851)
Currency Translation
Ending balance	$ 17,008	$ 17,859
Goodwill
Amortization life in years	6 years	6 years
Other Intangible Assets [Member]
Amortized intangible assets:
Gross carrying value			1,720	1,720
Accumulated amortization			344	258
Net carrying amount	$ 1,376	$ 1,462	1,376	$ 1,462
Beginning balance	1,462
Amortization	(86)
Currency Translation
Ending balance	$ 1,376	$ 1,462
Goodwill
Amortization life in years	5 years	5 years
MC Goodwill [Member]
Goodwill
Gross carrying value			64,645
Beginning balance	$ 64,645
Amortization
Currency Translation	714
Ending balance	65,359	$ 64,645
AEC Goodwill [Member]
Goodwill
Gross carrying value			$ 95,730
Beginning balance	95,730
Amortization
Currency Translation
Ending balance	$ 95,370	$ 95,730

Goodwill and Other Intangible61

Goodwill and Other Intangible Assets (Schedule of Estimated Amortization Expense) (Details) $ in Thousands	Mar. 31, 2017USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,017	$ 7,076
2,018	7,076
2,019	7,076
2,020	7,076
2,021	$ 6,796

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	Mar. 16, 2016	Mar. 31, 2017	Dec. 31, 2016	Jun. 16, 2016	May 09, 2016	May 06, 2016	Apr. 08, 2016	Jun. 18, 2015
Debt Instrument [Line Items]
Maximum leverage ratio allowed		3.50
Minimum interest coverage ratio required		3
Leverage ratio		2.30
Interest coverage ratio		10.25
AAC [Member]
Debt Instrument [Line Items]
Interest rate		5.00%
Maturity date		Dec. 31, 2022
Private Placement, Notes [Member]
Debt Instrument [Line Items]
Interest rate		6.84%
Maturity date		Oct. 25, 2017
Payment required on October 25, 2017		$ 50,000
Fair value of long-term debt		$ 52,200
Credit Agreement [Member]
Debt Instrument [Line Items]
Interest rate		2.63%	2.58%
Amount of credit facility							$ 550,000	$ 400,000
Amount of credit facility outstanding		$ 414,000
Additional amount that can be borrowed on facility		$ 136,000
LIBOR spread	1.50%
Credit Agreement [Member] | Interest Rate Current Swap [Member]
Debt Instrument [Line Items]
Borrowings, revolving credit facility						$ 120,000
Notional amount				$ 300,000	$ 300,000
Fixed interest rate in swap				2.745%	1.245%
LIBOR rate				0.93%
Amount paid to terminate agreement						$ 5,200
Credit Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
LIBOR spread		1.25%
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, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt	$ 480,176	$ 484,584
Less: current portion	(51,699)	(51,666)
Long-term debt, net of current portion	428,477	432,918
Private Placement, Notes [Member]
Debt Instrument [Line Items]
Long-term debt	$ 50,000	50,000
Interest rate	6.84%
Maturity date range, end	Dec. 31, 2017
Various Notes and Mortgages [Member]
Debt Instrument [Line Items]
Maturity date range, end	Dec. 31, 2021
Capital Lease Obligations [Member]
Debt Instrument [Line Items]
Long-term debt	$ 16,176	16,584
Maturity date range, end	Dec. 31, 2022
Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term debt	$ 414,000	$ 418,000
Interest rate	2.63%	2.58%

Financial Instruments (Schedu64

Financial Instruments (Schedule of future minimum annual lease payments) (Details) $ in Thousands	Mar. 31, 2017USD ($)
Long-term Debt and Capital Lease Obligations [Abstract]
2,017	$ 1,819
2,018	2,473
2,019	2,473
2,020	2,520
2,021	2,520
Thereafter	7,373
Total minimum lease payments	19,178
Less: Amount representing interest	(3,002)
Present value of minimum lease payments	$ 16,176

Fair-Value Measurements (Narrat

Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative [Line Items]
Interest expense	$ 4,328	$ 2,238
Interest Rate Current Swap [Member]
Derivative [Line Items]
Interest expense	400	$ 300
Interest Rate Swap Buyouts [Member]
Derivative [Line Items]
Interest expense	$ 200

Fair-Value Measurements (Schedu

Fair-Value Measurements (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands		Mar. 31, 2017		Dec. 31, 2016
Derivative asset:
Common stock of foreign public company, original cost		$ 500		$ 500
Interest Rate Current Swap [Member]
Derivative asset:
Liability for fixed rate leg		21,300		21,400
Receivable for floating rate leg		14,700		15,600
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Cash equivalents		8,146		8,468
Foreign currency options		77
Common stock of unaffiliated foreign public company	[1]	811		762
Liabilities:
Interest rate swaps
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets:
Cash equivalents
Foreign currency options
Common stock of unaffiliated foreign public company	[2]
Liabilities:
Interest rate swaps		$ 6,588	[3]	$ 5,784	[2]
[1]	Original cost basis $0.5 million.
[2]	Net of $21.4 million receivable floating leg and $15.6 million liability fixed leg.
[3]	Net of $21.3 million receivable floating leg and $14.7 million liability fixed leg

Fair-Value Measurements (Sche67

Fair-Value Measurements (Schedule of (Losses)/Gains on Changes in Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Fair Value Disclosures [Abstract]
(Losses)/gains recognized in income, net	$ (54)	$ 205

Contingencies (Narrative) (Deta

Contingencies (Narrative) (Details) - Asbestos Litigation [Member] $ in Thousands	Mar. 31, 2017USD ($)claimspolicies	Jan. 31, 2014	Dec. 31, 2003
Loss Contingencies [Line Items]
Total resolved claims, by means of settlement or dismissal | claims	3,752
Total cost of resolution	$ 2,000
Resolution costs paid by insurance carrier	100.00%
Number of policies | policies	0
Confirmed insurance coverage	$ 140,000
Policies Exhausted [Member]
Loss Contingencies [Line Items]
Number of policies | policies	0
Other Available Policies [Member]
Loss Contingencies [Line Items]
Confirmed insurance coverage	$ 0
Brandon Drying Fabrics, Inc. [Member]
Loss Contingencies [Line Items]
Total resolved claims, by means of settlement or dismissal | claims	9,900
Total cost of resolution	$ 200
Resolution costs paid by insurance carrier		100.00%	88.20%
Percent of resolution costs paid by entity			11.80%

Contingencies (Schedule of Chan

Contingencies (Schedule of Changes in Claims) (Details) - Asbestos Litigation [Member] $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)claims	Dec. 31, 2016USD ($)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
Loss Contingencies [Line Items]
Opening Number of Claims	3,745	3,791	3,821	4,299	4,463	4,446	5,170	8,945	18,385	18,798	19,416	24,451
Claims Dismissed, Settled, or Resolved	13	148	116	625	230	90	789	3,963	9,482	523	808	6,841
New Claims	20	102	86	147	66	107	65	188	42	110	190	1,806
Closing Number of Claims	3,752	3,745	3,791	3,821	4,299	4,463	4,446	5,170	8,945	18,385	18,798	19,416
Amounts Paid (thousands) to Settle or Resolve ($) | $	$ 10	$ 758	$ 164	$ 437	$ 78	$ 530	$ 1,111	$ 159	$ 88	$ 52	$ 15	$ 3,879
Brandon Drying Fabrics, Inc. [Member]
Loss Contingencies [Line Items]
Opening Number of Claims	7,706	7,713	7,730	7,815	7,867	7,877	7,869	7,907	8,664	8,740	9,114	9,566
Claims Dismissed, Settled, or Resolved		7	18	87	55	12	3	47	760	86	462	1,182
New Claims			1	2	3	2	11	9	3	10	88	730
Closing Number of Claims	7,706	7,706	7,713	7,730	7,815	7,867	7,877	7,869	7,907	8,664	8,740	9,114
Amounts Paid (thousands) to Settle or Resolve ($) | $

Changes in Shareholders' Equi70

Changes in Shareholders' Equity (Schedule of Activity in Shareholders' Equity) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Balance	$ 511,290
Net income	10,974	$ 13,316
Compensation and benefits paid or payable in shares	989
Options exercised	75
Dividends declared	(5,467)
Cumulative translation adjustments	10,131
Pension and postretirement liability adjustments	(29)
Derivative valuation adjustment	630
Balance	528,593
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	425,953
Net income
Compensation and benefits paid or payable in shares	989
Options exercised	75
Dividends declared
Cumulative translation adjustments
Pension and postretirement liability adjustments
Derivative valuation adjustment
Balance	427,017
Retained Earnings [Member]
Balance	522,855
Net income	10,839
Compensation and benefits paid or payable in shares
Options exercised
Dividends declared	(5,467)
Cumulative translation adjustments
Pension and postretirement liability adjustments
Derivative valuation adjustment
Balance	528,227
Total Other Comprehensive Income [Member]
Balance	(184,189)
Net income
Compensation and benefits paid or payable in shares
Options exercised
Dividends declared
Cumulative translation adjustments	10,126
Pension and postretirement liability adjustments	(29)
Derivative valuation adjustment	630
Balance	(173,462)
Treasury Stock [Member]
Balance	(257,136)
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	(257,136)
Noncontrolling Interest [Member]
Balance	3,767
Net income	135
Compensation and benefits paid or payable in shares
Options exercised
Dividends declared
Cumulative translation adjustments	5
Pension and postretirement liability adjustments
Derivative valuation adjustment
Balance	$ 3,907

Recent Accounting Pronounceme71

Recent Accounting Pronouncements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Recent Accounting Pronouncements Details
Change affecting cash payments of taxes in lieu of share issuance	$ 1,300
Change affecting classification of excess tax benefits	$ 100