Albany International (AIN) 10-Q 30 Apr 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	3 Months Ended
	Mar. 31, 2020	Apr. 16, 2020
Entity Central Index Key	0000819793
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2020
Entity File Number	1-10026
Entity Registrant Name	ALBANY INTERNATIONAL CORP.
Entity Incorporation, State or Country Code	NH
Entity Tax Identification Number	14-0462060
Entity Address, Address Line One	216 Airport Drive
Entity Address, City or Town	Rochester
Entity Address, State or Province	NH
Entity Address, Postal Zip Code	03867
City Area Code	603
Local Phone Number	330-5850
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Information, Former Legal or Registered Name	N/A
Common Class A [Member]
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	AIN
Name of Exchange on which Security is Registered	NYSE
Entity Common Stock, Shares Outstanding		30.7
Common Class B [Member]
Title of 12(b) Security	Class B Common Stock, $0.001 par value per share
Trading Symbol	AIN
Name of Exchange on which Security is Registered	NYSE
Entity Common Stock, Shares Outstanding		1.6

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Net sales	$ 235,764	$ 251,373
Cost of goods sold	146,292	159,602
Gross profit	89,472	91,771
Selling, general, and administrative expenses	40,106	40,945
Technical and research expenses	9,130	10,249
Restructuring expenses, net	642	484
Operating income	39,594	40,093
Interest expense, net	3,977	4,417
Other expense/(income), net	15,569	(1,208)
Income before income taxes	20,048	36,884
Income tax expense	12,454	7,476
Net income	7,594	29,408
Net (loss)/income attributable to the noncontrolling interest	(1,515)	218
Net income attributable to the Company	$ 9,109	$ 29,190
Earnings per share attributable to Company shareholders - Basic	$ 0.28	$ 0.90
Earnings per share attributable to Company shareholders - Diluted	$ 0.28	$ 0.90
Shares of the Company used in computing earnings per share:
Basic	32,312	32,272
Diluted	32,320	32,285
Dividends declared per share, Class A and Class B	$ 0.19	$ 0.18

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 7,594	$ 29,408
Other comprehensive income/(loss), before tax:
Foreign currency translation and other adjustments	(24,955)	(2,152)
Amortization of pension liability adjustments:
Prior service credit	(1,114)	(1,105)
Net actuarial loss	1,244	1,121
Payments and amortization related to interest rate swaps included in earnings	407	(452)
Derivative valuation adjustment	(10,764)	(3,377)
Income taxes related to items of other comprehensive income/(loss):
Amortization of pension liability adjustment	(32)	(5)
Payments and amortization related to interest rate swaps included in earnings	(104)	115
Derivative valuation adjustment	2,753	863
Comprehensive income	(24,971)	24,416
Comprehensive income/(loss) attributable to the noncontrolling interest	(1,406)	210
Comprehensive income/(loss) attributable to the Company	$ (23,565)	$ 24,206

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 222,680	$ 195,540
Accounts receivable, net	211,081	218,271
Contract assets, net	84,578	79,070
Inventories	109,426	95,149
Income taxes prepaid and receivable	5,922	6,162
Prepaid expenses and other current assets	25,827	24,142
Total current assets	659,514	618,334
Property, plant and equipment, net	446,890	466,462
Intangibles, net	51,323	52,892
Goodwill	179,366	180,934
Deferred income taxes	48,260	51,621
Noncurrent receivables, net	38,929	41,234
Other assets	59,349	62,891
Total assets	1,483,631	1,474,368
Current liabilities:
Accounts payable	58,874	65,203
Accrued liabilities	110,071	125,885
Current maturities of long-term debt	20	20
Income taxes payable	6,656	11,611
Total current liabilities	175,621	202,719
Long-term debt	491,002	424,009
Other noncurrent liabilities	134,918	132,725
Deferred taxes and other liabilities	12,529	12,226
Total liabilities	814,070	771,679
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
Additional paid in capital	431,836	432,518
Retained earnings	700,021	698,496
Accumulated items of other comprehensive income:
Translation adjustments	(148,599)	(122,852)
Pension and postretirement liability adjustments	(49,104)	(49,994)
Derivative valuation adjustment	(10,843)	(3,135)
Treasury stock (Class A), at cost; 8,408,770 shares in 2020 and 2019	(256,391)	(256,391)
Total Company shareholders' equity	666,961	698,683
Noncontrolling interest	2,600	4,006
Total equity	669,561	702,689
Total liabilities and shareholders' equity	1,483,631	1,474,368
Common Class A [Member]
SHAREHOLDERS' EQUITY
Common Stock	39	39
Accumulated items of other comprehensive income:
Total equity	39	39
Common Class B [Member]
SHAREHOLDERS' EQUITY
Common Stock	2	2
Accumulated items of other comprehensive income:
Total equity	$ 2	$ 2

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Preferred Stock, par value per share	$ 5	$ 5
Preferred Stock, shares authorized	2,000,000	2,000,000
Preferred Stock, shares issued	0	0
Treasury stock, shares	8,408,770	8,408,770
Common Class A [Member]
Common Stock, par value per share	$ 1	$ 1
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, shares issued	39,111,722	39,098,792
Common Class B [Member]
Common Stock, par value per share	$ 1	$ 1
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, shares issued	1,617,998	1,617,998
Common Stock, shares outstanding	1,617,998	1,617,998

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
OPERATING ACTIVITIES
Net income	$ 7,594	$ 29,408
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Depreciation	15,506	15,642
Amortization	2,564	2,314
Change in deferred taxes and other liabilities	5,817	(1,065)
Provision for write-off of property, plant and equipment	197	386
Non-cash interest expense	151	151
Compensation and benefits paid or payable in Class A Common Stock	(682)	(547)
Fair value adjustment on foreign currency option	64
Provision for credit losses from uncollected receivables and contract assets	1,655	585
Foreign currency remeasurement loss/(gain) on intercompany loans	15,387	(1,707)
Changes in operating assets and liabilities that (used)/provided cash:
Accounts receivable	(3,394)	(12,209)
Contract assets	(8,840)	(481)
Inventories	(19,750)	(16,662)
Prepaid expenses and other current assets	(2,156)	(2,804)
Income taxes prepaid and receivable	(237)	674
Accounts payable	(1,046)	21,750
Accrued liabilities	(15,072)	(11,095)
Income taxes payable	(3,571)	1,506
Noncurrent receivables	(231)	(294)
Other noncurrent liabilities	(60)	(1,679)
Other, net	(534)	693
Net cash (used in)/provided by operating activities	(6,638)	24,566
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(12,759)	(20,798)
Purchased software	(46)	(22)
Net cash used in investing activities	(12,805)	(20,820)
FINANCING ACTIVITIES
Proceeds from borrowings	70,000	20,000
Principal payments on debt	(3,006)	(28,004)
Principal payments on finance lease liabilities	(6,134)	(400)
Taxes paid in lieu of share issuance	(490)	(971)
Proceeds from options exercised		44
Dividends paid	(6,139)	(5,808)
Net cash provided by/(used in) financing activities	54,231	(15,139)
Effect of exchange rate changes on cash and cash equivalents	(7,648)	1,023
Increase/(decrease) in cash and cash equivalents	27,140	(10,370)
Cash and cash equivalents at beginning of period	195,540	197,755
Cash and cash equivalents at end of period	$ 222,680	$ 187,385

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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 necessary for a fair presentation of results for such periods. Albany International Corp. (Albany, the Registrant, the Company, we, us, or our) consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in 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 Albany International Corp.’s Annual Report on Form 10-K for the year ended December 31, 2019. Effective January 1, 2020, we adopted the provisions of ASC 326, Current Expected Credit Losses (CECL)

Reportable Segments

Reportable Segments	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Reportable Segments	2. Reportable Segments In accordance with applicable disclosure guidance for enterprise segments and related information, the internal organization that is used by management for making operating decisions and assessing performance is used as the basis for our reportable segments. The Machine Clothing (“MC”) segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, tissue and towel, nonwovens, fiber cement and several other industrial applications. We sell our MC products directly to customer end-users in countries across the globe. Our products, manufacturing processes, and distribution channels for MC are substantially the same in each region of the world in which we operate. We design, manufacture, and market paper machine clothing (used in the manufacturing of paper, paperboard, tissue and towel) for each section of the paper machine and for every grade of paper. Paper machine clothing products are customized, consumable products of technologically sophisticated design that utilize polymeric materials in a complex structure. The Albany Engineered Composites (“AEC”) segment, including Albany Safran Composites, LLC (“ASC”), in which our customer SAFRAN Group (“Safran”) owns a 10 percent noncontrolling interest, provides highly engineered, advanced composite structures to customers in the commercial and defense aerospace industries. AEC’s largest program relates to CFM International’s LEAP engine. Under this program, AEC through ASC, is the exclusive supplier of advanced composite fan blades and cases under a long-term supply contract. The manufacturing spaces used for the production of parts under the long-term supply agreement are owned by Safran, and leased to the Company at either a market rent or a minimal cost. All lease expense is reimbursable by Safran to the Company due to the cost-plus nature of the supply agreement. In the fourth quarter of 2019, Safran leased manufacturing space from AEC for the GE9X program. Rent paid by Safran under this lease amounted to $0.2 million for the first three months of 2020. AEC net sales to Safran were $38.0 million and $56.0 million in the first three months of 2020 and 2019, respectively. The total of Accounts receivable, Contract assets and Noncurrent receivables due from Safran amounted to $112.1 million and $114.5 million as of March 31, 2020 and December 31, 2019, respectively. Other significant programs by AEC include the F-35, Boeing 787, Sikorsky CH-53K and JASSM, as well as the fan case for the GE9X engine. In 2019, approximately 25 percent of AEC sales were related to U.S. government contracts or programs. 7 Index The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements: Three months ended March 31, (in thousands) 2020 2019 Net sales Machine Clothing $ 136,602 $ 144,334 Albany Engineered Composites 99,162 107,039 Consolidated total $ 235,764 $ 251,373 Operating income/(loss) Machine Clothing $ 47,175 $ 44,243 Albany Engineered Composites 7,623 9,522 Corporate expenses ( 15,204 ) ( 13,672 ) Operating income $ 39,594 $ 40,093 Reconciling items: Interest income ( 447 ) ( 599 ) Interest expense 4,424 5,016 Other expense/(income), net 15,569 ( 1,208 ) Income before income taxes $ 20,048 $ 36,884 The table below presents restructuring costs by reportable segment (also see Note 5): Three months ended March 31, (in thousands) 2020 2019 Machine Clothing $ 642 $ 401 Albany Engineered Composites - 83 Total $ 642 $ 484 Products and services provided under long-term contracts represent a significant portion of sales in the Albany Engineered Composites segment and we account for these contracts using the percentage of completion (actual cost to estimated cost) method. That method requires significant judgment and estimation, which could be considerably different if the underlying circumstances were to change. When adjustments in estimated contract revenues or costs are required, any changes from prior estimates are included in earnings in the period the change occurs. The sum of net adjustments to the estimated profitability of long-term contracts during the first three months increased AEC operating income by $0.9 million and $0.6 million in 2020 and 2019, respectively. 8 Index We disaggregate revenue earned from contracts with customers for each of our business segments and product groups based on the timing of revenue recognition, and groupings used for internal review purposes. The following table disaggregates revenue for each product group by timing of revenue recognition: Three months ended March 31, 2020 (in thousands) Point in Time Revenue Recognition Over Time Revenue Recognition Total Machine Clothing $ 135,754 $ 848 $ 136,602 Albany Engineered Composites ASC - 37,894 37,894 Other AEC 6,320 54,948 61,268 Total Albany Engineered Composites 6,320 92,842 99,162 Total revenue $ 142,074 $ 93,690 $ 235,764 Three months ended March 31, 2019 (in thousands) Point in Time Revenue Recognition Over Time Revenue Recognition Total Machine Clothing $ 143,534 $ 800 $ 144,334 Albany Engineered Composites ASC - 55,442 55,442 Other AEC 6,245 45,352 51,597 Total Albany Engineered Composites 6,245 100,794 107,039 Total revenue $ 149,779 $ 101,594 $ 251,373 9 Index The following table disaggregates MC segment revenue by significant product groupings (paper machine clothing (PMC) and engineered fabrics), and, for PMC, the geographical region to which the paper machine clothing was sold: Three months ended March 31, (in thousands) 2020 2019 Americas PMC $ 73,677 $ 75,341 Eurasia PMC 45,131 51,438 Engineered Fabrics 17,794 17,555 Total Machine Clothing Net sales $ 136,602 $ 144,334 In accordance with ASC 606, we do not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Contracts in the MC segment are generally for periods of less than a year. Most contracts in the AEC segment are short duration firm-fixed-price orders representing performance obligations with an original maturity of less than one year. Remaining performance obligations on contracts that had an original duration of greater than one year totaled $82 million and $90 million as of March 31, 2020 and 2019, respectively, and related primarily to firm contracts in the AEC segment. Of the remaining performance obligations as of March 31, 2020, we expect to recognize as revenue approximately $48 million during 2020 and the remainder during 2021.

Business Acquisition

Business Acquisition	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Business Acquisition	3. Business Acquisition On November 20, 2019, the Company acquired CirComp GmbH, a privately-held developer and manufacturer of high-performance composite components located in Kaiserslautern, Germany for $32.4 million. The Company also agreed to pay approximately $5.5 million that will become due as certain post-closing obligations are performed. Expense related to that agreement will be recognized over the five-year performance period. The Company funded the acquisition using a combination of cash on hand and funds drawn on its revolving credit facility. In March 2020, the Company purchased, in cash, the primary operating facility in Germany for $5.8 million, which resulted in the recording of land and building assets, and the removal of the Right of use assets and associated lease liabilities included in the acquisition-date balance sheet The seller provided representations, warranties and indemnities customary for acquisition transactions, including indemnities for certain customer claims identified, before closing. The acquired entity is part of the AEC segment. CirComp specializes in designing and manufacturing customized engineered composite components for aerospace and other demanding industrial applications. 10 Index The following table summarizes the provisional allocation of the purchase price to the fair value of the assets and liabilities acquired: (in thousands) November 20, 2019 Assets acquired Cash $ 1,607 Accounts receivable 986 Contract assets 2,269 Inventories 525 Prepaid expenses and other current assets 452 Right of use assets 5,686 Property, plant and equipment 4,884 Amortizable intangible assets 10,302 Goodwill 17,114 Total assets acquired $ 43,825 Liabilities assumed Accounts payable $ 65 Accrued liabilities 2,249 Lease liabilities 502 Deferred income taxes 3,425 Other noncurrent liabilities 5,184 Total liabilities assumed $ 11,425 Net assets acquired $ 32,400 Purchase of business, net of cash acquired $ 30,793 The Company is continuing to perform procedures to verify the value of assets and liabilities acquired, particularly Contract assets and, accordingly, adjustments to the values in the above table may be required in future periods. In the course of performing its ongoing opening balance sheet procedures during the first quarter of 2020, management identified adjustments to the provisional value of assets and liabilities acquired reported in the Form 10-K for the year ended December 31, 2019, which resulted in an increase to Amortizable intangible assets of $0.3 million, an increase to Deferred income tax liabilities of $0.1 million, and a reduction to Goodwill of $0.2 million. Acquired Goodwill of $17.1 million reflects the Company’s belief that the acquisition complements and expands Albany’s portfolio of proprietary, advanced manufacturing technologies for composite components, increases the Company’s position as a leading innovator in advanced materials processing and automation, and opens a geographic footprint in Europe to better serve our global customer base. The acquisition significantly increases the Company’s opportunities for future growth. The goodwill is non-deductible for tax purposes.

Pensions and Other Postretireme

Pensions and Other Postretirement Benefit Plans	3 Months Ended
	Mar. 31, 2020
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 benefits accrued under this plan have been frozen since February 2009. 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 plans as claims are paid. 11 Index The composition of the net periodic benefit cost for the three months ended March 31, 2020 and 2019, was as follows: Pension plans Other postretirement benefits (in thousands) 2020 2019 2020 2019 Components of net periodic benefit cost: Service cost $ 580 $ 632 $ 50 $ 47 Interest cost 1,550 1,794 428 528 Expected return on assets ( 1,723 ) ( 2,057 ) - - Amortization of prior service cost/(credit) 8 17 ( 1,122 ) ( 1,122 ) Amortization of net actuarial loss 596 564 648 557 Net periodic benefit cost $ 1,011 $ 950 $ 4 $ 10 The amount of net periodic pension cost is determined at the beginning of each year and generally only varies from quarter to quarter when a significant event occurs, such as a curtailment or a settlement. There were no such events in the first three months of 2020 or 2019. Service cost for defined benefit pension and postretirement plans are reported in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net periodic benefit cost are presented in the income statement separately from the service cost component and outside a subtotal of income from operations, in the line item Other (income)/expense, net in the Consolidated Statements of Income.

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring	5. Restructuring Machine Clothing restructuring charges include expenses for the first three months of 2020 and 2019 principally related to discontinued operations at its MC production facility in Sélestat, France announced in 2017. Since 2017, we have recorded $13.1 million of restructuring charges related to this action. The following table summarizes charges reported in the Consolidated Statements of Income under “Restructuring expenses, net”: Three months ended March 31, (in thousands) 2020 2019 Machine Clothing $ 642 $ 401 Albany Engineered Composites - 83 Corporate expenses - - Total $ 642 $ 484 12 Index Three Months ended March 31, 2020 Total restructuring costs incurred Termination and other costs (in thousands) Machine Clothing $ 642 $ 642 Albany Engineered Composites - - Corporate expenses - - Total $ 642 $ 642 Three Months ended March 31, 2019 Total restructuring costs incurred Termination and other costs (in thousands) Machine Clothing $ 401 $ 401 Albany Engineered Composites 83 83 Corporate expenses - - Total $ 484 $ 484 We expect that approximately $1.5 million of Accrued liabilities for restructuring at March 31, 2020 will be paid within one year and approximately $0.4 million will be paid the following year. The table below presents the year-to-date changes in restructuring liabilities for 2020 and 2019, all of which are related to termination costs: December 31, Restructuring Currency March 31, (in thousands) 2019 charges accrued Payments translation /other 2020 Total termination and other costs $ 2,042 $ 642 $( 731 ) $( 92 ) $ 1,861 December 31, Restructuring Currency March 31, (in thousands) 2018 charges accrued Payments translation /other 2019 Total termination and other costs $ 5,570 $ 484 $( 876 ) $ 23 $ 5,201

Other (Income)_Expense, net

Other (Income)/Expense, net	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
Other (Income)/Expense, net	6. Other (Income)/Expense, net The components of Other (Income)/Expense, net are: Three months ended March 31, 2020 (in thousands) 2020 2019 Currency transaction (gains)/losses $ 14,834 $( 2,038 ) Bank fees and amortization of debt issuance costs 75 109 Components of net periodic pension and postretirement cost other than service 385 281 Other 275 440 Total $ 15,569 $( 1,208 ) Other (income)/expense, net for the first three months of 2020 includes losses related to the revaluation of nonfunctional-currency balances of $14.8 million, which principally resulted from an intercompany demand loan payable by a Mexican subsidiary combined with the effects of a much weaker peso in 2020. As a result of changes in business conditions that occurred in the first quarter of 2020, loan repayments are not expected in the foreseeable future and, beginning April 1, 2020, revaluation effects will be recorded in Other comprehensive income. Other (income)/expense, net, for the first three months of 2019 included gains related to the revaluation of nonfunctional-currency balances of $2.0 million.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
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, 2020 and 2019: Three months ended March 31, (in thousands, except percentages) 2020 2019 Income tax based on income from continuing operations, at estimated tax rates of 36.5% and 29.4%, respectively $ 7,309 $ 10,847 Income tax before discrete items 7,309 10,847 Discrete tax expense: Exercise of U.S. stock options - ( 50 ) Adjustments to prior period tax liabilities ( 112 ) 194 Provision for/resolution of tax audits and contingencies, net ( 244 ) ( 2,232 ) Out-of-period adjustments to deferred tax assets 1,830 ( 1,346 ) Tax effect of non-deductible foreign exchange loss on intercompany loan 3,668 - Other 3 63 Total income tax expense $ 12,454 $ 7,476 The first-quarter estimated annual effective tax rate on continuing operations was 36.5 percent in 2020, compared to 29.4 percent for the same period in 2019. Income tax expense for the quarter was computed in accordance with ASC 740-270, Income Taxes – Interim Reporting. Under this method, loss jurisdictions, which cannot recognize a tax benefit with regard to their generated losses, are excluded from the annual effective tax rate (AETR) calculation and their taxes will be recorded discretely in each quarter. The Company’s tax rate is affected by recurring items such as the income tax rate in the U.S. and in non-U.S. jurisdictions and the mix of income earned in those jurisdictions, including changes in losses and income from excluded loss jurisdictions, and the impact of discrete items in the respective quarter. The unusually higher estimated Q1 2020 income tax rate is primarily driven by an increase in losses in a foreign jurisdiction that is excluded in calculating the quarterly income tax provision. 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 indefinitely reinvested, and the Company accrued for the tax cost on these earnings to the extent they cannot be repatriated in a tax-free manner. The Company has targeted for repatriation $144 million of current year and prior year earnings of the Company’s foreign operations. If these earnings were distributed, the Company would be subject to foreign withholding taxes of $2.2 million and state income taxes of $2.4 million, which have already been recorded. 14 Index 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 the United States, Brazil, Canada, France, Germany, Italy, Mexico, and Switzerland. The open tax years in these jurisdictions range from 2007 to 2020. The Company is currently under audit in U.S and non-U.S. tax jurisdictions, including but not limited to New Hampshire, Canada and Italy. In the first quarter of 2020, the Company recorded a $1.8 million out-of-period immaterial charge related to developments in ongoing tax audits, which resulted in a corresponding decrease in deferred tax assets. The Company’s subsidiary in Mexico has an intercompany loan payable in U.S. dollars. As a result of the weaker Mexican peso, the Company recorded a revaluation loss of $12.7 million in the first quarter of 2020. That foreign currency loss is not deductible under Mexican tax law, which led to a $3.7 million discrete tax charge in the first quarter of 2020.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
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 March 31, (in thousands, except market price and earnings per share) 2020 2019 Net income attributable to the Company $ 9,109 $ 29,190 Weighted average number of shares: Weighted average number of shares used in calculating basic net income per share 32,312 32,272 Effect of dilutive stock-based compensation plans: Stock options 8 13 Weighted average number of shares used in calculating diluted net income per share 32,320 32,285 Average market price of common stock used for calculation of dilutive shares $ 65.47 $ 71.24 Net income attributable to the Company per share: Basic $ 0.28 $ 0.90 Diluted $ 0.28 $ 0.90

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (AOCI)	3 Months Ended
	Mar. 31, 2020
Accumulated items of other comprehensive income:
Accumulated Other Comprehensive Income (AOCI)	9. Accumulated Other Comprehensive Income (AOCI) The table below presents changes in the components of AOCI for the period December 31, 2019 to March 31, 2020: (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income December 31, 2019 $( 122,852 ) $( 49,994 ) $ ( 3,135 ) $( 175,981 ) Other comprehensive income/(loss) before reclassifications, net of tax ( 25,747 ) 792 ( 8,011 ) ( 32,966 ) Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax - - 303 303 Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax - 98 - 98 Net current period other comprehensive income ( 25,747 ) 890 ( 7,708 ) ( 32,565 ) March 31, 2020 $( 148,599 ) $( 49,104 ) $( 10,843 ) $( 208,546 ) The table below presents changes in the components of AOCI for the period December 31, 2018 to March 31, 2019: (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income December 31, 2018 $( 115,976 ) $( 47,109 ) $ 4,697 $( 158,388 ) Other comprehensive income/(loss) before reclassifications, net of tax ( 654 ) ( 152 ) ( 2,514 ) ( 3,320 ) Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax - - ( 337 ) ( 337 ) Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax - 11 - 11 Adjustment related to prior period change in opening valuation allowance - ( 1,346 ) - ( 1,346 ) Net current period other comprehensive income ( 654 ) ( 1,487 ) ( 2,851 ) ( 4,992 ) March 31, 2019 $( 116,630 ) $( 48,596 ) $ 1,846 $( 163,380 ) The components of our Accumulated Other Comprehensive Income that are reclassified to the Statement of Income relate to our pension and postretirement plans and interest rate swaps. 16 Index The table below presents the expense/(income) amounts reclassified, and the line items of the Statement of Income that were affected for the three months ended March 31, 2020 and 2019: Three months ended March 31, (in thousands) 2020 2019 Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income: Expense/(income) related to interest rate swaps included in Income before taxes (a) $ 407 $ ( 452 ) Income tax effect ( 104 ) 115 Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ 303 $ ( 337 ) Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: Amortization of prior service credit ( 1,114 ) ( 1,105 ) Amortization of net actuarial loss 1,244 1,121 Total pretax amount reclassified (b) 130 16 Income tax effect ( 32 ) ( 5 ) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ 98 $ 11 (a) Included in Interest expense, net are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 15 and 16). (b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 4).

Noncontrolling Interest

Noncontrolling Interest	3 Months Ended
	Mar. 31, 2020
Noncontrolling Interest [Abstract]
Noncontrolling Interest	10. Noncontrolling Interest Effective October 31, 2013, Safran S.A. (Safran) acquired a 10 percent equity interest in a new Albany subsidiary, Albany Safran Composites, LLC (ASC). Under the terms of the transaction agreements, ASC will be the exclusive supplier to Safran of advanced 3D-woven composite parts for use in aircraft and rocket engines, thrust reversers and nacelles, and aircraft landing and braking systems (the “Safran Applications”). AEC may develop and supply parts other than advanced 3D-woven composite parts for all aerospace applications, as well as advanced 3D-woven composite parts for any aerospace applications that are not Safran Applications (such as airframe applications) and any non-aerospace applications. The agreement provides Safran an option to purchase Albany’s remaining 90 percent interest upon the occurrence of certain bankruptcy or performance default events, or if Albany’s Engineered Composites business is sold to a direct competitor of Safran. The purchase price is based initially on the same valuation of ASC used to determine Safran’s 10 percent equity interest, and increases over time as LEAP production increases. In accordance with the operating agreement, Albany received a $28 million preferred holding in ASC, which includes a preferred return based on the Company’s revolving credit agreement. The common shares of ASC are owned 90 percent by Albany and 10 percent by Safran. 17 Index The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity in the Company’s subsidiary Albany Safran Composites, LLC: Three months ended March 31, (in thousands, except percentages) 2020 2019 Net (loss)/income of Albany Safran Composites (ASC) $( 14,849 ) $ 2,510 Less: Return attributable to the Company's preferred holding 302 328 Net (loss)/income of ASC available for common ownership $( 15,151 ) $ 2,182 Ownership percentage of noncontrolling shareholder 10 % 10 % Net (loss)/income attributable to noncontrolling interest $ ( 1,515 ) $ 218 Noncontrolling interest, beginning of year $ 4,006 $ 3,031 Net (loss)/income attributable to noncontrolling interest ( 1,515 ) 218 Changes in other comprehensive income attributable to noncontrolling interest 109 ( 8 ) Noncontrolling interest, end of interim period $ 2,600 $ 3,241

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Accounts Receivable	11. Accounts Receivable Accounts receivable includes trade receivables. In connection with certain sales in Asia, the Company accepts a bank promissory note as customer payment. The notes may be presented for payment at maturity, which is less than one year. As of March 31, 2020 and December 31, 2019, Accounts receivable consisted of the following: (in thousands) March 31, 2020 December 31, 2019 Trade and other accounts receivable $ 197,951 $ 201,427 Bank promissory notes 17,063 18,563 Allowance for expected credit losses ( 3,933 ) ( 1,719 ) Accounts receivable, net $ 211,081 $ 218,271 18 Index The Company has Noncurrent receivables in the AEC segment that represent revenue earned, which has extended payment terms. The Noncurrent receivables will be invoiced to the customer, with 2% interest, over a 10-year period starting in 2020. As of March 31, 2020 and December 31, 2019, Noncurrent receivables consisted of the following: (in thousands) March 31, 2020 December 31, 2019 Noncurrent receivables $ 39,325 $ 41,234 Allowance for expected credit losses ( 396 ) - Noncurrent receivables, net $ 38,929 $ 41,234 As described in Note 1, effective January 1, 2020, the Company adopted the provisions of ASC 326, Current Expected Credit Losses (CECL). While an expected credit loss allowance is recorded at the same time the financial asset is recorded, the Company monitors financial assets for credit impairment events to assess whether there has been a significant increase in credit risk since initial recognition, and considers both quantitative and qualitative information. The risk of loss due to credit default increases when one or more events occurs that can have a detrimental impact on estimated future cash flows of that financial asset. Evidence that a financial asset is subject to greater credit risk include observable data about significant financial difficulty of the customer, a breach of contract, such as a default or past due event, or it becoming probable that the customer will enter bankruptcy or other financial reorganization, among other factors. It may not be possible to identify a single discrete event, but rather, the combined effect of several events may cause an increase in risk of loss. The probability of default is driven by the relative financial health of our customer base and that of the industries in which we do business, as well as the broader macro-economic environment. A changing economic environment or forecasted economic scenario can lead to a different probability of default and can suggest that credit risk has changed. Such is the case with the global COVID-19 pandemic, which has increased uncertainty and poses a significant challenge to the macro-economic environment. Management believes this has increased the probability of credit default, causing the Company to increase the allowance for expected credit losses during the first quarter of 2020. At each reporting period, the Company will recognize the amount of change in current expected credit losses as an allowance gain or loss in Selling, general, and administrative expenses in the Consolidated Statements of Income. Financial assets are written off when the Company has no reasonable expectation of recovering the financial asset, either in its entirety, or a portion thereof. This is the case when the Company determines that the customer does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. The following table presents the year-to-date (increases)/ decreases in the allowance for credit losses for Accounts receivable: CECL December 31, transition Currency March 31, (in thousands) 2019 adjustment Charges translation Other 2020 Specific customer reserves $( 1,719 ) $ ( 44 ) $ ( 89 ) $ 116 $ 42 $( 1,694 ) Incremental expected credit losses - ( 1,139 ) ( 1,133 ) 38 ( 5 ) ( 2,239 ) Accounts receivable expected credit losses $( 1,719 ) $( 1,183 ) $( 1,222 ) $ 154 $ 37 $( 3,933 ) The following table presents the year-to-date (increases)/decreases in the allowance for credit losses for Noncurrent receivables: CECL December 31, transition Currency March 31, (in thousands) 2019 adjustment Charges translation Other 2020 Noncurrent receivables expected credit losses $ - $( 206 ) $( 201 ) $ 11 $ - $( 396 )

Contract Assets and Liabilities

Contract Assets and Liabilities	3 Months Ended
	Mar. 31, 2020
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract Assets and Liabilities	12. Contract Assets and Liabilities Contract assets includes unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to Accounts receivable, net when the entitlement to pay becomes unconditional. Contract liabilities include advance payments and billings in excess of revenue recognized. Contract liabilities are included in Accrued liabilities in the Consolidated Balance Sheets. Contract assets and Contract liabilities are reported on the Consolidated Balance Sheets in a net position on a contract-by-contract basis at the end of each reporting period. As of March 31, 2020 and December 31, 2019, Contract assets and Contract liabilities consisted of the following: (in thousands) March 31, 2020 December 31, 2019 Contract assets $ 85,257 $ 79,070 Allowance for expected credit losses ( 679 ) - Contract assets, net $ 84,578 $ 79,070 Contract liabilities $ 9,005 $ 5,656 Contract assets increased $5.5 million during the three-month period ended March 31, 2020. The increase was primarily due to an increase in unbilled revenue related to the satisfaction of performance obligations, in excess of the amounts billed to customers for contracts that were in a contract asset position. There were no impairment losses related to our Contract assets during the three month periods ended March 31, 2020. As described in Notes 1 and 11, effective January 1, 2020, the Company adopted the provisions of ASC 326, Current Expected Credit Losses (CECL). The following table presents the year-to-date (increases)/ decreases in the allowance for credit losses for Contract assets: CECL December 31, transition Currency March 31, (in thousands) 2019 adjustment Charges translation Other 2020 Contract assets expected credit losses $ - $( 404 ) $( 232 ) $ 12 $( 55 ) $( 679 ) Contract liabilities increased $3.3 million during the three-month period ended March 31, 2020, primarily due to increased billings in excess of revenue recognized from satisfied performance obligations for contracts that were in a contract liability position. Revenue recognized for the three- month periods ended March 31, 2020 and 2019 that was included in the Contract liability balance at the beginning of the year was $1.9 million and $3.7 million, respectively.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Inventories	13. 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. 20 Index As of March 31, 2020 and December 31, 2019, Inventories consisted of the following: (in thousands) March 31, 2020 December 31, 2019 Raw materials $ 60,907 $ 52,960 Work in process 34,266 31,744 Finished goods 14,253 10,445 Total inventories $ 109,426 $ 95,149

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	14. Goodwill and Other Intangible Assets Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually. Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. Our reportable segments are consistent with our operating segments. Determining the fair value of a reporting unit requires the use of significant estimates and assumptions, including revenue growth rates, operating margins, discount rates, and future market conditions, among others. Goodwill and other long-lived assets are reviewed for impairment whenever events, such as significant changes in the business climate, plant closures, changes in product offerings, or other circumstances indicate that the carrying amount may not be recoverable. To determine fair value, we utilize two market-based approaches and an income approach. Under the market-based approaches, we utilize information regarding the Company, as well as publicly available industry information, to determine earnings multiples and sales multiples. Under the income approach, we determine fair value based on estimated future cash flows of each reporting unit, discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn. In the second quarter of 2019, management performed their annual qualitative goodwill impairment test. As part of this qualitative evaluation, the Company considered earnings before interest expense, taxes, depreciation and amortization (EBITDA) and market multiples for the Machine Clothing and AEC – Salt Lake City reporting units. Based on the results of this analysis, management concluded that it was more likely than not that the fair value was in excess of the carrying value for all reporting units and that a step one of the goodwill impairment test was not considered necessary. In the first quarter of 2020, global equity market conditions deteriorated in reaction to the COVID-19 pandemic resulting in a corresponding decrease in the Company's stock price and market capitalization. As a result, management performed assessments as to whether the fair value of reporting units was less than carrying value as of March 31, 2020 and concluded that it was more likely than not that the fair value continued to be in excess of the carrying value for all reporting units. Management is scheduled to perform the 2020 annual goodwill impairment test during the second quarter. In the event that the Company’s market value declines further, or additional changes to the outlook for the Company’s reporting units occur, a goodwill impairment charge could be required. 21 Index 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 March 31, 2020 and December 31, 2019, were as follows: As of March 31, 2020 (in thousands) Weighted average amortization life in years Gross carrying amount Accumulated amortization Net carrying amount Amortized intangible assets: AEC Trademarks and trade names 6-15 $ 208 $ ( 139 ) $ 69 AEC Technology 10-15 6,142 ( 537 ) 5,605 AEC Intellectual property 15 1,250 ( 28 ) 1,222 AEC Customer contracts 6 17,471 ( 11,655 ) 5,816 AEC Customer relationships 8-15 51,556 ( 13,010 ) 38,546 AEC Other intangibles 5 322 ( 257 ) 65 Total amortized intangible assets $ 76,949 $( 25,626 ) $ 51,323 Unamortized intangible assets: MC Goodwill $ 66,679 $ - $ 66,679 AEC Goodwill 112,687 - 112,687 Total unamortized intangible assets: $ 179,366 $ - $ 179,366 As of December 31, 2019 (in thousands) Weighted average amortization life in years Gross carrying amount Accumulated amortization Net carrying amount Amortized intangible assets: AEC Trademarks and trade names 6-15 $ 208 $ ( 135 ) $ 73 AEC Technology 10-15 6,191 ( 387 ) 5,804 AEC Intellectual property 15 1,250 ( 7 ) 1,243 AEC Customer contracts 6 17,471 ( 10,927 ) 6,544 AEC Customer relationships 8-15 51,255 ( 12,108 ) 39,147 AEC Other intangibles 5 322 ( 241 ) 81 Total amortized intangible assets $ 76,697 $( 23,805 ) $ 52,892 Unamortized intangible assets: MC Goodwill $ 67,672 $ - $ 67,672 AEC Goodwill 113,262 - 113,262 Total unamortized intangible assets: $ 180,934 $ - $ 180,934 22 Index The changes in intangible assets, net and goodwill from December 31, 2019 to March 31, 2020, were as follows: (in thousands) December 31, 2019 Other Changes Amortization Currency Translation March 31, 2020 Amortized intangible assets: AEC Trademarks and trade names $ 73 $ - $ ( 4 ) $ - $ 69 AEC Technology 5,804 - ( 150 ) ( 49 ) 5,605 AEC Intellectual property 1,243 - ( 21 ) - 1,222 AEC Customer contracts 6,544 - ( 728 ) - 5,816 AEC Customer relationships 39,147 329 ( 871 ) ( 59 ) 38,546 AEC Other intangibles 81 - ( 16 ) - 65 Total amortized intangible assets $ 52,892 $ 329 $( 1,790 ) $ ( 108 ) $ 51,323 Unamortized intangible assets: MC Goodwill $ 67,672 $ - $ - $ ( 993 ) $ 66,679 AEC Goodwill 113,262 ( 227 ) - ( 348 ) 112,687 Total unamortized intangible assets: $ 180,934 $( 227 ) $ - $( 1,341 ) $ 179,366 Estimated amortization expense of intangibles for the years ending December 31, 2020 through 2024, is as follows: Year Annual amortization (in thousands) 2020 $ 7,200 2021 7,100 2022 4,900 2023 4,200 2024 4,200

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Financial Instruments	15. Financial Instruments Long-term debt, principally to banks and noteholders, consists of: (in thousands, except interest rates) March 31, 2020 December 31, 2019 Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.15% in 2020 and 3.43% in 2019 (including the effect of interest rate hedging transactions, as described below), due in 2022 $ 491,000 $ 424,000 Other debt, at an average end of period rate of 5.50% in both 2020 and 2019, due in varying amounts through 2021 22 29 Long-term debt 491,022 424,029 Less: current portion ( 20 ) ( 20 ) Long-term debt, net of current portion $ 491,002 $ 424,009 23 Index On November 7, 2017, we entered into a $685 million unsecured Five-Year Revolving Credit Facility Agreement (the “Credit Agreement”) which amended and restated the prior $550 million Agreement, entered into on April 8, 2016 (the “Prior Agreement”). Under the Credit Agreement, $491 million of borrowings were outstanding as of March 31, 2020. 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 30, 2020, the spread was 1.375%. The spread was based on a pricing grid, which ranged from 1.250% to 1.750%, based on our leverage ratio. Based on our maximum leverage ratio and our Consolidated EBITDA, and without modification to any other credit agreements, as of March 31, 2020, we would have been able to borrow an additional $194 million under the Agreement. The Credit Agreement contains customary terms, as well as affirmative covenants, negative covenants and events of default that are comparable to those in the Prior Agreement. The Borrowings are guaranteed by certain of the Company’s subsidiaries. Our ability to borrow additional amounts under the Credit Agreement is conditional upon the absence of any defaults, as well as the absence of any material adverse change (as defined in the Credit Agreement). On November 27, 2017, we terminated our interest rate swap agreements, originally entered into on May 9, 2016, that had effectively fixed the interest rate on $300 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 received $6.3 million when the swap agreements were terminated and that payment will be amortized into interest expense through March 2021. On May 6, 2016, we terminated other interest rate swap agreements that had effectively fixed the interest rate on $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 November 28, 2017, we entered into interest rate swap agreements for the period December 18, 2017 through October 17, 2022. These transactions have the effect of fixing the LIBOR portion of the effective interest rate (before addition of the spread) on $350 million of indebtedness drawn under the Credit Agreement at the rate of 2.11% during the period. Under the terms of these transactions, we pay the fixed rate of 2.11% and the counterparties pay a floating rate based on the one-month LIBOR rate at each monthly calculation date, which on March 16, 2020 was .71%, during the swap period. On March 16, 2020, the all-in-rate on the $350 million of debt was 3.485%. These interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 16. No cash collateral was received or pledged in relation to the swap agreements. Under the Credit Agreement, we are currently required to maintain a leverage ratio (as defined in the agreement) 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, 2020, our leverage ratio was 1.69 to 1.00 and our interest coverage ratio was 13.82 to 1.00. We may purchase our Common Stock or pay dividends to the extent our leverage ratio remains at or below 3.50 to 1.00, and may make acquisitions with cash, provided our leverage ratio does not exceed the limits noted above. 24 Index Indebtedness under the Credit Agreement is ranked equally in right of payment to all unsecured senior debt. We were in compliance with all debt covenants as of March 31, 2020.

Fair-Value Measurements

Fair-Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair-Value Measurements	16. Fair-Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accounting principles establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Level 3 inputs are unobservable data points for the asset or liability, and include situations in which there is little, if any, market activity for the asset or liability. We had no Level 3 financial assets or liabilities at March 31, 2020, or at December 31, 2019. The following table presents the fair-value hierarchy for our Level 1 and Level 2 financial and non-financial assets and liabilities, which are measured at fair value on a recurring basis: March 31, 2020 December 31, 2019 Quoted prices in active markets Significant other observable inputs Quoted prices in active markets Significant other observable inputs (in thousands) (Level 1) (Level 2) (Level 1) (Level 2) Fair Value Assets: Cash equivalents $ 13,039 $ - $ 16,375 $ - Other Assets: Common stock of unaffiliated foreign public company (a) 765 - 839 - Interest rate swaps Liabilities: Other noncurrent liabilities: Interest rate swaps - (15,761 ) b - (5,518 ) c (a) Original cost basis $0.5 million. (b) Net of $3.5 million receivable floating leg and $19.2 million liability fixed leg. (c) Net of $15.2 million receivable floating leg and $20.7 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. Changes in the fair value of the investment are reported in the Consolidated Statements of Income. We operate our business in many regions of the world, and currency rate movements can have a significant effect on operating results. Foreign currency instruments are entered into periodically, and consist of foreign currency option contracts and forward contracts that are valued using quoted prices in active markets obtained from independent pricing sources. These instruments are measured using market foreign exchange prices and are recorded in the Consolidated Balance Sheets as Other current assets and Accounts payable, as applicable. Changes in fair value of these instruments are recorded as gains or losses within Other (income)/expense, net. When exercised, the foreign currency instruments are net settled with the same financial institution that bought or sold them. For all positions, whether options or forward contracts, there is risk from the possible inability of the financial institution to meet the terms of the contracts and the risk of unfavorable changes in interest and currency rates, which may reduce the value of the instruments. We seek to mitigate risk by evaluating the creditworthiness of counterparties and by monitoring the currency exchange and interest rate markets while reviewing the hedging risks and contracts to ensure compliance with our internal guidelines and policies. Changes in exchange rates can result in revaluation gains and losses that are recorded in Selling, general and administrative expenses or Other (income)/expense, net. Revaluation gains and losses occur when our business units have cash, intercompany (recorded in Other (income)/expense, 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. 25 Index 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. As of March 31, 2020, these interest rate swaps were determined to be highly effective hedges of interest rate cash flow risk. Amounts accumulated in Other comprehensive income are reclassified as Interest expense, net when the related interest payments (that is, the hedged forecasted transactions), and amortization related to the swap buyouts, affect earnings. Interest (income)/expense related to payments under the active swap agreements totaled $0.5 million for the three month period ended March 31, 2020, and ($0.3) million for the three month period ended March 31, 2019. Additionally, non-cash interest income related to the amortization of swap buyouts totaled $0.1 million for the three month period ended March 31, 2020 and $0.1 million for the three month period ended March 31, 2019. Gains/(losses) related to changes in fair value of derivative instruments that were recognized in Other (income)/expense, net in the Consolidated Statements of Income were as follows: Three months ended March 31, (in thousands) 2020 2019 Derivatives not designated as hedging instruments Foreign currency options gains/(losses) $( 64 ) -

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	17. Contingencies Asbestos Litigation Albany International Corp. is a defendant in suits brought in various courts in the United States by plaintiffs who allege that they have suffered personal injury as a result of exposure to asbestos-containing paper machine clothing synthetic dryer fabrics marketed during the period from 1967 to 1976 and used in certain paper mills. We were defending 3,691 claims as of March 31, 2020. 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 2015 3,821 116 86 3,791 $ 164 2016 3,791 148 102 3,745 758 2017 3,745 105 90 3,730 55 2018 3,730 152 106 3,684 100 2019 3,684 51 75 3,708 25 2020 3,708 36 19 3,691 $ 47 We anticipate that additional claims will be filed against the Company and related companies in the future, but are unable to predict the number and timing of such future claims. Due to the fact that information sufficient to meaningfully estimate a range of possible loss of a particular claim is typically not available until late in the discovery process, we do not believe a meaningful estimate can be made regarding the range of possible loss with respect to pending or future claims and therefore are unable to estimate a range of reasonably possible loss in excess of amounts already accrued for pending or future claims. While we believe we have meritorious defenses to these claims, we have settled certain claims for amounts we consider reasonable given the facts and circumstances of each case. Our insurance carrier has defended each case and funded settlements under a standard reservation of rights. As of March 31, 2020, we had resolved, by means of settlement or dismissal, 37,833 claims. The total cost of resolving all claims was $10.4 million. Of this amount, almost 100% was paid by our insurance carrier, who has confirmed that we have approximately $140 million of remaining coverage under primary and excess policies that should be available with respect to current and future asbestos claims. The Company’s subsidiary, Brandon Drying Fabrics, Inc. (“Brandon”), is also a separate defendant in many of the asbestos cases in which Albany is named as a defendant, despite never having manufactured any fabrics containing asbestos. While Brandon was defending against 7,710 claims as of March 31, 2020, only twelve claims have been filed against Brandon since January 1, 2012, and no settlement costs have been incurred since 2001. Brandon was acquired by the Company in 1999, and has its own insurance policies covering periods prior to 1999. Since 2004, Brandon’s insurance carriers have covered 100% of indemnification and defense costs, subject to policy limits and a standard reservation of rights. 26 Index In some of these asbestos cases, the Company is named both as a direct defendant and as the “successor in interest” to Mount Vernon Mills (“Mount Vernon”). We acquired certain assets from Mount Vernon in 1993. Certain plaintiffs allege injury caused by asbestos-containing products alleged to have been sold by Mount Vernon many years prior to this acquisition. Mount Vernon is contractually obligated to indemnify the Company against any liability arising out of such products. We deny any liability for products sold by Mount Vernon prior to the acquisition of the Mount Vernon assets. Pursuant to its contractual indemnification obligations, Mount Vernon has assumed the defense of these claims. On this basis, we have successfully moved for dismissal in a number of actions. We currently do not anticipate, based on currently available information, that the ultimate resolution of the aforementioned proceedings will have a material adverse effect on the financial position, results of operations, or cash flows of the Company. Although we cannot predict the number and timing of future claims, based on the foregoing factors, the trends in claims filed against us, and available insurance, we also do not currently anticipate that potential future claims will have a material adverse effect on our financial position, results of operations, or cash flows.

Changes in Shareholders' Equity

Changes in Shareholders' Equity	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Changes in Shareholders' Equity	18. Changes in Shareholders’ Equity The following table summarizes changes in Shareholders’ Equity for the period December 31, 2019 to March 31, 2020: Class A Common Stock Class B Common Stock Additional paid-in capital Retained earnings Accumulated items of other comprehensive income Class A Treasury Stock Non controlling Interest Total Equity (in thousands) Shares Amount Shares Amount Shares Amount December 31, 2019 39,099 $ 39 1,618 $ 2 $ 432,518 $ 698,496 $( 175,981 ) 8,409 $( 256,391 ) $ 4,006 $ 702,689 Adoption of accounting standards (a) - - - - - ( 1,443 ) - - - - ( 1,443 ) Net income - - - - - 9,109 - - - ( 1,515 ) 7,594 Compensation and benefits paid or payable in shares 13 - - - ( 682 ) - - - - - ( 682 ) Options exercised - - - - - - - - - - - Shares issued to Directors - - - - - - - - - - - Dividends declared Class A Common Stock, $0.19 per share - - - - - ( 5,834 ) - - - - ( 5,834 ) Class B Common Stock, $0.19 per share - - - - - ( 307 ) - - - - ( 307 ) Cumulative translation adjustments - - - - - - ( 25,747 ) - - 109 ( 25,638 ) Pension and postretirement liability adjustments - - - - - - ( 890 ) - - - 890 Derivative valuation adjustment - - - - - - ( 7,708 ) - - - ( 7,708 ) March 31, 2020 39,112 $ 39 1,618 $ 2 $ 431,836 $ 700,021 $( 208,546 ) 8,409 $( 256,391 ) $ 2,600 $ 669,561 27 Index The following table summarizes changes in Shareholders’ Equity for the period December 31, 2018 to March 31, 2019: Class A Common Stock Class B Common Stock Additional paid-in capital Retained earnings Accumulated items of other comprehensive income Class A Treasury Stock Non controlling Interest Total Equity (in thousands) Shares Amount Shares Amount Shares Amount December 31, 2018 37,450 $ 37 3,234 $ 3 $ 430,555 $ 589,645 $( 158,388 ) 8,419 $( 256,603 ) $ 3,031 $ 608,280 Adoption of accounting standards (b) - - - - - 35 - - - - 35 Net income - - - - - 29,190 - - - 218 29,408 Compensation and benefits paid or payable in shares 25 - - - ( 547 ) - - - - - ( 547 ) Options exercised 3 - 44 - - - - - 44 Shares issued to Directors - - - - - - - - - - - Dividends declared Class A Common Stock, $0.18 per share - - - - - ( 5,231 ) - - - - ( 5,231 ) Class B Common Stock, $0.18 per share - - - - - ( 582 ) - - - - ( 582 ) Cumulative translation adjustments - - - - - - ( 654 ) - - ( 8 ) ( 662 ) Pension and postretirement liability adjustments - - - - - - ( 1,487 ) - - - ( 1,487 ) Derivative valuation adjustment - - - - - - ( 2,851 ) - - - ( 2,851 ) March 31, 2019 37,478 $ 37 3,234 $ 3 $ 430,052 $ 613,057 $( 163,380 ) 8,419 $( 256,603 ) $ 3,241 $ 626,407 (a) As described in Note 1, the Company adopted the provisions of ASC 326, Current Expected Credit Losses (CECL) effective January 1, 2020, which resulted in a decrease to Retained earnings of $1.4 million. (b) The Company adopted ASC 842, Leases

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	19. Recent Accounting Pronouncements In August 2018, an accounting update was issued which aims to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing defined benefit plan disclosures. We plan to adopt the new standard effective January 1, 2021. We do not expect the adoption of this update to significantly impact our financial statements. In December 2019, an accounting update was issued which removes certain exceptions for recognizing deferred taxes for investments and performing intra-period tax allocations. The update also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. We plan to adopt the new standard as of January 1, 2021 and we are assessing the potential impact on our financial statements. In March 2020, an accounting update was issued which provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates such as LIBOR. The expedients and exceptions provided by this update will not be available after December 31, 2022, other than for certain hedging relationships entered into prior. We are currently assessing the potential impact on our financial statements.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of results for such periods. Albany International Corp. (Albany, the Registrant, the Company, we, us, or our) consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in 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 Albany International Corp.’s Annual Report on Form 10-K for the year ended December 31, 2019. Effective January 1, 2020, we adopted the provisions of ASC 326, Current Expected Credit Losses (CECL)

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, (in thousands) 2020 2019 Net sales Machine Clothing $ 136,602 $ 144,334 Albany Engineered Composites 99,162 107,039 Consolidated total $ 235,764 $ 251,373 Operating income/(loss) Machine Clothing $ 47,175 $ 44,243 Albany Engineered Composites 7,623 9,522 Corporate expenses ( 15,204 ) ( 13,672 ) Operating income $ 39,594 $ 40,093 Reconciling items: Interest income ( 447 ) ( 599 ) Interest expense 4,424 5,016 Other expense/(income), net 15,569 ( 1,208 ) Income before income taxes $ 20,048 $ 36,884
Schedule of Restructuring Costs by Reporting Segment	The table below presents restructuring costs by reportable segment (also see Note 5): Three months ended March 31, (in thousands) 2020 2019 Machine Clothing $ 642 $ 401 Albany Engineered Composites - 83 Total $ 642 $ 484
Schedule of Disaggregate Revenue for Each Business Segment	The following table disaggregates revenue for each product group by timing of revenue recognition: Three months ended March 31, 2020 (in thousands) Point in Time Revenue Recognition Over Time Revenue Recognition Total Machine Clothing $ 135,754 $ 848 $ 136,602 Albany Engineered Composites ASC - 37,894 37,894 Other AEC 6,320 54,948 61,268 Total Albany Engineered Composites 6,320 92,842 99,162 Total revenue $ 142,074 $ 93,690 $ 235,764 Three months ended March 31, 2019 (in thousands) Point in Time Revenue Recognition Over Time Revenue Recognition Total Machine Clothing $ 143,534 $ 800 $ 144,334 Albany Engineered Composites ASC - 55,442 55,442 Other AEC 6,245 45,352 51,597 Total Albany Engineered Composites 6,245 100,794 107,039 Total revenue $ 149,779 $ 101,594 $ 251,373
Schedule of Disaggregate MC Segment Revenue by Significant Product or Service	9 Index The following table disaggregates MC segment revenue by significant product groupings (paper machine clothing (PMC) and engineered fabrics), and, for PMC, the geographical region to which the paper machine clothing was sold: Three months ended March 31, (in thousands) 2020 2019 Americas PMC $ 73,677 $ 75,341 Eurasia PMC 45,131 51,438 Engineered Fabrics 17,794 17,555 Total Machine Clothing Net sales $ 136,602 $ 144,334

Business Acquisition (Tables)

Business Acquisition (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Schedule of Allocation of Purchase Price	The following table summarizes the provisional allocation of the purchase price to the fair value of the assets and liabilities acquired: (in thousands) November 20, 2019 Assets acquired Cash $ 1,607 Accounts receivable 986 Contract assets 2,269 Inventories 525 Prepaid expenses and other current assets 452 Right of use assets 5,686 Property, plant and equipment 4,884 Amortizable intangible assets 10,302 Goodwill 17,114 Total assets acquired $ 43,825 Liabilities assumed Accounts payable $ 65 Accrued liabilities 2,249 Lease liabilities 502 Deferred income taxes 3,425 Other noncurrent liabilities 5,184 Total liabilities assumed $ 11,425 Net assets acquired $ 32,400 Purchase of business, net of cash acquired $ 30,793

Pensions and Other Postretire_2

Pensions and Other Postretirement Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Schedule of Net Periodic Benefit Plan Cost	The composition of the net periodic benefit cost for the three months ended March 31, 2020 and 2019, was as follows: Pension plans Other postretirement benefits (in thousands) 2020 2019 2020 2019 Components of net periodic benefit cost: Service cost $ 580 $ 632 $ 50 $ 47 Interest cost 1,550 1,794 428 528 Expected return on assets ( 1,723 ) ( 2,057 ) - - Amortization of prior service cost/(credit) 8 17 ( 1,122 ) ( 1,122 ) Amortization of net actuarial loss 596 564 648 557 Net periodic benefit cost $ 1,011 $ 950 $ 4 $ 10

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges	The following table summarizes charges reported in the Consolidated Statements of Income under “Restructuring expenses, net”: Three months ended March 31, (in thousands) 2020 2019 Machine Clothing $ 642 $ 401 Albany Engineered Composites - 83 Corporate expenses - - Total $ 642 $ 484 12 Index Three Months ended March 31, 2020 Total restructuring costs incurred Termination and other costs (in thousands) Machine Clothing $ 642 $ 642 Albany Engineered Composites - - Corporate expenses - - Total $ 642 $ 642 Three Months ended March 31, 2019 Total restructuring costs incurred Termination and other costs (in thousands) Machine Clothing $ 401 $ 401 Albany Engineered Composites 83 83 Corporate expenses - - Total $ 484 $ 484
Schedule of Restructuring Liability	We expect that approximately $1.5 million of Accrued liabilities for restructuring at March 31, 2020 will be paid within one year and approximately $0.4 million will be paid the following year. The table below presents the year-to-date changes in restructuring liabilities for 2020 and 2019, all of which are related to termination costs: December 31, Restructuring Currency March 31, (in thousands) 2019 charges accrued Payments translation /other 2020 Total termination and other costs $ 2,042 $ 642 $( 731 ) $( 92 ) $ 1,861 December 31, Restructuring Currency March 31, (in thousands) 2018 charges accrued Payments translation /other 2019 Total termination and other costs $ 5,570 $ 484 $( 876 ) $ 23 $ 5,201

Other (Income)_Expense, net (Ta

Other (Income)/Expense, net (Tables)	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
Schedule Other Expense/(Income), net	The components of Other (Income)/Expense, net are: Three months ended March 31, 2020 (in thousands) 2020 2019 Currency transaction (gains)/losses $ 14,834 $( 2,038 ) Bank fees and amortization of debt issuance costs 75 109 Components of net periodic pension and postretirement cost other than service 385 281 Other 275 440 Total $ 15,569 $( 1,208 )

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 and 2019: Three months ended March 31, (in thousands, except percentages) 2020 2019 Income tax based on income from continuing operations, at estimated tax rates of 36.5% and 29.4%, respectively $ 7,309 $ 10,847 Income tax before discrete items 7,309 10,847 Discrete tax expense: Exercise of U.S. stock options - ( 50 ) Adjustments to prior period tax liabilities ( 112 ) 194 Provision for/resolution of tax audits and contingencies, net ( 244 ) ( 2,232 ) Out-of-period adjustments to deferred tax assets 1,830 ( 1,346 ) Tax effect of non-deductible foreign exchange loss on intercompany loan 3,668 - Other 3 63 Total income tax expense $ 12,454 $ 7,476

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, (in thousands, except market price and earnings per share) 2020 2019 Net income attributable to the Company $ 9,109 $ 29,190 Weighted average number of shares: Weighted average number of shares used in calculating basic net income per share 32,312 32,272 Effect of dilutive stock-based compensation plans: Stock options 8 13 Weighted average number of shares used in calculating diluted net income per share 32,320 32,285 Average market price of common stock used for calculation of dilutive shares $ 65.47 $ 71.24 Net income attributable to the Company per share: Basic $ 0.28 $ 0.90 Diluted $ 0.28 $ 0.90

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (AOCI) (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2019 to March 31, 2020: (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income December 31, 2019 $( 122,852 ) $( 49,994 ) $ ( 3,135 ) $( 175,981 ) Other comprehensive income/(loss) before reclassifications, net of tax ( 25,747 ) 792 ( 8,011 ) ( 32,966 ) Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax - - 303 303 Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax - 98 - 98 Net current period other comprehensive income ( 25,747 ) 890 ( 7,708 ) ( 32,565 ) March 31, 2020 $( 148,599 ) $( 49,104 ) $( 10,843 ) $( 208,546 ) The table below presents changes in the components of AOCI for the period December 31, 2018 to March 31, 2019: (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income December 31, 2018 $( 115,976 ) $( 47,109 ) $ 4,697 $( 158,388 ) Other comprehensive income/(loss) before reclassifications, net of tax ( 654 ) ( 152 ) ( 2,514 ) ( 3,320 ) Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax - - ( 337 ) ( 337 ) Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax - 11 - 11 Adjustment related to prior period change in opening valuation allowance - ( 1,346 ) - ( 1,346 ) Net current period other comprehensive income ( 654 ) ( 1,487 ) ( 2,851 ) ( 4,992 ) March 31, 2019 $( 116,630 ) $( 48,596 ) $ 1,846 $( 163,380 )
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 Statement of Income that were affected for the three months ended March 31, 2020 and 2019: Three months ended March 31, (in thousands) 2020 2019 Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income: Expense/(income) related to interest rate swaps included in Income before taxes (a) $ 407 $ ( 452 ) Income tax effect ( 104 ) 115 Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ 303 $ ( 337 ) Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: Amortization of prior service credit ( 1,114 ) ( 1,105 ) Amortization of net actuarial loss 1,244 1,121 Total pretax amount reclassified (b) 130 16 Income tax effect ( 32 ) ( 5 ) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ 98 $ 11 (a) Included in Interest expense, net are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 15 and 16). (b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 4).

Noncontrolling Interest (Tables

Noncontrolling Interest (Tables)	3 Months Ended
	Mar. 31, 2020
Noncontrolling Interest [Abstract]
Schedule of Income Attributable to Noncontrolling Interest and Noncontrolling Equity	The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity in the Company’s subsidiary Albany Safran Composites, LLC: Three months ended March 31, (in thousands, except percentages) 2020 2019 Net (loss)/income of Albany Safran Composites (ASC) $( 14,849 ) $ 2,510 Less: Return attributable to the Company's preferred holding 302 328 Net (loss)/income of ASC available for common ownership $( 15,151 ) $ 2,182 Ownership percentage of noncontrolling shareholder 10 % 10 % Net (loss)/income attributable to noncontrolling interest $ ( 1,515 ) $ 218 Noncontrolling interest, beginning of year $ 4,006 $ 3,031 Net (loss)/income attributable to noncontrolling interest ( 1,515 ) 218 Changes in other comprehensive income attributable to noncontrolling interest 109 ( 8 ) Noncontrolling interest, end of interim period $ 2,600 $ 3,241

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Schedule of Accounts Receivable	Accounts receivable includes trade receivables. In connection with certain sales in Asia, the Company accepts a bank promissory note as customer payment. The notes may be presented for payment at maturity, which is less than one year. As of March 31, 2020 and December 31, 2019, Accounts receivable consisted of the following: (in thousands) March 31, 2020 December 31, 2019 Trade and other accounts receivable $ 197,951 $ 201,427 Bank promissory notes 17,063 18,563 Allowance for expected credit losses ( 3,933 ) ( 1,719 ) Accounts receivable, net $ 211,081 $ 218,271
Schedule of Contract Receivables	The Company has Noncurrent receivables in the AEC segment that represent revenue earned, which has extended payment terms. The Noncurrent receivables will be invoiced to the customer, with 2% interest, over a 10-year period starting in 2020. As of March 31, 2020 and December 31, 2019, Noncurrent receivables consisted of the following: (in thousands) March 31, 2020 December 31, 2019 Noncurrent receivables $ 39,325 $ 41,234 Allowance for expected credit losses ( 396 ) - Noncurrent receivables, net $ 38,929 $ 41,234
Schedule of Changes in Allowance for Credit Losses for Accounts receivable	The following table presents the year-to-date (increases)/ decreases in the allowance for credit losses for Accounts receivable: CECL December 31, transition Currency March 31, (in thousands) 2019 adjustment Charges translation Other 2020 Specific customer reserves $( 1,719 ) $ ( 44 ) $ ( 89 ) $ 116 $ 42 $( 1,694 ) Incremental expected credit losses - ( 1,139 ) ( 1,133 ) 38 ( 5 ) ( 2,239 ) Accounts receivable expected credit losses $( 1,719 ) $( 1,183 ) $( 1,222 ) $ 154 $ 37 $( 3,933 )
Schedule of Changes in Allowance for Credit Losses for Noncurrent receivables	The following table presents the year-to-date (increases)/decreases in the allowance for credit losses for Noncurrent receivables: CECL December 31, transition Currency March 31, (in thousands) 2019 adjustment Charges translation Other 2020 Noncurrent receivables expected credit losses $ - $( 206 ) $( 201 ) $ 11 $ - $( 396 )

Contract Assets and Liabiliti_2

Contract Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Schedule of Contract Assets and Contract Liabilities	As of March 31, 2020 and December 31, 2019, Contract assets and Contract liabilities consisted of the following: (in thousands) March 31, 2020 December 31, 2019 Contract assets $ 85,257 $ 79,070 Allowance for expected credit losses ( 679 ) - Contract assets, net $ 84,578 $ 79,070 Contract liabilities $ 9,005 $ 5,656
Schedule of (Increases)/ Decreases in Allowance for Credit Losses	The following table presents the year-to-date (increases)/ decreases in the allowance for credit losses for Contract assets: CECL December 31, transition Currency March 31, (in thousands) 2019 adjustment Charges translation Other 2020 Contract assets expected credit losses $ - $( 404 ) $( 232 ) $ 12 $( 55 ) $( 679 )

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Inventories	As of March 31, 2020 and December 31, 2019, Inventories consisted of the following: (in thousands) March 31, 2020 December 31, 2019 Raw materials $ 60,907 $ 52,960 Work in process 34,266 31,744 Finished goods 14,253 10,445 Total inventories $ 109,426 $ 95,149

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Intangible Assets and Goodwill	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 March 31, 2020 and December 31, 2019, were as follows: As of March 31, 2020 (in thousands) Weighted average amortization life in years Gross carrying amount Accumulated amortization Net carrying amount Amortized intangible assets: AEC Trademarks and trade names 6-15 $ 208 $ ( 139 ) $ 69 AEC Technology 10-15 6,142 ( 537 ) 5,605 AEC Intellectual property 15 1,250 ( 28 ) 1,222 AEC Customer contracts 6 17,471 ( 11,655 ) 5,816 AEC Customer relationships 8-15 51,556 ( 13,010 ) 38,546 AEC Other intangibles 5 322 ( 257 ) 65 Total amortized intangible assets $ 76,949 $( 25,626 ) $ 51,323 Unamortized intangible assets: MC Goodwill $ 66,679 $ - $ 66,679 AEC Goodwill 112,687 - 112,687 Total unamortized intangible assets: $ 179,366 $ - $ 179,366 As of December 31, 2019 (in thousands) Weighted average amortization life in years Gross carrying amount Accumulated amortization Net carrying amount Amortized intangible assets: AEC Trademarks and trade names 6-15 $ 208 $ ( 135 ) $ 73 AEC Technology 10-15 6,191 ( 387 ) 5,804 AEC Intellectual property 15 1,250 ( 7 ) 1,243 AEC Customer contracts 6 17,471 ( 10,927 ) 6,544 AEC Customer relationships 8-15 51,255 ( 12,108 ) 39,147 AEC Other intangibles 5 322 ( 241 ) 81 Total amortized intangible assets $ 76,697 $( 23,805 ) $ 52,892 Unamortized intangible assets: MC Goodwill $ 67,672 $ - $ 67,672 AEC Goodwill 113,262 - 113,262 Total unamortized intangible assets: $ 180,934 $ - $ 180,934 22 Index The changes in intangible assets, net and goodwill from December 31, 2019 to March 31, 2020, were as follows: (in thousands) December 31, 2019 Other Changes Amortization Currency Translation March 31, 2020 Amortized intangible assets: AEC Trademarks and trade names $ 73 $ - $ ( 4 ) $ - $ 69 AEC Technology 5,804 - ( 150 ) ( 49 ) 5,605 AEC Intellectual property 1,243 - ( 21 ) - 1,222 AEC Customer contracts 6,544 - ( 728 ) - 5,816 AEC Customer relationships 39,147 329 ( 871 ) ( 59 ) 38,546 AEC Other intangibles 81 - ( 16 ) - 65 Total amortized intangible assets $ 52,892 $ 329 $( 1,790 ) $ ( 108 ) $ 51,323 Unamortized intangible assets: MC Goodwill $ 67,672 $ - $ - $ ( 993 ) $ 66,679 AEC Goodwill 113,262 ( 227 ) - ( 348 ) 112,687 Total unamortized intangible assets: $ 180,934 $( 227 ) $ - $( 1,341 ) $ 179,366
Schedule of Estimated Amortization Expense	Estimated amortization expense of intangibles for the years ending December 31, 2020 through 2024, is as follows: Year Annual amortization (in thousands) 2020 $ 7,200 2021 7,100 2022 4,900 2023 4,200 2024 4,200

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt, principally to banks and noteholders, consists of: (in thousands, except interest rates) March 31, 2020 December 31, 2019 Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.15% in 2020 and 3.43% in 2019 (including the effect of interest rate hedging transactions, as described below), due in 2022 $ 491,000 $ 424,000 Other debt, at an average end of period rate of 5.50% in both 2020 and 2019, due in varying amounts through 2021 22 29 Long-term debt 491,022 424,029 Less: current portion ( 20 ) ( 20 ) Long-term debt, net of current portion $ 491,002 $ 424,009

Fair-Value Measurements (Tables

Fair-Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets and Liabilities	The following table presents the fair-value hierarchy for our Level 1 and Level 2 financial and non-financial assets and liabilities, which are measured at fair value on a recurring basis: March 31, 2020 December 31, 2019 Quoted prices in active markets Significant other observable inputs Quoted prices in active markets Significant other observable inputs (in thousands) (Level 1) (Level 2) (Level 1) (Level 2) Fair Value Assets: Cash equivalents $ 13,039 $ - $ 16,375 $ - Other Assets: Common stock of unaffiliated foreign public company (a) 765 - 839 - Interest rate swaps Liabilities: Other noncurrent liabilities: Interest rate swaps - (15,761 ) b - (5,518 ) c (a) Original cost basis $0.5 million. (b) Net of $3.5 million receivable floating leg and $19.2 million liability fixed leg. (c) Net of $15.2 million receivable floating leg and $20.7 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)/expense, net in the Consolidated Statements of Income were as follows: Three months ended March 31, (in thousands) 2020 2019 Derivatives not designated as hedging instruments Foreign currency options gains/(losses) $( 64 ) -

Contingencies (Tables)

Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
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 2015 3,821 116 86 3,791 $ 164 2016 3,791 148 102 3,745 758 2017 3,745 105 90 3,730 55 2018 3,730 152 106 3,684 100 2019 3,684 51 75 3,708 25 2020 3,708 36 19 3,691 $ 47

Changes in Shareholders' Equi_2

Changes in Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Schedule of Activity in Shareholders' Equity	The following table summarizes changes in Shareholders’ Equity for the period December 31, 2019 to March 31, 2020: Class A Common Stock Class B Common Stock Additional paid-in capital Retained earnings Accumulated items of other comprehensive income Class A Treasury Stock Non controlling Interest Total Equity (in thousands) Shares Amount Shares Amount Shares Amount December 31, 2019 39,099 $ 39 1,618 $ 2 $ 432,518 $ 698,496 $( 175,981 ) 8,409 $( 256,391 ) $ 4,006 $ 702,689 Adoption of accounting standards (a) - - - - - ( 1,443 ) - - - - ( 1,443 ) Net income - - - - - 9,109 - - - ( 1,515 ) 7,594 Compensation and benefits paid or payable in shares 13 - - - ( 682 ) - - - - - ( 682 ) Options exercised - - - - - - - - - - - Shares issued to Directors - - - - - - - - - - - Dividends declared Class A Common Stock, $0.19 per share - - - - - ( 5,834 ) - - - - ( 5,834 ) Class B Common Stock, $0.19 per share - - - - - ( 307 ) - - - - ( 307 ) Cumulative translation adjustments - - - - - - ( 25,747 ) - - 109 ( 25,638 ) Pension and postretirement liability adjustments - - - - - - ( 890 ) - - - 890 Derivative valuation adjustment - - - - - - ( 7,708 ) - - - ( 7,708 ) March 31, 2020 39,112 $ 39 1,618 $ 2 $ 431,836 $ 700,021 $( 208,546 ) 8,409 $( 256,391 ) $ 2,600 $ 669,561 27 Index The following table summarizes changes in Shareholders’ Equity for the period December 31, 2018 to March 31, 2019: Class A Common Stock Class B Common Stock Additional paid-in capital Retained earnings Accumulated items of other comprehensive income Class A Treasury Stock Non controlling Interest Total Equity (in thousands) Shares Amount Shares Amount Shares Amount December 31, 2018 37,450 $ 37 3,234 $ 3 $ 430,555 $ 589,645 $( 158,388 ) 8,419 $( 256,603 ) $ 3,031 $ 608,280 Adoption of accounting standards (b) - - - - - 35 - - - - 35 Net income - - - - - 29,190 - - - 218 29,408 Compensation and benefits paid or payable in shares 25 - - - ( 547 ) - - - - - ( 547 ) Options exercised 3 - 44 - - - - - 44 Shares issued to Directors - - - - - - - - - - - Dividends declared Class A Common Stock, $0.18 per share - - - - - ( 5,231 ) - - - - ( 5,231 ) Class B Common Stock, $0.18 per share - - - - - ( 582 ) - - - - ( 582 ) Cumulative translation adjustments - - - - - - ( 654 ) - - ( 8 ) ( 662 ) Pension and postretirement liability adjustments - - - - - - ( 1,487 ) - - - ( 1,487 ) Derivative valuation adjustment - - - - - - ( 2,851 ) - - - ( 2,851 ) March 31, 2019 37,478 $ 37 3,234 $ 3 $ 430,052 $ 613,057 $( 163,380 ) 8,419 $( 256,603 ) $ 3,241 $ 626,407 (a) As described in Note 1, the Company adopted the provisions of ASC 326, Current Expected Credit Losses (CECL) effective January 1, 2020, which resulted in a decrease to Retained earnings of $1.4 million. (b) The Company adopted ASC 842, Leases

Significant Accounting Polici_3

Significant Accounting Policies (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Accounting Policies [Abstract]
Pre-tax cumulative effect of initial adoption of ASC 326, increase in credit loss reserves	$ 1.8
Effect of initial adoption of ASC 326, decrease in retained earnings	$ 1.4

Reportable Segments (Narrative)

Reportable Segments (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Net sales	$ 235,764	$ 251,373
Performance obligations	82,000	90,000
Remaining performance obligation expected to be recognized during 2020	48,000
AEC [Member]
Segment Reporting Information [Line Items]
Immaterial out-of-period favorable adjustment	900	600
Albany Safran Composites, LLC [Member]
Segment Reporting Information [Line Items]
Net sales	38,000	56,000
Accounts receivable, unbilled receivables and contract receivables	112,100	$ 114,500
Lease rent	$ 200

Reportable Segments (Schedule o

Reportable Segments (Schedule of Financial Data by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Net sales	$ 235,764	$ 251,373
Operating income/(loss)	39,594	40,093
Interest income	(447)	(599)
Interest expense	4,424	5,016
Other (income)/expense, net	15,569	(1,208)
Income before income taxes	20,048	36,884
Machine Clothing [Member]
Segment Reporting Information [Line Items]
Net sales	136,602	144,334
Operating income/(loss)	47,175	44,243
Albany Engineered Composites [Member]
Segment Reporting Information [Line Items]
Net sales	99,162	107,039
Operating income/(loss)	7,623	9,522
Corporate Expenses [Member]
Segment Reporting Information [Line Items]
Operating income/(loss)	$ (15,204)	$ (13,672)

Reportable Segments (Schedule_2

Reportable Segments (Schedule of Restructuring Costs by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restructuring expense
Restructuring expenses, net	$ 642	$ 484
Machine Clothing [Member]
Restructuring expense
Restructuring expenses, net	642	401
Albany Engineered Composites [Member]
Restructuring expense
Restructuring expenses, net		$ 83

Reportable Segments (Schedule_3

Reportable Segments (Schedule of Disaggregate Revenue for Each Business Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Total Revenue	$ 235,764	$ 251,373
Over Time Revenue Recognition [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	93,690	101,594
Point in Time Revenue Recognition [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	142,074	149,779
Machine Clothing [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	136,602	144,334
Machine Clothing [Member] | Over Time Revenue Recognition [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	848	800
Machine Clothing [Member] | Point in Time Revenue Recognition [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	135,754	143,534
Albany Engineered Composites ASC [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	37,894	55,442
Albany Engineered Composites ASC [Member] | Over Time Revenue Recognition [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	37,894	55,442
Albany Engineered Composites ASC [Member] | Point in Time Revenue Recognition [Member]
Disaggregation of Revenue [Line Items]
Total Revenue
Albany Engineered Composites Other AEC [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	61,268	51,597
Albany Engineered Composites Other AEC [Member] | Over Time Revenue Recognition [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	54,948	45,352
Albany Engineered Composites Other AEC [Member] | Point in Time Revenue Recognition [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	6,320	6,245
Albany Engineered Composites [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	99,162	107,039
Albany Engineered Composites [Member] | Over Time Revenue Recognition [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	92,842	100,794
Albany Engineered Composites [Member] | Point in Time Revenue Recognition [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	$ 6,320	$ 6,245

Reportable Segments (Schedule_4

Reportable Segments (Schedule of Disaggregate MC Segment Revenue by Significant Product or Service) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 235,764	$ 251,373
Americas PMC [Member]
Disaggregation of Revenue [Line Items]
Net sales	73,677	75,341
Eurasia PMC [Member]
Disaggregation of Revenue [Line Items]
Net sales	45,131	51,438
Engineered Fabrics [Member]
Disaggregation of Revenue [Line Items]
Net sales	17,794	17,555
Machine Clothing [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 136,602	$ 144,334

Business Acquisition (Narrative

Business Acquisition (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Mar. 20, 2020	Nov. 20, 2019	Mar. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Increase to Amortizable intangible assets			$ 329
CirComp GmbH [Member]
Business Acquisition [Line Items]
Consideration for acquisition		$ 32,400
Deferred payments		$ 5,500
Period of equal installments		5 years
Amount of agreed to purchase primary operating facility	$ 5,800
Increase to Amortizable intangible assets				$ 300
Increase to Deferred income tax liabilities				100
Reduction to Goodwill				$ 200

Business Acquisition (Schedule

Business Acquisition (Schedule of Allocation of Purchase Price) (Details) - USD ($) $ in Thousands	1 Months Ended
	Nov. 20, 2019	Mar. 31, 2020	Dec. 31, 2019
Assets acquired
Goodwill		$ 179,366	$ 180,934
CirComp GmbH [Member]
Assets acquired
Cash	$ 1,607
Accounts receivable	986
Contract assets	2,269
Inventories	525
Prepaid expenses and other current assets	452
Right of use assets	5,686
Property, plant and equipment	4,884
Amortizable intangible assets	10,302
Goodwill	17,114
Total assets acquired	43,825
Liabilities assumed
Accounts payable	65
Accrued liabilities	2,249
Lease liabilities	502
Deferred income taxes	3,425
Other noncurrent liabilities	5,184
Total liabilities	11,425
Net assets acquired	32,400
Purchase of business, net of cash acquired	$ 30,793

Pensions and Other Postretire_3

Pensions and Other Postretirement Benefit Plans (Schedule of Net Periodic Benefit Plan Cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 580	$ 632
Interest cost	1,550	1,794
Expected return on assets	(1,723)	(2,057)
Amortization of prior service cost/(credit)	8	17
Amortization of net actuarial loss	596	564
Net periodic benefit cost	1,011	950
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	50	47
Interest cost	428	528
Expected return on assets
Amortization of prior service cost/(credit)	(1,122)	(1,122)
Amortization of net actuarial loss	648	557
Net periodic benefit cost	$ 4	$ 10

Restructuring (Narrative) (Deta

Restructuring (Narrative) (Details) $ in Millions	39 Months Ended
	Mar. 31, 2020USD ($)
Restructuring and Related Activities [Abstract]
Restructuring expense	$ 13.1
Noncurrent portion of accrued liabilities for restructuring due in following year	0.4
Current portion of accrued liabilities for restructuring	$ 1.5

Restructuring (Schedule of Rest

Restructuring (Schedule of Restructuring Charges) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restructuring and other, net
Restructuring expenses, net	$ 642	$ 484
Machine Clothing [Member]
Restructuring and other, net
Restructuring expenses, net	642	401
Albany Engineered Composites [Member]
Restructuring and other, net
Restructuring expenses, net		83
Corporate Expenses [Member]
Restructuring and other, net
Restructuring expenses, net
Termination and other costs [Member]
Restructuring and other, net
Restructuring expenses, net	642	484
Termination and other costs [Member] | Machine Clothing [Member]
Restructuring and other, net
Restructuring expenses, net	642	401
Termination and other costs [Member] | Albany Engineered Composites [Member]
Restructuring and other, net
Restructuring expenses, net		83
Termination and other costs [Member] | Corporate Expenses [Member]
Restructuring and other, net
Restructuring expenses, net

Restructuring (Schedule of Re_2

Restructuring (Schedule of Restructuring Liability) (Details) - Termination and other costs [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restructuring Reserve [Roll Forward]
Beginning balance	$ 2,042	$ 5,570
Restructuring charges accrued	642	484
Payments	(731)	(876)
Currency translation/other	(92)	23
Ending balance	$ 1,861	$ 5,201

Other (Income)_Expense, net (De

Other (Income)/Expense, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other Income and Expenses [Abstract]
Currency transaction (gains)/losses	$ 14,834	$ (2,038)
Bank fees and amortization of debt issuance costs	75	109
Components of net periodic pension and postretirement cost other than service	385	281
Other	275	440
Total	15,569	(1,208)
Other (income)/expense	$ 14,800	$ 2,000

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Line Items]
Current year and prior year earnings of Company's foreign operations	$ 14.4
Foreign withholding taxes	2.2
Federal tax benefit attributable to adjustments discovered	1.8
State tax charge	$ 2.4
Estimated effective tax rate on continuing operations	36.50%	29.40%
Discrete tax benefit	$ 3.7
Mexican peso [Member]
Income Tax Disclosure [Line Items]
Valuation allowance	$ 12.7
Latest Tax Year [Member]
Income Tax Disclosure [Line Items]
Open tax years	2020
Earliest Tax Year [Member]
Income Tax Disclosure [Line Items]
Open tax years	2007

Income Taxes (Schedule of Compo

Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income tax based on income from continuing operations, at estimated tax rates of 36.5% and 29.4%, respectively	$ 7,309	$ 10,847
Income tax before discrete items	7,309	10,847
Discrete tax expense:
Exercise of U.S. Stock Options		(50)
Adjustments to prior period tax liabilities	(112)	194
Provision for/resolution of tax audits and contingencies, net	(244)	(2,232)
Out-of-period adjustments to deferred tax assets	1,830	(1,346)
Tax effect of non-deductible foreign exchange loss on intercompany loan	3,668
Other	3	63
Total income tax expense	$ 12,454	$ 7,476

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income attributable to the Company	$ 9,109	$ 29,190
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share	32,312	32,272
Effect of dilutive stock-based compensation plans:
Stock options	8	13
Weighted average number of shares used in calculating diluted net income per share	32,320	32,285
Average market price of common stock used for calculation of dilutive shares	$ 65.47	$ 71.24
Net income attributable to the Company per share:
Basic	0.28	0.90
Diluted	$ 0.28	$ 0.90

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (AOCI) (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 698,683
Ending balance	666,961
Translation adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(122,852)	$ (115,976)
Other comprehensive income/(loss) before reclassifications	(25,747)	(654)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax
Adjustment related to prior period change in opening valuation allowance
Net current period other comprehensive income	(25,747)	(654)
Ending balance	(148,599)	(116,630)
Pension and postretirement liability adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(49,994)	(47,109)
Other comprehensive income/(loss) before reclassifications	792	(152)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	98	11
Adjustment related to prior period change in opening valuation allowance		(1,346)
Net current period other comprehensive income	890	(1,487)
Ending balance	(49,104)	(48,596)
Derivative valuation adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(3,135)	4,697
Other comprehensive income/(loss) before reclassifications	(8,011)	(2,514)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	303	(337)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax
Adjustment related to prior period change in opening valuation allowance
Net current period other comprehensive income	(7,708)	(2,851)
Ending balance	(10,843)	1,846
Total Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(175,981)	(158,388)
Other comprehensive income/(loss) before reclassifications	(32,966)	(3,320)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	303	(337)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	98	11
Adjustment related to prior period change in opening valuation allowance		(1,346)
Net current period other comprehensive income	(32,565)	(4,992)
Ending balance	$ (208,546)	$ (163,380)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (AOCI) (Schedule of Items Reclassified to Statement of Income) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Expense/(income) related to interest rate swaps included in Income before taxes		$ 4,424	$ 5,016
Total pretax amount reclassified		20,048	36,884
Income tax effect		12,454	7,476
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income		(9,109)	(29,190)
Prior service credit		(1,114)	(1,105)
Net actuarial loss		1,244	1,121
Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative valuation adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Expense/(income) related to interest rate swaps included in Income before taxes	[1]	407	(452)
Income tax effect		(104)	115
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income		303	(337)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension and postretirement liability adjustments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total pretax amount reclassified	[2]	130	16
Income tax effect		(32)	(5)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income		$ 98	$ 11
[1]	Included in Interest expense, net are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 15 and 16).
[2]	These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 4).

Noncontrolling Interest (Detail

Noncontrolling Interest (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Oct. 31, 2013	Mar. 31, 2020	Mar. 31, 2019
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)		$ 7,594	$ 29,408
Net income of ASC available for common ownership		9,109	29,190
Net income attributable to noncontrolling interest		(1,515)	218
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year		4,006
Net income attributable to noncontrolling interest		(1,515)	$ 218
Noncontrolling interest		$ 2,600
Albany Safran Composites, LLC [Member]
Noncontrolling Interest [Line Items]
Interest in subsidiary sold	10.00%
Cash contribution	$ 28,000
Albany's remaining interest	90.00%
Ownership percentage of noncontrolling shareholder		10.00%	10.00%
Albany Safran Composites, LLC [Member]
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)		$ (14,849)	$ 2,510
Less: Return attributable to the Company's preferred holding		302	328
Net income of ASC available for common ownership		(15,151)	2,182
Net income attributable to noncontrolling interest		(1,515)	218
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year		4,006	3,031
Net income attributable to noncontrolling interest		(1,515)	218
Changes in other comprehensive income attributable to noncontrolling interest		109	(8)
Noncontrolling interest		$ 2,600	$ 3,241

Accounts Receivable (Narrative)

Accounts Receivable (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Interest rate	2.00%
Noncurrent receivables invoice terms	over a 10-year

Accounts Receivable (Schedule o

Accounts Receivable (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Trade and other accounts receivable	$ 197,951	$ 201,427
Bank promissory notes	17,063	18,563
Allowance for expected credit losses	(3,933)	(1,719)
Accounts receivable, net	$ 211,081	$ 218,271

Accounts Receivable (Schedule_2

Accounts Receivable (Schedule of Contract Receivables) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Noncurrent receivables	$ 39,325	$ 41,234
Allowance for expected credit losses	(396)
Noncurrent receivables, net	$ 38,929	$ 41,234

Accounts Receivable (Schedule_3

Accounts Receivable (Schedule of Changes in Allowance for Credit Losses for Accounts Receivable) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable expected credit losses at beginning	$ (1,719)
CECL transition adjustment	(1,183)
Charges	(1,222)
Currency translation	154
Other	37
Accounts receivable expected credit losses at end	(3,933)
Specific customer reserves [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable expected credit losses at beginning	(1,719)
CECL transition adjustment	(44)
Charges	(89)
Currency translation	116
Other	42
Accounts receivable expected credit losses at end	(1,694)
Incremental expected credit losses [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable expected credit losses at beginning
CECL transition adjustment	(1,139)
Charges	(1,133)
Currency translation	38
Other	(5)
Accounts receivable expected credit losses at end	$ (2,239)

Accounts Receivable (Schedule_4

Accounts Receivable (Schedule of Changes in Allowance for Credit Losses for Noncurrent Receivables) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Receivables [Abstract]
Noncurrent receivables expected credit losses at beginning
CECL transition adjustment	(206)
Charges	(201)
Currency translation	11
Other
Noncurrent receivables expected credit losses at end	$ (396)

Contract Assets and Liabiliti_3

Contract Assets and Liabilities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Increase in contract assets	$ 5.5
Increase in contract liabilities	3.3
Revenue recognized	$ 1.9	$ 3.7

Contract Assets and Liabiliti_4

Contract Assets and Liabilities (Schedule of Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets	$ 85,257	$ 79,070
Allowance for expected credit losses	(679)
Contract assets, net	84,578	79,070
Contract liabilities	$ 9,005	$ 5,656

Contract Assets and Liabiliti_5

Contract Assets and Liabilities (Schedule of (Increases)/ Decreases in Allowance for Credit Losses) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Allowance for expected credit losses
CECL transition adjustment	(404)
Charges	(232)
Currency translation	12
Other	(55)
Allowance for expected credit losses	$ (679)

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 60,907	$ 52,960
Work in process	34,266	31,744
Finished goods	14,253	10,445
Total inventories	$ 109,426	$ 95,149

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Schedule of intangible assets and goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Amortized intangible assets:
Gross carrying value	$ 76,949	$ 76,697
Accumulated amortization	(25,626)	(23,805)
Net carrying amount	51,323	52,892
Gross carrying value	179,366	180,934
Accumulated amortization
Net carrying amount	179,366	180,934
AEC Trademarks and Trade Names [Member]
Amortized intangible assets:
Gross carrying value	208	208
Accumulated amortization	(139)	(135)
Net carrying amount	$ 69	$ 73
AEC Trademarks and Trade Names [Member] | Minimum [Member]
Amortized intangible assets:
Weighted average amortization life in years	6 years	6 years
AEC Trademarks and Trade Names [Member] | Maximum [Member]
Amortized intangible assets:
Weighted average amortization life in years	15 years	15 years
AEC Technology [Member]
Amortized intangible assets:
Gross carrying value	$ 6,142	$ 6,191
Accumulated amortization	(537)	(387)
Net carrying amount	$ 5,605	$ 5,804
AEC Technology [Member] | Minimum [Member]
Amortized intangible assets:
Weighted average amortization life in years	10 years	10 years
AEC Technology [Member] | Maximum [Member]
Amortized intangible assets:
Weighted average amortization life in years	15 years	15 years
AEC Intellectual Property [Member]
Amortized intangible assets:
Gross carrying value	$ 1,250	$ 1,250
Accumulated amortization	(28)	(7)
Net carrying amount	$ 1,222	$ 1,243
Weighted average amortization life in years	15 years	15 years
AEC Customer Contracts [Member]
Amortized intangible assets:
Gross carrying value	$ 17,471	$ 17,471
Accumulated amortization	(11,655)	(10,927)
Net carrying amount	$ 5,816	$ 6,544
Weighted average amortization life in years	6 years	6 years
AEC Customer Relationships [Member]
Amortized intangible assets:
Gross carrying value	$ 51,556	$ 51,255
Accumulated amortization	(13,010)	(12,108)
Net carrying amount	$ 38,546	$ 39,147
AEC Customer Relationships [Member] | Minimum [Member]
Amortized intangible assets:
Weighted average amortization life in years	8 years	8 years
AEC Customer Relationships [Member] | Maximum [Member]
Amortized intangible assets:
Weighted average amortization life in years	15 years	15 years
Other Intangible [Member]
Amortized intangible assets:
Gross carrying value	$ 322	$ 322
Accumulated amortization	(257)	(241)
Net carrying amount	$ 65	$ 81
Weighted average amortization life in years	5 years	5 years
MC Goodwill [Member]
Amortized intangible assets:
Gross carrying value	$ 66,679	$ 67,672
Accumulated amortization
Net carrying amount	66,679	67,672
AEC Goodwill [Member]
Amortized intangible assets:
Gross carrying value	112,687	113,262
Accumulated amortization
Net carrying amount	$ 112,687	$ 113,262

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Schedule of Changes in Intangible Assets and Goodwill) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Amortized intangible assets:
Beginning balance	$ 52,892
Other Changes	329
Amortization	(1,790)
Currency Translation	(108)
Ending balance	51,323
Beginning balance	180,934
Other Changes	(227)
Amortization
Currency Translation	(1,341)
Ending balance	179,366
AEC Trademarks and Trade Names [Member]
Amortized intangible assets:
Beginning balance	73
Other Changes
Amortization	(4)
Currency Translation
Ending balance	69
AEC Technology [Member]
Amortized intangible assets:
Beginning balance	5,804
Other Changes
Amortization	(150)
Currency Translation	(49)
Ending balance	5,605
AEC Intellectual Property [Member]
Amortized intangible assets:
Beginning balance	1,243
Other Changes
Amortization	(21)
Currency Translation
Ending balance	1,222
AEC Customer Contracts [Member]
Amortized intangible assets:
Beginning balance	6,544
Other Changes
Amortization	(728)
Currency Translation
Ending balance	5,816
AEC Customer Relationships [Member]
Amortized intangible assets:
Beginning balance	39,147
Other Changes	329
Amortization	(871)
Currency Translation	(59)
Ending balance	38,546
Other Intangible [Member]
Amortized intangible assets:
Beginning balance	81
Other Changes
Amortization	(16)
Currency Translation
Ending balance	65
MC Goodwill [Member]
Amortized intangible assets:
Beginning balance	67,672
Other Changes
Amortization
Currency Translation	(993)
Ending balance	66,679
AEC Goodwill [Member]
Amortized intangible assets:
Beginning balance	113,262
Other Changes	(227)
Amortization
Currency Translation	(348)
Ending balance	$ 112,687

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Schedule of Estimated Amortization Expense) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 7,200
2021	7,100
2022	4,900
2023	4,200
2024	$ 4,200

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 16, 2020USD ($)	Nov. 28, 2017USD ($)	Nov. 27, 2017USD ($)	Nov. 07, 2017USD ($)	May 06, 2016USD ($)	Apr. 08, 2016USD ($)
Debt Instrument [Line Items]
Maximum leverage ratio allowed	3.50
Minimum interest coverage ratio required	3
Leverage ratio	1.69
Interest coverage ratio	13.82
Credit Agreement [Member]
Debt Instrument [Line Items]
Amount of credit facility					$ 685		$ 550
Amount of credit facility outstanding	$ 491
Additional amount that can be borrowed on facility	$ 194
LIBOR spread	1.375%
Credit Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
LIBOR spread	1.75%
Credit Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
LIBOR spread	1.25%
Interest Rate Current Swap [Member] | Credit Agreement [Member]
Debt Instrument [Line Items]
Borrowings, revolving credit facility				$ 300		$ 120
Notional amount		$ 350	$ 350
Fixed interest rate in swap		71.00%	2.11%
LIBOR rate		3.485%
Amount paid to terminate agreement						$ 5.2
Amount received from terminate agreement				$ 6.3

Financial Instruments (Schedule

Financial Instruments (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt	$ 491,022	$ 424,029
Less: current portion	(20)	(20)
Long-term debt, net of current portion	491,002	424,009
Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term debt	$ 491,000	$ 424,000
Interest rate	3.15%	3.43%
Maturity date range, end	Dec. 31, 2022
Other Debt [Member]
Debt Instrument [Line Items]
Long-term debt	$ 22	$ 29
Interest rate	5.50%	5.50%
Maturity date range, end	Dec. 31, 2021

Fair-Value Measurements (Narrat

Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative [Line Items]
Interest expense (income)	$ (3,977)	$ (4,417)
Interest Rate Current Swap [Member]
Derivative [Line Items]
Interest expense (income)	500	(300)
Interest Rate Swap Buyouts [Member]
Derivative [Line Items]
Interest expense (income)	$ 100	$ 100

Fair-Value Measurements (Schedu

Fair-Value Measurements (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands		Mar. 31, 2020		Dec. 31, 2019
Derivative asset:
Common stock of foreign public company, original cost		$ 500		$ 500
Quoted Prices in Active Markets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Cash equivalents		13,039		16,375
Common stock of unaffiliated foreign public company	[1]	765		839
Liabilities:
Interest rate swaps
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member]
Assets:
Cash equivalents
Common stock of unaffiliated foreign public company	[1]
Liabilities:
Interest rate swaps		(15,761)	[2]	(5,518)
Interest Rate Current Swap [Member]
Derivative liability:
Liability for fixed rate leg		19,200		20,700
Receivable for floating rate leg		$ 3,500		$ 15,200
[1]	Original cost basis $0.5 million.
[2]	Net of $3.5 million receivable floating leg and $19.2 million liability fixed leg.

Fair-Value Measurements (Sche_2

Fair-Value Measurements (Schedule of (Losses)/Gains on Changes in Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Derivatives not designated as hedging instruments Foreign currency options gains/(losses)	$ (64)

Contingencies (Narrative) (Deta

Contingencies (Narrative) (Details) - Asbestos Litigation [Member] $ in Millions	Mar. 31, 2020USD ($)claims
Loss Contingencies [Line Items]
Total resolved claims, by means of settlement or dismissal | claims	37,833
Total cost of resolution | $	$ 10.4
Resolution costs paid by insurance carrier	100.00%
Confirmed insurance coverage | $	$ 140
Brandon Drying Fabrics, Inc. [Member]
Loss Contingencies [Line Items]
Total resolved claims, by means of settlement or dismissal | claims	7,710
Resolution costs paid by insurance carrier	100.00%

Contingencies (Schedule of Chan

Contingencies (Schedule of Changes in Claims) (Details) - Asbestos Litigation [Member] $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)claims	Dec. 31, 2019USD ($)claims	Dec. 31, 2018USD ($)claims	Dec. 31, 2017USD ($)claims	Dec. 31, 2016USD ($)claims	Dec. 31, 2015USD ($)claims
Loss Contingencies [Line Items]
Opening Number of Claims	3,708	3,684	3,730	3,745	3,791	3,821
Claims Dismissed, Settled, or Resolved	36	51	152	105	148	116
New Claims	19	75	106	90	102	86
Closing Number of Claims	3,691	3,708	3,684	3,730	3,745	3,791
Amounts Paid (thousands) to Settle or Resolve | $	$ 47	$ 25	$ 100	$ 55	$ 758	$ 164

Changes in Shareholders' Equi_3

Changes in Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Dividends declared per share	$ 0.19	$ 0.18
Common Class A [Member]
Dividends declared per share	0.19	0.18
Common Class B [Member]
Dividends declared per share	$ 0.19	$ 0.18
ASC 842 [Member]
Increase decrease in retained earnings		$ 0.1
ASC 326 [Member]
Increase decrease in retained earnings	$ 1.4

Changes in Shareholders' Equi_4

Changes in Shareholders' Equity (Schedule of Activity in Shareholders' Equity) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020		Mar. 31, 2019
Balance	$ 702,689		$ 608,280
Adoption of accounting standards	(1,443)	[1]	35	[2]
Net income	7,594		29,408
Compensation and benefits paid or payable in shares	(682)		(547)
Options exercised			$ 44
Shares issued to Directors
Dividends declared Class A	$ (5,834)		$ (5,231)
Dividends declared Class B	(307)		(582)
Cumulative translation adjustments	(25,638)		(662)
Pension and postretirement liability adjustments	890		(1,487)
Derivative valuation adjustment	(7,708)		(2,851)
Balance	669,561		626,407
Common Class A [Member]
Balance	$ 39		$ 37
Balance, Shares	39,099,000		37,450,000
Compensation and benefits paid or payable in shares			$ 25
Compensation and benefits paid or payable in shares, Shares	13
Options exercised			3
Balance	$ 39		$ 37
Balance, Shares	39,112,000		37,478,000
Common Class B [Member]
Balance	$ 2		$ 3
Balance, Shares	1,618,000		3,234,000
Balance	$ 2		$ 3
Balance, Shares	1,618,000		3,234,000
Additional paid-in capital [Member]
Balance	$ 432,518		$ 430,555
Compensation and benefits paid or payable in shares	(682)		(547)
Options exercised			44
Balance	431,836		430,052
Retained earnings [Member]
Balance	698,496		589,645
Adoption of accounting standards	(1,443)	[1]	35	[2]
Net income	9,109		29,190
Balance	700,021		613,057
Retained earnings [Member] | Common Class A [Member]
Dividends declared Class A	(5,834)		(5,231)
Retained earnings [Member] | Common Class B [Member]
Dividends declared Class B	(307)		(582)
Total Other Comprehensive Income [Member]
Balance	(175,981)		(158,388)
Cumulative translation adjustments	(25,747)		(654)
Pension and postretirement liability adjustments	890		(1,487)
Derivative valuation adjustment	(7,708)		(2,851)
Balance	(208,546)		(163,380)
Treasury stock [Member]
Balance	$ (256,391)		$ (256,603)
Balance, Shares	8,409		8,419
Balance	$ (256,391)		$ (256,603)
Balance, Shares	8,409		8,419
Noncontrolling Interest [Member]
Balance	$ 4,006		$ 3,031
Net income	(1,515)		218
Cumulative translation adjustments	109		(8)
Balance	$ 2,600		$ 3,241
[1]	As described in Note 1, the Company adopted the provisions of ASC 326, Current Expected Credit Losses (CECL) effective January 1, 2020, which resulted in a decrease to Retained earnings of $1.4 million.
[2]	The Company adopted ASC 842, Leases