Cover page
Cover page - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2021 | Apr. 16, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2021 | |
Entity File Number | 1-10026 | |
Entity Registrant Name | ALBANY INTERNATIONAL CORP. | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 216 Airport Drive | |
Entity Address, City or Town | Rochester | |
Entity Address, State or Province | NH | |
Entity Tax Identification Number | 14-0462060 | |
Entity Address, Postal Zip Code | 03867 | |
City Area Code | 603 | |
Local Phone Number | 330-5850 | |
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 Central Index Key | 0000819793 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Class A | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class A Common Stock, $0.001 par value per share | |
Trading Symbol | AIN | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 30.7 | |
Common Class B | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class B Common Stock, $0.001 par value per share | |
Trading Symbol | AIN | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 1.6 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Net sales | $ 222,362 | $ 235,764 |
Cost of goods sold | 133,816 | 146,292 |
Gross profit | 88,546 | 89,472 |
Selling, general, and administrative expenses | 37,195 | 40,106 |
Technical and research expenses | 9,481 | 9,130 |
Restructuring expenses, net | 52 | 642 |
Operating income | 41,818 | 39,594 |
Interest expense, net | 3,569 | 3,977 |
Other expense/(income), net | 600 | 15,569 |
Income before income taxes | 37,649 | 20,048 |
Income tax expense | 10,040 | 12,454 |
Net income | 27,609 | 7,594 |
Net income/(loss) attributable to the noncontrolling interest | 27 | (1,515) |
Net income attributable to the Company | $ 27,582 | $ 9,109 |
Basic earnings per share (in dollars per share) | $ 0.85 | $ 0.28 |
Diluted earnings per share (in dollars per share) | $ 0.85 | $ 0.28 |
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | ||
Weighted average number of shares used in calculating basic net income per share (in shares) | 32,352 | 32,312 |
Weighted average number of shares used in calculating diluted net income per share (in shares) | 32,401 | 32,320 |
Dividends declared per share, Class A and Class B (in dollars per share) | $ 0.20 | $ 0.19 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 27,609 | $ 7,594 |
Other comprehensive income/(loss), before tax: | ||
Foreign currency translation and other adjustments | (15,439) | (24,955) |
Amortization of pension liability adjustments: | ||
Amortization of prior service credit | (1,119) | (1,114) |
Net actuarial loss | 1,109 | 1,244 |
Payments and amortization related to interest rate swaps included in earnings | 1,476 | 407 |
Derivative valuation adjustment | (478) | (10,764) |
Income taxes related to items of other comprehensive income/(loss): | ||
Amortization of prior service cost | 336 | 279 |
Amortization of net actuarial loss | (333) | (311) |
Payments and amortization related to interest rate swaps included in earnings | (381) | (104) |
Derivative valuation adjustment | 135 | 2,753 |
Comprehensive income/(loss) | 12,915 | (24,971) |
Comprehensive income/(loss) attributable to the noncontrolling interest | (183) | (1,406) |
Comprehensive income/(loss) attributable to the Company | $ 13,098 | $ (23,565) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 237,871 | $ 241,316 |
Accounts receivable, net | 188,066 | 188,423 |
Contract assets, net | 121,767 | 139,289 |
Inventories | 117,022 | 110,478 |
Income taxes prepaid and receivable | 7,362 | 5,940 |
Prepaid expenses and other current assets | 32,306 | 31,830 |
Total current assets | 704,394 | 717,276 |
Property, plant and equipment, net | 435,976 | 448,554 |
Intangibles, net | 44,675 | 46,869 |
Goodwill | 184,374 | 187,553 |
Deferred income taxes | 33,436 | 38,757 |
Noncurrent receivables, net | 34,945 | 36,265 |
Other assets | 74,366 | 74,662 |
Total assets | 1,512,166 | 1,549,936 |
Liabilities, Current [Abstract] | ||
Accounts payable | 54,533 | 49,173 |
Accrued liabilities | 104,988 | 125,459 |
Current maturities of long-term debt | 2 | 9 |
Income taxes payable | 7,439 | 16,222 |
Total current liabilities | 166,962 | 190,863 |
Long-term debt | 384,000 | 398,000 |
Other noncurrent liabilities | 124,167 | 130,424 |
Deferred taxes and other liabilities | 10,826 | 10,784 |
Total liabilities | 685,955 | 730,071 |
SHAREHOLDERS' EQUITY | ||
Preferred stock | 0 | 0 |
Additional paid in capital | 433,811 | 433,696 |
Retained earnings | 791,854 | 770,746 |
Accumulated items of other comprehensive income: | ||
Translation adjustments | (99,158) | (83,203) |
Pension and postretirement liability adjustments | (39,152) | (39,661) |
Derivative valuation adjustment | (8,792) | (9,544) |
Treasury stock | (256,009) | (256,009) |
Total Company shareholders' equity | 822,595 | 816,066 |
Noncontrolling interest | 3,616 | 3,799 |
Total equity | 826,211 | 819,865 |
Total liabilities and shareholders' equity | 1,512,166 | 1,549,936 |
Common Class A | ||
SHAREHOLDERS' EQUITY | ||
Common stock, par value | 39 | 39 |
Common Class B | ||
SHAREHOLDERS' EQUITY | ||
Common stock, par value | $ 2 | $ 2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Preferred stock, par or stated value per share (in dollars per share) | $ 5 | $ 5 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common Class A | ||
Common stock, par or stated value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares, issued (in shares) | 39,141,483 | 39,115,405 |
Treasury stock, shares (in shares) | 8,391,011 | 8,391,011 |
Common Class B | ||
Common stock, par or stated value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares, issued (in shares) | 1,617,998 | 1,617,998 |
Common stock, shares, outstanding (in shares) | 1,617,998 | 1,617,998 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ||
Net income | $ 27,609 | $ 7,594 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Depreciation | 16,589 | 15,506 |
Amortization | 2,293 | 2,564 |
Change in deferred taxes and other liabilities | 4,442 | 5,817 |
Impairment of property, plant and equipment | 185 | 197 |
Non-cash interest expense | 45 | 151 |
Compensation and benefits paid or payable in Class A Common Stock | (13) | (682) |
Provision for credit losses from uncollected receivables and contract assets | (110) | 1,655 |
Foreign currency remeasurement (gain)/loss on intercompany loans | (308) | 15,387 |
Fair value adjustment on foreign currency options | 139 | 64 |
Changes in operating assets and liabilities that provided/(used) cash: | ||
Accounts receivable | (3,236) | (3,394) |
Contract assets | 16,104 | (8,840) |
Inventories | (8,563) | (19,750) |
Prepaid expenses and other current assets | (899) | (2,156) |
Income taxes prepaid and receivable | (1,465) | (237) |
Accounts payable | 9,188 | (1,046) |
Accrued liabilities | (19,485) | (15,072) |
Income taxes payable | (8,077) | (3,571) |
Noncurrent receivables | 488 | (231) |
Other noncurrent liabilities | (2,097) | (60) |
Other, net | 857 | (534) |
Net cash provided by/(used in) operating activities | 33,686 | (6,638) |
INVESTING ACTIVITIES | ||
Purchases of property, plant and equipment | (12,534) | (12,759) |
Purchased software | (2) | (46) |
Net cash used in investing activities | (12,536) | (12,805) |
FINANCING ACTIVITIES | ||
Proceeds from borrowings | 8,000 | 70,000 |
Principal payments on debt | (22,007) | (3,006) |
Principal payments on finance lease liabilities | (349) | (6,134) |
Taxes paid in lieu of share issuance | (998) | (490) |
Proceeds from options exercised | 128 | 0 |
Dividends paid | (6,468) | (6,139) |
Net cash (used in)/provided by financing activities | (21,694) | 54,231 |
Effect of exchange rate changes on cash and cash equivalents | (2,901) | (7,648) |
(Decrease)/increase in cash and cash equivalents | (3,445) | 27,140 |
Cash and cash equivalents at beginning of period | 241,316 | 195,540 |
Cash and cash equivalents at end of period | $ 237,871 | $ 222,680 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 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, 2020. |
Reportable Segments and Revenue
Reportable Segments and Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Reportable Segments and Revenue Recognition | Reportable Segments and Revenue Recognition 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. AEC net sales to Safran were $27.7 million and $38.0 million in the first three months of 2021 and 2020, respectively. The total of Accounts receivable, Contract assets and Noncurrent receivables due from Safran amounted to $107.7 million and $127.1 million as of March 31, 2021 and December 31, 2020, 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 2020, approximately 46 percent of AEC sales were related to U.S. government contracts or programs. The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements: Three months ended March 31, (in thousands) 2021 2020 Net sales Machine Clothing $ 148,206 $ 136,602 Albany Engineered Composites 74,156 99,162 Consolidated total $ 222,362 $ 235,764 Operating income/(loss) Machine Clothing $ 50,363 $ 47,175 Albany Engineered Composites 2,938 7,623 Corporate expenses (11,483) (15,204) Operating income $ 41,818 $ 39,594 Reconciling items: Interest income (529) (447) Interest expense 4,098 4,424 Other expense/(income), net 600 15,569 Income before income taxes $ 37,649 $ 20,048 There were no material changes to total assets of the reportable segments in the first three months of 2021. The table below presents restructuring costs by reportable segment (also see Note 4): Three months ended March 31, (in thousands) 2021 2020 Machine Clothing $ (69) $ 642 Albany Engineered Composites 89 — Corporate expenses 32 — Total $ 52 $ 642 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. Adjustments in the estimated profitability of long-term contracts increased operating income by $0.9 million for the first quarter of 2020, compared to an insignificant effect for the first quarter of 2021. 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, 2021 (in thousands) Point in Time Revenue Recognition Over Time Revenue Recognition Total Machine Clothing $ 147,341 $ 865 $ 148,206 Albany Engineered Composites ASC — 27,084 27,084 Other AEC 3,880 43,192 47,072 Total Albany Engineered Composites 3,880 70,276 74,156 Total revenue $ 151,221 $ 71,141 $ 222,362 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 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) 2021 2020 Americas PMC $ 73,302 $ 73,677 Eurasia PMC 55,143 45,131 Engineered Fabrics 19,761 17,794 Total Machine Clothing Net sales $ 148,206 $ 136,602 As permitted by ASC 606, we only disclose the value of unsatisfied performance obligations for contracts with an original expected duration of greater than one year. 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 $76 million and $82 million as of March 31, 2021 and 2020, respectively, and related primarily to firm contracts in the AEC segment. Of the remaining performance obligations as of March 31, 2021, we expect to recognize as revenue approximately $51 million during 2021 and the remainder during 2022. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefit Plans | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefit Plans | Pensions and Other Postretirement Benefit Plans The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The Company also provides certain postretirement benefits to retired employees in the U.S. and Canada. The Company accrues the cost of providing these benefits during the active service period of the employees. The composition of the net periodic benefit cost for the three months ended March 31, 2021 and 2020, was as follows: Pension plans Other postretirement benefits (in thousands) 2021 2020 2021 2020 Components of net periodic benefit cost: Service cost $ 545 $ 580 $ 33 $ 50 Interest cost 1,338 1,550 276 428 Expected return on assets (1,606) (1,723) — — Amortization of prior service cost/(credit) 3 8 (1,122) (1,122) Amortization of net actuarial loss 544 596 565 648 Net periodic benefit cost $ 824 $ 1,011 $ (248) $ 4 The amount of net periodic benefit 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 2021 or 2020. Service cost for defined benefit pension and postretirement plans are reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net periodic benefit cost are included in the line item Other (income)/expense, net in the Consolidated Statements of Income. |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring Restructuring costs in the first quarter of 2021 were not significant while Machine Clothing restructuring charges for the first three months of 2020 principally related to discontinued operations at its MC production facility in Sélestat, France. Since 2017, we have recorded $13.9 million of restructuring charges related to this action. There were no charges related to the impairment of assets for the periods presented. The following table summarizes charges reported in the Consolidated Statements of Income under “Restructuring expenses, net”: Three months ended March 31, (in thousands) 2021 2020 Machine Clothing $ (69) $ 642 Albany Engineered Composites 89 — Corporate expenses 32 — Total $ 52 $ 642 The table below presents the year-to-date changes in restructuring liabilities for 2021 and 2020, all of which are related to termination and other costs: (in thousands) December 31, Restructuring charges accrued Payments Currency translation /other March 31, Total termination and other costs $ 2,195 $ 52 $ (1,216) $ (15) $ 1,016 (in thousands) December 31, Restructuring charges accrued Payments Currency translation /other March 31, Total termination and other costs $ 2,042 $ 642 $ (731) $ (92) $ 1,861 We expect that approximately $0.8 million of Accrued liabilities for restructuring at March 31, 2021 will be paid within one year and approximately $0.2 million will be paid the following year. |
Other (Income)_Expense, net
Other (Income)/Expense, net | 3 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other (Income)/Expense, net | Other (Income)/Expense, net The components of Other (Income)/Expense, net are: Three months ended March 31, (in thousands) 2021 2020 Currency transaction (gains)/losses $ 166 $ 14,834 Bank fees and amortization of debt issuance costs 107 75 Components of net periodic pension and postretirement cost other than service (2) 385 Other 329 275 Total $ 600 $ 15,569 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table presents components of income tax expense for the three months ended March 31, 2021 and 2020: Three months ended March 31, (in thousands, except percentages) 2021 2020 Income tax based on income from continuing operations, at estimated tax rates of 30.1% and 36.5%, respectively $ 11,332 $ 7,309 Income tax before discrete items 11,332 7,309 Discrete tax expense: Exercise of U.S. stock options (142) — Adjustments to prior period tax liabilities (1,443) (112) Provision for/resolution of tax audits and contingencies, net 278 (244) Out-of-period adjustments — 1,830 Tax effect of non-deductible foreign exchange loss on intercompany loan — 3,668 Other 15 3 Total income tax expense $ 10,040 $ 12,454 The first-quarter estimated annual effective tax rate on continuing operations was 30.1 percent in 2021, compared to 36.5 percent for the same period in 2020. 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 decrease in the estimated Q1 2021 income tax rate was primarily driven by a decrease in losses in a foreign jurisdiction that were 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 $203 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 $3.4 million and state income taxes of $2.0 million, which have already been recorded. 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 2015 to 2021. The Company is currently under audit in U.S and certain non-U.S. tax jurisdictions. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The amounts used in computing earnings per share and the weighted average number of shares of potentially dilutive securities are as follows: Three months ended March 31, (in thousands, except market price and earnings per share) 2021 2020 Net income attributable to the Company $ 27,582 $ 9,109 Weighted average number of shares: Weighted average number of shares used in calculating basic net income per share 32,352 32,312 Effect of dilutive stock-based compensation plans: Stock options 3 8 RSU shares 46 — Weighted average number of shares used in calculating diluted net income per share 32,401 32,320 Average market price of common stock used for calculation of dilutive shares $ 79.30 $ 65.47 Net income attributable to the Company per share: Basic $ 0.85 $ 0.28 Diluted $ 0.85 $ 0.28 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (AOCI) | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (AOCI) | Accumulated Other Comprehensive Income (AOCI)The table below presents changes in the components of AOCI for the period December 31, 2020 to March 31, 2021: (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income December 31, 2020 $ (83,203) $ (39,661) $ (9,544) $ (132,408) Other comprehensive income/(loss) before reclassifications, net of tax (15,955) 516 (343) (15,782) Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax — — 1,095 1,095 Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax — (7) — (7) Net current period other comprehensive income (15,955) 509 752 (14,694) March 31, 2021 $ (99,158) $ (39,152) $ (8,792) $ (147,102) 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 components of our Accumulated Other Comprehensive Income that are reclassified to the Statement of Income relate to our pension and postretirement plans and interest rate swaps. The table below presents the expense/(income) amounts reclassified from AOCI, and the line items of the Statement of Income that were affected for the three months ended March 31, 2021 and 2020: Three months ended March 31, (in thousands) 2021 2020 Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income: Expense/(income) related to interest rate swaps included in Income before taxes (a) $ 1,476 $ 407 Income tax effect (381) (104) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ 1,095 $ 303 Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: Amortization of prior service credit (1,119) (1,114) Amortization of net actuarial loss 1,109 1,244 Total pretax amount reclassified (b) (10) 130 Income tax effect 3 (32) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ (7) $ 98 (a) Included in Interest expense, net are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 14 and 15). (b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 3). |
Noncontrolling Interest
Noncontrolling Interest | 3 Months Ended |
Mar. 31, 2021 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | 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). 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) 2021 2020 Net income/(loss) of Albany Safran Composites (ASC) $ 585 $ (14,849) Less: Return attributable to the Company's preferred holding 318 302 Net /income/(loss) of ASC available for common ownership $ 267 $ (15,151) Ownership percentage of noncontrolling shareholder 10 % 10 % Net /income/(loss) attributable to the noncontrolling interest $ 27 $ (1,515) Noncontrolling interest, beginning of year $ 3,799 $ 4,006 Net income/(loss) attributable to noncontrolling interest 27 (1,515) Changes in other comprehensive income attributable to the noncontrolling interest (210) 109 Noncontrolling interest, end of interim period $ 3,616 $ 2,600 |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Accounts Receivable | 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, 2021 and December 31, 2020, Accounts receivable consisted of the following: (in thousands) March 31, December 31, Trade and other accounts receivable $ 165,005 $ 167,370 Bank promissory notes 26,837 24,860 Allowance for expected credit losses (3,776) (3,807) Accounts receivable, net $ 188,066 $ 188,423 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 over a 10-year period, which began in 2020. As of March 31, 2021 and December 31, 2020, Noncurrent receivables consisted of the following: (in thousands) March 31, December 31, Noncurrent receivables $ 35,209 $ 36,539 Allowance for expected credit losses (264) (274) Noncurrent receivables, net $ 34,945 $ 36,265 |
Contract Assets and Liabilities
Contract Assets and Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | |
Contract Assets and Liabilities | Contract Assets and LiabilitiesContract 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, 2021 and December 31, 2020, Contract assets and Contract liabilities consisted of the following: (in thousands) March 31, December 31, Contract assets $ 122,688 $ 140,348 Allowance for expected credit losses (921) (1,059) Contract assets, net $ 121,767 $ 139,289 Contract liabilities $ 7,899 $ 8,206 Contract assets decreased $17.5 million during the three-month period ended March 31, 2021. The decrease was primarily due to invoicing to customers exceeding revenue recognized for satisfied performance obligations 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, 2021 and March 31, 2020. Contract liabilities decreased $0.3 million during the three-month period ended March 31, 2021, primarily due to revenue recognized from satisfied performance obligations exceeding amounts invoiced to customers that were in a contract liability position. Revenue recognized for the three-month periods ended March 31, 2021 and 2020 that was included in the Contract liability balance at the beginning of the year was $4.3 million and $1.9 million, respectively. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Costs included in inventories are raw materials, labor, supplies and allocable depreciation and overhead. Raw material inventories are valued on an average cost basis. Other inventory cost elements are valued at cost, using the first-in, first-out method. The Company writes down the inventories for estimated obsolescence, and to lower of cost or net realizable value based upon assumptions about future demand and market conditions. If actual demand or market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required. Once established, the original cost of the inventory less the related write-down represents the new cost basis of such inventories. As of March 31, 2021 and December 31, 2020, Inventories consisted of the following: (in thousands) March 31, 2021 December 31, 2020 Raw materials $ 60,391 $ 57,789 Work in process 41,593 40,416 Finished goods 15,038 12,273 Total inventories $ 117,022 $ 110,478 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 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, |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Financial Instruments | Financial Instruments Long-term debt, principally to banks and noteholders, consists of: (in thousands, except interest rates) March 31, 2021 December 31, 2020 Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.56% in 2021 and 3.50% in 2020 (including the effect of interest rate hedging transactions, as described below), due in 2024 $ 384,000 $ 398,000 Other debt, at an average end of period rate of 5.50% in both 2021 and 2020, due in varying amounts through 2021 2 9 Long-term debt 384,002 398,009 Less: current portion (2) (9) Long-term debt, net of current portion $ 384,000 $ 398,000 On October 27, 2020, we entered into a $700 million unsecured Four-Year Revolving Credit Facility Agreement (the “Credit Agreement”) which amended and restated the prior amended and restated $685 million Five-Year Revolving Credit Facility Agreement, which we had entered into on November 7, 2017 (the “Prior Agreement”). Under the Credit Agreement, $384 million of borrowings were outstanding as of March 31, 2021. 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 31, 2021, the spread was 1.625%. The spread was based on a pricing grid, which ranged from 1.500% to 2.000%, 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, 2021, we would have been able to borrow an additional $316 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, which has been fully amortized into interest expense through March 2021. 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, 2021 was 0.11%, during the swap period. On March 16, 2021, the all-in-rate on the $350 million of debt was 3.735%. These interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 15. 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, 2021, our leverage ratio was 1.20 to 1.00 and our interest coverage ratio was 15.72 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. 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, 2021. |
Fair-Value Measurements
Fair-Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair-Value Measurements | Fair-Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. 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, 2021, or at December 31, 2020. 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, 2021 December 31, 2020 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 $ 14,390 $ — $ 17,508 $ — Other Assets: Common stock of unaffiliated foreign public company (a) 762 — 748 — Liabilities: Other noncurrent liabilities: Interest rate swaps — (10,918) — (12,714) (a) Original cost basis $0.5 million. Cash equivalents include short-term securities that are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities. The interest rate swaps are accounted for as hedges of future cash flows. The fair value of our interest rate swaps 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, 2021, 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 $1.7 million for the three month period ended March 31, 2021, and $0.5 million for the three month period ended March 31, 2020. Additionally, non-cash interest income related to the amortization of swap buyouts totaled $0.3 million for the three month period ended March 31, 2021 and $0.1 million for the three month period ended March 31, 2020. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | ContingenciesAsbestos 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 3,617 claims as of March 31, 2021. 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 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 3,708 152 59 3,615 57 2021 (As of March 31) 3,615 5 7 3,617 $ — 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, 2021, we had resolved, by means of settlement or dismissal, 37,954 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 7,709 claims as of March 31, 2021, only twelve claims have been filed against Brandon since January 1, 2012, and a negligible amount of settlement costs have been incurred since 2001. Brandon was acquired by the Company in 1999, and has its own insurance policies covering periods prior to 1999. Since 2004, Brandon’s insurance carriers have covered 100% of indemnification and defense costs, subject to policy limits and a standard reservation of rights. In some of these asbestos cases, the Company is named both as a direct defendant and as the “successor in interest” to Mount Vernon Mills (“Mount Vernon”). We acquired certain assets from Mount Vernon in 1993. Certain plaintiffs allege injury caused by asbestos-containing products alleged to have been sold by Mount Vernon many years prior to this acquisition. Mount Vernon is contractually obligated to indemnify the Company against any liability arising out of such products. We deny any liability for products sold by Mount Vernon prior to the acquisition of the Mount Vernon assets. Pursuant to its contractual indemnification obligations, Mount Vernon has assumed the defense of these claims. On this basis, we have successfully moved for dismissal in a number of actions. We currently do not anticipate, based on currently available information, that the ultimate resolution of the aforementioned proceedings will have a material adverse effect on the financial position, results of operations, or cash flows of the Company. Although we cannot predict the number and timing of future claims, based on the foregoing factors, the trends in claims filed against us, and available insurance, we also do not currently anticipate that potential future claims will have a material adverse effect on our financial position, results of operations, or cash flows. |
Changes in Shareholders' Equity
Changes in Shareholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Changes in Shareholders’ Equity | Changes in Shareholders’ Equity The following table summarizes changes in Shareholders’ Equity for the period December 31, 2020 to March 31, 2021: Class A Common Stock Class B Common Stock Additional paid-in capital Retained earnings Accumulated items of other comprehensive income Class A Treasury Stock Noncontrolling Interest Total Equity (in thousands) Shares Amount Shares Amount Shares Amount December 31, 2020 39,115 $ 39 1,618 $ 2 $ 433,696 $ 770,746 $ (132,408) 8,391 $ (256,009) $ 3,799 $ 819,865 Net income — — — — — 27,582 — — — 27 27,609 Compensation and benefits paid or payable in shares 20 — — — (13) — — — — — (13) Options exercised 6 — — — 128 — — — — — 128 Shares issued to Directors' — — — — — — — — — — — Dividends declared Class A Common Stock, $0.20 per share — — — — — (6,150) — — — — (6,150) Class B Common Stock, $0.20 per share — — — — — (324) — — — — (324) Cumulative translation adjustments — — — — — — (15,955) — — (210) (16,165) Pension and postretirement liability adjustments — — — — — — 509 — — — 509 Derivative valuation adjustment — — — — — — 752 — — — 752 March 31, 2021 39,141 $ 39 1,618 $ 2 $ 433,811 $ 791,854 $ (147,102) 8,391 $ (256,009) $ 3,616 $ 826,211 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 Noncontrolling 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 (a) 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. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting PronouncementsIn 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. In January 2021, an additional accounting update was issued to extend certain optional expedients to derivative contracts modified as a result of rate reform, including certain derivatives that do not reference LIBOR or other reference rates that are expected to be discontinued. The expedients and exceptions provided by this update will not be available after December 31, 2022. We are currently assessing the potential impact on our financial statements. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020. |
Reportable Segments and Reven_2
Reportable Segments and Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements: Three months ended March 31, (in thousands) 2021 2020 Net sales Machine Clothing $ 148,206 $ 136,602 Albany Engineered Composites 74,156 99,162 Consolidated total $ 222,362 $ 235,764 Operating income/(loss) Machine Clothing $ 50,363 $ 47,175 Albany Engineered Composites 2,938 7,623 Corporate expenses (11,483) (15,204) Operating income $ 41,818 $ 39,594 Reconciling items: Interest income (529) (447) Interest expense 4,098 4,424 Other expense/(income), net 600 15,569 Income before income taxes $ 37,649 $ 20,048 |
Schedule of Restructuring Costs by Reporting Segment | The table below presents restructuring costs by reportable segment (also see Note 4): Three months ended March 31, (in thousands) 2021 2020 Machine Clothing $ (69) $ 642 Albany Engineered Composites 89 — Corporate expenses 32 — Total $ 52 $ 642 |
Disaggregation of Revenue | The following table disaggregates revenue for each product group by timing of revenue recognition: Three months ended March 31, 2021 (in thousands) Point in Time Revenue Recognition Over Time Revenue Recognition Total Machine Clothing $ 147,341 $ 865 $ 148,206 Albany Engineered Composites ASC — 27,084 27,084 Other AEC 3,880 43,192 47,072 Total Albany Engineered Composites 3,880 70,276 74,156 Total revenue $ 151,221 $ 71,141 $ 222,362 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 |
Schedule of Disaggregate MC Segment Revenue by Significant Product or Service | The following table disaggregates MC segment revenue by significant product groupings (paper machine clothing (PMC) and engineered fabrics), and, for PMC, the geographical region to which the paper machine clothing was sold: Three months ended March 31, (in thousands) 2021 2020 Americas PMC $ 73,302 $ 73,677 Eurasia PMC 55,143 45,131 Engineered Fabrics 19,761 17,794 Total Machine Clothing Net sales $ 148,206 $ 136,602 |
Pensions and Other Postretire_2
Pensions and Other Postretirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The composition of the net periodic benefit cost for the three months ended March 31, 2021 and 2020, was as follows: Pension plans Other postretirement benefits (in thousands) 2021 2020 2021 2020 Components of net periodic benefit cost: Service cost $ 545 $ 580 $ 33 $ 50 Interest cost 1,338 1,550 276 428 Expected return on assets (1,606) (1,723) — — Amortization of prior service cost/(credit) 3 8 (1,122) (1,122) Amortization of net actuarial loss 544 596 565 648 Net periodic benefit cost $ 824 $ 1,011 $ (248) $ 4 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following table summarizes charges reported in the Consolidated Statements of Income under “Restructuring expenses, net”: Three months ended March 31, (in thousands) 2021 2020 Machine Clothing $ (69) $ 642 Albany Engineered Composites 89 — Corporate expenses 32 — Total $ 52 $ 642 |
Schedule of Restructuring Reserve by Type of Cost | The table below presents the year-to-date changes in restructuring liabilities for 2021 and 2020, all of which are related to termination and other costs: (in thousands) December 31, Restructuring charges accrued Payments Currency translation /other March 31, Total termination and other costs $ 2,195 $ 52 $ (1,216) $ (15) $ 1,016 (in thousands) December 31, Restructuring charges accrued Payments Currency translation /other March 31, Total termination and other costs $ 2,042 $ 642 $ (731) $ (92) $ 1,861 |
Other (Income)_Expense, net (Ta
Other (Income)/Expense, net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other (Income)/Expense, net | The components of Other (Income)/Expense, net are: Three months ended March 31, (in thousands) 2021 2020 Currency transaction (gains)/losses $ 166 $ 14,834 Bank fees and amortization of debt issuance costs 107 75 Components of net periodic pension and postretirement cost other than service (2) 385 Other 329 275 Total $ 600 $ 15,569 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The following table presents components of income tax expense for the three months ended March 31, 2021 and 2020: Three months ended March 31, (in thousands, except percentages) 2021 2020 Income tax based on income from continuing operations, at estimated tax rates of 30.1% and 36.5%, respectively $ 11,332 $ 7,309 Income tax before discrete items 11,332 7,309 Discrete tax expense: Exercise of U.S. stock options (142) — Adjustments to prior period tax liabilities (1,443) (112) Provision for/resolution of tax audits and contingencies, net 278 (244) Out-of-period adjustments — 1,830 Tax effect of non-deductible foreign exchange loss on intercompany loan — 3,668 Other 15 3 Total income tax expense $ 10,040 $ 12,454 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The amounts used in computing earnings per share and the weighted average number of shares of potentially dilutive securities are as follows: Three months ended March 31, (in thousands, except market price and earnings per share) 2021 2020 Net income attributable to the Company $ 27,582 $ 9,109 Weighted average number of shares: Weighted average number of shares used in calculating basic net income per share 32,352 32,312 Effect of dilutive stock-based compensation plans: Stock options 3 8 RSU shares 46 — Weighted average number of shares used in calculating diluted net income per share 32,401 32,320 Average market price of common stock used for calculation of dilutive shares $ 79.30 $ 65.47 Net income attributable to the Company per share: Basic $ 0.85 $ 0.28 Diluted $ 0.85 $ 0.28 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (AOCI) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The table below presents changes in the components of AOCI for the period December 31, 2020 to March 31, 2021: (in thousands) Translation adjustments Pension and postretirement liability adjustments Derivative valuation adjustment Total Other Comprehensive Income December 31, 2020 $ (83,203) $ (39,661) $ (9,544) $ (132,408) Other comprehensive income/(loss) before reclassifications, net of tax (15,955) 516 (343) (15,782) Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax — — 1,095 1,095 Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax — (7) — (7) Net current period other comprehensive income (15,955) 509 752 (14,694) March 31, 2021 $ (99,158) $ (39,152) $ (8,792) $ (147,102) 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) |
Reclassification out of Accumulated Other Comprehensive Income | The table below presents the expense/(income) amounts reclassified from AOCI, and the line items of the Statement of Income that were affected for the three months ended March 31, 2021 and 2020: Three months ended March 31, (in thousands) 2021 2020 Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income: Expense/(income) related to interest rate swaps included in Income before taxes (a) $ 1,476 $ 407 Income tax effect (381) (104) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ 1,095 $ 303 Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income: Amortization of prior service credit (1,119) (1,114) Amortization of net actuarial loss 1,109 1,244 Total pretax amount reclassified (b) (10) 130 Income tax effect 3 (32) Effect on net income due to items reclassified from Accumulated Other Comprehensive Income $ (7) $ 98 (a) Included in Interest expense, net are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 14 and 15). (b) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 3). |
Noncontrolling Interest (Tables
Noncontrolling Interest (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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) 2021 2020 Net income/(loss) of Albany Safran Composites (ASC) $ 585 $ (14,849) Less: Return attributable to the Company's preferred holding 318 302 Net /income/(loss) of ASC available for common ownership $ 267 $ (15,151) Ownership percentage of noncontrolling shareholder 10 % 10 % Net /income/(loss) attributable to the noncontrolling interest $ 27 $ (1,515) Noncontrolling interest, beginning of year $ 3,799 $ 4,006 Net income/(loss) attributable to noncontrolling interest 27 (1,515) Changes in other comprehensive income attributable to the noncontrolling interest (210) 109 Noncontrolling interest, end of interim period $ 3,616 $ 2,600 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing 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, 2021 and December 31, 2020, Accounts receivable consisted of the following: (in thousands) March 31, December 31, Trade and other accounts receivable $ 165,005 $ 167,370 Bank promissory notes 26,837 24,860 Allowance for expected credit losses (3,776) (3,807) Accounts receivable, net $ 188,066 $ 188,423 |
Schedule of Contract Receivables | As of March 31, 2021 and December 31, 2020, Noncurrent receivables consisted of the following: (in thousands) March 31, December 31, Noncurrent receivables $ 35,209 $ 36,539 Allowance for expected credit losses (264) (274) Noncurrent receivables, net $ 34,945 $ 36,265 |
Contract Assets and Liabiliti_2
Contract Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | |
Schedule of Contract Assets and Contract Liabilities | As of March 31, 2021 and December 31, 2020, Contract assets and Contract liabilities consisted of the following: (in thousands) March 31, December 31, Contract assets $ 122,688 $ 140,348 Allowance for expected credit losses (921) (1,059) Contract assets, net $ 121,767 $ 139,289 Contract liabilities $ 7,899 $ 8,206 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | As of March 31, 2021 and December 31, 2020, Inventories consisted of the following: (in thousands) March 31, 2021 December 31, 2020 Raw materials $ 60,391 $ 57,789 Work in process 41,593 40,416 Finished goods 15,038 12,273 Total inventories $ 117,022 $ 110,478 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt, principally to banks and noteholders, consists of: (in thousands, except interest rates) March 31, 2021 December 31, 2020 Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.56% in 2021 and 3.50% in 2020 (including the effect of interest rate hedging transactions, as described below), due in 2024 $ 384,000 $ 398,000 Other debt, at an average end of period rate of 5.50% in both 2021 and 2020, due in varying amounts through 2021 2 9 Long-term debt 384,002 398,009 Less: current portion (2) (9) Long-term debt, net of current portion $ 384,000 $ 398,000 |
Fair-Value Measurements (Tables
Fair-Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | The following table presents the fair-value hierarchy for our Level 1 and Level 2 financial and non-financial assets and liabilities, which are measured at fair value on a recurring basis: March 31, 2021 December 31, 2020 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 $ 14,390 $ — $ 17,508 $ — Other Assets: Common stock of unaffiliated foreign public company (a) 762 — 748 — Liabilities: Other noncurrent liabilities: Interest rate swaps — (10,918) — (12,714) (a) Original cost basis $0.5 million. |
Contingencies (Tables)
Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loss Contingencies by Contingency | The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented: 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 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 3,708 152 59 3,615 57 2021 (As of March 31) 3,615 5 7 3,617 $ — |
Changes in Shareholders' Equi_2
Changes in Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity | The following table summarizes changes in Shareholders’ Equity for the period December 31, 2020 to March 31, 2021: Class A Common Stock Class B Common Stock Additional paid-in capital Retained earnings Accumulated items of other comprehensive income Class A Treasury Stock Noncontrolling Interest Total Equity (in thousands) Shares Amount Shares Amount Shares Amount December 31, 2020 39,115 $ 39 1,618 $ 2 $ 433,696 $ 770,746 $ (132,408) 8,391 $ (256,009) $ 3,799 $ 819,865 Net income — — — — — 27,582 — — — 27 27,609 Compensation and benefits paid or payable in shares 20 — — — (13) — — — — — (13) Options exercised 6 — — — 128 — — — — — 128 Shares issued to Directors' — — — — — — — — — — — Dividends declared Class A Common Stock, $0.20 per share — — — — — (6,150) — — — — (6,150) Class B Common Stock, $0.20 per share — — — — — (324) — — — — (324) Cumulative translation adjustments — — — — — — (15,955) — — (210) (16,165) Pension and postretirement liability adjustments — — — — — — 509 — — — 509 Derivative valuation adjustment — — — — — — 752 — — — 752 March 31, 2021 39,141 $ 39 1,618 $ 2 $ 433,811 $ 791,854 $ (147,102) 8,391 $ (256,009) $ 3,616 $ 826,211 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 Noncontrolling 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 (a) 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 $1.4 million. |
Reportable Segments and Reven_3
Reportable Segments and Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Oct. 31, 2013 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 222,362 | $ 235,764 | ||
Operating income | 41,818 | 39,594 | ||
Albany Engineered Composites | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 74,156 | 99,162 | ||
Operating income | 900 | |||
US Government Contracts Or Programs | Revenue Benchmark | Product Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk percentage | 46.00% | |||
Albany Aerostructures Composites LLC (AAC) | ||||
Segment Reporting Information [Line Items] | ||||
Receivables | 107,700 | 127,100 | ||
Safran | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 27,700 | $ 38,000 | ||
Albany Safran Composites, LLC | ||||
Segment Reporting Information [Line Items] | ||||
Ownership percentage of noncontrolling shareholder | 10.00% | |||
Albany Safran Composites, LLC | Safran | ||||
Segment Reporting Information [Line Items] | ||||
Ownership percentage of noncontrolling shareholder | 10.00% | 10.00% | 10.00% |
Reportable Segments and Reven_4
Reportable Segments and Revenue Recognition (Schedule of Financial Data by Reporting Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 222,362 | $ 235,764 |
Operating income | 41,818 | 39,594 |
Other expense/(income), net | 600 | 15,569 |
Income before income taxes | 37,649 | 20,048 |
Corporate, Non-Segment | ||
Segment Reporting Information [Line Items] | ||
Operating income | (11,483) | (15,204) |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Interest income | (529) | (447) |
Interest expense | 4,098 | 4,424 |
Other expense/(income), net | 600 | 15,569 |
Machine Clothing | ||
Segment Reporting Information [Line Items] | ||
Net sales | 148,206 | 136,602 |
Machine Clothing | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 148,206 | 136,602 |
Operating income | 50,363 | 47,175 |
Albany Engineered Composites | ||
Segment Reporting Information [Line Items] | ||
Net sales | 74,156 | 99,162 |
Operating income | 900 | |
Albany Engineered Composites | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 74,156 | 99,162 |
Operating income | $ 2,938 | $ 7,623 |
Reportable Segments and Reven_5
Reportable Segments and Revenue Recognition (Schedule of Restructuring Costs by Reporting Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information, Additional Information [Abstract] | ||
Restructuring expenses, net | $ 52 | $ 642 |
Corporate, Non-Segment | ||
Segment Reporting Information, Additional Information [Abstract] | ||
Restructuring expenses, net | 32 | 0 |
Machine Clothing | Operating Segments | ||
Segment Reporting Information, Additional Information [Abstract] | ||
Restructuring expenses, net | (69) | 642 |
Albany Engineered Composites | Operating Segments | ||
Segment Reporting Information, Additional Information [Abstract] | ||
Restructuring expenses, net | $ 89 | $ 0 |
Reportable Segments and Reven_6
Reportable Segments and Revenue Recognition (Schedule of Disaggregate Revenue for Each Business Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 222,362 | $ 235,764 |
Point in Time Revenue Recognition | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 151,221 | 142,074 |
Over Time Revenue Recognition | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 71,141 | 93,690 |
Machine Clothing | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 148,206 | 136,602 |
Machine Clothing | Point in Time Revenue Recognition | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 147,341 | 135,754 |
Machine Clothing | Over Time Revenue Recognition | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 865 | 848 |
Albany Engineered Composites | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 74,156 | 99,162 |
Albany Engineered Composites | Point in Time Revenue Recognition | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 3,880 | 6,320 |
Albany Engineered Composites | Over Time Revenue Recognition | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 70,276 | 92,842 |
ASC | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 27,084 | 37,894 |
ASC | Point in Time Revenue Recognition | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0 | 0 |
ASC | Over Time Revenue Recognition | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 27,084 | 37,894 |
Other AEC | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 47,072 | 61,268 |
Other AEC | Point in Time Revenue Recognition | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 3,880 | 6,320 |
Other AEC | Over Time Revenue Recognition | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 43,192 | $ 54,948 |
Reportable Segments and Reven_7
Reportable Segments and Revenue Recognition (Schedule of Disaggregate MC Segment Revenue by Significant Product or Service) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 222,362 | $ 235,764 |
Machine Clothing | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 148,206 | 136,602 |
Machine Clothing | Americas PMC | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 73,302 | 73,677 |
Machine Clothing | Eurasia PMC | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 55,143 | 45,131 |
Machine Clothing | Engineered Fabrics | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 19,761 | $ 17,794 |
Reportable Segments and Reven_8
Reportable Segments and Revenue Recognition (Remaining Performance Obligation) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Leases [Abstract] | ||
Revenue, remaining performance obligation, amount | $ 76 | $ 82 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, amount | 76 | $ 82 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | ||
Leases [Abstract] | ||
Revenue, remaining performance obligation, amount | 51 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, amount | $ 51 | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 9 months |
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, 2021 | Mar. 31, 2020 | |
Pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 545 | $ 580 |
Interest cost | 1,338 | 1,550 |
Expected return on assets | (1,606) | (1,723) |
Amortization of prior service cost/(credit) | 3 | 8 |
Amortization of net actuarial loss | 544 | 596 |
Net periodic benefit cost | 824 | 1,011 |
Other postretirement benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 33 | 50 |
Interest cost | 276 | 428 |
Expected return on assets | 0 | 0 |
Amortization of prior service cost/(credit) | (1,122) | (1,122) |
Amortization of net actuarial loss | 565 | 648 |
Net periodic benefit cost | $ (248) | $ 4 |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Details) - USD ($) | 3 Months Ended | 51 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |||
Restructuring expense | $ 13,900,000 | ||
Asset impairment charges | $ 0 | $ 0 | |
Restructuring reserve, current | 800,000 | 800,000 | |
Restructuring reserve, noncurrent | $ 200,000 | $ 200,000 |
Restructuring (Schedule of Rest
Restructuring (Schedule of Restructuring Charges) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses, net | $ 52 | $ 642 |
Corporate, Non-Segment | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses, net | 32 | 0 |
Machine Clothing | Operating Segments | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses, net | (69) | 642 |
Albany Engineered Composites | Operating Segments | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses, net | $ 89 | $ 0 |
Restructuring (Schedule of Re_2
Restructuring (Schedule of Restructuring Liability) (Details) - Employee Severance - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 2,195 | $ 2,042 |
Restructuring charges accrued | 52 | 642 |
Payments | (1,216) | (731) |
Currency translation /other | (15) | (92) |
Ending balance | $ 1,016 | $ 1,861 |
Other (Income)_Expense, net (De
Other (Income)/Expense, net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | ||
Currency transaction (gains)/losses | $ 166 | $ 14,834 |
Bank fees and amortization of debt issuance costs | 107 | 75 |
Components of net periodic pension and postretirement cost other than service | (2) | 385 |
Other | 329 | 275 |
Total | $ 600 | $ 15,569 |
Other (Income)_Expense, net (Na
Other (Income)/Expense, net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | ||
Foreign currency transaction loss, realized | $ 0.2 | $ 14.8 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Line Items] | ||
Effective income tax rate reconciliation, percent | 30.10% | 36.50% |
Foreign earnings repatriated | $ 203,000 | |
Current foreign tax expense (benefit) | 3,400 | |
Current state and local tax expense (benefit) | 2,000 | |
Net tax benefit | 1,443 | $ 112 |
Provision for/resolution of tax audits and contingencies, net | 278 | (244) |
Out-of-period adjustments | $ 0 | $ 1,830 |
Earliest Tax Year | ||
Income Tax Disclosure [Line Items] | ||
Open tax year | 2015 | |
Latest Tax Year | ||
Income Tax Disclosure [Line Items] | ||
Open tax year | 2021 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income tax based on income from continuing operations | $ 11,332 | $ 7,309 |
Effective income tax rate reconciliation, percent | 30.10% | 36.50% |
Income tax before discrete items | $ 11,332 | $ 7,309 |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount [Abstract] | ||
Exercise of U.S. stock options | (142) | 0 |
Adjustments to prior period tax liabilities | (1,443) | (112) |
Provision for/resolution of tax audits and contingencies, net | 278 | (244) |
Out-of-period adjustments | 0 | 1,830 |
Tax effect of non-deductible foreign exchange loss on intercompany loan | 0 | 3,668 |
Tax effect of non-deductible foreign exchange loss on intercompany loan | 15 | 3 |
Total income tax expense | $ 10,040 | $ 12,454 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net income attributable to the Company | $ 27,582 | $ 9,109 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Weighted average number of shares used in calculating basic net income per share (in shares) | 32,352 | 32,312 |
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | ||
Weighted average number of shares used in calculating diluted net income per share (in shares) | 32,401 | 32,320 |
Average market price of common stock used for calculation of dilutive shares (in dollars per share) | $ 79.30 | $ 65.47 |
Earnings Per Share, Basic and Diluted [Abstract] | ||
Basic earnings per share (in dollars per share) | 0.85 | 0.28 |
Diluted earnings per share (in dollars per share) | $ 0.85 | $ 0.28 |
Stock options | ||
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | ||
Weighted average number diluted shares outstanding adjustment (in shares) | 3 | 8 |
Restricted Stock Units (RSUs) | ||
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | ||
Weighted average number diluted shares outstanding adjustment (in shares) | 46 | 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (AOCI) (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 816,066 | |
Ending balance | 822,595 | |
Translation adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (83,203) | $ (122,852) |
Other comprehensive income/(loss) before reclassifications, net of tax | (15,955) | (25,747) |
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax | 0 | 0 |
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax | 0 | 0 |
Net current period other comprehensive income | (15,955) | (25,747) |
Ending balance | (99,158) | (148,599) |
Pension and postretirement liability adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (39,661) | (49,994) |
Other comprehensive income/(loss) before reclassifications, net of tax | 516 | 792 |
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax | 0 | 0 |
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax | (7) | 98 |
Net current period other comprehensive income | 509 | 890 |
Ending balance | (39,152) | (49,104) |
Derivative valuation adjustment | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (9,544) | (3,135) |
Other comprehensive income/(loss) before reclassifications, net of tax | (343) | (8,011) |
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax | 1,095 | 303 |
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax | 0 | 0 |
Net current period other comprehensive income | 752 | (7,708) |
Ending balance | (8,792) | (10,843) |
Accumulated items of other comprehensive income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (132,408) | (175,981) |
Other comprehensive income/(loss) before reclassifications, net of tax | (15,782) | (32,966) |
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax | 1,095 | 303 |
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax | (7) | 98 |
Net current period other comprehensive income | (14,694) | (32,565) |
Ending balance | $ (147,102) | $ (208,546) |
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, 2021 | Mar. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax effect | $ (10,040) | $ (12,454) |
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | 27,582 | 9,109 |
Amortization of prior service credit | (1,119) | (1,114) |
Net actuarial loss | 1,109 | 1,244 |
Total pretax amount reclassified | 37,649 | 20,048 |
Reclassification out of Accumulated Other Comprehensive Income | Derivative valuation adjustment | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Expense/(income) related to interest rate swaps included in Income before taxes | 1,476 | 407 |
Income tax effect | (381) | (104) |
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | 1,095 | 303 |
Reclassification out of Accumulated Other Comprehensive Income | Pension and postretirement liability adjustments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax effect | 3 | (32) |
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income | (7) | 98 |
Amortization of prior service credit | (1,119) | (1,114) |
Net actuarial loss | 1,109 | 1,244 |
Total pretax amount reclassified | $ (10) | $ 130 |
Noncontrolling Interest (Narrat
Noncontrolling Interest (Narrative) (Details) - Albany Safran Composites, LLC | Mar. 31, 2021 | Mar. 31, 2020 | Oct. 31, 2013 |
Noncontrolling Interest [Line Items] | |||
Ownership percentage of noncontrolling shareholder | 10.00% | ||
Safran | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage of noncontrolling shareholder | 10.00% | 10.00% | 10.00% |
Noncontrolling Interest - Incom
Noncontrolling Interest - Income attributable to the noncontrolling interest and noncontrolling equity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Oct. 31, 2013 | |
Noncontrolling Interest [Line Items] | |||
Net income/(loss) of Albany Safran Composites (ASC) | $ 27,609 | $ 7,594 | |
Net /income/(loss) of ASC available for common ownership | 27,582 | 9,109 | |
Net income/(loss) attributable to the noncontrolling interest | 27 | (1,515) | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Noncontrolling interest, beginning of year | 3,799 | ||
Net income/(loss) attributable to the noncontrolling interest | 27 | (1,515) | |
Noncontrolling interest, end of interim period | $ 3,616 | ||
Albany Safran Composites, LLC | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage of noncontrolling shareholder | 10.00% | ||
Albany Safran Composites, LLC | |||
Noncontrolling Interest [Line Items] | |||
Net income/(loss) of Albany Safran Composites (ASC) | $ 585 | (14,849) | |
Less: Return attributable to the Company's preferred holding | 318 | 302 | |
Net /income/(loss) of ASC available for common ownership | 267 | (15,151) | |
Net income/(loss) attributable to the noncontrolling interest | 27 | (1,515) | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Noncontrolling interest, beginning of year | 3,799 | 4,006 | |
Net income/(loss) attributable to the noncontrolling interest | 27 | (1,515) | |
Changes in other comprehensive income attributable to the noncontrolling interest | (210) | 109 | |
Noncontrolling interest, end of interim period | $ 3,616 | $ 2,600 | |
Safran | Albany Safran Composites, LLC | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage of noncontrolling shareholder | 10.00% | 10.00% | 10.00% |
Accounts Receivable (Narrative)
Accounts Receivable (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Noncurrent receivables invoice, period | 10 years |
Accounts Receivable (Schedule o
Accounts Receivable (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Trade and other accounts receivable | $ 165,005 | $ 167,370 |
Bank promissory notes | 26,837 | 24,860 |
Allowance for expected credit losses | (3,776) | (3,807) |
Accounts receivable, net | $ 188,066 | $ 188,423 |
Accounts Receivable (Schedule_2
Accounts Receivable (Schedule of Contract Receivables) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Noncurrent receivables | $ 35,209,000 | $ 36,539,000 |
Allowance for expected credit losses | (264,000) | (274,000) |
Noncurrent receivables, net | $ 34,945,000 | $ 36,265,000 |
Contract Assets and Liabiliti_3
Contract Assets and Liabilities (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Contract with customer, asset, period decrease | $ 17,500,000 | |
Contract with customer, asset, impairment loss | 0 | |
Decrease in contract with customer, liability | 300,000 | |
Contract with customer, liability, revenue recognized | $ 4,300,000 | $ 1,900,000 |
Contract Assets and Liabiliti_4
Contract Assets and Liabilities (Schedule of Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Contract assets | $ 122,688 | $ 140,348 |
Allowance for expected credit losses | (921) | (1,059) |
Contract assets, net | 121,767 | 139,289 |
Contract liabilities | $ 7,899 | $ 8,206 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 60,391 | $ 57,789 |
Work in process | 41,593 | 40,416 |
Finished goods | 15,038 | 12,273 |
Total inventories | $ 117,022 | $ 110,478 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill impairment charges | $ 0 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) $ in Millions | Oct. 27, 2020USD ($) | Apr. 08, 2016USD ($) | Mar. 31, 2021USD ($) | Mar. 16, 2020USD ($) | Nov. 28, 2017USD ($) | Nov. 27, 2017USD ($) |
Debt Instrument [Line Items] | ||||||
Minimum interest coverage ratio required | 3 | |||||
Leverage ratio | 1.20 | |||||
Interest coverage ratio | 15.72 | |||||
Maximum leverage ratio allowed | 3.50 | |||||
Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 700 | $ 685 | ||||
Debt instrument, term | 4 years | 5 years | ||||
Borrowings outstanding | $ 384 | |||||
Basis spread on variable rate | 1.625% | |||||
Line of credit facility, remaining borrowing capacity | $ 316 | |||||
Line of Credit | Interest Rate Swap | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit borrowings | $ 300 | |||||
Amount received from terminate agreement | $ 6.3 | |||||
Derivative, fixed interest rate | 11.00% | 2.11% | ||||
Derivative, notional amount | $ 350 | $ 350 | ||||
LIBOR rate | 3.735% | |||||
Line of Credit | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.50% | |||||
Line of Credit | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.00% |
Financial Instruments (Schedule
Financial Instruments (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 384,002 | $ 398,009 |
Less: current portion | (2) | (9) |
Long-term debt, net of current portion | 384,000 | 398,000 |
Long-term Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 2 | $ 9 |
Interest rate, effective percentage | 5.50% | 5.50% |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 384,000 | $ 398,000 |
Interest rate, effective percentage | 3.56% | 3.50% |
Fair-Value Measurements (Schedu
Fair-Value Measurements (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative Asset [Abstract] | ||
Equity securities, cost basis | $ 500 | $ 500 |
Fair Value, Recurring | (Level 1) | ||
Assets: | ||
Cash equivalents | 14,390 | 17,508 |
Common stock of unaffiliated foreign public company | 762 | 748 |
Liabilities: | ||
Interest rate swaps | 0 | 0 |
Fair Value, Recurring | (Level 2) | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Common stock of unaffiliated foreign public company | 0 | 0 |
Liabilities: | ||
Interest rate swaps | $ (10,918) | $ (12,714) |
Fair-Value Measurements (Narrat
Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||
Interest income (expense), net | $ (3,569) | $ (3,977) |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Interest income (expense), net | 1,700 | 500 |
Interest Rate Swap Buyouts | ||
Derivative [Line Items] | ||
Interest income (expense), net | $ 300 | $ 100 |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) $ in Millions | Mar. 31, 2021USD ($)claim | Dec. 31, 2020claim | Dec. 31, 2019claim | Dec. 31, 2018claim | Dec. 31, 2017claim | Dec. 31, 2016claim | Dec. 31, 2015claim |
Loss Contingencies [Line Items] | |||||||
Number of pending claims | 3,617 | ||||||
Asbestos Issue | |||||||
Loss Contingencies [Line Items] | |||||||
Total resolved claims, by means of settlement or dismissal | 37,954 | ||||||
Total cost of resolution | $ | $ 10.4 | ||||||
Confirmed insurance coverage | $ | $ 140 | ||||||
Resolution costs paid by insurance carrier | 100.00% | ||||||
Number of pending claims | 3,617 | 3,615 | 3,708 | 3,684 | 3,730 | 3,745 | 3,791 |
Asbestos Issue | Brandon Drying Fabrics, Inc. | |||||||
Loss Contingencies [Line Items] | |||||||
Total resolved claims, by means of settlement or dismissal | 7,709 | ||||||
Resolution costs paid by insurance carrier | 100.00% | ||||||
Number of pending claims | 12 |
Contingencies (Schedule of Chan
Contingencies (Schedule of Changes in Claims) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021USD ($)claim | Dec. 31, 2020USD ($)claim | Dec. 31, 2019USD ($)claim | Dec. 31, 2018USD ($)claim | Dec. 31, 2017USD ($)claim | Dec. 31, 2016USD ($)claim | |
Loss Contingencies [Line Items] | ||||||
Closing Number of Claims | 3,617 | |||||
Asbestos Issue | ||||||
Loss Contingencies [Line Items] | ||||||
Opening Number of Claims | 3,615 | 3,708 | 3,684 | 3,730 | 3,745 | 3,791 |
Claims Dismissed, Settled, or Resolved | 5 | 152 | 51 | 152 | 105 | 148 |
New Claims | 7 | 59 | 75 | 106 | 90 | 102 |
Closing Number of Claims | 3,617 | 3,615 | 3,708 | 3,684 | 3,730 | 3,745 |
Amounts Paid (thousands) to Settle or Resolve | $ | $ 0 | $ 57 | $ 25 | $ 100 | $ 55 | $ 758 |
Changes in Shareholders' Equi_3
Changes in Shareholders' Equity (Schedule of Activity in Shareholders' Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at beginning of the period | $ 819,865 | $ 702,689 | |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||
Net income | 27,609 | 7,594 | |
Compensation and benefits paid or payable in shares | (13) | (682) | |
Options exercised | 128 | 0 | |
Shares issued to Directors' | 0 | 0 | |
Cumulative translation adjustments | (16,165) | (25,638) | |
Pension and postretirement liability adjustments | 509 | 890 | |
Derivative valuation adjustment | 752 | (7,708) | |
Balance at end of the period | $ 826,211 | $ 669,561 | $ 702,689 |
Dividends declared per share, Class A and Class B (in dollars per share) | $ 0.20 | $ 0.19 | |
Common Class A | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Options exercised (in shares) | 6,000 | 0 | |
Dividends declared | $ (6,150) | $ (5,834) | |
Balance at end of the period | $ 39 | ||
Balance at the end of the period (in shares) | 39,112,000 | ||
Dividends declared per share, Class A and Class B (in dollars per share) | $ 0.20 | $ 0.19 | |
Common Class B | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at the beginning of the period (in shares) | 1,617,998 | ||
Dividends declared | $ (324) | $ (307) | |
Balance at end of the period | $ 2 | ||
Balance at the end of the period (in shares) | 1,617,998 | 1,618,000 | |
Dividends declared per share, Class A and Class B (in dollars per share) | $ 0.20 | $ 0.19 | |
Cumulative Effect, Period of Adoption, Adjustment | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at beginning of the period | $ (1,443) | ||
Balance at end of the period | (1,443) | ||
Common Stock | Common Class A | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at beginning of the period | $ 39 | $ 39 | |
Balance at the beginning of the period (in shares) | 39,115,000 | 39,099,000 | |
Compensation and benefits paid or payable in shares (in shares) | 20,000 | 13,000 | |
Balance at end of the period | $ 39 | $ 39 | |
Balance at the end of the period (in shares) | 39,141,000 | 39,099,000 | |
Common Stock | Common Class B | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at beginning of the period | $ 2 | $ 2 | |
Balance at the beginning of the period (in shares) | 1,618,000 | 1,618,000 | |
Balance at end of the period | $ 2 | $ 2 | |
Balance at the end of the period (in shares) | 1,618,000 | 1,618,000 | |
Additional paid-in capital | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at beginning of the period | $ 433,696 | $ 432,518 | |
Compensation and benefits paid or payable in shares | (13) | (682) | |
Options exercised | 128 | 0 | |
Balance at end of the period | 433,811 | 431,836 | $ 432,518 |
Retained earnings | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at beginning of the period | 770,746 | 698,496 | |
Net income | 27,582 | 9,109 | |
Balance at end of the period | 791,854 | 700,021 | 698,496 |
Retained earnings | Common Class A | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Dividends declared | (6,150) | (5,834) | |
Retained earnings | Common Class B | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Dividends declared | (324) | (307) | |
Retained earnings | Cumulative Effect, Period of Adoption, Adjustment | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at beginning of the period | (1,400) | (1,443) | |
Balance at end of the period | (1,443) | ||
Accumulated items of other comprehensive income | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at beginning of the period | (132,408) | (175,981) | |
Cumulative translation adjustments | (15,955) | (25,747) | |
Pension and postretirement liability adjustments | 509 | 890 | |
Derivative valuation adjustment | 752 | (7,708) | |
Balance at end of the period | (147,102) | (208,546) | (175,981) |
Treasury Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at beginning of the period | $ (256,009) | $ (256,391) | |
Balance at the beginning of the period (in shares) | 8,391,000 | 8,409,000 | |
Balance at end of the period | $ (256,009) | $ (256,391) | $ (256,391) |
Balance at the end of the period (in shares) | 8,391,000 | 8,409,000 | 8,409,000 |
Noncontrolling Interest | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance at beginning of the period | $ 3,799 | $ 4,006 | |
Net income | 27 | (1,515) | |
Cumulative translation adjustments | (210) | 109 | |
Balance at end of the period | $ 3,616 | $ 2,600 | $ 4,006 |