View Filing Data

$ 28,484

$ 15,220

$ 69,272

$ 27,427

(7,847)

11,974

(21,193)

39,348

(232)

(750)

^[1]

(1,114)

(1,113)

(3,341)

(3,339)

Payments and amortization related to interest rate swaps included in earnings

^[1]

1,294

1,350

3,882

4,050

(96)

295

138

1,238

1,777

(96)

9,703

(1,094)

225

Payments and amortization related to interest rate swaps included in earnings

(54)

(71)

(162)

(213)

(112)

(33)

(470)

(427)

(2,329)

415

Comprehensive income/(loss) attributable to the noncontrolling interest

21,878

27,483

55,412

67,362

264

(43)

446

221

Significant Accounting Policies

$ 21,614

$ 27,526

$ 54,966

$ 67,141

[1]	These accumulated other comprehensive income components are included in Other (income)/expense, net (see Note 4).

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 160,593	$ 154,744	$ 183,727	$ 153,465	$ 138,792	$ 181,742
Accounts receivable, net	252,464		202,675
Contract assets	56,100
Inventories	99,765		136,519
Income taxes prepaid and receivable	6,643		6,266
Prepaid expenses and other current assets	20,541		14,520
Total current assets	596,106		543,707
Property, plant and equipment, net	462,438		454,302
Intangibles, net	50,765		55,441
Goodwill	165,103		166,796
Deferred income taxes	79,865		68,648
Noncurrent receivables	41,657		32,811
Other assets	52,392		39,493
Total assets	1,448,326		1,361,198
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes and loans payable			262
Accounts payable	51,373		44,899
Accrued liabilities	132,219		105,914
Current maturities of long-term debt	1,231		1,799
Income taxes payable	20,725		8,643
Total current liabilities	205,548		161,517
Long-term debt	529,003		514,120
Other noncurrent liabilities	92,218		101,555
Deferred taxes and other liabilities	12,915		10,991
Total liabilities	839,684		788,183
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
Additional paid in capital	430,231		428,423
Retained earnings	581,369		534,082
Accumulated items of other comprehensive income:
Translation adjustments	(110,900)		(87,318)
Pension and postretirement liability adjustments	(48,293)		(50,536)
Derivative valuation adjustment	9,432		1,953
Treasury stock (Class A), at cost 8,418,620 shares in 2018 and 8,431,335 shares in 2017	(256,603)		(256,876)
Total Company shareholders' equity	605,276		569,768
Noncontrolling interest	3,366		3,247
Total equity	608,642		573,015
Total liabilities and shareholders' equity	1,448,326		1,361,198
Common Class A [Member]
SHAREHOLDERS' EQUITY
Common Stock	37		37
Common Class B [Member]
SHAREHOLDERS' EQUITY
Common Stock	$ 3		$ 3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Preferred Stock, par value per share	$ 5.00	$ 5.00
Preferred Stock, shares authorized	2,000,000	2,000,000
Preferred Stock, shares issued	0	0
Common Class A [Member]
Common Stock, par value per share	$ 0.001	$ 0.001
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, shares issued	37,450,329	37,395,753
Treasury stock, shares	8,418,620	8,431,335
Common Class B [Member]
Common Stock, par value per share	$ 0.001	$ 0.001
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, shares issued	3,233,998	3,233,998
Common Stock, shares outstanding	3,233,998	3,233,998

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
OPERATING ACTIVITIES
Net income	$ 28,484	$ 15,220	$ 69,272	$ 27,427
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	17,436	15,522	52,852	45,367
Amortization	2,366	2,608	7,571	7,889
Change in other noncurrent liabilities	(5,102)	(168)	(6,333)	(2,522)
Change in deferred taxes and other liabilities	1,331	(3,263)	(5,571)	(10,620)
Provision for write-off of property, plant and equipment	2,131	1,086	3,255	1,916
Non-cash interest expense	150	211	304	634
Compensation and benefits paid or payable in Class A Common Stock	543	195	1,879	1,865
Fair value adjustment on foreign currency option	(10)	2	61	131
Write-off of intangible assets in a discontinued product line		4,149		4,149
Changes in operating assets and liabilities that provided/(used) cash:
Accounts receivable	(4,177)	(4,645)	(48,547)	(19,781)
Contract assets	3,040		(8,721)
Inventories	(2,228)	(3,944)	(12,843)	(17,210)
Prepaid expenses and other current assets	103	(601)	(5,117)	(3,298)
Income taxes prepaid and receivable	(551)		(454)	(2,817)
Accounts payable	(2,728)	(4,769)	6,154	(2,704)
Accrued liabilities	7,565	5,425	12,233	4,525
Income taxes payable	6,766	3,472	13,355	2,964
Noncurrent receivables	(4,676)	(8,107)	(8,846)	(15,643)
Other, net	(5,728)	(4,495)	(9,049)	(557)
Net cash provided by operating activities	44,715	17,898	61,455	21,715
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(21,441)	(15,319)	(60,564)	(61,724)
Purchased software	(78)	(147)	(130)	(538)
Net cash used in investing activities	(21,519)	(15,466)	(60,694)	(62,262)
FINANCING ACTIVITIES
Proceeds from borrowings	3,000	13,076	26,031	45,335
Principal payments on debt	(10,471)	(3,569)	(24,614)	(24,711)
Taxes paid in lieu of share issuance			(1,652)	(1,364)
Proceeds from options exercised	52	356	202	531
Dividends paid	(5,485)	(5,470)	(16,441)	(16,396)
Net cash (used in)/provided by financing activities	(12,904)	4,393	(16,474)	3,395
Effect of exchange rate changes on cash and cash equivalents	(4,443)	7,848	(7,421)	8,875
(Decrease)/increase in cash and cash equivalents	5,849	14,673	(23,134)	(28,277)
Cash and cash equivalents at beginning of period	154,744	138,792	183,727	181,742
Cash and cash equivalents at end of period	$ 160,593	$ 153,465	$ 160,593	$ 153,465

Significant Accounting Policies

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

1. Significant Accounting Policies

Basis of Presentation

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of results for such periods. Albany International Corp. (Albany, the Registrant, the Company, we, us, or our) consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year.

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in Albany International Corp.’s Consolidated Financial Statements and accompanying Notes. Actual results could differ materially from those estimates.

The information included in this Quarterly Report on Form 10-Q should be read in conjunction with “Risk Factors,” “Legal Proceedings,” “Management’s Discussion and Analysis of Financial Condition and Results of Operation,” “Quantitative and Qualitative Disclosures about Market Risk” and the Consolidated Financial Statements and Notes thereto included in Items 1A, 3, 7, 7A and 8, respectively, of the Albany International Corp. Annual Report on Form 10-K for the year ended December 31, 2017.

Effective January 1, 2018, we adopted the provisions of ASC 606, Revenue from contracts with customers, using the modified retrospective method for transition as discussed in Note 2, Revenue Recognition. Accounting policies have been applied consistently to periods presented, except for the application of ASC 606, as further described in Note 2.

Revenue Recognition

9 Months Ended

Sep. 30, 2018

Revenue Recognition [Abstract]

Revenue Recognition

2. Revenue Recognition

Effective January 1, 2018, the Company adopted the provisions of ASC 606, Revenue from contracts with customers, using the modified retrospective (or cumulative effect) method for transition. Under this transition method, periods prior to 2018 have not been restated and the cumulative effect of initially applying the new standard was recorded as an adjustment to Retained earnings at January 1, 2018. The standard replaces numerous requirements in U.S. GAAP, including industry-specific requirements, and provides companies with a single model for recognizing revenue from contracts with customers. We applied the new accounting standard to contracts which were not completed by December 31, 2017.

In our Machine Clothing (MC) business segment, prior to 2018, we recorded revenue from the sale of a product when persuasive evidence of an arrangement existed, delivery had occurred, title was transferred, the selling price was fixed, and collectability was reasonably assured. Under the new standard, we recognize MC revenue when we satisfy our performance obligations related to the manufacture and delivery of a product, which, in certain cases, results in earlier recognition of revenue associated with these contracts. For the MC segment, the cumulative effect of adopting ASC 606 included an increase to Accounts receivable, a decrease to Inventories, and an increase to Retained earnings.

In our Albany Engineered Composites (AEC) business segment, revenue from a number of long-term contracts was, prior to 2018, recorded on the basis of the units-of-delivery method, which is considered an output method. Under the new standard, revenue from most of these contracts is recognized over time using an input method as the measure of progress, which generally results in earlier recognition of revenue. Prior to adoption of the new standard, the classification of revenue in excess of progress billings on long-term contracts was included in Accounts receivable. Under the new standard, such assets are considered Contract assets, which are rights to consideration that are conditional on something other than the passage of time, such as completion of remaining performance obligations. As a result of adoption of the new standard, such assets were reclassified at transition from Accounts receivable to Contract assets. In addition, under the new standard, we are required to limit our estimate of contract values to the period of the legally enforceable contract, which in many cases is considerably shorter than the contract period used under the former standard. While certain contracts are expected to be profitable over the course of the program life when including expected renewals, under the new standard, our estimate of contract revenues and costs is limited to the estimated value of enforceable rights and obligations, excluding anticipated renewals. In some cases, this shorter contract period may result in a loss contract provision, and our transition adjustment included such loss accruals. Expected losses on projects include losses on contract options that are probable of exercise, excluding profitable options that often follow. For AEC, the cumulative effect of adopting ASC 606 included increases to Contract assets and Accrued liabilities, and decreases to Accounts receivable, Inventories and Retained earnings.

The table below presents the cumulative effect of changes made to our December 31, 2017 Consolidated Balance Sheet as the result of adoption of ASC 606:

ALBANY INTERNATIONAL CORP.
CONSOLIDATED BALANCE SHEET
(in thousands, except share data)
(unaudited)

	As previously reported at December 31, 2017		Adjustments Increase/(decrease)		Opening balance, as adjusted, January 1, 2018
ASSETS
Cash and cash equivalents	$183,727		$-		$183,727
Accounts receivable, net	202,675		7,667		210,342
Contract assets	-		47,415		47,415
Inventories	136,519		(47,054	)	89,465
Income taxes prepaid and receivable	6,266		-		6,266
Prepaid expenses and other current assets	14,520		-		14,520
Total current assets	543,707		8,028		551,735

Property, plant and equipment, net	454,302		-		454,302
Intangibles, net	55,441		-		55,441
Goodwill	166,796		-		166,796
Deferred income taxes	68,648		1,756		70,404
Noncurrent receivables	32,811		-		32,811
Other assets	39,493		1,119		40,612
Total assets	$1,361,198		$10,903		$1,372,101

LIABILITIES AND SHAREHOLDERS’ EQUITY
Notes and loans payable	$262		$-		$262
Accounts payable	44,899		-		44,899
Accrued liabilities	105,914		16,808		122,722
Current maturities of long-term debt	1,799		-		1,799
Income taxes payable	8,643		-		8,643
Total current liabilities	161,517		16,808		178,325

Long-term debt	514,120		-		514,120
Other noncurrent liabilities	101,555		-		101,555
Deferred taxes and other liabilities	10,991		52		11,043
Total liabilities	788,183		16,860		805,043

SHAREHOLDERS’ EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued	-		-		-
Class A Common Stock, par value $.001 per share; authorized 100,000,000 shares; issued 37,395,753 in 2017 and 37,319,266 in 2016	37		-		37
Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; issued and outstanding 3,233,998 in 2017 and 2016	3		-		3
Additional paid in capital	428,423		-		428,423
Retained earnings	534,082		(5,630	)	528,452
Accumulated items of other comprehensive income:
Translation adjustments	(87,318	)	-		(87,318	)
Pension and postretirement liability adjustments	(50,536	)	-		(50,536	)
Derivative valuation adjustment	1,953		-		1,953
Treasury stock (Class A), at cost 8,431,335 shares in 2017 and 8,443,444 shares in 2016	(256,876	)	-		(256,876	)
Total Company shareholders’ equity	569,768		(5,630	)	564,138
Noncontrolling interest	3,247		(327	)	2,920
Total equity	573,015		(5,957	)	567,058
Total liabilities and shareholders’ equity	$1,361,198		$10,903		$1,372,101

Significant changes to our accounting policies as a result of adopting the new standard are discussed below.

For periods ending after December 31, 2017, we account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is measured based on the consideration specified in the contract with the customer, and excludes any amounts collected on behalf of third parties. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service, or a series of distinct goods or services, to the customer which occurs either at a point in time, or over time, depending on the performance obligation in the contract. A performance obligation is a promise in the contract to transfer a distinct good or service to the customer, and is the unit of account under the new revenue standard. “Control” refers to the ability to direct the use of, and obtain substantially all of the remaining benefits from the product. A contract’s transaction price is allocated to each material distinct performance obligation and is recognized as revenue when, or as, the performance obligation is satisfied.

In our MC segment, our primary performance obligation in most contracts is to provide solution-based, custom-designed fabrics and belts to the customer. We satisfy this performance obligation upon transferring control of the product to the customer at a specific point in time. Generally, the customer obtains control when the product has been received at the location specified by the customer, at which time the only remaining obligations under the contract are fulfillment costs, which are accrued when control of the product is transferred.

In the MC segment, some contracts with certain customers may also obligate us to provide various product-related services at no additional cost to the customer. When this obligation is material in the context of the contract with the customer, we recognize a separate performance obligation and allocate revenue to those services based on their estimated standalone selling price. The standalone selling price for these services is determined based upon an analysis of the services offered and an assessment of the price we might charge for such services as a separate offering. As we typically provide such services on a stand-ready basis, we recognize this revenue over time. Revenue allocated to such service performance obligations is the only MC revenue that is recognized over time.

In our AEC business segment, we primarily enter into contracts to manufacture and deliver highly engineered advanced composite products to our customers. The majority of AEC revenue is from short duration, firm-fixed-price orders that are placed under a master agreement containing general terms and conditions applicable to all orders placed under the master agreement. To determine the proper revenue recognition method, we evaluate whether two or more orders or contracts should be combined and accounted for as one single contract, and whether the combined or single contract contains single or multiple performance obligations. This evaluation requires significant judgment, and the decision to combine a group of contracts, or to allocate revenue from the combined or single contract among multiple performance obligations, could have a significant impact on the amount of revenue and profit recorded in a given period. For most AEC contracts, the nature of our promise (or our performance obligation) to the customer is to manage the contract and provide a significant service of integrating a complex set of tasks and components into a single project or capability, which will often result in the delivery of multiple highly interdependent and interrelated units.

At the inception of a contract we estimate the transaction price based on our current rights, and do not contemplate future modifications (including unexercised options) or follow-on contracts until they become legally enforceable. Many AEC contracts are subsequently modified to include changes in specifications, requirements or price, which may create new or change existing enforceable rights and obligations. Depending on the nature of the modification, we consider whether to account for the modification as an adjustment to the existing contract or as a separate contract. Generally, we are able to conclude that such modifications are not distinct from the existing contract, due to the significant integration of the obligations, and the interrelated nature of tasks, provided for in the modification and the existing contract. Therefore, such modifications are accounted for as if they were part of the existing contract, and we accumulate the values of such modifications in our estimates of contract value.

Revenue is recognized over time for a large portion of our contracts in AEC as most of our contracts have provisions that, under the guidance in ASC 606, are deemed to transfer control to the customer over time. Revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress toward completion requires judgment and is based on the nature of the products or services to be provided. We generally use the cost-to-cost measure of progress for our contracts because it best depicts the transfer of assets to the customer which occurs as we incur costs to produce the contract deliverables. Under the cost-to-cost measure of progress, the extent of progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenue, including profit, is recorded proportionally as costs are incurred. Accounting for long-term contracts requires significant judgment and estimation, which could be considerably different if the underlying circumstances were to change. When any adjustments of estimated contract revenue or costs are required, any changes from prior estimates are included in revenues or earnings in the period in which the change occurs.

In other AEC contracts, revenue is recognized at a point in time because the products are offered to multiple customers, or do not have an enforceable right to payment until the product is shipped or delivered to the location specified by the customer in the contract.

AEC’s largest source of revenue is derived from the LEAP contract (see Note 3) under a cost- plus-fee agreement. Beginning in 2018, the fee is variable based on our success in achieving certain cost targets. Revenue is recognized over time as costs are incurred. Under this contract, there is significant judgment involved in determining applicable contract costs and expected margin, and therefore in determining the amount of revenue to be recognized.

Payment terms granted to MC and AEC customers reflect general competitive practices. Terms vary with product, competitive conditions, and the country of operation.

The following table provides a summary of the composition of each business segment:

Segment	Reporting Unit	Principal Product or Service	Principal Locations
Machine Clothing (MC)	Machine Clothing	Paper machine clothing: Permeable and impermeable belts used in the manufacture of paper, paperboard, tissue and towel, and pulp Engineered fabrics: Belts used in the manufacture of nonwovens, fiber cement and several other industrial applications	World-wide
Albany Engineered Composites (AEC)	Albany Safran Composites (ASC)	3D-woven, injected composite components for aircraft engines	Rochester, NH Commercy, France Queretaro, Mexico
	Airframe and engine Components (Other AEC)	Composite airframe and engine components for military and commercial aircraft	Salt Lake City, UT Boerne, TX Queretaro, Mexico

We disaggregate revenue earned from contracts with customers for each of our business segments and reporting units based on the timing of revenue recognition, and groupings used for internal review purposes.

The following table disaggregates revenue for each reporting unit by timing of revenue recognition:

	For the Nine Months Ended
	September 30, 2018
(in thousands)	Point in Time Revenue Recognition	Over Time Revenue Recognition	Total

Machine Clothing	$467,358	$2,400	$469,758

Albany Engineered Composites
ASC	-	134,972	134,972
Other AEC	15,909	118,820	134,729
Total Albany Engineered Composites	15,909	253,792	269,701


Total revenue	$483,267	$256,192	$739,459

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:

	For the Nine Months Ended
(in thousands)	September 30, 2018

Americas PMC	$232,358
Eurasia PMC	176,300
Engineered Fabrics	61,100
Total Machine Clothing Net sales	$469,758

In accordance with ASC 606-10-50-14, we do not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Contracts in the Machine Clothing 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. Performance obligations as of September 30, 2018 that had an original duration of greater than one year totaled $95 million and related primarily to firm contracts in the AEC segment. Of that amount, we expect to recognize as revenue approximately $20 million during 2018, with the remainder to be recognized between 2019 and 2021.

For some AEC contracts, we perform pre-production or nonrecurring engineering services. These costs are normally considered a fulfillment activity, rather than a performance obligation. Fulfillment activities that create resources that will be used in satisfying performance obligations in the future, and are expected to be recovered, are capitalized to Other Assets, which is classified as a noncurrent asset in the Consolidated Balance Sheets. The capitalized costs are amortized into Cost of goods sold over the period over which the asset is expected to contribute to future cash flows.

As a result of applying the cumulative effect method for transition to ASC 606, we are required to disclose the effect of the new standard on each line of the consolidated financial statements. The following tables show the balances as reported for the period ended September 30, 2018, and how the consolidated financial statements would have appeared if we had not adopted ASC 606.

ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per share amounts)
(unaudited)

As reported for the Three Months Ended September 30, 2018	Adjustments to reverse effects of ASC 606	As adjusted for the Three Months Ended September 30, 2018 to exclude adoption of ASC 606		As reported for the Nine Months Ended September 30, 2018	Adjustments to reverse effects of ASC 606	As adjusted for the Nine Months Ended September 30, 2018 to exclude adoption of ASC 606

$253,253	$1,692	$254,945	Net sales	$739,459	($6,342)	$733,117
160,227	2,902	163,129	Cost of goods sold	472,604	(1,320)	471,284

93,026	(1,210)	91,816	Gross profit	266,855	(5,022)	261,833
39,071	(12)	39,059	Selling, general, and administrative expenses	117,708	(67)	117,641
9,958	-	9,958	Technical and research expenses	30,473	-	30,473
2,552	-	2,552	Restructuring expenses, net	13,714	-	13,714

41,445	(1,198)	40,247	Operating income	104,960	(4,955)	100,005
4,621	-	4,621	Interest expense, net	13,530	-	13,530
(3,151)	-	(3,151)	Other (income)/expense, net	(973)	-	(973)

39,975	(1,198)	38,777	Income before income taxes	92,403	(4,955)	87,448
11,491	(431)	11,060	Income tax expense	23,131	(1,539)	21,592

28,484	(767)	27,717	Net income	69,272	(3,416)	65,856
269	(27)	242	Net income/(loss) attributable to the noncontrolling interest	447	(111)	336
$28,215	($740)	$27,475	Net income attributable to the Company	$68,825	($3,305)	$65,520

$0.87	($0.02)	$0.85	Earnings per share attributable to Company shareholders - Basic	$2.13	($0.10)	$2.03

$0.87	($0.02)	$0.85	Earnings per share attributable to Company shareholders - Diluted	$2.13	($0.10)	$2.03

ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME/(LOSS)
(in thousands)
(unaudited)

As reported for the Three Months Ended September 30, 2018	Adjustments to reverse effects of ASC 606	As adjusted for the Three Months Ended September 30, 2018 to exclude adoption of ASC 606		As reported for the Nine Months Ended September 30, 2018	Adjustments to reverse effects of ASC 606	As adjusted for the Nine Months Ended September 30, 2018 to exclude adoption of ASC 606

$28,484	($767)	$27,717	Net income	$69,272	($3,416)	$65,856

			Other comprehensive income/(loss), before tax:
(7,847)	157	(7,690)	Foreign currency translation adjustments	(21,193)	688	(20,505)
(232)	-	(232)	Pension/postretirement curtailment gain	(750)	-	(750)
			Amortization of pension liability adjustments:
(1,114)	-	(1,114)	Prior service credit	(3,341)	-	(3,341)
1,294	-	1,294	Net actuarial loss	3,882	-	3,882
(96)	-	(96)	Payments and amortization related to interest rate swaps included in earnings	138	-	138
1,777	-	1,777	Derivative valuation adjustment	9,703	-	9,703

			Income taxes related to items of other comprehensive income/(loss):
70	-	70	Pension/postretirement curtailment gain	225	-	225
(54)	-	(54)	Amortization of pension liability adjustment	(162)	-	(162)
23	-	23	Payments and amortization related to interest rate swaps included in earnings	(33)	-	(33)
(427)	-	(427)	Derivative valuation adjustment	(2,329)	-	(2,329)
21,878	(610)	21,268	Comprehensive income	55,412	(2,728)	52,684
264	(27)	237	Comprehensive income/(loss) attributable to the noncontrolling interest	446	(111)	335
$21,614	($583)	$21,031	Comprehensive income attributable to the Company	$54,966	($2,617)	$52,349

ALBANY INTERNATIONAL CORP.
CONSOLIDATED BALANCE SHEET
(in thousands, except share data)
(unaudited)

	As reported September 30, 2018		Adjustments to reverse effects of ASC 606		As adjusted for September 30, 2018 to exclude adoption of ASC 606
ASSETS
Cash and cash equivalents	$160,593		$-		$160,593
Accounts receivable, net	252,464		(8,784	)	243,680
Contract assets	56,100		(56,100	)	-
Inventories	99,765		50,458		150,223
Income taxes prepaid and receivable	6,643		-		6,643
Prepaid expenses and other current assets	20,541		-		20,541
Total current assets	596,106		(14,426	)	581,680

Property, plant and equipment, net	462,438		-		462,438
Intangibles, net	50,765		-		50,765
Goodwill	165,103		-		165,103
Deferred income taxes	79,865		(217	)	79,648
Noncurrent receivables	41,657		-		41,657
Other assets	52,392		(1,256	)	51,136
Total assets	$1,448,326		($15,899	)	$1,432,427

LIABILITIES AND SHAREHOLDERS’ EQUITY
Notes and loans payable	$-		$-		$-
Accounts payable	51,373		-		51,373
Accrued liabilities	132,219		(19,076	)	113,143
Current maturities of long-term debt	1,231		-		1,231
Income taxes payable	20,725		-		20,725
Total current liabilities	205,548		(19,076	)	186,472

Long-term debt	529,003		-		529,003
Other noncurrent liabilities	92,218		-		92,218
Deferred taxes and other liabilities	12,915		(52	)	12,863
Total liabilities	839,684		(19,128	)	820,556

SHAREHOLDERS’ EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued	-		-		-
Class A Common Stock, par value $.001 per share; authorized 100,000,000 shares; issued 37,450,329 in 2018 and 37,395,753 in 2017	37		-		37
Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; issued and outstanding 3,233,998 in 2018 and 2017	3		-		3
Additional paid in capital	430,231		-		430,231
Retained earnings	581,369		$2,325		583,694
Accumulated items of other comprehensive income:
Translation adjustments	(110,900	)	688		(110,212	)
Pension and postretirement liability adjustments	(48,293	)	-		(48,293	)
Derivative valuation adjustment	9,432		-		9,432
Treasury stock (Class A), at cost 8,418,620 shares in 2018 and 8,431,335 shares in 2017	(256,603	)	-		(256,603	)
Total Company shareholders’ equity	605,276		3,013		608,289
Noncontrolling interest	3,366		216		3,582
Total equity	608,642		3,229		611,871
Total liabilities and shareholders’ equity	$1,448,326		($15,899	)	$1,432,427

ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
(unaudited)

As reported for the Three Months Ended September 30, 2018		Adjustments to reverse effects of ASC 606		As adjusted for the Three Months Ended September 30, 2018 to exclude adoption of ASC 606		As reported for the Nine Months Ended September 30, 2018		Adjustments to reverse effects of ASC 606		As adjusted for the Nine Months Ended September 30, 2018 to exclude adoption of ASC 606
					OPERATING ACTIVITIES
$28,484		($767)		$27,717	Net income	$69,272		($3,416)		$65,856
					Adjustments to reconcile net income to net cash provided by operating activities:
17,436		-		17,436	Depreciation	52,852		-		52,852
2,366		-		2,366	Amortization	7,571		-		7,571
(5,102)		-		(5,102)	Change in other noncurrent liabilities	(6,333)		-		(6,333)
1,331		(431)		900	Change in deferred taxes and other liabilities	(5,571)		(1,539)		(7,110)
2,131		-		2,131	Provision for write-off of property, plant and equipment	3,255		-		3,255
150		-		150	Non-cash interest expense	304		-		304
543		-		543	Compensation and benefits paid or payable in Class A Common Stock	1,879		-		1,879
(10)		-		(10)	Fair value adjustment on foreign currency option	61		-		61
-		-		-	Write-off of intangible assets in a discontinued product line	-
					Changes in operating assets and liabilities that provided/(used) cash:
(4,177)		1,348		(2,829)	Accounts receivable	(48,547)		(2,379)		(50,926)
3,040		(3,040)		-	Contract assets	(8,721)		8,721		-
(2,228)		2,902		674	Inventories	(12,843)		(1,320)		(14,163)
103		-		103	Prepaid expenses and other current assets	(5,117)		-		(5,117)
(551)		-		(551)	Income taxes prepaid and receivable	(454)		-		(454)
(2,728)		-		(2,728)	Accounts payable	6,154		-		6,154
7,565		(12)		7,553	Accrued liabilities	12,233		(67)		12,166
6,766		-		6,766	Income taxes payable	13,355		-		13,355
(4,676)		-		(4,676)	Noncurrent receivables	(8,846)		-		(8,846)
(5,728)		-		(5,728)	Other, net	(9,049)		-		(9,049)
44,715		-		44,715	Net cash provided by operating activities	61,455		-		61,455

(21,519)		-		(21,519)	Net cash used in investing activities	(60,694)		-		(60,694)
(12,904)		-		(12,904)	Net cash used in financing activities	(16,474)		-		(16,474)

(4,443)		-		(4,443)	Effect of exchange rate changes on cash and cash equivalents	(7,421)		-		(7,421)

5,849	#	-	#	5,849	(Decrease)/increase in cash and cash equivalents	(23,134)	#	-	#	(23,134)
154,744		-		154,744	Cash and cash equivalents at beginning of period	183,727		-		183,727
$160,593		$ -		$160,593	Cash and cash equivalents at end of period	$160,593		$ -		$160,593

Reportable Segments

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Reportable Segments

3. Reportable Segments

As described in Note 2, the Company adopted the provisions of ASC 606, “Revenue from contracts with customers”, effective January 1, 2018, using the cumulative effect method for transition. Periods prior to 2018 have not been restated. The following tables show data by reportable segment, reconciled to consolidated totals, and the impact that ASC 606 had on the three -and nine-month periods ended September 30, 2018:

	Three months ended September 30,		Three months ended September 30, 2018
(in thousands)	2018	2017	Increase/(decrease) attributable to application of ASC 606
Net sales
Machine Clothing	$158,971	$150,694	$3,336
Albany Engineered Composites	94,282	71,447	(5,028)
Consolidated total	$253,253	$222,141	($1,692)
Operating income/(loss)
Machine Clothing	$50,310	$42,679	$2,158
Albany Engineered Composites	3,612	(9,301)	(960)
Corporate expenses	(12,477)	(10,450)	-
Operating income	$41,445	$22,928	$1,198
Reconciling items:
Interest income	(579)	(355)	-
Interest expense	5,200	4,784	-
Other (income)/expense, net	(3,151)	(530)	-
Income before income taxes	$39,975	$19,029	$1,198

	Nine months ended September 30,		Nine months ended September 30, 2018
(in thousands)	2018	2017	Increase/(decrease) attributable to application of ASC 606
Net sales
Machine Clothing	$469,758	$440,093	$8,404
Albany Engineered Composites	269,701	196,896	(2,062)
Consolidated total	$739,459	$636,989	$6,342
Operating income/(loss)
Machine Clothing	$131,921	$119,366	$4,923
Albany Engineered Composites	9,979	(32,242)	32
Corporate expenses	(36,940)	(31,663)	-
Operating income	$104,960	$55,461	$4,955
Reconciling items:
Interest income	(1,399)	(801)	-
Interest expense	14,929	13,843	-
Other (income)/expense, net	(973)	2,854	-
Income before income taxes	$92,403	$39,565	$4,955

At the January 1, 2018 date of adoption of ASC 606, Machine Clothing (MC) assets increased by $22 million, and Albany Engineered Composites (AEC) assets decreased by $13 million.

In the third quarter of 2018, AEC finalized a modification to the lease of its primary manufacturing facility in Salt Lake City, Utah. The modification, which includes additional manufacturing space, extends the minimum lease period until December 31, 2029. The lease modification resulted in a non-cash increase of $12.7 million to Property, plant and equipment, net and to Long-term debt in the Consolidated Balance Sheets. Due to the non-cash nature of the transaction, those increases are excluded from amounts reported in the Consolidated Statements of Cash Flows.

As described in Note 4, effective January 1, 2018, the Company adopted an accounting update that affects the classification of components of pension and postretirement benefit costs. As a result of adopting that update, some costs that were previously included in operating expenses shall now be included in Other (income)/expense, net. Periods prior to 2018 have been restated to conform to the current year presentation (see Note 4).

The 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 aerospace and defense industries. AEC’s largest program relates to CFM International’s LEAP engine. Under this program, ASC is the exclusive supplier of advanced composite fan blades and cases under a long-term supply contract. The manufacturing spaces used for the production of parts under the long-term supply agreement are owned by Safran, and leased to ASC at either market rent or a minimal cost. All lease expense is reimbursable by Safran to ASC due to the cost-plus nature of the supply agreement. ASC net sales to Safran were $136.9 million in the first nine months of 2018 and $84.1 million in the first nine months of 2017. The total of Accounts receivable, Contract assets and Noncurrent receivables due from Safran amounted to $99.0 million and $58.6 million as of September 30, 2018 and December 31, 2017, respectively.

In the second quarter of 2017, the Company recorded a charge to Cost of goods sold of approximately $15.8 million associated with revisions in the estimated profitability of two AEC contracts. The charge was principally due to second-quarter 2017 downward revisions of estimated customer demand for the components manufactured by AEC related to the BR 725 and A380 programs. The charge included a $4.0 million write-off of program inventory costs, and a reserve for future losses of $11.8 million, which is included in Accrued liabilities in the Consolidated Balance Sheets.

The table below presents restructuring costs by reportable segment (also see Note 5):

	Three months ended September 30,		Nine months ended September 30,
(in thousands)	2018	2017	2018	2017
Machine Clothing	$371	$96	$10,523	$1,012
Albany Engineered Composites	2,189	5,407	2,968	9,208
Corporate expenses	(8)	-	223	-
Total	$2,552	$5,503	$13,714	$10,220

Pensions and Other Postretirement Benefit Plans

9 Months Ended

Sep. 30, 2018

Retirement Benefits [Abstract]

Pensions and Other Postretirement Benefit Plans

4. Pensions and Other Postretirement Benefit Plans

Pension Plans

The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The U.S. qualified defined benefit pension plan has been closed to new participants since October 1998, and benefits accrued under this plan have been frozen since February 2009. As a result of the freeze, employees covered by the pension plan will receive, at retirement, benefits already accrued through February 2009 but no new benefits accrue after that date. Benefit accruals under the U.S. Supplemental Executive Retirement Plan (“SERP”) were similarly frozen. In the third quarter of 2018, the Company made a $5 million voluntary contribution to its U.S. pension plan and, with that contribution, the plan is close to being fully funded. The eligibility, benefit formulas, and contribution requirements for plans outside of the U.S. vary by location.

Other Postretirement Benefits

The Company also provides certain postretirement benefits to retired employees in the U.S. and Canada. The Company accrues the cost of providing postretirement benefits during the active service period of the employees. The Company currently funds the plans as claims are paid.

The composition of the net periodic benefit plan cost for the nine months ended September 30, 2018 and 2017, was as follows:

	Pension plans		Other postretirement benefits
(in thousands)	2018	2017	2018	2017
Components of net periodic benefit cost:
Service cost	$2,085	$1,960	$174	$183
Interest cost	5,430	5,507	1,520	1,660
Expected return on assets	(6,702)	(6,004)	-	-
Curtailment gain	(750)	-	-	-
Amortization of prior service cost/(credit)	25	27	(3,366)	(3,366)
Amortization of net actuarial loss	1,665	1,943	2,217	2,107
Net periodic benefit cost	$1,753	$3,433	$545	$584

In 2018, the Company adopted the provisions of ASU 2017-07, “Compensation – Retirement Benefits: improving the presentation of net periodic pension cost and net periodic postretirement benefit cost”. This accounting update requires that service cost for defined benefit pension and postretirement plans be reported in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. Additionally, the other components of net periodic benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The Company elected to report the components of net periodic benefit cost other than the service component in the line item, Other expense, net in the Consolidated Statements of Income.

We restated 2017 expenses using the application of a practical expedient, which permits the usage of amounts disclosed in the prior year Pension and Other Postretirement benefit plans footnote as the estimation basis for applying the retrospective presentation requirements. The tables below show the 2017 amounts reclassified by segment and financial statement line item that resulted from adopting this update:

Effect by segment operating expenses:

(in thousands)	Increase/(decrease) in expense for the nine months ended September 30, 2017
Machine Clothing	($14)
Albany Engineered Composites	-
Corporate expenses	(1,860)
Total operating expenses	($1,874)

Other expense, net	$1,874

Effect by Statement of Income line item:

(in thousands)	Increase/(decrease) in expense for the nine months ended September 30, 2017
Cost of goods sold	($371)
Selling, general and administrative expenses	(1,503)
Total operating expenses	($1,874)

Other expense, net	$1,874

Restructuring

9 Months Ended

Sep. 30, 2018

Restructuring and Related Activities [Abstract]

Restructuring

5. Restructuring

On October 5, 2017, the Company filed a Current Report on Form 8-K to announce the initiation of discussions regarding a proposal to discontinue operations at its Machine Clothing production facility in Sélestat, France. The restructuring program was driven by the Company’s need o balance manufacturing capacity with demand. During 2017, we incurred $1.1 million of restructuring expense associated with this proposal but were unable to reasonably estimate the total costs for severance and other charges associated with the proposal as there was no assurance, at that time, that approval for the proposal would be obtained. In the first quarter of 2018 the plan was approved by the French Labor Ministry. In the first nine months of 2018, we recorded restructuring expense of $9.0 million, which includes severance and outplacement costs for the approximately 50 positions to be terminated under this plan. Since 2017, we have recorded $10.1 million of restructuring charges related to this action. The Company continues to assess property, plant and equipment in that location to determine if equipment will be transferred to other facilities, or if the value of the assets can be recovered through a sale. Depending on the outcome of that assessment, additional restructuring charges could be recorded in future periods.

AEC restructuring charges included expenses for the first nine months of 2018 and 2017 related to work force reductions in Salt Lake City, Utah and Rochester, New Hampshire. To date, we have recorded $6.1 million of restructuring charges related to these actions.

AEC restructuring charges in the third quarter of 2018 were principally related to the discontinuation of certain manufacturing processes in Salt Lake City, resulting in a non-cash restructuring charge of $1.7 million, and an additional $0.2 million for severance. The non-cash restructuring charge results from an impairment of related manufacturing equipment. The Company has decided to dispose of that equipment by sale and the impairment charge reflects management’s estimate of proceeds that may be recovered in the sale. As of September 30, 2018, the asset value, net of the impairment charge, is included in Prepaid expenses and other current assets in the accompanying Consolidated Balance Sheets.

In 2017, the Company decided to discontinue the Bear Claw® line of hydraulic fracturing components used in the oil and gas industry, which was part of the Harris aerostructures business acquired by AEC in 2016. This decision resulted in a non-cash restructuring charge of $4.5 million for the write-off of intangible assets and equipment, and a $3.2 million charge to Cost of goods sold for the write-off of inventory in the third quarter of 2017.

The following table summarizes charges reported in the Consolidated Statements of Income under “Restructuring expenses, net”:

	Three months ended September 30,		Nine months ended September 30,
(in thousands)	2018	2017	2018	2017
Machine Clothing	$371	$96	$10,523	$1,012
Albany Engineered Composites	2,189	5,407	2,968	9,208
Corporate expenses	(8)	-	223	-
Total	$2,552	$5,503	$13,714	$10,220

Nine months ended September 30, 2018 (in thousands)	Total restructuring costs incurred	Termination and other costs	Impairment of assets	Benefit plan curtailment/settlement
Machine Clothing	$10,523	$11,129	$144	($750)
Albany Engineered Composites	2,968	1,206	1,762	-
Corporate expenses	223	223	-	-
Total	$13,714	$12,558	$1,906	($750)

Nine months ended September 30, 2017 (in thousands)	Total restructuring costs incurred	Termination and other costs	Impairment of plant and equipment	Impairment of intangible asset
Machine Clothing	$1,012	$1,012	$-	$-
Albany Engineered Composites	9,208	4,173	886	4,149
Corporate expenses	-	-	-
Total	$10,220	$5,185	$886	$4,149

We expect that approximately $6.1 million of Accrued liabilities for restructuring at September 30, 2018 will be paid within one year and approximately $0.3 million will be paid in the following year.

The table below presents the year-to-date changes in restructuring liabilities for 2018 and 2017, all of which related to termination costs:

	December 31,	Restructuring		Currency	September 30,
(in thousands)	2017	charges accrued	Payments	translation /other	2018

Total termination and other costs	$3,326	$12,558	($9,153)	($379)	$6,352

	December 31,	Restructuring		Currency	September 30,
(in thousands)	2016	charges accrued	Payments	translation /other	2017

Total termination and other costs	$5,559	$5,185	($6,370)	$24	$4,398

Other expense, net

9 Months Ended

Sep. 30, 2018

Other Income and Expenses [Abstract]

Other expense, net

6. Other expense, net

The components of Other expense, net are:

	Three months ended September 30,		Nine months ended September 30,
(in thousands)	2018	2017	2018	2017
Currency transaction (gains)/losses	($3,611)	$261	($2,930)	$2,310
Bank fees	100	116	303	375
Gain on insurance recovery	-	(2,000)	-	(2,000)
Components of net periodic pension and postretirement cost other than service	282	625	807	1,874
Other	78	468	847	295
Total	($3,151)	($530)	($973)	$2,854

In 2018, the Company adopted the provisions of ASU 2017-07. This accounting update affected the classification of components of net periodic benefit cost, other than service cost, to be reported separately from the service cost component and outside of operating income. The Company elected to report other components of net periodic pension and postretirement cost in Other expense, net. The comparative consolidated statement of income was restated as required by this update. Further detail of this accounting update is disclosed in Note 4.

In the third quarter of 2017, the Company recorded an insurance recovery gain of $2.0 million related to a 2016 loss due a theft of cash in Japan.

Income Taxes

9 Months Ended

Sep. 30, 2018

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

The following table presents components of income tax expense for the three and nine months ended September 30, 2018 and 2017:

	Three months ended		Nine months ended
	September 30,		September 30,
(in thousands)	2018	2017	2018	2017
Income tax based on income from continuing operations, at estimated tax rates of 29.7% and 36.4%, respectively	$ 11,857	$ 6,935	$ 27,409	$ 14,420
Provision for change in estimated tax rate	(227)	741	-	-
Income tax before discrete items	11,630	7,676	27,409	14,420

Discrete tax expense:
Exercise of U.S. Stock Options	(29)	-	(155)	-
Impact of Mandatory Repatriation	-	-	(1,099)	-
Adjustments to prior period tax liabilities	(7)	(73)	(259)	606
Provision for/resolution of tax audits and contingencies, net	(166)	-	2,282	961
Changes in Opening Valuation Allowance	63	(3,787)	(4,923)	(3,787)
Other	-	(7)	(124)	(62)
Total income tax expense	$ 11,491	$ 3,809	$ 23,131	$ 12,138

The third quarter estimated effective tax rate on continuing operations was 29.7 percent in 2018, compared to 36.4 percent for the same period in 2017.

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. Additionally, tax adjustments resulting from the 2017 Tax Cut and Jobs Act (TCJA) have affected the Company’s 2018 AETR, including the global intangible low-taxed income (GILTI) inclusion, the foreign-derived intangible income (FDII) deduction and the corporate U.S. tax rate reduction from 35% to 21%.

The TCJA significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018, while also repealing the deduction for domestic production activities, implementing a territorial tax system and imposing a transition tax on deemed repatriated earnings of foreign subsidiaries. U.S. GAAP requires that the impact of tax legislation be recognized in the period in which the law was enacted.

In December 2017, the Securities and Exchange Commission staff issued Staff Accounting Bulletin No. 118 (SAB 118), which addresses how a company recognizes provisional amounts when a company does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the effect of the changes in the TCJA. The measurement period ends when a company has obtained, prepared and analyzed the information necessary to finalize its accounting, but cannot extend beyond one year. The Company elected to apply the measurement period guidance provided in SAB 118.

Deferred tax assets and liabilities: At December 31, 2017, the Company re-measured certain deferred tax assets and liabilities based on the federal rate of 21%. However, the Company is still analyzing certain aspects of the TCJA, such as IRC section 162(m), and refining its calculations which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts. As such, no adjustment has been recorded to the provisional amount previously recorded in 2017.

Foreign tax effects: At December 31, 2017, the Company recorded a provisional federal tax charge due to the transition tax on deemed repatriation of foreign earnings. As of September 30, 2018, the Company is still analyzing its U.S. tax attributes such as foreign earnings and profits, foreign tax paid, and other tax components involved in foreign tax credit calculations, however, the Company recorded a net $1.1 million reduction to the provisional transition tax in second quarter of 2018. The $1.1 million adjustment was comprised of a $1.9 million federal tax benefit attributable to adjustments discovered while analyzing the Post 1986 E&P and tax pools through 2016 and a $0.8 million state tax charge based on interpretive guidance issued by various states during the quarter on how the deemed mandatory repatriation would be taxed in those jurisdictions. These amounts are still considered provisional as the Company continues to analyze guidance and legislation published by the taxing jurisdictions.

The Company has elected to account for the global intangible low taxed income (GILTI) as a current-period expense when incurred (the “period cost method”). The estimated net GILTI inclusion calculated by the Company (including the gross up on the GILTI Inclusion and the apportioned foreign tax credits applied to GILTI) was $22 million and increased the AETR by 2.2%. The Company also calculated an estimated foreign-derived intangible income (FDII) deduction of $4.5 million which decreased the AETR by 0.8%. Because of the complexity of the GILTI and FDII tax rules and the lack of legislative guidance, the Company continues to evaluate these provisions of the TCJA and the application of ASC 740, Income Taxes. The final impact on the Company from the TCJA’s GILTI and FDII tax legislation may differ from the estimate calculated by the Company. Such differences could be material, due to, among other things, changes in interpretations of the TCJA, future legislative action to address questions that arise because of the TCJA, changes in accounting standards for income taxes or related interpretations in response to the TCJA, or any updates or changes to estimates the Company has utilized to calculate the GILTI inclusion and FDII deduction.

The Company continues to believe that the Base Erosion Anti-Abuse Tax (BEAT) does not apply under the Company’s current policies. Therefore no adjustments for BEAT have been recorded.

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 $100.7 million of current year and prior year earnings of the Company’s foreign operations. If these earnings were distributed, the Company would be subject to foreign withholding taxes of $2.3 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 2007 to 2018. The Company is currently under audit in non-U.S. tax jurisdictions, including but not limited to Canada and Italy. In the second quarter of 2018, the Company recorded additional uncertain tax positions of $2.4 million as a result of developments in ongoing tax audits.

It is reasonably possible that over the next twelve months the amount of unrecognized tax benefits may change within a range of a net increase of nil to a net decrease of $1.2 million, from the reevaluation of uncertain tax positions arising in examinations, in appeals, or in the courts, or from the closure of tax statutes of limitations.

As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. In the second quarter of 2018, management determined that there was sufficient positive evidence to conclude that it is more likely than not that deferred tax assets in Germany are realizable. Therefore, the Company reversed the previously recorded valuation allowances in the second quarter of 2018 which resulted in a discrete tax benefit of $5.0 million.

In October 2016, an accounting update, ASU 2016-16 was issued which modifies the recognition of income tax effects on intercompany transfers of assets, other than inventory. The Company adopted this update effective January 1, 2018, which resulted in a decrease of $0.5 million to deferred taxes liabilities, with an offsetting increase to retained earnings.

Earnings Per Share

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Share

8. Earnings Per Share

The amounts used in computing earnings per share and the weighted average number of shares of potentially dilutive securities are as follows:


	Three months ended September 30,		Nine months ended September 30,
(in thousands, except market price and earnings per share)	2018	2017	2018	2017

Net income attributable to the Company	$28,215	$15,269	$68,825	$27,225

Weighted average number of shares:
Weighted average number of shares used in
calculating basic net income per share	32,264	32,187	32,247	32,160
Effect of dilutive stock-based compensation plans:
Stock options	16	27	16	33

Weighted average number of shares used in
calculating diluted net income per share	32,280	32,214	32,263	32,193

Average market price of common stock used
for calculation of dilutive shares	$72.30	$53.49	$66.01	$49.49

Net income attributable to the Company per share:
Basic	$0.87	$0.47	$2.13	$0.85
Diluted	$0.87	$0.47	$2.13	$0.85

Noncontrolling Interest

9 Months Ended

Sep. 30, 2018

Noncontrolling Interest [Abstract]

Noncontrolling Interest

9. Noncontrolling Interest

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, and the impact that the ASC 606 revenue standard had on Company results for the first nine months of 2018, included in the consolidated financial statements:

	Nine months ended September 30,
(in thousands)	2018	2017
Net income of Albany Safran Composites (ASC)	$5,433	$2,805
Less: Return attributable to the Company’s preferred holding	965	782
Net income of ASC available for common ownership	$4,468	$2,023
Ownership percentage of noncontrolling shareholder	10%	10%
Net income attributable to noncontrolling interest	$447	$202

Noncontrolling interest, beginning of year	$3,247	$3,767
Decrease attributable to application of ASC 606	(327)	-
Net income attributable to noncontrolling interest	447	202
Changes in other comprehensive income attributable to noncontrolling interest	(1)	19
Noncontrolling interest	$3,366	$3,988

Accumulated Other Comprehensive Income (AOCI)

9 Months Ended

Sep. 30, 2018

Accumulated items of other comprehensive income:

Accumulated Other Comprehensive Income (AOCI)

10. Accumulated Other Comprehensive Income (AOCI)

The table below presents changes in the components of AOCI for the period December 31, 2017 to September 30, 2018:

(in thousands)	Translation adjustments	Pension and postretirement liability adjustments	Derivative valuation adjustment	Total Other Comprehensive Income
December 31, 2017	($87,318)	($50,536)	$1,953	($135,901)
Other comprehensive income/(loss) before reclassifications	(23,582)	2,389	7,374	(13,819)
Pension/postretirement curtailment gain, net of tax	-	(525)	-	(525)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	-	-	105	105
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	-	379	-	379
Net current period other comprehensive income	(23,582)	2,243	7,479	(13,860)
September 30, 2018	($110,900)	($48,293)	$9,432	($149,761)

The table below presents changes in the components of AOCI for the period December 31, 2016 to September 30, 2017:

(in thousands)	Translation adjustments	Pension and postretirement liability adjustments	Derivative valuation adjustment	Total Other Comprehensive Income
December 31, 2016	($133,298)	($51,719)	$828	($184,189)
Other comprehensive income/(loss) before reclassifications	40,775	(1,427)	(679)	38,669
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	-	-	768	768
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	-	498	-	498
Net current period other comprehensive income	40,775	(929)	89	39,935
September 30, 2017	($92,523)	($52,648)	$917	($144,254)

The table below presents the expense/(income) amounts reclassified, and the line items of the Consolidated Statements of Income that were affected for the periods ended September 30, 2018 and 2017.

	Three months ended September 30,		Nine months ended September 30,
(in thousands)	2018	2017	2018	2017
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense related to interest rate swaps included in Income before taxes (a)	($96)	$295	$138	$1,238
Income tax effect	23	(112)	(33)	(470)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	($73)	$183	$105	$768

Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Pension/postretirement curtailment gain (c)	($232)	$-	($750)	$-
Amortization of prior service credit (b)	(1,114)	(1,113)	(3,341)	(3,339)
Amortization of net actuarial loss (b)	1,294	1,350	3,882	4,050
Total pretax amount reclassified	(52)	237	(209)	711
Income tax effect	16	(71)	63	(213)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	($36)	$166	($146)	$498

	(a)	Included in Interest expense are payments related to the interest rate swap agreements and amortization of swap buyouts (see Note 16).
	(b)	These accumulated other comprehensive income components are included in Other (income)/expense, net (see Note 4).
	(c)	The curtailment adjustment was included in restructuring expenses, net (see Note 5).

Accounts Receivable

9 Months Ended

Sep. 30, 2018

Receivables [Abstract]

Accounts Receivable

11. Accounts Receivable

Accounts receivable includes trade receivables and bank promissory notes. As a result of adopting ASC 606, Revenue in excess of progress billings on long-term contracts in the Albany Engineered Composites segment was reclassified to Contract assets in 2018. Including that reclassification, the cumulative effect from the adoption of ASC 606 was an increase to Accounts receivable of $7.7 million as Accounts receivable recorded in the cumulative adjustment exceeded that reclassification.

The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company determines the allowance based on historical write-off experience, customer-specific facts and economic conditions. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required.

As of September 30, 2018 and December 31, 2017, Accounts receivable consisted of the following:

(in thousands)	September 30, 2018	December 31, 2017
Trade and other accounts receivable	$241,748	$152,375
Bank promissory notes	18,390	20,255
Revenue in excess of progress billings	-	37,964
Allowance for doubtful accounts	(7,674)	(7,919)
Total accounts receivable	$252,464	$202,675

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.

The Company also has Noncurrent receivables in the AEC segment that represent revenue earned which has extended payment terms. The Noncurrent receivables will be invoiced to the customer, with 2% interest, over a 10-year period starting in 2020.

As of September 30, 2018 and December 31, 2017, Noncurrent receivables consisted of the following:

(in thousands)	September 30, 2018	December 31, 2017
Noncurrent receivables	$41,657	$32,811

Contract Assets and Liabilities

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Contract Assets and Liabilities

9 Months Ended

Sep. 30, 2018

Contract Assets And Liabilities

12. Contract Assets and Liabilities

Beginning in 2018, Contract assets includes unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. For periods prior to 2018, that asset was included in Accounts receivable. At the date of adoption of ASC 606, we recorded Contract assets of $47.4 million, which included the amount that was in Accounts receivable as of December 31, 2017, and additional transition adjustments that resulted from the retrospective application of ASC 606 to contracts in process at the time of adoption.

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 Sheet.

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. Contract assets and contract liabilities were as follows:

(in thousands)	September 30, 2018	December 31, 2017
Contract assets	$56,100	$ -
Contract liabilities	6,310	-

Contract assets increased $8.7 million during the nine month period ended September 30, 2018 as compared to the January 1, 2018 opening balance sheet, as adjusted for the adoption of ASC 606 (see Note 2). The increase was primarily due to an increase in unbilled revenue related to the satisfaction of performance obligations, in excess of the amounts billed to customers. There were no impairment losses related to our Contract assets during the nine month period ended September 30, 2018.

Contract liabilities increased $5.6 million during the nine month period ended September 30, 2018, as compared to the January 1, 2018 opening balance sheet, as adjusted for the adoption of ASC 606, primarily due to increased billings in excess of revenue recognized. Revenue recognized for the nine month period ended September 30, 2018, that was included in the Contract liability balance at the beginning of the year was less than $1 million, and represented revenue primarily in the ASC reporting unit.

Inventories

9 Months Ended

Sep. 30, 2018

Inventory Disclosure [Abstract]

Inventories

13. Inventories

Costs included in inventories are raw materials, labor, supplies and allocable depreciation and overhead. Raw material inventories are valued on an average cost basis. Other inventory cost elements are valued at cost, using the first-in, first-out method. The Company writes down the inventories for estimated obsolescence, and to lower of cost or net realizable value based upon assumptions about future demand and market conditions. If actual demand or market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required. Once established, the original cost of the inventory less the related write-down represents the new cost basis of such inventories. The decrease in Inventories in 2018, compared to the balances as of December 31, 2017, was principally due to the cumulative effect of adopting ASC 606 (see Note 2) which decreased Inventories by $47.1 million.

As of September 30, 2018 and December 31, 2017, inventories consisted of the following:

(in thousands)	September 30, 2018	December 31, 2017
Raw materials	$42,011	$42,215
Work in process	45,621	65,448
Finished goods	12,133	28,856
Total inventories	$99,765	$136,519

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

14. Goodwill and Other Intangible Assets

Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually. Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination.

Determining the fair value of a reporting unit requires the use of significant estimates and assumptions, including revenue growth rates, operating margins, discount rates, and future market conditions, among others. Goodwill and other long-lived assets are reviewed for impairment whenever events, such as significant changes in the business climate, plant closures, changes in product offerings, or other circumstances indicate that the carrying amount may not be recoverable.

To determine fair value, we utilize two market-based approaches and an income approach. Under the market-based approaches, we utilize information regarding the Company as well as publicly available industry information to determine earnings multiples and sales multiples. Under the income approach, we determine fair value based on estimated future cash flows of each reporting unit, discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn.

In the second quarter of 2018, the Company applied the qualitative assessment approach in performing its annual evaluation of goodwill and concluded that no impairment provision was required. There were no amounts at risk due to the large spread between the fair and carrying value of each reporting unit.

We are continuing to amortize certain patents, trade names, customer relationships, customer contracts and technology assets that have finite lives. The gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of September 30, 2018 and December 31, 2017, were as follows:

As of September 30, 2018 (in thousands)	Weighted average amortization life in years	Gross carrying amount	Accumulated amortization	Net carrying amount

Amortized intangible assets:
AEC trade names	15	$140	($128)	$12
AEC technology	15	370	(308)	62
Customer relationships	15	48,421	(8,076)	40,345
Customer contracts	6	17,471	(7,287)	10,184
Other intangibles	5	322	(160)	162
Net amortized intangible assets		$66,724	($15,959)	$50,765

Unamortized intangible assets:
MC Goodwill		$69,373	$-	$69,373
AEC Goodwill		95,730	-	95,730
Total unamortized intangible assets:		$165,103	$-	$165,103

As of December 31, 2017 (in thousands)	Weighted average amortization life in years	Gross carrying amount	Accumulated amortization	Net carrying amount

Amortized intangible assets:
AEC trade names	15	$140	($125)	$15
AEC technology	15	370	(290)	80
Customer relationships	15	48,421	(5,654)	42,767
Customer contracts	6	17,471	(5,102)	12,369
Other intangibles	5	322	(112)	210
Net amortized intangible assets		$66,724	($11,283)	$55,441

Unamortized intangible assets:
MC Goodwill		$71,066	$-	$71,066
AEC Goodwill		95,730	-	95,730
Total unamortized intangible assets:		$166,796	$-	$166,796

The changes in intangible assets, net and goodwill from December 31, 2017 to September 30, 2018, were as follows:

(in thousands)	December 31,2017	Amortization	Currency Translation	September 30,2018

Amortized intangible assets:
AEC trade names	$15	($3)	$-	$12
AEC technology	80	(18)	-	62
Customer relationships	42,767	(2,422)	-	40,345
Customer contracts	12,369	(2,185)	-	10,184
Other intangibles	210	(48)	-	162
Net amortized intangible assets	$55,441	($4,676)	$-	$50,765

Unamortized intangible assets:
MC Goodwill	$71,066	$-	($1,693)	$69,373
AEC Goodwill	95,730	-	-	95,730
Total unamortized intangible assets:	$166,796	$-	($1,693)	$165,103

Estimated amortization expense of intangibles for the years ending December 31, 2018 through 2022, is as follows:

	Annual amortization
Year	(in thousands)
2018	$6,234
2019	6,234
2020	6,234
2021	6,163
2022	3,949

Financial Instruments

9 Months Ended

Sep. 30, 2018

Long-term Debt and Capital Lease Obligations [Abstract]

Financial Instruments

15. Financial Instruments

Long-term debt, principally to banks and bondholders, consists of:

(in thousands, except interest rates)	September 30, 2018	December 31, 2017

Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.61% in 2018 and 3.40% in 2017 (including the effect of interest rate hedging transactions, as described below), due in 2022	$504,000	$501,000

Finance lease obligation	26,234	14,919

Long-term debt	530,234	515,919

Less: current portion	(1,231)	(1,799)

Long-term debt, net of current portion	$529,003	$514,120

On November 7, 2017, we entered into a $685 million unsecured Five-Year Revolving Credit Facility Agreement (the “Credit Agreement”) which amended and restated the prior $550 million Agreement, entered into on April 8, 2016 (the “Prior Agreement”). Under the Credit Agreement, $504 million of borrowings were outstanding as of September 30, 2018. 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 September 17, 2018, the spread was 1.500%. The spread was based on a pricing grid, which ranged from 1.250% to 1.750%, based on our leverage ratio. Based on our maximum leverage ratio and our Consolidated EBITDA, and without modification to any other credit agreements, as of September 30, 2018, we would have been able to borrow an additional $181 million under the Agreement.

The Credit Agreement contains customary terms, as well as affirmative covenants, negative covenants and events of default comparable to those in the Prior Agreement. The Borrowings are guaranteed by certain of the Company's subsidiaries.

Our ability to borrow additional amounts under the Credit Agreement is conditional upon the absence of any defaults, as well as the absence of any material adverse change (as defined in the Credit Agreement).

In September 2018, we finalized a modification to the lease of our primary manufacturing facility in Salt Lake City, Utah. The original lease agreement had an initial expiration date of December 31, 2022 and an implied interest rate of 5.0%. The modification, which includes additional manufacturing space, retains the same implied interest rate and extends the minimum lease period until December 31, 2029. The following schedule presents future minimum annual lease payments under the finance lease obligation and the present value of the minimum lease payments, as of September 30, 2018.

Years ending December 31,	(in thousands)
2018	$623
2019	2,472
2020	2,995
2021	2,997
2022	3,054
Thereafter	22,207
Total minimum lease payments	34,348
Less:Amount representing interest	(8,114)

Present value of minimum lease payments	$26,234

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 cash of $6.3 million when the swap agreements were terminated and that payment will be amortized into interest expense through March 2021.

On May 6, 2016, we terminated other interest rate swap agreements that had effectively fixed the interest rate on $120 million of revolving credit borrowings, in order to enter into a new interest rate swap with a greater notional amount, and the same maturity as the Credit Agreement. We paid $5.2 million to terminate the swap agreements and that cost will be amortized into interest expense through June 2020.

On November 28, 2017, we entered into interest rate swap agreements for the period December 18, 2017 through October 17, 2022. These transactions have the effect of fixing the LIBOR portion of the effective interest rate (before addition of the spread) on $350 million of indebtedness drawn under the Credit Agreement at the rate of 2.11% during the period. Under the terms of these transactions, we pay the fixed rate of 2.11% and the counterparties pay a floating rate based on the one-month LIBOR rate at each monthly calculation date, which on September 17, 2018 was 2.16%, during the swap period. On September 17, 2018, the all-in-rate on the $350 million of debt was 3.61%.

These interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 16 of the Notes to Consolidated Financial Statements. 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 3.75 to 1.00 for each fiscal quarter ending prior to (but not including) September 30, 2019, and 3.50 to 1.00 for each fiscal quarter ending on or after September 30, 2019, and minimum interest coverage (as defined) of 3.00 to 1.00.

As of September 30, 2018, our leverage ratio was 2.05 to 1.00 and our interest coverage ratio was 11.50 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 September 30, 2018.

Fair-Value Measurements

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair-Value Measurements

16. Fair-Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accounting principles establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Level 3 inputs are unobservable data points for the asset or liability, and include situations in which there is little, if any, market activity for the asset or liability. We had no Level 3 financial assets or liabilities at December 31, 2017 or September 30, 2018.

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:

	September 30,2018			December 31, 2017

	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	$25,056	$-		$13,601	$-
Other Assets:
Common stock of unaffiliated foreign public company ^(a)	918	-		999	-
Interest rate swaps	-	10,819	^(b)	-	313	^(c)

	(a)	Original cost basis $0.5 million
	(b)	Net of $39.8 million receivable floating leg and $29.0 million liability fixed leg
	(c)	Net of $34.9 million receivable floating leg and $34.6 million liability fixed leg

Cash equivalents include short-term securities that are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities.

The common stock of the unaffiliated foreign public company is traded in an active market exchange. The shares are measured at fair value using closing stock prices and are recorded in the Consolidated Balance Sheets as Other assets. When the security is sold or impaired, gains and losses are reported on the Consolidated Statements of Income. Investments are considered to be impaired when a decline in fair value is judged to be other than temporary.

We operate our business in many regions of the world, and currency rate movements can have a significant effect on operating results. Foreign currency instruments are entered into periodically, and consist of foreign currency option contracts and forward contracts that are valued using quoted prices in active markets obtained from independent pricing sources. These instruments are measured using market foreign exchange prices and are recorded in the Consolidated Balance Sheets as Other current assets and Accounts payable, as applicable. Changes in fair value of these instruments are recorded as gains or losses within Other expense, net.

When exercised, the foreign currency instruments are net settled with the same financial institution that bought or sold them. For all positions, whether options or forward contracts, there is risk from the possible inability of the financial institution to meet the terms of the contracts and the risk of unfavorable changes in interest and currency rates, which may reduce the value of the instruments. We seek to mitigate risk by evaluating the creditworthiness of counterparties and by monitoring the currency exchange and interest rate markets while reviewing the hedging risks and contracts to ensure compliance with our internal guidelines and policies.

Changes in exchange rates can result in revaluation gains and losses that are recorded in Selling, General and Administrative expenses or Other expense, net. Revaluation gains and losses occur when our business units have cash, intercompany (recorded in Other expense, net) or third-party trade (recorded in Selling, General and Administrative expenses) receivable or payable balances in a currency other than their local reporting (or functional) currency.

Operating results can also be affected by the translation of sales and costs, for each non-U.S. subsidiary, from the local functional currency to the U.S. dollar. The translation effect on the Consolidated Statements of Income is dependent on our net income or expense position in each non-U.S. currency in which we do business. A net income position exists when sales realized in a particular currency exceed expenses paid in that currency; a net expense position exists if the opposite is true.

The interest rate swaps are accounted for as hedges of future cash flows. The fair value of our interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve, and is included in Other assets and/or Other noncurrent liabilities in the Consolidated Balance Sheets. Unrealized gains and losses on the swaps flow through the caption Derivative valuation adjustment in the Shareholders’ equity section of the Consolidated Balance Sheets, to the extent that the hedges are highly effective. As of September 30, 2018, these interest rate swaps were determined to be highly effective hedges of interest rate cash flow risk. Any gains and losses related to the ineffective portion of the hedges will be recognized in the current period in earnings. Amounts accumulated in Other comprehensive income are reclassified as Interest expense, net when the related interest payments (that is, the hedged forecasted transactions), and amortization related to the swap buyouts, affect earnings. Interest expense related to payments under the active swap agreements totaled $0.6 million for the nine month period ended September 30, 2018 and $0.6 million for the nine month period ended September 30, 2017. Additionally, non-cash interest expense/(income) related to the amortization of swap buyouts totaled ($0.5) million for the nine-month period ended September 30, 2018 and $0.6 million for the nine-month period ended September 30, 2017.

Gains/(losses) related to changes in fair value of derivative instruments that were recognized in Other expense, net in the Consolidated Statements of Income were as follows:

	Three months ended September 30,		Nine months ended September 30,
(in thousands)	2018	2017	2018	2017

Derivatives not designated as hedging instruments
Foreign currency options gains/(losses)	$10	($2)	($61)	($131)

Commitments and Contingencies Disclosure [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Contingencies

9 Months Ended

Sep. 30, 2018

Contingencies

17. Contingencies

Asbestos Litigation

Albany International Corp. is a defendant in suits brought in various courts in the United States by plaintiffs who allege that they have suffered personal injury as a result of exposure to asbestos-containing paper machine clothing synthetic dryer fabrics marketed during the period from 1967 to 1976 and used in certain paper mills.

We were defending 3,673 claims as of September 30, 2018.

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
2013	4,463	230	66	4,299	$78
2014	4,299	625	147	3,821	437
2015	3,821	116	86	3,791	164
2016	3,791	148	102	3,745	758
2017	3,745	105	90	3,730	55
2018 (as of September 30)	3,730	132	75	3,673	$100

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 September 30, 2018 we had resolved, by means of settlement or dismissal, 37,726 claims. The total cost of resolving all claims was $10.3 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 7,708 claims as of September 30, 2018, only ten claims have been filed against Brandon since January 1, 2012, and no settlement costs have been incurred since 2001. Brandon was acquired by the Company in 1999, and has its own insurance policies covering periods prior to 1999. Since 2004, Brandon’s insurance carriers have covered 100% of indemnification and defense costs, subject to policy limits and a standard reservation of rights.

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

9 Months Ended

Sep. 30, 2018

Stockholders' Equity Note [Abstract]

Changes in Shareholders' Equity

18. Changes in Shareholders’ Equity

The following table summarizes changes in Shareholders’ Equity:

(in thousands)	Common Stock Class A and B	Additional paid in capital	Retained earnings	Accumulated items of other comprehensive income/(loss)	Treasury stock	Noncontrolling Interest	Total Equity
December 31, 2017	$40	$428,423	$534,082	($135,901)	($256,876)	$3,247	$573,015
Adoption of accounting standards (a),(b)	-	-	(5,086)	-	-	(327)	(5,413)
Net income	-	-	68,825	-	-	447	69,272
Compensation and benefits paid or payable in shares	-	1,606	-	-	273	-	1,879
Options exercised	-	202				-	202
Dividends declared	-	-	(16,452)	-	-	-	(16,452)
Cumulative translation adjustments	-	-	-	(23,582)	-	(1)	(23,583)
Pension and postretirement liability adjustments	-	-	-	2,243	-	-	2,243
Derivative valuation adjustment	-	-	-	7,479	-	-	7,479
September 30, 2018	$40	$430,231	$581,369	($149,761)	($256,603)	$3,366	$608,642

(a)	As described in Note 2, the Company adopted ASC 606 effective January 1, 2018, which resulted in a decrease to Retained earnings of $5.6 million and a $0.3 million decrease to Noncontrolling interest.
(b)	As described in Note 7, the Company adopted ASU 2016-16 effective January 1, 2018, which resulted in a $0.5 million increase to Retained earnings.

Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2018

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

19. Recent Accounting Pronouncements

In February 2016, an accounting update was issued which will require lessees to record most operating leases on their balance sheets, but recognize the expenses in the income statement in a manner similar to current practice. Under the new standard, lessees will be required to recognize a lease liability for the obligation to make lease payments, and an asset for the right to use the underlying asset for the lease term, for all leases with terms longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. Expenses related to operating leases will be recognized on a straight-line basis, while those determined to be financing leases will be recognized following a front-loaded expense profile, in which interest and amortization are presented separately in the income statement. The principal effect on the Company’s financial statements will be an increase in assets and liabilities. The new standard is effective January 1, 2019. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. An entity may choose to apply the standard either (1) on the January 1, 2019 effective date, or (2) the beginning of the earliest comparative period presented in its financial statements. The Company will adopt the new standard on January 1, 2019 and use the effective date as our date of initial application. Consequently, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019. The new standard provides a number of optional practical expedients for transition, some of which, if elected, must be adopted as a package. The Company expects to elect the package of practical expedients which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. The Company does not expect to elect the practical expedients pertaining to use-of-hindsight or land easements. The new standard also provides practical expedients for an entity’s ongoing accounting including not recording a lease-related asset and liability when the original lease term is 12 months or less, a provision which the Company will adopt. The Company also currently expects to elect the practical expedient to not separate lease and non-lease components for all of our leases. The Company does not expect a significant change in our leasing activities between now and adoption. Additionally, the Company is evaluating changes to our processes and internal controls to ensure we meet the standard’s reporting and disclosure requirements.

In August 2017, an accounting update was issued which simplifies the application of hedge accounting to better align the financial reporting of hedging relationships with a company’s risk management activities. We do not expect a significant impact to our consolidated assets and liabilities, net earnings, or cash flows as a result of adopting this new standard. We plan to adopt the new standard effective January 1, 2019.

In February 2018, an accounting update was issued which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. This update is effective for annual and interim periods in fiscal years beginning after December 15, 2018. We are currently evaluating the impact of this update.

In August 2018, an accounting update was issued which clarifies that implementation costs incurred by customers in cloud computing arrangements are deferred if they would be capitalized by customers in software licensing arrangements under the internal-use software guidance. This update is effective for annual and interim periods in fiscal years beginning after December 15, 2019. We are currently evaluating the impact of this update.

In August 2018, an accounting update was issued which aims to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing defined benefit plan disclosures. This update is effective for annual and interim periods in fiscal years beginning after December 15, 2020. We are currently evaluating the impact of this update.

In August 2018, an accounting update was issued which aims to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing fair value measurement disclosures. This update is effective for annual and interim periods in fiscal years beginning after December 15, 2019. We are currently evaluating the impact of this update.

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2018

Revenue Recognition [Abstract]

Schedule of Consolidated Balance Sheet

The table below presents the cumulative effect of changes made to our December 31, 2017 Consolidated Balance Sheet as the result of adoption of ASC 606:

ALBANY INTERNATIONAL CORP.
CONSOLIDATED BALANCE SHEET
(in thousands, except share data)
(unaudited)

	As previously reported at December 31, 2017		Adjustments Increase/(decrease)		Opening balance, as adjusted, January 1, 2018
ASSETS
Cash and cash equivalents	$183,727		$-		$183,727
Accounts receivable, net	202,675		7,667		210,342
Contract assets	-		47,415		47,415
Inventories	136,519		(47,054	)	89,465
Income taxes prepaid and receivable	6,266		-		6,266
Prepaid expenses and other current assets	14,520		-		14,520
Total current assets	543,707		8,028		551,735

Property, plant and equipment, net	454,302		-		454,302
Intangibles, net	55,441		-		55,441
Goodwill	166,796		-		166,796
Deferred income taxes	68,648		1,756		70,404
Noncurrent receivables	32,811		-		32,811
Other assets	39,493		1,119		40,612
Total assets	$1,361,198		$10,903		$1,372,101

LIABILITIES AND SHAREHOLDERS’ EQUITY
Notes and loans payable	$262		$-		$262
Accounts payable	44,899		-		44,899
Accrued liabilities	105,914		16,808		122,722
Current maturities of long-term debt	1,799		-		1,799
Income taxes payable	8,643		-		8,643
Total current liabilities	161,517		16,808		178,325

Long-term debt	514,120		-		514,120
Other noncurrent liabilities	101,555		-		101,555
Deferred taxes and other liabilities	10,991		52		11,043
Total liabilities	788,183		16,860		805,043

SHAREHOLDERS’ EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued	-		-		-
Class A Common Stock, par value $.001 per share; authorized 100,000,000 shares; issued 37,395,753 in 2017 and 37,319,266 in 2016	37		-		37
Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; issued and outstanding 3,233,998 in 2017 and 2016	3		-		3
Additional paid in capital	428,423		-		428,423
Retained earnings	534,082		(5,630	)	528,452
Accumulated items of other comprehensive income:
Translation adjustments	(87,318	)	-		(87,318	)
Pension and postretirement liability adjustments	(50,536	)	-		(50,536	)
Derivative valuation adjustment	1,953		-		1,953
Treasury stock (Class A), at cost 8,431,335 shares in 2017 and 8,443,444 shares in 2016	(256,876	)	-		(256,876	)
Total Company shareholders’ equity	569,768		(5,630	)	564,138
Noncontrolling interest	3,247		(327	)	2,920
Total equity	573,015		(5,957	)	567,058
Total liabilities and shareholders’ equity	$1,361,198		$10,903		$1,372,101

Schedule of Summary of Composition of Each Business Segment

The following table provides a summary of the composition of each business segment:

Segment	Reporting Unit	Principal Product or Service	Principal Locations
Machine Clothing (MC)	Machine Clothing	Paper machine clothing: Permeable and impermeable belts used in the manufacture of paper, paperboard, tissue and towel, and pulp Engineered fabrics: Belts used in the manufacture of nonwovens, fiber cement and several other industrial applications	World-wide
Albany Engineered Composites (AEC)	Albany Safran Composites (ASC)	3D-woven, injected composite components for aircraft engines	Rochester, NH Commercy, France Queretaro, Mexico
	Airframe and engine Components (Other AEC)	Composite airframe and engine components for military and commercial aircraft	Salt Lake City, UT Boerne, TX Queretaro, Mexico

Schedule of Disaggregate Revenue for Each Business Segment

The following table disaggregates revenue for each reporting unit by timing of revenue recognition:

	For the Nine Months Ended
	September 30, 2018
(in thousands)	Point in Time Revenue Recognition	Over Time Revenue Recognition	Total

Machine Clothing	$467,358	$2,400	$469,758

Albany Engineered Composites
ASC	-	134,972	134,972
Other AEC	15,909	118,820	134,729
Total Albany Engineered Composites	15,909	253,792	269,701


Total revenue	$483,267	$256,192	$739,459

Schedule of Disaggregate MC Segment Revenue by Significant Product or Service

	For the Nine Months Ended
(in thousands)	September 30, 2018

Americas PMC	$232,358
Eurasia PMC	176,300
Engineered Fabrics	61,100
Total Machine Clothing Net sales	$469,758

Schedule of Consolidated Statement of Income

The following tables show the balances as reported for the period ended September 30, 2018, and how the consolidated financial statements would have appeared if we had not adopted ASC 606.

ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per share amounts)
(unaudited)

As reported for the Three Months Ended September 30, 2018	Adjustments to reverse effects of ASC 606	As adjusted for the Three Months Ended September 30, 2018 to exclude adoption of ASC 606		As reported for the Nine Months Ended September 30, 2018	Adjustments to reverse effects of ASC 606	As adjusted for the Nine Months Ended September 30, 2018 to exclude adoption of ASC 606

$253,253	$1,692	$254,945	Net sales	$739,459	($6,342)	$733,117
160,227	2,902	163,129	Cost of goods sold	472,604	(1,320)	471,284

93,026	(1,210)	91,816	Gross profit	266,855	(5,022)	261,833
39,071	(12)	39,059	Selling, general, and administrative expenses	117,708	(67)	117,641
9,958	-	9,958	Technical and research expenses	30,473	-	30,473
2,552	-	2,552	Restructuring expenses, net	13,714	-	13,714

41,445	(1,198)	40,247	Operating income	104,960	(4,955)	100,005
4,621	-	4,621	Interest expense, net	13,530	-	13,530
(3,151)	-	(3,151)	Other (income)/expense, net	(973)	-	(973)

39,975	(1,198)	38,777	Income before income taxes	92,403	(4,955)	87,448
11,491	(431)	11,060	Income tax expense	23,131	(1,539)	21,592

28,484	(767)	27,717	Net income	69,272	(3,416)	65,856
269	(27)	242	Net income/(loss) attributable to the noncontrolling interest	447	(111)	336
$28,215	($740)	$27,475	Net income attributable to the Company	$68,825	($3,305)	$65,520

$0.87	($0.02)	$0.85	Earnings per share attributable to Company shareholders - Basic	$2.13	($0.10)	$2.03

$0.87	($0.02)	$0.85	Earnings per share attributable to Company shareholders - Diluted	$2.13	($0.10)	$2.03

Schedule of Consolidated Statement of Comprehensive Income (Loss)

ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME/(LOSS)
(in thousands)
(unaudited)

As reported for the Three Months Ended September 30, 2018	Adjustments to reverse effects of ASC 606	As adjusted for the Three Months Ended September 30, 2018 to exclude adoption of ASC 606		As reported for the Nine Months Ended September 30, 2018	Adjustments to reverse effects of ASC 606	As adjusted for the Nine Months Ended September 30, 2018 to exclude adoption of ASC 606

$28,484	($767)	$27,717	Net income	$69,272	($3,416)	$65,856

			Other comprehensive income/(loss), before tax:
(7,847)	157	(7,690)	Foreign currency translation adjustments	(21,193)	688	(20,505)
(232)	-	(232)	Pension/postretirement curtailment gain	(750)	-	(750)
			Amortization of pension liability adjustments:
(1,114)	-	(1,114)	Prior service credit	(3,341)	-	(3,341)
1,294	-	1,294	Net actuarial loss	3,882	-	3,882
(96)	-	(96)	Payments and amortization related to interest rate swaps included in earnings	138	-	138
1,777	-	1,777	Derivative valuation adjustment	9,703	-	9,703

			Income taxes related to items of other comprehensive income/(loss):
70	-	70	Pension/postretirement curtailment gain	225	-	225
(54)	-	(54)	Amortization of pension liability adjustment	(162)	-	(162)
23	-	23	Payments and amortization related to interest rate swaps included in earnings	(33)	-	(33)
(427)	-	(427)	Derivative valuation adjustment	(2,329)	-	(2,329)
21,878	(610)	21,268	Comprehensive income	55,412	(2,728)	52,684
264	(27)	237	Comprehensive income/(loss) attributable to the noncontrolling interest	446	(111)	335
$21,614	($583)	$21,031	Comprehensive income attributable to the Company	$54,966	($2,617)	$52,349

Schedule of Consolidated Balance Sheets

ALBANY INTERNATIONAL CORP.
CONSOLIDATED BALANCE SHEET
(in thousands, except share data)
(unaudited)

	As reported September 30, 2018		Adjustments to reverse effects of ASC 606		As adjusted for September 30, 2018 to exclude adoption of ASC 606
ASSETS
Cash and cash equivalents	$160,593		$-		$160,593
Accounts receivable, net	252,464		(8,784	)	243,680
Contract assets	56,100		(56,100	)	-
Inventories	99,765		50,458		150,223
Income taxes prepaid and receivable	6,643		-		6,643
Prepaid expenses and other current assets	20,541		-		20,541
Total current assets	596,106		(14,426	)	581,680

Property, plant and equipment, net	462,438		-		462,438
Intangibles, net	50,765		-		50,765
Goodwill	165,103		-		165,103
Deferred income taxes	79,865		(217	)	79,648
Noncurrent receivables	41,657		-		41,657
Other assets	52,392		(1,256	)	51,136
Total assets	$1,448,326		($15,899	)	$1,432,427

LIABILITIES AND SHAREHOLDERS’ EQUITY
Notes and loans payable	$-		$-		$-
Accounts payable	51,373		-		51,373
Accrued liabilities	132,219		(19,076	)	113,143
Current maturities of long-term debt	1,231		-		1,231
Income taxes payable	20,725		-		20,725
Total current liabilities	205,548		(19,076	)	186,472

Long-term debt	529,003		-		529,003
Other noncurrent liabilities	92,218		-		92,218
Deferred taxes and other liabilities	12,915		(52	)	12,863
Total liabilities	839,684		(19,128	)	820,556

SHAREHOLDERS’ EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued	-		-		-
Class A Common Stock, par value $.001 per share; authorized 100,000,000 shares; issued 37,450,329 in 2018 and 37,395,753 in 2017	37		-		37
Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; issued and outstanding 3,233,998 in 2018 and 2017	3		-		3
Additional paid in capital	430,231		-		430,231
Retained earnings	581,369		$2,325		583,694
Accumulated items of other comprehensive income:
Translation adjustments	(110,900	)	688		(110,212	)
Pension and postretirement liability adjustments	(48,293	)	-		(48,293	)
Derivative valuation adjustment	9,432		-		9,432
Treasury stock (Class A), at cost 8,418,620 shares in 2018 and 8,431,335 shares in 2017	(256,603	)	-		(256,603	)
Total Company shareholders’ equity	605,276		3,013		608,289
Noncontrolling interest	3,366		216		3,582
Total equity	608,642		3,229		611,871
Total liabilities and shareholders’ equity	$1,448,326		($15,899	)	$1,432,427

Schedule of Consolidated Statement of Cash Flows

ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENT OF CASH FLOWS
(in thousands)
(unaudited)

As reported for the Three Months Ended September 30, 2018		Adjustments to reverse effects of ASC 606		As adjusted for the Three Months Ended September 30, 2018 to exclude adoption of ASC 606		As reported for the Nine Months Ended September 30, 2018		Adjustments to reverse effects of ASC 606		As adjusted for the Nine Months Ended September 30, 2018 to exclude adoption of ASC 606
					OPERATING ACTIVITIES
$28,484		($767)		$27,717	Net income	$69,272		($3,416)		$65,856
					Adjustments to reconcile net income to net cash provided by operating activities:
17,436		-		17,436	Depreciation	52,852		-		52,852
2,366		-		2,366	Amortization	7,571		-		7,571
(5,102)		-		(5,102)	Change in other noncurrent liabilities	(6,333)		-		(6,333)
1,331		(431)		900	Change in deferred taxes and other liabilities	(5,571)		(1,539)		(7,110)
2,131		-		2,131	Provision for write-off of property, plant and equipment	3,255		-		3,255
150		-		150	Non-cash interest expense	304		-		304
543		-		543	Compensation and benefits paid or payable in Class A Common Stock	1,879		-		1,879
(10)		-		(10)	Fair value adjustment on foreign currency option	61		-		61
-		-		-	Write-off of intangible assets in a discontinued product line	-
					Changes in operating assets and liabilities that provided/(used) cash:
(4,177)		1,348		(2,829)	Accounts receivable	(48,547)		(2,379)		(50,926)
3,040		(3,040)		-	Contract assets	(8,721)		8,721		-
(2,228)		2,902		674	Inventories	(12,843)		(1,320)		(14,163)
103		-		103	Prepaid expenses and other current assets	(5,117)		-		(5,117)
(551)		-		(551)	Income taxes prepaid and receivable	(454)		-		(454)
(2,728)		-		(2,728)	Accounts payable	6,154		-		6,154
7,565		(12)		7,553	Accrued liabilities	12,233		(67)		12,166
6,766		-		6,766	Income taxes payable	13,355		-		13,355
(4,676)		-		(4,676)	Noncurrent receivables	(8,846)		-		(8,846)
(5,728)		-		(5,728)	Other, net	(9,049)		-		(9,049)
44,715		-		44,715	Net cash provided by operating activities	61,455		-		61,455

(21,519)		-		(21,519)	Net cash used in investing activities	(60,694)		-		(60,694)
(12,904)		-		(12,904)	Net cash used in financing activities	(16,474)		-		(16,474)

(4,443)		-		(4,443)	Effect of exchange rate changes on cash and cash equivalents	(7,421)		-		(7,421)

5,849	#	-	#	5,849	(Decrease)/increase in cash and cash equivalents	(23,134)	#	-	#	(23,134)
154,744		-		154,744	Cash and cash equivalents at beginning of period	183,727		-		183,727
$160,593		$ -		$160,593	Cash and cash equivalents at end of period	$160,593		$ -		$160,593

Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Schedule of Financial Data by Reporting Segment

The following tables show data by reportable segment, reconciled to consolidated totals, and the impact that ASC 606 had on the three -and nine-month periods ended September 30, 2018:

	Three months ended September 30,		Three months ended September 30, 2018
(in thousands)	2018	2017	Increase/(decrease) attributable to application of ASC 606
Net sales
Machine Clothing	$158,971	$150,694	$3,336
Albany Engineered Composites	94,282	71,447	(5,028)
Consolidated total	$253,253	$222,141	($1,692)
Operating income/(loss)
Machine Clothing	$50,310	$42,679	$2,158
Albany Engineered Composites	3,612	(9,301)	(960)
Corporate expenses	(12,477)	(10,450)	-
Operating income	$41,445	$22,928	$1,198
Reconciling items:
Interest income	(579)	(355)	-
Interest expense	5,200	4,784	-
Other (income)/expense, net	(3,151)	(530)	-
Income before income taxes	$39,975	$19,029	$1,198

	Nine months ended September 30,		Nine months ended September 30, 2018
(in thousands)	2018	2017	Increase/(decrease) attributable to application of ASC 606
Net sales
Machine Clothing	$469,758	$440,093	$8,404
Albany Engineered Composites	269,701	196,896	(2,062)
Consolidated total	$739,459	$636,989	$6,342
Operating income/(loss)
Machine Clothing	$131,921	$119,366	$4,923
Albany Engineered Composites	9,979	(32,242)	32
Corporate expenses	(36,940)	(31,663)	-
Operating income	$104,960	$55,461	$4,955
Reconciling items:
Interest income	(1,399)	(801)	-
Interest expense	14,929	13,843	-
Other (income)/expense, net	(973)	2,854	-
Income before income taxes	$92,403	$39,565	$4,955

Schedule of Restructuring Costs by Reporting Segment

The table below presents restructuring costs by reportable segment (also see Note 5):

	Three months ended September 30,		Nine months ended September 30,
(in thousands)	2018	2017	2018	2017
Machine Clothing	$371	$96	$10,523	$1,012
Albany Engineered Composites	2,189	5,407	2,968	9,208
Corporate expenses	(8)	-	223	-
Total	$2,552	$5,503	$13,714	$10,220

Pensions and Other Postretirement Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2018

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Plan Cost

The composition of the net periodic benefit plan cost for the nine months ended September 30, 2018 and 2017, was as follows:

	Pension plans		Other postretirement benefits
(in thousands)	2018	2017	2018	2017
Components of net periodic benefit cost:
Service cost	$2,085	$1,960	$174	$183
Interest cost	5,430	5,507	1,520	1,660
Expected return on assets	(6,702)	(6,004)	-	-
Curtailment gain	(750)	-	-	-
Amortization of prior service cost/(credit)	25	27	(3,366)	(3,366)
Amortization of net actuarial loss	1,665	1,943	2,217	2,107
Net periodic benefit cost	$1,753	$3,433	$545	$584

Schedule of Amounts Reclassified by Segment and Financial Statement

Effect by segment operating expenses:

(in thousands)	Increase/(decrease) in expense for the nine months ended September 30, 2017
Machine Clothing	($14)
Albany Engineered Composites	-
Corporate expenses	(1,860)
Total operating expenses	($1,874)

Other expense, net	$1,874

Effect by Statement of Income line item:

(in thousands)	Increase/(decrease) in expense for the nine months ended September 30, 2017
Cost of goods sold	($371)
Selling, general and administrative expenses	(1,503)
Total operating expenses	($1,874)

Other expense, net	$1,874

Restructuring (Tables)

9 Months Ended

Sep. 30, 2018

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges

The following table summarizes charges reported in the Consolidated Statements of Income under “Restructuring expenses, net”:

	Three months ended September 30,		Nine months ended September 30,
(in thousands)	2018	2017	2018	2017
Machine Clothing	$371	$96	$10,523	$1,012
Albany Engineered Composites	2,189	5,407	2,968	9,208
Corporate expenses	(8)	-	223	-
Total	$2,552	$5,503	$13,714	$10,220

Nine months ended September 30, 2018 (in thousands)	Total restructuring costs incurred	Termination and other costs	Impairment of assets	Benefit plan curtailment/settlement
Machine Clothing	$10,523	$11,129	$144	($750)
Albany Engineered Composites	2,968	1,206	1,762	-
Corporate expenses	223	223	-	-
Total	$13,714	$12,558	$1,906	($750)

Nine months ended September 30, 2017 (in thousands)	Total restructuring costs incurred	Termination and other costs	Impairment of plant and equipment	Impairment of intangible asset
Machine Clothing	$1,012	$1,012	$-	$-
Albany Engineered Composites	9,208	4,173	886	4,149
Corporate expenses	-	-	-
Total	$10,220	$5,185	$886	$4,149

Schedule of Restructuring Liability

The table below presents the year-to-date changes in restructuring liabilities for 2018 and 2017, all of which related to termination costs:

	December 31,	Restructuring		Currency	September 30,
(in thousands)	2017	charges accrued	Payments	translation /other	2018

Total termination and other costs	$3,326	$12,558	($9,153)	($379)	$6,352

	December 31,	Restructuring		Currency	September 30,
(in thousands)	2016	charges accrued	Payments	translation /other	2017

Total termination and other costs	$5,559	$5,185	($6,370)	$24	$4,398

Other expense, net (Tables)

9 Months Ended

Sep. 30, 2018

Other Income and Expenses [Abstract]

Schedule Other Expense/(Income), net

The components of Other expense, net are:

	Three months ended September 30,		Nine months ended September 30,
(in thousands)	2018	2017	2018	2017
Currency transaction (gains)/losses	($3,611)	$261	($2,930)	$2,310
Bank fees	100	116	303	375
Gain on insurance recovery	-	(2,000)	-	(2,000)
Components of net periodic pension and postretirement cost other than service	282	625	807	1,874
Other	78	468	847	295
Total	($3,151)	($530)	($973)	$2,854

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The following table presents components of income tax expense for the three and nine months ended September 30, 2018 and 2017:

	Three months ended		Nine months ended
	September 30,		September 30,
(in thousands)	2018	2017	2018	2017
Income tax based on income from continuing operations, at estimated tax rates of 29.7% and 36.4%, respectively	$ 11,857	$ 6,935	$ 27,409	$ 14,420
Provision for change in estimated tax rate	(227)	741	-	-
Income tax before discrete items	11,630	7,676	27,409	14,420

Discrete tax expense:
Exercise of U.S. Stock Options	(29)	-	(155)	-
Impact of Mandatory Repatriation	-	-	(1,099)	-
Adjustments to prior period tax liabilities	(7)	(73)	(259)	606
Provision for/resolution of tax audits and contingencies, net	(166)	-	2,282	961
Changes in Opening Valuation Allowance	63	(3,787)	(4,923)	(3,787)
Other	-	(7)	(124)	(62)
Total income tax expense	$ 11,491	$ 3,809	$ 23,131	$ 12,138

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Schedule Computing Earnings Per Share

The amounts used in computing earnings per share and the weighted average number of shares of potentially dilutive securities are as follows:


	Three months ended September 30,		Nine months ended September 30,
(in thousands, except market price and earnings per share)	2018	2017	2018	2017

Net income attributable to the Company	$28,215	$15,269	$68,825	$27,225

Weighted average number of shares:
Weighted average number of shares used in
calculating basic net income per share	32,264	32,187	32,247	32,160
Effect of dilutive stock-based compensation plans:
Stock options	16	27	16	33

Weighted average number of shares used in
calculating diluted net income per share	32,280	32,214	32,263	32,193

Average market price of common stock used
for calculation of dilutive shares	$72.30	$53.49	$66.01	$49.49

Net income attributable to the Company per share:
Basic	$0.87	$0.47	$2.13	$0.85
Diluted	$0.87	$0.47	$2.13	$0.85

Noncontrolling Interest (Tables)

9 Months Ended

Sep. 30, 2018

Noncontrolling Interest [Abstract]

Schedule of Income Attributable to Noncontrolling Interest and Noncontrolling Equity

	Nine months ended September 30,
(in thousands)	2018	2017
Net income of Albany Safran Composites (ASC)	$5,433	$2,805
Less: Return attributable to the Company’s preferred holding	965	782
Net income of ASC available for common ownership	$4,468	$2,023
Ownership percentage of noncontrolling shareholder	10%	10%
Net income attributable to noncontrolling interest	$447	$202

Noncontrolling interest, beginning of year	$3,247	$3,767
Decrease attributable to application of ASC 606	(327)	-
Net income attributable to noncontrolling interest	447	202
Changes in other comprehensive income attributable to noncontrolling interest	(1)	19
Noncontrolling interest	$3,366	$3,988

Accumulated Other Comprehensive Income (AOCI) (Tables)

9 Months Ended

Sep. 30, 2018

Accumulated items of other comprehensive income:

Schedule of Accumulated Other Comprehensive Income

The table below presents changes in the components of AOCI for the period December 31, 2017 to September 30, 2018:

(in thousands)	Translation adjustments	Pension and postretirement liability adjustments	Derivative valuation adjustment	Total Other Comprehensive Income
December 31, 2017	($87,318)	($50,536)	$1,953	($135,901)
Other comprehensive income/(loss) before reclassifications	(23,582)	2,389	7,374	(13,819)
Pension/postretirement curtailment gain, net of tax	-	(525)	-	(525)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	-	-	105	105
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	-	379	-	379
Net current period other comprehensive income	(23,582)	2,243	7,479	(13,860)
September 30, 2018	($110,900)	($48,293)	$9,432	($149,761)

The table below presents changes in the components of AOCI for the period December 31, 2016 to September 30, 2017:

(in thousands)	Translation adjustments	Pension and postretirement liability adjustments	Derivative valuation adjustment	Total Other Comprehensive Income
December 31, 2016	($133,298)	($51,719)	$828	($184,189)
Other comprehensive income/(loss) before reclassifications	40,775	(1,427)	(679)	38,669
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	-	-	768	768
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	-	498	-	498
Net current period other comprehensive income	40,775	(929)	89	39,935
September 30, 2017	($92,523)	($52,648)	$917	($144,254)

Schedule of Accumulated Other Comprehensive Income Components Reclassified to Statement of Income

The table below presents the expense/(income) amounts reclassified, and the line items of the Consolidated Statements of Income that were affected for the periods ended September 30, 2018 and 2017.

	Three months ended September 30,		Nine months ended September 30,
(in thousands)	2018	2017	2018	2017
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense related to interest rate swaps included in Income before taxes (a)	($96)	$295	$138	$1,238
Income tax effect	23	(112)	(33)	(470)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	($73)	$183	$105	$768

Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Pension/postretirement curtailment gain (c)	($232)	$-	($750)	$-
Amortization of prior service credit (b)	(1,114)	(1,113)	(3,341)	(3,339)
Amortization of net actuarial loss (b)	1,294	1,350	3,882	4,050
Total pretax amount reclassified	(52)	237	(209)	711
Income tax effect	16	(71)	63	(213)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	($36)	$166	($146)	$498

	(a)	Included in Interest expense are payments related to the interest rate swap agreements and amortization of swap buyouts (see Note 16).
	(b)	These accumulated other comprehensive income components are included in Other (income)/expense, net (see Note 4).
	(c)	The curtailment adjustment was included in restructuring expenses, net (see Note 5).

Accounts Receivable (Tables)

9 Months Ended

Sep. 30, 2018

Receivables [Abstract]

Schedule of Accounts Receivable

As of September 30, 2018 and December 31, 2017, Accounts receivable consisted of the following:

(in thousands)	September 30, 2018	December 31, 2017
Trade and other accounts receivable	$241,748	$152,375
Bank promissory notes	18,390	20,255
Revenue in excess of progress billings	-	37,964
Allowance for doubtful accounts	(7,674)	(7,919)
Total accounts receivable	$252,464	$202,675

Schedule of Contract Receivables

As of September 30, 2018 and December 31, 2017, Noncurrent receivables consisted of the following:

(in thousands)	September 30, 2018	December 31, 2017
Noncurrent receivables	$41,657	$32,811

Contract Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2018

Contract Assets And Liabilities

Schedule of Contract Assets and Contract Liabilities

Contract assets and contract liabilities were as follows:

(in thousands)	September 30, 2018	December 31, 2017
Contract assets	$56,100	$ -
Contract liabilities	6,310	-

Inventories (Tables)

9 Months Ended

Sep. 30, 2018

Inventory Disclosure [Abstract]

Schedule of Inventories

As of September 30, 2018 and December 31, 2017, inventories consisted of the following:

(in thousands)	September 30, 2018	December 31, 2017
Raw materials	$42,011	$42,215
Work in process	45,621	65,448
Finished goods	12,133	28,856
Total inventories	$99,765	$136,519

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Intangible Assets and Goodwill

The gross carrying value, accumulated amortization and net values of intangible assets and goodwill as of September 30, 2018 and December 31, 2017, were as follows:

As of September 30, 2018 (in thousands)	Weighted average amortization life in years	Gross carrying amount	Accumulated amortization	Net carrying amount

Amortized intangible assets:
AEC trade names	15	$140	($128)	$12
AEC technology	15	370	(308)	62
Customer relationships	15	48,421	(8,076)	40,345
Customer contracts	6	17,471	(7,287)	10,184
Other intangibles	5	322	(160)	162
Net amortized intangible assets		$66,724	($15,959)	$50,765

Unamortized intangible assets:
MC Goodwill		$69,373	$-	$69,373
AEC Goodwill		95,730	-	95,730
Total unamortized intangible assets:		$165,103	$-	$165,103

As of December 31, 2017 (in thousands)	Weighted average amortization life in years	Gross carrying amount	Accumulated amortization	Net carrying amount

Amortized intangible assets:
AEC trade names	15	$140	($125)	$15
AEC technology	15	370	(290)	80
Customer relationships	15	48,421	(5,654)	42,767
Customer contracts	6	17,471	(5,102)	12,369
Other intangibles	5	322	(112)	210
Net amortized intangible assets		$66,724	($11,283)	$55,441

Unamortized intangible assets:
MC Goodwill		$71,066	$-	$71,066
AEC Goodwill		95,730	-	95,730
Total unamortized intangible assets:		$166,796	$-	$166,796

The changes in intangible assets, net and goodwill from December 31, 2017 to September 30, 2018, were as follows:

(in thousands)	December 31,2017	Amortization	Currency Translation	September 30,2018

Amortized intangible assets:
AEC trade names	$15	($3)	$-	$12
AEC technology	80	(18)	-	62
Customer relationships	42,767	(2,422)	-	40,345
Customer contracts	12,369	(2,185)	-	10,184
Other intangibles	210	(48)	-	162
Net amortized intangible assets	$55,441	($4,676)	$-	$50,765

Unamortized intangible assets:
MC Goodwill	$71,066	$-	($1,693)	$69,373
AEC Goodwill	95,730	-	-	95,730
Total unamortized intangible assets:	$166,796	$-	($1,693)	$165,103

Schedule of Estimated Amortization Expense

Estimated amortization expense of intangibles for the years ending December 31, 2018 through 2022, is as follows:

	Annual amortization
Year	(in thousands)
2018	$6,234
2019	6,234
2020	6,234
2021	6,163
2022	3,949

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2018

Long-term Debt and Capital Lease Obligations [Abstract]

Schedule of Long-Term Debt

Long-term debt, principally to banks and bondholders, consists of:

(in thousands, except interest rates)	September 30, 2018	December 31, 2017

Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.61% in 2018 and 3.40% in 2017 (including the effect of interest rate hedging transactions, as described below), due in 2022	$504,000	$501,000

Finance lease obligation	26,234	14,919

Long-term debt	530,234	515,919

Less: current portion	(1,231)	(1,799)

Long-term debt, net of current portion	$529,003	$514,120

Schedule of Future Minimum Annual Capital Lease Obilgations

The following schedule presents future minimum annual lease payments under the finance lease obligation and the present value of the minimum lease payments, as of September 30, 2018.

Years ending December 31,	(in thousands)
2018	$623
2019	2,472
2020	2,995
2021	2,997
2022	3,054
Thereafter	22,207
Total minimum lease payments	34,348
Less:Amount representing interest	(8,114)

Present value of minimum lease payments	$26,234

Schedule of Fair Value of Financial Assets and Liabilities

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Fair-Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

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:

	September 30,2018			December 31, 2017

	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	$25,056	$-		$13,601	$-
Other Assets:
Common stock of unaffiliated foreign public company ^(a)	918	-		999	-
Interest rate swaps	-	10,819	^(b)	-	313	^(c)

	(a)	Original cost basis $0.5 million
	(b)	Net of $39.8 million receivable floating leg and $29.0 million liability fixed leg
	(c)	Net of $34.9 million receivable floating leg and $34.6 million liability fixed leg

Schedule of (Losses)/Gains on Changes in Fair Value of Derivative Instruments

Gains/(losses) related to changes in fair value of derivative instruments that were recognized in Other expense, net in the Consolidated Statements of Income were as follows:

	Three months ended September 30,		Nine months ended September 30,
(in thousands)	2018	2017	2018	2017

Derivatives not designated as hedging instruments
Foreign currency options gains/(losses)	$10	($2)	($61)	($131)

Commitments and Contingencies Disclosure [Abstract]

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Contingencies (Tables)

9 Months Ended

Sep. 30, 2018

Schedule of Changes in Claims

The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented:

Year ended December 31,	Opening Number of Claims	Claims Dismissed,Settled, or Resolved	New Claims	Closing Number of Claims	Amounts Paid (thousands) to Settle or Resolve
2013	4,463	230	66	4,299	$78
2014	4,299	625	147	3,821	437
2015	3,821	116	86	3,791	164
2016	3,791	148	102	3,745	758
2017	3,745	105	90	3,730	55
2018 (as of September 30)	3,730	132	75	3,673	$100

Stockholders' Equity Note [Abstract]

Tabular disclosure of the loss contingencies that were reported in the period or disclosed as of the balance sheet date.

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+ Details

Changes in Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2018

Schedule of Activity in Shareholders' Equity

The following table summarizes changes in Shareholders’ Equity:

(in thousands)	Common Stock Class A and B	Additional paid in capital	Retained earnings	Accumulated items of other comprehensive income/(loss)	Treasury stock	Noncontrolling Interest	Total Equity
December 31, 2017	$40	$428,423	$534,082	($135,901)	($256,876)	$3,247	$573,015
Adoption of accounting standards (a),(b)	-	-	(5,086)	-	-	(327)	(5,413)
Net income	-	-	68,825	-	-	447	69,272
Compensation and benefits paid or payable in shares	-	1,606	-	-	273	-	1,879
Options exercised	-	202				-	202
Dividends declared	-	-	(16,452)	-	-	-	(16,452)
Cumulative translation adjustments	-	-	-	(23,582)	-	(1)	(23,583)
Pension and postretirement liability adjustments	-	-	-	2,243	-	-	2,243
Derivative valuation adjustment	-	-	-	7,479	-	-	7,479
September 30, 2018	$40	$430,231	$581,369	($149,761)	($256,603)	$3,366	$608,642

(a)	As described in Note 2, the Company adopted ASC 606 effective January 1, 2018, which resulted in a decrease to Retained earnings of $5.6 million and a $0.3 million decrease to Noncontrolling interest.
(b)	As described in Note 7, the Company adopted ASU 2016-16 effective January 1, 2018, which resulted in a $0.5 million increase to Retained earnings.

Revenue Recognition (Narrative) (Details) $ in Thousands	9 Months Ended
Revenue Recognition (Narrative) (Details) $ in Thousands	Sep. 30, 2018 USD ($)
Revenue Recognition [Abstract]
Performance obligations	$ 95,000
Revenue recognized	$ 20,000

Revenue Recognition (Schedule of Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 160,593	$ 154,744	$ 183,727	$ 153,465	$ 138,792	$ 181,742
Accounts receivable, net	252,464		202,675
Contract assets	56,100
Inventories	99,765		136,519
Income taxes prepaid and receivable	6,643		6,266
Prepaid expenses and other current assets	20,541		14,520
Total current assets	596,106		543,707
Property, plant and equipment, net	462,438		454,302
Intangibles, net	50,765		55,441
Goodwill	165,103		166,796
Deferred income taxes	79,865		68,648
Noncurrent receivables	41,657		32,811
Other assets	52,392		39,493
Total assets	1,448,326		1,361,198
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes and loans payable			262
Accounts payable	51,373		44,899
Accrued liabilities	132,219		105,914
Current maturities of long-term debt	1,231		1,799
Income taxes payable	20,725		8,643
Total current liabilities	205,548		161,517
Long-term debt	529,003		514,120
Other noncurrent liabilities	92,218		101,555
Deferred taxes and other liabilities	12,915		10,991
Total liabilities	839,684		788,183
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
Additional paid in capital	430,231		428,423
Retained earnings	581,369		534,082
Accumulated items of other comprehensive income:
Translation adjustments	(110,900)		(87,318)
Pension and postretirement liability adjustments	(48,293)		(50,536)
Derivative valuation adjustment	9,432		1,953
Treasury stock (Class A), at cost 8,431,335 shares in 2017 and 8,443,444 shares in 2016	(256,603)		(256,876)
Total Company shareholders' equity	605,276		569,768
Noncontrolling interest	3,366		3,247
Total equity	608,642		573,015
Total liabilities and shareholders' equity	1,448,326		1,361,198
Common Class A [Member]
SHAREHOLDERS' EQUITY
Common Stock	37		37
Common Class B [Member]
SHAREHOLDERS' EQUITY
Common Stock	$ 3		3
As previously reported [Member]
ASSETS
Cash and cash equivalents			183,727
Accounts receivable, net			202,675
Contract assets
Inventories			136,519
Income taxes prepaid and receivable			6,266
Prepaid expenses and other current assets			14,520
Total current assets			543,707
Property, plant and equipment, net			454,302
Intangibles, net			55,441
Goodwill			166,796
Deferred income taxes			68,648
Noncurrent receivables			32,811
Other assets			39,493
Total assets			1,361,198
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes and loans payable			262
Accounts payable			44,899
Accrued liabilities			105,914
Current maturities of long-term debt			1,799
Income taxes payable			8,643
Total current liabilities			161,517
Long-term debt			514,120
Other noncurrent liabilities			101,555
Deferred taxes and other liabilities			10,991
Total liabilities			788,183
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
Additional paid in capital			428,423
Retained earnings			534,082
Accumulated items of other comprehensive income:
Translation adjustments			(87,318)
Pension and postretirement liability adjustments			(50,536)
Derivative valuation adjustment			1,953
Treasury stock (Class A), at cost 8,431,335 shares in 2017 and 8,443,444 shares in 2016			(256,876)
Total Company shareholders' equity			569,768
Noncontrolling interest			3,247
Total equity			573,015
Total liabilities and shareholders' equity			1,361,198
As previously reported [Member] \| Common Class A [Member]
SHAREHOLDERS' EQUITY
Common Stock			37
As previously reported [Member] \| Common Class B [Member]
SHAREHOLDERS' EQUITY
Common Stock			3
Adjustments Increase/(decrease) [Member]
ASSETS
Cash and cash equivalents
Accounts receivable, net			7,667
Contract assets			47,415
Inventories			(47,054)
Income taxes prepaid and receivable
Prepaid expenses and other current assets
Total current assets			8,028
Property, plant and equipment, net
Intangibles, net
Goodwill
Deferred income taxes			1,756
Noncurrent receivables
Other assets			1,119
Total assets			10,903
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes and loans payable
Accounts payable
Accrued liabilities			16,808
Current maturities of long-term debt
Income taxes payable
Total current liabilities			16,808
Long-term debt
Other noncurrent liabilities
Deferred taxes and other liabilities			52
Total liabilities			16,860
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
Additional paid in capital
Retained earnings			(5,630)
Accumulated items of other comprehensive income:
Translation adjustments
Pension and postretirement liability adjustments
Derivative valuation adjustment
Treasury stock (Class A), at cost 8,431,335 shares in 2017 and 8,443,444 shares in 2016
Total Company shareholders' equity			(5,630)
Noncontrolling interest			(327)
Total equity			(5,957)
Total liabilities and shareholders' equity			10,903
Adjustments Increase/(decrease) [Member] \| Common Class A [Member]
SHAREHOLDERS' EQUITY
Common Stock
Adjustments Increase/(decrease) [Member] \| Common Class B [Member]
SHAREHOLDERS' EQUITY
Common Stock
Opening balance, as adjusted, January 1, 2018 [Member]
ASSETS
Cash and cash equivalents			183,727
Accounts receivable, net			210,342
Contract assets			47,415
Inventories			89,465
Income taxes prepaid and receivable			6,266
Prepaid expenses and other current assets			14,520
Total current assets			551,735
Property, plant and equipment, net			454,302
Intangibles, net			55,441
Goodwill			166,796
Deferred income taxes			70,404
Noncurrent receivables			32,811
Other assets			40,612
Total assets			1,372,101
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes and loans payable			262
Accounts payable			44,899
Accrued liabilities			122,722
Current maturities of long-term debt			1,799
Income taxes payable			8,643
Total current liabilities			178,325
Long-term debt			514,120
Other noncurrent liabilities			101,555
Deferred taxes and other liabilities			11,043
Total liabilities			805,043
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
Additional paid in capital			428,423
Retained earnings			528,452
Accumulated items of other comprehensive income:
Translation adjustments			(87,318)
Pension and postretirement liability adjustments			(50,536)
Derivative valuation adjustment			1,953
Treasury stock (Class A), at cost 8,431,335 shares in 2017 and 8,443,444 shares in 2016			(256,876)
Total Company shareholders' equity			564,138
Noncontrolling interest			2,920
Total equity			567,058
Total liabilities and shareholders' equity			1,372,101
Opening balance, as adjusted, January 1, 2018 [Member] \| Common Class A [Member]
SHAREHOLDERS' EQUITY
Common Stock			37
Opening balance, as adjusted, January 1, 2018 [Member] \| Common Class B [Member]
SHAREHOLDERS' EQUITY
Common Stock			$ 3

Revenue Recognition (Schedule of Consolidated Balance Sheet) (Details) (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Preferred Stock, par value per share	$ 5.00	$ 5.00
Preferred Stock, shares authorized	2,000,000	2,000,000
Preferred Stock, shares issued	0	0
Common Class A [Member]
Common Stock, par value per share	$ 0.001	$ 0.001
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, shares issued	37,450,329	37,395,753
Treasury stock, shares	8,418,620	8,431,335
Common Class B [Member]
Common Stock, par value per share	$ 0.001	$ 0.001
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, shares issued	3,233,998	3,233,998
Common Stock, shares outstanding	3,233,998	3,233,998
As previously reported [Member]
Preferred Stock, par value per share		$ 5.00
Preferred Stock, shares authorized		2,000,000
Preferred Stock, shares issued		0
As previously reported [Member] \| Common Class A [Member]
Common Stock, par value per share		$ 0.001
Common Stock, shares authorized		100,000,000
Common Stock, shares issued		37,395,753	37,319,266
Treasury stock, shares		8,431,335	8,443,444
As previously reported [Member] \| Common Class B [Member]
Common Stock, par value per share		$ 0.001
Common Stock, shares authorized		25,000,000
Common Stock, shares issued		3,233,998	3,233,998
Common Stock, shares outstanding		3,233,998	3,233,998
Adjustments Increase/(decrease) [Member]
Preferred Stock, par value per share		$ 5.00
Preferred Stock, shares authorized		2,000,000
Preferred Stock, shares issued		0
Adjustments Increase/(decrease) [Member] \| Common Class A [Member]
Common Stock, par value per share		$ 0.001
Common Stock, shares authorized		100,000,000
Common Stock, shares issued		37,395,753	37,319,266
Adjustments Increase/(decrease) [Member] \| Common Class B [Member]
Common Stock, par value per share		$ 0.001
Common Stock, shares authorized		25,000,000
Common Stock, shares issued		3,233,998	3,233,998
Common Stock, shares outstanding		3,233,998	3,233,998
Opening balance, as adjusted, January 1, 2018 [Member]
Preferred Stock, par value per share		$ 5.00
Preferred Stock, shares authorized		2,000,000
Preferred Stock, shares issued		0
Opening balance, as adjusted, January 1, 2018 [Member] \| Common Class A [Member]
Common Stock, par value per share		$ 0.001
Common Stock, shares authorized		100,000,000
Common Stock, shares issued		37,395,753	37,319,266
Opening balance, as adjusted, January 1, 2018 [Member] \| Common Class B [Member]
Common Stock, par value per share		$ 0.001
Common Stock, shares authorized		25,000,000
Common Stock, shares issued		3,233,998	3,233,998
Common Stock, shares outstanding		3,233,998	3,233,998

Revenue Recognition (Schedule of Summary of Composition of Each Business Segment) (Details)	9 Months Ended
	Sep. 30, 2018
Machine Clothing [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Segment	Machine Clothing (MC)
Reporting Unit	Machine Clothing
Principal Product or Service	Paper machine clothing: Permeable and impermeable belts used in the manufacture of paper, paperboard, tissue and towel, and pulp Engineered fabrics: Belts used in the manufacture of nonwovens, fiber cement and several other industrial applications
Principal Locations	World-wide
Albany Engineered Composites [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Segment	Albany Engineered Composites (AEC)
Reporting Unit	Albany Safran Composites (ASC) Airframe and engine Components (Other AEC)
Principal Product or Service	3D-woven, injected composite components for aircraft engines Composite airframe and engine components for military and commercial aircraft
Principal Locations	Rochester, NH Commercy, France Queretaro, Mexico Salt Lake City, UT Boerne, TX Queretaro, Mexico

Revenue Recognition (Schedule of Disaggregate Revenue for Each Business Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Disaggregation of Revenue [Line Items]
Total Revenue	$ 253,253	$ 222,141	$ 739,459	$ 636,989
Machine Clothing [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	158,971	150,694	469,758	440,093
Albany Engineered Composites ASC [Member]
Disaggregation of Revenue [Line Items]
Total Revenue			134,972
Albany Engineered Composites Other AEC [Member]
Disaggregation of Revenue [Line Items]
Total Revenue			134,729
Albany Engineered Composites [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	$ 94,282	$ 71,447	269,701	$ 196,896
Point in Time Revenue Recognition [Member]
Disaggregation of Revenue [Line Items]
Total Revenue			483,267
Point in Time Revenue Recognition [Member] \| Machine Clothing [Member]
Disaggregation of Revenue [Line Items]
Total Revenue			467,358
Point in Time Revenue Recognition [Member] \| Albany Engineered Composites ASC [Member]
Disaggregation of Revenue [Line Items]
Total Revenue
Point in Time Revenue Recognition [Member] \| Albany Engineered Composites Other AEC [Member]
Disaggregation of Revenue [Line Items]
Total Revenue			15,909
Point in Time Revenue Recognition [Member] \| Albany Engineered Composites [Member]
Disaggregation of Revenue [Line Items]
Total Revenue			15,909
Over Time Revenue Recognition [Member]
Disaggregation of Revenue [Line Items]
Total Revenue			256,192
Over Time Revenue Recognition [Member] \| Machine Clothing [Member]
Disaggregation of Revenue [Line Items]
Total Revenue			2,400
Over Time Revenue Recognition [Member] \| Albany Engineered Composites ASC [Member]
Disaggregation of Revenue [Line Items]
Total Revenue			134,972
Over Time Revenue Recognition [Member] \| Albany Engineered Composites Other AEC [Member]
Disaggregation of Revenue [Line Items]
Total Revenue			118,820
Over Time Revenue Recognition [Member] \| Albany Engineered Composites [Member]
Disaggregation of Revenue [Line Items]
Total Revenue			$ 253,792

Revenue Recognition (Schedule of Disaggregate MC Segment Revenue by Significant Product or Service) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Disaggregation of Revenue [Line Items]
Net sales	$ 253,253	$ 222,141	$ 739,459	$ 636,989
Machine Clothing [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 158,971	$ 150,694	469,758	$ 440,093
Americas PMC [Member]
Disaggregation of Revenue [Line Items]
Net sales			232,358
Eurasia PMC [Member]
Disaggregation of Revenue [Line Items]
Net sales			176,300
Engineered Fabrics [Member]
Disaggregation of Revenue [Line Items]
Net sales			$ 61,100

Revenue Recognition (Schedule of Consolidated Statement of Income) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net sales	$ 253,253	$ 222,141	$ 739,459	$ 636,989
Cost of goods sold	160,227	142,582	472,604	418,224
Gross profit	93,026	79,559	266,855	218,765
Selling, general, and administrative expenses	39,071	40,575	117,708	122,296
Technical and research expenses	9,958	10,553	30,473	30,788
Restructuring expenses, net	2,552	5,503	13,714	10,220
Operating income	41,445	22,928	104,960	55,461
Interest expense, net	4,621	4,429	13,530	13,042
Other (income)/expense, net	(3,151)	(530)	(973)	2,854
Income before income taxes	39,975	19,029	92,403	39,565
Income tax expense	11,491	3,809	23,131	12,138
Net income	28,484	15,220	69,272	27,427
Net income/(loss) attributable to the noncontrolling interest	269	(49)	447	202
Net income attributable to the Company	$ 28,215	$ 15,269	$ 68,825	$ 27,225
Earnings per share attributable to Company shareholders - Basic	$ 0.87	$ 0.47	$ 2.13	$ 0.85
Earnings per share attributable to Company shareholders - Diluted	$ 0.87	$ 0.47	$ 2.13	$ 0.85
As reported [Member]
Net sales	$ 253,253		$ 739,459
Cost of goods sold	160,227		472,604
Gross profit	93,026		266,855
Selling, general, and administrative expenses	39,071		117,708
Technical and research expenses	9,958		30,473
Restructuring expenses, net	2,552		13,714
Operating income	41,445		104,960
Interest expense, net	4,621		13,530
Other (income)/expense, net	(3,151)		(973)
Income before income taxes	39,975		92,403
Income tax expense	11,491		23,131
Net income	28,484		69,272
Net income/(loss) attributable to the noncontrolling interest	269		447
Net income attributable to the Company	$ 28,215		$ 68,825
Earnings per share attributable to Company shareholders - Basic	$ 0.87		$ 2.13
Earnings per share attributable to Company shareholders - Diluted	$ 0.87		$ 2.13
Adjustments to reverse effects of ASC 606 [Member]
Net sales	$ 1,692		$ (6,342)
Cost of goods sold	2,902		(1,320)
Gross profit	(1,210)		(5,022)
Selling, general, and administrative expenses	(12)		(67)
Technical and research expenses
Restructuring expenses, net
Operating income	(1,198)		(4,955)
Interest expense, net
Other (income)/expense, net
Income before income taxes	(1,198)		(4,955)
Income tax expense	(431)		(1,539)
Net income	(767)		(3,416)
Net income/(loss) attributable to the noncontrolling interest	(27)		(111)
Net income attributable to the Company	$ (740)		$ (3,305)
Earnings per share attributable to Company shareholders - Basic	$ (0.02)		$ (0.10)
Earnings per share attributable to Company shareholders - Diluted	$ (0.02)		$ (0.10)
As adjusted to exclude adoption of ASC 606 [Member]
Net sales	$ 254,945		$ 733,117
Cost of goods sold	163,129		471,284
Gross profit	91,816		261,833
Selling, general, and administrative expenses	39,059		117,641
Technical and research expenses	9,958		30,473
Restructuring expenses, net	2,552		13,714
Operating income	40,247		100,005
Interest expense, net	4,621		13,530
Other (income)/expense, net	(3,151)		(973)
Income before income taxes	38,777		87,448
Income tax expense	11,060		21,592
Net income	27,717		65,856
Net income/(loss) attributable to the noncontrolling interest	242		336
Net income attributable to the Company	$ 27,475		$ 65,520
Earnings per share attributable to Company shareholders - Basic	$ 0.85		$ 2.03
Earnings per share attributable to Company shareholders - Diluted	$ 0.85		$ 2.03

Revenue Recognition (Schedule of Consolidated Statement of Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

Sep. 30, 2018

Sep. 30, 2017

$ 28,484

$ 15,220

$ 69,272

$ 27,427

(7,847)

11,974

(21,193)

39,348

^[1]

(232)

(750)

^[2]

(1,114)

(1,113)

(3,341)

(3,339)

Payments and amortization related to interest rate swaps included in earnings

^[2]

(1,294)

(1,350)

(3,882)

(4,050)

(96)

295

138

1,238

1,777

(96)

9,703

(1,094)

225

Payments and amortization related to interest rate swaps included in earnings

(54)

(71)

(162)

(213)

(112)

(33)

(470)

(427)

(2,329)

415

Comprehensive income/(loss) attributable to the noncontrolling interest

21,878

27,483

55,412

67,362

264

(43)

446

221

21,614

$ 27,526

54,966

$ 67,141

As reported [Member]

28,484

69,272

(7,847)

(21,193)

(232)

(750)

(1,114)

(3,341)

Payments and amortization related to interest rate swaps included in earnings

1,294

3,882

(96)

138

1,777

9,703

225

Payments and amortization related to interest rate swaps included in earnings

(54)

(162)

(33)

(427)

(2,329)

Comprehensive income/(loss) attributable to the noncontrolling interest

21,878

55,412

264

446

Adjustments to reverse effects of ASC 606 [Member]

21,614

54,966

(767)

(3,416)

157

688

Payments and amortization related to interest rate swaps included in earnings

Payments and amortization related to interest rate swaps included in earnings

Comprehensive income/(loss) attributable to the noncontrolling interest

(610)

(2,728)

(27)

(111)

As adjusted to exclude adoption of ASC 606 [Member]

(583)

(2,617)

27,717

65,856

(7,690)

(20,505)

(232)

(750)

(1,114)

(3,341)

Payments and amortization related to interest rate swaps included in earnings

1,294

3,882

(96)

138

1,777

9,703

225

Payments and amortization related to interest rate swaps included in earnings

(54)

(162)

(33)

(427)

(2,329)

Comprehensive income/(loss) attributable to the noncontrolling interest

21,268

52,684

237

335

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

$ 21,031

$ 52,349

[1]	The curtailment adjustment was included in restructuring expenses, net (see Note 5).
[2]	These accumulated other comprehensive income components are included in Other (income)/expense, net (see Note 4).

Revenue Recognition (Schedule of Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 160,593	$ 154,744	$ 183,727	$ 153,465	$ 138,792	$ 181,742
Accounts receivable, net	252,464		202,675
Contract assets	56,100
Inventories	99,765		136,519
Income taxes prepaid and receivable	6,643		6,266
Prepaid expenses and other current assets	20,541		14,520
Total current assets	596,106		543,707
Property, plant and equipment, net	462,438		454,302
Intangibles, net	50,765		55,441
Goodwill	165,103		166,796
Deferred income taxes	79,865		68,648
Noncurrent receivables	41,657		32,811
Other assets	52,392		39,493
Total assets	1,448,326		1,361,198
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes and loans payable			262
Accounts payable	51,373		44,899
Accrued liabilities	132,219		105,914
Current maturities of long-term debt	1,231		1,799
Income taxes payable	20,725		8,643
Total current liabilities	205,548		161,517
Long-term debt	529,003		514,120
Other noncurrent liabilities	92,218		101,555
Deferred taxes and other liabilities	12,915		10,991
Total liabilities	839,684		788,183
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
Additional paid in capital	430,231		428,423
Retained earnings	581,369		534,082
Accumulated items of other comprehensive income:
Translation adjustments	(110,900)		(87,318)
Pension and postretirement liability adjustments	(48,293)		(50,536)
Derivative valuation adjustment	9,432		1,953
Treasury stock (Class A), at cost 8,418,620 shares in 2018 and 8,431,335 shares in 2017	(256,603)		(256,876)
Total Company shareholders' equity	605,276		569,768
Noncontrolling interest	3,366		3,247
Total equity	608,642		573,015
Total liabilities and shareholders' equity	1,448,326		1,361,198
Common Class A [Member]
SHAREHOLDERS' EQUITY
Common Stock	37		37
Common Class B [Member]
SHAREHOLDERS' EQUITY
Common Stock	3		$ 3
As reported [Member]
ASSETS
Cash and cash equivalents	160,593
Accounts receivable, net	252,464
Contract assets	56,100
Inventories	99,765
Income taxes prepaid and receivable	6,643
Prepaid expenses and other current assets	20,541
Total current assets	596,106
Property, plant and equipment, net	462,438
Intangibles, net	50,765
Goodwill	165,103
Deferred income taxes	79,865
Noncurrent receivables	41,657
Other assets	52,392
Total assets	1,448,326
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes and loans payable
Accounts payable	51,373
Accrued liabilities	132,219
Current maturities of long-term debt	1,231
Income taxes payable	20,725
Total current liabilities	205,548
Long-term debt	529,003
Other noncurrent liabilities	92,218
Deferred taxes and other liabilities	12,915
Total liabilities	839,684
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
Additional paid in capital	430,231
Retained earnings	581,369
Accumulated items of other comprehensive income:
Translation adjustments	(110,900)
Pension and postretirement liability adjustments	(48,293)
Derivative valuation adjustment	9,432
Treasury stock (Class A), at cost 8,418,620 shares in 2018 and 8,431,335 shares in 2017	(256,603)
Total Company shareholders' equity	605,276
Noncontrolling interest	3,366
Total equity	608,642
Total liabilities and shareholders' equity	1,448,326
As reported [Member] \| Common Class A [Member]
SHAREHOLDERS' EQUITY
Common Stock	37
As reported [Member] \| Common Class B [Member]
SHAREHOLDERS' EQUITY
Common Stock	3
Adjustments to reverse effects of ASC 606 [Member]
ASSETS
Cash and cash equivalents
Accounts receivable, net	(8,784)
Contract assets	(56,100)
Inventories	50,458
Income taxes prepaid and receivable
Prepaid expenses and other current assets
Total current assets	(14,426)
Property, plant and equipment, net
Intangibles, net
Goodwill
Deferred income taxes	(217)
Noncurrent receivables
Other assets	(1,256)
Total assets	(15,899)
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes and loans payable
Accounts payable
Accrued liabilities	(19,076)
Current maturities of long-term debt
Income taxes payable
Total current liabilities	(19,076)
Long-term debt
Other noncurrent liabilities
Deferred taxes and other liabilities	(52)
Total liabilities	(19,128)
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
Additional paid in capital
Retained earnings	2,325
Accumulated items of other comprehensive income:
Translation adjustments	688
Pension and postretirement liability adjustments
Derivative valuation adjustment
Treasury stock (Class A), at cost 8,418,620 shares in 2018 and 8,431,335 shares in 2017
Total Company shareholders' equity	3,013
Noncontrolling interest	216
Total equity	3,229
Total liabilities and shareholders' equity	(15,899)
Adjustments to reverse effects of ASC 606 [Member] \| Common Class A [Member]
SHAREHOLDERS' EQUITY
Common Stock
Adjustments to reverse effects of ASC 606 [Member] \| Common Class B [Member]
SHAREHOLDERS' EQUITY
Common Stock
As adjusted to exclude adoption of ASC 606 [Member]
ASSETS
Cash and cash equivalents	160,593
Accounts receivable, net	243,680
Contract assets
Inventories	150,223
Income taxes prepaid and receivable	6,643
Prepaid expenses and other current assets	20,541
Total current assets	581,680
Property, plant and equipment, net	462,438
Intangibles, net	50,765
Goodwill	165,103
Deferred income taxes	79,648
Noncurrent receivables	41,657
Other assets	51,136
Total assets	1,432,427
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes and loans payable
Accounts payable	51,373
Accrued liabilities	113,143
Current maturities of long-term debt	1,231
Income taxes payable	20,725
Total current liabilities	186,472
Long-term debt	529,003
Other noncurrent liabilities	92,218
Deferred taxes and other liabilities	12,863
Total liabilities	820,556
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
Additional paid in capital	430,231
Retained earnings	583,694
Accumulated items of other comprehensive income:
Translation adjustments	(110,212)
Pension and postretirement liability adjustments	(48,293)
Derivative valuation adjustment	9,432
Treasury stock (Class A), at cost 8,418,620 shares in 2018 and 8,431,335 shares in 2017	(256,603)
Total Company shareholders' equity	608,289
Noncontrolling interest	3,582
Total equity	611,871
Total liabilities and shareholders' equity	1,432,427
As adjusted to exclude adoption of ASC 606 [Member] \| Common Class A [Member]
SHAREHOLDERS' EQUITY
Common Stock	37
As adjusted to exclude adoption of ASC 606 [Member] \| Common Class B [Member]
SHAREHOLDERS' EQUITY
Common Stock	$ 3

Revenue Recognition (Schedule of Consolidated Balance Sheets) (Details) (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Preferred Stock, par value per share	$ 5.00	$ 5.00
Preferred Stock, shares authorized	2,000,000	2,000,000
Preferred Stock, shares issued	0	0
Common Class A [Member]
Common Stock, par value per share	$ 0.001	$ 0.001
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, shares issued	37,450,329	37,395,753
Treasury stock, shares	8,418,620	8,431,335
Common Class B [Member]
Common Stock, par value per share	$ 0.001	$ 0.001
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, shares issued	3,233,998	3,233,998
Common Stock, shares outstanding	3,233,998	3,233,998
As reported [Member]
Preferred Stock, par value per share	$ 5.00
Preferred Stock, shares authorized	2,000,000
Preferred Stock, shares issued	0
As reported [Member] \| Common Class A [Member]
Common Stock, par value per share	$ 0.001
Common Stock, shares authorized	100,000,000
Common Stock, shares issued	37,450,329		37,395,753
Treasury stock, shares	0
As reported [Member] \| Common Class B [Member]
Common Stock, par value per share	$ 0.001
Common Stock, shares authorized	25,000,000
Common Stock, shares issued	3,233,998		3,233,998
Common Stock, shares outstanding	3,233,998		3,233,998
Adjustments to reverse effects of ASC 606 [Member]
Preferred Stock, par value per share	$ 5.00
Preferred Stock, shares authorized	2,000,000
Preferred Stock, shares issued	0
Adjustments to reverse effects of ASC 606 [Member] \| Common Class A [Member]
Common Stock, par value per share	$ 0.001
Common Stock, shares authorized	100,000,000
Common Stock, shares issued	37,450,329		37,395,753
Adjustments to reverse effects of ASC 606 [Member] \| Common Class B [Member]
Common Stock, par value per share	$ 0.001
Common Stock, shares authorized	25,000,000
Common Stock, shares issued	3,233,998		3,233,998
Common Stock, shares outstanding	3,233,998		3,233,998
As adjusted to exclude adoption of ASC 606 [Member]
Preferred Stock, par value per share	$ 5.00
Preferred Stock, shares authorized	2,000,000
Preferred Stock, shares issued	0
As adjusted to exclude adoption of ASC 606 [Member] \| Common Class A [Member]
Common Stock, par value per share	$ 0.001
Common Stock, shares authorized	100,000,000
Common Stock, shares issued	37,450,329		37,395,753
As adjusted to exclude adoption of ASC 606 [Member] \| Common Class B [Member]
Common Stock, par value per share	$ 0.001
Common Stock, shares authorized	25,000,000
Common Stock, shares issued	3,233,998		3,233,998
Common Stock, shares outstanding	3,233,998		3,233,998

Revenue Recognition (Schedule of Consolidated Statement of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
OPERATING ACTIVITIES
Net income	$ 28,484	$ 15,220	$ 69,272	$ 27,427
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	17,436	15,522	52,852	45,367
Amortization	2,366	2,608	7,571	7,889
Change in other noncurrent liabilities	(5,102)	(168)	(6,333)	(2,522)
Change in deferred taxes and other liabilities	1,331	(3,263)	(5,571)	(10,620)
Provision for write-off of property, plant and equipment	2,131	1,086	3,255	1,916
Non-cash interest expense	150	211	304	634
Compensation and benefits paid or payable in Class A Common Stock	543	195	1,879	1,865
Fair value adjustment on foreign currency option	(10)	2	61	131
Write-off of intangible assets in a discontinued product line		4,149		4,149
Changes in operating assets and liabilities that provided/(used) cash:
Accounts receivable	(4,177)	(4,645)	(48,547)	(19,781)
Contract assets	3,040		(8,721)
Inventories	(2,228)	(3,944)	(12,843)	(17,210)
Prepaid expenses and other current assets	103	(601)	(5,117)	(3,298)
Income taxes prepaid and receivable	(551)		(454)	(2,817)
Accounts payable	(2,728)	(4,769)	6,154	(2,704)
Accrued liabilities	7,565	5,425	12,233	4,525
Income taxes payable	6,766	3,472	13,355	2,964
Noncurrent receivables	(4,676)	(8,107)	(8,846)	(15,643)
Other, net	(5,728)	(4,495)	(9,049)	(557)
Net cash provided by operating activities	44,715	17,898	61,455	21,715
Net cash used in investing activities	(21,519)	(15,466)	(60,694)	(62,262)
Net cash (used in)/provided by financing activities	(12,904)	4,393	(16,474)	3,395
Effect of exchange rate changes on cash and cash equivalents	(4,443)	7,848	(7,421)	8,875
(Decrease)/increase in cash and cash equivalents	5,849	14,673	(23,134)	(28,277)
Cash and cash equivalents at beginning of period	154,744	138,792	183,727	181,742
Cash and cash equivalents at end of period	160,593	$ 153,465	160,593	$ 153,465
As reported [Member]
OPERATING ACTIVITIES
Net income	28,484		69,272
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	17,436		52,852
Amortization	2,366		7,571
Change in other noncurrent liabilities	(5,102)		(6,333)
Change in deferred taxes and other liabilities	1,331		(5,571)
Provision for write-off of property, plant and equipment	2,131		3,255
Non-cash interest expense	150		304
Compensation and benefits paid or payable in Class A Common Stock	543		1,879
Fair value adjustment on foreign currency option	(10)		61
Write-off of intangible assets in a discontinued product line
Changes in operating assets and liabilities that provided/(used) cash:
Accounts receivable	(4,177)		(48,547)
Contract assets	3,040		(8,721)
Inventories	(2,228)		(12,843)
Prepaid expenses and other current assets	103		(5,117)
Income taxes prepaid and receivable	(551)		(454)
Accounts payable	(2,728)		6,154
Accrued liabilities	7,565		12,233
Income taxes payable	6,766		13,355
Noncurrent receivables	(4,676)		(8,846)
Other, net	(5,728)		(9,049)
Net cash provided by operating activities	44,715		61,455
Net cash used in investing activities	(21,519)		(60,694)
Net cash (used in)/provided by financing activities	(12,904)		(16,474)
Effect of exchange rate changes on cash and cash equivalents	(4,443)		(7,421)
(Decrease)/increase in cash and cash equivalents	5,849		(23,134)
Cash and cash equivalents at beginning of period	154,744		183,727
Cash and cash equivalents at end of period	160,593		160,593
Adjustments to reverse effects of ASC 606 [Member]
OPERATING ACTIVITIES
Net income	(767)		(3,416)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
Amortization
Change in other noncurrent liabilities
Change in deferred taxes and other liabilities	(431)		(1,539)
Provision for write-off of property, plant and equipment
Non-cash interest expense
Compensation and benefits paid or payable in Class A Common Stock
Fair value adjustment on foreign currency option
Write-off of intangible assets in a discontinued product line
Changes in operating assets and liabilities that provided/(used) cash:
Accounts receivable	1,348		(2,379)
Contract assets	(3,040)		8,721
Inventories	2,902		(1,320)
Prepaid expenses and other current assets
Income taxes prepaid and receivable
Accounts payable
Accrued liabilities	(12)		(67)
Income taxes payable
Noncurrent receivables
Other, net
Net cash provided by operating activities
Net cash used in investing activities
Net cash (used in)/provided by financing activities
Effect of exchange rate changes on cash and cash equivalents
(Decrease)/increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
As adjusted to exclude adoption of ASC 606 [Member]
OPERATING ACTIVITIES
Net income	27,717		65,856
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	17,436		52,852
Amortization	2,366		7,571
Change in other noncurrent liabilities	(5,102)		(6,333)
Change in deferred taxes and other liabilities	900		(7,110)
Provision for write-off of property, plant and equipment	2,131		3,255
Non-cash interest expense	150		304
Compensation and benefits paid or payable in Class A Common Stock	543		1,879
Fair value adjustment on foreign currency option	(10)		61
Write-off of intangible assets in a discontinued product line
Changes in operating assets and liabilities that provided/(used) cash:
Accounts receivable	(2,829)		(50,926)
Contract assets
Inventories	674		(14,163)
Prepaid expenses and other current assets	103		(5,117)
Income taxes prepaid and receivable	(551)		(454)
Accounts payable	(2,728)		6,154
Accrued liabilities	7,553		12,166
Income taxes payable	6,766		13,355
Noncurrent receivables	(4,676)		(8,846)
Other, net	(5,728)		(9,049)
Net cash provided by operating activities	44,715		61,455
Net cash used in investing activities	(21,519)		(60,694)
Net cash (used in)/provided by financing activities	(12,904)		(16,474)
Effect of exchange rate changes on cash and cash equivalents	(4,443)		(7,421)
(Decrease)/increase in cash and cash equivalents	5,849		(23,134)
Cash and cash equivalents at beginning of period	154,744		183,727
Cash and cash equivalents at end of period	$ 160,593		$ 160,593

Reportable Segments (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Net sales	$ 253,253	$ 222,141		$ 739,459	$ 636,989
Cost of goods sold	160,227	142,582		472,604	418,224
Write-off inventory costs			$ 4,000
Reserve for future losses			11,800
AEC contracts [Member]
Segment Reporting Information [Line Items]
Cost of goods sold			$ 15,800
Salt Lake City, Utah [Member]
Segment Reporting Information [Line Items]
Non-cash increase of lease modification	$ 12,700
Lease expiration date	Dec. 31, 2029
Albany Safran Composites, LLC [Member]
Segment Reporting Information [Line Items]
Net sales				136,900	84,100
Invoiced receivables, unbilled receivables and contract receivables	$ 99,000			99,000		$ 58,600
Machine Clothing [Member]
Segment Reporting Information [Line Items]
Net sales	$ 158,971	$ 150,694		$ 469,758	$ 440,093
Increase decrease in assets						22,000
AEC assets [Member]
Segment Reporting Information [Line Items]
Increase decrease in assets						$ (13,000)

Reportable Segments (Schedule of Financial Data by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information [Line Items]
Net sales	$ 253,253	$ 222,141	$ 739,459	$ 636,989
Operating income/(loss)	41,445	22,928	104,960	55,461
Interest income	(579)	(355)	(1,399)	(801)
Interest expense	5,200	4,784	14,929	13,843
Other (income)/expense, net	(3,151)	(530)	(973)	2,854
Income before income taxes	39,975	19,029	92,403	39,565
Increase/(decrease) attributable to application of ASC 606 [Member]
Segment Reporting Information [Line Items]
Net sales	(1,692)		6,342
Operating income/(loss)	1,198		4,955
Interest income
Interest expense
Other (income)/expense, net
Income before income taxes	1,198		4,955
Machine Clothing [Member]
Segment Reporting Information [Line Items]
Net sales	158,971	150,694	469,758	440,093
Operating income/(loss)	50,310	42,674	131,921	119,352
Machine Clothing [Member] \| Increase/(decrease) attributable to application of ASC 606 [Member]
Segment Reporting Information [Line Items]
Net sales	3,336		8,404
Operating income/(loss)	2,158		4,923
Albany Engineered Composites [Member]
Segment Reporting Information [Line Items]
Net sales	94,282	71,447	269,701	196,896
Operating income/(loss)	3,612	(9,301)	9,979	(32,242)
Albany Engineered Composites [Member] \| Increase/(decrease) attributable to application of ASC 606 [Member]
Segment Reporting Information [Line Items]
Net sales	(5,028)		(2,062)
Operating income/(loss)	(960)		32
Corporate Expenses [Member]
Segment Reporting Information [Line Items]
Operating income/(loss)	(12,477)	$ (10,450)	(36,940)	$ (31,663)
Corporate Expenses [Member] \| Increase/(decrease) attributable to application of ASC 606 [Member]
Segment Reporting Information [Line Items]
Operating income/(loss)

Reportable Segments (Schedule of Restructuring Costs by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Restructuring expense
Restructuring expenses, net	$ 2,552	$ 5,503	$ 13,714	$ 10,220
Machine Clothing [Member]
Restructuring expense
Restructuring expenses, net	371	96	10,523	1,012
Albany Engineered Composites [Member]
Restructuring expense
Restructuring expenses, net	2,189	5,407	2,968	9,208
Corporate Expenses [Member]
Restructuring expense
Restructuring expenses, net	$ (8)		$ 223

Pensions and Other Postretirement Benefit Plans (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2,085	$ 1,960
Interest cost	5,430	5,507
Expected return on assets	(6,702)	(6,004)
Curtailment gain	(750)
Amortization of prior service cost/(credit)	25	27
Amortization of net actuarial loss	1,665	1,943
Net periodic benefit cost	1,753	3,433
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	174	183
Interest cost	1,520	1,660
Expected return on assets
Curtailment gain
Amortization of prior service cost/(credit)	(3,366)	(3,366)
Amortization of net actuarial loss	2,217	2,107
Net periodic benefit cost	$ 545	$ 584

Pensions and Other Postretirement Benefit Plans (Schedule of Amounts Reclassified by Segment and Financial Statement) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017 USD ($)
Increase/(decrease) in expense Effect by segment operating expenses [Member]
Defined Benefit Plan Disclosure [Line Items]
Total operating expenses	$ (1,874)
Other expense, net	1,874
Increase/(decrease) in expense Effect by segment operating expenses [Member] \| Machine Clothing [Member]
Defined Benefit Plan Disclosure [Line Items]
Total operating expenses	(14)
Increase/(decrease) in expense Effect by segment operating expenses [Member] \| Albany Engineered Composites [Member]
Defined Benefit Plan Disclosure [Line Items]
Total operating expenses
Increase/(decrease) in expense Effect by segment operating expenses [Member] \| Corporate Expenses [Member]
Defined Benefit Plan Disclosure [Line Items]
Total operating expenses	(1,860)
Increase/(decrease) in expense Effect by Statement of Income [Member]
Defined Benefit Plan Disclosure [Line Items]
Total operating expenses	(1,874)
Other expense, net	1,874
Increase/(decrease) in expense Effect by Statement of Income [Member] \| Cost of goods sold [Member]
Defined Benefit Plan Disclosure [Line Items]
Total operating expenses	(371)
Increase/(decrease) in expense Effect by Statement of Income [Member] \| Selling, general and administrative expenses [Member]
Defined Benefit Plan Disclosure [Line Items]
Total operating expenses	$ (1,503)

Restructuring (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Restructuring Cost and Reserve [Line Items]
Restructuring expense			$ 9,000
Accrued restructuring costs expected to be paid within one year	$ 6,100		6,100
Accrued restructuring costs expected to be paid in year two	300		300
Severance and outplacement costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense			10,100
Write-off of intangible assets and equipment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense		$ 4,500
Cost of goods sold for write-off of inventory [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense		$ 3,200
Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense	200
AEC assets [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense	$ 1,700		$ 6,100	$ 6,100
Machine Clothing [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense					$ 1,100

Restructuring (Schedule of Restructuring Charges) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Restructuring and other, net
Restructuring expenses, net	$ 2,552	$ 5,503	$ 13,714	$ 10,220
Machine Clothing [Member]
Restructuring and other, net
Restructuring expenses, net	371	96	10,523	1,012
Albany Engineered Composites [Member]
Restructuring and other, net
Restructuring expenses, net	2,189	5,407	2,968	9,208
Corporate Expenses [Member]
Restructuring and other, net
Restructuring expenses, net	$ (8)		223
Termination and other costs [Member]
Restructuring and other, net
Restructuring expenses, net			12,558	5,185
Termination and other costs [Member] \| Machine Clothing [Member]
Restructuring and other, net
Restructuring expenses, net			11,129	1,012
Termination and other costs [Member] \| Albany Engineered Composites [Member]
Restructuring and other, net
Restructuring expenses, net			1,206	4,173
Termination and other costs [Member] \| Corporate Expenses [Member]
Restructuring and other, net
Restructuring expenses, net			223
Impairment of plant and equipment [Member]
Restructuring and other, net
Restructuring expenses, net			1,906	886
Impairment of plant and equipment [Member] \| Machine Clothing [Member]
Restructuring and other, net
Restructuring expenses, net			144
Impairment of plant and equipment [Member] \| Albany Engineered Composites [Member]
Restructuring and other, net
Restructuring expenses, net			1,762	886
Impairment of plant and equipment [Member] \| Corporate Expenses [Member]
Restructuring and other, net
Restructuring expenses, net
Benefit plan curtailment/settlement [Member]
Restructuring and other, net
Restructuring expenses, net			(750)
Benefit plan curtailment/settlement [Member] \| Machine Clothing [Member]
Restructuring and other, net
Restructuring expenses, net			(750)
Benefit plan curtailment/settlement [Member] \| Albany Engineered Composites [Member]
Restructuring and other, net
Restructuring expenses, net
Benefit plan curtailment/settlement [Member] \| Corporate Expenses [Member]
Restructuring and other, net
Restructuring expenses, net
Impairment of intangible assets [Member]
Restructuring and other, net
Restructuring expenses, net				4,149
Impairment of intangible assets [Member] \| Machine Clothing [Member]
Restructuring and other, net
Restructuring expenses, net
Impairment of intangible assets [Member] \| Albany Engineered Composites [Member]
Restructuring and other, net
Restructuring expenses, net				$ 4,149

Restructuring (Schedule of Restructuring Liability) (Details) - Termination and other costs [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Restructuring Reserve [Roll Forward]
Beginning balance	$ 3,326	$ 5,559
Restructuring charges accrued	12,558	5,185
Payments	(9,153)	(6,370)
Currency translation/other	(379)	24
Ending balance	$ 6,352	$ 4,398

Other expense, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Other expense, net (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Other Income and Expenses [Abstract]
Currency transaction (gains)/losses	$ (3,611)	$ 261	$ (2,930)	$ 2,310
Bank fees	100	116	303	375
Gain on insurance recovery		(2,000)		(2,000)
Components of net periodic pension and postretirement cost other than service	282	625	807	1,874
Other	78	468	847	295
Total	$ (3,151)	$ (530)	$ (973)	$ 2,854

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2018	Sep. 30, 2017
Income Tax Disclosure [Line Items]
Tax rates		35.00%
Federal tax rate of deferred tax assets and liabilities		21.00%
Current year and prior year earnings of Company's foreign operations		$ 100,700
Foreign withholding taxes		$ 2,300
Reduction in provisional transition tax	$ 1,100
Federal tax benefit attributable to adjustments discovered	1,900
State tax charge	800
Estimated effective tax rate on continuing operations		29.70%	36.40%
Increase decrease in unrecognized tax benefits		$ 1,200
Foreign tax credits		22,000
Increase decrease in deferred tax liabilities		$ 500
Percentage of AETR increased		2.20%
Estimated foreign-derived intangible income deduction		$ 4,500
Percentage of AETR decreased		0.80%
Uncertain tax positions	2,400
Valuation allowance	$ 5,000
Earliest Tax Year [Member]
Income Tax Disclosure [Line Items]
Open tax years		2007
Latest Tax Year [Member]
Income Tax Disclosure [Line Items]
Open tax years		2018

Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income tax based on income from continuing operations, at estimated tax rates of 29.7% and 36.4%, respectively	$ 11,857	$ 6,935	$ 27,409	$ 14,420
Provision for change in estimated tax rates	(227)	741
Income tax before discrete items	11,630	7,676	27,409	14,420
Discrete tax expense:
Exercise of U.S. Stock Options	(29)		(155)
Impact of Mandatory Repatriation			(1,099)
Adjustments to prior period tax liabilities	(7)	(73)	(259)	606
Provision for/resolution of tax audits and contingencies, net	(166)		2,282	961
Changes in Opening Valuation Allowance	63	(3,787)	(4,923)	(3,787)
Other		(7)	(124)	(62)
Total income tax expense	$ 11,491	$ 3,809	$ 23,131	$ 12,138

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share [Abstract]
Net income attributable to the Company	$ 28,215	$ 15,269	$ 68,825	$ 27,225
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share	32,264	32,187	32,247	32,160
Effect of dilutive stock-based compensation plans:
Stock options	16	27	16	33
Weighted average number of shares used in calculating diluted net income per share	32,280	32,214	32,263	32,193
Average market price of common stock used for calculation of dilutive shares	$ 72.30	$ 53.49	$ 66.01	$ 49.49
Net income attributable to the Company per share:
Basic	0.87	0.47	2.13	0.85
Diluted	$ 0.87	$ 0.47	$ 2.13	$ 0.85

Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Noncontrolling Interest (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)	$ 28,484	$ 15,220	$ 69,272	$ 27,427
Net income of ASC available for common ownership	28,215	15,269	68,825	27,225
Net income attributable to noncontrolling interest	269	(49)	447	202
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year			3,247
Net income attributable to noncontrolling interest	269	$ (49)	447	202
Noncontrolling interest	$ 3,366		3,366		$ 3,247
Albany Safran Composites, LLC [Member]
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)			5,433	2,805
Less: Return attributable to the Company's preferred holding			965	782
Net income of ASC available for common ownership			$ 4,468	$ 2,023
Ownership percentage of noncontrolling shareholder	10.00%	10.00%	10.00%	10.00%
Net income attributable to noncontrolling interest			$ 447	$ 202
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year			3,247	3,767	3,767
Decrease attributable to application of ASC 606			(327)
Net income attributable to noncontrolling interest			447	202
Changes in other comprehensive income attributable to noncontrolling interest			(1)	19
Noncontrolling interest	$ 3,366	$ 3,988	$ 3,366	$ 3,988	$ 3,247

Accumulated Other Comprehensive Income (AOCI) (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 569,768
Ending balance	605,276
Translation adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(87,318)	$ (133,298)
Other comprehensive income/(loss) before reclassifications	(23,582)	40,775
Pension/postretirement curtailment gain, net of tax
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax
Net current period other comprehensive income	(23,582)	40,775
Ending balance	(110,900)	(92,523)
Pension and postretirement liability adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(50,536)	(51,719)
Other comprehensive income/(loss) before reclassifications	2,389	(1,427)
Pension/postretirement curtailment gain, net of tax	(525)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	379	498
Net current period other comprehensive income	2,243	(929)
Ending balance	(48,293)	(52,648)
Derivative valuation adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	1,953	828
Other comprehensive income/(loss) before reclassifications	7,374	(679)
Pension/postretirement curtailment gain, net of tax
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	105	768
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax
Net current period other comprehensive income	7,479	89
Ending balance	9,432	917
Total Other Comprehensive Income [Member] [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(135,901)	(184,189)
Other comprehensive income/(loss) before reclassifications	(13,819)	38,669
Pension/postretirement curtailment gain, net of tax	(525)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	105	768
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	379	498
Net current period other comprehensive income	(13,860)	39,935
Ending balance	$ (149,761)	$ (144,254)

Accumulated Other Comprehensive Income (AOCI) (Schedule of Items Reclassified to Statement of Income) (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

Sep. 30, 2018

Sep. 30, 2017

$ 5,200

$ 4,784

$ 14,929

$ 13,843

Total pretax amount reclassified

39,975

19,029

92,403

39,565

Income tax effect

11,491

3,809

23,131

12,138

Effect on net income due to items reclassified from Accumulated Other Comprehensive Income

(28,215)

(15,269)

(68,825)

(27,225)

^[1]

(232)

(750)

^[2]

(1,114)

(1,113)

(3,341)

(3,339)

Reclassification out of Accumulated Other Comprehensive Income [Member] | Derivative valuation adjustment [Member]

^[2]

1,294

1,350

3,882

4,050

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

^[3]

(96)

295

138

1,238

Income tax effect

(112)

(33)

(470)

Effect on net income due to items reclassified from Accumulated Other Comprehensive Income

(73)

183

105

768

Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension and postretirement liability adjustments [Member]

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Total pretax amount reclassified

(52)

237

(209)

711

Income tax effect

(71)

(213)

Effect on net income due to items reclassified from Accumulated Other Comprehensive Income

$ (36)

$ 166

$ (146)

$ 498

[1]	The curtailment adjustment was included in restructuring expenses, net (see Note 5).
[2]	These accumulated other comprehensive income components are included in Other (income)/expense, net (see Note 4).
[3]	Included in Interest expense are payments related to the interest rate swap agreements and amortization of swap buyouts (see Note 16).

Accounts Receivable (Details) - USD ($) $ in Thousands	9 Months Ended
Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Receivables [Abstract]
Trade and other accounts receivable	$ 241,748	$ 152,375
Bank promissory notes	18,390	20,255
Revenue in excess of progress billings		37,964
Allowance for doubtful accounts	(7,674)	(7,919)
Total accounts receivable	252,464	202,675
Noncurrent receivables	$ 41,657	$ 32,811
Interest rate	2.00%
Increase in accounts receivables	$ 7,700

Contract Assets and Liabilities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Contract assets	$ 56,100		$ 56,100
Increase decrease in contract assets	3,040		(8,721)
Increase decrease in contract liabilities			5,600
Revenue recognized			1,000
Accounts Receivable [Member]
Contract assets	$ 47,400		$ 47,400

Contract Assets and Liabilities (Schedule of Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Contract Assets And Liabilities
Contract assets	$ 56,100
Contract liabilities	$ 6,310

Inventories (Details) - USD ($) $ in Thousands	9 Months Ended
Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw materials	$ 42,011	$ 42,215
Work in process	45,621	65,448
Finished goods	12,133	28,856
Total inventories	99,765	$ 136,519
Decrease in inventories of adoption of ASC 606	$ 47,100

Goodwill and Other Intangible Assets (Schedule of intangible assets and goodwill) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Amortized intangible assets:
Gross carrying value	$ 66,724	$ 66,724
Accumulated amortization	(15,959)	(11,283)
Net carrying amount	50,765	55,441
Goodwill
Gross carrying value	165,103	166,796
Accumulated amortization
Net carrying amount	165,103	166,796
AEC Trade Names [Member]
Amortized intangible assets:
Gross carrying value	140	140
Accumulated amortization	(128)	(125)
Net carrying amount	$ 12	$ 15
Goodwill
Amortization life in years	15 years	15 years
AEC Technology [Member]
Amortized intangible assets:
Gross carrying value	$ 370	$ 370
Accumulated amortization	(308)	(290)
Net carrying amount	$ 62	$ 80
Goodwill
Amortization life in years	15 years	15 years
Customer Relationships [Member]
Amortized intangible assets:
Gross carrying value	$ 48,421	$ 48,421
Accumulated amortization	(8,076)	(5,654)
Net carrying amount	$ 40,345	$ 42,767
Goodwill
Amortization life in years	15 years	15 years
Customer Contracts [Member]
Amortized intangible assets:
Gross carrying value	$ 17,471	$ 17,471
Accumulated amortization	(7,287)	(5,102)
Net carrying amount	$ 10,184	$ 12,369
Goodwill
Amortization life in years	6 years	6 years
Other Intangible [Member]
Amortized intangible assets:
Gross carrying value	$ 322	$ 322
Accumulated amortization	(160)	(112)
Net carrying amount	$ 162	$ 210
Goodwill
Amortization life in years	5 years	5 years
MC Goodwill [Member]
Goodwill
Gross carrying value	$ 69,373	$ 71,066
Accumulated amortization
Net carrying amount	69,373	71,066
AEC Goodwill [Member]
Goodwill
Gross carrying value	95,730	95,730
Accumulated amortization
Net carrying amount	$ 95,730	$ 95,730

Goodwill and Other Intangible Assets (Schedule of changes in intangible assets and goodwill) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018 USD ($)
Amortized intangible assets:
Beginning Balance	$ 55,441
Amortization	(4,676)
Currency Translation
Ending Balance	50,765
Goodwill
Beginning Balance	166,796
Amortization
Currency Translation	(1,693)
Ending Balance	165,103
AEC Trade Names [Member]
Amortized intangible assets:
Beginning Balance	15
Amortization	(3)
Currency Translation
Ending Balance	12
AEC Technology [Member]
Amortized intangible assets:
Beginning Balance	80
Amortization	(18)
Currency Translation
Ending Balance	62
Customer Relationships [Member]
Amortized intangible assets:
Beginning Balance	42,767
Amortization	(2,422)
Currency Translation
Ending Balance	40,345
Customer Contracts [Member]
Amortized intangible assets:
Beginning Balance	12,369
Amortization	(2,185)
Currency Translation
Ending Balance	10,184
Other Intangible [Member]
Amortized intangible assets:
Beginning Balance	210
Amortization	(48)
Currency Translation
Ending Balance	162
MC Goodwill [Member]
Goodwill
Beginning Balance	71,066
Amortization
Currency Translation	(1,693)
Ending Balance	69,373
AEC Goodwill [Member]
Goodwill
Beginning Balance	95,730
Amortization
Currency Translation
Ending Balance	$ 95,730

Goodwill and Other Intangible Assets (Schedule of Estimated Amortization Expense) (Details) $ in Thousands	Sep. 30, 2018 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2018	$ 6,234
2019	6,234
2020	6,234
2021	6,163
2022	$ 3,949

Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 17, 2018	Dec. 31, 2017	Nov. 28, 2017	Nov. 27, 2017	Nov. 07, 2017	May 06, 2016	Apr. 08, 2016
Debt Instrument [Line Items]
Maximum leverage ratio allowed	3.75
Minimum interest coverage ratio required	3.00
Leverage ratio	2.05
Interest coverage ratio	11.50
Credit Agreement [Member]
Debt Instrument [Line Items]
Interest rate	3.61%		3.40%
Amount of credit facility						$ 685,000		$ 550,000
Amount of credit facility outstanding	$ 504,000
Additional amount that can be borrowed on facility	$ 181,000
LIBOR spread	1.50%
Credit Agreement [Member] \| Interest Rate Current Swap [Member]
Debt Instrument [Line Items]
Borrowings, revolving credit facility					$ 300,000		$ 120,000
Notional amount		$ 350,000		$ 350,000
Fixed interest rate in swap		3.61%		2.11%
LIBOR rate		2.16%
Amount paid to terminate agreement							$ 5,200
Amount received from terminate agreement					$ 6,300
Credit Agreement [Member] \| Minimum [Member]
Debt Instrument [Line Items]
LIBOR spread	1.25%
Credit Agreement [Member] \| Maximum [Member]
Debt Instrument [Line Items]
LIBOR spread	1.75%
Finance lease obligation [Member]
Debt Instrument [Line Items]
Interest rate	5.00%
Maturity date	Dec. 31, 2022

Financial Instruments (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term debt	$ 530,234	$ 515,919
Less: current portion	(1,231)	(1,799)
Long-term debt, net of current portion	529,003	514,120
Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term debt	$ 504,000	$ 501,000
Interest rate	3.61%	3.40%
Maturity date range, end	Dec. 31, 2022
Finance lease obligation [Member]
Debt Instrument [Line Items]
Long-term debt	$ 26,234	$ 14,919
Interest rate	5.00%
Maturity date range, end	Dec. 31, 2022

Financial Instruments (Schedule of future minimum annual lease payments) (Details) $ in Thousands	Sep. 30, 2018 USD ($)
Long-term Debt and Capital Lease Obligations [Abstract]
2018	$ 623
2019	2,472
2020	2,995
2021	2,997
2022	3,054
Thereafter	22,207
Total minimum lease payments	34,348
Less: Amount representing interest	(8,114)
Present value of minimum lease payments	$ 26,234

Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Derivative [Line Items]
Interest expense (income)	$ (4,621)	$ (4,429)	$ (13,530)	$ (13,042)
Interest Rate Current Swap [Member]
Derivative [Line Items]
Interest expense (income)			600	600
Interest Rate Swap Buyouts [Member]
Derivative [Line Items]
Interest expense (income)			$ (500)	$ 600

Fair-Value Measurements (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($)
$ in Thousands

Sep. 30, 2018

Dec. 31, 2017

Derivative asset:

Common stock of foreign public company, original cost

$ 500

Interest Rate Current Swap [Member]

Derivative asset:

Liability for fixed rate leg

39,800

34,900

Receivable for floating rate leg

29,000

34,600

Quoted Prices in Active Markets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member]

Assets:

Cash equivalents

25,056

13,601

Common stock of unaffiliated foreign public company

^[1]

918

999

Liabilities:

Interest rate swaps

Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member]

Assets:

Cash equivalents

Common stock of unaffiliated foreign public company

^[1]

Liabilities:

Interest rate swaps

$ 10,819

^[2]

$ 313

^[3]

[1]	Original cost basis $0.5 million
[2]	Net of $39.8 million receivable floating leg and $29.0 million liability fixed leg
[3]	Net of $34.9 million receivable floating leg and $34.6 million liability fixed leg

Fair-Value Measurements (Schedule of (Losses)/Gains on Changes in Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Derivatives not designated as hedging instruments Foreign currency options gains/(losses)	$ 10	$ (2)	$ (61)	$ (131)

Contingencies (Narrative) (Details) - Asbestos Litigation [Member] $ in Thousands	Sep. 30, 2018 USD ($) claims
Loss Contingencies [Line Items]
Total resolved claims, by means of settlement or dismissal \| claims	37,726
Total cost of resolution \| $	$ 10,300
Resolution costs paid by insurance carrier	100.00%
Confirmed insurance coverage \| $	$ 140,000
Brandon Drying Fabrics, Inc. [Member]
Loss Contingencies [Line Items]
Total resolved claims, by means of settlement or dismissal \| claims	7,708
Resolution costs paid by insurance carrier	100.00%

Contingencies (Schedule of Changes in Claims) (Details) - Asbestos Litigation [Member] $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018 USD ($) claims	Dec. 31, 2017 USD ($) claims	Dec. 31, 2016 USD ($) claims	Dec. 31, 2015 USD ($) claims	Dec. 31, 2014 USD ($) claims	Dec. 31, 2013 USD ($) claims
Loss Contingencies [Line Items]
Opening Number of Claims	3,730	3,745	3,791	3,821	4,299	4,463
Claims Dismissed, Settled, or Resolved	132	105	148	116	625	230
New Claims	75	90	102	86	147	66
Closing Number of Claims	3,673	3,730	3,745	3,791	3,821	4,299
Amounts Paid (thousands) to Settle or Resolve \| $	$ 100	$ 55	$ 758	$ 164	$ 437	$ 78

Changes in Shareholders' Equity (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
ASC 606 [Member]
Increase decrease in retained earnings	$ 5,600
Increase decrease in non controlling interest	300
ASU 2016-16 [Member]
Increase decrease in retained earnings	$ 500

Changes in Shareholders' Equity (Schedule of Activity in Shareholders' Equity) (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

Sep. 30, 2018

Sep. 30, 2017

$ 573,015

^[1],[2]

(5,413)

Compensation and benefits paid or payable in shares

$ 28,484

$ 15,220

69,272

$ 27,427

1,879

202

(16,452)

(23,583)

2,243

7,479

608,642

Common Stock [Member]

^[1],[2]

Compensation and benefits paid or payable in shares

Additional paid in capital [Member]

428,423

^[1],[2]

Compensation and benefits paid or payable in shares

1,606

202

Retained earnings [Member]

430,231

534,082

^[1],[2]

(5,086)

Compensation and benefits paid or payable in shares

68,825

(16,452)

Total Other Comprehensive Income [Member] [Member]

581,369

(135,901)

^[1],[2]

Compensation and benefits paid or payable in shares

(23,582)

2,243

7,479

(149,761)

Treasury stock [Member]

(256,876)

^[1],[2]

Compensation and benefits paid or payable in shares

273

Noncontrolling Interest [Member]

(256,603)

3,247

^[1],[2]

(327)

Compensation and benefits paid or payable in shares

447

(1)