0000891092-19-011646 | 10-Q | XBRL Viewer | Albany International Corp DE

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Document and Entity Information - shares shares in Millions	9 Months Ended
Document and Entity Information - shares shares in Millions	Sep. 30, 2019	Oct. 20, 2019
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Entity File Number	1-10026
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Registrant Name	ALBANY INTERNATIONAL CORP.
Entity Incorporation, State or Country Code	DE
Entity Address, City or Town	Rochester
Entity Address, State or Province	NH
Entity Tax Identification Number	14-0462060
Entity Address, Address Line One	216 Airport Drive
Entity Address, Postal Zip Code	03867
Local Phone Number	603-330-5850
Entity Information, Former Legal or Registered Name	N/A
Entity Central Index Key	0000819793
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Small Business	false
City Area Code	603
Document Quarterly Report	true
Document Transition Report	false
Common Class A [Member]
Entity Common Stock, Shares Outstanding		30.7
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	AIN
Name of Exchange on which Security is Registered	NYSE
Common Class B [Member]
Entity Common Stock, Shares Outstanding		1.6
Title of 12(b) Security	Class B Common Stock, $0.001 par value per share
Trading Symbol	AIN
Name of Exchange on which Security is Registered	NYSE

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net sales	$ 271,133	$ 251,889	$ 796,454	$ 730,866
Cost of goods sold	167,026	159,487	495,394	469,039
Gross profit	104,107	92,402	301,060	261,827
Selling, general, and administrative expenses	39,841	39,058	121,602	117,646
Technical and research expenses	8,832	9,958	28,323	30,473
Restructuring expenses, net	(244)	2,552	1,139	13,714
Operating income	55,678	40,834	149,996	99,994
Interest expense, net	3,987	4,621	13,035	13,530
Other income, net	(1,628)	(3,151)	(1,906)	(973)
Income before income taxes	53,319	39,364	138,867	87,437
Income tax expense	13,194	11,359	35,075	21,690
Net income	40,125	28,005	103,792	65,747
Net income attributable to the noncontrolling interest	116	269	539	447
Net income attributable to the Company	$ 40,009	$ 27,736	$ 103,253	$ 65,300
Earnings per share attributable to Company shareholders - Basic	$ 1.24	$ 0.86	$ 3.20	$ 2.02
Earnings per share attributable to Company shareholders - Diluted	$ 1.24	$ 0.86	$ 3.20	$ 2.02
Shares of the Company used in computing earnings per share:
Basic	32,306	32,264	32,293	32,247
Diluted	32,317	32,280	32,305	32,263
Dividends declared per share, Class A and Class B	$ 0.18	$ 0.17	$ 0.54	$ 0.51

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 40,125	$ 28,005	$ 103,792	$ 65,747
Other comprehensive income/(loss), before tax:
Foreign currency translation and other adjustments	(22,041)	(7,847)	(24,243)	(21,193)
Pension/postretirement curtailment		(232)		(750)
Amortization of pension liability adjustments:
Prior service credit	(1,105)	(1,114)	(3,315)	(3,341)
Net actuarial loss	1,118	1,294	3,357	3,882
Payments and amortization related to interest rate swaps included in earnings	(245)	(96)	(1,117)	138
Derivative valuation adjustment	(1,532)	1,777	(10,796)	9,703
Income taxes related to items of other comprehensive income/(loss):
Pension/postretirement curtailment		70		225
Amortization of pension liability adjustment	(4)	(54)	(13)	(162)
Payments related to interest rate swaps included in earnings	62	23	285	(33)
Derivative valuation adjustment	392	(427)	2,759	(2,329)
Comprehensive income	16,770	21,399	70,709	51,887
Comprehensive income attributable to the noncontrolling interest	103	264	520	446
Comprehensive income attributable to the Company	$ 16,667	$ 21,135	$ 70,189	$ 51,441

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 173,739	$ 215,233		$ 197,755	$ 160,593	$ 154,744		$ 183,727
Accounts receivable, net	224,232			223,176
Contract assets	64,571			57,447
Inventories	105,705			85,904
Income taxes prepaid and receivable	6,774			7,473
Prepaid expenses and other current assets	24,849			21,294
Total current assets	599,870			593,049
Property, plant and equipment, net	449,299			462,055
Intangibles, net	44,530			49,206
Goodwill	162,075			164,382
Deferred income taxes	51,761			62,622
Noncurrent receivables	45,699			45,061
Other assets	51,488			41,617
Total assets	1,404,722			1,417,992
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	60,994			52,246
Accrued liabilities	122,741			129,030
Current maturities of long-term debt	20			1,224
Income taxes payable	7,787			6,806
Total current liabilities	191,542			189,306
Long-term debt	424,012			523,707
Other noncurrent liabilities	118,153			88,277
Deferred taxes and other liabilities	7,934			8,422
Total liabilities	741,641			809,712
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
Additional paid in capital	431,860			430,555
Retained earnings	675,491			589,645
Accumulated items of other comprehensive income:
Translation adjustments	(139,153)			(115,976)
Pension and postretirement liability adjustments	(48,146)			(47,109)
Derivative valuation adjustment	(4,172)			4,697
Treasury stock (Class A), at cost 8,408,770 shares in 2019 and 8,418,620 shares in 2018	(256,391)			(256,603)
Total Company shareholders' equity	659,530			605,249
Noncontrolling interest	3,551			3,031
Total equity	663,081	651,316	$ 626,407	608,280	605,134	588,630	$ 592,578	573,015
Total liabilities and shareholders' equity	1,404,722			1,417,992
Common Class A [Member]
SHAREHOLDERS' EQUITY
Common Stock	39			37
Accumulated items of other comprehensive income:
Total equity	39	39	37	37	37	37	37	37
Common Class B [Member]
SHAREHOLDERS' EQUITY
Common Stock	2			3
Accumulated items of other comprehensive income:
Total equity	$ 2	$ 2	$ 3	$ 3	$ 3	$ 3	$ 3	$ 3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
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
Treasury stock, shares	8,408,770	8,418,620
Common Class A [Member]
Common Stock, par value per share	$ 1	$ 1
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, shares issued	39,098,292	37,450,329
Common Class B [Member]
Common Stock, par value per share	$ 1	$ 1
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, shares issued	1,617,998	3,233,998
Common Stock, shares outstanding	1,617,998	3,233,998

CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
OPERATING ACTIVITIES
Net income	$ 40,125	$ 28,005	$ 103,792	$ 65,747
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	15,672	17,436	46,659	52,852
Amortization	1,582	2,366	6,305	7,571
Change in deferred taxes and other liabilities	13,548	1,199	12,802	(7,012)
Provision for write-off of property, plant and equipment	(5)	2,131	1,101	3,255
Non-cash interest expense	151	150	454	304
Compensation and benefits paid or payable in Class A Common Stock	790	543	1,413	1,879
Fair value adjustment on foreign currency option		(10)		61
Changes in operating assets and liabilities that provided cash:
Accounts receivable	(9,950)	(2,813)	(7,140)	(39,954)
Contract assets	(9,605)	3,040	(6,558)	(8,721)
Inventories	(3,760)	(2,968)	(21,927)	(16,408)
Prepaid expenses and other current assets	131	103	(4,057)	(5,117)
Income taxes prepaid and receivable	304	(551)	662	(454)
Accounts payable	363	(2,728)	7,837	6,154
Accrued liabilities	3,407	7,552	(8,762)	12,171
Income taxes payable	(5,611)	6,766	1,619	13,355
Noncurrent receivables	(339)	(4,676)	(679)	(8,846)
Other noncurrent liabilities	(2,251)	(5,102)	(4,411)	(6,333)
Other, net	(1,055)	(5,728)	(2,517)	(9,049)
Net cash provided by operating activities	43,497	44,715	126,593	61,455
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(13,442)	(21,441)	(48,846)	(60,564)
Purchased software	(257)	(78)	(306)	(130)
Net cash used in investing activities	(13,699)	(21,519)	(49,152)	(60,694)
FINANCING ACTIVITIES
Proceeds from borrowings		3,000	20,000	26,031
Principal payments on debt	(58,006)	(10,471)	(95,014)	(24,614)
Principal payments on finance lease liabilities	(298)		(876)
Taxes paid in lieu of share issuance			(971)	(1,652)
Proceeds from options exercised	33	52	105	202
Dividends paid	(5,814)	(5,485)	(17,435)	(16,441)
Net cash used in financing activities	(64,085)	(12,904)	(94,191)	(16,474)
Effect of exchange rate changes on cash and cash equivalents	(7,207)	(4,443)	(7,266)	(7,421)
(Decrease)/increase in cash and cash equivalents	(41,494)	5,849	(24,016)	(23,134)
Cash and cash equivalents at beginning of period	215,233	154,744	197,755	183,727
Cash and cash equivalents at end of period	$ 173,739	$ 160,593	$ 173,739	$ 160,593

Significant Accounting Policies

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Significant Accounting Policies

1. Significant Accounting Policies

Basis of Presentation

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

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

The information included in this Quarterly Report on Form 10-Q should be read in conjunction with “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, 2018. Certain quarterly results for 2018 contained within this report have been revised to correct immaterial errors, as described in Note 24 of Item 8 in that same Annual Report on Form 10-K.

Effective January 1, 2019, we adopted the provisions of ASC 842, Leases, using the effective date approach for transition as discussed in Note 3, Leases. Accounting policies have been applied consistently to periods presented, except for the application of ASC 842, as further described in Note 3.

Reportable Segments

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Reportable Segments

2. Reportable Segments

In accordance with applicable disclosure guidance for enterprise segments and related information, the internal organization that is used by management for making operating decisions and assessing performance is used as the basis for our reportable segments.

The Machine Clothing (MC) segment designs and manufactures fabrics and process felts used in the manufacture of all grades of paper products and other industrial products. We sell our MC products directly to customer end-users in countries across the globe. Our products, manufacturing processes, and distribution channels for MC are substantially the same in each region of the world in which we operate. We design, manufacture, and market paper machine clothing (used in the manufacturing of paper, paperboard, tissue and towel) for each section of the paper machine and for every grade of paper. Paper machine clothing products are customized, consumable products of technologically sophisticated design that utilize polymeric materials in a complex structure.

The Albany Engineered Composites (AEC) segment, including Albany Safran Composites, LLC (ASC), in which our customer SAFRAN Group (Safran) owns a 10 percent noncontrolling interest, is a designer and manufacturer of advanced materials-based engineered components for jet engine and airframe applications, and provides highly engineered, advanced composite structures to customers in the commercial and defense aerospace industries. AEC’s largest program relates to CFM International’s LEAP engine. Under this program, AEC through ASC, is the exclusive supplier of advanced composite fan blades and cases under a long-term supply contract. The manufacturing spaces used for the production of parts under the long-term supply agreement are owned by Safran, and leased to the Company at either a market rent or a minimal cost. All lease expense is reimbursable by Safran to the Company due to the cost-plus nature of the supply agreement. AEC net sales to Safran were $175.2 million and $136.9 million in the first nine months of 2019 and 2018, respectively. The total of Accounts receivable, Contract assets and Noncurrent receivables due from Safran amounted to $107.5 million and $96.2 million as of September 30, 2019 and December 31, 2018, respectively.

Index

The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements:

Three months ended September 30,

Nine months ended September 30,

(in thousands)

2019

2018

2019

2018

Net sales

Machine Clothing

$151,324

$157,608

$450,673

$461,165

Albany Engineered Composites

119,809

94,281

345,781

269,701

Consolidated total

$271,133

$251,889

$796,454

$730,866

Operating income/(loss)

Machine Clothing

$51,906

$49,695

$145,688

$126,952

Albany Engineered Composites

17,345

3,613

44,598

9,980

Corporate expenses

(13,573)

(12,474)

(40,290)

(36,938)

Operating income

$55,678

$40,834

$149,996

$99,994

Reconciling items:

Interest income

(851)

(579)

(2,037)

(1,399)

Interest expense

4,838

5,200

15,072

14,929

Other income, net

(1,628)

(3,151)

(1,906)

(973)

Income before income taxes

$53,319

$39,364

$138,867

$87,437

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)

2019

2018

2019

2018

Machine Clothing

$(211)

$370

$1,125

$10,522

Albany Engineered Composites

(33)

2,189

18

2,968

Corporate expenses

—

(7)

(4)

224

Total

$(244)

$2,552

$1,139

$13,714

Products and services provided under long-term contracts represent a significant portion of sales in the Albany Engineered Composites segment and we account for these contracts using the percentage of completion (actual cost to estimated cost) method. That method requires significant judgment and estimation, which could be considerably different if the underlying circumstances were to change. When adjustments in estimated contract revenues or costs are required, any changes from prior estimates are included in earnings in the period the change occurs. The sum of net adjustments to the estimated profitability of long-term contracts during the first three quarters increased AEC operating income by $8.8 million and $0.5 million in 2019 and 2018, respectively.

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.

Index

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

For the three months ended September 30, 2019

(in thousands)

Point in Time Revenue

Recognition

Over Time Revenue

Recognition

Total

Machine Clothing

$150,524

$800

$151,324

Albany Engineered Composites

ASC

—

56,414

56,414

Other AEC

6,708

56,687

63,395

Total Albany Engineered Composites

6,708

113,101

119,809

Total revenue

$157,232

$113,901

$271,133

For the nine months ended September 30, 2019

(in thousands)

Point in Time Revenue Recognition

Over Time Revenue Recognition

Total

Machine Clothing

$448,273

$2,400

$450,673

Albany Engineered Composites

ASC

—

170,551

170,551

Other AEC

22,850

152,380

175,230

Total Albany Engineered Composites

22,850

322,931

345,781

Total revenue

$471,123

$325,331

$796,454

For the three months ended September 30, 2018

(in thousands)

Point in Time Revenue

Recognition

Over Time Revenue

Recognition

Total

Machine Clothing

$156,808

$800

$157,608

Albany Engineered Composites

ASC

—

47,166

47,166

Other AEC

4,165

42,950

47,115

Total Albany Engineered Composites

4,165

90,116

94,281

Total revenue

$160,973

$90,916

$251,889

For the nine months ended September 30, 2018

(in thousands)

Point in Time Revenue Recognition

Over Time Revenue Recognition

Total

Machine Clothing

$458,765

$2,400

$461,165

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

$474,674

$256,192

$730,866

Index

The following table disaggregates MC segment revenue by significant product groupings (paper machine clothing (PMC) and engineered fabrics), and, for PMC, the geographical region to which the paper machine clothing was sold:

For the three months ended September 30,

For the nine months ended September 30,

(in thousands)

2019

2018

2019

2018

Americas PMC

$82,763

$79,246

$239,686

$229,072

Eurasia PMC

50,330

59,321

155,849

172,675

Engineered Fabrics

18,231

19,041

55,138

59,418

Total Machine Clothing Net sales

$151,324

$157,608

$450,673

$461,165

In accordance with ASC 606, we do not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Contracts in the MC segment are generally for periods of less than a year. Most contracts in the AEC segment are short duration firm-fixed-price orders representing performance obligations with an original maturity of less than one year. Remaining performance obligations on contracts that had an original duration of greater than one year totaled $81 million and $95 million as of September 30, 2019 and 2018, respectively, and related primarily to firm contracts in the AEC segment. Of the remaining performance obligations as of September 30, 2019 we expect to recognize as revenue approximately $25 million during 2019, with the remainder to be recognized in between 2020 and 2021.

At the January 1, 2019 date of adoption of ASC 842, Leases, MC assets increased by $5.6 million, AEC assets increased by $0.5 million, and Corporate assets increased by $1.0 million. Other than the impact from adoption, noted above, there were no other material changes in the total assets of the reportable segments in the first nine months of 2019.

Leases

9 Months Ended

Sep. 30, 2019

Lessee Disclosure [Abstract]

Leases

3. Leases

Effective January 1, 2019, we adopted the provisions of ASC 842, Leases, using the effective date (or modified retrospective) approach for transition. Under this transition method, periods prior to 2019 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, 2019.

The new standard is intended to increase transparency and comparability among organizations by requiring the recognition of right of use (“ROU”) assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. We applied the new accounting standard to leases existing at the date of initial application on January 1, 2019.

We elected the available package of practical expedients, which permitted us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We implemented processes and internal controls to enable the preparation of financial information on adoption.

The most significant impact resulting from the adoption of the new standard was the recognition of ROU assets and lease liabilities for operating leases on our balance sheet for our real estate and automobile operating leases, in addition to the derecognition and reassessment of assets and liabilities related to our primary manufacturing facility in Salt Lake City, Utah (SLC lease), which had been accounted for as a build-to-suit lease with a failed sale leaseback. For that lease, transitional guidance required the derecognition of existing assets and liabilities and a reassessment of lease classification. We determined that the lease met the criteria for recording as a finance lease and we determined the January 1, 2019 values of the ROU asset and lease liability on the basis of that reassessment. The change in the SLC lease-related assets and liabilities resulted in a $0.3 million pre-tax reduction to retained earnings at the date of adoption.

Index

The table below presents the cumulative effect of changes made to our December 31, 2018 Balance Sheet as a result of the adoption of ASC 842, Leases:

ALBANY INTERNATIONAL CORP.

CONSOLIDATED BALANCE SHEET

(in thousands, except share data)

(unaudited)

As previously

reported at

December 31,

2018

Adjustments

Increase/

(decrease)

Opening

balance, as

adjusted,

January 1, 2019

ASSETS

Cash and cash equivalents

$197,755

$—

$197,755

Accounts receivable, net

223,176

—

223,176

Contract assets

57,447

—

57,447

Inventories

85,904

—

85,904

Income taxes prepaid and receivable

7,473

—

7,473

Prepaid expenses and other current assets

21,294

(370)

20,924

Total current assets

$593,049

$(370)

$592,679



Property, plant and equipment, net

462,055

(6,144)

455,911

Intangibles, net

49,206

—

49,206

Goodwill

164,382

—

164,382

Deferred income taxes

62,622

(20)

62,602

Noncurrent receivables

45,061

—

45,061

Other assets

41,617

13,615

55,232

Total assets

$1,417,992

$7,081

$1,425,073



LIABILITIES AND SHAREHOLDERS' EQUITY

Notes and loans payable

$—

$—

$—

Accounts payable

52,246

—

52,246

Accrued liabilities

129,030

4,964

133,994

Current maturities of long-term debt

1,224

(1,206)

18

Income taxes payable

6,806

—

6,806

Total current liabilities

189,306

3,758

193,064



Long-term debt

523,707

(24,680)

499,027

Other noncurrent liabilities

88,277

27,968

116,245

Deferred taxes and other liabilities

8,422

—

8,422

Total liabilities

809,712

7,046

816,758



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

430,555

—

430,555

Retained earnings

589,645

35

589,680

Accumulated items of other comprehensive income:

Translation adjustments

(115,976)

—

(115,976)

Pension and postretirement liability adjustments

(47,109)

—

(47,109)

Derivative valuation adjustment

4,697

—

4,697

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

605,249

35

605,284

Noncontrolling interest

3,031

—

3,031

Total equity

608,280

35

608,315

Total liabilities and shareholders' equity

$1,417,992

$7,081

$1,425,073

Index

Adoption of the standard had no impact to our Consolidated Statements of Cash Flows.

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

We determine if an arrangement is a lease at inception. A contract is, or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, we assess whether:

•

The contract involves the use of an identified asset. This may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset,

•

The lessee has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use, and

•

The lessee has the right to direct the use of the asset, which is demonstrated when the lessee has decision-making rights that are most relevant to changing how and for what purpose the asset is used.

Judgement is required in the application of ASC 842, including the determination of whether a contract contains a lease, the appropriate classification, allocation of consideration, and the determination of the discount rate for the lease. Key estimates and judgments include how the Company determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) lease term and (3) lease payments.

We are generally the lessee in our lease transactions. For periods ending after December 31, 2018, lessees are required to recognize a lease liability and an ROU asset for leases with terms greater than 12 months, in accordance with the practical expedient that is available for ongoing accounting.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized on the commencement date based on the present value of lease payments over the lease term, using the rate implicit in the lease. If that rate is not readily determinable, the rate is based on the Company’s incremental borrowing rate. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease. Our ROU assets include the values associated with the additional periods when it is reasonably certain that we will exercise the option. We review the carrying value of ROU assets for impairment whenever events and circumstances indicate that the carrying value of an asset group may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition.

We have lease agreements with lease and non-lease components. For most leases, we account for the lease and non-lease components as a single lease component, in accordance with the practical expedient that is available for ongoing accounting. Additionally, for certain leases, such as for vehicles, we apply a portfolio approach. New leases will be classified as financing 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.

Operating lease ROU assets are included in Other assets in the Consolidated Balance Sheets and Operating lease liabilities are included in Accrued liabilities and Other noncurrent liabilities in the Consolidated Balance Sheets. Finance lease ROU assets are included in Property, plant, and equipment, net in the Consolidated Balance Sheets and Finance lease liabilities are included in Accrued liabilities and Other noncurrent liabilities in the Consolidated Balance Sheets.

We have operating and finance leases for offices, manufacturing facilities, warehouses, vehicles, and certain equipment. Our leases have remaining lease terms of 1 year to 10 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases within 1 year.

Index

The components of lease expense were as follows:

(in thousands)

For the three

months ended

September 30, 2019

For the nine

months ended

September 30, 2019

Finance lease

Amortization of right-of-use asset

$249

$748

Interest on lease liabilities

388

1,181

Operating lease

Fixed lease cost

991

3,416

Variable lease cost

59

263

Short-term lease cost

350

1,022

Total lease expense

$2,037

$6,630

Lease expense for the three and nine month periods ended September 30, 2018 was $2.1 million and $6.1 million, respectively.

Supplemental cash flow information related to leases was as follows:

(in thousands)

For the three

months ended

September 30, 2019

For the nine

months ended

September 30, 2019

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases

$974

$3,350

Operating cash flows from finance leases

388

1,181

Financing cash flows from finance leases

298

876

Right-of-use assets obtained in exchange for lease obligations:

Operating leases

$988

$3,990

Finance leases

—

—

The initial recognition of each ROU asset and lease liability at lease commencement is a noncash transaction that is excluded from amounts reported in the Consolidated Statements of Cash Flows.

Supplemental balance sheet information related to leases was as follows:

(in thousands)

September 30, 2019

Operating leases

Right of use assets included in Other assets

$13,838

Lease liabilities included in

Accrued liabilities

$3,780

Other noncurrent liabilities

10,131

Total operating lease liabilities

$13,911

Finance leases

Right of use assets included in Property, plant and equipment, net

$10,223

Lease liabilities included in

Accrued liabilities

$1,290

Other noncurrent liabilities

17,900

Total finance lease liabilities

$19,190

Index

Additional information for leases existing at September 30, 2019 was as follows:

Weighted average remaining lease term

Operating leases

4 years

Finance leases

10 years

Weighted average discount rate

Operating leases

5.7%

Finance leases

8.0%

Maturities of lease liabilities as of September 30, 2019 were as follows:

(in thousands)

Operating leases

Finance lease

Year ending December 31,

2019

$1,316

$686

2020

4,603

2,790

2021

3,497

2,790

2022

2,471

2,838

2023

1,495

3,004

Thereafter

3,054

15,512

Total lease payments

16,436

27,620

Less imputed interest

(2,525)

(8,430)

Total

$13,911

$ 19,190

The finance lease liability includes the SLC lease described above, but excludes additional manufacturing space that was included in the September 2018 modification of that lease. We expect to take control of the additional space during the fourth quarter of 2019, which would be the commencement of this lease component, at which time the lease liability and ROU asset will be recorded. We expect to have control of the additional space through 2029 and the additional space is expected to increase gross cash outflows during that period by $6.1 million.

As of December 31, 2018, future rental payments required under operating leases with initial or remaining non-cancelable lease terms in excess of one year, were: 2019, $4.6 million; 2020, $3.2 million; 2021, $2.1 million; 2022, $1.5 million; and 2023 and thereafter, $6.5 million.

As of December 31, 2018, the following schedule presents future minimum annual payments under the SLC lease finance obligation, and the present value of the minimum payments:

(in thousands)

Year ending December 31,

2019

$2,451

2020

2,974

2021

2,990

2022

3,054

2023

3,277

Thereafter

18,930

Total minimum payments

33,676

Less imputed interest

(7,790)

Total

$ 25,886

As of December 31, 2018, the capitalized value associated with the SLC lease was included in Property, plant, and equipment, net at a value of $17.3 million, which included a gross cost of $20.8 million, and Accumulated depreciation of $3.5 million.

Index

4. Pensions and Other Postretirement Benefit Plans

Pension Plans

The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The U.S. qualified defined benefit pension plan has been closed to new participants since October 1998, and benefits accrued under this plan have been frozen since February 2009. As a result of the freeze, employees covered by the pension plan will receive, at retirement, benefits already accrued through February 2009 but no new benefits accrue after that date. Benefit accruals under the U.S. Supplemental Executive Retirement Plan ("SERP") were similarly frozen. The eligibility, benefit formulas, and contribution requirements for plans outside of the U.S. vary by location.

Other Postretirement Benefits

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

The composition of the net periodic benefit cost for the nine months ended September 30, 2019 and 2018, was as follows:

Pension plans

Other postretirement benefits

(in thousands)

2019

2018

2019

2018

Components of net periodic benefit cost:

Service cost

$1,892

$2,085

$142

$174

Interest cost

5,368

5,430

1,585

1,520

Expected return on assets

(6,155)

(6,702)

—

—

Curtailment gain

—

(750)

—

—

Amortization of prior service cost/(credit)

51

25

(3,366)

(3,366)

Amortization of net actuarial loss

1,687

1,665

1,670

2,217

Net periodic benefit cost

$2,843

$1,753

$31

$545

The amount of net periodic pension cost is determined at the beginning of each year and generally only varies from quarter to quarter when a significant event occurs, such as a curtailment or a settlement. There were no such events in the first nine months of 2019. In 2018, we recorded curtailment gains of $0.5 million in the second quarter and $0.2 million in the third quarter related to restructuring in France.

Service cost for defined benefit pension and postretirement plans are reported in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net periodic benefit cost are presented in the income statement separately from the service cost component and outside a subtotal of income from operations, in the line item Other (income)/expense, net in the Consolidated Statements of Income.

Pensions and Other Postretirement Benefit Plans	9 Months Ended
Pensions and Other Postretirement Benefit Plans	Sep. 30, 2019
Retirement Benefits [Abstract]
Pensions and Other Postretirement Benefit Plans	*4. Pensions and Other Postretirement Benefit Plans*

Restructuring

9 Months Ended

Sep. 30, 2019

Restructuring and Related Activities [Abstract]

Restructuring

5. Restructuring

MC restructuring charges include expenses for the first nine months of 2019 and 2018 principally related to discontinued operations at its MC production facility in Sélestat, France. In 2018, the plan was approved by the French Labor Ministry which led to restructuring expense of $9.0 million in the first nine months of 2018 for severance and outplacement costs for the approximately 50 positions that were terminated under this plan. In the first nine months of 2019, restructuring charges were $0.3 million. Since 2017, we have recorded $12.0 million of restructuring charges related to this action. As a result of this action, the Company recorded a pension plan curtailment gain of $0.7 million in 2018 which is recorded in Other (income)/expense.

AEC restructuring charges include expenses for the first nine months of 2018 were related to work force reductions in AEC locations in Salt Lake City, Utah and Rochester, New Hampshire.

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.

Index

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)

2019

2018

2019

2018

Machine Clothing

$(211)

$370

$1,125

$10,522

Albany Engineered Composites

(33)

2,189

18

2,968

Corporate expenses

—

(7)

(4)

224

Total

$(244)

$2,552

$1,139

$13,714

Nine months ended September 30, 2019

(in thousands)

Total restructuring costs incurred

Termination and other costs

Impairment of assets

Impairment of intangible assets

Machine Clothing

$1,125

$1,081

$44

$—

Albany Engineered Composites

18

18

—

—

Corporate expenses

(4)

(4)

—

—

Total

$1,139

$1,095

$44

$—

Nine months ended September 30, 2018

(in thousands)

Total restructuring costs incurred

Termination and other costs

Impairment of assets

Impairment of intangible assets

Machine Clothing

$10,522

$11,128

$144

$(750)

Albany Engineered Composites

2,968

1,206

1,762

—

Corporate expenses

224

224

—

—

Total

$13,714

$12,558

$1,906

$(750)

We expect that approximately $0.4 million of Accrued liabilities for restructuring at September 30, 2019 will be paid within one year and approximately $1.7 million will be paid the following year. The table below presents the year-to-date changes in restructuring liabilities for 2019 and 2018, all of which related to termination costs:

(in thousands)

December 31, 2018

Restructuring charges accrued

Payments

Currency translation /other

September 30, 2019

Total termination and other costs

$5,570

$1,095

$(4,195)

$(360)

$2,110

(in thousands)

December 31, 2017

Restructuring charges accrued

Payments

Currency translation/ other

September 30, 2018

Total termination and other costs

$3,326

$12,558

$(9,153)

$(379)

$6,352

Other (Income)/Expense, net

9 Months Ended

Sep. 30, 2019

Other Income and Expenses [Abstract]

Other (Income)/Expense, net

6. Other (Income)/Expense, net

The components of Other (Income)/Expense, net are:

Three months ended September 30,

Nine months ended September 30,

(in thousands)

2019

2018

2019

2018

Currency transaction (gains)/losses

$(2,028)

$(3,611)

$(3,724)

$(2,930)

Bank fees and amortization of debt issuance costs

81

100

262

303

Pension curtailment gain

—

(232)

—

(750)

Components of net periodic pension and postretirement cost other than service

278

264

840

789

Other

41

328

716

1,615

Total

$(1,628)

$(3,151)

$(1,906)

$973

Income Taxes

9 Months Ended

Sep. 30, 2019

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, 2019 and 2018:

Three months ended

September 30,

Nine months ended

September 30,

(in thousands, except percentages)

2019

2018

2019

2018

Income tax based on income from continuing operations, at estimated tax rates of 27.5% and 29.7%, respectively

$14,662

$11,691

$38,256

$25,970

Effect of change in estimated tax rate

(692)

(191)

—

—

Income tax before discrete items

13,970

11,500

38,256

25,970

Discrete tax expense:

Exercise of U.S. stock options

(55)

(29)

(111)

(155)

Impact of mandatory repatriation

—

—

—

(1,099)

Adjustments to prior period tax liabilities

(160)

(7)

187

(259)

Provision for/resolution of tax audits and contingencies, net

(558)

(168)

(2,785)

2,280

Adjustment related to prior period change in opening valuation allowance

—

63

(1,366)

(4,923)

Change in valuation allowances

(11)

—

830

—

Other

8

—

64

(124)

Total income tax expense

$13,194

$11,359

$35,075

$21,690

The third-quarter estimated annual effective tax rate on continuing operations was 27.5 percent in 2019, compared to 29.7 percent for the same period in 2018.

Income tax expense for the quarter was computed in accordance with ASC 740-270 “Income Taxes – Interim Reporting”. Under this method, loss jurisdictions, which cannot recognize a tax benefit with regard to their generated losses, are excluded from the annual effective tax rate (AETR) calculation and their taxes will be recorded discretely in each quarter.

The Company’s tax rate is affected by recurring items such as the income tax rate in the U.S. and in non-U.S. jurisdictions and the mix of income earned in those jurisdictions, including changes in losses and income from excluded loss jurisdictions, and the impact of discrete items in the respective quarter.

The 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 $170.4 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 $4.0 million and state income taxes of $3.8 million which have already been recorded.

Index

The Company conducts business globally and, as a result, files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business the Company is subject to examination by taxing authorities throughout the world, including major jurisdictions such as the United States, Brazil, Canada, France, Germany, Italy, Mexico, and Switzerland. The open tax years in these jurisdictions range from 2007 to 2019. The Company is currently under audit in non-U.S. tax jurisdictions, including but not limited to Canada and Italy.

In the first quarter of 2019, the Company recorded a net benefit of $2.2 million for tax audit settlements with Canada. The Canadian Revenue Agency agreed to accept the Company’s appeal of all protested issues. The Company has begun to receive refunds from the Canadian Revenue Agency and Ontario for taxes that were pre-paid at the time of protests. As such, during the first quarter, the Company had determined that it was more likely than not that the liability for unrecognized tax benefits of $2.2 million that was recorded as of December 31, 2018 was no longer warranted and thus it was reduced in the first quarter of 2019, resulting in a $2.2 million discrete tax benefit.

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. As of June 30, 2019, the Company determined that a valuation allowance of $0.8 million was necessary for one of its Mexico entities. Therefore, the Company booked an expense of $0.8 million in the second quarter of 2019.

In the first quarter of 2019, the Company recorded a $1.3 million out-of-period immaterial adjustment related to a German tax valuation allowance.

Earnings Per Share

9 Months Ended

Sep. 30, 2019

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)

2019

2018

2019

2018

Net income attributable to the Company

$40,009

$27,736

$103,253

$65,300

Weighted average number of shares:

Weighted average number of shares used in calculating basic net income per share

32,306

32,264

32,293

32,247

Effect of dilutive stock-based compensation plans:

Stock options

11

16

12

16

Weighted average number of shares used in calculating diluted net income per share

32,317

32,280

32,305

32,263

Average market price of common stock used for calculation of dilutive shares

$82.99

$72.30

$76.45

$66.01

Net income attributable to the Company per share:

Basic

$1.24

$0.86

$3.20

$2.02

Diluted

$1.24

$0.86

$3.20

$2.02

Accumulated Other Comprehensive Income (AOCI)

9 Months Ended

Sep. 30, 2019

Accumulated items of other comprehensive income:

Accumulated Other Comprehensive Income (AOCI)

9. Accumulated Other Comprehensive Income (AOCI)

The table below presents changes in the components of AOCI for the period December 31, 2018 to September 30, 2019:

(in thousands)

Translation adjustments

Pension and postretirement liability adjustments

Derivative valuation adjustment

Total Other Comprehensive Income

December 31, 2018

$(115,976)

$(47,109)

$4,697

$(158,388)

Other comprehensive income/(loss) before reclassifications

(23,177)

280

(8,037)

(30,934)

Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax

—

—

(832)

(832)

Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax

—

29

—

29

Adjustment related to prior period change in opening valuation allowance

—

(1,346)

—

(1,346)

Net current period other comprehensive income

(23,177)

(1,037)

(8,869)

(33,083)

September 30, 2019

$(139,153)

$(48,146)

$(4,172)

$(191,471)

Index

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 components of our Accumulated Other Comprehensive Income that are reclassified to the Statement of Income relate to our pension and postretirement plans and interest rate swaps.

The table below presents the expense/(income) amounts reclassified, and the line items of the Consolidated Statements of Income that were affected for the three and nine months ended September 30, 2019 and 2018:

Three months ended

September 30,

Nine months ended

September 30,

(in thousands)

2019

2018

2019

2018

Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:

Expense related to interest rate swaps included in Income

before taxes(a)

$(245)

$(96)

$(1,117)

$138

Income tax effect

62

23

285

(33)

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

$(183)

$(73)

$(832)

$105

Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:

Pension/postretirement curtailment

—

(232)

—

(750)

Amortization of prior service credit

(1,105)

(1,114)

(3,315)

(3,341)

Amortization of net actuarial loss

1,118

1,294

3,357

3,882

Total pretax amount reclassified (b)

13

(52)

42

(209)

Income tax effect

(4)

16

(13)

63

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

$9

$(36)

$29

$(146)

(a)

Included in Interest expense, net, are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 15 and 16).

(b)

These accumulated other comprehensive income components are included in the computation of net periodic cost (see Note 4).

Noncontrolling Interest

9 Months Ended

Sep. 30, 2019

Noncontrolling Interest [Abstract]

Noncontrolling Interest

10. Noncontrolling Interest

Effective October 31, 2013, Safran S.A. (Safran) acquired a 10 percent equity interest in a new Albany subsidiary, Albany Safran Composites, LLC (ASC). Under the terms of the transaction agreements, ASC is the exclusive supplier to Safran of advanced 3D-woven composite parts for use in aircraft and rocket engines, thrust reversers and nacelles, and aircraft landing and braking systems (the “Safran Applications”). AEC may develop and supply parts other than advanced 3D-woven composite parts for all aerospace applications, as well as advanced 3D-woven composite parts for any aerospace applications that are not Safran Applications (such as airframe applications) and any non-aerospace applications.

Index

The agreement provides Safran an option to purchase Albany’s remaining 90 percent interest upon the occurrence of certain bankruptcy or performance default events, or if Albany’s Engineered Composites business is sold to a direct competitor of Safran. The purchase price is based initially on the same valuation of ASC used to determine Safran’s 10 percent equity interest, and increases over time as LEAP production increases.

In accordance with the operating agreement, Albany received a $28 million preferred holding in ASC, which includes a preferred return based on the Company’s revolving credit agreement. The common shares of ASC are owned 90 percent by Albany and 10 percent by Safran.

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:

Nine months ended

September 30,

(in thousands)

2019

2018

Net income of Albany Safran Composites (ASC)

$6,368

$5,433

Less: Return attributable to the Company's preferred holding

974

965

Net income of ASC available for common ownership

$5,394

$4,468

Ownership percentage of noncontrolling shareholder

10%

10%

Net income attributable to noncontrolling interest

$539

$447

Noncontrolling interest, beginning of year

$3,031

$3,247

Decrease attributable to 2018 adoption of ASC 606

—

(327)

Net income attributable to noncontrolling interest

539

447

Changes in other comprehensive income attributable to noncontrolling interest

(19)

(1)

Noncontrolling interest

$3,551

$3,366

Accounts Receivable

9 Months Ended

Sep. 30, 2019

Receivables [Abstract]

Accounts Receivable

11. Accounts Receivable

Accounts receivable includes trade receivables.

In connection with certain sales in Asia, the Company accepts a bank promissory note as customer payment. The notes may be presented for payment at maturity, which is less than one year.

The Company also 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, 2019 and December 31, 2018, Accounts receivable consisted of the following:

(in thousands)

September 30, 2019

December 31, 2018

Trade and other accounts receivable

$210,919

$211,244

Bank promissory notes

16,062

19,269

Allowance for doubtful accounts

(2,749)

(7,337)

Accounts receivable, net

$224,232

$223,176

During the third quarter of 2019, the Company wrote-off $5.1 million of Accounts receivables related to ongoing bankruptcy proceedings for certain Machine Clothing customers in Europe. The write-offs pertained to Accounts receivables recorded in prior years, which were fully reserved, and resulted in no impact on the Consolidated Statements of Income for the three and nine month periods ended September 30, 2019.

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

As of September 30, 2019 and December 31, 2018, Noncurrent receivables consisted of the following:

(in thousands)

September 30, 2019

December 31, 2018

Noncurrent receivables

$45,699

$45,061

Contract Assets and Liabilities

9 Months Ended

Sep. 30, 2019

Contract with Customer, Asset and Liability [Abstract]

Contract Assets and Liabilities

12. Contract Assets and Liabilities

Contract assets includes unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to Accounts receivable, net when the entitlement to pay becomes unconditional. Contract liabilities include advance payments and billings in excess of revenue recognized. Contract liabilities are included in Accrued liabilities in the Consolidated Balance Sheets.

Contract assets and Contract liabilities are reported on the Consolidated Balance Sheets in a net position on a contract-by-contract basis at the end of each reporting period. As of September 30, 2019 and December 31, 2018, Contract assets and Contract liabilities consisted of the following:

(in thousands)

September 30, 2019

December 31, 2018

Contract assets

$64,571

$57,447

Contract liabilities

4,713

9,025

Contract assets increased approximately $7.1 million during the nine month period ended September 30, 2019. The increase was primarily due to an increase in unbilled revenue related to the satisfaction of performance obligations, in excess of the amounts billed to customers for contracts that were in a contract asset position. There were no impairment losses related to our Contract assets during the three and nine month periods ended September 30, 2019.

Contract liabilities decreased approximately $4.3 million during the nine month period ended September 30, 2019, primarily due to revenue recognized from satisfied performance obligations exceeding amounts invoiced to customers for contracts that were in a contract liability position. Revenue recognized for the nine month period ended September 30, 2019, that was included in the Contract liability balance as of December 31, 2018 was $6.1 million, and included revenue in the MC and AEC segments.

Inventories

9 Months Ended

Sep. 30, 2019

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.

As of September 30, 2019 and December 31, 2018, Inventories consisted of the following:

(in thousands)

September 30, 2019

December 31, 2018

Raw materials

$54,376

$40,489

Work in process

34,614

33,181

Finished goods

16,715

12,234

Total inventories

$105,705

$85,904

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

14. Goodwill and Other Intangible Assets

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

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

Index

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

In the second quarter of 2019, the Company applied the qualitative assessment approach in performing its annual evaluation of goodwill and concluded that no impairment provision was required. There were no amounts at risk due to the large spread between the fair and carrying values 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, 2019 and December 31, 2018, were as follows:

As of September 30, 2019 (in thousands)

Weighted average amortization life in years

Gross carrying amount

Accumulated amortization

Net carrying amount

Amortized intangible assets:

AEC trade names

15

$140

($133)

$7

AEC technology

15

370

(333)

37

Customer relationships

15

48,421

(11,304)

37,117

Customer contracts

6

17,471

(10,199)

7,272

Other intangibles

5

322

(225)

97

Net amortized intangible assets

$66,724

($22,194)

$44,530

Unamortized intangible assets:

MC Goodwill

$66,345

$—

$66,345

AEC Goodwill

95,730

—

95,730

Total unamortized intangible assets:

$162,075

$—

$162,075

As of December 31, 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

($129)

$11

AEC technology

15

370

(314)

56

Customer relationships

15

48,421

(8,883)

39,538

Customer contracts

6

17,471

(8,015)

9,456

Other intangibles

5

322

(177)

145

Net amortized intangible assets

$66,724

($17,518)

$49,206

Unamortized intangible assets:

MC Goodwill

$68,652

$—

$68,652

AEC Goodwill

95,730

—

95,730

Total unamortized intangible assets:

$164,382

$—

$164,382

Index

The changes in intangible assets, net and goodwill from December 31, 2018 to September 30, 2019, were as follows:

(in thousands)

December 31, 2018

Amortization

Currency Translation

September 30, 2019

Amortized intangible assets:

AEC trade names

$11

($4)

$—

$7

AEC technology

56

(19)

—

37

Customer relationships

39,538

(2,421)

—

37,117

Customer contracts

9,456

(2,184)

—

7,272

Other intangibles

145

(48)

—

97

Net amortized intangible assets

$49,206

($4,676)

$—

$44,530

Unamortized intangible assets:

MC Goodwill

$68,652

$—

($2,307)

$66,345

AEC Goodwill

95,730

—

—

95,730

Total unamortized intangible assets:

$164,382

$—

($2,307)

$162,075

Estimated amortization expense of intangibles for the years ending December 31, 2019 through 2023, is as follows:

Annual amortization

Year

(in thousands)

2019

$6,234

2020

6,234

2021

6,163

2022

3,949

2023

3,228

Financial Instruments

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Financial Instruments

15. Financial Instruments

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

(in thousands, except interest rates)

September 30, 2019

December 31, 2018

Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.47% in 2019 and 3.69% in 2018 (including the effect of interest rate hedging transactions, as described below), due in 2022

$424,000

$499,000

Finance obligation

—

25,886

Other debt, at an average end of period rate of 5.50% in both 2019 and 2018, due in varying amounts through 2021

32

45

Long-term debt

424,032

524,931

Less: current portion

(20)

(1,224)

Long-term debt, net of current portion

$424,012

$523,707

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, $424 million of borrowings were outstanding as of September 30, 2019. 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 30, 2019, the spread was 1.375%. The spread was based on a pricing grid, which ranged from

Index

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, 2019, we would have been able to borrow an additional $261 million under the Agreement.

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

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

Due to the implementation of ASC 842, Leases, on January 1, 2019, as further described in Note 3 the finance obligation that had a balance of $25.9 million as of December 31, 2018, was eliminated and replaced with a finance lease obligation that is included in Other noncurrent liabilities and Accrued liabilities.

On November 27, 2017, we terminated our interest rate swap agreements, originally entered into on May 9, 2016, that had effectively fixed the interest rate on $300 million of revolving credit borrowings, in order to enter into a new interest rate swap with a greater notional amount, and the same maturity as the Credit Agreement. We received $6.3 million when the swap agreements were terminated and that payment will be amortized into interest expense through March 2021.

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

On November 28, 2017, we entered into interest rate swap agreements for the period December 18, 2017 through October 17, 2022. These transactions have the effect of fixing the LIBOR portion of the effective interest rate (before addition of the spread) on $350 million of indebtedness drawn under the Credit Agreement at the rate of 2.11% during the period. Under the terms of these transactions, we pay the fixed rate of 2.11% and the counterparties pay a floating rate based on the one-month LIBOR rate at each monthly calculation date, which on September 16, 2019 was 2.03%, during the swap period. On September 16, 2019, the all-in-rate on the $350 million of debt was 3.485%.

These interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 16. No cash collateral was received or pledged in relation to the swap agreements.

Under the Credit Agreement, we are currently required to maintain a leverage ratio (as defined in the agreement) of not greater than 3.50 to 1.00 and minimum interest coverage (as defined) of 3.00 to 1.00.

As of September 30, 2019, our leverage ratio was 1.42 to 1.00 and our interest coverage ratio was 13.03 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, 2019.

Fair-Value Measurements

9 Months Ended

Sep. 30, 2019

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 September 30, 2019, or at December 31, 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:

Index

September 30, 2019

December 31, 2018

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

$

26,317

$

—

$

14,234

$

—

Other Assets:

Common stock of unaffiliated foreign public company (a)

839

—

731

—

Interest rate swaps

—

—

—

4,548

(c)

Liabilities:

Other noncurrent liabilities

Interest rate swaps

—

(7,021)

(b)

—

—

(a)

Original cost basis $0.5 million.

(b)

Net of $15.5 million receivable floating leg and $22.5 million liability fixed leg.

(c)

Net of $32.0 million receivable floating leg and $27.5 million liability fixed leg.

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

The common stock of the unaffiliated foreign public company is traded in an active market exchange. The shares are measured at fair value using closing stock prices and are recorded in the Consolidated Balance Sheets as Other assets. Changes in the fair value of the investment are reported in the Consolidated Statements of Income.

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

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

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

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

The interest rate swaps are accounted for as hedges of future cash flows. The fair value of our interest rate swaps are derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve, and is included in Other assets and/or Other noncurrent liabilities in the Consolidated Balance Sheets. Unrealized gains and losses on the swaps flow through the caption Derivative valuation

Index

adjustment in the Shareholders’ equity section of the Consolidated Balance Sheets. As of September 30, 2019, these interest rate swaps were determined to be highly effective hedges of interest rate cash flow risk. Amounts accumulated in Other comprehensive income are reclassified as Interest expense, net when the related interest payments (that is, the hedged forecasted transactions), and amortization related to the swap buyouts, affect earnings. Interest (income)/expense related to payments under the active swap agreements totaled ($0.8) million for the nine month period ended September 30, 2019, and $0.6 million for the nine month period ended September 30, 2018. Additionally, non-cash interest income related to the amortization of swap buyouts totaled $0.3 million for the nine month period ended September 30, 2019 and $0.5 million for the nine month period ended September 30, 2018.

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

Three months ended

September 30,

Nine months ended

September 30,

(in thousands)

2019

2018

2019

2018

Derivatives not designated as hedging instruments

Foreign currency options gains/(losses)

$—

$10

$—

($61)

- Definition

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, 2019

Commitments and Contingencies Disclosure [Abstract]

Contingencies

17. Contingencies

Asbestos Litigation

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

We were defending 3,701 claims as of September 30, 2019.

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

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

3,730

152

106

3,684

100

2019 (as of September 30)

3,684

29

46

3,701

$—

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, 2019 we had resolved, by means of settlement or dismissal, 37,775 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.

Index

The Company’s subsidiary, Brandon Drying Fabrics, Inc. (“Brandon”), is also a separate defendant in many of the asbestos cases in which Albany is named as a defendant, despite never having manufactured any fabrics containing asbestos. While Brandon was defending against 7,710 claims as of September 30, 2019, only twelve claims have been filed against Brandon since January 1, 2012, and no settlement costs have been incurred since 2001. Brandon was acquired by the Company in 1999, and has its own insurance policies covering periods prior to 1999. Since 2004, Brandon’s insurance carriers have covered 100% of indemnification and defense costs, subject to policy limits and a standard reservation of rights.

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, 2019

Stockholders' Equity Note [Abstract]

Changes in Shareholders' Equity

18. Changes in Shareholders’ Equity

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2018 to September 30, 2019:

Class A Common Stock

Class B Common Stock

Additional paid-in capital

Retained earnings

Accumulated items of other comprehensive income

Class A Treasury Stock

Noncontrolling Interest

Total Equity

(in thousands)

Shares

Amount

Shares

Amount

Shares

Amount

December 31, 2018

37,450

$37

3,234

$3

$430,555

$589,645

$(158,388)

8,419

$(256,603)

$3,031

$608,280

Adoption of accounting standards(a)

—

—

—

—

—

35

—

—

—

—

35

Net income

—

—

—

—

—

29,190

—

—

—

218

29,408

Compensation and benefits paid or payable in shares

25

—

—

—

(547)

—

—

—

—

—

(547)

Options exercised

3

—

—

—

44

—

—

—

—

—

44

Shares issued to Directors

—

—

—

—

—

—

—

—

—

—

—

Dividends declared

Class A Common Stock, $0.18 per share

—

—

—

—

—

(5,231)

—

—

—

—

(5,231)

Class B Common Stock, $0.18 per share

—

—

—

—

—

(582)

—

—

—

—

(582)

Cumulative translation adjustments

—

—

—

—

—

—

(654)

—

—

(8)

(662)

Pension and postretirement liability adjustments

—

—

—

—

—

—

(1,487)

—

—

—

(1,487)

Derivative valuation adjustment

—

—

—

—

—

—

(2,851)

—

—

—

(2,851)

March 31, 2019

37,478

$37

3,234

$3

$430,052

$613,057

$(163,380)

8,419

$(256,603)

$3,241

$626,407

Net income

—

—

—

—

—

34,054

—

—

—

205

34,259

Compensation and benefits paid or payable in shares

—

—

—

—

958

—

—

(10)

212

—

1,170

Options exercised

2

—

—

—

28

—

—

—

—

—

28

Shares issued to Directors

—

—

—

—

—

—

—

—

—

—

—

Dividends declared

—

—

—

—

—

—

—

—

—

—

—

Class A Common Stock, $0.18 per share

—

—

—

—

—

(5,523)

—

—

—

—

(5,523)

Class B Common Stock, $0.18 per share

—

—

—

—

—

(291)

—

—

—

—

(291)

Conversion of Class B shares to Class A shares, rounding(b)

1,616

2

(1,616)

(1)

(1)

—

—

—

—

—

—

Cumulative translation adjustments

—

—

—

—

—

—

(1)

—

—

2

1

Pension and postretirement liability adjustments

—

—

—

—

—

—

(40)

—

—

—

(40)

Derivative valuation adjustment

—

—

—

—

—

—

(4,695)

—

—

—

(4,695)

June 30, 2019

39,096

$39

1,618

$2

$431,037

$641,297

$(168,116)

8,409

$(256,391)

$3,448

$651,316

Net income

—

—

—

—

—

40,009

—

—

—

116

40,125

Compensation and benefits paid or payable in shares

—

—

—

—

790

—

—

—

—

—

790

Options exercised

2

—

—

—

33

—

—

—

—

—

33

Shares issued to Directors

—

—

—

—

—

—

—

—

—

—

—

Dividends declared

—

—

—

—

—

—

—

—

—

—

—

Class A Common Stock, $0.18 per share

—

—

—

—

—

(5,524)

—

—

—

—

(5,524)

Class B Common Stock, $0.18 per share

—

—

—

—

—

(291)

—

—

—

—

(291)

Cumulative translation adjustments

—

—

—

—

—

—

(22,522)

—

—

(13)

(22,535)

Pension and postretirement liability adjustments

—

—

—

—

—

—

(490)

—

—

—

490

Derivative valuation adjustment

—

—

—

—

—

—

(1,323)

—

—

—

(1,323)

September 30, 2019

39,098

$39

1,618

$2

$431,860

$675,491

$(191,471)

8,409

$(256,391)

$3,551

$663,081

Index

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2017 to September 30, 2018:

Class A Common Stock

Class B Common Stock

Additional paid-in capital

Retained earnings

Accumulated items of other comprehensive income

Class A Treasury Stock

Noncontrolling Interest

Total Equity

(in thousands)

Shares

Amount

Shares

Amount

Shares

Amount

December 31, 2017

37,396

$37

3,234

$3

$428,423

$534,082

$(135,901)

8,431

$(256,876)

$3,247

$573,015

Adoption of accounting standards(c)(d)

—

—

—

—

—

(5,068)

—

—

—

(327)

(5,395)

Net income

—

—

—

—

—

7,662

—

—

—

237

7,899

Compensation and benefits paid or payable in shares

44

—

—

—

289

—

—

—

—

—

289

Options exercised

8

—

—

—

147

—

—

—

—

—

147

Shares issued to Directors

—

—

—

—

—

—

—

—

—

—

—

Dividends declared

Class A Common Stock, $0.17 per share

—

—

—

—

—

(4,933)

—

—

—

—

(4,933)

Class B Common Stock, $0.17 per share

—

—

—

—

—

(550)

—

—

—

—

(550)

Cumulative translation adjustments

—

—

—

—

—

—

17,646

—

—

(7)

17,639

Pension and postretirement liability adjustments

—

—

—

—

—

—

(13)

—

—

—

(13)

Derivative valuation adjustment

—

—

—

—

—

—

4,480

—

—

—

4,480

March 31, 2018

37,448

$37

3,234

$3

$428,859

$531,193

$(113,788)

8,431

$(256,876)

$3,150

$592,578

Net income

—

—

—

—

—

29,902

—

—

—

(59)

29,843

Compensation and benefits paid or payable in shares

—

—

—

—

773

—

—

274

—

1,047

Options exercised

—

—

—

—

3

—

—

—

—

—

3

Shares issued to Directors

—

—

—

—

—

—

—

(12)

—

—

—

Dividends declared

—

—

—

—

—

—

—

—

—

—

—

Class A Common Stock, $0.17 per share

—

—

—

—

—

(4,935)

—

—

—

—

(4,935)

Class B Common Stock, $0.17 per share

—

—

—

—

—

(550)

—

—

—

—

(550)

Cumulative translation adjustments

—

—

—

—

—

—

(33,216)

—

—

11

(33,205)

Pension and postretirement liability adjustments

—

—

—

—

—

—

2,127

—

—

—

2,127

Derivative valuation adjustment

—

—

—

—

—

—

1,722

—

—

—

1,722

June 30, 2018

37,448

$37

3,234

$3

$429,635

$555,610

$(143,155)

8,419

$(256,602)

$3,102

$588,630

Net income

—

—

—

—

—

27,736

—

—

—

(269)

28,005

Compensation and benefits paid or payable in shares

—

—

—

—

544

—

—

(1)

—

543

Options exercised

2

—

—

—

52

—

—

—

—

—

52

Shares issued to Directors

—

—

—

—

—

—

—

—

—

—

—

Dividends declared

—

—

—

—

—

—

—

—

—

—

—

Class A Common Stock, $0.17 per share

—

—

—

—

—

(4,935)

—

—

—

—

(4,935)

Class B Common Stock, $0.17 per share

—

—

—

—

—

(550)

—

—

—

—

(550)

Cumulative translation adjustments

—

—

—

—

—

—

(8,012)

—

—

(5)

(8,017)

Pension and postretirement liability adjustments

—

—

—

—

—

—

129

—

—

—

129

Derivative valuation adjustment

—

—

—

—

—

—

1,277

—

—

—

1,277

September 30, 2018

37,450

$37

3,234

$3

$430,231

$577,861

$(149,761)

8,419

$(256,603)

$3,366

$605,134

Index

(a)	As described in Note 3, the Company adopted ASC 842, Leases effective January 1, 2019, which resulted in an increase to Retained earnings of less than $0.1 million.
(b)	In the second quarter of 2019, Standish Family Holdings, LLC executed a secondary offering of Albany shares. As a result of the offering, 1.6 million shares of Class B Common Stock previously owned by Standish Family Holdings, LLC were converted to Class A Common Stock and then sold to third parties. Costs associated with the offering were charged directly to Standish Family Holdings, LLC.
(c)	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.
(d)	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, 2019

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

19. Recent Accounting Pronouncements

In June 2016, an accounting update was issued which changes the way entities recognize impairment of many financial assets by requiring immediate recognition of credit losses expected to occur over their remaining life. In April and May of 2019 additional accounting updates were made regarding the application of this standard. We are continuing to evaluate the expected impact on our consolidated financial statements and related disclosures. We will adopt the new standard effective January 1, 2020.

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. We are currently evaluating the impact of this update. We will adopt the new standard effective January 1, 2020.

In August 2018, an accounting update was issued which aims to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing defined benefit plan disclosures. We 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, 2021.

In November 2018, an accounting update was issued which clarifies when transactions between collaborative arrangement participants are in the scope of ASC 606. The update also provides some guidance on presentation of transactions not in the scope of ASC 606. We are currently evaluating the impact of this update. We will adopt the new standard effective January 1, 2020.

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Schedule of Financial Data by Reporting Segment

The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements:

Schedule of Restructuring Costs by Reporting Segment

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

Schedule of Disaggregate Revenue for Each Business Segment

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

Schedule of Disaggregate MC Segment Revenue by Significant Product or Service

Leases (Tables)

9 Months Ended

Sep. 30, 2019

Lessee Disclosure [Abstract]

Schedule of Cumulative Effects of Adoption of ASC 842

The table below presents the cumulative effect of changes made to our December 31, 2018 Balance Sheet as a result of the adoption of ASC 842, Leases:

ALBANY INTERNATIONAL CORP.

CONSOLIDATED BALANCE SHEET

(in thousands, except share data)

(unaudited)

Schedule of Components of Lease Expense

The components of lease expense were as follows:

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:

Schedule of Additional Information Related to Leases

Additional information for leases existing at September 30, 2019 was as follows:

Weighted average remaining lease term

Operating leases

4 years

Finance leases

10 years

Weighted average discount rate

Operating leases

5.7%

Finance leases

8.0%

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of September 30, 2019 were as follows:

Schedule of Maturities of SLC Finance Lease Liability

As of December 31, 2018, the following schedule presents future minimum annual payments under the SLC lease finance obligation, and the present value of the minimum payments:

Pensions and Other Postretirement Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2019

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Plan Cost

The composition of the net periodic benefit cost for the nine months ended September 30, 2019 and 2018, was as follows:

Restructuring (Tables)

9 Months Ended

Sep. 30, 2019

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)

2019

2018

2019

2018

Machine Clothing

$(211)

$370

$1,125

$10,522

Albany Engineered Composites

(33)

2,189

18

2,968

Corporate expenses

—

(7)

(4)

224

Total

$(244)

$2,552

$1,139

$13,714

Schedule of Restructuring Liability

Other (Income)/Expense, net (Tables)

9 Months Ended

Sep. 30, 2019

Other Income and Expenses [Abstract]

Schedule Other Expense/(Income), net

The components of Other (Income)/Expense, net are:

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2019

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, 2019 and 2018:

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2019

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:

Accumulated Other Comprehensive Income (AOCI) (Tables)

9 Months Ended

Sep. 30, 2019

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, 2018 to September 30, 2019:

Index

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)

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

Noncontrolling Interest (Tables)

9 Months Ended

Sep. 30, 2019

Noncontrolling Interest [Abstract]

Schedule of Income Attributable to Noncontrolling Interest and Noncontrolling Equity

The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity in the Company’s subsidiary Albany Safran Composites, LLC:

Accounts Receivable (Tables)

9 Months Ended

Sep. 30, 2019

Receivables [Abstract]

Schedule of Accounts Receivable

As of September 30, 2019 and December 31, 2018, Accounts receivable consisted of the following:

Schedule of Contract Receivables

As of September 30, 2019 and December 31, 2018, Noncurrent receivables consisted of the following:

(in thousands)

September 30, 2019

December 31, 2018

Noncurrent receivables

$45,699

$45,061

Contract Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2019

Contract with Customer, Asset and Liability [Abstract]

Schedule of Contract Assets and Contract Liabilities

(in thousands)

September 30, 2019

December 31, 2018

Contract assets

$64,571

$57,447

Contract liabilities

4,713

9,025

Inventories (Tables)

9 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

Schedule of Inventories

As of September 30, 2019 and December 31, 2018, Inventories consisted of the following:

(in thousands)

September 30, 2019

December 31, 2018

Raw materials

$54,376

$40,489

Work in process

34,614

33,181

Finished goods

16,715

12,234

Total inventories

$105,705

$85,904

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Intangible Assets and Goodwill

Index

The changes in intangible assets, net and goodwill from December 31, 2018 to September 30, 2019, were as follows:

Schedule of Estimated Amortization Expense

Estimated amortization expense of intangibles for the years ending December 31, 2019 through 2023, is as follows:

Annual amortization

Year

(in thousands)

2019

$6,234

2020

6,234

2021

6,163

2022

3,949

2023

3,228

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

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

- Definition

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, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities

The following table presents the fair-value hierarchy for our Level 1 and Level 2 financial and non-financial assets and liabilities, which are measured at fair value on a recurring basis:

Index

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

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

- Definition

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, 2019

Commitments and Contingencies Disclosure [Abstract]

Schedule of Changes in Claims

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

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Changes in Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2019

Stockholders' Equity Note [Abstract]

Schedule of Activity in Shareholders' Equity

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2018 to September 30, 2019:

Index

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2017 to September 30, 2018:

Class A Common Stock

Class B Common Stock

Additional paid-in capital

Retained earnings

Accumulated items of other comprehensive income

Class A Treasury Stock

Noncontrolling Interest

Total Equity

(in thousands)

Shares

Amount

Shares

Amount

Shares

Amount

December 31, 2017

37,396

$37

3,234

$3

$428,423

$534,082

$(135,901)

8,431

$(256,876)

$3,247

$573,015

Adoption of accounting standards(c)(d)

—

—

—

—

—

(5,068)

—

—

—

(327)

(5,395)

Net income

—

—

—

—

—

7,662

—

—

—

237

7,899

Compensation and benefits paid or payable in shares

44

—

—

—

289

—

—

—

—

—

289

Options exercised

8

—

—

—

147

—

—

—

—

—

147

Shares issued to Directors

—

—

—

—

—

—

—

—

—

—

—

Dividends declared

Class A Common Stock, $0.17 per share

—

—

—

—

—

(4,933)

—

—

—

—

(4,933)

Class B Common Stock, $0.17 per share

—

—

—

—

—

(550)

—

—

—

—

(550)

Cumulative translation adjustments

—

—

—

—

—

—

17,646

—

—

(7)

17,639

Pension and postretirement liability adjustments

—

—

—

—

—

—

(13)

—

—

—

(13)

Derivative valuation adjustment

—

—

—

—

—

—

4,480

—

—

—

4,480

March 31, 2018

37,448

$37

3,234

$3

$428,859

$531,193

$(113,788)

8,431

$(256,876)

$3,150

$592,578

Net income

—

—

—

—

—

29,902

—

—

—

(59)

29,843

Compensation and benefits paid or payable in shares

—

—

—

—

773

—

—

274

—

1,047

Options exercised

—

—

—

—

3

—

—

—

—

—

3

Shares issued to Directors

—

—

—

—

—

—

—

(12)

—

—

—

Dividends declared

—

—

—

—

—

—

—

—

—

—

—

Class A Common Stock, $0.17 per share

—

—

—

—

—

(4,935)

—

—

—

—

(4,935)

Class B Common Stock, $0.17 per share

—

—

—

—

—

(550)

—

—

—

—

(550)

Cumulative translation adjustments

—

—

—

—

—

—

(33,216)

—

—

11

(33,205)

Pension and postretirement liability adjustments

—

—

—

—

—

—

2,127

—

—

—

2,127

Derivative valuation adjustment

—

—

—

—

—

—

1,722

—

—

—

1,722

June 30, 2018

37,448

$37

3,234

$3

$429,635

$555,610

$(143,155)

8,419

$(256,602)

$3,102

$588,630

Net income

—

—

—

—

—

27,736

—

—

—

(269)

28,005

Compensation and benefits paid or payable in shares

—

—

—

—

544

—

—

(1)

—

543

Options exercised

2

—

—

—

52

—

—

—

—

—

52

Shares issued to Directors

—

—

—

—

—

—

—

—

—

—

—

Dividends declared

—

—

—

—

—

—

—

—

—

—

—

Class A Common Stock, $0.17 per share

—

—

—

—

—

(4,935)

—

—

—

—

(4,935)

Class B Common Stock, $0.17 per share

—

—

—

—

—

(550)

—

—

—

—

(550)

Cumulative translation adjustments

—

—

—

—

—

—

(8,012)

—

—

(5)

(8,017)

Pension and postretirement liability adjustments

—

—

—

—

—

—

129

—

—

—

129

Derivative valuation adjustment

—

—

—

—

—

—

1,277

—

—

—

1,277

September 30, 2018

37,450

$37

3,234

$3

$430,231

$577,861

$(149,761)

8,419

$(256,603)

$3,366

$605,134

Index

(a)	As described in Note 3, the Company adopted ASC 842, Leases effective January 1, 2019, which resulted in an increase to Retained earnings of less than $0.1 million.
(b)	In the second quarter of 2019, Standish Family Holdings, LLC executed a secondary offering of Albany shares. As a result of the offering, 1.6 million shares of Class B Common Stock previously owned by Standish Family Holdings, LLC were converted to Class A Common Stock and then sold to third parties. Costs associated with the offering were charged directly to Standish Family Holdings, LLC.
(c)	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.
(d)	The Company adopted ASU 2016-16 effective January 1, 2018, which resulted in a $0.5 million increase to Retained earnings.

Reportable Segments (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net sales	$ 271,133	$ 251,889	$ 796,454	$ 730,866
Performance obligations	8,100	9,500	8,100	9,500
Remaining performance obligation expected to be recognized during 2019	2,500		2,500
Operating income	55,678	40,834	149,996	99,994
Albany Safran Composites, LLC [Member]
Segment Reporting Information [Line Items]
Net sales			175,200	136,900
Accounts receivable, unbilled receivables and contract receivables	107,500		107,500		$ 96,200
AEC [Member]
Segment Reporting Information [Line Items]
Immaterial out-of-period favorable adjustment			8,800	500
Machine Clothing [Member]
Segment Reporting Information [Line Items]
Net sales	151,324	157,608	450,673	461,165
Operating income	$ 51,906	$ 49,695	$ 145,688	$ 126,952
Machine Clothing [Member] \| Accounting Standards Update 2018-11 [Member]
Segment Reporting Information [Line Items]
Increase in assets					5,600
AEC assets [Member] \| Accounting Standards Update 2018-11 [Member]
Segment Reporting Information [Line Items]
Increase in assets					500
Corporate [Member] \| Accounting Standards Update 2018-11 [Member]
Segment Reporting Information [Line Items]
Increase in assets					$ 1,000

Reportable Segments (Schedule of Financial Data by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Net sales	$ 271,133	$ 251,889	$ 796,454	$ 730,866
Operating income/(loss)	55,678	40,834	149,996	99,994
Interest income	(851)	(579)	(2,037)	(1,399)
Interest expense	4,838	5,200	15,072	14,929
Other (income)/expense, net	(1,628)	(3,151)	(1,906)	(973)
Income before income taxes	53,319	39,364	138,867	87,437
Machine Clothing [Member]
Segment Reporting Information [Line Items]
Net sales	151,324	157,608	450,673	461,165
Operating income/(loss)	51,906	49,695	145,688	126,952
Albany Engineered Composites [Member]
Segment Reporting Information [Line Items]
Net sales	119,809	94,281	345,781	269,701
Operating income/(loss)	17,345	3,613	44,598	9,980
Corporate Expenses [Member]
Segment Reporting Information [Line Items]
Operating income/(loss)	$ (13,573)	$ (12,474)	$ (40,290)	$ (36,938)

Reportable Segments (Schedule of Restructuring Costs by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Restructuring expense
Restructuring expenses, net	$ (244)	$ 2,552	$ 1,139	$ 13,714
Machine Clothing [Member]
Restructuring expense
Restructuring expenses, net	(211)	370	1,125	10,522
Albany Engineered Composites [Member]
Restructuring expense
Restructuring expenses, net	(33)	2,189	18	2,968
Corporate Expenses [Member]
Restructuring expense
Restructuring expenses, net		$ (7)	$ (4)	$ 224

Reportable Segments (Schedule of Disaggregate Revenue for Each Business Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Total Revenue	$ 271,133	$ 251,889	$ 796,454	$ 730,866
Machine Clothing [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	151,324	157,608	450,673	461,165
Albany Engineered Composites ASC [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	56,414	47,166	170,551	134,972
Albany Engineered Composites Other AEC [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	63,395	47,115	175,230	134,729
Albany Engineered Composites [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	119,809	94,281	345,781	269,701
Point in Time Revenue Recognition [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	157,232	160,973	471,123	474,674
Point in Time Revenue Recognition [Member] \| Machine Clothing [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	150,524	156,808	448,273	458,765
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	6,708	4,165	22,850	15,909
Point in Time Revenue Recognition [Member] \| Albany Engineered Composites [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	6,708	4,165	22,850	15,909
Over Time Revenue Recognition [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	113,901	90,916	325,331	256,192
Over Time Revenue Recognition [Member] \| Machine Clothing [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	800	800	2,400	2,400
Over Time Revenue Recognition [Member] \| Albany Engineered Composites ASC [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	56,414	47,166	170,551	134,972
Over Time Revenue Recognition [Member] \| Albany Engineered Composites Other AEC [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	56,687	42,950	152,380	118,820
Over Time Revenue Recognition [Member] \| Albany Engineered Composites [Member]
Disaggregation of Revenue [Line Items]
Total Revenue	$ 113,101	$ 90,116	$ 322,931	$ 253,792

Reportable Segments (Schedule of Disaggregate MC Segment Revenue by Significant Product or Service) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 271,133	$ 251,889	$ 796,454	$ 730,866
Machine Clothing [Member]
Disaggregation of Revenue [Line Items]
Net sales	151,324	157,608	450,673	461,165
Americas PMC [Member]
Disaggregation of Revenue [Line Items]
Net sales	82,763	79,246	239,686	229,072
Eurasia PMC [Member]
Disaggregation of Revenue [Line Items]
Net sales	50,330	59,321	155,849	172,675
Engineered Fabrics [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 18,231	$ 19,041	$ 55,138	$ 59,418

Leases (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Lessee, Lease, Description [Line Items]
Amount of Lease-related assets and liabilities pre-tax reduction to retained earnings	$ 3		$ 3
Lease expense	$ 2,037	$ 21	$ 6,630	$ 61
Terminate lease	1 year		1 year
Increase in gross cash outflows when control of additional manufacturing space commences during the fourth quarter of 2019	$ 61		$ 61
2019	46		46
2020	32		32
2021	21		21
2022	15		15
2023 and thereafter	65		65
Salt Lake City, Utah [Member]
Lessee, Lease, Description [Line Items]
Property, plant, and equipment, net value	173		173
Gross cost	208		208
Accumulated depreciation	$ 35		$ 35
Minimum [Member]
Lessee, Lease, Description [Line Items]
Remaining lease term			1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Remaining lease term			10 years
Lease renewal term	10 years		10 years

Leases (Schedule of Cumulative Effects of Adoption of ASC 842) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 173,739	$ 215,233		$ 197,755	$ 160,593	$ 154,744		$ 183,727
Accounts receivable, net	224,232			223,176
Contract assets	64,571			57,447
Inventories	105,705			85,904
Income taxes prepaid and receivable	6,774			7,473
Prepaid expenses and other current assets	24,849			21,294
Total current assets	599,870			593,049
Property, plant and equipment, net	449,299			462,055
Intangibles, net	44,530			49,206
Goodwill	162,075			164,382
Deferred income taxes	51,761			62,622
Noncurrent receivables	45,699			45,061
Other assets	51,488			41,617
Total assets	1,404,722			1,417,992
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes and loans payable
Accounts payable	60,994			52,246
Accrued liabilities	122,741			129,030
Current maturities of long-term debt	20			1,224
Income taxes payable	7,787			6,806
Total current liabilities	191,542			189,306
Long-term debt	424,012			523,707
Other noncurrent liabilities	118,153			88,277
Deferred taxes and other liabilities	7,934			8,422
Total liabilities	741,641			809,712
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
Additional paid in capital	431,860			430,555
Retained earnings	675,491			589,645
Accumulated items of other comprehensive income:
Translation adjustments	(139,153)			(115,976)
Pension and postretirement liability adjustments	(48,146)			(47,109)
Derivative valuation adjustment	(4,172)			4,697
Treasury stock (Class A), at cost 8,418,620 shares in 2018 and 8,431,335 shares in 2017	(256,391)			(256,603)
Total Company shareholders' equity	659,530			605,249
Noncontrolling interest	3,551			3,031
Total equity	663,081	651,316	$ 626,407	608,280	605,134	588,630	$ 592,578	573,015
Total liabilities and shareholders' equity	1,404,722			1,417,992
Common Class A [Member]
SHAREHOLDERS' EQUITY
Common Stock	39			37
Accumulated items of other comprehensive income:
Total equity	39	39	37	37	37	37	37	37
Common Class B [Member]
SHAREHOLDERS' EQUITY
Common Stock	2			3
Accumulated items of other comprehensive income:
Total equity	$ 2	$ 2	$ 3	3	$ 3	$ 3	$ 3	$ 3
Accounting Standards Update 2018-11 [Member] \| Adjustments Increase/(Decrease) [Member]
Assets
Cash and cash equivalents
Accounts receivable, net
Contract assets
Inventories
Income taxes prepaid and receivable
Prepaid expenses and other current assets				(370)
Total current assets				(370)
Property, plant and equipment, net				(6,144)
Intangibles, net
Goodwill
Deferred income taxes				(20)
Noncurrent receivables
Other assets				13,615
Total assets				7,081
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes and loans payable
Accounts payable
Accrued liabilities				4,964
Current maturities of long-term debt				(1,206)
Income taxes payable
Total current liabilities				3,758
Long-term debt				(24,680)
Other noncurrent liabilities				27,968
Deferred taxes and other liabilities
Total liabilities				7,046
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
Additional paid in capital
Retained earnings				35
Accumulated items of other comprehensive income:
Translation adjustments
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				35
Noncontrolling interest
Total equity				35
Total liabilities and shareholders' equity				7,081
Accounting Standards Update 2018-11 [Member] \| Adjustments Increase/(Decrease) [Member] \| Common Class A [Member]
SHAREHOLDERS' EQUITY
Common Stock
Accounting Standards Update 2018-11 [Member] \| Adjustments Increase/(Decrease) [Member] \| Common Class B [Member]
SHAREHOLDERS' EQUITY
Common Stock
Accounting Standards Update 2018-11 [Member] \| Opening balance, as adjusted [Member]
Assets
Cash and cash equivalents				197,755
Accounts receivable, net				223,176
Contract assets				57,447
Inventories				85,904
Income taxes prepaid and receivable				7,473
Prepaid expenses and other current assets				20,924
Total current assets				592,679
Property, plant and equipment, net				455,911
Intangibles, net				49,206
Goodwill				164,382
Deferred income taxes				62,602
Noncurrent receivables				45,061
Other assets				55,232
Total assets				1,425,073
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes and loans payable
Accounts payable				52,246
Accrued liabilities				133,994
Current maturities of long-term debt				18
Income taxes payable				6,806
Total current liabilities				193,064
Long-term debt				499,027
Other noncurrent liabilities				116,245
Deferred taxes and other liabilities				8,422
Total liabilities				816,758
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
Additional paid in capital				430,555
Retained earnings				589,680
Accumulated items of other comprehensive income:
Translation adjustments				(115,976)
Pension and postretirement liability adjustments				(47,109)
Derivative valuation adjustment				4,697
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				605,284
Noncontrolling interest				3,031
Total equity				608,315
Total liabilities and shareholders' equity				1,425,073
Accounting Standards Update 2018-11 [Member] \| Opening balance, as adjusted [Member] \| Common Class A [Member]
SHAREHOLDERS' EQUITY
Common Stock				37
Accounting Standards Update 2018-11 [Member] \| Opening balance, as adjusted [Member] \| Common Class B [Member]
SHAREHOLDERS' EQUITY
Common Stock				$ 3

Leases (Schedule of Cumulative Effects of Adoption of ASC 842) (Details) (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 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
Treasury stock, shares	8,408,770	8,418,620
Common Class A [Member]
Common Stock, par value per share	$ 1	$ 1
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, shares issued	39,098,292	37,450,329
Common Class B [Member]
Common Stock, par value per share	$ 1	$ 1
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, shares issued	1,617,998	3,233,998
Common Stock, shares outstanding	1,617,998	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		$ 1	$ 1
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
As previously reported [Member] \| Common Class B [Member]
Common Stock, par value per share		$ 1	$ 1
Common Stock, shares authorized		25,000,000	25,000,000
Common Stock, shares issued		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		$ 1	$ 1
Common Stock, shares authorized		100,000,000	100,000,000
Common Stock, shares issued		37,450,329	37,395,753
Adjustments Increase/(Decrease) [Member] \| Common Class B [Member]
Common Stock, par value per share		$ 1	$ 1
Common Stock, shares authorized		25,000,000	25,000,000
Common Stock, shares issued		3,233,998	3,233,998
Common Stock, shares outstanding		3,233,998	3,233,998
Opening balance, as adjusted, January 1, 2019 [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, 2019 [Member] \| Common Class A [Member]
Common Stock, par value per share		$ 1	$ 1
Common Stock, shares authorized		100,000,000	100,000,000
Common Stock, shares issued		37,450,329	37,395,753
Opening balance, as adjusted, January 1, 2019 [Member] \| Common Class B [Member]
Common Stock, par value per share		$ 1	$ 1
Common Stock, shares authorized		25,000,000	25,000,000
Common Stock, shares issued		3,233,998	3,233,998
Common Stock, shares outstanding		3,233,998	3,233,998

Leases (Schedule of Components of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Finance lease
Amortization of right-of-use asset	$ 249		$ 748
Interest on lease liabilities	388		1,181
Operating lease
Fixed lease cost	991		3,416
Variable lease cost	59		263
Short-term lease cost	350		1,022
Total lease expense	$ 2,037	$ 21	$ 6,630	$ 61

Leases (Schedule of Supplemental Cash Flow Information Related to Leases) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Lessee Disclosure [Abstract]
Operating cash flows from operating leases	$ 974		$ 3,350
Operating cash flows from finance leases	388		1,181
Financing cash flows from finance leases	298		876
Right-of-use assets obtained in exchange for operating lease obligations	988		3,990
Right-of-use assets obtained in exchange for finance lease obligations

Leases (Schedule of Supplemental Balance Sheet Information Related to Leases) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Operating leases
Right of use assets included in Other assets	$ 13,838
Total operating lease liabilities	13,911
Finance lease
Right of use assets included in Property, plant and equipment, net	10,223
Total finance lease liabilities	19,190	$ 25,900
Accrued liabilities [Member]
Operating leases
Operating lease liabilities current	3,780
Finance lease
Finance lease liabilities current	1,290
Other Noncurrent Liabilities [Member]
Operating leases
Operating lease liabilities noncurrent	10,131
Finance lease
Finance lease liabilities noncurrent	$ 17,900

Leases (Schedule of Additional Information Related to Leases) (Details)	Sep. 30, 2019
Lessee Disclosure [Abstract]
Weighted average remaining lease term - Operating leases	4 years
Weighted average remaining lease term - Finance leases	10 years
Weighted average discount rate - Operating leases	5.70%
Weighted average discount rate - Finance leases	8.00%

Leases (Schedule of Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Operating leases
2019	$ 1,316
2020	4,603
2021	3,497
2022	2,471
2023	1,495
Thereafter	3,054
Total lease payments	16,436
Less imputed interest	(2,525)
Total	13,911
Finance lease
2019	686
2020	2,790
2021	2,790
2022	2,838
2023	3,004
Thereafter	15,512
Total lease payments	27,620
Less imputed interest	(8,430)
Total	19,190	$ 25,900
Salt Lake City, Utah [Member]
Finance lease
2019	2,451
2020	2,974
2021	2,990
2022	3,054
2023	3,277
Thereafter	18,930
Total lease payments	33,676
Less imputed interest	(7,790)
Total	$ 25,886

Pensions and Other Postretirement Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2018
Retirement Benefits [Abstract]
Curtailment gain	$ 2	$ 5	$ 70

Pensions and Other Postretirement Benefit Plans (Schedule of Net Periodic Benefit Plan Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Curtailment gain	$ 2	$ 5		$ 70
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost			$ 1,892	2,085
Interest cost			5,368	5,430
Expected return on assets			(6,155)	(6,702)
Curtailment gain				(750)
Amortization of prior service cost/(credit)			51	25
Amortization of net actuarial loss			1,687	1,665
Net periodic benefit cost			2,843	1,753
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost			142	174
Interest cost			1,585	1,520
Expected return on assets
Curtailment gain
Amortization of prior service cost/(credit)			(3,366)	(3,366)
Amortization of net actuarial loss			1,670	2,217
Net periodic benefit cost			$ 31	$ 545

Restructuring (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended		33 Months Ended
Restructuring (Narrative) (Details) $ in Thousands	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring expense			$ 30		$ 1,200
Number of positions eliminated to date			50		50
Noncurrent portion of accrued liabilities for restructuring due in following year			$ 1,700		$ 1,700
Current portion of accrued liabilities for restructuring			$ 400		$ 400
Curtailment gain	$ 2	$ 5		$ 70
Severance and outplacement costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense				900
AEC assets [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense				170
Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expense				$ 20

Restructuring (Schedule of Restructuring Charges) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Restructuring and other, net
Restructuring expenses, net	$ (244)	$ 2,552	$ 1,139	$ 13,714
Machine Clothing [Member]
Restructuring and other, net
Restructuring expenses, net	(211)	370	1,125	10,522
Albany Engineered Composites [Member]
Restructuring and other, net
Restructuring expenses, net	(33)	2,189	18	2,968
Corporate Expenses [Member]
Restructuring and other, net
Restructuring expenses, net		$ (7)	(4)	224
Termination and other costs [Member]
Restructuring and other, net
Restructuring expenses, net			1,095	12,558
Termination and other costs [Member] \| Machine Clothing [Member]
Restructuring and other, net
Restructuring expenses, net			1,081	11,128
Termination and other costs [Member] \| Albany Engineered Composites [Member]
Restructuring and other, net
Restructuring expenses, net			18	1,206
Termination and other costs [Member] \| Corporate Expenses [Member]
Restructuring and other, net
Restructuring expenses, net			(4)	224
Impairment of plant and equipment [Member]
Restructuring and other, net
Restructuring expenses, net			44	1,906
Impairment of plant and equipment [Member] \| Machine Clothing [Member]
Restructuring and other, net
Restructuring expenses, net			44	144
Impairment of plant and equipment [Member] \| Albany Engineered Composites [Member]
Restructuring and other, net
Restructuring expenses, net				1,762
Impairment of plant and equipment [Member] \| Corporate Expenses [Member]
Restructuring and other, net
Restructuring expenses, net
Impairment of intangible assets [Member]
Restructuring and other, net
Restructuring expenses, net				(750)
Impairment of intangible assets [Member] \| Machine Clothing [Member]
Restructuring and other, net
Restructuring expenses, net				(750)
Impairment of intangible assets [Member] \| Albany Engineered Composites [Member]
Restructuring and other, net
Restructuring expenses, net
Impairment of intangible assets [Member] \| Corporate Expenses [Member]
Restructuring and other, net
Restructuring expenses, net

Restructuring (Schedule of Restructuring Liability) (Details) - Termination and other costs [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Restructuring Reserve [Roll Forward]
Beginning balance	$ 5,570	$ 3,326
Restructuring charges accrued	1,095	12,558
Payments	(4,195)	(9,153)
Currency translation/other	(360)	(379)
Ending balance	$ 2,110	$ 6,352

Other (Income)/Expense, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other Income and Expenses [Abstract]
Currency transaction (gains)/losses	$ (2,028)	$ (3,611)	$ (3,724)	$ (2,930)
Bank fees and amortization of debt issuance costs	81	100	262	303
Pension curtailment gain		(232)		(750)
Components of net periodic pension and postretirement cost other than service	278	264	840	789
Other	41	328	716	1,615
Total	$ (1,628)	$ (3,151)	$ (1,906)	$ (973)

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	9 Months Ended		12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Line Items]
Current year and prior year earnings of Company's foreign operations			$ 170.4
Foreign withholding taxes			4.0
Federal tax benefit attributable to adjustments discovered			2.2
State tax charge			$ 3.8
Estimated effective tax rate on continuing operations			27.50%	29.70%
Increase decrease in unrecognized tax benefits					$ 2.2
Discrete tax benefit			$ 2.2
Non-U.S. subsidiary [Member]
Income Tax Disclosure [Line Items]
Valuation allowance	$ 0.8	$ 0.8
German tax [Member]
Income Tax Disclosure [Line Items]
Valuation allowance	$ 1.3
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			2019

Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income tax based on income from continuing operations, at estimated tax rates of 27.5% and 29.7%, respectively	$ 14,662	$ 11,691	$ 38,256	$ 25,970
Effect of change in estimated tax rates	(692)	(191)
Income tax before discrete items	13,970	11,500	38,256	25,970
Discrete tax expense:
Exercise of U.S. Stock Options	(55)	(29)	(111)	(155)
Impact of mandatory repatriation				(1,099)
Adjustments to prior period tax liabilities	(160)	(7)	187	(259)
Provision for/resolution of tax audits and contingencies, net	(558)	(168)	(2,785)	2,280
Adjustment related to prior period change in opening valuation allowance		63	(1,366)	(4,923)
Changes in valuation allowances	(11)		830
Other	8		64	(124)
Total income tax expense	$ 13,194	$ 11,359	$ 35,075	$ 21,690

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Net income attributable to the Company	$ 40,009	$ 27,736	$ 103,253	$ 65,300
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share	32,306	32,264	32,293	32,247
Effect of dilutive stock-based compensation plans:
Stock options	11	16	12	16
Weighted average number of shares used in calculating diluted net income per share	32,317	32,280	32,305	32,263
Average market price of common stock used for calculation of dilutive shares	$ 82.99	$ 72.30	$ 76.45	$ 66.01
Net income attributable to the Company per share:
Basic	1.24	0.86	3.20	2.02
Diluted	$ 1.24	$ 0.86	$ 3.20	$ 2.02

Accumulated Other Comprehensive Income (AOCI) (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 605,249
Ending balance	659,530
Translation adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(115,976)	$ (87,318)
Other comprehensive income/(loss) before reclassifications	(23,177)	(23,582)
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
Adjustment related to prior period change in opening valuation allowance
Net current period other comprehensive income	(23,177)	(23,582)
Ending balance	(139,153)	(110,900)
Pension and postretirement liability adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(47,109)	(50,536)
Other comprehensive income/(loss) before reclassifications	280	2,389
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	29	379
Adjustment related to prior period change in opening valuation allowance	(1,346)
Net current period other comprehensive income	(1,037)	2,243
Ending balance	(48,146)	(48,293)
Derivative valuation adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	4,697	1,953
Other comprehensive income/(loss) before reclassifications	(8,037)	7,374
Pension/postretirement curtailment gain, net of tax
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	(832)	105
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax
Adjustment related to prior period change in opening valuation allowance
Net current period other comprehensive income	(8,869)	7,479
Ending balance	(4,172)	9,432
Total Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(158,388)	(135,901)
Other comprehensive income/(loss) before reclassifications	(30,934)	(13,819)
Pension/postretirement curtailment gain, net of tax		(525)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	(832)	105
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	29	379
Adjustment related to prior period change in opening valuation allowance	(1,346)
Net current period other comprehensive income	(33,083)	(13,860)
Ending balance	$ (191,471)	$ (149,761)

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, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

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

$ 4,838

$ 5,200

$ 15,072

$ 14,929

Total pretax amount reclassified

53,319

39,364

138,867

87,437

Income tax effect

13,194

11,359

35,075

21,690

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

(40,009)

(27,736)

(103,253)

(65,300)

Pension/postretirement curtailment

232

750

Prior service credit

(1,105)

(1,114)

(3,315)

(3,341)

Net actuarial loss

1,118

1,294

3,357

3,882

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

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

^[1]

(245)

(96)

(1,117)

138

Income tax effect

285

(33)

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

(183)

(73)

(832)

105

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

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

Total pretax amount reclassified

^[2]

(52)

(209)

Income tax effect

(4)

(3)

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

$ 9

$ (36)

$ 29

$ (146)

[1]	Included in Interest expense, net, are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 15 and 16).
[2]	These accumulated other comprehensive income components are included in the computation of net periodic cost (see Note 4).

Noncontrolling Interest (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended						9 Months Ended		12 Months Ended
Noncontrolling Interest (Details) - USD ($) $ in Thousands	Oct. 31, 2013	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)		$ 40,125	$ 34,259	$ 29,408	$ 28,005	$ 29,843	$ 7,899	$ 103,792	$ 65,747
Net income of ASC available for common ownership		40,009			27,736			103,253	65,300
Net income attributable to noncontrolling interest		116			269			539	447
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year				3,031				3,031
Net income attributable to noncontrolling interest		116			$ 269			539	$ 447
Noncontrolling interest		$ 3,551						$ 3,551		$ 3,031
Albany Safran Composites, LLC [Member]
Noncontrolling Interest [Line Items]
Interest in subsidiary sold	10.00%
Cash contribution	$ 28
Albany's remaining interest	90.00%
Ownership percentage of noncontrolling shareholder		10.00%			10.00%			10.00%	10.00%
Albany Safran Composites, LLC [Member]
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)								$ 6,368	$ 5,433
Less: Return attributable to the Company's preferred holding								974	965
Net income of ASC available for common ownership								5,394	4,468
Net income attributable to noncontrolling interest								539	447
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year				$ 3,031			$ 3,247	3,031	3,247	3,247
Decrease attributable to 2018 adoption of ASC 606									(327)
Net income attributable to noncontrolling interest								539	447
Changes in other comprehensive income attributable to noncontrolling interest								(19)	(1)
Noncontrolling interest		$ 3,551			$ 3,366			$ 3,551	$ 3,366	$ 3,031

Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Receivables [Abstract]
Trade and other accounts receivable	$ 210,919	$ 211,244
Bank promissory notes	16,062	19,269
Allowance for doubtful accounts	(2,749)	(7,337)
Accounts receivable, net	224,232	223,176
Noncurrent receivables	$ 45,699	$ 45,061
Interest rate	2.00%
Write-off in accounts receivables	$ 51

Contract Assets and Liabilities (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Contract with Customer, Asset and Liability [Abstract]
Decrease in contract assets	$ 7.1
Decrease in contract liabilities	4.3
Revenue recognized	$ 6.1

Contract Assets and Liabilities (Schedule of Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Contract with Customer, Asset and Liability [Abstract]
Contract assets	$ 64,571	$ 57,447
Contract liabilities	$ 4,713	$ 9,025

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 54,376	$ 40,489
Work in process	34,614	33,181
Finished goods	16,715	12,234
Total inventories	$ 105,705	$ 85,904

Goodwill and Other Intangible Assets (Schedule of intangible assets and goodwill) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Amortized intangible assets:
Gross carrying value	$ 66,724	$ 66,724
Accumulated amortization	(22,194)	(17,518)
Net carrying amount	44,530	49,206
Goodwill
Gross carrying value	162,075	164,382
Accumulated amortization
Net carrying amount	162,075	164,382
AEC Trade Names [Member]
Amortized intangible assets:
Gross carrying value	140	140
Accumulated amortization	(133)	(129)
Net carrying amount	$ 7	$ 11
Goodwill
Amortization life in years	15 years	15 years
AEC Technology [Member]
Amortized intangible assets:
Gross carrying value	$ 370	$ 370
Accumulated amortization	(333)	(314)
Net carrying amount	$ 37	$ 56
Goodwill
Amortization life in years	15 years	15 years
Customer Relationships [Member]
Amortized intangible assets:
Gross carrying value	$ 48,421	$ 48,421
Accumulated amortization	(11,304)	(8,883)
Net carrying amount	$ 37,117	$ 39,538
Goodwill
Amortization life in years	15 years	15 years
Customer Contracts [Member]
Amortized intangible assets:
Gross carrying value	$ 17,471	$ 17,471
Accumulated amortization	(10,199)	(8,015)
Net carrying amount	$ 7,272	$ 9,456
Goodwill
Amortization life in years	6 years	6 years
Other Intangible [Member]
Amortized intangible assets:
Gross carrying value	$ 322	$ 322
Accumulated amortization	(225)	(177)
Net carrying amount	$ 97	$ 145
Goodwill
Amortization life in years	5 years	5 years
MC Goodwill [Member]
Goodwill
Gross carrying value	$ 66,345	$ 68,652
Accumulated amortization
Net carrying amount	66,345	68,652
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, 2019 USD ($)
Amortized intangible assets:
Beginning Balance	$ 49,206
Amortization	(4,676)
Currency Translation
Ending Balance	44,530
Goodwill
Beginning Balance	164,382
Amortization
Currency Translation	(2,307)
Ending Balance	162,075
AEC Trade Names [Member]
Amortized intangible assets:
Beginning Balance	11
Amortization	(4)
Currency Translation
Ending Balance	7
AEC Technology [Member]
Amortized intangible assets:
Beginning Balance	56
Amortization	(19)
Currency Translation
Ending Balance	37
Customer Relationships [Member]
Amortized intangible assets:
Beginning Balance	39,538
Amortization	(2,421)
Currency Translation
Ending Balance	37,117
Customer Contracts [Member]
Amortized intangible assets:
Beginning Balance	9,456
Amortization	(2,184)
Currency Translation
Ending Balance	7,272
Other Intangible [Member]
Amortized intangible assets:
Beginning Balance	145
Amortization	(48)
Currency Translation
Ending Balance	97
MC Goodwill [Member]
Goodwill
Beginning Balance	68,652
Amortization
Currency Translation	(2,307)
Ending Balance	66,345
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, 2019 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2019	$ 6,234
2020	6,234
2021	6,163
2022	3,949
2023	$ 3,228

Financial Instruments (Narrative) (Details) $ in Thousands	9 Months Ended
Financial Instruments (Narrative) (Details) $ in Thousands	Sep. 30, 2019 USD ($)	Sep. 16, 2019 USD ($)	Dec. 31, 2018 USD ($)	Nov. 28, 2017 USD ($)	Nov. 27, 2017 USD ($)	Nov. 07, 2017 USD ($)	May 06, 2016 USD ($)	Apr. 08, 2016 USD ($)
Debt Instrument [Line Items]
Maximum leverage ratio allowed	3.50
Minimum interest coverage ratio required	3.00
Leverage ratio	1.42
Interest coverage ratio	13.03
Finance lease obligation	$ 19,190		$ 25,900
Credit Agreement [Member]
Debt Instrument [Line Items]
Amount of credit facility						$ 68,500		$ 55,000
Amount of credit facility outstanding	42,400
Additional amount that can be borrowed on facility	$ 26,100
LIBOR spread	1.375%
Credit Agreement [Member] \| Interest Rate Current Swap [Member]
Debt Instrument [Line Items]
Borrowings, revolving credit facility					$ 30,000		$ 12,000
Notional amount		$ 350,000		$ 350,000
Fixed interest rate in swap		2.03%		2.11%
LIBOR rate		3.485%
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%

Financial Instruments (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt	$ 424,032	$ 524,931
Less: current portion	(20)	(1,224)
Long-term debt, net of current portion	424,012	523,707
Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term debt	$ 424,000	$ 499,000
Interest rate	3.47%	3.69%
Maturity date range, end	Dec. 31, 2022
Finance lease obligation [Member]
Debt Instrument [Line Items]
Long-term debt		$ 25,886
Other Debt [Member]
Debt Instrument [Line Items]
Long-term debt	$ 32	$ 45
Interest rate	5.50%	5.50%
Maturity date range, end	Dec. 31, 2021

Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative [Line Items]
Interest expense (income)	$ (3,987)	$ (4,621)	$ (13,035)	$ (13,530)
Interest Rate Current Swap [Member]
Derivative [Line Items]
Interest expense (income)			(800)	600
Interest Rate Swap Buyouts [Member]
Derivative [Line Items]
Interest expense (income)			$ (300)	$ (500)

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

Sep. 30, 2019

Dec. 31, 2018

Derivative asset:

Common stock of foreign public company, original cost

$ 5

Interest Rate Current Swap [Member]

Derivative asset:

Liability for fixed rate leg

155

320

Receivable for floating rate leg

225

275

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

Assets:

Cash equivalents

26,317

14,234

Common stock of unaffiliated foreign public company

^[1]

839

731

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

$ (7,021)

^[2]

$ 4,548

^[3]

[1]	Original cost basis $0.5 million.
[2]	Net of $15.5 million receivable floating leg and $22.5 million liability fixed leg.
[3]	Net of $32.0 million receivable floating leg and $27.5 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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Derivatives not designated as hedging instruments Foreign currency options losses		$ 10		$ (61)

Contingencies (Narrative) (Details) - Asbestos Litigation [Member] $ in Millions	Sep. 30, 2019 USD ($) claims
Loss Contingencies [Line Items]
Total resolved claims, by means of settlement or dismissal \| claims	37,775
Total cost of resolution \| $	$ 10.3
Resolution costs paid by insurance carrier	100.00%
Confirmed insurance coverage \| $	$ 14.0
Brandon Drying Fabrics, Inc. [Member]
Loss Contingencies [Line Items]
Total resolved claims, by means of settlement or dismissal \| claims	7,710
Resolution costs paid by insurance carrier	100.00%

Contingencies (Schedule of Changes in Claims) (Details) - Asbestos Litigation [Member] $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019 USD ($) claims	Dec. 31, 2018 USD ($) claims	Dec. 31, 2017 USD ($) claims	Dec. 31, 2016 USD ($) claims	Dec. 31, 2015 USD ($) claims	Dec. 31, 2014 USD ($) claims
Loss Contingencies [Line Items]
Opening Number of Claims	3,684	3,730	3,745	3,791	3,821	4,299
Claims Dismissed, Settled, or Resolved	29	152	105	148	116	625
New Claims	46	106	90	102	86	147
Closing Number of Claims	3,701	3,684	3,730	3,745	3,791	3,821
Amounts Paid (thousands) to Settle or Resolve \| $		$ 100	$ 55	$ 758	$ 164	$ 437

Changes in Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Dividends declared per share	$ 0.18			$ 0.17			$ 0.54	$ 0.51
Common Class B [Member]
Dividends declared per share	0.18	$ 0.18	$ 0.18	0.17	$ 0.17	$ 0.17
Common Class A [Member]
Dividends declared per share	$ 0.18	$ 0.18	$ 0.18	$ 0.17	$ 0.17	$ 0.17
Standish Family Holdings, LLC [Member] \| Common Class B [Member]
Conversion of stock	1.6
ASC 606 [Member]
Increase decrease in retained earnings									$ 5.6
Increase decrease in non controlling interest									0.3
ASU 2016-16 [Member]
Increase decrease in retained earnings									$ 0.5
ASC 842 [Member]
Increase decrease in retained earnings			$ 0.1

Changes in Shareholders' Equity (Schedule of Activity in Shareholders' Equity) (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Balance	$ 651,316	$ 626,407	$ 608,280	$ 588,630	$ 592,578	$ 573,015	$ 608,280	$ 573,015
Adoption of accounting standards			35			(5,395)
Net income	40,125	34,259	29,408	28,005	29,843	7,899	103,792	65,747
Compensation and benefits paid or payable in shares	790	1,170	(547)	543	1,047	289
Options exercised	33	28	44	52	3	147
Dividends declared Class A	(5,524)	(5,523)	(5,231)	(4,935)	(4,935)	(4,933)
Dividends declared Class B	(291)	(291)	(582)	(550)	(550)	(550)
Cumulative translation adjustments	(22,535)	1	(662)	(8,017)	(33,205)	17,639
Pension and postretirement liability adjustments	490	(40)	(1,487)	129	2,127	(13)
Derivative valuation adjustment	(1,323)	(4,695)	(2,851)	1,277	1,722	4,480
Balance	663,081	651,316	626,407	605,134	588,630	592,578	663,081	605,134
Common Class A [Member]
Balance	$ 39	$ 37	$ 37	$ 37	$ 37	$ 37	$ 37	$ 37
Balance, Shares	39,096	37,478	37,450	37,448	37,448	37,396	37,450	37,396
Compensation and benefits paid or payable in shares			$ 25			$ 44
Options exercised	$ 2	$ 2	3	$ 2		8
Conversion of Class B shares to Class A shares, rounding		$ 2
Conversion of Class B shares to Class A shares, rounding, Shares		1,616
Balance	$ 39	$ 39	$ 37	$ 37	$ 37	$ 37	$ 39	$ 37
Balance, Shares	39,098	39,096	37,478	37,450	37,448	37,448	39,098	37,450
Common Class B [Member]
Balance	$ 2	$ 3	$ 3	$ 3	$ 3	$ 3	$ 3	$ 3
Balance, Shares	1,618	3,234	3,234	3,234	3,234	3,234	3,234	3,234
Conversion of Class B shares to Class A shares, rounding		$ (1)
Conversion of Class B shares to Class A shares, rounding, Shares		(1,616)
Balance	$ 2	$ 2	$ 3	$ 3	$ 3	$ 3	$ 2	$ 3
Balance, Shares	1,618	1,618	3,234	3,234	3,234	3,234	1,618	3,234
Additional paid in capital [Member]
Balance	$ 431,037	$ 430,052	$ 430,555	$ 429,635	$ 428,859	$ 428,423	$ 430,555	$ 428,423
Compensation and benefits paid or payable in shares	790	958	(547)	544	773	289
Options exercised	33	28	44	52	3	147
Conversion of Class B shares to Class A shares, rounding		(1)
Balance	431,860	431,037	430,052	430,231	429,635	428,859	431,860	430,231
Retained earnings [Member]
Balance	641,297	613,057	589,645	555,610	531,193	534,082	589,645	534,082
Adoption of accounting standards			35			(5,068)
Net income	34,054		29,190	27,736	29,902	7,662
Balance	675,491	641,297	613,057	577,861	555,610	531,193	675,491	577,861
Retained earnings [Member] \| Common Class A [Member]
Dividends declared Class A	(5,524)	(5,523)	(5,231)	(4,935)	(4,935)	(4,933)
Retained earnings [Member] \| Common Class B [Member]
Dividends declared Class B	(291)	(291)	(582)	(550)	(550)	(550)
Total Other Comprehensive Income [Member]
Balance	(168,116)	(163,380)	(158,388)	(143,155)	(113,788)	(135,901)	(158,388)	(135,901)
Cumulative translation adjustments	(22,522)	(1)	(654)	(8,012)	(33,216)	17,646
Pension and postretirement liability adjustments	490	(40)	(1,487)	129	2,127	(13)
Derivative valuation adjustment	(1,323)	(4,695)	(2,851)	1,277	1,722	4,480
Balance	191,471	(168,116)	(163,380)	(149,761)	(143,155)	(113,788)	191,471	(149,761)
Treasury stock [Member] \| Common Class A [Member]
Balance	$ (256,391)	$ (256,603)	$ (256,603)	$ (256,602)	$ (256,876)	$ (256,876)	$ (256,603)	$ (256,876)
Balance, Shares	8,409	8,419	8,419	8,419	8,431	8,431	8,419	8,431
Compensation and benefits paid or payable in shares		$ 212		$ (1)	$ 274
Compensation and benefits paid or payable in shares, Shares		(10)
Shares issued to Directors					(12)
Balance	$ (256,391)	$ (256,391)	$ (256,603)	$ (256,603)	$ (256,602)	$ (256,876)	$ (256,391)	$ (256,603)
Balance, Shares	8,409	8,409	8,419	8,419	8,419	8,431	8,409	8,419
Noncontrolling Interest [Member]
Balance	$ 3,448	$ 3,241	$ 3,031	$ 3,102	$ 3,150	$ 3,247	$ 3,031	$ 3,247
Adoption of accounting standards						(327)
Net income	116	205	218	269	(59)	237
Cumulative translation adjustments	(13)	2	(8)	(5)	11	(7)
Balance	$ 3,551	$ 3,448	$ 3,241	$ 3,366	$ 3,102	$ 3,150	$ 3,551	$ 3,366