0000819793-20-000023 | 10-Q | XBRL Viewer | Albany International Corp DE

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Cover Page - shares shares in Millions	9 Months Ended
Cover Page - shares shares in Millions	Sep. 30, 2020	Oct. 21, 2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	1-10026
Entity Registrant Name	ALBANY INTERNATIONAL CORP.
Entity Incorporation, State or Country Code	NH
Entity Address, Address Line One	216 Airport Drive
Entity Address, City or Town	Rochester
Entity Address, State or Province	NH
Entity Tax Identification Number	14-0462060
Entity Address, Postal Zip Code	03867
City Area Code	603
Local Phone Number	330-5850
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000819793
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Class A [Member]
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	AIN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		30.7
Common Class B [Member]
Title of 12(b) Security	Class B Common Stock, $0.001 par value per share
Trading Symbol	AIN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		1.6

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Net sales	$ 211,999	$ 271,133	$ 673,753	$ 796,454
Cost of goods sold	124,697	167,026	393,999	495,394
Gross profit	87,302	104,107	279,754	301,060
Selling, general, and administrative expenses	39,518	39,841	118,167	121,602
Technical and research expenses	8,301	8,832	26,304	28,323
Restructuring expenses, net	710	(244)	4,189	1,139
Operating income	38,773	55,678	131,094	149,996
Interest expense, net	2,242	3,987	10,042	13,035
Other expense/(income), net	(2,745)	(1,628)	13,915	(1,906)
Income before income taxes	39,276	53,319	107,137	138,867
Income tax expense	9,686	13,194	37,504	35,075
Net income	29,590	40,125	69,633	103,792
Net income/(loss) attributable to the noncontrolling interest	1	116	(1,419)	539
Net income attributable to the Company	$ 29,589	$ 40,009	$ 71,052	$ 103,253
Earnings per share attributable to Company shareholders - Basic (in dollars per share)	$ 0.92	$ 1.24	$ 2.20	$ 3.20
Earnings per share attributable to Company shareholders - Diluted (in dollars per share)	$ 0.91	$ 1.24	$ 2.20	$ 3.20
Shares of the Company used in computing earnings per share:
Weighted average number of shares outstanding, Basic (in shares)	32,337	32,306	32,326	32,293
Weighted average number of shares outstanding, Diluted (in shares)	32,344	32,317	32,333	32,305
Dividends declared per share (in dollars per share)	$ 0.19	$ 0.18	$ 0.57	$ 0.54

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 29,590	$ 40,125	$ 69,633	$ 103,792
Other Comprehensive Income (Loss), before Tax [Abstract]
Foreign currency translation and other adjustments	19,249	(22,041)	3,047	(24,243)
Pension/postretirement settlements and curtailments	0	0	378	0
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent [Abstract]
Prior service credit	(1,114)	(1,105)	(3,342)	(3,315)
Net actuarial loss	1,244	1,118	3,720	3,357
Payments and amortization related to interest rate swaps included in earnings	1,219	(245)	2,742	(1,117)
Derivative valuation adjustment	(385)	(1,532)	(12,515)	(10,796)
Income taxes related to items of other comprehensive income/(loss):
Pension/postretirement settlements and curtailments	0	0	(113)	0
Amortization of pension liability adjustment	(32)	(4)	(94)	(13)
Payments and amortization related to interest rate swaps included in earnings	(311)	62	(701)	285
Derivative valuation adjustment	98	392	3,200	2,759
Comprehensive income	49,558	16,770	65,955	70,709
Comprehensive income/(loss) attributable to the noncontrolling interest	202	103	(957)	520
Comprehensive income/(loss) attributable to the Company	$ 49,356	$ 16,667	$ 66,912	$ 70,189

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets, Current [Abstract]
Cash and cash equivalents	$ 215,304	$ 195,540
Accounts receivable, net	210,326	218,271
Contract assets, net	104,853	79,070
Inventories	113,107	95,149
Income taxes prepaid and receivable	6,560	6,162
Prepaid expenses and other current assets	30,485	24,142
Total current assets	680,635	618,334
Property, plant and equipment, net	442,469	466,462
Intangibles, net	48,281	52,892
Goodwill	184,287	180,934
Deferred income taxes	38,387	51,621
Noncurrent receivables, net	36,228	41,234
Other assets	60,405	62,891
Total assets	1,490,692	1,474,368
Liabilities, Current [Abstract]
Accounts payable	46,740	65,203
Accrued liabilities	119,221	125,885
Current maturities of long-term debt	12	20
Income taxes payable	12,936	11,611
Total current liabilities	178,909	202,719
Long-term debt	418,000	424,009
Other noncurrent liabilities	134,903	132,725
Deferred taxes and other liabilities	9,022	12,226
Total liabilities	740,834	771,679
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued	0	0
Additional paid in capital	432,823	432,518
Retained earnings	749,678	698,496
Accumulated items of other comprehensive income:
Translation adjustments	(119,814)	(122,852)
Pension and postretirement liability adjustments	(49,436)	(49,994)
Derivative valuation adjustment	(10,409)	(3,135)
Treasury stock (Class A), at cost; 8,394,022 shares in 2020 and 8,408,770 shares in 2019	(256,074)	(256,391)
Total Company shareholders' equity	746,809	698,683
Noncontrolling interest	3,049	4,006
Total equity	749,858	702,689
Total liabilities and shareholders' equity	1,490,692	1,474,368
Common Class A [Member]
SHAREHOLDERS' EQUITY
Common stock	39	39
Common Class B [Member]
SHAREHOLDERS' EQUITY
Common stock	$ 2	$ 2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Preferred stock, par value per share (in dollars per share)	$ 5.00	$ 5.00
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	0	0
Treasury stock, shares (in shares)	8,394,022	8,408,770
Common Class A [Member]
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	39,113,172	39,098,792
Common Class B [Member]
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares issued (in shares)	1,617,998	1,617,998
Common stock, shares outstanding (in shares)	1,617,998	1,617,998

CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net income	$ 29,590	$ 40,125	$ 69,633	$ 103,792
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	16,285	15,672	47,289	46,659
Amortization	1,997	1,582	7,017	6,305
Change in deferred taxes and other liabilities	3,074	13,548	12,434	12,802
Provision for write-off of property, plant and equipment	303	(5)	536	1,101
Non-cash interest (income)/expense	(309)	151	(138)	454
Compensation and benefits paid or payable in Class A Common Stock	80	790	596	1,413
Fair value adjustment on foreign currency option	(64)	0	0	0
Provision for credit losses from uncollected receivables and contract assets	(105)	332	1,664	1,136
Foreign currency remeasurement loss/(gain) on intercompany loans	169	(1,049)	15,750	(2,656)
Changes in operating assets and liabilities that provided/(used) cash:
Accounts receivable	(2,048)	(10,282)	6,069	(8,276)
Contract assets	(7,923)	(9,605)	(27,932)	(6,558)
Inventories	4,585	(3,760)	(20,043)	(21,927)
Prepaid expenses and other current assets	(4,532)	131	(6,989)	(4,057)
Income taxes prepaid and receivable	(454)	304	(662)	662
Accounts payable	(5,108)	363	(15,491)	7,837
Accrued liabilities	2,838	3,407	(8,063)	(8,762)
Income taxes payable	1,786	(5,611)	3,741	1,619
Noncurrent receivables	(228)	(339)	169	(679)
Other noncurrent liabilities	111	(2,251)	(413)	(4,411)
Other, net	(388)	(6)	(1,474)	139
Net cash provided by operating activities	39,659	43,497	83,693	126,593
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(9,349)	(13,442)	(31,320)	(48,846)
Purchased software	(109)	(257)	(155)	(306)
Net Cash Provided by (Used in) Investing Activities, Total	(9,458)	(13,699)	(31,475)	(49,152)
FINANCING ACTIVITIES
Proceeds from borrowings	0	0	70,000	20,000
Principal payments on debt	(17,005)	(58,006)	(76,016)	(95,014)
Principal payments on finance lease liabilities	(335)	(298)	(6,798)	(876)
Taxes paid in lieu of share issuance	0	0	(490)	(971)
Proceeds from options exercised	5	33	25	105
Dividends paid	(6,144)	(5,814)	(18,424)	(17,435)
Net cash used in financing activities	(23,479)	(64,085)	(31,703)	(94,191)
Effect of exchange rate changes on cash and cash equivalents	4,545	(7,207)	(751)	(7,266)
Increase/(decrease) in cash and cash equivalents	11,267	(41,494)	19,764	(24,016)
Cash and cash equivalents at beginning of period	204,037	215,233	195,540	197,755
Cash and cash equivalents at end of period	$ 215,304	$ 173,739	$ 215,304	$ 173,739

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of results for such periods. Albany International Corp. (Albany, the Registrant, the Company, we, us, or our) consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in Albany International Corp.’s Consolidated Financial Statements and accompanying Notes. Actual results could differ materially from those estimates. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Albany International Corp.’s Annual Report on Form 10-K for the year ended December 31, 2019. Effective January 1, 2020, we adopted the provisions of ASC 326, Current Expected Credit Losses (CECL), using the effective date (or modified retrospective) approach for transition. Under this transition method, periods prior to 2020 were not restated. The pre-tax cumulative effect of initially applying the new standard was an increase in credit loss reserves of $1.8 million, primarily for Accounts receivable and Contract assets. Including tax effects, Retained earnings was reduced by $1.4 million as a result of transitioning to the new standard. The effect of the application of CECL during the first quarter of 2020 is further described in Notes 11 and 12.

Reportable Segments

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Reportable Segments

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

The Machine Clothing (“MC”) segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, tissue and towel, nonwovens, fiber cement and several other industrial applications. We sell our MC products directly to customer end-users in countries across the globe. Our products, manufacturing processes, and distribution channels for MC are substantially the same in each region of the world in which we operate.

We design, manufacture, and market paper machine clothing (used in the manufacturing of paper, paperboard, tissue and towel) for each section of the paper machine and for every grade of paper. Paper machine clothing products are customized, consumable products of technologically sophisticated design that utilize polymeric materials in a complex structure.

The Albany Engineered Composites (“AEC”) segment, including Albany Safran Composites, LLC (“ASC”), in which our customer SAFRAN Group (“Safran”) owns a 10 percent noncontrolling interest, provides highly engineered, advanced composite structures to customers in the commercial and defense aerospace industries. AEC’s largest program relates to CFM International’s LEAP engine. Under this program, AEC through ASC, is the exclusive supplier of advanced composite fan blades and cases under a long-term supply contract. The manufacturing spaces used for the production of parts under the long-term supply agreement are owned by Safran, and leased to the Company at either a market rent or a minimal cost. All lease expense is reimbursable by Safran to the Company due to the cost-plus nature of the supply agreement. In the fourth quarter of 2019, Safran leased manufacturing space from AEC for the GE9X program. Rent paid by Safran under this lease amounted to $0.7 million for the first nine months of 2020. AEC Net sales to Safran, substantially all of which were through ASC, were $73.6 million and $175.2 million in the first nine months of 2020 and 2019, respectively.

The total of Accounts receivable, Contract assets and Noncurrent receivables due from Safran amounted to $119.8 million and $114.5 million as of September 30, 2020 and December 31, 2019, respectively. Other significant programs by AEC include the F-35, Boeing 787, Sikorsky CH-53K and JASSM, as well as the fan case for the GE9X engine. In 2019, approximately 25 percent of AEC sales were related to U.S. government contracts or programs.

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)	2020		2019		2020		2019
Net sales
Machine Clothing	$	138,747	$	151,324	$	428,782	$	450,673
Albany Engineered Composites	73,252		119,809		244,971		345,781
Consolidated total	$	211,999	$	271,133	$	673,753	$	796,454
Operating income/(loss)
Machine Clothing	$	45,699	$	51,906	$	149,418	$	145,688
Albany Engineered Composites	6,828		17,345		22,749		44,598
Corporate expenses	(13,754)		(13,573)		(41,073)		(40,290)
Operating income	$	38,773	$	55,678	$	131,094	$	149,996
Reconciling items:
Interest income	(1,485)		(851)		(2,280)		(2,037)
Interest expense	3,727		4,838		12,322		15,072
Other expense/(income), net	(2,745)		(1,628)		13,915		(1,906)
Income before income taxes	$	39,276	$	53,319	$	107,137	$	138,867

There were no material changes in the total assets of the reportable segments in the first nine months of 2020.

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)	2020		2019		2020		2019
Machine Clothing	$	384	$	(211)	$	1,414	$	1,125
Albany Engineered Composites	358		(33)		2,606		18
Corporate expenses	(32)		—		169		(4)
Total	$	710	$	(244)	$	4,189	$	1,139

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. In 2020, net adjustments to the estimated profitability of long-term contracts increased gross profit by $3.5 million and $9.5 million for the three and nine month periods, respectively, ended September 30, 2020. In 2019, net adjustments to the estimated profitability of long-term contracts increased gross profit by $3.2 million and $8.8 million for the three and nine month periods, respectively, ended September 30, 2019.

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

The following tables disaggregate revenue for each product group by timing of revenue recognition:


	Three months ended September 30, 2020
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total

Machine Clothing	$	137,899	$	848	$	138,747

Albany Engineered Composites
ASC	—		17,301		17,301
Other AEC	4,479		51,472		55,951
Total Albany Engineered Composites	4,479		68,773		73,252

Total revenue	$	142,378	$	69,621	$	211,999


	Nine months ended September 30, 2020
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total

Machine Clothing	$	426,238	$	2,544	$	428,782

Albany Engineered Composites
ASC	—		72,771		72,771
Other AEC	14,942		157,258		172,200
Total Albany Engineered Composites	14,942		230,029		244,971

Total revenue	$	441,180	$	232,573	$	673,753


	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


	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

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019

Americas PMC	$	70,663	$	82,763	$	225,565	$	239,686
Eurasia PMC	50,923		50,330		150,220		155,849
Engineered Fabrics	17,161		18,231		52,997		55,138
Total Machine Clothing Net sales	$	138,747	$	151,324	$	428,782	$	450,673

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 as of both September 30, 2020 and 2019 and related primarily to firm contracts in the AEC segment. Of the remaining performance obligations as of September 30, 2020, we expect to recognize as revenue approximately $36 million during 2020 and the remainder during 2021.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Business Acquisition

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Business Acquisition

On November 20, 2019, the Company acquired CirComp GmbH, a privately-held developer and manufacturer of high-performance composite components located in Kaiserslautern, Germany for $32.4 million. The Company also agreed to pay approximately $5.5 million that will become due as certain post-closing obligations are performed. Expense related to that agreement will be recognized over the five year performance period. The Company funded the acquisition using a combination of cash on hand and funds drawn on its revolving credit facility. In March 2020, the Company purchased, in cash, the primary operating facility in Germany for $5.8 million, which resulted in the recording of land and building assets, and the removal of the Right of use assets and associated lease liabilities included in the acquisition-date balance sheet.

The seller provided representations, warranties and indemnities customary for acquisition transactions, including indemnities for certain customer claims identified, before closing. The acquired entity is part of the AEC segment. CirComp specializes in designing and manufacturing customized engineered composite components for aerospace and other demanding industrial applications.

The following table summarizes the allocation of the purchase price to the fair value of the assets and liabilities acquired:


(in thousands)	November 20, 2019
Assets acquired
Cash	$	1,607
Accounts receivable	986
Contract assets	1,992
Inventories	525
Prepaid expenses and other current assets	452
Right of use assets	5,686
Property, plant and equipment	4,884
Amortizable intangible assets	10,302
Goodwill	17,676
Total assets acquired	$	44,110

Liabilities assumed
Accounts payable	$	65
Accrued liabilities	2,777
Lease liabilities	502
Deferred income taxes	3,182
Other noncurrent liabilities	5,184
Total liabilities assumed	$	11,710

Net assets acquired	$	32,400
Purchase of business, net of cash acquired	$	30,793

During the first six months of 2020, management identified adjustments to the provisional value of assets and liabilities acquired reported in the Form 10-K for the year ended December 31, 2019, which resulted in a decrease to Contract assets of $0.3 million, an increase to Accrued liabilities of $0.5 million, an increase to Amortizable intangible assets of $0.3 million, a decrease to Deferred income tax liabilities of $0.2 million, and an increase to Goodwill of $0.3 million. Management's review of the purchase price allocation has been completed.

Acquired Goodwill of $17.7 million reflects the Company’s belief that the acquisition complements and expands Albany’s portfolio of proprietary, advanced manufacturing technologies for composite components, increases the Company’s position as a leading innovator in advanced materials processing and automation, and opens a geographic footprint in Europe to better serve our global customer base. The acquisition significantly increases the Company’s opportunities for future growth. The goodwill is non-deductible for tax purposes.

Pensions and Other Postretirement Benefit Plans

9 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

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, 2020 and 2019, was as follows:


	Pension plans				Other postretirement benefits
(in thousands)	2020		2019		2020		2019
Components of net periodic benefit cost:
Service cost	$	1,728	$	1,892	$	150	$	142
Interest cost	4,621		5,368		1,285		1,585
Expected return on assets	(5,139)		(6,155)		—		—
Settlement cost	145		—		—		—
Curtailment cost	233		—		—		—
Amortization of prior service cost/(credit)	24		51		(3,366)		(3,366)
Amortization of net actuarial loss	1,776		1,687		1,944		1,670
Net periodic benefit cost	$	3,388	$	2,843	$	13	$	31

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. In the second quarter of 2020, the Company recorded expense of $0.4 million related to curtailments and settlements. There were no curtailments or settlements in other quarters.

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.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Restructuring

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring

In 2020, AEC reduced its workforce at various locations, principally in the United States, leading to restructuring charges of $2.6 million for the first nine months of 2020.

Machine Clothing restructuring charges for the first nine months of 2020 and 2019 were principally related to the plant closure of its MC production facility in Sélestat, France that was announced in 2017. Since 2017, we have recorded $13.3 million of restructuring charges related to this action.

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Machine Clothing	$	384	$	(211)	$	1,414	$	1,125
Albany Engineered Composites	358		(33)		2,606		18
Corporate expenses	(32)		—		169		(4)
Total	$	710	$	(244)	$	4,189	$	1,139


Nine Months Ended September 30, 2020	Total restructuring costs incurred		Termination and other costs		Impairment of assets
(in thousands)
Machine Clothing	$	1,414	$	1,414	$	—
Albany Engineered Composites	2,606		2,606		—
Corporate expenses	169		169		—
Total	$	4,189	$	4,189	$	—


Nine Months Ended September 30, 2019	Total restructuring costs incurred		Termination and other costs		Impairment of assets
(in thousands)
Machine Clothing	$	1,125	$	1,081	$	44
Albany Engineered Composites	18		18		—
Corporate expenses	(4)		(4)		—
Total	$	1,139	$	1,095	$	44

We expect that approximately $2.8 million of Accrued liabilities for restructuring at September 30, 2020 will be paid within one year and approximately $0.3 million will be paid the following year. The table below presents the year-to-date changes in restructuring liabilities for 2020 and 2019, all of which are related to termination costs:


(in thousands)	December 31, 2019		Restructuring charges accrued		Payments		Currency translation /other		September 30, 2020
Total termination and other costs	$	2,042	$	4,189	$	(3,186)	$	46	$	3,091


(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

Other (Income)/Expense, net

9 Months Ended

Sep. 30, 2020

Other Income and Expenses [Abstract]

Other (Income)/Expense, net

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Currency transaction (gains)/losses	$	(148)	$	(2,028)	$	14,702	$	(3,724)
Bank fees and amortization of debt issuance costs	96		81		264		262
Components of net periodic pension and postretirement cost other than service	384		278		1,523		840
Other	(3,077)		41		(2,574)		716
Total	$	(2,745)	$	(1,628)	$	13,915	$	(1,906)

Other (Income)/Expense, net for the first three months of 2020 included losses related to the revaluation of nonfunctional-currency balances of $14.8 million, which principally resulted from intercompany demand loans payable by Mexican subsidiaries combined with the effects of a much weaker peso in 2020. As a result of changes in business

conditions that occurred in the first quarter of 2020, certain loan repayments are no longer expected in the foreseeable future and, beginning April 1, 2020, the revaluation effects for those loans are being recorded in Other comprehensive income. This resulted in a gain of $0.6 million, and a loss of $0.6 million being recorded in Other comprehensive income in the second and third quarters of 2020, respectively.

Other (income)/expense, net, for the first nine months of 2019 included gains related to the revaluation of nonfunctional-currency balances of $3.7 million.

In the third quarter 2020 Other income/expense, net we recorded other income of $2.6 million related to a successful claim for a rebate of foreign sales tax paid in previous years.

Income Taxes

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

The following table presents components of income tax expense for the three and nine months ended September 30, 2020 and 2019:


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except percentages)	2020		2019		2020		2019
Income tax based on income from continuing operations, at estimated tax rates of 32.2% and 27.5%, respectively	$	12,666	$	14,662	$	34,550	$	38,256
Provision for change in estimated tax rate	(1,196)		(692)		—		—
Income tax before discrete items	11,470		13,970		34,550		38,256
Discrete tax expense:
Exercise of U.S. stock options	(7)		(55)		(7)		(111)
Adjustments to prior period tax liabilities	(1,750)		(160)		(983)		187
Provision for/resolution of tax audits and contingencies, net	(46)		(558)		(1,779)		(2,785)
Out-of-period adjustments to deferred tax assets	—		—		1,830		(1,366)
Tax effect of non-deductible foreign exchange loss on intercompany loan	3		—		3,658		—
Changes in valuation allowance	8		(11)		230		830
Other	8		8		5		64
Total income tax expense	$	9,686	$	13,194	$	37,504	$	35,075

The third quarter estimated annual effective tax rate on continuing operations was 32.2 percent in 2020, compared to 27.5 percent for the same period in 2019.

Income tax expense for the quarter was determined 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 higher estimated income tax rate is primarily driven by an increase in losses in a foreign jurisdiction that is excluded in calculating the quarterly income tax provision.

The Company records the residual U.S. and foreign taxes on certain amounts of foreign earnings that have been targeted for repatriation to the U.S. These amounts are not considered to be indefinitely reinvested, and the Company accrued for the tax cost on these earnings to the extent they cannot be repatriated in a tax-free manner. The Company has targeted for repatriation $156.4 million of current year and prior year earnings of the Company’s foreign operations. If these earnings were repatriated, the Company would be subject to foreign withholding taxes of $2.8 million and state income taxes of $2.6 million which have already been recorded.

The Company conducts business globally and, as a result, files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business the Company is subject to examination by taxing authorities throughout the world, including major jurisdictions such as the United States, Brazil, Canada, France, Germany, Italy, Mexico, and Switzerland. The open tax years in these jurisdictions range from 2007 to 2020. The Company is currently under audit in U.S and non-U.S. tax jurisdictions, including but not limited to Canada and

the state of Utah. In the first quarter of 2020, the Company recorded a $1.8 million out-of-period immaterial charge related to developments in ongoing tax audits, which resulted in a corresponding decrease in deferred tax assets. In the second quarter of 2020, a U.S. state tax audit was settled, resulting in a net tax benefit of $1.5 million in that quarter.

In 2020, the Company recorded a net tax benefit of $1.0 million related to the adjustment of prior period liabilities. In the third and second quarter of 2020, respectively, the Company recorded a net tax benefit of $1.8 million related to U.S. adjustments of prior period liabilities, and deferred tax expense of $1.0 million due to an adjustment of net operating losses related to settled audits. Additionally, the Company recorded a $0.2 million valuation allowance on the net deferred tax assets of one of its foreign subsidiaries in the second quarter of 2020.

One of the Company’s subsidiaries in Mexico has an intercompany loan payable in U.S. dollars. As a result of the weaker Mexican peso, the Company recorded a revaluation loss of $12.7 million in the first quarter of 2020. That foreign currency loss is not deductible under Mexican tax law, which had a $3.7 million discrete tax impact in the first quarter of 2020. This intercompany loan was designated as a long-term loan as of April 1, 2020 and, as such, the subsequent foreign currency impacts are not recorded in the income statement.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

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)	2020		2019		2020		2019

Net income attributable to the Company	$	29,589	$	40,009	$	71,052	$	103,253

Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share	32,337		32,306		32,326		32,293
Effect of dilutive stock-based compensation plans:
Stock options	7		11		7		12

Weighted average number of shares used in calculating diluted net income per share	32,344		32,317		32,333		32,305

Average market price of common stock used for calculation of dilutive shares	$	51.81	$	82.99	$	57.05	$	76.45

Net income attributable to the Company per share:
Basic	$	0.92	$	1.24	$	2.20	$	3.20
Diluted	$	0.91	$	1.24	$	2.20	$	3.20

Accumulated Other Comprehensive Income (AOCI)

9 Months Ended

Sep. 30, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (AOCI)

Accumulated Other Comprehensive Income (AOCI)The table below presents changes in the components of AOCI for the period December 31, 2019 to September 30, 2020:


(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Accumulated Other Comprehensive Income
December 31, 2019	$	(122,852)	$	(49,994)	$	(3,135)	$	(175,981)
Other comprehensive income/(loss) before reclassifications, net of tax	3,038		9		(9,315)		(6,268)
Pension/postretirement curtailment loss, net of tax	—		265		—		265
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		2,041		2,041
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		284		—		284
Net current period other comprehensive income	3,038		558		(7,274)		(3,678)
September 30, 2020	$	(119,814)	$	(49,436)	$	(10,409)	$	(179,659)

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 Accumulated Other Comprehensive Income
December 31, 2018	$	(115,976)	$	(47,109)	$	4,697	$	(158,388)
Other comprehensive income/(loss) before reclassifications, net of tax	(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)

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 Statement of Income that were affected for the three and nine months ended September 30, 2020 and 2019:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense/(income) related to interest rate swaps included in Income before taxes (a)	$	1,219	$	(245)	$	2,742	$	(1,117)
Income tax effect	(311)		62		(701)		285
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	908	$	(183)	$	2,041	$	(832)

Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Pension/postretirement curtailment	$	—	$	—	$	378	$	—
Amortization of prior service credit	(1,114)		(1,105)		(3,342)		(3,315)
Amortization of net actuarial loss	1,244		1,118		3,720		3,357
Total pretax amount reclassified (b)	130		13		756		42
Income tax effect	(32)		(4)		(207)		(13)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	98	$	9	$	549	$	29

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

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

Noncontrolling Interest

9 Months Ended

Sep. 30, 2020

Noncontrolling Interest [Abstract]

Noncontrolling Interest

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


	Nine months ended September 30,
(in thousands, except percentages)	2020			2019
Net (loss)/income of Albany Safran Composites (ASC)	$	(13,310)		$	6,368
Less: Return attributable to the Company's preferred holding	884			974
Net (loss)/income of ASC available for common ownership	$	(14,194)		$	5,394
Ownership percentage of noncontrolling shareholder	10		%	10		%
Net (loss)/income attributable to noncontrolling interest	$	(1,419)		$	539

Noncontrolling interest, beginning of year	$	4,006		$	3,031
Net (loss)/income attributable to noncontrolling interest	(1,419)			539
Changes in other comprehensive income attributable to noncontrolling interest	462			(19)
Noncontrolling interest, end of interim period	$	3,049		$	3,551

Accounts Receivable

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Accounts Receivable

Accounts receivable includes trade receivables. In connection with certain sales in Asia, the Company accepts a bank promissory note as customer payment. The notes may be presented for payment at maturity, which is less than one year. As of September 30, 2020 and December 31, 2019, Accounts receivable consisted of the following:


(in thousands)	September 30, 2020		December 31, 2019
Trade and other accounts receivable	$	191,035	$	201,427
Bank promissory notes	23,169		18,563
Allowance for expected credit losses	(3,878)		(1,719)
Accounts receivable, net	$	210,326	$	218,271

The Company has Noncurrent receivables in the AEC segment that represent revenue earned, which has extended payment terms. The Noncurrent receivables are invoiced to the customer, with 2% interest, over a 10-year period that began in 2020. As of September 30, 2020 and December 31, 2019, Noncurrent receivables consisted of the following:


(in thousands)	September 30, 2020		December 31, 2019
Noncurrent receivables	$	36,611	$	41,234
Allowance for expected credit losses	(383)		—
Noncurrent receivables, net	$	36,228	$	41,234

As described in Note 1, effective January 1, 2020, the Company adopted the provisions of ASC 326, Current Expected Credit Losses (CECL). The overarching purpose of the new standard is to provide greater transparency and understanding of the Company’s credit risk. The CECL accounting update replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Under the new standard, the Company recognizes an allowance for expected credit losses on financial assets measured at amortized cost, such as Accounts receivable, Contract assets and Noncurrent receivables. The allowance is determined using a CECL model that is based on an historical average three-year loss rate and is measured by financial asset type on a collective (pool) basis when similar risk characteristics exist, at an amount equal to lifetime expected credit losses. The estimate reflects the risk of loss due to credit default, even when the risk is remote, and considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable expected future economic conditions.

While an expected credit loss allowance is recorded at the same time the financial asset is recorded, the Company monitors financial assets for credit impairment events to assess whether there has been a significant increase in credit risk since initial recognition, and considers both quantitative and qualitative information. The risk of loss due to credit default increases when one or more events occur that can have a detrimental impact on estimated future cash flows of that financial asset. Evidence that a financial asset is subject to greater credit risk include observable data about significant financial difficulty of the customer, a breach of contract, such as a default or past due event, or it becomes probable that the customer will enter bankruptcy or other financial reorganization, among other factors. It may not be possible to identify a single discrete event, but rather, the combined effect of several events may cause an increase in risk of loss.

The probability of default is driven by the relative financial health of our customer base and that of the industries in which we do business, as well as the broader macro-economic environment. A changing economic environment or forecasted economic scenario can lead to a different probability of default and can suggest that credit risk has changed. Such is the case with the global COVID-19 pandemic, which has increased uncertainty and poses a significant challenge to the macro-economic environment. Management believes this has increased the probability of credit default, causing the Company to increase the allowance for expected credit losses during the current year.

At each reporting period, the Company will recognize the amount of change in current expected credit losses as an allowance gain or loss in Selling, general, and administrative expenses in the Consolidated Statements of Income.

Financial assets are written-off when the Company has no reasonable expectation of recovering the financial asset, either in its entirety, or a portion thereof. This is the case when the Company determines that the customer does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.

The following table presents the year-to-date (increases)/decreases in the allowance for credit losses for Accounts receivable:


(in thousands)	December 31, 2019		CECL transition adjustment		Charges		Currency translation		Other		September 30, 2020
Specific customer reserves	$	(1,719)	$	(44)	$	12	$	42	$	74	$	(1,635)
Incremental expected credit losses	—		(1,139)		(1,109)		8		(3)		(2,243)
Accounts receivable expected credit losses	$	(1,719)	$	(1,183)	$	(1,097)	$	50	$	71	$	(3,878)

The following table presents the year-to-date (increases)/decreases in the allowance for credit losses for Noncurrent receivables:


(in thousands)	December 31, 2019		CECL transition adjustment		Charges		Currency translation		Other		September 30, 2020
Noncurrent receivables expected credit losses	$	—	$	(206)	$	(185)	$	8	$	—	$	(383)

Contract Assets and Liabilities

9 Months Ended

Sep. 30, 2020

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]

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, 2020 and December 31, 2019, Contract assets and Contract liabilities consisted of the following:


(in thousands)	September 30, 2020		December 31, 2019
Contract assets	$	105,626	$	79,070
Allowance for expected credit losses	(773)		—
Contract assets, net	$	104,853	$	79,070

Contract liabilities	$	7,913	$	5,656

Contract assets increased $25.8 million during the nine-month period ended September 30, 2020. The increase was primarily due to an increase in unbilled revenue related to the satisfaction of performance obligations, in excess of the amounts billed to customers for contracts that were in a contract asset position. There were no impairment losses related to our Contract assets during the nine month periods ended September 30, 2020 and 2019.

As described in Notes 1 and 11, effective January 1, 2020, the Company adopted the provisions of ASC 326, Current Expected Credit Losses (CECL).

The following table presents the year-to-date (increases)/ decreases in the allowance for credit losses for Contract assets:


(in thousands)	December 31, 2019		CECL transition adjustment		Charges		Currency translation		Other		September 30, 2020

Contract assets expected credit losses	$	—	$	(403)	$	(382)	$	4	$	8	$	(773)

Contract liabilities increased $2.3 million during the nine-month period ended September 30, 2020, primarily due to increased billings in excess of revenue recognized from satisfied performance obligations for contracts that were in a contract liability position. Revenue recognized for the nine-month periods ended September 30, 2020 and 2019 that was included in the Contract liability balance at the beginning of the year was $3.5 million and $6.1 million, respectively.

Inventories

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventories

InventoriesCosts 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, 2020 and December 31, 2019, Inventories consisted of the following:


(in thousands)	September 30, 2020		December 31, 2019
Raw materials	$	65,117	$	52,960
Work in process	35,207		31,744
Finished goods	12,783		10,445
Total inventories	$	113,107	$	95,149

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

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. Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually at the reporting unit level. Impairment is the condition that exists when the carrying amount of a reporting unit, including goodwill, exceeds its fair value. Our reportable segments are consistent with our operating segments.

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

To determine fair value, we utilize 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 2020, management applied the quantitative assessment approach in performing its annual evaluation of goodwill and concluded that no impairment provision was required. As part of this evaluation, the Company considered projected cash flows and market multiples for the Company’s Machine Clothing reporting unit and three AEC reporting units. Management performed assessments as to whether the fair value of each reporting unit was less than its carrying value as of June 30, 2020 and concluded that it was more likely than not that each reporting unit’s fair value continued to exceed its carrying value. In addition, there were no amounts at risk due to the estimated spread between the fair and carrying values. Accordingly, no impairment charges were recorded.

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, 2020 and December 31, 2019, were as follows:


As of September 30, 2020	Weighted average amortization life in years	Gross carrying amount		Accumulated amortization		Net carrying amount
(in thousands)
Amortized intangible assets:
AEC Trademarks and trade names	6-15	$	208	$	(148)	$	60
AEC Technology	10-15	6,522		(871)		5,651
AEC Intellectual property	15	1,250		(68)		1,182
AEC Customer contracts	6	17,471		(13,110)		4,361
AEC Customer relationships	8-15	51,763		(14,768)		36,995
AEC Other intangibles	5	322		(290)		32
Total amortized intangible assets		$	77,536	$	(29,255)	$	48,281

Unamortized intangible assets:
MC Goodwill		$	69,884	$	—	$	69,884
AEC Goodwill		114,403		—		114,403
Total unamortized intangible assets:		$	184,287	$	—	$	184,287


As of December 31, 2019	Weighted average amortization life in years	Gross carrying amount		Accumulated amortization		Net carrying amount
(in thousands)

Amortized intangible assets:
AEC Trademarks and trade names	6-15	$	208	$	(135)	$	73
AEC Technology	10-15	6,191		(387)		5,804
AEC Intellectual property	15	1,250		(7)		1,243
AEC Customer contracts	6	17,471		(10,927)		6,544
AEC Customer relationships	8-15	51,255		(12,108)		39,147
AEC Other intangibles	5	322		(241)		81
Total amortized intangible assets		$	76,697	$	(23,805)	$	52,892

Unamortized intangible assets:
MC Goodwill		$	67,672	$	—	$	67,672
AEC Goodwill		113,262		—		113,262
Total unamortized intangible assets:		$	180,934	$	—	$	180,934

The changes in intangible assets, net and goodwill from December 31, 2019 to September 30, 2020, were as follows:


(in thousands)	December 31, 2019		Other Changes		Amortization		Currency Translation		September 30, 2020

Amortized intangible assets:
AEC Trademarks and trade names	$	73	$	—	$	(13)	$	—	$	60
AEC Technology	5,804		—		(480)		327		5,651
AEC Intellectual property	1,243		—		(61)		—		1,182
AEC Customer contracts	6,544		—		(2,183)		—		4,361
AEC Customer relationships	39,147		329		(2,626)		145		36,995
AEC Other intangibles	81		—		(49)		—		32
Total amortized intangible assets	$	52,892	$	329	$	(5,412)	$	472	$	48,281

Unamortized intangible assets:
MC Goodwill	$	67,672	$	—	$	—	$	2,212	$	69,884
AEC Goodwill	113,262		335		—		806		114,403
Total unamortized intangible assets:	$	180,934	$	335	$	—	$	3,018	$	184,287

Estimated amortization expense of intangibles for the years ending December 31, 2020 through 2024, is as follows:


Year	Annual amortization (in thousands)
2020	$	7,200
2021	7,100
2022	4,900
2023	4,200
2024	4,200

Financial Instruments

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Financial Instruments

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


(in thousands, except interest rates)	September 30, 2020		December 31, 2019

Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.17% in 2020 and 3.43% in 2019 (including the effect of interest rate hedging transactions, as described below), due in 2022	$	418,000	$	424,000
Other debt, at an average end of period rate of 5.50% in both 2020 and 2019, due in varying amounts through 2021	12		29
Long-term debt	418,012		424,029
Less: current portion	(12)		(20)
Long-term debt, net of current portion	$	418,000	$	424,009

On October 27, 2020, we entered into a $700 million unsecured Four-Year Revolving Credit Facility Agreement (the “Credit Agreement”) which amended and restated the prior amended and restated $685 million Five-Year Revolving Credit Facility Agreement, which we had entered into on November 7, 2017 (the “Prior Agreement”). The Credit Agreement matures on October 27, 2024. Under the Prior Agreement, $418 million of borrowings were outstanding as of September 30, 2020. The applicable interest rate for borrowings was LIBOR plus a spread, based on our leverage ratio at the time of borrowing, with an option to borrow at base rate. At the time of the last borrowing on September 28, 2020, the spread was 1.375%. Under the Prior Agreement, the spread was based on a pricing grid, which ranged from 1.250% to 1.750% and, after giving effect to the amendments, the applicable spread under the Credit Agreement increased by 25 basis points, now ranging from 1.50% to 2.00%, in each case, based on our leverage ratio. Under the Prior Agreement, we were 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. Under the prior agreement, our leverage ratio was 1.50 to 1.00 and our interest coverage ratio was 14.62 to 1.00 as of September 30, 2020 and, at that date, we would have been able to borrow an additional $267 million.

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

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

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

On May 6, 2016, we terminated other interest rate swap agreements that had effectively fixed the interest rate on $120 million of revolving credit borrowings, in order to enter into a new interest rate swap with a greater notional amount, and the same maturity as the Credit Agreement. We paid $5.2 million to terminate the swap agreements, which were fully 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, 2020 was 0.16%, during the swap period. On September 16, 2020, the all-in-rate on the $350 million of debt was 3.485%.

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

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, 2020.

Fair-Value Measurements

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

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, 2020, or at December 31, 2019.

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


	September 30, 2020					December 31, 2019
	Quoted prices in active markets		Significant other observable inputs			Quoted prices in active markets		Significant other observable inputs
(in thousands)	(Level 1)		(Level 2)			(Level 1)		(Level 2)
Fair Value
Assets:
Cash equivalents	$	28,705	$	—		$	16,375	$	—
Other Assets:
Common stock of unaffiliated foreign public company (a)	872		—			839		—
Liabilities:
Other noncurrent liabilities:
Interest rate swaps	—		(14,357)		ᵇ	—		(5,518)		ᶜ

(a)Original cost basis $0.5 million.

(b)Net of $1.2 million receivable floating leg and $15.6 million liability fixed leg.

(c)Net of $15.2 million receivable floating leg and $20.7 million liability fixed leg.

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

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

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

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

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

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

The interest rate swaps are accounted for as hedges of future cash flows. The fair value of our interest rate swaps are derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve, and is included in Other assets and/or Other noncurrent liabilities in the Consolidated Balance Sheets. Unrealized gains and losses on the swaps flow through the caption Derivative valuation adjustment in the Shareholders’ equity section of the Consolidated Balance Sheets. As of September 30, 2020, these interest rate swaps were determined to be highly effective hedges of interest rate cash flow risk. Amounts accumulated in Other comprehensive income are reclassified as Interest expense, net when the related interest payments (that is, the hedged forecasted transactions), and amortization related to the swap buyouts, affect earnings. Interest (income)/expense related to payments under the active swap agreements totaled $3.7 million for the nine month period ended September 30, 2020, and $(0.8) million for the nine month period ended September 30, 2019. Additionally, non-cash interest income related to the amortization of swap buyouts totaled $0.9 million for the nine month period ended September 30, 2020 and $0.3 million for the nine month period ended September 30, 2019.

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Derivatives not designated as hedging instruments
Foreign currency options gains/(losses)	$	—	$	—	$	(64)	$	—

- 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, 2020

Commitments and Contingencies Disclosure [Abstract]

Contingencies

ContingenciesAsbestos Litigation

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

We were defending 3,616 claims as of September 30, 2020.

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


Year ended December 31,	Opening Number of Claims	Claims Dismissed, Settled, or Resolved	New Claims	Closing Number of Claims	Amounts Paid (thousands) to Settle or Resolve
2015	3,821	116	86	3,791	$	164
2016	3,791	148	102	3,745	758
2017	3,745	105	90	3,730	55
2018	3,730	152	106	3,684	100
2019	3,684	51	75	3,708	25
2020 (As of September 30)	3,708	133	41	3,616	$	57

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, 2020, we had resolved, by means of settlement or dismissal, 37,930 claims. The total cost of resolving all claims was $10.4 million. Of this amount, almost 100% was paid by our insurance carrier, who has confirmed that we have approximately $140 million of remaining coverage under primary and excess policies that should be available with respect to current and future asbestos claims.

The Company’s subsidiary, Brandon Drying Fabrics, Inc. (“Brandon”), is also a separate defendant in many of the asbestos cases in which Albany is named as a defendant, despite never having manufactured any fabrics containing asbestos. While Brandon was defending against 7,710 claims as of September 30, 2020, only twelve claims have been filed against Brandon since January 1, 2012, and no settlement costs have been incurred since 2001. Brandon was acquired by the Company in 1999, and has its own insurance policies covering periods prior to 1999. Since 2004, Brandon’s insurance carriers have covered 100% of indemnification and defense costs, subject to policy limits and a standard reservation of rights.

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, 2020

Stockholders' Equity Note [Abstract]

Changes in Shareholders’ Equity

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2019 to September 30, 2020:


	Class A Common Stock			Class B Common Stock			Additional paid-in capital		Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Equity
(in thousands)	Shares	Amount		Shares	Amount								Shares	Amount
December 31, 2019	39,099	$	39	1,618	$	2	$	432,518	$	698,496	$	(175,981)	8,409	$	(256,391)	$	4,006	$	702,689
Adoption of accounting standards (a)	—	—		—	—		—		(1,443)		—		—	—		—		(1,443)
Net income	—	—		—	—		—		9,109		—		—	—		(1,515)		7,594
Compensation and benefits paid or payable in shares	13	—		—	—		(682)		—		—		—	—		—		(682)
Options exercised	—	—		—	—		—		—		—		—	—		—		—
Shares issued to Directors	—	—		—	—		—		—		—		—	—		—		—
Dividends declared
Class A Common Stock, $0.19 per share	—	—		—	—		—		(5,834)		—		—	—		—		(5,834)
Class B Common Stock, $0.19 per share	—	—		—	—		—		(307)		—		—	—		—		(307)
Cumulative translation adjustments	—	—		—	—		—		—		(25,747)		—	—		109		(25,638)
Pension and postretirement liability adjustments	—	—		—	—		—		—		890		—	—		—		890
Derivative valuation adjustment	—	—		—	—		—		—		(7,708)		—	—		—		(7,708)
March 31, 2020	39,112	$	39	1,618	$	2	$	431,836	$	700,021	$	(208,546)	8,409	$	(256,391)	$	2,600	$	669,561
Net income	—	—		—	—		—		32,354		—		—	—		95		32,449
Compensation and benefits paid or payable in shares	—	—		—	—		466		—		—		(15)	317		—		783
Options exercised	1	—		—	—		20		—		—		—	—		—		20
Shares issued to Directors	—	—		—	—		416		—		—		—	—		—		416
Dividends declared
Class A Common Stock, $0.19 per share	—	—		—	—		—		(5,835)		—		—	—		—		(5,835)
Class B Common Stock, $0.19 per share	—	—		—	—		—		(307)		—		—	—		—		(307)
Cumulative translation adjustments	—	—		—	—		—		—		8,964		—	—		152		9,116
Pension and postretirement liability adjustments	—	—		—	—		—		—		142		—	—		—		142
Derivative valuation adjustment	—	—		—	—		—		—		(187)		—	—		—		(187)
June 30, 2020	39,113	$	39	1,618	$	2	$	432,738	$	726,233	$	(199,627)	8,394	$	(256,074)	$	2,847	$	706,158
Net income	—	—		—	—		—		29,589		—		—	—		1		29,590
Compensation and benefits paid or payable in shares	—	—		—	—		80		—		—		—	—		—		80
Options exercised	—	—		—	—		5		—		—		—	—		—		5
Shares issued to Directors	—	—		—	—		—		—		—		—	—		—		—
Dividends declared
Class A Common Stock, $0.19 per share	—	—		—	—		—		(5,837)		—		—	—		—		(5,837)
Class B Common Stock, $0.19 per share	—	—		—	—		—		(307)		—		—	—		—		(307)
Cumulative translation adjustments	—	—		—	—		—		—		19,821		—	—		201		20,022
Pension and postretirement liability adjustments	—	—		—	—		—		—		(474)		—	—		—		(474)
Derivative valuation adjustment	—	—		—	—		—		—		621		—	—		—		621
September 30, 2020	39,113	$	39	1,618	$	2	$	432,823	$	749,678	$	(179,659)	8,394	$	(256,074)	$	3,049	$	749,858

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 (b)	—	—		—	—		—		35		—		—	—		—		35
Net income	—	—		—	—		—		29,190		—		—	—		218		29,408
Compensation and benefits paid or payable in shares	25	—		—	—		(547)		—		—		—	—		—		(547)
Options exercised	3				—		44		—		—		—	—		—		44
Shares issued to Directors	—	—		—	—		—		—		—		—	—		—		—
Dividends declared
Class A Common Stock, $0.18 per share	—	—		—	—		—		(5,231)		—		—	—		—		(5,231)
Class B Common Stock, $0.18 per share	—	—		—	—		—		(582)		—		—	—		—		(582)
Cumulative translation adjustments	—	—		—	—		—		—		(654)		—	—		(8)		(662)
Pension and postretirement liability adjustments	—	—		—	—		—		—		(1,487)		—	—		—		(1,487)
Derivative valuation adjustment	—	—		—	—		—		—		(2,851)		—	—		—		(2,851)
March 31, 2019	37,478	$	37	3,234	$	3	$	430,052	$	613,057	$	(163,380)	8,419	$	(256,603)	$	3,241	$	626,407
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	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)
Conversion of Class B shares to Class A shares, rounding	—	—		—	—		—		—		—		—	—		—		—
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

(a)As described in Note 1, the Company adopted the provisions of ASC 326, Current Expected Credit Losses (CECL) effective January 1, 2020, which resulted in a decrease to Retained earnings of $1.4 million.

(b)The Company adopted ASC 842, Leases effective January 1, 2019, which resulted in an increase to Retained earnings of less than $0.1 million.

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2020
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2018, an accounting update was issued which aims to improve the overall usefulness of disclosures to financial statement users and reduce unnecessary costs to companies when preparing defined benefit plan disclosures. We are required to adopt this update for our 2020 annual filing which will result in minor changes to footnote disclosures in future filings. In December 2019, an accounting update was issued which removes certain exceptions for recognizing deferred taxes for investments and performing intra-period tax allocations. The update also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. We plan to adopt the new standard as of January 1, 2021 and we are assessing the potential impact on our financial statements. In March 2020, an accounting update was issued which provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates such as LIBOR. The expedients and exceptions provided by this update will not be available after December 31, 2022, other than for certain hedging relationships entered into prior. We are currently assessing the potential impact on our financial statements.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of results for such periods. Albany International Corp. (Albany, the Registrant, the Company, we, us, or our) consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in Albany International Corp.’s Consolidated Financial Statements and accompanying Notes. Actual results could differ materially from those estimates. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Albany International Corp.’s Annual Report on Form 10-K for the year ended December 31, 2019. Effective January 1, 2020, we adopted the provisions of ASC 326, Current Expected Credit Losses (CECL), using the effective date (or modified retrospective) approach for transition. Under this transition method, periods prior to 2020 were not restated. The pre-tax cumulative effect of initially applying the new standard was an increase in credit loss reserves of $1.8 million, primarily for Accounts receivable and Contract assets. Including tax effects, Retained earnings was reduced by $1.4 million as a result of transitioning to the new standard. The effect of the application of CECL during the first quarter of 2020 is further described in Notes 11 and 12.

Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Net sales
Machine Clothing	$	138,747	$	151,324	$	428,782	$	450,673
Albany Engineered Composites	73,252		119,809		244,971		345,781
Consolidated total	$	211,999	$	271,133	$	673,753	$	796,454
Operating income/(loss)
Machine Clothing	$	45,699	$	51,906	$	149,418	$	145,688
Albany Engineered Composites	6,828		17,345		22,749		44,598
Corporate expenses	(13,754)		(13,573)		(41,073)		(40,290)
Operating income	$	38,773	$	55,678	$	131,094	$	149,996
Reconciling items:
Interest income	(1,485)		(851)		(2,280)		(2,037)
Interest expense	3,727		4,838		12,322		15,072
Other expense/(income), net	(2,745)		(1,628)		13,915		(1,906)
Income before income taxes	$	39,276	$	53,319	$	107,137	$	138,867

Schedule of Restructuring Costs by Reporting Segment

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Machine Clothing	$	384	$	(211)	$	1,414	$	1,125
Albany Engineered Composites	358		(33)		2,606		18
Corporate expenses	(32)		—		169		(4)
Total	$	710	$	(244)	$	4,189	$	1,139

Disaggregation of Revenue

The following tables disaggregate revenue for each product group by timing of revenue recognition:


	Three months ended September 30, 2020
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total

Machine Clothing	$	137,899	$	848	$	138,747

Albany Engineered Composites
ASC	—		17,301		17,301
Other AEC	4,479		51,472		55,951
Total Albany Engineered Composites	4,479		68,773		73,252

Total revenue	$	142,378	$	69,621	$	211,999


	Nine months ended September 30, 2020
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total

Machine Clothing	$	426,238	$	2,544	$	428,782

Albany Engineered Composites
ASC	—		72,771		72,771
Other AEC	14,942		157,258		172,200
Total Albany Engineered Composites	14,942		230,029		244,971

Total revenue	$	441,180	$	232,573	$	673,753


	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


	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

Schedule of Disaggregate MC Segment Revenue by Significant Product or Service


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019

Americas PMC	$	70,663	$	82,763	$	225,565	$	239,686
Eurasia PMC	50,923		50,330		150,220		155,849
Engineered Fabrics	17,161		18,231		52,997		55,138
Total Machine Clothing Net sales	$	138,747	$	151,324	$	428,782	$	450,673

Business Acquisition (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of the purchase price to the fair value of the assets and liabilities acquired:


(in thousands)	November 20, 2019
Assets acquired
Cash	$	1,607
Accounts receivable	986
Contract assets	1,992
Inventories	525
Prepaid expenses and other current assets	452
Right of use assets	5,686
Property, plant and equipment	4,884
Amortizable intangible assets	10,302
Goodwill	17,676
Total assets acquired	$	44,110

Liabilities assumed
Accounts payable	$	65
Accrued liabilities	2,777
Lease liabilities	502
Deferred income taxes	3,182
Other noncurrent liabilities	5,184
Total liabilities assumed	$	11,710

Net assets acquired	$	32,400
Purchase of business, net of cash acquired	$	30,793

Pensions and Other Postretirement Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

The composition of the net periodic benefit cost for the nine months ended September 30, 2020 and 2019, was as follows:


	Pension plans				Other postretirement benefits
(in thousands)	2020		2019		2020		2019
Components of net periodic benefit cost:
Service cost	$	1,728	$	1,892	$	150	$	142
Interest cost	4,621		5,368		1,285		1,585
Expected return on assets	(5,139)		(6,155)		—		—
Settlement cost	145		—		—		—
Curtailment cost	233		—		—		—
Amortization of prior service cost/(credit)	24		51		(3,366)		(3,366)
Amortization of net actuarial loss	1,776		1,687		1,944		1,670
Net periodic benefit cost	$	3,388	$	2,843	$	13	$	31

Restructuring (Tables)

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Machine Clothing	$	384	$	(211)	$	1,414	$	1,125
Albany Engineered Composites	358		(33)		2,606		18
Corporate expenses	(32)		—		169		(4)
Total	$	710	$	(244)	$	4,189	$	1,139


Nine Months Ended September 30, 2020	Total restructuring costs incurred		Termination and other costs		Impairment of assets
(in thousands)
Machine Clothing	$	1,414	$	1,414	$	—
Albany Engineered Composites	2,606		2,606		—
Corporate expenses	169		169		—
Total	$	4,189	$	4,189	$	—


Nine Months Ended September 30, 2019	Total restructuring costs incurred		Termination and other costs		Impairment of assets
(in thousands)
Machine Clothing	$	1,125	$	1,081	$	44
Albany Engineered Composites	18		18		—
Corporate expenses	(4)		(4)		—
Total	$	1,139	$	1,095	$	44

Schedule of Restructuring Reserve by Type of Cost


(in thousands)	December 31, 2019		Restructuring charges accrued		Payments		Currency translation /other		September 30, 2020
Total termination and other costs	$	2,042	$	4,189	$	(3,186)	$	46	$	3,091


(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

Other (Income)/Expense, net (Tables)

9 Months Ended

Sep. 30, 2020

Other Income and Expenses [Abstract]

Schedule of Other Nonoperating Income (Expense)

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Currency transaction (gains)/losses	$	(148)	$	(2,028)	$	14,702	$	(3,724)
Bank fees and amortization of debt issuance costs	96		81		264		262
Components of net periodic pension and postretirement cost other than service	384		278		1,523		840
Other	(3,077)		41		(2,574)		716
Total	$	(2,745)	$	(1,628)	$	13,915	$	(1,906)

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table presents components of income tax expense for the three and nine months ended September 30, 2020 and 2019:


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except percentages)	2020		2019		2020		2019
Income tax based on income from continuing operations, at estimated tax rates of 32.2% and 27.5%, respectively	$	12,666	$	14,662	$	34,550	$	38,256
Provision for change in estimated tax rate	(1,196)		(692)		—		—
Income tax before discrete items	11,470		13,970		34,550		38,256
Discrete tax expense:
Exercise of U.S. stock options	(7)		(55)		(7)		(111)
Adjustments to prior period tax liabilities	(1,750)		(160)		(983)		187
Provision for/resolution of tax audits and contingencies, net	(46)		(558)		(1,779)		(2,785)
Out-of-period adjustments to deferred tax assets	—		—		1,830		(1,366)
Tax effect of non-deductible foreign exchange loss on intercompany loan	3		—		3,658		—
Changes in valuation allowance	8		(11)		230		830
Other	8		8		5		64
Total income tax expense	$	9,686	$	13,194	$	37,504	$	35,075

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except market price and earnings per share)	2020		2019		2020		2019

Net income attributable to the Company	$	29,589	$	40,009	$	71,052	$	103,253

Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share	32,337		32,306		32,326		32,293
Effect of dilutive stock-based compensation plans:
Stock options	7		11		7		12

Weighted average number of shares used in calculating diluted net income per share	32,344		32,317		32,333		32,305

Average market price of common stock used for calculation of dilutive shares	$	51.81	$	82.99	$	57.05	$	76.45

Net income attributable to the Company per share:
Basic	$	0.92	$	1.24	$	2.20	$	3.20
Diluted	$	0.91	$	1.24	$	2.20	$	3.20

Accumulated Other Comprehensive Income (AOCI) (Tables)

9 Months Ended

Sep. 30, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The table below presents changes in the components of AOCI for the period December 31, 2019 to September 30, 2020:


(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Accumulated Other Comprehensive Income
December 31, 2019	$	(122,852)	$	(49,994)	$	(3,135)	$	(175,981)
Other comprehensive income/(loss) before reclassifications, net of tax	3,038		9		(9,315)		(6,268)
Pension/postretirement curtailment loss, net of tax	—		265		—		265
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		2,041		2,041
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		284		—		284
Net current period other comprehensive income	3,038		558		(7,274)		(3,678)
September 30, 2020	$	(119,814)	$	(49,436)	$	(10,409)	$	(179,659)

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 Accumulated Other Comprehensive Income
December 31, 2018	$	(115,976)	$	(47,109)	$	4,697	$	(158,388)
Other comprehensive income/(loss) before reclassifications, net of tax	(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)

Reclassification out of Accumulated Other Comprehensive Income

The table below presents the expense/(income) amounts reclassified, and the line items of the Statement of Income that were affected for the three and nine months ended September 30, 2020 and 2019:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense/(income) related to interest rate swaps included in Income before taxes (a)	$	1,219	$	(245)	$	2,742	$	(1,117)
Income tax effect	(311)		62		(701)		285
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	908	$	(183)	$	2,041	$	(832)

Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Pension/postretirement curtailment	$	—	$	—	$	378	$	—
Amortization of prior service credit	(1,114)		(1,105)		(3,342)		(3,315)
Amortization of net actuarial loss	1,244		1,118		3,720		3,357
Total pretax amount reclassified (b)	130		13		756		42
Income tax effect	(32)		(4)		(207)		(13)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	98	$	9	$	549	$	29

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

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

Noncontrolling Interest (Tables)

9 Months Ended

Sep. 30, 2020

Noncontrolling Interest [Abstract]

Schedule of Income Attributable to Noncontrolling Interest and Noncontrolling Equity

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


	Nine months ended September 30,
(in thousands, except percentages)	2020			2019
Net (loss)/income of Albany Safran Composites (ASC)	$	(13,310)		$	6,368
Less: Return attributable to the Company's preferred holding	884			974
Net (loss)/income of ASC available for common ownership	$	(14,194)		$	5,394
Ownership percentage of noncontrolling shareholder	10		%	10		%
Net (loss)/income attributable to noncontrolling interest	$	(1,419)		$	539

Noncontrolling interest, beginning of year	$	4,006		$	3,031
Net (loss)/income attributable to noncontrolling interest	(1,419)			539
Changes in other comprehensive income attributable to noncontrolling interest	462			(19)
Noncontrolling interest, end of interim period	$	3,049		$	3,551

Accounts Receivable (Tables)

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable


(in thousands)	September 30, 2020		December 31, 2019
Trade and other accounts receivable	$	191,035	$	201,427
Bank promissory notes	23,169		18,563
Allowance for expected credit losses	(3,878)		(1,719)
Accounts receivable, net	$	210,326	$	218,271

Schedule of Contract Receivables

As of September 30, 2020 and December 31, 2019, Noncurrent receivables consisted of the following:


(in thousands)	September 30, 2020		December 31, 2019
Noncurrent receivables	$	36,611	$	41,234
Allowance for expected credit losses	(383)		—
Noncurrent receivables, net	$	36,228	$	41,234

Accounts Receivable, Allowance for Credit Loss

The following table presents the year-to-date (increases)/decreases in the allowance for credit losses for Accounts receivable:


(in thousands)	December 31, 2019		CECL transition adjustment		Charges		Currency translation		Other		September 30, 2020
Specific customer reserves	$	(1,719)	$	(44)	$	12	$	42	$	74	$	(1,635)
Incremental expected credit losses	—		(1,139)		(1,109)		8		(3)		(2,243)
Accounts receivable expected credit losses	$	(1,719)	$	(1,183)	$	(1,097)	$	50	$	71	$	(3,878)

The following table presents the year-to-date (increases)/decreases in the allowance for credit losses for Noncurrent receivables:


(in thousands)	December 31, 2019		CECL transition adjustment		Charges		Currency translation		Other		September 30, 2020
Noncurrent receivables expected credit losses	$	—	$	(206)	$	(185)	$	8	$	—	$	(383)

Contract Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]

Schedule of Contract Assets and Contract Liabilities

As of September 30, 2020 and December 31, 2019, Contract assets and Contract liabilities consisted of the following:


(in thousands)	September 30, 2020		December 31, 2019
Contract assets	$	105,626	$	79,070
Allowance for expected credit losses	(773)		—
Contract assets, net	$	104,853	$	79,070

Contract liabilities	$	7,913	$	5,656

Contract with Customer, Contract Asset, Contract Liability, and Receivable

The following table presents the year-to-date (increases)/ decreases in the allowance for credit losses for Contract assets:


(in thousands)	December 31, 2019		CECL transition adjustment		Charges		Currency translation		Other		September 30, 2020

Contract assets expected credit losses	$	—	$	(403)	$	(382)	$	4	$	8	$	(773)

Inventories (Tables)

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Schedule of Inventory

As of September 30, 2020 and December 31, 2019, Inventories consisted of the following:


(in thousands)	September 30, 2020		December 31, 2019
Raw materials	$	65,117	$	52,960
Work in process	35,207		31,744
Finished goods	12,783		10,445
Total inventories	$	113,107	$	95,149

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill


As of September 30, 2020	Weighted average amortization life in years	Gross carrying amount		Accumulated amortization		Net carrying amount
(in thousands)
Amortized intangible assets:
AEC Trademarks and trade names	6-15	$	208	$	(148)	$	60
AEC Technology	10-15	6,522		(871)		5,651
AEC Intellectual property	15	1,250		(68)		1,182
AEC Customer contracts	6	17,471		(13,110)		4,361
AEC Customer relationships	8-15	51,763		(14,768)		36,995
AEC Other intangibles	5	322		(290)		32
Total amortized intangible assets		$	77,536	$	(29,255)	$	48,281

Unamortized intangible assets:
MC Goodwill		$	69,884	$	—	$	69,884
AEC Goodwill		114,403		—		114,403
Total unamortized intangible assets:		$	184,287	$	—	$	184,287


As of December 31, 2019	Weighted average amortization life in years	Gross carrying amount		Accumulated amortization		Net carrying amount
(in thousands)

Amortized intangible assets:
AEC Trademarks and trade names	6-15	$	208	$	(135)	$	73
AEC Technology	10-15	6,191		(387)		5,804
AEC Intellectual property	15	1,250		(7)		1,243
AEC Customer contracts	6	17,471		(10,927)		6,544
AEC Customer relationships	8-15	51,255		(12,108)		39,147
AEC Other intangibles	5	322		(241)		81
Total amortized intangible assets		$	76,697	$	(23,805)	$	52,892

Unamortized intangible assets:
MC Goodwill		$	67,672	$	—	$	67,672
AEC Goodwill		113,262		—		113,262
Total unamortized intangible assets:		$	180,934	$	—	$	180,934

The changes in intangible assets, net and goodwill from December 31, 2019 to September 30, 2020, were as follows:


(in thousands)	December 31, 2019		Other Changes		Amortization		Currency Translation		September 30, 2020

Amortized intangible assets:
AEC Trademarks and trade names	$	73	$	—	$	(13)	$	—	$	60
AEC Technology	5,804		—		(480)		327		5,651
AEC Intellectual property	1,243		—		(61)		—		1,182
AEC Customer contracts	6,544		—		(2,183)		—		4,361
AEC Customer relationships	39,147		329		(2,626)		145		36,995
AEC Other intangibles	81		—		(49)		—		32
Total amortized intangible assets	$	52,892	$	329	$	(5,412)	$	472	$	48,281

Unamortized intangible assets:
MC Goodwill	$	67,672	$	—	$	—	$	2,212	$	69,884
AEC Goodwill	113,262		335		—		806		114,403
Total unamortized intangible assets:	$	180,934	$	335	$	—	$	3,018	$	184,287

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated amortization expense of intangibles for the years ending December 31, 2020 through 2024, is as follows:


Year	Annual amortization (in thousands)
2020	$	7,200
2021	7,100
2022	4,900
2023	4,200
2024	4,200

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

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


(in thousands, except interest rates)	September 30, 2020		December 31, 2019

Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.17% in 2020 and 3.43% in 2019 (including the effect of interest rate hedging transactions, as described below), due in 2022	$	418,000	$	424,000
Other debt, at an average end of period rate of 5.50% in both 2020 and 2019, due in varying amounts through 2021	12		29
Long-term debt	418,012		424,029
Less: current portion	(12)		(20)
Long-term debt, net of current portion	$	418,000	$	424,009

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Fair-Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements, Recurring and Nonrecurring

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


	September 30, 2020					December 31, 2019
	Quoted prices in active markets		Significant other observable inputs			Quoted prices in active markets		Significant other observable inputs
(in thousands)	(Level 1)		(Level 2)			(Level 1)		(Level 2)
Fair Value
Assets:
Cash equivalents	$	28,705	$	—		$	16,375	$	—
Other Assets:
Common stock of unaffiliated foreign public company (a)	872		—			839		—
Liabilities:
Other noncurrent liabilities:
Interest rate swaps	—		(14,357)		ᵇ	—		(5,518)		ᶜ

(a)Original cost basis $0.5 million.

(b)Net of $1.2 million receivable floating leg and $15.6 million liability fixed leg.

(c)Net of $15.2 million receivable floating leg and $20.7 million liability fixed leg.

Derivative Instruments, Gain (Loss)

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)	2020		2019		2020		2019
Derivatives not designated as hedging instruments
Foreign currency options gains/(losses)	$	—	$	—	$	(64)	$	—

- 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, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Loss Contingencies by Contingency [Table Text Block]

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


Year ended December 31,	Opening Number of Claims	Claims Dismissed, Settled, or Resolved	New Claims	Closing Number of Claims	Amounts Paid (thousands) to Settle or Resolve
2015	3,821	116	86	3,791	$	164
2016	3,791	148	102	3,745	758
2017	3,745	105	90	3,730	55
2018	3,730	152	106	3,684	100
2019	3,684	51	75	3,708	25
2020 (As of September 30)	3,708	133	41	3,616	$	57

- 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
-Publisher FASB
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+ Details

Changes in Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2019 to September 30, 2020:


	Class A Common Stock			Class B Common Stock			Additional paid-in capital		Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Equity
(in thousands)	Shares	Amount		Shares	Amount								Shares	Amount
December 31, 2019	39,099	$	39	1,618	$	2	$	432,518	$	698,496	$	(175,981)	8,409	$	(256,391)	$	4,006	$	702,689
Adoption of accounting standards (a)	—	—		—	—		—		(1,443)		—		—	—		—		(1,443)
Net income	—	—		—	—		—		9,109		—		—	—		(1,515)		7,594
Compensation and benefits paid or payable in shares	13	—		—	—		(682)		—		—		—	—		—		(682)
Options exercised	—	—		—	—		—		—		—		—	—		—		—
Shares issued to Directors	—	—		—	—		—		—		—		—	—		—		—
Dividends declared
Class A Common Stock, $0.19 per share	—	—		—	—		—		(5,834)		—		—	—		—		(5,834)
Class B Common Stock, $0.19 per share	—	—		—	—		—		(307)		—		—	—		—		(307)
Cumulative translation adjustments	—	—		—	—		—		—		(25,747)		—	—		109		(25,638)
Pension and postretirement liability adjustments	—	—		—	—		—		—		890		—	—		—		890
Derivative valuation adjustment	—	—		—	—		—		—		(7,708)		—	—		—		(7,708)
March 31, 2020	39,112	$	39	1,618	$	2	$	431,836	$	700,021	$	(208,546)	8,409	$	(256,391)	$	2,600	$	669,561
Net income	—	—		—	—		—		32,354		—		—	—		95		32,449
Compensation and benefits paid or payable in shares	—	—		—	—		466		—		—		(15)	317		—		783
Options exercised	1	—		—	—		20		—		—		—	—		—		20
Shares issued to Directors	—	—		—	—		416		—		—		—	—		—		416
Dividends declared
Class A Common Stock, $0.19 per share	—	—		—	—		—		(5,835)		—		—	—		—		(5,835)
Class B Common Stock, $0.19 per share	—	—		—	—		—		(307)		—		—	—		—		(307)
Cumulative translation adjustments	—	—		—	—		—		—		8,964		—	—		152		9,116
Pension and postretirement liability adjustments	—	—		—	—		—		—		142		—	—		—		142
Derivative valuation adjustment	—	—		—	—		—		—		(187)		—	—		—		(187)
June 30, 2020	39,113	$	39	1,618	$	2	$	432,738	$	726,233	$	(199,627)	8,394	$	(256,074)	$	2,847	$	706,158
Net income	—	—		—	—		—		29,589		—		—	—		1		29,590
Compensation and benefits paid or payable in shares	—	—		—	—		80		—		—		—	—		—		80
Options exercised	—	—		—	—		5		—		—		—	—		—		5
Shares issued to Directors	—	—		—	—		—		—		—		—	—		—		—
Dividends declared
Class A Common Stock, $0.19 per share	—	—		—	—		—		(5,837)		—		—	—		—		(5,837)
Class B Common Stock, $0.19 per share	—	—		—	—		—		(307)		—		—	—		—		(307)
Cumulative translation adjustments	—	—		—	—		—		—		19,821		—	—		201		20,022
Pension and postretirement liability adjustments	—	—		—	—		—		—		(474)		—	—		—		(474)
Derivative valuation adjustment	—	—		—	—		—		—		621		—	—		—		621
September 30, 2020	39,113	$	39	1,618	$	2	$	432,823	$	749,678	$	(179,659)	8,394	$	(256,074)	$	3,049	$	749,858

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 (b)	—	—		—	—		—		35		—		—	—		—		35
Net income	—	—		—	—		—		29,190		—		—	—		218		29,408
Compensation and benefits paid or payable in shares	25	—		—	—		(547)		—		—		—	—		—		(547)
Options exercised	3				—		44		—		—		—	—		—		44
Shares issued to Directors	—	—		—	—		—		—		—		—	—		—		—
Dividends declared
Class A Common Stock, $0.18 per share	—	—		—	—		—		(5,231)		—		—	—		—		(5,231)
Class B Common Stock, $0.18 per share	—	—		—	—		—		(582)		—		—	—		—		(582)
Cumulative translation adjustments	—	—		—	—		—		—		(654)		—	—		(8)		(662)
Pension and postretirement liability adjustments	—	—		—	—		—		—		(1,487)		—	—		—		(1,487)
Derivative valuation adjustment	—	—		—	—		—		—		(2,851)		—	—		—		(2,851)
March 31, 2019	37,478	$	37	3,234	$	3	$	430,052	$	613,057	$	(163,380)	8,419	$	(256,603)	$	3,241	$	626,407
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	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)
Conversion of Class B shares to Class A shares, rounding	—	—		—	—		—		—		—		—	—		—		—
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

(b)The Company adopted ASC 842, Leases effective January 1, 2019, which resulted in an increase to Retained earnings of less than $0.1 million.

Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2020	Jan. 01, 2020	Dec. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings			$ 749,678		$ 698,496
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201602Member	us-gaap:AccountingStandardsUpdate201613Member
Cumulative Effect, Period of Adoption, Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts and financing receivable, allowance for credit loss				$ 1,800
Retained earnings				$ (1,400)		$ 100

- Definition

Indicates amendment to accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 40
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+ Details

Reportable Segments (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net sales	$ 211,999	$ 271,133	$ 673,753	$ 796,454
Gross profit	87,302	104,107	279,754	301,060
Revenue, remaining performance obligation, amount	81,000		81,000
Remaining performance obligation expected to be recognized during 2020			3,500	6,100
Revenue Benchmark [Member] \| Product Concentration Risk [Member] \| U.S. government contracts or programs [Member]
Segment Reporting Information [Line Items]
Concentration Risk, Percentage					25.00%
Albany Safran Composites, LLC [Member]
Segment Reporting Information [Line Items]
Operating lease, lease income			700
Net sales			73,600	175,200
Receivables, net, current	119,800		119,800		$ 114,500
Albany Engineered Composites [Member]
Segment Reporting Information [Line Items]
Net sales	73,252	119,809	244,971	345,781
Gross profit	$ 3,500	$ 3,200	$ 9,500	$ 8,800

Reportable Segments (Schedule of Financial Data by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Net sales	$ 211,999	$ 271,133	$ 673,753	$ 796,454
Operating income	38,773	55,678	131,094	149,996
Other expense/(income), net	(2,745)	(1,628)	13,915	(1,906)
Income before income taxes	39,276	53,319	107,137	138,867
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Operating income	(13,754)	(13,573)	(41,073)	(40,290)
Segment Reconciling Items [Member]
Segment Reporting Information [Line Items]
Interest income	(1,485)	(851)	(2,280)	(2,037)
Interest expense	3,727	4,838	12,322	15,072
Other expense/(income), net	(2,745)	(1,628)	13,915	(1,906)
Machine Clothing [Member]
Segment Reporting Information [Line Items]
Net sales	138,747	151,324	428,782	450,673
Machine Clothing [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	138,747	151,324	428,782	450,673
Operating income	45,699	51,906	149,418	145,688
Albany Engineered Composites [Member]
Segment Reporting Information [Line Items]
Net sales	73,252	119,809	244,971	345,781
Albany Engineered Composites [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	73,252	119,809	244,971	345,781
Operating income	$ 6,828	$ 17,345	$ 22,749	$ 44,598

Reportable Segments (Schedule of Restructuring Costs by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information, Additional Information [Abstract]
Restructuring expenses, net	$ 710	$ (244)	$ 4,189	$ 1,139
Corporate, Non-Segment [Member]
Segment Reporting Information, Additional Information [Abstract]
Restructuring expenses, net	(32)	0	169	(4)
Machine Clothing [Member] \| Operating Segments [Member]
Segment Reporting Information, Additional Information [Abstract]
Restructuring expenses, net	384	(211)	1,414	1,125
Albany Engineered Composites [Member] \| Operating Segments [Member]
Segment Reporting Information, Additional Information [Abstract]
Restructuring expenses, net	$ 358	$ (33)	$ 2,606	$ 18

Reportable Segments (Schedule of Disaggregate Revenue for Each Business Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 211,999	$ 271,133	$ 673,753	$ 796,454
Machine Clothing [Member]
Disaggregation of Revenue [Line Items]
Net sales	138,747	151,324	428,782	450,673
Albany Engineered Composites [Member]
Disaggregation of Revenue [Line Items]
Net sales	73,252	119,809	244,971	345,781
Albany Engineered Composites [Member] \| Albany Engineered Composites ASC [Member]
Disaggregation of Revenue [Line Items]
Net sales	17,301	56,414	72,771	170,551
Albany Engineered Composites [Member] \| Albany Engineered Composites Other AEC [Member]
Disaggregation of Revenue [Line Items]
Net sales	55,951	63,395	172,200	175,230
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Net sales	142,378	157,232	441,180	471,123
Transferred at Point in Time [Member] \| Machine Clothing [Member]
Disaggregation of Revenue [Line Items]
Net sales	137,899	150,524	426,238	448,273
Transferred at Point in Time [Member] \| Albany Engineered Composites [Member]
Disaggregation of Revenue [Line Items]
Net sales	4,479	6,708	14,942	22,850
Transferred at Point in Time [Member] \| Albany Engineered Composites [Member] \| Albany Engineered Composites ASC [Member]
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Transferred at Point in Time [Member] \| Albany Engineered Composites [Member] \| Albany Engineered Composites Other AEC [Member]
Disaggregation of Revenue [Line Items]
Net sales	4,479	6,708	14,942	22,850
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Net sales	69,621	113,901	232,573	325,331
Transferred over Time [Member] \| Machine Clothing [Member]
Disaggregation of Revenue [Line Items]
Net sales	848	800	2,544	2,400
Transferred over Time [Member] \| Albany Engineered Composites [Member]
Disaggregation of Revenue [Line Items]
Net sales	68,773	113,101	230,029	322,931
Transferred over Time [Member] \| Albany Engineered Composites [Member] \| Albany Engineered Composites ASC [Member]
Disaggregation of Revenue [Line Items]
Net sales	17,301	56,414	72,771	170,551
Transferred over Time [Member] \| Albany Engineered Composites [Member] \| Albany Engineered Composites Other AEC [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 51,472	$ 56,687	$ 157,258	$ 152,380

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Topic 924
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-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 211,999	$ 271,133	$ 673,753	$ 796,454
Machine Clothing [Member]
Disaggregation of Revenue [Line Items]
Net sales	138,747	151,324	428,782	450,673
Machine Clothing [Member] \| Americas PMC [Member]
Disaggregation of Revenue [Line Items]
Net sales	70,663	82,763	225,565	239,686
Machine Clothing [Member] \| Eurasia PMC [Member]
Disaggregation of Revenue [Line Items]
Net sales	50,923	50,330	150,220	155,849
Machine Clothing [Member] \| Engineered Fabrics [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 17,161	$ 18,231	$ 52,997	$ 55,138

- Definition

+ References

+ Details

Reportable Segments (Remaining Performance Obligations) (Details) $ in Millions	Sep. 30, 2020 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 81
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 36
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months

Business Acquisition (Narrative) (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 20, 2019	Mar. 20, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Business Acquisition [Line Items]
Increase (decrease) in contract with customer, asset			$ 7,923	$ 9,605	$ 27,932	$ 6,558
Increase (decrease) in accrued liabilities			2,838	$ 3,407	(8,063)	$ (8,762)
Finite-lived intangible assets, period increase (decrease)					329
Goodwill			$ 184,287		184,287		$ 180,934
CirComp GmbH [Member]
Business Acquisition [Line Items]
Payments to acquire businesses, gross	$ 32,400
Other payments to acquire businesses	5,500
Amount of agreed to purchase primary operating facility		$ 5,800
Increase (decrease) in contract with customer, asset					(300)
Increase (decrease) in accrued liabilities					500
Finite-lived intangible assets, period increase (decrease)					300
Increase (decrease) in deferred income taxes					(200)
Goodwill, period increase (decrease)					$ 300
Goodwill	$ 17,676

Business Acquisition (Schedule of Allocation of Purchase Price) (Details) - USD ($) $ in Thousands	1 Months Ended
	Nov. 20, 2019	Sep. 30, 2020	Dec. 31, 2019
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill		$ 184,287	$ 180,934
CirComp GmbH [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash	$ 1,607
Accounts receivable	986
Contract assets	1,992
Inventories	525
Prepaid expenses and other current assets	452
Right of use assets	5,686
Property, plant and equipment	4,884
Amortizable intangible assets	10,302
Goodwill	17,676
Total assets acquired	44,110
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Accounts payable	65
Accrued liabilities	2,777
Lease liabilities	502
Deferred income taxes	3,182
Other noncurrent liabilities	5,184
Total liabilities assumed	11,710
Net assets acquired	32,400
Purchase of business, net of cash acquired	$ 30,793

Pensions and Other Postretirement Benefit Plans (Schedule of Net Periodic Benefit Plan Cost) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,728	$ 1,892
Interest cost	4,621	5,368
Expected return on assets	(5,139)	(6,155)
Settlement cost	145	0
Curtailment cost	233	0
Amortization of prior service cost/(credit)	24	51
Amortization of net actuarial loss	1,776	1,687
Amortization of prior service cost/(credit)	3,388	2,843
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	150	142
Interest cost	1,285	1,585
Expected return on assets	0	0
Settlement cost	0	0
Curtailment cost	0	0
Amortization of prior service cost/(credit)	(3,366)	(3,366)
Amortization of net actuarial loss	1,944	1,670
Amortization of prior service cost/(credit)	$ 13	$ 31

Pensions and Other Postretirement Benefit Plans - Narrative (Details) $ in Millions	3 Months Ended
	Sep. 30, 2020 USD ($)
Retirement Benefits [Abstract]
Gain (loss) due to settlement and curtailment	$ (0.4)

Restructuring (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		45 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring expenses, net	$ 710	$ (244)	$ 4,189	$ 1,139
Restructuring expense					$ 13,300
Restructuring reserve, current	2,800		2,800		2,800
Restructuring reserve, noncurrent	300		300		$ 300
Operating Segments [Member] \| Albany Engineered Composites [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expenses, net	$ 358	$ (33)	2,606	$ 18
Operating Segments [Member] \| Albany Engineered Composites [Member] \| Special Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring expenses, net			$ 2,600

Restructuring (Schedule of Restructuring Charges) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Restructuring Charges [Abstract]
Restructuring expenses, net	$ 710	$ (244)	$ 4,189	$ 1,139
Corporate, Non-Segment [Member]
Restructuring Charges [Abstract]
Restructuring expenses, net	(32)	0	169	(4)
Machine Clothing [Member] \| Operating Segments [Member]
Restructuring Charges [Abstract]
Restructuring expenses, net	384	(211)	1,414	1,125
Albany Engineered Composites [Member] \| Operating Segments [Member]
Restructuring Charges [Abstract]
Restructuring expenses, net	$ 358	$ (33)	2,606	18
Termination and other costs [Member]
Restructuring Charges [Abstract]
Restructuring expenses, net			4,189	1,095
Termination and other costs [Member] \| Corporate, Non-Segment [Member]
Restructuring Charges [Abstract]
Restructuring expenses, net			169	(4)
Termination and other costs [Member] \| Machine Clothing [Member] \| Operating Segments [Member]
Restructuring Charges [Abstract]
Restructuring expenses, net			1,414	1,081
Termination and other costs [Member] \| Albany Engineered Composites [Member] \| Operating Segments [Member]
Restructuring Charges [Abstract]
Restructuring expenses, net			2,606	18
Impairment Of Assets [Member]
Restructuring Charges [Abstract]
Restructuring expenses, net			0	44
Impairment Of Assets [Member] \| Corporate, Non-Segment [Member]
Restructuring Charges [Abstract]
Restructuring expenses, net			0	0
Impairment Of Assets [Member] \| Machine Clothing [Member] \| Operating Segments [Member]
Restructuring Charges [Abstract]
Restructuring expenses, net			0	44
Impairment Of Assets [Member] \| Albany Engineered Composites [Member] \| Operating Segments [Member]
Restructuring Charges [Abstract]
Restructuring expenses, net			$ 0	$ 0

Restructuring (Schedule of Restructuring Liability) (Details) - Termination and other costs [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Restructuring Reserve [Roll Forward]
Beginning balance	$ 2,042	$ 5,570
Restructuring charges accrued	4,189	1,095
Payments	(3,186)	(4,195)
Currency translation /other	46	(360)
Ending balance	$ 3,091	$ 2,110

Other (Income)/Expense, net (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Other Income and Expenses [Abstract]
Currency transaction (gains)/losses	$ (148)			$ (2,028)	$ 14,702	$ (3,724)
Bank fees and amortization of debt issuance costs	96			81	264	262
Components of net periodic pension and postretirement cost other than service	384			278	1,523	840
Other	(3,077)			41	(2,574)	716
Total	(2,745)			(1,628)	$ 13,915	$ (1,906)
Foreign currency transaction gain (loss), realized			$ (14,800)
Other income (expense), net	$ 600	$ (600)		$ 3,700

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Line Items]
Effective income tax rate reconciliation, percent					32.20%	27.50%
Foreign earnings repatriated					$ 156,400
Current foreign tax expense (benefit)					2,800
Current state and local tax expense (benefit)					2,600
Deferred federal income tax expense (benefit)			$ 1,800
Current federal tax expense (benefit)		$ (1,500)
Adjustments to prior period tax liabilities	$ (1,750)			$ (160)	(983)	$ 187
Operating loss carryforwards		$ 1,000
Deferred tax assets, valuation allowance	$ 200				$ 200
Discrete tax charge			3,700
Mexico, Pesos
Income Tax Disclosure [Line Items]
Revaluation loss			$ 12,700
Latest Tax Year [Member]
Income Tax Disclosure [Line Items]
Open tax year					2020
Earliest Tax Year [Member]
Income Tax Disclosure [Line Items]
Open tax year					2007

Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income tax based on income from continuing operations	$ 12,666	$ 14,662	$ 34,550	$ 38,256
Effective income tax rate reconciliation, percent			32.20%	27.50%
Provision for change in estimated tax rate	(1,196)	(692)	$ 0	$ 0
Income tax before discrete items	11,470	13,970	34,550	38,256
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount [Abstract]
Exercise of U.S. stock options	(7)	(55)	(7)	(111)
Adjustments to prior period tax liabilities	(1,750)	(160)	(983)	187
Net tax benefit	(46)	(558)	(1,779)	(2,785)
Out-of-period adjustments to deferred tax assets	0	0	1,830	(1,366)
Tax effect of non-deductible foreign exchange loss on intercompany loan	3	0	3,658	0
Changes in valuation allowance	8	(11)	230	830
Other	8	8	5	64
Total income tax expense	$ 9,686	$ 13,194	$ 37,504	$ 35,075

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net income attributable to the Company	$ 29,589	$ 40,009	$ 71,052	$ 103,253
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average number of shares outstanding, Basic (in shares)	32,337	32,306	32,326	32,293
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Stock options	7	11	7	12
Weighted average number of shares used in calculating diluted net income per share	32,344	32,317	32,333	32,305
Average market price of common stock used for calculation of dilutive shares (in dollars per share)	$ 51.81	$ 82.99	$ 57.05	$ 76.45
Earnings Per Share, Basic and Diluted [Abstract]
Earnings per share attributable to Company shareholders - Basic (in dollars per share)	0.92	1.24	2.20	3.20
Earnings per share attributable to Company shareholders - Diluted (in dollars per share)	$ 0.91	$ 1.24	$ 2.20	$ 3.20

Accumulated Other Comprehensive Income (AOCI) (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 698,683
Ending balance	746,809
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(122,852)	$ (115,976)
Other comprehensive income/(loss) before reclassifications, net of tax	3,038	(23,177)
Pension/postretirement curtailment loss, net of tax	0
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	0	0
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	0	0
Adjustment related to prior period change in opening valuation allowance		0
Net current period other comprehensive income	3,038	(23,177)
Ending balance	(119,814)	(139,153)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(49,994)	(47,109)
Other comprehensive income/(loss) before reclassifications, net of tax	9	280
Pension/postretirement curtailment loss, net of tax	265
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	0	0
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	284	29
Adjustment related to prior period change in opening valuation allowance		(1,346)
Net current period other comprehensive income	558	(1,037)
Ending balance	(49,436)	(48,146)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(3,135)	4,697
Other comprehensive income/(loss) before reclassifications, net of tax	(9,315)	(8,037)
Pension/postretirement curtailment loss, net of tax	0
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	2,041	(832)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	0	0
Adjustment related to prior period change in opening valuation allowance		0
Net current period other comprehensive income	(7,274)	(8,869)
Ending balance	(10,409)	(4,172)
AOCI Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(175,981)	(158,388)
Other comprehensive income/(loss) before reclassifications, net of tax	(6,268)	(30,934)
Pension/postretirement curtailment loss, net of tax	265
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	2,041	(832)
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	284	29
Adjustment related to prior period change in opening valuation allowance		(1,346)
Net current period other comprehensive income	(3,678)	(33,083)
Ending balance	$ (179,659)	$ (191,471)

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax effect	$ (9,686)	$ (13,194)	$ (37,504)	$ (35,075)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	29,589	40,009	71,052	103,253
Pension/postretirement settlements and curtailments	0	0	378	0
Prior service credit	(1,114)	(1,105)	(3,342)	(3,315)
Net actuarial loss	1,244	1,118	3,720	3,357
Total pretax amount reclassified	39,276	53,319	107,137	138,867
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Derivative valuation adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Expense/(income) related to interest rate swaps included in Income before taxes	1,219	(245)	2,742	(1,117)
Income tax effect	(311)	62	(701)	285
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	908	(183)	2,041	(832)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax effect	(32)	(4)	(207)	(13)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	98	9	549	29
Pension/postretirement settlements and curtailments	0	0	378	0
Prior service credit	(1,114)	(1,105)	(3,342)	(3,315)
Net actuarial loss	1,244	1,118	3,720	3,357
Total pretax amount reclassified	$ 130	$ 13	$ 756	$ 42

Noncontrolling Interest - Reconciliation of income attributable to the noncontrolling interest and noncontrolling equity (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)	$ 29,590	$ 32,449	$ 7,594	$ 40,125	$ 34,259	$ 29,408	$ 69,633	$ 103,792
Net (loss)/income of ASC available for common ownership	29,589			40,009			71,052	103,253
Net income/(loss) attributable to the noncontrolling interest	1			116			(1,419)	539
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year			4,006				4,006
Net income/(loss) attributable to the noncontrolling interest	1			116			(1,419)	539
Noncontrolling interest, end of interim period	3,049						3,049
Albany Safran Composites, LLC [Member]
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)							(13,310)	6,368
Less: Return attributable to the Company's preferred holding							884	974
Net (loss)/income of ASC available for common ownership							(14,194)	5,394
Net income/(loss) attributable to the noncontrolling interest							(1,419)	539
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year			$ 4,006			$ 3,031	4,006	3,031
Net income/(loss) attributable to the noncontrolling interest							(1,419)	539
Changes in other comprehensive income attributable to noncontrolling interest							462	(19)
Noncontrolling interest, end of interim period	$ 3,049			$ 3,551			$ 3,049	$ 3,551
Albany Safran Composites, LLC [Member]
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%			10.00%			10.00%	10.00%

Accounts Receivable (Narrative) (Details)	9 Months Ended
Accounts Receivable (Narrative) (Details)	Sep. 30, 2020
Receivables [Abstract]
Construction receivables, to be collected after year one, interest rate	2.00%
Noncurrent receivables invoice terms	over a 10-year

Accounts Receivable (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Receivables [Abstract]
Trade and other accounts receivable	$ 191,035	$ 201,427
Bank promissory notes	23,169	18,563
Allowance for expected credit losses	(3,878)	(1,719)
Accounts receivable, net	$ 210,326	$ 218,271

Accounts Receivable (Schedule of Contract Receivables) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Receivables [Abstract]
Noncurrent receivables	$ 36,611	$ 41,234
Allowance for expected credit losses	(383)	0
Noncurrent receivables, net	$ 36,228	$ 41,234

Accounts Receivable (Schedule of Changes in Allowance for Credit Losses for Accounts Receivable) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable expected credit losses at beginning	$ (1,719)		$ (1,719)
Charges			(1,097)
Currency translation			50
Other			71
Accounts receivable expected credit losses at end			$ (3,878)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201602Member	us-gaap:AccountingStandardsUpdate201613Member
Cumulative Effect, Period of Adoption, Adjustment [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable expected credit losses at beginning	$ (1,183)		$ (1,183)
Specific customer reserves [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable expected credit losses at beginning	(1,719)		(1,719)
Charges			12
Currency translation			42
Other			74
Accounts receivable expected credit losses at end			(1,635)
Specific customer reserves [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable expected credit losses at beginning	(44)		(44)
Incremental expected credit losses [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable expected credit losses at beginning	0		0
Charges			(1,109)
Currency translation			8
Other			(3)
Accounts receivable expected credit losses at end			(2,243)
Incremental expected credit losses [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable expected credit losses at beginning	$ (1,139)		$ (1,139)

Accounts Receivable (Schedule of Changes in Allowance for Credit Losses for Noncurrent Receivables) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Noncurrent receivables expected credit losses at beginning	$ 0		$ 0
Charges			(185)
Currency translation			8
Other			0
Noncurrent receivables expected credit losses at end			$ (383)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201602Member	us-gaap:AccountingStandardsUpdate201613Member
Cumulative Effect, Period of Adoption, Adjustment [Member]
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Noncurrent receivables expected credit losses at beginning	$ (206)		$ (206)

- Definition

Indicates amendment to accounting standards.

+ References

+ Details

Contract Assets and Liabilities (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract with customer, asset, period increase (decrease)	$ 25,800
Contract with customer, asset, impairment loss	0	$ 0
Increase (decrease) in contract with customer, liability	2,300
Contract with customer, liability, revenue recognized	$ 3,500	$ 6,100

Contract Assets and Liabilities (Schedule of Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets	$ 105,626	$ 79,070
Allowance for expected credit losses	(773)	0
Contract assets, net	104,853	79,070
Contract liabilities	$ 7,913	$ 5,656

Contract Assets and Liabilities (Schedule of (Increases)/ Decreases in Allowance for Credit Losses) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 0
Charges	(382)
Currency translation	4
Other	8
Ending Balance	(773)
Cumulative Effect, Period of Adoption, Adjustment [Member]
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ (403)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 65,117	$ 52,960
Work in process	35,207	31,744
Finished goods	12,783	10,445
Total inventories	$ 113,107	$ 95,149

Goodwill and Other Intangible Assets (Schedule of intangible assets and goodwill) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Finite-lived Intangible Assets [Roll Forward]
Finite-Lived Intangible Assets, Gross	$ 77,536	$ 76,697
Accumulated amortization	(29,255)	(23,805)
Net carrying amount	184,287	180,934
Net carrying amount	48,281	52,892
Gross carrying amount	184,287	180,934
Accumulated amortization	0	0
AEC Trademarks and trade names [Member]
Finite-lived Intangible Assets [Roll Forward]
Finite-Lived Intangible Assets, Gross	208	208
Accumulated amortization	(148)	(135)
Net carrying amount	60	73
Net carrying amount	$ 60	$ 73
AEC Trademarks and trade names [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	6 years	6 years
AEC Trademarks and trade names [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	15 years	15 years
AEC Technology [Member]
Finite-lived Intangible Assets [Roll Forward]
Finite-Lived Intangible Assets, Gross	$ 6,522	$ 6,191
Accumulated amortization	(871)	(387)
Net carrying amount	5,651	5,804
Net carrying amount	$ 5,651	$ 5,804
AEC Technology [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	10 years	10 years
AEC Technology [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	15 years	15 years
AEC Intellectual property [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	15 years	15 years
Finite-lived Intangible Assets [Roll Forward]
Finite-Lived Intangible Assets, Gross	$ 1,250	$ 1,250
Accumulated amortization	(68)	(7)
Net carrying amount	1,182	1,243
Net carrying amount	$ 1,182	$ 1,243
AEC Customer contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	6 years	6 years
Finite-lived Intangible Assets [Roll Forward]
Finite-Lived Intangible Assets, Gross	$ 17,471	$ 17,471
Accumulated amortization	(13,110)	(10,927)
Net carrying amount	4,361	6,544
Net carrying amount	4,361	6,544
AEC Customer relationships [Member]
Finite-lived Intangible Assets [Roll Forward]
Finite-Lived Intangible Assets, Gross	51,763	51,255
Accumulated amortization	(14,768)	(12,108)
Net carrying amount	36,995	39,147
Net carrying amount	$ 36,995	$ 39,147
AEC Customer relationships [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	8 years	8 years
AEC Customer relationships [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	15 years	15 years
AEC Other intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	5 years	5 years
Finite-lived Intangible Assets [Roll Forward]
Finite-Lived Intangible Assets, Gross	$ 322	$ 322
Accumulated amortization	(290)	(241)
Net carrying amount	32	81
Net carrying amount	32	81
MC Goodwill [Member]
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount	69,884	67,672
Gross carrying amount	69,884	67,672
Accumulated amortization	0	0
AEC Goodwill [Member]
Finite-lived Intangible Assets [Roll Forward]
Net carrying amount	114,403	113,262
Gross carrying amount	114,403	113,262
Accumulated amortization	$ 0	$ 0

Goodwill and Other Intangible Assets (Schedule of Changes in Intangible Assets and Goodwill) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 52,892
Other Changes	329
Amortization	(5,412)
Currency Translation	472
Ending balance	48,281
Goodwill [Roll Forward]
Beginning balance	180,934
Other Changes	335
Amortization	0
Currency Translation	3,018
Ending balance	184,287
AEC Trademarks and trade names [Member]
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	73
Other Changes	0
Amortization	(13)
Currency Translation	0
Ending balance	60
Goodwill [Roll Forward]
Beginning balance	73
Ending balance	60
AEC Technology [Member]
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	5,804
Other Changes	0
Amortization	(480)
Currency Translation	327
Ending balance	5,651
Goodwill [Roll Forward]
Beginning balance	5,804
Ending balance	5,651
AEC Intellectual property [Member]
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	1,243
Other Changes	0
Amortization	(61)
Currency Translation	0
Ending balance	1,182
Goodwill [Roll Forward]
Beginning balance	1,243
Ending balance	1,182
AEC Customer contracts [Member]
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	6,544
Other Changes	0
Amortization	(2,183)
Currency Translation	0
Ending balance	4,361
Goodwill [Roll Forward]
Beginning balance	6,544
Ending balance	4,361
AEC Customer relationships [Member]
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	39,147
Other Changes	329
Amortization	(2,626)
Currency Translation	145
Ending balance	36,995
Goodwill [Roll Forward]
Beginning balance	39,147
Ending balance	36,995
AEC Other intangibles [Member]
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	81
Other Changes	0
Amortization	(49)
Currency Translation	0
Ending balance	32
Goodwill [Roll Forward]
Beginning balance	81
Ending balance	32
MC Goodwill [Member]
Goodwill [Roll Forward]
Beginning balance	67,672
Other Changes	0
Amortization	0
Currency Translation	2,212
Ending balance	69,884
AEC Goodwill [Member]
Goodwill [Roll Forward]
Beginning balance	113,262
Other Changes	335
Amortization	0
Currency Translation	806
Ending balance	$ 114,403

Goodwill and Other Intangible Assets (Schedule of Estimated Amortization Expense) (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 7,200
2021	7,100
2022	4,900
2023	4,200
2024	$ 4,200

Financial Instruments (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt	$ 418,012	$ 424,029
Less: current portion	(12)	(20)
Long-term debt	418,000	424,009
Line of Credit [Member]
Debt Instrument [Line Items]
Long-term debt	$ 418,000	$ 424,000
Interest rate	3.17%	3.43%
Maturity date range, end	Dec. 31, 2022
Long-term Debt [Member]
Debt Instrument [Line Items]
Long-term debt	$ 12	$ 29
Interest rate	5.50%	5.50%
Maturity date range, end	Dec. 31, 2021

Financial Instruments (Narrative) (Details) - Line of Credit [Member]			9 Months Ended
	Oct. 27, 2020 USD ($)	Nov. 07, 2017 USD ($)	Sep. 30, 2020 USD ($) leverageRatio coverageRatio	Mar. 16, 2020 USD ($)	Nov. 28, 2017 USD ($)	Nov. 27, 2017 USD ($)	May 06, 2016 USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 685,000,000
Debt instrument term		5 years
Long-term line of credit			$ 418,000,000
Debt instrument, basis spread on variable rate			1.375%
Maximum leverage ratio allowed \| leverageRatio			3.50
Minimum interest coverage ratio required \| coverageRatio			3.00
Leverage ratio \| leverageRatio			1.50
Interest coverage ratio \| coverageRatio			14.62
Line of credit facility, remaining borrowing capacity			$ 267,000,000
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity						$ 300,000,000	$ 120,000,000
Amount received from terminate agreement						$ 6,300,000
Amount paid to terminate agreement							$ 5,200,000
Notional amount				$ 350,000,000	$ 350,000,000
Derivative, fixed interest rate				16.00%	2.11%
LIBOR rate				3.485%
Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.25%
Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.75%
Subsequent Event [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 700,000,000
Debt instrument term	4 years
Line of credit facility, increase (decrease) in interest rate	$ 0.0025
Subsequent Event [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.50%
Subsequent Event [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.00%

Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative [Line Items]
Interest income (expense), net	$ (2,242)	$ (3,987)	$ (10,042)	$ (13,035)
Interest Rate Swap [Member]
Derivative [Line Items]
Interest income (expense), net			3,700	(800)
Interest Rate Swap Buyouts [Member]
Derivative [Line Items]
Interest income (expense), net			$ 900	$ 300

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

Sep. 30, 2020

Dec. 31, 2019

Derivative Asset [Abstract]

Equity securities, fv-ni, cost

$ 500

Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]

Assets, Fair Value Disclosure [Abstract]

Cash equivalents

28,705

16,375

Common stock of unaffiliated foreign public company

^[1]

872

839

Liabilities, Fair Value Disclosure [Abstract]

Interest rate swaps

Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]

Assets, Fair Value Disclosure [Abstract]

Cash equivalents

Common stock of unaffiliated foreign public company

^[1]

Liabilities, Fair Value Disclosure [Abstract]

Interest rate swaps

(14,357)

^[2]

(5,518)

^[3]

Interest Rate Swap [Member]

Derivative Liability [Abstract]

Derivative Liability, Fair Value, Gross Asset

1,200

15,200

Liability for fixed rate leg

$ 15,600

$ 20,700

[1]	Original cost basis $0.5 million.
[2]	Net of $1.2 million receivable floating leg and $15.6 million liability fixed leg.
[3]	Net of $15.2 million receivable floating leg and $20.7 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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Derivative, Gain (Loss) on Derivative, Net	$ 0	$ 0	$ (64)	$ 0

Contingencies (Narrative) (Details) - Asbestos Issue [Member] $ in Millions	Sep. 30, 2020 USD ($) claims	Dec. 31, 2019 claims	Dec. 31, 2018 claims	Dec. 31, 2017 claims	Dec. 31, 2016 claims	Dec. 31, 2015 claims	Dec. 31, 2014 claims
Loss Contingencies [Line Items]
Number of claims	3,616	3,708	3,684	3,730	3,745	3,791	3,821
Total resolved claims, by means of settlement or dismissal	37,930
Total cost of resolution \| $	$ 10.4
Confirmed insurance coverage \| $	$ 140.0
Resolution costs paid by insurance carrier	100.00%
Brandon Drying Fabrics, Inc. [Member]
Loss Contingencies [Line Items]
Total resolved claims, by means of settlement or dismissal	7,710
Resolution costs paid by insurance carrier	100.00%

Contingencies (Schedule of Changes in Claims) (Details) - Asbestos Issue [Member] $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020 USD ($) claims	Dec. 31, 2019 USD ($) claims	Dec. 31, 2018 USD ($) claims	Dec. 31, 2017 USD ($) claims	Dec. 31, 2016 USD ($) claims	Dec. 31, 2015 USD ($) claims
Loss Contingency Accrual [Roll Forward]
Opening Number of Claims	3,708	3,684	3,730	3,745	3,791	3,821
Claims Dismissed, Settled, or Resolved	133	51	152	105	148	116
New Claims	41	75	106	90	102	86
Closing Number of Claims	3,616	3,708	3,684	3,730	3,745	3,791
Amounts Paid (thousands) to Settle or Resolve \| $	$ 57	$ 25	$ 100	$ 55	$ 758	$ 164

Changes in Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Jan. 01, 2020	Dec. 31, 2019	Jan. 01, 2019
Dividends declared per share (in dollars per share)	$ 0.19			$ 0.18			$ 0.57	$ 0.54
Retained earnings	$ 749,678						$ 749,678			$ 698,496
Cumulative Effect, Period of Adoption, Adjustment [Member]
Retained earnings									$ (1,400)		$ 100
Common Class A [Member]
Dividends declared per share (in dollars per share)	$ 0.19	$ 0.19	$ 0.19	0.18	$ 0.18	$ 0.18
Common Class B [Member]
Dividends declared per share (in dollars per share)	$ 0.19	$ 0.19	$ 0.19	$ 0.18	$ 0.18	$ 0.18

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

3 Months Ended

9 Months Ended

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Sep. 30, 2020

Sep. 30, 2019

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning balance

$ 706,158,000

$ 669,561,000

$ 702,689,000

$ 651,316,000

$ 626,407,000

$ 608,280,000

$ 702,689,000

$ 608,280,000

Accounting Standards Update [Extensible List]

us-gaap:AccountingStandardsUpdate201613Member

us-gaap:AccountingStandardsUpdate201602Member

us-gaap:AccountingStandardsUpdate201613Member

Net income

29,590,000

32,449,000

$ 7,594,000

40,125,000

34,259,000

$ 29,408,000

$ 69,633,000

103,792,000

Compensation and benefits paid or payable in shares

80,000

783,000

(682,000)

790,000

1,170,000

(547,000)

Options exercised

5,000

20,000

33,000

28,000

44,000

Shares issued to Directors

416,000

Dividends declared

(5,837,000)

(5,835,000)

(5,834,000)

(5,524,000)

(5,523,000)

(5,231,000)

Dividends declared Class B

(307,000)

(291,000)

(582,000)

Cumulative translation adjustments

20,022,000

9,116,000

(25,638,000)

(22,535,000)

1,000

(662,000)

Pension and postretirement liability adjustments

(474,000)

142,000

890,000

490,000

(40,000)

(1,487,000)

Derivative valuation adjustment

621,000

(187,000)

(7,708,000)

(1,323,000)

(4,695,000)

(2,851,000)

Ending balance

749,858,000

706,158,000

669,561,000

663,081,000

651,316,000

626,407,000

749,858,000

663,081,000

Revision of Prior Period, Adjustment [Member]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning balance

(1,443,000)

^[1]

35,000

^[2]

(1,443,000)

^[1]

35,000

^[2]

Common Stock [Member] | Common Class A [Member]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning balance

$ 39,000

$ 37,000

$ 39,000

$ 37,000

Beginning balance (in shares)

39,113,000

39,112,000

39,099,000

39,096,000

37,478,000

37,450,000

39,099,000

37,450,000

Compensation and benefits paid or payable in shares

$ 25,000

Compensation and benefits paid or payable in shares (in shares)

13,000

Options exercised (in shares)

1,000

2,000

3,000

Conversion of Class B shares to Class A shares (in shares)

1,616,000

Conversion of Class B shares to Class A shares

$ 2,000

Ending balance

$ 39,000

$ 37,000

$ 39,000

Ending balance (in shares)

39,113,000

39,112,000

39,098,000

39,096,000

37,478,000

39,113,000

39,098,000

Common Stock [Member] | Common Class B [Member]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning balance

$ 2,000

$ 3,000

$ 2,000

$ 3,000

Beginning balance (in shares)

1,618,000

3,234,000

1,618,000

3,234,000

Conversion of Class B shares to Class A shares (in shares)

(1,616,000)

Conversion of Class B shares to Class A shares

$ (1,000)

Ending balance

$ 2,000

$ 3,000

$ 2,000

Ending balance (in shares)

1,618,000

3,234,000

1,618,000

Additional Paid-in Capital [Member]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning balance

$ 432,738,000

$ 431,836,000

$ 432,518,000

$ 431,037,000

$ 430,052,000

$ 430,555,000

$ 432,518,000

$ 430,555,000

Compensation and benefits paid or payable in shares

80,000

466,000

(682,000)

790,000

958,000

(547,000)

Options exercised

5,000

20,000

33,000

28,000

44,000

Shares issued to Directors

416,000

Conversion of Class B shares to Class A shares

(1,000)

Ending balance

432,823,000

432,738,000

431,836,000

431,860,000

431,037,000

430,052,000

432,823,000

431,860,000

Retained Earnings [Member]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning balance

726,233,000

700,021,000

698,496,000

641,297,000

613,057,000

589,645,000

698,496,000

589,645,000

Net income

29,589,000

32,354,000

9,109,000

40,009,000

34,054,000

29,190,000

Ending balance

749,678,000

726,233,000

700,021,000

675,491,000

641,297,000

613,057,000

749,678,000

675,491,000

Retained Earnings [Member] | Revision of Prior Period, Adjustment [Member]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning balance

(1,443,000)

^[1]

35,000

^[2]

(1,443,000)

^[1]

35,000

^[2]

Retained Earnings [Member] | Common Class A [Member]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Dividends declared

(5,837,000)

(5,835,000)

(5,834,000)

(5,524,000)

(5,523,000)

(5,231,000)

Retained Earnings [Member] | Common Class B [Member]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Dividends declared Class B

(307,000)

(291,000)

(582,000)

AOCI Attributable to Parent [Member]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning balance

(199,627,000)

(208,546,000)

(175,981,000)

(168,116,000)

(163,380,000)

(158,388,000)

(175,981,000)

(158,388,000)

Cumulative translation adjustments

19,821,000

8,964,000

(25,747,000)

(22,522,000)

(1,000)

(654,000)

Pension and postretirement liability adjustments

(474,000)

142,000

890,000

490,000

(40,000)

(1,487,000)

Derivative valuation adjustment

621,000

(187,000)

(7,708,000)

(1,323,000)

(4,695,000)

(2,851,000)

Ending balance

(179,659,000)

(199,627,000)

(208,546,000)

(191,471,000)

(168,116,000)

(163,380,000)

(179,659,000)

(191,471,000)

Treasury Stock [Member]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning balance

$ (256,074,000)

$ (256,391,000)

$ (256,603,000)

$ (256,391,000)

$ (256,603,000)

Beginning balance (in shares)

8,394

8,409

8,419

8,409

8,419

Compensation and benefits paid or payable in shares

$ 317,000

$ 212,000

Compensation and benefits paid or payable in shares (in shares)

(15)

(10)

Ending balance

$ (256,074,000)

$ (256,391,000)

$ (256,603,000)

$ (256,074,000)

$ (256,391,000)

Ending balance (in shares)

8,394

8,409

8,419

8,394

8,409

Noncontrolling Interest [Member]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning balance

$ 2,847,000

$ 2,600,000

$ 4,006,000

$ 3,448,000

$ 3,241,000

$ 3,031,000

$ 4,006,000

$ 3,031,000

Net income

1,000

95,000

(1,515,000)

116,000

205,000

218,000

Cumulative translation adjustments

201,000

152,000

109,000

(13,000)

2,000

(8,000)

Ending balance

$ 3,049,000

$ 2,847,000

$ 2,600,000

$ 3,551,000

$ 3,448,000

$ 3,241,000

$ 3,049,000

$ 3,551,000

[1]	As described in Note 1, the Company adopted the provisions of ASC 326, Current Expected Credit Losses (CECL) effective January 1, 2020, which resulted in a decrease to Retained earnings of $1.4 million.
[2]	The Company adopted ASC 842, Leases effective January 1, 2019, which resulted in an increase to Retained earnings of less than $0.1 million.