0000819793-21-000017 | 10-K | XBRL Viewer | Albany International Corp DE

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Cover - USD ($) shares in Millions, $ in Billions	12 Months Ended
Cover - USD ($) shares in Millions, $ in Billions	Dec. 31, 2020	Feb. 19, 2021	Jun. 30, 2020
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-10026
Entity Registrant Name	ALBANY INTERNATIONAL CORP.
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	216 Airport Drive
Entity Address, City or Town	Rochester
Entity Address, State or Province	NH
Entity Tax Identification Number	14-0462060
Entity Address, Postal Zip Code	03867
City Area Code	603
Local Phone Number	330-5850
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1.8
Documents Incorporated by Reference	Portions of the Registrant’s Proxy Statement for the Annual Meeting of Shareholders to be held on May 13, 2021.
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0000819793
Common Class A
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	AIN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		30.7
Common Class B
Entity Information [Line Items]
Title of 12(b) Security	Class B Common Stock, $0.001 par value per share
Trading Symbol	AIN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		1.6

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net sales	$ 900,610	$ 1,054,132	$ 982,479
Cost of goods sold	529,538	656,431	632,730
Gross profit	371,072	397,701	349,749
Selling, general and administrative expenses	163,909	163,651	156,189
Technical and research expenses	35,347	37,569	40,582
Restructuring expenses, net	5,736	2,905	15,570
Operating income	166,080	193,576	137,408
Interest income	(2,748)	(2,729)	(2,118)
Interest expense	16,332	19,650	20,242
Other (income)/expense, net	13,422	(1,557)	4,037
Income before income taxes	139,074	178,212	115,247
Income tax expense	41,831	44,829	32,228
Net income	97,243	133,383	83,019
Net income/(loss) attributable to the noncontrolling interest	(1,346)	985	128
Net income attributable to the Company	$ 98,589	$ 132,398	$ 82,891
Basic earnings per share (in dollars per share)	$ 3.05	$ 4.10	$ 2.57
Diluted earnings per share (in dollars per share)	3.05	4.10	2.57
Dividends declared per share, Class A and Class B (in dollars per share)	$ 0.77	$ 0.73	$ 0.69

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 97,243	$ 133,383	$ 83,019
Other comprehensive income/(loss), before tax:
Foreign currency translation and other adjustments	38,927	(8,747)	(27,383)
Pension settlements and curtailments	411	450	1,494
Pension/postretirement plan remeasurement	13,407	(1,796)	851
Amortization of pension and postretirement liability adjustments:
Prior service credit	(4,474)	(4,420)	(4,454)
Net actuarial loss	5,004	4,480	5,175
Payments and amortization related to interest rate swaps included in earnings	3,982	(1,011)	(146)
Derivative valuation adjustment	(12,622)	(9,512)	3,832
Income taxes related to items of other comprehensive income/(loss):
Pension settlements and curtailments	(128)	(74)	(348)
Pension/postretirement plan remeasurement	(3,017)	359	(408)
Amortization of pension and postretirement liability adjustments	(148)	(13)	(158)
Payments and amortization related to interest rate swaps included in earnings	(1,028)	259	37
Derivative valuation adjustment	3,259	2,432	(979)
Comprehensive income	140,816	115,790	60,532
Comprehensive income/(loss) attributable to the noncontrolling interest	(207)	975	111
Comprehensive income attributable to the Company	$ 141,023	$ 114,815	$ 60,421

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 241,316	$ 195,540
Accounts receivable, net	188,423	218,271
Contract assets, net	139,289	79,070
Inventories	110,478	95,149
Income taxes prepaid and receivable	5,940	6,162
Prepaid expenses and other current assets	31,830	24,142
Total current assets	717,276	618,334
Property, plant and equipment, net	448,554	466,462
Intangibles, net	46,869	52,892
Goodwill	187,553	180,934
Deferred income taxes	38,757	51,621
Noncurrent receivables, net	36,265	41,234
Other assets	74,662	62,891
Total assets	1,549,936	1,474,368
Current liabilities:
Accounts payable	49,173	65,203
Accrued liabilities	125,459	125,885
Current maturities of long-term debt	9	20
Income taxes payable	16,222	11,611
Total current liabilities	190,863	202,719
Long-term debt	398,000	424,009
Other noncurrent liabilities	130,424	132,725
Deferred taxes and other liabilities	10,784	12,226
Total liabilities	730,071	771,679
Commitments and Contingencies
Shareholders’ Equity
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued	0	0
Additional paid-in capital	433,696	432,518
Retained earnings	770,746	698,496
Accumulated items of other comprehensive income:
Translation adjustments	(83,203)	(122,852)
Pension and postretirement liability adjustments	(39,661)	(49,994)
Derivative valuation adjustment	(9,544)	(3,135)
Treasury stock (Class A), at cost; 8,391,011 shares in 2020 and 8,408,770 shares in 2019	(256,009)	(256,391)
Total Company shareholders’ equity	816,066	698,683
Noncontrolling interest	3,799	4,006
Total equity	819,865	702,689
Total liabilities and shareholders’ equity	1,549,936	1,474,368
Common Class A
Shareholders’ Equity
Common stock, par value	39	39
Common Class B
Shareholders’ Equity
Common stock, par value	$ 2	$ 2

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Preferred stock, par or stated 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
Common stock, shares, outstanding (in shares)	32,300,000	32,300,000
Treasury stock, shares (in shares)	8,391,011	8,408,770
Common Class A
Common stock, par or stated value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares, issued (in shares)	39,115,405	39,098,792
Common Class B
Common stock, par or stated value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares, issued (in shares)	1,617,998	1,617,998
Common stock, shares, outstanding (in shares)	1,617,998	1,617,998

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
OPERATING ACTIVITIES
Net income	$ 97,243	$ 133,383	$ 83,019
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	63,328	62,085	68,800
Amortization	9,377	8,710	10,236
Change in deferred taxes and other liabilities	11,101	13,702	8,972
Provision for write-off of property, plant and equipment	1,173	3,119	3,707
Non-cash interest (income)/expense	(290)	605	459
Write-off of pension liability adjustments due to settlement/curtailment	411	450	1,494
Compensation and benefits paid or payable in Class A Common Stock	1,505	2,063	2,203
Provision for credit losses from uncollected receivables and contract assets	1,628	309	579
Foreign currency remeasurement (gain)/loss on intercompany loans	14,246	(3,730)	(1,611)
Changes in operating assets and liabilities that provided/(used) cash:
Accounts receivable	31,522	9,278	(19,718)
Contract assets	(59,122)	(19,199)	(10,267)
Inventories	(13,685)	(8,923)	(968)
Prepaid expenses and other current assets	(7,811)	(2,291)	(5,815)
Income taxes prepaid and receivable	113	1,390	(1,402)
Accounts payable	(15,586)	10,524	9,340
Accrued liabilities	(3,856)	(7,393)	8,209
Income taxes payable	5,939	3,979	(824)
Noncurrent receivables	4,158	(1,341)	(12,249)
Other noncurrent liabilities	(2,437)	(6,573)	(5,479)
Other, net	1,296	205	(6,200)
Net cash provided by operating activities	140,253	200,352	132,485
INVESTING ACTIVITIES
Purchase of business, net of cash acquired	0	(30,793)	0
Purchases of property, plant and equipment	(41,463)	(67,358)	(81,579)
Purchased software	(927)	(597)	(1,307)
Net cash used in investing activities	(42,390)	(98,748)	(82,886)
FINANCING ACTIVITIES
Proceeds from borrowings	75,000	45,000	26,031
Principal payments on debt	(101,020)	(120,017)	(29,913)
Principal payments on finance lease liabilities	(7,214)	(1,180)	0
Debt acquisition costs	(2,432)	0	0
Taxes paid in lieu of share issuance	(490)	(971)	(1,652)
Proceeds from options exercised	55	112	202
Dividends paid	(24,568)	(23,251)	(21,926)
Net cash used in financing activities	(60,669)	(100,307)	(27,258)
Effect of exchange rate changes on cash and cash equivalents	8,582	(3,512)	(8,313)
Increase/(decrease) in cash and cash equivalents	45,776	(2,215)	14,028
Cash and cash equivalents at beginning of period	195,540	197,755	183,727
Cash and cash equivalents at end of period	$ 241,316	$ 195,540	$ 197,755

Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Accounting Policies

1. Accounting Policies

Basis of Consolidation

The consolidated financial statements include the accounts of Albany International Corp. and its subsidiaries (the Company, Albany, we, us, or our) after elimination of intercompany transactions. We have a 50 percent interest in an entity in Russia. The consolidated financial statements include our original investment in the entity, plus our share of undistributed earnings or losses, in the account “Other Assets.”

The Company owns 90 percent of the common equity of Albany Safran Composites, LLC (ASC) which is reported within the Albany Engineered Composites (AEC) segment. Additional information regarding that entity is included in Note 10.

Estimates

The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used in accounting for, among other things, revenue recognition, contract profitability, allowances for doubtful accounts, rebates and sales allowances, inventory allowances, pension benefits, goodwill and intangible assets, contingencies, income tax related balances, and other accruals. Our estimates are based on historical experience and on various other assumptions, which are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of any revisions are reflected in the consolidated financial statements in the period they are determined to be necessary.

Revenue Recognition

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

In our Machine Clothing (MC) business segment, we recognize revenue when we satisfy our performance obligations related to the manufacture and delivery of products. In our Albany Engineered Composites (AEC) business segment, revenue from most long-term contracts is recognized over time using an input method as the measure of progress. The classification of revenue in excess of progress billings on long-term contracts is included in Contract assets, net, which are rights to consideration that are conditional on something other than the passage of time, such as completion of remaining performance obligations.

We are required to limit our estimate of contract values to the period of the legally enforceable contract. While certain contracts are expected to be profitable over the course of the program life when including expected renewals, our estimate of contract revenues and costs is limited to the estimated value of enforceable rights and obligations, excluding anticipated renewals. This contract period may result in a loss contract provision at contract inception. Expected losses on projects include losses on contract options that are probable of exercise, excluding profitable options that often follow. For contracts with anticipated losses, a provision for the entire amount of the estimated remaining loss is charged against income in the period in which the loss becomes known. Contract losses are determined considering all direct and indirect contract costs, exclusive of any selling, general or administrative cost allocations, which are treated as period expenses.

Products and services provided under long-term contracts represent a significant portion of sales in the Albany Engineered Composites segment. We have a contract with a major customer for which revenue is recognized under a cost-plus-fee agreement. We also have fixed price long-term contracts, for which we use the percentage of completion (actual cost to estimated cost) method. That method requires significant judgment and estimation, which could be considerably different if the underlying circumstances were to change. When adjustments in estimated contract revenues or costs are required, any changes from prior estimates are included in earnings in the period the change occurs. The sum of net adjustments to the estimated profitability of long-term contracts increased AEC operating income by $9.9 million and $10.8 million in 2020 and 2019, respectively, and decreased AEC operating income by $2.0 million in 2018. The favorable effects in 2020 and 2019 were largely attributable to efficiency improvements during the ramp-up of several programs.

Additional accounting policies related to revenue from contracts with customers are set forth in Note 2.

We limit the concentration of credit risk in receivables by closely monitoring credit and collection policies. We record allowances for sales returns as a deduction in the computation of net sales. Such provisions are recorded on the basis of written communication with customers and/or historical experience. Any value added taxes that are imposed on sales transactions are excluded from net sales.

Cost of Goods Sold

Cost of goods sold includes the cost of materials, provisions for obsolete inventories, labor and supplies, shipping and handling costs, depreciation of manufacturing facilities and equipment, purchasing, receiving, warehousing, and other expenses. Cost of goods sold also includes provisions for loss contracts and charges for the write-off of inventories that result from an exit activity.

Selling, General, Administrative, Technical, and Research Expenses

Selling, general, administrative, and technical expenses are primarily comprised of wages, incentive compensation, benefits, travel, professional fees, revaluation of trade foreign currency balances, and other costs, and are expensed as incurred. Selling expense includes costs related to contract acquisition and provisions for expected credit losses on financial assets measured at amortized cost. Research expenses are charged to operations as incurred and consist primarily of compensation, supplies, and professional fees incurred in connection with intellectual property. Total company research expense was $25.8 million in 2020, $26.9 million in 2019, and $29.8 million in 2018.

The Albany Engineered Composites segment participates in both company-sponsored, and customer-funded research and development. Some customer-funded research and development may be on a cost-sharing basis and considered to be a collaborative arrangement, in which case both parties are active participants and are exposed to the risks and rewards dependent on the success of the activity. In such cases, amounts charged to the collaborating entity are credited against research and development expense. For customer-funded research and development in which we anticipate funding to exceed expenses, we include amounts charged to the customer in Net sales, while expenses are included in Cost of goods sold.

Restructuring Expense

We may incur expenses related to exiting a line of business or restructuring of our operations, which could include employee termination costs, costs to consolidate or close facilities, or costs to terminate contractual relationships. Restructuring expenses may also include impairment of Property, plant and equipment, as described below under “Property, Plant and Equipment”. Employee termination costs include severance pay and social costs for periods after employee service is completed. Termination costs related to an ongoing benefit arrangement are recognized when the amount becomes probable and estimable. Termination costs related to a one-time benefit arrangement are recognized at the communication date to employees. Costs related to contract termination, relocation of employees, outplacement and the consolidation or the closure of facilities, are recognized when incurred.

Income Taxes

Deferred income taxes are recognized for the tax consequences of temporary differences and tax attributes by applying enacted statutory tax rates applicable for future years to differences between existing assets and liabilities for financial reporting and income tax return purposes. The effect of tax rate changes on deferred taxes is recognized in the income tax provision in the period that includes the enactment date. A valuation allowance is established, as needed, to reduce net deferred tax assets to the amount expected to be realized. In the event it becomes more likely than not that some or all of the deferred tax asset valuation allowances will not be needed, the valuation allowance will be adjusted.

In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have determined the amount of the tax benefit to be recognized by estimating the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest and penalties have also been recognized. We recognize accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense.

Earnings Per Share

Basic net income or loss per share is computed using the weighted average number of shares of Class A Common Stock and Class B Common Stock outstanding during each year. Diluted net income per share includes the effect of all potentially dilutive securities. If we report a net loss from continuing operations, the diluted loss is equal to the basic earnings per share calculation.

Translation of Financial Statements

Assets and liabilities of non-U.S. operations are translated at year-end rates of exchange, and the income statement accounts are translated at average exchange rates. Gains or losses resulting from translating non-U.S. currency financial statements into U.S. dollars are recorded in other comprehensive income and accumulated in Shareholders’ equity in the caption “Translation adjustments”.

Selling, general, and administrative expenses include foreign currency gains and losses resulting from third party balances, such as receivables and payables, which are denominated in a currency other than the entity’s functional currency. Gains or losses resulting from cash and short-term intercompany loans and balances denominated in a currency other than the entity’s functional currency, and foreign currency options are generally included in Other expense, net. Gains and losses on long-term intercompany loans not intended to be repaid in the foreseeable future are recorded in other comprehensive income.

The following table summarizes foreign currency transaction gains and losses recognized in the income statement:


(in thousands)	2020		2019		2018
Losses/(gains) included in:
Selling, general, and administrative expenses	$	1,875	$	1,281	$	(274)
Other expense, net	13,569		(4,471)		(67)
Total transaction losses/(gains)	$	15,444	$	(3,190)	$	(341)

The following table presents foreign currency gains on long-term intercompany loans that were recognized in Other comprehensive income:


(in thousands)	2020		2019		2018
Gain (before tax) on long-term intercompany loan	$	(4,985)	$	—	$	—

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less.

Accounts Receivable

Accounts receivable includes trade receivables and bank promissory notes. In connection with certain sales in Asia Pacific, 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.

Effective January 1, 2020, the Company 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 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.

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

See additional information, including accounting policies related to our adoption of the CECL update, set forth in Notes 2 and 11.

Contract Assets and Contract 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 payment becomes unconditional. Contract liabilities include advance payments and billings in excess of revenue recognized. Contract liabilities are included in Accrued liabilities in the Consolidated Balance Sheet.

See additional information, including accounting policies related to our adoption of the CECL update, set forth in Notes 2, 11 and 12.

Inventories

Costs included in inventories are raw materials, labor, supplies and allocable depreciation and overhead. Raw materials inventory is 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. Write-downs of inventories are charged to Cost of goods sold. 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.

See additional information set forth in Notes 2 and 13.

Leases

Effective January 1, 2019, we adopted the provisions of ASC 842, Leases, using the effective date (or modified retrospective) approach for transition. Under this transition method, periods prior to 2019 have not been restated, and the cumulative effect of initially applying the new standard was recorded as an adjustment to Retained earnings at January 1, 2019.

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

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

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

We have certain lease agreements with lease and non-lease components. For most of these leases, we account for the lease and non-lease components as a single lease component, in accordance with the practical expedient that is available for ongoing accounting. Additionally, for certain other leases, such as for vehicles, we apply a portfolio approach. Such new leases are classified as financing or operating, with classification affecting the pattern and classification of expense recognition in the income statement. Expenses related to operating leases are recognized on a straight-line basis, while those determined to be financing leases are recognized following a front-loaded expense profile, in which interest and amortization are presented separately in the income statement.

Operating lease ROU assets are included in Other assets in the Consolidated Balance Sheets, while finance lease ROU assets are included in Property, plant, and equipment, net. Lease liabilities for both operating and finance leases are included in Accrued liabilities and Other noncurrent liabilities in the Consolidated Balance Sheets.

See additional information set forth in Note 20.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost, or if acquired as part of a business combination, at fair value. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets for financial reporting purposes. In some cases, accelerated methods are used for income tax purposes. Significant additions or improvements extending assets’ useful lives are capitalized; normal maintenance and repair costs are expensed as incurred. The cost of fully depreciated assets remaining in use is included in the respective asset and accumulated depreciation accounts. When items are sold or retired, related gains or losses are included in net income.

Computer software purchased for internal use, at cost, is amortized on a straight-line basis over five to eight years, depending on the nature of the asset, after being placed into service, and is included in property, plant, and equipment. We capitalize internal and external costs incurred related to the software development stage. Capitalized salaries, travel, and consulting costs related to the software development were immaterial in 2020 and 2019.

We review the carrying value of property, plant and equipment and other long-lived assets for impairment whenever events and circumstances indicate that the carrying value of an asset group may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition.

See additional information set forth in Note 14.

Goodwill, Intangibles, and Other 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. Our reportable segments are consistent with our operating segments. See additional information set forth in Note 15.

Intangible assets acquired in a business combination are recognized at fair value and amortized to Cost of goods sold or Selling, general and administrative expenses over the estimated useful lives of the assets. We review amortizable intangible asset groups for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable.

We have an investment in a company in Russia that is accounted for under the equity method of accounting and is included in Other assets. We perform regular reviews of the financial condition of the investee to determine if our investment is other than temporarily impaired. If the financial condition of the investee were to no longer support their valuation, we would record an impairment provision.

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

Included in Other assets is $31.1 million in 2020 and $21.3 million in 2019 for defined benefit pension plans where plan assets exceed the projected benefit obligations. Other assets also includes financial assets of $0.7 million in 2020 and $0.8 million in 2019. See additional information set forth in Note 18.

Stock-Based Compensation

We have stock-based compensation plans for key employees. No options have been granted since 2002. Unexercised options generally terminate twenty years after the date of grant for all plans, and must be exercised within ten years of retirement. We recognized no stock option expense during 2020, 2019, or 2018 and there are currently no remaining unvested options for which stock-option compensation costs will be recognized in future periods. See information for other stock-based compensation plans in Note 22.

Derivatives

We use derivatives from time to time to reduce potentially large adverse effects from changes in currency exchange rates and interest rates. We monitor our exposure to these risks and evaluate, on an ongoing basis, the risk of potentially large adverse effects versus the costs associated with hedging such risks.

We may use interest rate swaps in the management of interest rate exposures and foreign currency derivatives in the management of foreign currency exposure related to assets and liabilities (including net investments in subsidiaries located outside the U.S.) denominated in foreign currencies. When we enter into a derivative contract, we make a determination whether the transaction is deemed to be a hedge for accounting purposes. For those contracts deemed to be a hedge, we formally document the relationship between the derivative instrument and the risk being hedged. In this documentation, we specifically identify the asset, liability, forecasted transaction, cash flow, or net investment that has been designated as the hedged item, and evaluate whether the derivative instrument is expected

to reduce the risks associated with the hedged item. To the extent these criteria are not met, we do not use hedge accounting for the derivative.

All derivative contracts are recorded at fair value, as a net asset or a net liability. Changes in the fair value of the hedge are recorded, net of tax, in other comprehensive income. For transactions that are designated as hedges, we perform an evaluation of the effectiveness of the hedge. We measure the effectiveness of hedging relationships both at inception and on an ongoing basis.

For derivatives that are designated and qualify as hedges of net investments in subsidiaries located outside the United States, changes in the fair value of derivatives are reported in other comprehensive income as part of Translation adjustments.

Pension and Postretirement Benefit Plans

As described in Note 4, we have pension and postretirement benefit plans covering substantially all employees. Our defined benefit pension plan in the United States was closed to new participants as of October 1998 and, as of February 2009, benefits accrued under this plan were frozen.

We have liabilities for postretirement benefits in the U.S. and Canada. Substantially all of the liability relates to the U.S. plan. Effective January 2005, our postretirement benefit plan in the U.S. was closed to new participants, except for certain life insurance benefits. In September 2008, we changed the cost sharing arrangement under this program such that increases in health care costs are the responsibility of plan participants and, in August 2013, we reduced the life insurance benefit for retirees and eliminated that benefit for active employees.

The pension plans are generally trusteed or insured, and accrued amounts are funded as required in accordance with governing laws and regulations. The annual expense and liabilities recognized for defined benefit pension plans and postretirement benefit plans are developed from actuarial valuations. Inherent in these valuations are key assumptions, including discount rates and expected return on plan assets, which are updated on an annual basis. We consider current market conditions, including changes in interest rates, in making these assumptions. Discount rate assumptions are based on the population of plan participants and a mixture of high-quality fixed-income investments with durations that match expected future payments. The assumption for expected return on plan assets is based on historical and expected returns on various categories of plan assets.

Recent Accounting Pronouncements

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 do not expect it will have a material effect 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.

In October 2020, an accounting update was issued which clarifies various topics in the Codification by providing consistency in codification wording and moving existing disclosure requirements to the relevant disclosure sections. We are required to adopt the new standard for fiscal years beginning after December 15, 2020 and we are assessing the potential impact on our financial statements.

Revenue Recognition

12 Months Ended

Dec. 31, 2020

Revenue Recognition [Abstract]

Revenue Recognition

We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. Revenue is measured based on the consideration specified in the contract with the customer, and excludes any amounts collected on behalf of third parties. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service, or a series of distinct goods or services, to the customer which occurs either at a point in time, or over time, depending on the performance obligation in the contract. A performance obligation is a promise in the contract to transfer a distinct good or service to the customer, and is the unit of account under ASC 606. “Control” refers to the ability to direct the use of, and obtain substantially all of the remaining benefits from the product. A contract’s transaction price is allocated to each material distinct performance obligation and is recognized as revenue when, or as, the performance obligation is satisfied.

In our MC segment, our primary performance obligation in most contracts is to provide solution-based, custom-designed fabrics and belts to the customer. We satisfy this performance obligation upon transferring control of the product to the customer at a specific point in time. Contracts with customers in the MC segment have various terms that can affect the point in time when revenue is recognized. Generally, the customer obtains control when the product has been received at the location specified by the customer, at which time the only remaining obligations under the contract may be fulfillment costs, in the form of shipping and handling, which are accrued when control of the product is transferred.

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

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

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

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

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

AEC’s largest source of revenue is derived from the LEAP contract (see Note 10) under a cost-plus-fee agreement. Beginning in 2018, the fee is variable based on our success in achieving certain cost targets. Revenue is recognized over time as costs are incurred. Under this contract, there is judgment involved in determining applicable contract costs and expected margin, and therefore, in determining the amount of revenue to be recognized.

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

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

Segment

Product Group

Principal Product or Service

Principal Locations

Machine Clothing (MC)

Machine Clothing

Paper machine clothing: Permeable and impermeable belts used in the manufacture of paper, paperboard, tissue and towel, and pulp
Engineered fabrics: Belts used in the manufacture of nonwovens, fiber cement and several other industrial applications

World-wide

Albany Engineered Composites (AEC)

Albany Safran Composites (ASC)

Airframe and engine Components (Other AEC)

3D-woven, injected composite components for aircraft engines
Composite airframe and engine components for military and commercial aircraft

Rochester, NH Commercy, France Queretaro, Mexico
Salt Lake City, UT Boerne, TX Queretaro, Mexico Kaiserslautern, Germany

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

The following table presents disaggregated revenue for each product group by timing of revenue recognition:


	For the year ended December 31, 2020
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	569,563	$	3,392	$	572,955
Albany Engineered Composites
ASC	—		98,411		98,411
Other AEC	18,343		210,901		229,244
Total Albany Engineered Composites	18,343		309,312		327,655
Total revenue	$	587,906	$	312,704	$	900,610

	For the year ended December 31, 2019
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	598,054	$	3,200	$	601,254
Albany Engineered Composites
ASC	—		220,188		220,188
Other AEC	28,584		204,106		232,690
Total Albany Engineered Composites	28,584		424,294		452,878
Total revenue	$	626,638	$	427,494	$	1,054,132

	For the year ended December 31, 2018
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	608,658	$	3,200	$	611,858
Albany Engineered Composites
ASC	—		182,699		182,699
Other AEC	21,614		166,308		187,922
Total Albany Engineered Composites	21,614		349,007		370,621
Total revenue	$	630,272	$	352,207	$	982,479

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


	For the year ended December 31,
(in thousands)	2020		2019		2018
Americas PMC	$	297,490	$	316,355	$	303,768
Eurasia PMC	202,181		210,961		227,493
Engineered Fabrics	73,284		73,938		80,597
Total Machine Clothing Net sales	$	572,955	$	601,254	$	611,858

In accordance with ASC 606-10-50-14, we do not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Contracts in the 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 $86 million as of December 31, 2020, $82 million as of December 31, 2019, and $82 million as of December 31, 2018, and related primarily to firm contracts in the AEC segment. Of the remaining performance obligations as of December 31, 2020 we expect to recognize as revenue approximately $64 million during 2021, with the remainder to be recognized in 2022.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Reportable Segments and Geographic Data

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Reportable Segments and Geographic Data

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 accounting policies of the segments are the same as those described in Note 1. Corporate expenses include wages and benefits for corporate headquarters personnel, costs related to information systems development and support, and professional fees related to legal, audit, and other activities. These costs are not allocated to the reportable segments because the decision-making for these functions lies outside of the segments.

Machine Clothing:

The Machine Clothing (“MC”) segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, tissue and towel, pulp, 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.

Albany Engineered Composites:

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 2020, Safran leased manufacturing space from AEC for the GE9X program. Rent paid by Safran under this lease amount to $0.9 million in 2020. AEC Net sales to Safran were $99.0 million in 2020, $226.8 million in 2019, and $186.3 million in 2018. The total of Accounts receivable, Contract assets and Noncurrent receivable due from Safran amounted to $127.1 million and $114.5 million as of December 31, 2020 and 2019, respectively. Other significant programs served by AEC include the F-35, Boeing 787, Sikorsky CH-53K and JASSM, as well as the fan case for the GE9X engine. In 2020, approximately 46 percent of AEC sales were related to U.S. government contracts or programs.

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


(in thousands)	2020		2019		2018
Net Sales
Machine Clothing	$	572,955	$	601,254	$	611,858
Albany Engineered Composites	327,655		452,878		370,621
Consolidated total	$	900,610	$	1,054,132	$	982,479
Depreciation and amortization
Machine Clothing	20,304		21,875		30,813
Albany Engineered Composites	48,496		44,670		43,205
Corporate expenses	3,905		4,250		5,018
Consolidated total	$	72,705	$	70,795	$	79,036
Operating income/(loss)
Machine Clothing	190,805		191,965		169,836
Albany Engineered Composites	31,536		55,520		16,647
Corporate expenses	(56,261)		(53,909)		(49,075)
Operating income	$	166,080	$	193,576	$	137,408
Reconciling items:
Interest income	(2,748)		(2,729)		(2,118)
Interest expense	16,332		19,650		20,242
Other expense, net	13,422		(1,557)		4,037
Income before income taxes	$	139,074	$	178,212	$	115,247

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


(in thousands)	2020		2019		2018
Restructuring expenses, net
Machine Clothing	$	2,746	$	1,129	$	12,278
Albany Engineered Composites	2,821		1,833		3,048
Corporate expenses	169		(57)		244
Consolidated total	$	5,736	$	2,905	$	15,570

In the measurement of assets utilized by each reportable segment, we include Inventories, Accounts receivable, net, Contract assets, net, Noncurrent receivables, net, Property, plant and equipment, net, Intangibles, net and Goodwill. On November 20, 2019, the Company acquired CirComp GmbH, resulting in a $35.3 million increase in AEC assets.

The following table presents assets and capital expenditures by reportable segment:


(in thousands)	2020		2019		2018
Segment assets
Machine Clothing	$	443,476	$	441,072	$	453,836
Albany Engineered Composites	713,955		693,799		633,394
Reconciling items:
Cash	241,316		195,540		197,755
Income taxes prepaid, receivable and deferred	44,697		57,783		70,095
Prepaid and Other assets	106,492		86,174		62,912
Consolidated total assets	$	1,549,936	$	1,474,368	$	1,417,992

Capital expenditures and purchased software
Machine Clothing	$	15,792	$	16,707	$	20,230
Albany Engineered Composites	23,718		48,753		60,121
Corporate expenses	2,880		2,495		2,535
Consolidated total	$	42,390	$	67,955	$	82,886

At the January 1, 2018 date of adoption of ASC 606, MC assets increased by $22.5 million, and AEC assets decreased by $14.1 million. Excluded from segment assets are cash, tax related assets, prepaid and other current assets, and certain other assets not directly associated with segment operations.

In 2018, AEC finalized a modification to the lease of its primary manufacturing facility in Salt Lake City, Utah, which increased the manufacturing space and extended the minimum lease period until December 31, 2029. The lease modification resulted in a non-cash increase of $12.7 million to both Property, plant and equipment, net, and to Long-term debt in the Consolidated Balance Sheets in 2018. Effective January 1, 2019, we adopted the provisions of ASC 842, Leases, which resulted in changes to the amount and classification of the associated assets and liabilities, as depicted in Note 20. Due to the non-cash nature of the modification and subsequent adoption of the new Lease accounting standard, changes during both 2018 and 2019 are excluded from amounts reported in the Consolidated Statements of Cash Flows.

The following table shows data by geographic area. Net sales are based on the location of the operation recording the final sale to the customer. Net sales recorded by our entity in Switzerland are derived from products sold throughout Europe and Asia, and are invoiced in various currencies.


(in thousands)	2020		2019		2018
Net sales
United States	$	503,473	$	574,063	$	519,349
Switzerland	128,328		146,571		157,339
Brazil	60,259		64,666		62,093
China	57,007		48,586		50,923
France	55,914		91,783		85,386
Mexico	39,859		73,039		48,534
Other countries	55,770		55,424		58,855
Consolidated total	$	900,610	$	1,054,132	$	982,479

Property, plant and equipment, at cost, net
United States	$	263,201	$	275,965	$	272,584
Mexico	41,738		45,640		40,343
France	41,107		43,986		50,245
China	40,898		41,799		48,686
Sweden	12,109		8,652		8,394
Germany (a)	10,808		10,577		27
United Kingdom	10,731		11,047		12,042
South Korea	10,550		10,795		12,396
Other countries	17,412		18,001		17,338
Consolidated total	$	448,554	$	466,462	$	462,055

(a)In 2019, the Company acquired CirComp GmbH, which resulted in an increase in Property, plant and equipment of $10.6 million.

- 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.

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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Pensions and Other Postretirement Benefit Plans

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Pensions and Other Postretirement Benefit Plans

4. Pensions and Other Postretirement Benefit Plans

Pension Plans

The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The U.S. qualified defined benefit pension plan has been closed to new participants since October 1998 and, as of February 2009, benefits accrued under this plan were frozen. As a result of the freeze, employees covered by the pension plan will receive, at retirement, benefits accrued through February 2009, but no benefits accrue after that date. Benefit accruals under the U.S. Supplemental Executive Retirement Plan (“SERP”), which is an unfunded plan, were similarly frozen. The U.S. pension plan accounts for 44 percent of consolidated pension plan assets, and 45 percent of consolidated pension plan obligations. The eligibility, benefit formulas, and contribution requirements for plans outside of the U.S. vary by location.

The December 31, 2020 benefit obligations for the U.S. pension and postretirement plans were calculated using the Pri-2012 mortality table with MP-2020 generational projection. For U.S. pension funding purposes, the Company uses the plan’s IRS-basis current liability as its funding target, which is determined based on mandated assumptions.

Benefits under the Company's pension plan in Switzerland utilize a cash balance interest crediting rate for determination of plan liabilities. As of December 31, 2020, the benefit obligation for that plan amounted to $6.0 million.

In addition to providing pension benefits, the Company provides various medical, dental, and life insurance benefits for certain retired United States employees. U.S. employees hired prior to 2005 may become eligible for these benefits if they reach normal retirement age while working for the Company. Benefits provided under this plan are subject to change. Retirees share in the cost of these benefits. Any new employees hired after January 2005 who wish to be covered under this plan will be responsible for the full cost of such benefits. In September 2008, we changed the cost-sharing arrangement under this program such that increases in health care costs are the responsibility of plan participants. In August 2013, we reduced the life insurance benefit for retirees and eliminated the benefit for active employees.

The Company also provides certain postretirement life insurance benefits to retired employees in Canada. As of December 31, 2020, the accrued postretirement liability was $46.7 million in the U.S. and $1.3 million in 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.

Accounting guidance requires the recognition of the funded status of each defined benefit and other postretirement benefit plan. Each overfunded plan is recognized as an asset and each underfunded plan is recognized as a liability. Company pension plan data for U.S. and non-U.S. plans has been combined for both 2020 and 2019, except where indicated below.

The Company’s pension and postretirement benefit costs and benefit obligations are based on actuarial valuations that are affected by many assumptions, the most significant of which are the assumed discount rate, expected rate of return on pension plan assets, and mortality. Each of the assumptions is reviewed and updated annually, as appropriate. The assumed rates of return for pension plan assets are determined for each major asset category based on historical rates of return for assets in that category and expectations of future rates of return based, in part, on simulated future capital market performance. The assumed discount rate is based on yields from a portfolio of currently available high-quality fixed-income investments with durations matching the expected future payments, based on the demographics of the plan participants and the plan provisions.

Gains and losses arise from changes in the assumptions used to measure the benefit obligations, and experience different from what had been assumed, including asset returns different than what had been expected. The Company amortizes gains and losses in excess of a “corridor” over the average future service of the plan’s current participants. The corridor is defined as 10 percent of the greater of the plan’s projected benefit obligation or market-related value of plan assets. The market-related value of plan assets is also used to determine the expected return on plan assets component of net periodic cost. The Company’s market-related value for its U.S. plan is measured by first determining the absolute difference between the actual and the expected return on the plan assets. The absolute difference in excess of 5 percent of the expected return is added to the market-related value over two years; the remainder is added to the market-related value immediately.

To the extent the Company’s unrecognized net losses and unrecognized prior service costs, including the amount recognized through accumulated other comprehensive income, are not reduced by future favorable plan experience, they will be recognized as a component of the net periodic cost in future years.

The following table sets forth the plan benefit obligations:


	As of December 31, 2020						As of December 31, 2019
(in thousands)	Pension plans			Other postretirement benefits			Pension plans			Other postretirement benefits
Benefit obligation, beginning of year	$	227,211		$	54,384		$	201,450		$	51,127
Service cost	2,279			200			2,543			189
Interest cost	6,172			1,712			7,216			2,115
Plan participants' contributions	198			—			243			—
Actuarial (gain)/loss	13,309			(4,794)			22,645			4,686
Benefits paid	(8,123)			(3,555)			(8,404)			(3,782)
Settlements and curtailments	(474)			—			(1,768)			—
Plan amendments and other	(204)			—			152			—
Foreign currency changes	5,432			30			3,134			49
Benefit obligation, end of year	$	245,800		$	47,977		$	227,211		$	54,384
Accumulated benefit obligation	$	236,321		$	—		$	218,006		$	—
Weighted average assumptions used to
determine benefit obligations, end of year:
Discount rate — U.S. plan	2.65		%	2.38		%	3.40		%	3.27		%
Discount rate — non-U.S. plans	1.91		%	2.75		%	2.31		%	3.05		%
Cash balance interest crediting rate - Switzerland pension plan	0.05		%	—			0.25		%	—
Compensation increase — U.S. plan	—			N/A			—			3.00		%
Compensation increase — non-U.S. plans	2.71		%	2.75		%	2.81		%	3.00		%

During 2020, pension benefit obligations increased by $18.6 million, $13.3 million of which was driven by net actuarial losses, principally resulting from a lower discount rate. Other postretirement benefit obligations decreased by $6.4 million in 2020, as changes in demographic data assumptions which resulted from a 2020 experience study, were partially offset by lower discount rates. During 2019, lower average discount rates had the effect of significantly increasing both pension and other postretirement benefit obligations.

The following sets forth information about plan assets:


	As of December 31, 2020				As of December 31, 2019
(in thousands)	Pension plans		Other postretirement benefits		Pension plans		Other postretirement benefits
Fair value of plan assets, beginning of year	$	211,755	$	—	$	178,942	$	—
Actual return on plan assets, net of expenses	28,477		—		32,367		—
Employer contributions	3,219		3,555		4,670		3,782
Plan participants' contributions	198		—		243		—
Benefits paid	(8,123)		(3,555)		(8,404)		(3,782)
Settlements	(737)		—		(260)		—
Foreign currency changes	4,262		—		4,197		—
Fair value of plan assets, end of year	$	239,051	$	—	$	211,755	$	—

The funded status of the plans was as follows:


	As of December 31, 2020				As of December 31, 2019
(in thousands)	Pension plans		Other postretirement benefits		Pension plans		Other postretirement benefits
Fair value of plan assets	$	239,051	$	—	$	211,755	$	—
Benefit obligation	245,800		47,977		227,211		54,384
Funded status	$	(6,749)	$	(47,977)	$	(15,456)	$	(54,384)
Accrued benefit cost, end of year	$	(6,749)	$	(47,977)	$	(15,456)	$	(54,384)
Amounts recognized in the consolidated balance sheet consist of the following:
Noncurrent asset	$	31,139	$	—	$	21,337	$	—
Current liability	(2,281)		(3,660)		(2,155)		(3,808)
Noncurrent liability	(35,607)		(44,317)		(34,638)		(50,576)
Net amount recognized	$	(6,749)	$	(47,977)	$	(15,456)	$	(54,384)
Amounts recognized in accumulated other comprehensive income consist of:
Net actuarial loss	$	53,065	$	20,736	$	63,240	$	28,119
Prior service cost/(credit)	393		(12,946)		639		(17,434)
Net amount recognized	$	53,458	$	7,790	$	63,879	$	10,685

The composition of the net pension plan funded status as of December 31, 2020 was as follows:


(in thousands)	U.S. plan		Non-U.S. plans		Total
Pension plans with pension assets	$	1,551	$	25,160	$	26,711
Pension plans without pension assets	(6,022)		(27,438)		(33,460)
Total	$	(4,471)	$	(2,278)	$	(6,749)

The net underfunded balance in the U.S. principally relates to the Supplemental Executive Retirement Plan.

The composition of the net periodic benefit plan cost for the years ended December 31, 2020, 2019, and 2018, was as follows:


	Pension plans									Other postretirement benefits
(in thousands)	2020			2019			2018			2020			2019			2018
Components of net periodic benefit cost:
Service cost	$	2,279		$	2,543		$	2,723		$	200		$	189		$	232
Interest cost	6,172			7,216			7,217			1,712			2,114			2,024
Expected return on assets	(6,853)			(8,285)			(8,873)			—			—			—
Amortization of prior service cost/(credit)	14			68			34			(4,488)			(4,488)			(4,488)
Amortization of net actuarial loss	2,412			2,253			2,219			2,592			2,227			2,956
Settlement	148			(16)			2,246			—			—			—
Curtailment (gain)/loss	263			466			(752)			—			—			—
Net periodic benefit cost	$	4,435		$	4,245		$	4,814		$	16		$	42		$	724

Weighted average assumptions used to determine net cost:
Discount rate — U.S. plan	3.40		%	4.41		%	3.70		%	3.27		%	4.31		%	3.59		%
Discount rate — non-U.S. plans	2.31		%	2.98		%	2.83		%	3.05		%	3.65		%	3.40		%
Cash balance interest crediting rate - Switzerland pension plan	0.25		%	0.85		%	0.65		%	—			—			—
Expected return on plan assets — U.S. plan	3.54		%	4.57		%	3.87		%	—			—			—
Expected return on plan assets — non-U.S. plans	3.45		%	4.45		%	4.83		%	—			—			—
Rate of compensation increase — U.S. plan	—			—			—			N/A			3.00		%	—
Rate of compensation increase — non-U.S. plans	2.81		%	3.02		%	3.04		%	3.00		%	3.00		%	3.00		%

Pretax (gains)/losses on plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2020, 2019, and 2018, was as follows:


	Pension plans						Other postretirement benefits
(in thousands)	2020		2019		2018		2020		2019		2018
Settlements/curtailments	$	(411)	$	(450)	$	(1,494)	$	—	$	—	$	—
Asset/liability loss/(gain)	(8,053)		(2,794)		6,411		(4,794)		4,685		(6,100)
Amortization of actuarial (loss)	(2,412)		(2,253)		(2,219)		(2,592)		(2,227)		(2,956)
Amortization of prior service cost/(credit)	(14)		(68)		(34)		4,488		4,488		4,488
Other	(204)		—		—		—		—		—
Currency impact	670		316		(1,389)		3		—		—
Cost/(benefit) in Other comprehensive income	$	(10,424)	$	(5,249)	$	1,275	$	(2,895)	$	6,946	$	(4,568)

Investment Strategy

Our investment strategy for pension assets differs for the various countries in which we have defined benefit pension plans. Some of our defined benefit plans do not require funded trusts and, in those arrangements, the Company funds the plans on a “pay as you go” basis. The largest of the funded defined benefit plans is the United States plan.

United States plan:

During 2009, we changed our investment strategy for the United States pension plan by adopting a liability-driven investment strategy. Under this arrangement, the Company seeks to invest in assets that track closely to the discount rate that is used to measure the plan liabilities. Accordingly, the plan assets are primarily debt securities. The change in investment strategy is reflective of the Company’s 2008 decision to freeze benefit accruals under the plan.

Non-United States plans:

For the countries in which the Company has funded pension trusts, the investment strategy may also be liability driven or, in other cases, to achieve a competitive, total investment return, achieving diversification between and within asset classes and managing other risks. Investment objectives for each asset class are determined based on specific risks and investment opportunities identified. Actual allocations to each asset class vary from target allocations due to periodic investment strategy changes, market value fluctuations, the length of time it takes to fully implement investment allocation positions, and the timing of benefit payments and contributions.

Fair-Value Measurements

The following tables present plan assets as of December 31, 2020, and 2019, using the fair-value hierarchy, which has three levels based on the reliability of inputs used, as described in Note 18. Certain investments that are measured at fair value using net asset value (NAV) as a practical expedient are not required to be categorized in the fair value hierarchy table. The total fair value of these investments is included in the table below to permit reconciliation of the fair value hierarchy to amounts presented in the funded status table above. As of December 31, 2020 and 2019, there were no investments expected to be sold at a value materially different than NAV.


	Assets at Fair Value as of December 31, 2020
(in thousands)	Quoted prices in active markets Level 1		Significant other observable inputs Level 2		Significant unobservable inputs Level 3		Total
Common Stocks and equity funds	$	—	$	—	$	—	$	—
Debt securities	—		104,642		—		104,642
Insurance contracts	—		—		3,819		3,819
Cash and short-term investments	1,095		—		—		1,095
Total investments in the fair value hierarchy	$	1,095	$	104,642	$	3,819	109,556
Investments at net asset value:
Common Stocks and equity funds							20,213
Fixed income funds							107,012
Limited partnerships							2,270
Total plan assets							$	239,051


	Assets at Fair Value as of December 31, 2019
(in thousands)	Quoted prices in active markets Level 1		Significant other observable inputs Level 2		Significant unobservable inputs Level 3		Total
Common Stocks and equity funds	$	216	$	—	$	—	$	216
Debt securities	—		92,721		—		92,721
Insurance contracts	—		—		3,244		3,244
Cash and short-term investments	2,793		—		—		2,793
Total investments in the fair value hierarchy	$	3,009	$	92,721	$	3,244	98,974
Investments at net asset value:
Common Stocks and equity funds							56,846
Fixed income funds							52,751
Limited partnerships							3,184
Total plan assets							$	211,755

The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2020 and 2019:


(in thousands)	December 31, 2019		Net realized gains		Net unrealized gains		Net purchases,issuances and settlements		Net transfers (out of) Level 3		December 31, 2020
Insurance contracts -
total level 3 assets	$	3,244	$	—	$	22	$	553	$	—	$	3,819


(in thousands)	December 31, 2018		Net realized gains		Net unrealized gains		Net purchases, issuances and settlements		Net transfers (out of) Level 3		December 31, 2019
Insurance contracts -
total level 3 assets	$	2,890	$	—	$	20	$	334	$	—	$	3,244

The asset allocation for the Company’s U.S. and non-U.S. pension plans for 2020 and 2019, and the target allocation, by asset category, are as follows:


	United States Plan						Non-U.S. Plans
	Target Allocation		Percentage of plan assets at plan measurement date				Target Allocation		Percentage of plan assets at plan measurement date
Asset category			2020		2019				2020		2019
Equity securities	—	%	—	%	1	%	13	%	13	%	13	%
Debt securities	100	%	98	%	96	%	82	%	81	%	80	%
Real estate	—	%	2	%	2	%	1	%	1	%	1	%
Other(1)	—	%	—	%	1	%	4	%	5	%	6	%
	100	%	100	%	100	%	100	%	100	%	100	%

(1)Other includes hedged equity and absolute return strategies, and private equity. The Company has procedures to closely monitor the performance of these investments and compares asset valuations to audited financial statements of the funds.

The targeted plan asset allocation is based on an analysis of the actuarial liabilities, a review of viable asset classes, and an analysis of the expected rate of return, risk, and other investment characteristics of various investment asset classes.

At the end of 2020 and 2019, the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with projected benefit obligation and an accumulated benefit obligation in excess of plan assets were as follows:


	Plans with projected benefit obligation in excess of plan assets
(in thousands)	2020		2019
Projected benefit obligation	$	42,703	$	137,123
Fair value of plan assets	4,815		100,330


	Plans with accumulated benefit obligation in excess of plan assets
(in thousands)	2020		2019
Accumulated benefit obligation	$	40,133	$	134,737
Fair value of plan assets	4,815		100,330

Information about expected cash flows for the pension and other benefit obligations are as follows:


(in thousands)	Pension plans		Other postretirement benefits
Expected employer contributions and direct employer payments in the next fiscal year	$	2,527	$	3,660
Expected benefit payments
2021	8,134		3,660
2022	8,585		3,530
2023	8,794		3,418
2024	9,286		3,279
2025	10,009		3,129
2026-2030	54,403		14,027

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Restructuring

12 Months Ended

Dec. 31, 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 $2.8 million.

In 2017, the Company announced a proposal to discontinue operations at its MC production facility in Sélestat, France. The restructuring program was driven by the Company’s need to balance manufacturing capacity with demand. During 2017, we incurred $1.1 million of restructuring expense associated with this proposal but were unable to reasonably estimate the total costs for severance and other charges associated with the proposal as there was no assurance, at that time, that approval for the proposal would be obtained. In 2018, the plan was approved by the French Labor Ministry which led to restructuring expense of $10.7 million in 2018, which included severance and outplacement costs for the approximately 50 positions that were terminated under this plan. In 2019, restructuring charges were $0.9 million. In 2020, restructuring charges were $1.2 million. Since 2017, we have recorded $13.9 million of restructuring charges related to this action.

In 2018, the Company discontinued certain manufacturing processes at its AEC facility in Salt Lake City, Utah, which resulted in $1.9 million of restructuring in 2018, which included a non-cash restructuring charge of $1.7 million, and an additional $0.2 million for severance. The non-cash restructuring charge resulted from writing down manufacturing equipment used in that line of business to its estimated value. In 2019, the Company wrote off the remaining $1.2 million book value of that equipment as the Company was unable to sell it. To date, we have recorded $3.1 million of restructuring charges related to these actions.

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


Year ended December 31, 2020 (In thousands)	Total restructuring costs incurred		Termination and other costs		Impairment of assets
Machine Clothing	$	2,746	$	2,746	$	—
Albany Engineered Composites	2,821		2,821		—
Corporate expenses	169		169		—
Total	$	5,736	$	5,736	$	—


Year ended December 31, 2019 (In thousands)	Total restructuring costs incurred		Termination and other costs		Impairment of assets
Machine Clothing	$	1,129	$	667	$	462
Albany Engineered Composites	1,833		659		1,174
Corporate expenses	(57)		(57)		—
Total	$	2,905	$	1,269	$	1,636


Year ended December 31, 2018 (In thousands)	Total restructuring costs incurred		Termination and other costs		Impairment of assets
Machine Clothing	$	12,278	$	11,890	$	388
Albany Engineered Composites	3,048		1,286		1,762
Corporate expenses	244		244		—
Total	$	15,570	$	13,420	$	2,150

We expect that approximately $1.9 million of Accrued liabilities for restructuring at December 31, 2020 will be paid within one year and approximately $0.3 million will be paid the following year.

The table below presents the changes in restructuring liabilities for 2020 and 2019, all of which related to termination costs:


(in thousands)	December 31, 2019		Restructuring charges accrued		Payments		Currency translation/other		December 31, 2020
Total termination and other costs	$	2,042	$	5,736	$	(5,668)	$	85	$	2,195


(in thousands)	December 31, 2018		Restructuring charges accrued		Payments		Currency translation/other		December 31, 2019
Total termination and other costs	$	5,570	$	1,269	$	(5,084)	$	287	$	2,042

Other (Income)/Expense, Net

12 Months Ended

Dec. 31, 2020

Other Income and Expenses [Abstract]

Other (Income)/Expense, Net

Other (income)/expense, net

The components of Other (income)/expense, net, are:


(in thousands)	2020		2019		2018
Currency transactions	$	13,569	$	(4,471)	$	(67)
Bank fees and amortization of debt issuance costs	367		348		417
Pension settlements and curtailments	—		450		1,494
Components of net periodic pension and postretirement cost other than service	1,561		1,105		1,089
Other	(2,075)		1,011		1,104
Total	$	13,422	$	(1,557)	$	4,037

In 2020, Other (income)/expense, net included losses related to the revaluation of nonfunctional-currency balances of $13.6 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, which resulted in a pre-tax gain of $5.0 million being recorded in Other comprehensive income in 2020.

In 2020, the Company recorded other income of $2.6 million related to a successful claim for a rebate of foreign sales tax paid in previous years.

In 2019, the Company took actions to freeze accrued benefits under the United Kingdom defined benefit pension plan, which resulted in a curtailment charge of $0.5 million.

In 2018, the Company took actions to settle a portion of its non-U.S. defined benefit pension plan liabilities, which resulted in a settlement charge of $2.2 million. Also in 2018, the Company recorded a pension curtailment gain of $0.7 million related to the restructuring in Sélestat, France.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

The following tables present components of income tax expense/(benefit) and income before income taxes on continuing operations:


(in thousands)	2020		2019		2018
Income tax based on income from continuing operations, at estimated tax rates of 28%, 28%, and 31%, respectively	$	39,544	$	49,977	$	36,044
Income tax before discrete items	39,544		49,977		36,044
Discrete tax expense/(benefit):
Net impact of mandatory deemed repatriation	—		—		(1,003)
Provision for/resolution of tax audits and contingencies, net	752		(2,874)		1,286
Adjustments to prior period tax liabilities	(2,420)		(1,637)		(1,284)
Provision for/adjustment to beginning of year valuation allowances	168		(525)		(4,882)
Enacted tax legislation	—		(112)		2,067
Tax effect of non-deductible foreign exchange loss on intercompany loan	3,801		—		—
Other	(14)		—		—
Total income tax expense	$	41,831	$	44,829	$	32,228


(in thousands)	2020		2019		2018
Income/(loss) before income taxes:
U.S.	$	63,375	$	76,024	$	41,875
Non-U.S.	75,699		102,188		73,372
	$	139,074	$	178,212	$	115,247
Income tax provision
Current:
Federal	$	1,415	$	780	$	304
State	2,028		6,357		4,996
Non-U.S.	26,916		25,255		21,557
	$	30,359	$	32,392	$	26,857
Deferred:
Federal	$	11,211	$	10,583	$	10,700
State	192		253		(338)
Non-U.S.	69		1,601		(4,991)
	$	11,472	$	12,437	$	5,371
Total income tax expense	$	41,831	$	44,829	$	32,228

The significant components of deferred income tax expense/(benefit) are as follows:


(in thousands)	2020		2019		2018
Net effect of temporary differences	$	5,262	$	(18)	$	(4,657)
Foreign tax credits	7,173		12,530		9,437
Retirement benefits	401		(752)		2,360
Net impact to operating loss carryforwards	(1,532)		1,314		1,046
Enacted changes in tax laws and rates			(112)		2,067
Adjustment to beginning-of-the-year valuation allowance balance for changes in circumstances	168		(525)		(4,882)
Total	$	11,472	$	12,437	$	5,371

A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate is as follows:


	2020		2019		2018
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	1.8		3.0		2.9
Non-U.S. local income taxes	3.2		4.4		3.3
U.S. permanent adjustments	0.1		—		(0.3)
Foreign permanent adjustments	0.2		0.4		(0.4)
Foreign rate differential	0.6		0.5		0.2
Net U.S. tax on non-U.S. earnings and foreign withholdings	1.2		0.3		5.7
Provision for/resolution of tax audits and contingencies, net	0.5		(1.6)		1.1
Research and development and other tax credits	(0.4)		(0.3)		(0.1)
Provision for/adjustment to beginning of year valuation allowances	0.2		(0.3)		(4.2)
Enacted tax legislation and rate change	—		(0.1)		1.8
Tax effect of non-deductible foreign exchange loss on intercompany loan	2.7		—		—
Return to provision and other adjustments	(1.0)		(2.1)		(3.0)
Effective income tax rate	30.1	%	25.2	%	28.0	%

The Company's subsidiary in Mexico has an intercompany loan payable in U.S. dollars. As a result of the weaker Mexican peso, the Company recorded a revaluation loss in 2020 which is not deductible under Mexican tax law, leading to a $3.8 million discrete tax charge.

The Company has operations which constitute a taxable presence in 18 countries outside of the United States. The majority of these countries had income tax rates that are above the United States federal tax rate of 21% during 2020. The jurisdictional location of earnings is a significant component of the Company’s effective tax rate each year. The rate impact of this component is influenced by the specific location of non-U.S. earnings and the level of the Company’s total earnings. From period to period, the jurisdictional mix of earnings can vary as a result of operating fluctuations in the normal course of business, as well as the extent and location of other income and expense items, such as pension settlement and restructuring charges. The foreign income tax rate differential that is included above in the reconciliation of the effective tax rate includes the difference between tax expense calculated at the U.S. federal statutory tax rate of 21% and the expense accrued based on the different statutory tax rates that apply in the jurisdictions where the income or loss is earned.

During the periods reported, income outside of the U.S. was heavily concentrated within Brazil (blended 34% tax rate), China (25% tax rate), and Mexico (30% tax rate). The foreign rate differential of these jurisdictions was partially offset by Switzerland (7.8% tax rate). As a result, the foreign income tax rate differential was primarily attributable to these tax rate differences.

On July 20, 2020, The Treasury Department and the IRS released final regulations and proposed regulations under Section 951A and Section 954, relating to the treatment of income that is subject to a high rate of foreign tax under the global intangible low-taxed income (GILTI) and subpart F income regimes. The final regulations adopted a high-tax exclusion for GILTI purposes, which can be elected on an annual basis. These final regulations may be applied retroactively to tax years beginning after December 31, 2017. The Company expects to elect the GILTI high-tax exclusion for the 2020 tax year. By making the election, the Company will reduce its taxable income by approximately $15 million. After taking the GILTI foreign tax credits into consideration, the net impact of making the election is a tax reduction of $0.7 million, or 0.5%. The Company will also use $0.7 million less carryover foreign tax credits, which can be utilized in a future year. The Company will review the impact of making the high-tax election retroactively for the 2018 and 2019 tax years to determine the potential benefits of making the election. The primary benefit of making the election retroactively would be the preservation of foreign tax credits that could then be utilized in future years. Making the election retroactively isn't expected to have a significant impact on the Company's financial reporting.

The Proposed Regulations generally conform the high-tax exception under the subpart F regime with the high-tax exclusion under the GILTI regime, and adopt a single election under Section 954(b)(4) applicable for purposes of both subpart F income and tested income. The proposed regulations adopt a unified election for subpart F and tested income that applies the rules of the GILTI high-tax exclusion for both tested income and subpart F income. The proposed regulations generally apply to tax years beginning after the date of publication of the Treasury decision adopting such rules as final regulations in the Federal Register. Once the final regulations are published, the Company will determine annually whether making the election is beneficial. This election isn't expected to have a material impact on the Company's financial reporting.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of certain assets and liabilities for financial reporting purposes and income tax return purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows:


	U.S.				Non-U.S.
(in thousands)	2020		2019		2020		2019
Noncurrent deferred tax assets:
Accounts receivable, net	$	672	$	823	$	1,453	$	1,050
Inventories	762		636		1,995		1,231
Accrued liabilities, deferred compensation	4,490		4,730		1,064		1,386
Property, plant, equipment and intangibles, net	—		—		2,382		4,892
Other noncurrent liabilities	12,498		14,885		82		1,048
Tax loss carryforwards	517		2,266		24,509		21,467
Tax credit carryforwards	9,236		15,931		954		936
Derivatives	3,283		1,411		—		—
Other noncurrent liabilities, reserves	2,704		2,953		—		—
Deferred revenue	1,471		2,417		—		—
Other			—		638		—
Noncurrent deferred tax assets before valuation allowance	35,633		46,052		33,077		32,010
Less: valuation allowance	(9)		—		(10,261)		(9,102)
Total noncurrent deferred tax assets	35,624		46,052		22,816		22,908
Total deferred tax assets	$	35,624	$	46,052	$	22,816	$	22,908
Noncurrent deferred tax liabilities:
Unrepatriated foreign earnings	$	3,779	$	2,202	$	—	$	—
Property, plant, equipment and intangibles, net	3,122		4,404		—		—
Deferred gain	2,911		3,391		—		—
Flow-through deferred tax liabilities	6,881		6,205		—		—
Deferred revenue	—		—		11,989		8,492
Other	519		510		—		3,137
Total noncurrent deferred tax liabilities	$	17,212	$	16,712	$	11,989	$	11,629
Net deferred tax liabilities	$	17,212	$	16,712	$	11,989	$	11,629
Net deferred tax asset	$	18,412	$	29,340	$	10,827	$	11,279

Deferred income tax assets, net of valuation allowances, are expected to be realized through the reversal of existing taxable temporary differences and future taxable income. In 2020, the Company recorded the following movements in its valuation allowance: $0.1 million increase due to the net recording of valuation allowances, $0.3 million increase in a valuation allowance due to a net increase in the related deferred tax assets, and $0.7 million increase due to the effect of the changes in currency translation rates.

At December 31, 2020, the Company had available approximately $90.6 million of net operating loss carryforwards, for which the Company has a deferred tax asset of $24.6 million, with expiration dates ranging from one year to indefinite that may be applied against future taxable income. The Company believes that it is more likely than not that certain benefits from these net operating loss carryforwards will not be realized and, accordingly, the Company has recorded a valuation allowance of $10.3 million as of December 31, 2020. Additionally, management has evaluated its ability to utilize its other non-U.S. tax attributes during the various carryforward periods and has concluded that the Company will more likely than not be able to utilize the remaining non-U.S. tax attributes. Included in the net operating loss carryforward is approximately $8.5 million of state net operating loss carryforwards that are subject to various business apportionment factors and multiple jurisdictional requirements when utilized. In addition, the Company had available a foreign tax credit carryforward of $0.2 million that will begin to expire in 2025, U.S. and non-U.S. research and development credit carryforwards of $9.0 million and $0.9 million, respectively, that will begin to expire in 2025.

The Company reported a U.S. net deferred tax asset of $18.4 million at December 31, 2020, which contained $9.8 million of tax attributes with limited lives. Although the Company is in a cumulative book income position for the three-year period ending December 31, 2020, management has evaluated its ability to utilize these tax attributes during the carryforward period. The Company’s future profits from operations, available tax elections and tax planning opportunities more likely than not will generate income of sufficient character to utilize the remaining tax attributes except for a small amount of state net operating losses for which we recorded a valuation allowance of less than $0.1 million.

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 $131.7 million of current year and prior year earnings of the Company’s foreign operations. If these earnings were distributed, the Company would be subject to foreign withholding taxes of $1.3 million and U.S. income taxes of $2.0 million which have already been recorded.

The accumulated undistributed earnings of the Company’s foreign operations not targeted for repatriation to the U.S. were approximately $132.3 million, and are intended to remain indefinitely invested in foreign operations.

No additional income taxes have been provided on the indefinitely invested foreign earnings at December 31, 2020. If these earnings were distributed, the Company could be subject to income taxes and additional foreign withholding taxes. Determining the amount of unrecognized deferred tax liability related to any additional outside basis difference in these entities is not practical.

The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits, $1.3 million of which, if recognized, would impact the effective tax rate:


(in thousands)	2020		2019		2018
Unrecognized tax benefits balance at January 1st	$	5,834	$	3,790	$	4,509
Increase in gross amounts of tax positions related to prior years	540		4,874		2,008
Decrease in gross amounts of tax positions related to prior years	(637)		(2,239)		(358)
Increase in gross amounts of tax positions related to current years	—		—		—
Decrease due to settlements with tax authorities	—		—		(1,626)
Decrease due to lapse in statute of limitations	(300)		(626)		(479)
Currency translation	54		35		(264)
Unrecognized tax benefits balance at December 31,	$	5,491	$	5,834	$	3,790

The Company recognizes interest and penalties related to unrecognized tax benefits within its global operations as a component of income tax expense. The Company recognized interest and penalties related to the unrecognized tax benefits noted above of $0.2 million or less in each of 2020, 2019 and 2018. As of December 31, 2020, 2019 and 2018, the Company had approximately $0.1 million, $0.1 million, and $0.4 million respectively, of accrued interest and penalties related to unrecognized tax benefits.

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 2008 to 2020. The Company is currently under audit in non-U.S. tax jurisdictions, including but not limited to Canada, Italy and Switzerland. In the first quarter of 2020, the Company recorded a $1.8 million out-of-period immaterial charge related to developments in an ongoing U.S. state tax audit, which resulted in a corresponding decrease in deferred tax assets. In the second quarter of 2020, the U.S. state tax audit was settled. As a result of the audit settlement, the Company recorded a net tax benefit of $1.5 million.

As of December 31, 2020, and 2019, current income taxes prepaid and receivable consisted of the following:


(in thousands)	2020		2019
Prepaid taxes	$	5,234	$	4,399
Taxes receivable	706		1,763
Total current income taxes prepaid and receivable	$	5,940	$	6,162

As of December 31, 2020, and 2019, non-current deferred taxes and other liabilities consisted of the following:


(in thousands)	2020		2019
Deferred income taxes	$	9,518	$	11,002
Other liabilities	1,266		1,224
Total noncurrent deferred taxes and other liabilities	$	10,784	$	12,226

Taxes paid, net of refunds, amounted to $25.1 million in 2020, $25.9 million in 2019 and $28.1 million in 2018.

- 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

12 Months Ended

Dec. 31, 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:


(in thousands, except market price and earnings per share)	2020		2019		2018
Net income attributable to the Company	$	98,589	$	132,398	$	82,891
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share	32,329		32,296		32,252
Effect of dilutive stock-based compensation plans:
Stock options	7		12		15
Long-term incentive plan	20		14		28
Weighted average number of shares used in calculating diluted net income per share	32,356		32,322		32,295
Average market price of common stock used for calculation of dilutive shares	$	58.56	$	78.13	$	66.95
Net income per share:
Basic	$	3.05	$	4.10	$	2.57
Diluted	$	3.05	$	4.10	$	2.57

Shares outstanding, net of treasury shares, were 32.3 million as of December 31, 2020, 2019 and 2018.

Accumulated Other Comprehensive Income (AOCI)

12 Months Ended

Dec. 31, 2020

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

Accumulated Other Comprehensive Income (AOCI)

9. Accumulated Other Comprehensive Income (AOCI)

The table below presents changes in the components of AOCI from January 1, 2018 to December 31, 2020:


(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
January 1, 2018	$	(87,318)	$	(50,536)	$	1,953	$	(135,901)
Other comprehensive income/(loss) before reclassifications	(28,658)		1,275		2,853		(24,530)
Pension/postretirement settlements and curtailments	—		1,146		—		1,146
Pension/postretirement plan remeasurement	—		443		—		443
Interest expense related to swaps reclassified to the Statements of Income, net of tax	—		—		(109)		(109)
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	—		563		—		563
Net current period other comprehensive income	(28,658)		3,427		2,744		(22,487)
December 31, 2018	$	(115,976)	$	(47,109)	$	4,697	$	(158,388)
Other comprehensive income/(loss) before reclassifications	(6,876)		(525)		(10,523)		(17,924)
Pension/postretirement settlements and curtailments	—		376		—		376
Pension/postretirement plan remeasurement	—		(1,437)		—		(1,437)
Interest expense related to swaps reclassified to the Statements of Income, net of tax	—		—		2,691		2,691
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	—		47		—		47
Adjustment related to prior period change in opening valuation allowance	—		(1,346)		—		(1,346)
Net current period other comprehensive income	(6,876)		(2,885)		(7,832)		(17,593)
December 31, 2019	$	(122,852)	$	(49,994)	$	(3,135)	$	(175,981)
Other comprehensive income/(loss) before reclassifications	39,649		(722)		(9,363)		29,564
Pension/postretirement settlements and curtailments	—		283		—		283
Pension/postretirement plan remeasurement	—		10,390		—		10,390
Interest expense related to swaps reclassified to the Statements of Income, net of tax	—		—		2,954		2,954
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	—		382		—		382
Net current period other comprehensive income	39,649		10,333		(6,409)		43,573
December 31, 2020	$	(83,203)	$	(39,661)	$	(9,544)	$	(132,408)

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 years ended December 31, 2020, 2019, and 2018.


(in thousands)	2020		2019		2018
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense related to interest rate swaps included in Income before taxes(a)	$	3,982	$	(1,011)	$	(146)
Income tax effect	(1,028)		259		37
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	2,954	$	(752)	($109)
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Pension/postretirement settlements and curtailments	$	411	$	450	$	1,494
Amortization of prior service credit	(4,474)		(4,420)		(4,454)
Amortization of net actuarial loss	5,004		4,480		5,175
Total pretax amount reclassified(b)	941		510		2,215
Income tax effect	(276)		(87)		(506)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	665	$	423	$	1,709

________________________

(a)Included in interest expense, net are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 17 and 18).

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

Noncontrolling Interest

12 Months Ended

Dec. 31, 2020

Noncontrolling Interest [Abstract]

Noncontrolling Interest

10. Noncontrolling Interest

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

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

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

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:


(in thousands, except percentages)	2020			2019
Net income/(loss) of Albany Safran Composites (ASC)	$	(12,261)		$	11,140
Less: Return attributable to the Company's preferred holding	1,202			1,291
Net income/(loss) of ASC available for common ownership	$	(13,463)		$	9,849
Ownership percentage of noncontrolling shareholder	10		%	10		%
Net income/(loss) attributable to noncontrolling interest	$	(1,346)		$	985

Noncontrolling interest, beginning of year	$	4,006		$	3,031
Net income/(loss) attributable to noncontrolling interest	(1,346)			985
Changes in other comprehensive income attributable to noncontrolling interest	1,139			(10)
Noncontrolling interest, end of year	$	3,799		$	4,006

Accounts Receivable

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Accounts Receivable

11. Accounts Receivable

As of December 31, 2020 and 2019, Accounts receivable consisted of the following:


(in thousands)	December 31, 2020		December 31, 2019
Trade and other accounts receivable	$	167,370	$	201,427
Bank promissory notes	24,860		18,563
Allowance for expected credit losses	(3,807)		(1,719)
Accounts receivable, net	$	188,423	$	218,271

The Company has Noncurrent receivables in the AEC segment that represent revenue earned, which has extended payment terms. The Noncurrent receivables will be invoiced to the customer over a 10-year period, which began in 2020. As of December 31, 2020 and December 31, 2019, Noncurrent receivables were as follows:


(in thousands)	December 31, 2020		December 31, 2019
Noncurrent receivables	$	36,539	$	41,234
Allowance for expected credit losses	(274)		—
Noncurrent receivables, net	$	36,265	$	41,234

As described in Note 1, effective January 1, 2020, the Company adopted the provisions of ASC 326, Current Expected Credit Losses (CECL). This 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 includes 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 that 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 operate, 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 2020.

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

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

The following table presents the (increases)/decreases in the allowance for credit losses for Accounts receivable in 2020:


(in thousands)	December 31, 2019		CECL transition adjustment		Charges		Currency translation		Other		December 31, 2020
Specific customer reserves	$	(1,719)	$	(44)	$	(43)	$	(42)	$	106	$	(1,742)
Incremental expected credit losses	—		(1,139)		(857)		(46)		(23)		(2,065)
Accounts receivable expected credit losses	$	(1,719)	$	(1,183)	$	(900)	$	(88)	$	83	$	(3,807)

The following table presents the (increases)/decreases in the allowance for credit losses for Noncurrent receivables in 2020:


(in thousands)	December 31, 2019		CECL transition adjustment		Charges		Currency translation		Other		December 31, 2020
Noncurrent receivables expected credit losses	$	—	$	(206)	$	(71)	$	3	$	—	$	(274)

Contract Assets and Liabilities

12 Months Ended

Dec. 31, 2020

Deferred Income Tax Expense Benefit Provision For Gain Loss On Extinguishment Of Debt

Contract Assets and Liabilities

Contract Assets and LiabilitiesContract assets and Contract liabilities (included in Accrued liabilities) are reported in the Consolidated Balance Sheets in a net position, on a contract-by-contract basis at the end of each reporting period. Contract assets and contract liabilities are summarized as follows:


(in thousands)	December 31, 2020		December 31, 2019
Contract assets	$	140,348	$	79,070
Allowance for expected credit losses	(1,059)		—
Contract assets, net	$	139,289	$	79,070

Contract liabilities	$	8,206	$	5,656

Contract assets increased $60.2 million during the year ended December 31, 2020. Contract assets increase when there is an increase in unbilled revenue related to the satisfaction of performance obligations in excess of the amounts billed to customers for contracts that are in a contract asset position. The 2020 increase in Contract assets, approximately half of which was related to the LEAP program, was driven by delays in the Boeing 737 MAX return to service and a challenging economic environment in 2020, which caused a slowdown in several key aerospace programs. Other than the allowance for expected credit losses, there were no other provisions for losses related to our Contract assets during the years ended December 31, 2020 and 2019.

The following table presents the 2020 (increases)/ decreases in the allowance for credit losses for Contract assets:


(in thousands)	December 31, 2019		CECL transition adjustment		Charges		Currency translation		Other		December 31, 2020
Contract assets expected credit losses	$	—	$	(403)	$	(657)	$	(5)	$	6	$	(1,059)

Contract liabilities increased $2.6 million during the year ended December 31, 2020, primarily due to increased billings in excess of revenue recognized from satisfied performance obligations for contracts that were in a contract liability position. Revenue recognized for the years ended December 31, 2020 and 2019 that was included in the Contract liability balance at the beginning of the year was $3.8 million and $6.0 million, respectively.

Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

13. Inventories

As of December 31, 2020 and 2019, inventories consisted of the following:


(in thousands)	December 31, 2020		December 31, 2019
Raw materials	$	57,789	$	52,960
Work in process	40,416		31,744
Finished goods	12,273		10,445
Total inventories	$	110,478	$	95,149

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

14. Property, Plant and Equipment

The table below sets forth the components of property, plant and equipment as of December 31, 2020 and 2019:


(in thousands)	2020		2019		Estimated useful life
Land and land improvements	$	15,611	$	14,168	25 years for improvements
Buildings	246,137		227,875		15 to 40 years
Right of use assets	10,971		16,686		10 to 15 years
Machinery and equipment	1,076,092		1,020,348		5 to 15 years
Furniture and fixtures	8,638		8,126		5 years
Computer and other equipment	19,294		18,808		3 to 10 years
Software	62,400		60,995		5 to 8 years
Capital expenditures in progress	46,228		45,588
Property, plant and equipment, gross	1,485,371		1,412,594
Accumulated depreciation and amortization	(1,036,817)		(946,132)
Property, plant and equipment, net	$	448,554	$	466,462

Depreciation expense was $63.3 million in 2020, $62.1 million in 2019, and $68.8 million in 2018. Software amortization is recorded in Selling, general, and administrative expense and was $2.1 million in 2020, $2.4 million in 2019, and $3.2 million in 2018.

Capital expenditures, including purchased software, were $42.4 million in 2020, $68.0 million in 2019, and $82.9 million in 2018. Unamortized software cost was $4.8 million in 2020, $5.3 million and $6.9 million as of December 31, 2019 and 2018, respectively. Expenditures for maintenance and repairs are charged to income as incurred and amounted to $17.7 million in 2020, $19.8 million in 2019, and $19.4 million in 2018.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

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

In the second quarter of 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 these quantitative assessments and concluded 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.

On November 20, 2019, the Company acquired CirComp GmbH, a privately-held developer and manufacturer of high-performance composite components located in Kaiserslautern, Germany. The assets acquired include goodwill of $17.7 million and amortizable intangible assets of $10.3 million, including measurement period adjustments recorded in 2020.

We are continuing to amortize certain patents, trademarks and names, customer contracts, relationships and technology assets that have finite lives. The changes in intangible assets and goodwill from December 31, 2018 to December 31, 2020, were as follows:


(in thousands, except for years)	Amortization life in years	Balance at December 31, 2019		Other Changes		Amortization		Currency Translation		Balance at December 31, 2020
Amortized intangible assets:
AEC Trademarks and trade names	6-15	$	73	$	—	$	(16)	$	—	$	57
AEC Technology	10-15	5,804		—		(670)		610		5,744
AEC Intellectual property	15	1,243		—		(83)		—		1,160
AEC Customer contracts	6	6,544		—		(2,912)		—		3,632
AEC Customer relationships	8-15	39,147		329		(3,513)		297		36,260
AEC Other intangibles	5	81		—		(65)		—		16
Total amortized intangible assets		$	52,892	$	329	$	(7,259)	$	907	$	46,869
Unamortized intangible assets:
MC Goodwill		$	67,672	$	—	$	—	$	4,618	$	72,290
AEC Goodwill		113,262		335		—		1,666		115,263
Total unamortized intangible assets		$	180,934	$	335	$	—	$	6,284	$	187,553


(in thousands, except for years)	Amortization life in years	Balance at December 31, 2018		Acquisition		Amortization		Currency Translation		Balance at December 31, 2019
Amortized intangible assets:
AEC Trademarks and trade names	6-15	$	11	$	68	$	(6)	$	—	$	73
AEC Technology	10-15	56		5,821		(73)		—		5,804
AEC Intellectual property	15	—		1,250		(7)		—		1,243
AEC Customer contracts	6	9,456		—		(2,912)		—		6,544
AEC Customer relationships	8-15	39,538		2,834		(3,247)		22		39,147
AEC Other intangibles	5	145		—		(64)		—		81
Total amortized intangible assets		$	49,206	$	9,973	$	(6,309)	$	22	$	52,892
Unamortized intangible assets:
MC Goodwill		$	68,652	$	—	$	—	$	(980)	$	67,672
AEC Goodwill		95,730		17,343		—		189		113,262
Total unamortized intangible assets		$	164,382	$	17,343	$	—	$	(791)	$	180,934

As of December 31, 2020, the gross carrying amount and accumulated amortization of amortized intangible assets was $78.0 million and $31.1 million, respectively.

Amortization expense related to intangible assets was reported in the Consolidated Statement of Income as follows: $3.0 million in Cost of goods sold and $4.3 million in Selling, general and administrative expenses in 2020; $3.0 million in Cost of goods sold and $3.3 million in Selling, general and administrative expenses in 2019; and $2.9 million in Cost of goods sold and $3.3 million in Selling, general and administrative expenses in 2018. Estimated amortization expense of intangibles for the years ending December 31, 2021 through 2025, is as follows:


Year	Annual amortization (in thousands)
2021	$	7,200
2022	5,000
2023	4,200
2024	4,200
2025	4,200

Accrued Liabilities

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Accrued Liabilities

16. Accrued Liabilities

Accrued liabilities consist of:


(in thousands)	2020		2019
Salaries and wages	$	23,571	$	22,878
Contract loss reserve	11,250		17,190
Employee benefits	12,952		14,235
Returns and allowances	10,560		11,249
Accrual for compensated absences	10,655		10,445
Dividends	6,469		6,139
Contract liabilities	8,206		5,656
Lease liability - Operating lease	4,433		4,023
Lease liability - Financing lease	1,438		1,835
Postretirement medical benefits – current portion	3,660		3,808
Restructuring costs	1,908		1,342
Professional fees	3,451		2,999
Pension liability – current portion	2,281		2,155
Workers' compensation	1,685		1,982
Utilities	1,285		790
Interest	701		517
Other	20,954		18,642
Total	$	125,459	$	125,885

Financial Instruments

12 Months Ended

Dec. 31, 2020

Long-term Debt and Lease Obligation [Abstract]

Financial Instruments

17. Financial Instruments

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


(in thousands, except interest rates)	2020		2019
Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.50% in 2020 and 3.43% in 2019 (including the effect of interest rate hedging transactions, as described below), due in 2024	$	398,000	$	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	9		29
Long-term debt	398,009		424,029
Less: current portion	(9)		(20)
Long-term debt, net of current portion	$	398,000	$	424,009

Principal payments of $398 million are due on long-term debt in 2024. Cash payments of interest amounted to $15.1 million in 2020, $17.4 million in 2019 and $18.8 million in 2018.

On October 27, 2020, we entered into a $700 million unsecured Four-Year Revolving Credit Facility Agreement (the “Credit Agreement”) which amended and restated the prior amended and restated $685 million Five-Year Revolving Credit Facility Agreement, which we had entered into on November 7, 2017 (the “Prior Agreement”). Under the Credit Agreement, $398 million of borrowings were outstanding as of December 31, 2020. The applicable interest rate for borrowings was LIBOR plus a spread, based on our leverage ratio at the time of borrowing. At the time of the last borrowing on December 30, 2020, the spread was 1.625%. The spread was based on a pricing grid, which ranged from 1.500% to 2.000%, based on our leverage ratio. Based on our maximum leverage ratio and our Consolidated EBITDA, and without modification to any other credit agreements, as of December 31, 2020, we would have been able to borrow an additional $302 million under the Agreement.

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

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

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

On May 6, 2016, we terminated other interest rate swap agreements that had effectively fixed the interest rate on $120 million of revolving credit borrowings, in order to enter into a new interest rate swap with a greater notional amount, and the same maturity as the Credit Agreement. We paid $5.2 million to terminate the swap agreements, 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 December 16, 2020 was 0.16%, during the swap period. On December 16, 2020, the all-in-rate on the $350 million of debt was 3.735%.

These interest rate swaps are accounted for as a hedge of future cash flows, as further described in Note 18. No cash collateral was received or pledged in relation to the swap agreements.

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

As of December 31, 2020, our leverage ratio was 1.34 to 1.00 and our interest coverage ratio was 14.39 to 1.00. We may purchase our Common Stock or pay dividends to the extent our leverage ratio remains at or below 3.50 to 1.00, and may make acquisitions with cash provided our leverage ratio does not exceed the limits noted above.

Indebtedness under the Credit Agreement is ranked equally in right of payment to all unsecured senior debt.

We were in compliance with all debt covenants as of December 31, 2020.

Fair-Value Measurements

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair-Value Measurements

18. Fair-Value Measurements

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


	December 31, 2020					December 31, 2019
(in thousands)	Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)			Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)
Fair Value
Assets:
Cash equivalents	$	17,508	$	—		$	16,375	$	—
Other Assets:
Common stock of unaffiliated foreign public company (a)	748		—			839		—
Liabilities:
Other noncurrent liabilities:
Interest rate swaps	—		(12,714)		(b)	—		(5,518)		(c)

_____________________

(a)Original cost basis $0.5 million.

(b)Net of $1.0 million receivable floating leg and $13.7 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 December 31, 2020, these interest rate swaps were determined to be highly effective hedges of interest rate cash flow risk. Amounts accumulated in Other comprehensive income are reclassified as Interest expense, net when the related interest payments (that is, the hedged forecasted transactions), and amortization related to the swap buyouts, affect earnings. Interest (income)/expense related to payments under the active swap agreements totaled $5.4 million in 2020, $(0.6) million in 2019 and $0.5 million in 2018. Additionally, non-cash interest income related to the amortization of swap buyouts totaled $1.4 million in 2020, $0.5 million in 2019, and $0.6 million in 2018, and is expected to reduce interest expense by $0.4 million in 2021.

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:


	Years ended December 31,
(in thousands)	2020		2019		2018
Derivatives not designated as hedging instruments
Foreign currency options gains/(losses)	$	(64)	$	—	$	(61)

- Definition

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

+ References + Details

Other Noncurrent Liabilities

12 Months Ended

Dec. 31, 2020

Other Liabilities Disclosure [Abstract]

Other Noncurrent Liabilities

19. Other Noncurrent Liabilities

As of December 31, 2020 and 2019, Other Noncurrent Liabilities consisted of the following:


(in thousands)	2020		2019
Postretirement benefits other than pensions	$	44,317	$	50,576
Pension liabilities	35,607		34,638
Finance leases	16,121		22,700
Operating leases	13,589		14,386
Interest rate swap agreements	12,714		5,518
Deferred payroll taxes	2,593		—
Incentive and deferred compensation	2,286		2,925
Restructuring	287		700
Other	2,910		1,282
Total	$	130,424	$	132,725

Leases

12 Months Ended

Dec. 31, 2020

Lessee Disclosure [Abstract]

Leases

Effective January 1, 2019, we adopted the provisions of ASC 842, Leases, using the effective date (or modified retrospective) approach for transition. Under this transition method, periods prior to 2019 were not been restated and the cumulative effect of initially applying the new standard was recorded as an adjustment to Retained earnings at January 1, 2019.

The most significant impact resulting from the adoption of the new standard was the recognition of right of use assets and lease liabilities for operating leases on our balance sheet for our real estate and automobile operating leases, in addition to the derecognition and reassessment of assets and liabilities related to our primary manufacturing facility in Salt Lake City, Utah (SLC lease), which had been accounted for as a build-to-suit lease with a failed sale leaseback. For that lease, transitional guidance required the derecognition of existing assets and liabilities and a reassessment of lease classification. We determined that the lease met the criteria for recording as a finance lease

and we determined the January 1, 2019 values of the ROU asset and lease liability on the basis of that reassessment. The change in the SLC lease-related assets and liabilities resulted in a $0.3 million pre-tax reduction to retained earnings at the date of adoption.

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

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

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

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

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

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

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

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

We have operating and finance leases for offices, manufacturing facilities, warehouses, vehicles, and certain equipment. Our leases have remaining lease terms of 1 year to 9 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases within 1 year.

The components of lease expense were as follows:


	For the years ended
(in thousands)	December 31, 2020		December 31, 2019
Finance lease
Amortization of right-of-use asset	$	1,056	$	997
Interest on lease liabilities	1,475		1,563
Operating lease
Fixed lease cost	5,448		5,063
Variable lease cost	314		35
Short-term lease cost	996		1,283
Total lease expense	$	9,289	$	8,941

Lease expense for the year ended December 31, 2018 was $8.4 million.

Supplemental cash flow information related to leases was as follows:


	For the years ended
(in thousands)	December 31, 2020		December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	5,300	$	4,932
Operating cash outflows from finance leases	1,475		1,563
Financing cash outflows from finance leases	7,214		1,180
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	4,017	$	9,250
Finance leases	—		5,686

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

In March 2020, the Company purchased, in cash, the primary CirComp GmbH operating facility in Germany for $5.8 million. This resulted in the recording of land and building assets, and the removal of the finance lease right of use assets and associated lease liabilities. The purchase in included with Principal payments on finance lease liabilities in the Consolidated Statements of Cash Flows.

Supplemental balance sheet information related to leases was as follows:


(in thousands)	December 31, 2020		December 31, 2019
Operating leases
Right of use assets included in Other assets	$	17,712	$	18,223
Lease liabilities included in
Accrued liabilities	$	4,433	$	4,023
Other noncurrent liabilities	13,589		14,386
Total operating lease liabilities	$	18,022	$	18,409
Finance leases
Right-of-use assets included in Property, plant and equipment, net	$	8,976	$	15,689
Lease liabilities included in
Accrued liabilities	$	1,438	$	1,835
Other noncurrent liabilities	16,121		22,700
Total finance lease liabilities	$	17,559	$	24,535

Additional information for leases existing at December 31, 2020 and 2019 was as follows:


	December 31, 2020		December 31, 2019
Weighted average remaining lease term
Operating leases	6 years		6 years
Finance leases	9 years		10 years
Weighted average discount rate
Operating leases	4.5	%	4.9	%
Finance leases	8.0	%	6.7	%

Maturities of lease liabilities as of December 31, 2020 were as follows:


(in thousands)	Operating leases		Finance leases
Year ending December 31,
2021	$	5,135	$	2,790
2022	4,202		2,838
2023	2,829		3,004
2024	1,986		3,004
2025	1,788		3,004
Thereafter	4,587		9,505
Total lease payments	20,527		24,145
Less imputed interest	(2,505)		(6,586)
Total	$	18,022	$	17,559

Maturities of lease liabilities as of December 31, 2019 were as follows:


(in thousands)	Operating leases		Finance leases
Year ending December 31,
2020	$	5,153	$	3,347
2021	4,133		3,347
2022	3,096		3,394
2023	2,128		3,560
2024	1,496		3,560
Thereafter	5,332		15,692
Total lease payments	21,338		32,900
Less imputed interest	(2,929)		(8,365)
Total	$	18,409	$	24,535

Leases

Effective January 1, 2019, we adopted the provisions of ASC 842, Leases, using the effective date (or modified retrospective) approach for transition. Under this transition method, periods prior to 2019 were not been restated and the cumulative effect of initially applying the new standard was recorded as an adjustment to Retained earnings at January 1, 2019.

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

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

The components of lease expense were as follows:


	For the years ended
(in thousands)	December 31, 2020		December 31, 2019
Finance lease
Amortization of right-of-use asset	$	1,056	$	997
Interest on lease liabilities	1,475		1,563
Operating lease
Fixed lease cost	5,448		5,063
Variable lease cost	314		35
Short-term lease cost	996		1,283
Total lease expense	$	9,289	$	8,941

Lease expense for the year ended December 31, 2018 was $8.4 million.

Supplemental cash flow information related to leases was as follows:


	For the years ended
(in thousands)	December 31, 2020		December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	5,300	$	4,932
Operating cash outflows from finance leases	1,475		1,563
Financing cash outflows from finance leases	7,214		1,180
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	4,017	$	9,250
Finance leases	—		5,686

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

Supplemental balance sheet information related to leases was as follows:


(in thousands)	December 31, 2020		December 31, 2019
Operating leases
Right of use assets included in Other assets	$	17,712	$	18,223
Lease liabilities included in
Accrued liabilities	$	4,433	$	4,023
Other noncurrent liabilities	13,589		14,386
Total operating lease liabilities	$	18,022	$	18,409
Finance leases
Right-of-use assets included in Property, plant and equipment, net	$	8,976	$	15,689
Lease liabilities included in
Accrued liabilities	$	1,438	$	1,835
Other noncurrent liabilities	16,121		22,700
Total finance lease liabilities	$	17,559	$	24,535

Additional information for leases existing at December 31, 2020 and 2019 was as follows:


	December 31, 2020		December 31, 2019
Weighted average remaining lease term
Operating leases	6 years		6 years
Finance leases	9 years		10 years
Weighted average discount rate
Operating leases	4.5	%	4.9	%
Finance leases	8.0	%	6.7	%

Maturities of lease liabilities as of December 31, 2020 were as follows:


(in thousands)	Operating leases		Finance leases
Year ending December 31,
2021	$	5,135	$	2,790
2022	4,202		2,838
2023	2,829		3,004
2024	1,986		3,004
2025	1,788		3,004
Thereafter	4,587		9,505
Total lease payments	20,527		24,145
Less imputed interest	(2,505)		(6,586)
Total	$	18,022	$	17,559

Maturities of lease liabilities as of December 31, 2019 were as follows:


(in thousands)	Operating leases		Finance leases
Year ending December 31,
2020	$	5,153	$	3,347
2021	4,133		3,347
2022	3,096		3,394
2023	2,128		3,560
2024	1,496		3,560
Thereafter	5,332		15,692
Total lease payments	21,338		32,900
Less imputed interest	(2,929)		(8,365)
Total	$	18,409	$	24,535

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Asbestos Litigation

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

We were defending 3,615 claims as of December 31, 2020.

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


Year ended December 31,	Opening Number of Claims	Claims Dismissed, Settled, or Resolved	New Claims	Closing Number of Claims	Amounts Paid (thousands) to Settle or Resolve
2015	3,821	116	86	3,791	$164
2016	3,791	148	102	3,745	758
2017	3,745	105	90	3,730	55
2018	3,730	152	106	3,684	100
2019	3,684	51	75	3,708	25
2020	3,708	152	59	3,615	$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 December 31, 2020 we had resolved, by means of settlement or dismissal, 37,949 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 December 31, 2020, only twelve claims have been filed against Brandon since January 1, 2012, and no settlement costs have been incurred since 2001. Brandon was acquired by the Company in 1999, and has its own insurance policies covering periods prior to 1999. Since 2004, Brandon’s insurance carriers have covered 100% of indemnification and defense costs, subject to policy limits and a standard reservation of rights.

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.

Incentive Plans

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Incentive Plans

Executive Management share-based compensation:

In 2017, shareholders approved the Albany International 2017 Incentive Plan. This plan provides key members of management with incentive compensation based on achieving certain performance or service measures. Awards can be paid in cash, shares of Class A Common Stock, Options, or other stock-based or incentive compensation awards pursuant to the Plan. Participants may elect to receive shares net of applicable income taxes.

Annual awards granted under this plan resulted in cash payments of $1.5 million in 2019, and $2.4 million in 2020 as a result of performance in in the preceding year.

Awards that were granted in 2018, 2019 and 2020, with a performance period of three years, have payments scheduled for March 2021, 2022 and 2023. If a participant terminates employment prior to the award becoming fully vested, the person may forfeit all or a portion of the incentive compensation award. The grant date share price is determined when the awards are approved each year and that price is used for measuring the cost for the share-based portion of an award. Expense associated with these awards is recognized over the vesting period of the performance period which is generally one to three years. In connection with these awards, we recognized expense of $4.8 million in 2020, $4.9 million in 2019 and $3.4 million in 2018. For share-based awards that are dependent on performance after 2020, we expect to record additional compensation expense of approximately $1.1 million in 2021 and $0.4 million in 2022. Shares payable under these plans generally vest immediately prior to payment.

Prior to the 2017 Incentive Plan, multi-year awards were granted under a plan approved in 2011. That plan provided key members of management with incentive compensation based on achieving certain performance targets over a three year period. Such awards were paid out partly in cash and partly in shares of Class A Common Stock. In March 2020, we issued 12,930 shares and made cash payments totaling $0.7 million. In March 2019, we issued 25,473 shares and made cash payments totaling $1.0 million. In March 2018, we issued 33,425 shares and made cash payments totaling $1.3 million. Expense associated with these awards was recognized over the three year vesting period. In connection with this plan, we recognized expense of $0.8 million in 2018 and an insignificant amount of expense thereafter. There are no unvested share-based awards in this Plan that are dependent on performance after 2020. Therefore, we do not expect to record additional compensation expense in future periods.

As of December 31, 2020, there were 1,102,542 shares of Company stock authorized for the payment of awards under these plans. Information with respect to these plans is presented below:


	Number of shares	Weighted average grant date value per share		Year-end intrinsic value (000's)
Shares potentially payable at January 1, 2018	157,405	$	40.30	$	6,343
Forfeitures	—	$	—
Payments	(79,762)	$	39.90
Shares accrued based on 2018 performance	34,822	$	70.59
Shares potentially payable at December 31, 2018	112,465	$	49.96	$	5,619
Forfeitures	—
Payments	(45,689)	$	36.74
Shares accrued based on 2019 performance	14,936	$	92.12
Shares potentially payable at December 31, 2019	81,712	$	65.06	$	5,316
Forfeitures	—	$	—
Payments	(20,680)	$	47.35
Shares accrued based on 2020 performance	36,808	$	73.43
Shares potentially payable at December 31, 2020	97,840	$	71.95	$	7,040

Other Management share-based compensation:

In 2012, the Company adopted a Phantom Stock plan whereby awards under this program vest over a 5 year period and are paid annually in cash based on current market prices of the Company’s stock. Under this program, employees may earn more or less than the target award based on the Company’s results in the year of the award. Expense recognized for this plan amounted to $5.4 million in 2020, $6.3 million in 2019, and $4.8 million in 2018. Based on awards outstanding at December 31, 2020, we expect to record approximately $11 million of compensation cost from 2021 to 2024. The weighted average period for recognition of that cost is approximately 2 years.

The determination of compensation expense for other management share-based compensation plans is based on the number of outstanding share units, the end-of-period share price, and Company performance. Information with respect to these plans is presented below:


	Number of shares	Weighted average value per share		Cash paid for share based liabilities (000's)
Share units potentially payable at January 1, 2018	236,096

Grants	65,370
Changes due to performance	14,343
Payments	(75,545)	$	62.69	$	4,736
Forfeitures	(12,963)
Share units potentially payable at December 31, 2018	227,301

Grants	58,878
Changes due to performance	21,740
Payments	(69,912)	$	70.67	$	5,528
Forfeitures	(22,935)
Share units potentially payable at December 31, 2019	215,072

Grants	63,104
Changes due to performance	27,921
Payments	(80,808)	$	73.04	$	5,848
Forfeitures	(11,441)
Share units potentially payable at December 31, 2020	213,848

During 2018, 2019 and 2020, the Company granted restricted stock units to four executives. The amount of compensation expense is subject to change in the market price of the Company’s stock and was recorded in Selling, general, and administrative expenses. The vesting and payments due under these grants will occur in various periods from 2019 to 2022. Expense recognized for these grants was $0.4 million in 2020, $1.1 million in 2019, and $0.5 million in 2018. Based on awards outstanding at December 31, 2020, we expect to record approximately $1.5 million of compensation cost from 2021 to 2022.

The Company maintains a voluntary savings plan covering substantially all employees in the United States. The Plan, known as the Prosperity Plus Savings Plan, is a qualified plan under section 401(k) of the U.S. Internal Revenue Code. The Company matches, in the form of cash, between 50 percent and 100 percent of employee contributions up to a defined maximum. The investment of employee contributions to the plan is self-directed. The Company’s cost of the plan amounted to $6.5 million in 2020, $6.8 million in 2019, and $6.3 million in 2018.

The Company’s profit-sharing plan covers substantially all employees in the United States. After the close of each year, the Board of Directors determines the amount of the profit-sharing contribution. Company contributions to the plan are in the form of cash. The expense recorded for this plan was $3.6 million in 2020, $3.7 million in 2019, and $3.2 million in 2018.

Shareholders' Equity

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ EquityWe have two classes of Common Stock, Class A Common Stock and Class B Common Stock, each with a par value of $0.001 and equal liquidation rights. Each share of our Class A Common Stock is entitled to one vote on all matters submitted to shareholders, and each share of Class B Common Stock is entitled to 10 votes. Class A and Class B Common Stock will receive equal dividends as the Board of Directors may determine from time to time. The Class B Common Stock is convertible into an equal number of shares of Class A Common Stock at any time.

In 2019, a public offering of a portion of the Standish Family shares reduced the number of Class A Common Stock reserved for the conversion of Class B shares, by 1.6 million. At December 31, 2020, 1.6 million shares of Class A Common Stock were reserved for the conversion of Class B Common Stock and the exercise of stock options.

In August 2006, we announced that the Board of Directors authorized management to purchase up to 2 million additional shares of our Class A Common Stock. The Board’s action authorizes management to purchase shares from time to time, in the open market or otherwise, whenever it believes such purchase to be advantageous to our shareholders, and it is otherwise legally permitted to do so. We have made no share purchases under the August 2006 authorization. Activity in Shareholders’ equity for 2018, 2019, and 2020 is presented below:


(in thousands)	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
	Shares	Amount		Shares	Amount								Shares	Amount
January 1, 2018	37,396	$	37	3,234	$	3	$	428,423	$	534,082	$	(135,901)	8,431	$	(256,876)	$	3,247	$	573,015
Net income attributable to the Company	—	—		—	—		—		82,891		—		—	—		128		83,019
Adoption of accounting standards (a),(b)	—	—		—	—		—		(5,068)		—		—	—		(327)		(5,395)
Compensation and benefits paid or payable in shares	44	—		—	—		1,437		—		—		—	—		—		1,437
Options exercised	10	—		—	—		201		—		—		—	—		—		201
Shares issued to Directors'	—	—		—	—		494		—		—		(12)	273		—		767
Dividends declared
Class A Common Stock, $0.69 per share	—	—		—	—		—		(20,029)		—		—	—		—		(20,029)
Class B Common Stock, $0.69 per share	—	—		—	—		—		(2,231)		—		—	—		—		(2,231)
Cumulative translation adjustments	—	—		—	—		—		—		(28,658)		—	—		(17)		(28,675)
Pension and postretirement liability adjustments	—	—		—	—		—		—		3,427		—	—		—		3,427
Derivative valuation adjustment	—	—		—	—		—		—		2,744		—	—		—		2,744
December 31, 2018	37,450	$	37	3,234	$	3	$	430,555	$	589,645	$	(158,388)	8,419	$	(256,603)	$	3,031	$	608,280
Net income attributable to the Company	—	—		—	—		—		132,398		—		—	—		985		133,383
Adoption of accounting standards (c)	—	—		—	—		—		35		—		—	—		—		35
Compensation and benefits paid or payable in shares	26	—		—	—		1,311		—		—		—	—		—		1,311
Options exercised	7	—		—	—		112		—		—		—	—		—		112
Shares issued to Directors'	—	—		—	—		540		—		—		(10)	212		—		752
Dividends declared
Class A Common Stock, $0.73 per share	—	—		—	—		—		(21,818)		—		—	—		—		(21,818)


Class B Common Stock, $0.73 per share	—	—		—	—		—		(1,763)		—		—	—		—		(1,763)
Conversion of Class B shares to Class A shares (d)	1,616	2		(1,616)	(1)		—		(1)		—		—	—		—		—
Cumulative translation adjustments	—	—		—	—		—		—		(6,876)		—	—		(10)		(6,886)
Pension and postretirement liability adjustments	—	—		—	—		—		—		(2,885)		—	—		—		(2,885)
Derivative valuation adjustment	—	—		—	—		—		—		(7,832)		—	—		—		(7,832)
December 31, 2019	39,099	$	39	1,618	$	2	$	432,518	$	698,496	$	(175,981)	8,409	$	(256,391)	$	4,006	$	702,689
Net income attributable to the Company	—	—		—	—		—		98,589		—		—	—		(1,346)		97,243
Adoption of accounting standards (e)	—	—		—	—		—		(1,443)		—		—	—		—		(1,443)
Compensation and benefits paid or payable in shares	13	—		—	—		622		—		—		—	—		—		622
Options exercised	3	—		—	—		55		—		—		—	—		—		55
Shares issued to Directors'	—	—		—	—		501		—		—		(18)	382		—		883
Dividends declared
Class A Common Stock, $0.77 per share	—	—		—	—		—		(23,651)		—		—	—		—		(23,651)
Class B Common Stock, $0.77 per share	—	—		—	—		—		(1,245)		—		—	—		—		(1,245)
Cumulative translation adjustments	—	—		—	—		—		—		39,649		—	—		1,139		40,788
Pension and postretirement liability adjustments	—	—		—	—		—		—		10,333		—	—		—		10,333
Derivative valuation adjustment	—	—		—	—		—		—		(6,409)		—	—		—		(6,409)
December 31, 2020	39,115	$	39	1,618	$	2	$	433,696	$	770,746	$	(132,408)	8,391	$	(256,009)	$	3,799	$	819,865

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

(b)The Company adopted ASU 2016-16 effective January 1, 2018, which resulted in a $0.5 million increase to Retained earnings.

(c)As described in Note 20, the Company adopted ASC 842, Leases effective January 1, 2019, which resulted in an increase to Retained earnings of less than $0.1 million.

(d)In the second quarter of 2019, Standish Family Holdings, LLC executed a secondary offering of Albany shares. As a result of the offering, 1.6 million shares of Class B Common Stock previously owned by Standish Family Holdings, LLC were converted to Class A Common Stock and then sold to third parties. Costs associated with the offering were charged directly to Standish Family Holdings, LLC.

(e)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.

Business Acquisition

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Business Acquisition

24. 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 (see Note 17). 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 related to finance lease	5,686
Property, plant and equipment	4,884
Amortizable intangible assets (see Note 15)	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.

The following table presents operational results of the acquired entity that are included in the Consolidated Statements of Income (unaudited):


(in thousands, except per share amounts)	November 20 to December 31, 2019
Net sales	$	485
Operating loss	(162)
Loss before income taxes	(199)
Net loss attributable to the Company	(324)

Loss per share:
Basic	$	(0.01)
Diluted	$	(0.01)

Results in the above table include $0.1 million of expenses related to the $5.5 million of deferred payments noted above. In addition to the amounts reported in the above table, the Company incurred approximately $0.5 million of expenses, principally professional fees, related to the acquisition. The Consolidated Statements of Income reflect operational activity of the acquired business for only the period subsequent to the closing, which has an effect, however insignificant, on the comparability of results.

VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II

ALBANY INTERNATIONAL CORP. AND SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS

(Dollars in thousands)


Column A	Column B		Column C		Column D		Column E
Description	Balance at beginning of period		Charge to expense		Other (a)		Balance at end of the period
Allowance for doubtful accounts
Year ended December 31:
2020 (b)	$	1,719	$	1,628	$	1,793	$	5,140
2019	7,337		309		(5,927)		1,719
2018	7,919		579		(1,161)		7,337
Allowance for sales returns
Year ended December 31:
2020	$	11,249	$	3,199	$	(4,780)	$	9,668
2019	11,343		7,278		(7,372)		11,249
2018	11,370		8,372		(8,399)		11,343
Valuation allowance deferred tax assets
Year ended December 31:
2020	$	9,102	$	391	$	777	$	10,270
2019	8,389		859		(146)		9,102
2018	16,057		(4,882)		(2,786)		8,389

__________________________

(a) Amounts sold, written off, or recovered, and the effect of changes in currency translation rates, are included in Column D. 2020 includes $1.8 million transition adjustment related to the adoption of ASC 326.

(b) Beginning in 2020, Allowance for doubtful accounts includes valuation accounts established for contract assets and noncurrent receivables as a result of the adoption of ASC 326. See Notes 11 and 12 for details.

Accounting Policies (Policies)	12 Months Ended
Accounting Policies (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of Albany International Corp. and its subsidiaries (the Company, Albany, we, us, or our) after elimination of intercompany transactions. We have a 50 percent interest in an entity in Russia. The consolidated financial statements include our original investment in the entity, plus our share of undistributed earnings or losses, in the account “Other Assets.” The Company owns 90 percent of the common equity of Albany Safran Composites, LLC (ASC) which is reported within the Albany Engineered Composites (AEC) segment. Additional information regarding that entity is included in Note 10.
Estimates	Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used in accounting for, among other things, revenue recognition, contract profitability, allowances for doubtful accounts, rebates and sales allowances, inventory allowances, pension benefits, goodwill and intangible assets, contingencies, income tax related balances, and other accruals. Our estimates are based on historical experience and on various other assumptions, which are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of any revisions are reflected in the consolidated financial statements in the period they are determined to be necessary.
Revenue Recognition	Revenue Recognition Effective January 1, 2018, the Company adopted the provisions of ASC 606, Revenue from contracts with customers, using the modified retrospective (or cumulative effect) method for transition. Under this transition method, periods prior to 2018 were not restated and the cumulative effect of initially applying the new standard was recorded as an adjustment to Retained earnings at January 1, 2018. The standard replaces numerous requirements in U.S. GAAP, including industry-specific requirements, and provides companies with a single model for recognizing revenue from contracts with customers. We applied the new accounting standard to contracts which were not completed by December 31, 2017. In our Machine Clothing (MC) business segment, we recognize revenue when we satisfy our performance obligations related to the manufacture and delivery of products. In our Albany Engineered Composites (AEC) business segment, revenue from most long-term contracts is recognized over time using an input method as the measure of progress. The classification of revenue in excess of progress billings on long-term contracts is included in Contract assets, net, which are rights to consideration that are conditional on something other than the passage of time, such as completion of remaining performance obligations. We are required to limit our estimate of contract values to the period of the legally enforceable contract. While certain contracts are expected to be profitable over the course of the program life when including expected renewals, our estimate of contract revenues and costs is limited to the estimated value of enforceable rights and obligations, excluding anticipated renewals. This contract period may result in a loss contract provision at contract inception. Expected losses on projects include losses on contract options that are probable of exercise, excluding profitable options that often follow. For contracts with anticipated losses, a provision for the entire amount of the estimated remaining loss is charged against income in the period in which the loss becomes known. Contract losses are determined considering all direct and indirect contract costs, exclusive of any selling, general or administrative cost allocations, which are treated as period expenses. Products and services provided under long-term contracts represent a significant portion of sales in the Albany Engineered Composites segment. We have a contract with a major customer for which revenue is recognized under a cost-plus-fee agreement. We also have fixed price long-term contracts, for which we use the percentage of completion (actual cost to estimated cost) method. That method requires significant judgment and estimation, which could be considerably different if the underlying circumstances were to change. When adjustments in estimated contract revenues or costs are required, any changes from prior estimates are included in earnings in the period the change occurs. The sum of net adjustments to the estimated profitability of long-term contracts increased AEC operating income by $9.9 million and $10.8 million in 2020 and 2019, respectively, and decreased AEC operating income by $2.0 million in 2018. The favorable effects in 2020 and 2019 were largely attributable to efficiency improvements during the ramp-up of several programs. Additional accounting policies related to revenue from contracts with customers are set forth in Note 2. We limit the concentration of credit risk in receivables by closely monitoring credit and collection policies. We record allowances for sales returns as a deduction in the computation of net sales. Such provisions are recorded on the basis of written communication with customers and/or historical experience. Any value added taxes that are imposed on sales transactions are excluded from net sales.
Cost of Goods Sold	Cost of Goods Sold Cost of goods sold includes the cost of materials, provisions for obsolete inventories, labor and supplies, shipping and handling costs, depreciation of manufacturing facilities and equipment, purchasing, receiving, warehousing, and other expenses. Cost of goods sold also includes provisions for loss contracts and charges for the write-off of inventories that result from an exit activity.
Selling, General, Administrative, Technical, and Research Expenses	Selling, General, Administrative, Technical, and Research Expenses Selling, general, administrative, and technical expenses are primarily comprised of wages, incentive compensation, benefits, travel, professional fees, revaluation of trade foreign currency balances, and other costs, and are expensed as incurred. Selling expense includes costs related to contract acquisition and provisions for expected credit losses on financial assets measured at amortized cost. Research expenses are charged to operations as incurred and consist primarily of compensation, supplies, and professional fees incurred in connection with intellectual property. Total company research expense was $25.8 million in 2020, $26.9 million in 2019, and $29.8 million in 2018. The Albany Engineered Composites segment participates in both company-sponsored, and customer-funded research and development. Some customer-funded research and development may be on a cost-sharing basis and considered to be a collaborative arrangement, in which case both parties are active participants and are exposed to the risks and rewards dependent on the success of the activity. In such cases, amounts charged to the collaborating entity are credited against research and development expense. For customer-funded research and development in which we anticipate funding to exceed expenses, we include amounts charged to the customer in Net sales, while expenses are included in Cost of goods sold.
Restructuring Expense	Restructuring Expense We may incur expenses related to exiting a line of business or restructuring of our operations, which could include employee termination costs, costs to consolidate or close facilities, or costs to terminate contractual relationships. Restructuring expenses may also include impairment of Property, plant and equipment, as described below under “Property, Plant and Equipment”. Employee termination costs include severance pay and social costs for periods after employee service is completed. Termination costs related to an ongoing benefit arrangement are recognized when the amount becomes probable and estimable. Termination costs related to a one-time benefit arrangement are recognized at the communication date to employees. Costs related to contract termination, relocation of employees, outplacement and the consolidation or the closure of facilities, are recognized when incurred.
Income Taxes	Income Taxes Deferred income taxes are recognized for the tax consequences of temporary differences and tax attributes by applying enacted statutory tax rates applicable for future years to differences between existing assets and liabilities for financial reporting and income tax return purposes. The effect of tax rate changes on deferred taxes is recognized in the income tax provision in the period that includes the enactment date. A valuation allowance is established, as needed, to reduce net deferred tax assets to the amount expected to be realized. In the event it becomes more likely than not that some or all of the deferred tax asset valuation allowances will not be needed, the valuation allowance will be adjusted. In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have determined the amount of the tax benefit to be recognized by estimating the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest and penalties have also been recognized. We recognize accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense.
Earnings Per Share	Earnings Per Share Basic net income or loss per share is computed using the weighted average number of shares of Class A Common Stock and Class B Common Stock outstanding during each year. Diluted net income per share includes the effect of all potentially dilutive securities. If we report a net loss from continuing operations, the diluted loss is equal to the basic earnings per share calculation.
Translation of Financial Statements	Translation of Financial Statements Assets and liabilities of non-U.S. operations are translated at year-end rates of exchange, and the income statement accounts are translated at average exchange rates. Gains or losses resulting from translating non-U.S. currency financial statements into U.S. dollars are recorded in other comprehensive income and accumulated in Shareholders’ equity in the caption “Translation adjustments”. Selling, general, and administrative expenses include foreign currency gains and losses resulting from third party balances, such as receivables and payables, which are denominated in a currency other than the entity’s functional currency. Gains or losses resulting from cash and short-term intercompany loans and balances denominated in a currency other than the entity’s functional currency, and foreign currency options are generally included in Other expense, net. Gains and losses on long-term intercompany loans not intended to be repaid in the foreseeable future are recorded in other comprehensive income.
Cash and Cash Equivalents	Cash and Cash EquivalentsCash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less.
Accounts Receivable	Accounts Receivable Accounts receivable includes trade receivables and bank promissory notes. In connection with certain sales in Asia Pacific, 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. Effective January 1, 2020, the Company 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 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. The Company also has Noncurrent receivables in the AEC segment that represent revenue earned which have extended payment terms. The Noncurrent receivables will be invoiced to the customer, with 2% interest, over a 10-year period that started in 2020. See additional information, including accounting policies related to our adoption of the CECL update, set forth in Notes 2 and 11.
Contract Assets and Contract Liabilities	Contract Assets and Contract 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 payment becomes unconditional. Contract liabilities include advance payments and billings in excess of revenue recognized. Contract liabilities are included in Accrued liabilities in the Consolidated Balance Sheet.
Inventories	Inventories Costs included in inventories are raw materials, labor, supplies and allocable depreciation and overhead. Raw materials inventory is 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. Write-downs of inventories are charged to Cost of goods sold. 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. See additional information set forth in Notes 2 and 13.
Leases	Leases Effective January 1, 2019, we adopted the provisions of ASC 842, Leases, using the effective date (or modified retrospective) approach for transition. Under this transition method, periods prior to 2019 have not been restated, and the cumulative effect of initially applying the new standard was recorded as an adjustment to Retained earnings at January 1, 2019. The new standard is intended to increase transparency and comparability among organizations by requiring the recognition of right of use (“ROU”) assets and lease liabilities on the balance sheet. Most prominent among the changes under the new standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. Under the new standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. We applied the new accounting standard to leases existing at the date of initial application of January 1, 2019. We elected the available package of practical expedients, which permitted us to not reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We implemented processes and internal controls to enable the preparation of financial information related to this standard. The most significant impacts resulting from the adoption of the new standard were the recognition of ROU assets and lease liabilities for operating leases on our balance sheet for our real estate and automobile operating leases, as well as to the derecognition and reassessment of assets and liabilities related to our primary manufacturing facility in Salt Lake City, Utah (SLC lease) which, previously, had been accounted for as a build-to-suit lease with a failed sale-leaseback. For that lease, transitional guidance required the derecognition of existing assets and liabilities and a reassessment of lease classification. We determined that the lease met the criteria for recording as a finance lease and we determined the January 1, 2019 values of the ROU asset and lease liability on the basis of that reassessment. The change in the SLC lease-related assets and liabilities resulted in a $0.3 million pre-tax reduction to Retained earnings at the date of adoption. We have certain lease agreements with lease and non-lease components. For most of these leases, we account for the lease and non-lease components as a single lease component, in accordance with the practical expedient that is available for ongoing accounting. Additionally, for certain other leases, such as for vehicles, we apply a portfolio approach. Such new leases are classified as financing or operating, with classification affecting the pattern and classification of expense recognition in the income statement. Expenses related to operating leases are recognized on a straight-line basis, while those determined to be financing leases are recognized following a front-loaded expense profile, in which interest and amortization are presented separately in the income statement. Operating lease ROU assets are included in Other assets in the Consolidated Balance Sheets, while finance lease ROU assets are included in Property, plant, and equipment, net. Lease liabilities for both operating and finance leases are included in Accrued liabilities and Other noncurrent liabilities in the Consolidated Balance Sheets. See additional information set forth in Note 20.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are recorded at cost, or if acquired as part of a business combination, at fair value. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets for financial reporting purposes. In some cases, accelerated methods are used for income tax purposes. Significant additions or improvements extending assets’ useful lives are capitalized; normal maintenance and repair costs are expensed as incurred. The cost of fully depreciated assets remaining in use is included in the respective asset and accumulated depreciation accounts. When items are sold or retired, related gains or losses are included in net income. Computer software purchased for internal use, at cost, is amortized on a straight-line basis over five to eight years, depending on the nature of the asset, after being placed into service, and is included in property, plant, and equipment. We capitalize internal and external costs incurred related to the software development stage. Capitalized salaries, travel, and consulting costs related to the software development were immaterial in 2020 and 2019. We review the carrying value of property, plant and equipment and other long-lived assets for impairment whenever events and circumstances indicate that the carrying value of an asset group may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. See additional information set forth in Note 14.
Goodwill, Intangibles, and Other Assets	Goodwill, Intangibles, and Other 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. Our reportable segments are consistent with our operating segments. See additional information set forth in Note 15. Intangible assets acquired in a business combination are recognized at fair value and amortized to Cost of goods sold or Selling, general and administrative expenses over the estimated useful lives of the assets. We review amortizable intangible asset groups for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. We have an investment in a company in Russia that is accounted for under the equity method of accounting and is included in Other assets. We perform regular reviews of the financial condition of the investee to determine if our investment is other than temporarily impaired. If the financial condition of the investee were to no longer support their valuation, we would record an impairment provision. For some AEC contracts, we perform pre-production or nonrecurring engineering services. These costs are normally considered a fulfillment activity, rather than a performance obligation. Fulfillment activities that create resources that will be used in satisfying performance obligations in the future, and are expected to be recovered, are capitalized to Other assets, which is classified as a noncurrent asset in the Consolidated Balance Sheets. The capitalized costs are amortized into Cost of goods sold over the period over which the asset is expected to contribute to future cash flows, which includes anticipated renewal periods. Included in Other assets is $31.1 million in 2020 and $21.3 million in 2019 for defined benefit pension plans where plan assets exceed the projected benefit obligations. Other assets also includes financial assets of $0.7 million in 2020 and $0.8 million in 2019. See additional information set forth in Note 18.
Stock-Based Compensation	Stock-Based Compensation We have stock-based compensation plans for key employees. No options have been granted since 2002. Unexercised options generally terminate twenty years after the date of grant for all plans, and must be exercised within ten years of retirement. We recognized no stock option expense during 2020, 2019, or 2018 and there are currently no remaining unvested options for which stock-option compensation costs will be recognized in future periods. See information for other stock-based compensation plans in Note 22.
Derivatives	Derivatives We use derivatives from time to time to reduce potentially large adverse effects from changes in currency exchange rates and interest rates. We monitor our exposure to these risks and evaluate, on an ongoing basis, the risk of potentially large adverse effects versus the costs associated with hedging such risks. We may use interest rate swaps in the management of interest rate exposures and foreign currency derivatives in the management of foreign currency exposure related to assets and liabilities (including net investments in subsidiaries located outside the U.S.) denominated in foreign currencies. When we enter into a derivative contract, we make a determination whether the transaction is deemed to be a hedge for accounting purposes. For those contracts deemed to be a hedge, we formally document the relationship between the derivative instrument and the risk being hedged. In this documentation, we specifically identify the asset, liability, forecasted transaction, cash flow, or net investment that has been designated as the hedged item, and evaluate whether the derivative instrument is expected to reduce the risks associated with the hedged item. To the extent these criteria are not met, we do not use hedge accounting for the derivative. All derivative contracts are recorded at fair value, as a net asset or a net liability. Changes in the fair value of the hedge are recorded, net of tax, in other comprehensive income. For transactions that are designated as hedges, we perform an evaluation of the effectiveness of the hedge. We measure the effectiveness of hedging relationships both at inception and on an ongoing basis. For derivatives that are designated and qualify as hedges of net investments in subsidiaries located outside the United States, changes in the fair value of derivatives are reported in other comprehensive income as part of Translation adjustments.
Pension and Postretirement Benefit Plans	Pension and Postretirement Benefit Plans As described in Note 4, we have pension and postretirement benefit plans covering substantially all employees. Our defined benefit pension plan in the United States was closed to new participants as of October 1998 and, as of February 2009, benefits accrued under this plan were frozen. We have liabilities for postretirement benefits in the U.S. and Canada. Substantially all of the liability relates to the U.S. plan. Effective January 2005, our postretirement benefit plan in the U.S. was closed to new participants, except for certain life insurance benefits. In September 2008, we changed the cost sharing arrangement under this program such that increases in health care costs are the responsibility of plan participants and, in August 2013, we reduced the life insurance benefit for retirees and eliminated that benefit for active employees. The pension plans are generally trusteed or insured, and accrued amounts are funded as required in accordance with governing laws and regulations. The annual expense and liabilities recognized for defined benefit pension plans and postretirement benefit plans are developed from actuarial valuations. Inherent in these valuations are key assumptions, including discount rates and expected return on plan assets, which are updated on an annual basis. We consider current market conditions, including changes in interest rates, in making these assumptions. Discount rate assumptions are based on the population of plan participants and a mixture of high-quality fixed-income investments with durations that match expected future payments. The assumption for expected return on plan assets is based on historical and expected returns on various categories of plan assets.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 do not expect it will have a material effect 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. In October 2020, an accounting update was issued which clarifies various topics in the Codification by providing consistency in codification wording and moving existing disclosure requirements to the relevant disclosure sections. We are required to adopt the new standard for fiscal years beginning after December 15, 2020 and we are assessing the potential impact on our financial statements.

Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of Foreign Currency Transaction Gains and Losses

The following table summarizes foreign currency transaction gains and losses recognized in the income statement:


(in thousands)	2020		2019		2018
Losses/(gains) included in:
Selling, general, and administrative expenses	$	1,875	$	1,281	$	(274)
Other expense, net	13,569		(4,471)		(67)
Total transaction losses/(gains)	$	15,444	$	(3,190)	$	(341)

Schedule of Intercompany Foreign Currency Balances

The following table presents foreign currency gains on long-term intercompany loans that were recognized in Other comprehensive income:


(in thousands)	2020		2019		2018
Gain (before tax) on long-term intercompany loan	$	(4,985)	$	—	$	—

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2020

Revenue Recognition [Abstract]

Schedule of Summary of Composition of Each Business Segment

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

Segment

Product Group

Principal Product or Service

Principal Locations

Machine Clothing (MC)

Machine Clothing

World-wide

Albany Engineered Composites (AEC)

Albany Safran Composites (ASC)

Airframe and engine Components (Other AEC)

3D-woven, injected composite components for aircraft engines
Composite airframe and engine components for military and commercial aircraft

Rochester, NH Commercy, France Queretaro, Mexico
Salt Lake City, UT Boerne, TX Queretaro, Mexico Kaiserslautern, Germany

Schedule of Disaggregate Revenue for Each Business Segment

The following table presents disaggregated revenue for each product group by timing of revenue recognition:


	For the year ended December 31, 2020
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	569,563	$	3,392	$	572,955
Albany Engineered Composites
ASC	—		98,411		98,411
Other AEC	18,343		210,901		229,244
Total Albany Engineered Composites	18,343		309,312		327,655
Total revenue	$	587,906	$	312,704	$	900,610

	For the year ended December 31, 2019
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	598,054	$	3,200	$	601,254
Albany Engineered Composites
ASC	—		220,188		220,188
Other AEC	28,584		204,106		232,690
Total Albany Engineered Composites	28,584		424,294		452,878
Total revenue	$	626,638	$	427,494	$	1,054,132

	For the year ended December 31, 2018
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	608,658	$	3,200	$	611,858
Albany Engineered Composites
ASC	—		182,699		182,699
Other AEC	21,614		166,308		187,922
Total Albany Engineered Composites	21,614		349,007		370,621
Total revenue	$	630,272	$	352,207	$	982,479

Schedule of Disaggregate MC Segment Revenue by Significant Product or Service


	For the year ended December 31,
(in thousands)	2020		2019		2018
Americas PMC	$	297,490	$	316,355	$	303,768
Eurasia PMC	202,181		210,961		227,493
Engineered Fabrics	73,284		73,938		80,597
Total Machine Clothing Net sales	$	572,955	$	601,254	$	611,858

Reportable Segments and Geographic Data (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of Financial Data by Reporting Segment

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


(in thousands)	2020		2019		2018
Net Sales
Machine Clothing	$	572,955	$	601,254	$	611,858
Albany Engineered Composites	327,655		452,878		370,621
Consolidated total	$	900,610	$	1,054,132	$	982,479
Depreciation and amortization
Machine Clothing	20,304		21,875		30,813
Albany Engineered Composites	48,496		44,670		43,205
Corporate expenses	3,905		4,250		5,018
Consolidated total	$	72,705	$	70,795	$	79,036
Operating income/(loss)
Machine Clothing	190,805		191,965		169,836
Albany Engineered Composites	31,536		55,520		16,647
Corporate expenses	(56,261)		(53,909)		(49,075)
Operating income	$	166,080	$	193,576	$	137,408
Reconciling items:
Interest income	(2,748)		(2,729)		(2,118)
Interest expense	16,332		19,650		20,242
Other expense, net	13,422		(1,557)		4,037
Income before income taxes	$	139,074	$	178,212	$	115,247

Schedule of Restructuring Costs by Reporting Segment

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


(in thousands)	2020		2019		2018
Restructuring expenses, net
Machine Clothing	$	2,746	$	1,129	$	12,278
Albany Engineered Composites	2,821		1,833		3,048
Corporate expenses	169		(57)		244
Consolidated total	$	5,736	$	2,905	$	15,570

Schedule of Operating Assets and Capital Expenditures by Reporting Segment

The following table presents assets and capital expenditures by reportable segment:


(in thousands)	2020		2019		2018
Segment assets
Machine Clothing	$	443,476	$	441,072	$	453,836
Albany Engineered Composites	713,955		693,799		633,394
Reconciling items:
Cash	241,316		195,540		197,755
Income taxes prepaid, receivable and deferred	44,697		57,783		70,095
Prepaid and Other assets	106,492		86,174		62,912
Consolidated total assets	$	1,549,936	$	1,474,368	$	1,417,992

Capital expenditures and purchased software
Machine Clothing	$	15,792	$	16,707	$	20,230
Albany Engineered Composites	23,718		48,753		60,121
Corporate expenses	2,880		2,495		2,535
Consolidated total	$	42,390	$	67,955	$	82,886

Schedule of Financial Data by Geographic Area


(in thousands)	2020		2019		2018
Net sales
United States	$	503,473	$	574,063	$	519,349
Switzerland	128,328		146,571		157,339
Brazil	60,259		64,666		62,093
China	57,007		48,586		50,923
France	55,914		91,783		85,386
Mexico	39,859		73,039		48,534
Other countries	55,770		55,424		58,855
Consolidated total	$	900,610	$	1,054,132	$	982,479

Property, plant and equipment, at cost, net
United States	$	263,201	$	275,965	$	272,584
Mexico	41,738		45,640		40,343
France	41,107		43,986		50,245
China	40,898		41,799		48,686
Sweden	12,109		8,652		8,394
Germany (a)	10,808		10,577		27
United Kingdom	10,731		11,047		12,042
South Korea	10,550		10,795		12,396
Other countries	17,412		18,001		17,338
Consolidated total	$	448,554	$	466,462	$	462,055

(a)In 2019, the Company acquired CirComp GmbH, which resulted in an increase in Property, plant and equipment of $10.6 million.

Pensions and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Schedule of Plan Benefit Obligations

The following table sets forth the plan benefit obligations:


	As of December 31, 2020						As of December 31, 2019
(in thousands)	Pension plans			Other postretirement benefits			Pension plans			Other postretirement benefits
Benefit obligation, beginning of year	$	227,211		$	54,384		$	201,450		$	51,127
Service cost	2,279			200			2,543			189
Interest cost	6,172			1,712			7,216			2,115
Plan participants' contributions	198			—			243			—
Actuarial (gain)/loss	13,309			(4,794)			22,645			4,686
Benefits paid	(8,123)			(3,555)			(8,404)			(3,782)
Settlements and curtailments	(474)			—			(1,768)			—
Plan amendments and other	(204)			—			152			—
Foreign currency changes	5,432			30			3,134			49
Benefit obligation, end of year	$	245,800		$	47,977		$	227,211		$	54,384
Accumulated benefit obligation	$	236,321		$	—		$	218,006		$	—
Weighted average assumptions used to
determine benefit obligations, end of year:
Discount rate — U.S. plan	2.65		%	2.38		%	3.40		%	3.27		%
Discount rate — non-U.S. plans	1.91		%	2.75		%	2.31		%	3.05		%
Cash balance interest crediting rate - Switzerland pension plan	0.05		%	—			0.25		%	—
Compensation increase — U.S. plan	—			N/A			—			3.00		%
Compensation increase — non-U.S. plans	2.71		%	2.75		%	2.81		%	3.00		%

Schedule of Plan Assets

The following sets forth information about plan assets:


	As of December 31, 2020				As of December 31, 2019
(in thousands)	Pension plans		Other postretirement benefits		Pension plans		Other postretirement benefits
Fair value of plan assets, beginning of year	$	211,755	$	—	$	178,942	$	—
Actual return on plan assets, net of expenses	28,477		—		32,367		—
Employer contributions	3,219		3,555		4,670		3,782
Plan participants' contributions	198		—		243		—
Benefits paid	(8,123)		(3,555)		(8,404)		(3,782)
Settlements	(737)		—		(260)		—
Foreign currency changes	4,262		—		4,197		—
Fair value of plan assets, end of year	$	239,051	$	—	$	211,755	$	—

Schedule of Funded Status of Plans

The funded status of the plans was as follows:


	As of December 31, 2020				As of December 31, 2019
(in thousands)	Pension plans		Other postretirement benefits		Pension plans		Other postretirement benefits
Fair value of plan assets	$	239,051	$	—	$	211,755	$	—
Benefit obligation	245,800		47,977		227,211		54,384
Funded status	$	(6,749)	$	(47,977)	$	(15,456)	$	(54,384)
Accrued benefit cost, end of year	$	(6,749)	$	(47,977)	$	(15,456)	$	(54,384)
Amounts recognized in the consolidated balance sheet consist of the following:
Noncurrent asset	$	31,139	$	—	$	21,337	$	—
Current liability	(2,281)		(3,660)		(2,155)		(3,808)
Noncurrent liability	(35,607)		(44,317)		(34,638)		(50,576)
Net amount recognized	$	(6,749)	$	(47,977)	$	(15,456)	$	(54,384)
Amounts recognized in accumulated other comprehensive income consist of:
Net actuarial loss	$	53,065	$	20,736	$	63,240	$	28,119
Prior service cost/(credit)	393		(12,946)		639		(17,434)
Net amount recognized	$	53,458	$	7,790	$	63,879	$	10,685

Schedule of Composition of Accrued Pension Cost

The composition of the net pension plan funded status as of December 31, 2020 was as follows:


(in thousands)	U.S. plan		Non-U.S. plans		Total
Pension plans with pension assets	$	1,551	$	25,160	$	26,711
Pension plans without pension assets	(6,022)		(27,438)		(33,460)
Total	$	(4,471)	$	(2,278)	$	(6,749)

Schedule of Net Periodic Benefit Plan Cost

The composition of the net periodic benefit plan cost for the years ended December 31, 2020, 2019, and 2018, was as follows:


	Pension plans									Other postretirement benefits
(in thousands)	2020			2019			2018			2020			2019			2018
Components of net periodic benefit cost:
Service cost	$	2,279		$	2,543		$	2,723		$	200		$	189		$	232
Interest cost	6,172			7,216			7,217			1,712			2,114			2,024
Expected return on assets	(6,853)			(8,285)			(8,873)			—			—			—
Amortization of prior service cost/(credit)	14			68			34			(4,488)			(4,488)			(4,488)
Amortization of net actuarial loss	2,412			2,253			2,219			2,592			2,227			2,956
Settlement	148			(16)			2,246			—			—			—
Curtailment (gain)/loss	263			466			(752)			—			—			—
Net periodic benefit cost	$	4,435		$	4,245		$	4,814		$	16		$	42		$	724

Weighted average assumptions used to determine net cost:
Discount rate — U.S. plan	3.40		%	4.41		%	3.70		%	3.27		%	4.31		%	3.59		%
Discount rate — non-U.S. plans	2.31		%	2.98		%	2.83		%	3.05		%	3.65		%	3.40		%
Cash balance interest crediting rate - Switzerland pension plan	0.25		%	0.85		%	0.65		%	—			—			—
Expected return on plan assets — U.S. plan	3.54		%	4.57		%	3.87		%	—			—			—
Expected return on plan assets — non-U.S. plans	3.45		%	4.45		%	4.83		%	—			—			—
Rate of compensation increase — U.S. plan	—			—			—			N/A			3.00		%	—
Rate of compensation increase — non-U.S. plans	2.81		%	3.02		%	3.04		%	3.00		%	3.00		%	3.00		%

Schedule of (Gains)/Losses Recognized in Other Comprehensive Income

Pretax (gains)/losses on plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2020, 2019, and 2018, was as follows:


	Pension plans						Other postretirement benefits
(in thousands)	2020		2019		2018		2020		2019		2018
Settlements/curtailments	$	(411)	$	(450)	$	(1,494)	$	—	$	—	$	—
Asset/liability loss/(gain)	(8,053)		(2,794)		6,411		(4,794)		4,685		(6,100)
Amortization of actuarial (loss)	(2,412)		(2,253)		(2,219)		(2,592)		(2,227)		(2,956)
Amortization of prior service cost/(credit)	(14)		(68)		(34)		4,488		4,488		4,488
Other	(204)		—		—		—		—		—
Currency impact	670		316		(1,389)		3		—		—
Cost/(benefit) in Other comprehensive income	$	(10,424)	$	(5,249)	$	1,275	$	(2,895)	$	6,946	$	(4,568)

Schedule of Fair Value of Plan Assets

As of December 31, 2020 and 2019, there were no investments expected to be sold at a value materially different than NAV.


	Assets at Fair Value as of December 31, 2020
(in thousands)	Quoted prices in active markets Level 1		Significant other observable inputs Level 2		Significant unobservable inputs Level 3		Total
Common Stocks and equity funds	$	—	$	—	$	—	$	—
Debt securities	—		104,642		—		104,642
Insurance contracts	—		—		3,819		3,819
Cash and short-term investments	1,095		—		—		1,095
Total investments in the fair value hierarchy	$	1,095	$	104,642	$	3,819	109,556
Investments at net asset value:
Common Stocks and equity funds							20,213
Fixed income funds							107,012
Limited partnerships							2,270
Total plan assets							$	239,051


	Assets at Fair Value as of December 31, 2019
(in thousands)	Quoted prices in active markets Level 1		Significant other observable inputs Level 2		Significant unobservable inputs Level 3		Total
Common Stocks and equity funds	$	216	$	—	$	—	$	216
Debt securities	—		92,721		—		92,721
Insurance contracts	—		—		3,244		3,244
Cash and short-term investments	2,793		—		—		2,793
Total investments in the fair value hierarchy	$	3,009	$	92,721	$	3,244	98,974
Investments at net asset value:
Common Stocks and equity funds							56,846
Fixed income funds							52,751
Limited partnerships							3,184
Total plan assets							$	211,755

Reconciliation of Level 3 Assets

The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2020 and 2019:


(in thousands)	December 31, 2019		Net realized gains		Net unrealized gains		Net purchases,issuances and settlements		Net transfers (out of) Level 3		December 31, 2020
Insurance contracts -
total level 3 assets	$	3,244	$	—	$	22	$	553	$	—	$	3,819


(in thousands)	December 31, 2018		Net realized gains		Net unrealized gains		Net purchases, issuances and settlements		Net transfers (out of) Level 3		December 31, 2019
Insurance contracts -
total level 3 assets	$	2,890	$	—	$	20	$	334	$	—	$	3,244

Schedule of Asset Allocation

The asset allocation for the Company’s U.S. and non-U.S. pension plans for 2020 and 2019, and the target allocation, by asset category, are as follows:


	United States Plan						Non-U.S. Plans
	Target Allocation		Percentage of plan assets at plan measurement date				Target Allocation		Percentage of plan assets at plan measurement date
Asset category			2020		2019				2020		2019
Equity securities	—	%	—	%	1	%	13	%	13	%	13	%
Debt securities	100	%	98	%	96	%	82	%	81	%	80	%
Real estate	—	%	2	%	2	%	1	%	1	%	1	%
Other(1)	—	%	—	%	1	%	4	%	5	%	6	%
	100	%	100	%	100	%	100	%	100	%	100	%

Schedule of Pension Plans with Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets


	Plans with projected benefit obligation in excess of plan assets
(in thousands)	2020		2019
Projected benefit obligation	$	42,703	$	137,123
Fair value of plan assets	4,815		100,330


	Plans with accumulated benefit obligation in excess of plan assets
(in thousands)	2020		2019
Accumulated benefit obligation	$	40,133	$	134,737
Fair value of plan assets	4,815		100,330

Schedule of Expected Cash Flows

Information about expected cash flows for the pension and other benefit obligations are as follows:


(in thousands)	Pension plans		Other postretirement benefits
Expected employer contributions and direct employer payments in the next fiscal year	$	2,527	$	3,660
Expected benefit payments
2021	8,134		3,660
2022	8,585		3,530
2023	8,794		3,418
2024	9,286		3,279
2025	10,009		3,129
2026-2030	54,403		14,027

Restructuring (Tables)

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges

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


Year ended December 31, 2020 (In thousands)	Total restructuring costs incurred		Termination and other costs		Impairment of assets
Machine Clothing	$	2,746	$	2,746	$	—
Albany Engineered Composites	2,821		2,821		—
Corporate expenses	169		169		—
Total	$	5,736	$	5,736	$	—


Year ended December 31, 2019 (In thousands)	Total restructuring costs incurred		Termination and other costs		Impairment of assets
Machine Clothing	$	1,129	$	667	$	462
Albany Engineered Composites	1,833		659		1,174
Corporate expenses	(57)		(57)		—
Total	$	2,905	$	1,269	$	1,636


Year ended December 31, 2018 (In thousands)	Total restructuring costs incurred		Termination and other costs		Impairment of assets
Machine Clothing	$	12,278	$	11,890	$	388
Albany Engineered Composites	3,048		1,286		1,762
Corporate expenses	244		244		—
Total	$	15,570	$	13,420	$	2,150

Schedule of Restructuring Liability

The table below presents the changes in restructuring liabilities for 2020 and 2019, all of which related to termination costs:


(in thousands)	December 31, 2019		Restructuring charges accrued		Payments		Currency translation/other		December 31, 2020
Total termination and other costs	$	2,042	$	5,736	$	(5,668)	$	85	$	2,195


(in thousands)	December 31, 2018		Restructuring charges accrued		Payments		Currency translation/other		December 31, 2019
Total termination and other costs	$	5,570	$	1,269	$	(5,084)	$	287	$	2,042

Other (Income)/Expense, Net (Tables)

12 Months Ended

Dec. 31, 2020

Other Income and Expenses [Abstract]

Schedule of Other (Income)/ Expense

The components of Other (income)/expense, net, are:


(in thousands)	2020		2019		2018
Currency transactions	$	13,569	$	(4,471)	$	(67)
Bank fees and amortization of debt issuance costs	367		348		417
Pension settlements and curtailments	—		450		1,494
Components of net periodic pension and postretirement cost other than service	1,561		1,105		1,089
Other	(2,075)		1,011		1,104
Total	$	13,422	$	(1,557)	$	4,037

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following tables present components of income tax expense/(benefit) and income before income taxes on continuing operations:


(in thousands)	2020		2019		2018
Income tax based on income from continuing operations, at estimated tax rates of 28%, 28%, and 31%, respectively	$	39,544	$	49,977	$	36,044
Income tax before discrete items	39,544		49,977		36,044
Discrete tax expense/(benefit):
Net impact of mandatory deemed repatriation	—		—		(1,003)
Provision for/resolution of tax audits and contingencies, net	752		(2,874)		1,286
Adjustments to prior period tax liabilities	(2,420)		(1,637)		(1,284)
Provision for/adjustment to beginning of year valuation allowances	168		(525)		(4,882)
Enacted tax legislation	—		(112)		2,067
Tax effect of non-deductible foreign exchange loss on intercompany loan	3,801		—		—
Other	(14)		—		—
Total income tax expense	$	41,831	$	44,829	$	32,228


(in thousands)	2020		2019		2018
Income/(loss) before income taxes:
U.S.	$	63,375	$	76,024	$	41,875
Non-U.S.	75,699		102,188		73,372
	$	139,074	$	178,212	$	115,247
Income tax provision
Current:
Federal	$	1,415	$	780	$	304
State	2,028		6,357		4,996
Non-U.S.	26,916		25,255		21,557
	$	30,359	$	32,392	$	26,857
Deferred:
Federal	$	11,211	$	10,583	$	10,700
State	192		253		(338)
Non-U.S.	69		1,601		(4,991)
	$	11,472	$	12,437	$	5,371
Total income tax expense	$	41,831	$	44,829	$	32,228

Schedule of Components of Deferred Income Tax Expense/(Benefit)

The significant components of deferred income tax expense/(benefit) are as follows:


(in thousands)	2020		2019		2018
Net effect of temporary differences	$	5,262	$	(18)	$	(4,657)
Foreign tax credits	7,173		12,530		9,437
Retirement benefits	401		(752)		2,360
Net impact to operating loss carryforwards	(1,532)		1,314		1,046
Enacted changes in tax laws and rates			(112)		2,067
Adjustment to beginning-of-the-year valuation allowance balance for changes in circumstances	168		(525)		(4,882)
Total	$	11,472	$	12,437	$	5,371

Reconciliation of the U.S. Federal Statutory Tax Rate to the Company's Effective Income Tax Rate

A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate is as follows:


	2020		2019		2018
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	1.8		3.0		2.9
Non-U.S. local income taxes	3.2		4.4		3.3
U.S. permanent adjustments	0.1		—		(0.3)
Foreign permanent adjustments	0.2		0.4		(0.4)
Foreign rate differential	0.6		0.5		0.2
Net U.S. tax on non-U.S. earnings and foreign withholdings	1.2		0.3		5.7
Provision for/resolution of tax audits and contingencies, net	0.5		(1.6)		1.1
Research and development and other tax credits	(0.4)		(0.3)		(0.1)
Provision for/adjustment to beginning of year valuation allowances	0.2		(0.3)		(4.2)
Enacted tax legislation and rate change	—		(0.1)		1.8
Tax effect of non-deductible foreign exchange loss on intercompany loan	2.7		—		—
Return to provision and other adjustments	(1.0)		(2.1)		(3.0)
Effective income tax rate	30.1	%	25.2	%	28.0	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:


	U.S.				Non-U.S.
(in thousands)	2020		2019		2020		2019
Noncurrent deferred tax assets:
Accounts receivable, net	$	672	$	823	$	1,453	$	1,050
Inventories	762		636		1,995		1,231
Accrued liabilities, deferred compensation	4,490		4,730		1,064		1,386
Property, plant, equipment and intangibles, net	—		—		2,382		4,892
Other noncurrent liabilities	12,498		14,885		82		1,048
Tax loss carryforwards	517		2,266		24,509		21,467
Tax credit carryforwards	9,236		15,931		954		936
Derivatives	3,283		1,411		—		—
Other noncurrent liabilities, reserves	2,704		2,953		—		—
Deferred revenue	1,471		2,417		—		—
Other			—		638		—
Noncurrent deferred tax assets before valuation allowance	35,633		46,052		33,077		32,010
Less: valuation allowance	(9)		—		(10,261)		(9,102)
Total noncurrent deferred tax assets	35,624		46,052		22,816		22,908
Total deferred tax assets	$	35,624	$	46,052	$	22,816	$	22,908
Noncurrent deferred tax liabilities:
Unrepatriated foreign earnings	$	3,779	$	2,202	$	—	$	—
Property, plant, equipment and intangibles, net	3,122		4,404		—		—
Deferred gain	2,911		3,391		—		—
Flow-through deferred tax liabilities	6,881		6,205		—		—
Deferred revenue	—		—		11,989		8,492
Other	519		510		—		3,137
Total noncurrent deferred tax liabilities	$	17,212	$	16,712	$	11,989	$	11,629
Net deferred tax liabilities	$	17,212	$	16,712	$	11,989	$	11,629
Net deferred tax asset	$	18,412	$	29,340	$	10,827	$	11,279

Schedule of Current Income Taxes Prepaid and Receivable

The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits, $1.3 million of which, if recognized, would impact the effective tax rate:


(in thousands)	2020		2019		2018
Unrecognized tax benefits balance at January 1st	$	5,834	$	3,790	$	4,509
Increase in gross amounts of tax positions related to prior years	540		4,874		2,008
Decrease in gross amounts of tax positions related to prior years	(637)		(2,239)		(358)
Increase in gross amounts of tax positions related to current years	—		—		—
Decrease due to settlements with tax authorities	—		—		(1,626)
Decrease due to lapse in statute of limitations	(300)		(626)		(479)
Currency translation	54		35		(264)
Unrecognized tax benefits balance at December 31,	$	5,491	$	5,834	$	3,790

Schedule of Current Income Taxes Prepaid and Receivable

As of December 31, 2020, and 2019, current income taxes prepaid and receivable consisted of the following:


(in thousands)	2020		2019
Prepaid taxes	$	5,234	$	4,399
Taxes receivable	706		1,763
Total current income taxes prepaid and receivable	$	5,940	$	6,162

Schedule of Non-Current Deferred Taxes and Other Liabilities

As of December 31, 2020, and 2019, non-current deferred taxes and other liabilities consisted of the following:


(in thousands)	2020		2019
Deferred income taxes	$	9,518	$	11,002
Other liabilities	1,266		1,224
Total noncurrent deferred taxes and other liabilities	$	10,784	$	12,226

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 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:


(in thousands, except market price and earnings per share)	2020		2019		2018
Net income attributable to the Company	$	98,589	$	132,398	$	82,891
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share	32,329		32,296		32,252
Effect of dilutive stock-based compensation plans:
Stock options	7		12		15
Long-term incentive plan	20		14		28
Weighted average number of shares used in calculating diluted net income per share	32,356		32,322		32,295
Average market price of common stock used for calculation of dilutive shares	$	58.56	$	78.13	$	66.95
Net income per share:
Basic	$	3.05	$	4.10	$	2.57
Diluted	$	3.05	$	4.10	$	2.57

Accumulated Other Comprehensive Income (AOCI) (Tables)

12 Months Ended

Dec. 31, 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 from January 1, 2018 to December 31, 2020:


(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
January 1, 2018	$	(87,318)	$	(50,536)	$	1,953	$	(135,901)
Other comprehensive income/(loss) before reclassifications	(28,658)		1,275		2,853		(24,530)
Pension/postretirement settlements and curtailments	—		1,146		—		1,146
Pension/postretirement plan remeasurement	—		443		—		443
Interest expense related to swaps reclassified to the Statements of Income, net of tax	—		—		(109)		(109)
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	—		563		—		563
Net current period other comprehensive income	(28,658)		3,427		2,744		(22,487)
December 31, 2018	$	(115,976)	$	(47,109)	$	4,697	$	(158,388)
Other comprehensive income/(loss) before reclassifications	(6,876)		(525)		(10,523)		(17,924)
Pension/postretirement settlements and curtailments	—		376		—		376
Pension/postretirement plan remeasurement	—		(1,437)		—		(1,437)
Interest expense related to swaps reclassified to the Statements of Income, net of tax	—		—		2,691		2,691
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	—		47		—		47
Adjustment related to prior period change in opening valuation allowance	—		(1,346)		—		(1,346)
Net current period other comprehensive income	(6,876)		(2,885)		(7,832)		(17,593)
December 31, 2019	$	(122,852)	$	(49,994)	$	(3,135)	$	(175,981)
Other comprehensive income/(loss) before reclassifications	39,649		(722)		(9,363)		29,564
Pension/postretirement settlements and curtailments	—		283		—		283
Pension/postretirement plan remeasurement	—		10,390		—		10,390
Interest expense related to swaps reclassified to the Statements of Income, net of tax	—		—		2,954		2,954
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	—		382		—		382
Net current period other comprehensive income	39,649		10,333		(6,409)		43,573
December 31, 2020	$	(83,203)	$	(39,661)	$	(9,544)	$	(132,408)

Schedule of Items Reclassified to Statement of Income

The table below presents the expense/(income) amounts reclassified, and the line items of the Statement of Income that were affected for the years ended December 31, 2020, 2019, and 2018.


(in thousands)	2020		2019		2018
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense related to interest rate swaps included in Income before taxes(a)	$	3,982	$	(1,011)	$	(146)
Income tax effect	(1,028)		259		37
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	2,954	$	(752)	($109)
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Pension/postretirement settlements and curtailments	$	411	$	450	$	1,494
Amortization of prior service credit	(4,474)		(4,420)		(4,454)
Amortization of net actuarial loss	5,004		4,480		5,175
Total pretax amount reclassified(b)	941		510		2,215
Income tax effect	(276)		(87)		(506)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	665	$	423	$	1,709

________________________

(a)Included in interest expense, net are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 17 and 18).

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

Noncontrolling Interest (Tables)

12 Months Ended

Dec. 31, 2020

Noncontrolling Interest [Abstract]

Schedule of Income Attributable to Noncontrolling Interest and Noncontrolling Equity

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


(in thousands, except percentages)	2020			2019
Net income/(loss) of Albany Safran Composites (ASC)	$	(12,261)		$	11,140
Less: Return attributable to the Company's preferred holding	1,202			1,291
Net income/(loss) of ASC available for common ownership	$	(13,463)		$	9,849
Ownership percentage of noncontrolling shareholder	10		%	10		%
Net income/(loss) attributable to noncontrolling interest	$	(1,346)		$	985

Noncontrolling interest, beginning of year	$	4,006		$	3,031
Net income/(loss) attributable to noncontrolling interest	(1,346)			985
Changes in other comprehensive income attributable to noncontrolling interest	1,139			(10)
Noncontrolling interest, end of year	$	3,799		$	4,006

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Schedule of Accounts Receivable

As of December 31, 2020 and 2019, Accounts receivable consisted of the following:


(in thousands)	December 31, 2020		December 31, 2019
Trade and other accounts receivable	$	167,370	$	201,427
Bank promissory notes	24,860		18,563
Allowance for expected credit losses	(3,807)		(1,719)
Accounts receivable, net	$	188,423	$	218,271

Schedule of Noncurrent Receivables

The Noncurrent receivables will be invoiced to the customer over a 10-year period, which began in 2020. As of December 31, 2020 and December 31, 2019, Noncurrent receivables were as follows:


(in thousands)	December 31, 2020		December 31, 2019
Noncurrent receivables	$	36,539	$	41,234
Allowance for expected credit losses	(274)		—
Noncurrent receivables, net	$	36,265	$	41,234

Accounts Receivable, Allowance for Credit Loss

The following table presents the (increases)/decreases in the allowance for credit losses for Accounts receivable in 2020:


(in thousands)	December 31, 2019		CECL transition adjustment		Charges		Currency translation		Other		December 31, 2020
Specific customer reserves	$	(1,719)	$	(44)	$	(43)	$	(42)	$	106	$	(1,742)
Incremental expected credit losses	—		(1,139)		(857)		(46)		(23)		(2,065)
Accounts receivable expected credit losses	$	(1,719)	$	(1,183)	$	(900)	$	(88)	$	83	$	(3,807)

The following table presents the (increases)/decreases in the allowance for credit losses for Noncurrent receivables in 2020:


(in thousands)	December 31, 2019		CECL transition adjustment		Charges		Currency translation		Other		December 31, 2020
Noncurrent receivables expected credit losses	$	—	$	(206)	$	(71)	$	3	$	—	$	(274)

Contract Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Deferred Income Tax Expense Benefit Provision For Gain Loss On Extinguishment Of Debt

Schedule of Contract Assets and Contract Liabilities

Contract assets and Contract liabilities (included in Accrued liabilities) are reported in the Consolidated Balance Sheets in a net position, on a contract-by-contract basis at the end of each reporting period. Contract assets and contract liabilities are summarized as follows:


(in thousands)	December 31, 2020		December 31, 2019
Contract assets	$	140,348	$	79,070
Allowance for expected credit losses	(1,059)		—
Contract assets, net	$	139,289	$	79,070

Contract liabilities	$	8,206	$	5,656

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

The following table presents the 2020 (increases)/ decreases in the allowance for credit losses for Contract assets:


(in thousands)	December 31, 2019		CECL transition adjustment		Charges		Currency translation		Other		December 31, 2020
Contract assets expected credit losses	$	—	$	(403)	$	(657)	$	(5)	$	6	$	(1,059)

Inventories (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Schedule of Inventory

As of December 31, 2020 and 2019, inventories consisted of the following:


(in thousands)	December 31, 2020		December 31, 2019
Raw materials	$	57,789	$	52,960
Work in process	40,416		31,744
Finished goods	12,273		10,445
Total inventories	$	110,478	$	95,149

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The table below sets forth the components of property, plant and equipment as of December 31, 2020 and 2019:


(in thousands)	2020		2019		Estimated useful life
Land and land improvements	$	15,611	$	14,168	25 years for improvements
Buildings	246,137		227,875		15 to 40 years
Right of use assets	10,971		16,686		10 to 15 years
Machinery and equipment	1,076,092		1,020,348		5 to 15 years
Furniture and fixtures	8,638		8,126		5 years
Computer and other equipment	19,294		18,808		3 to 10 years
Software	62,400		60,995		5 to 8 years
Capital expenditures in progress	46,228		45,588
Property, plant and equipment, gross	1,485,371		1,412,594
Accumulated depreciation and amortization	(1,036,817)		(946,132)
Property, plant and equipment, net	$	448,554	$	466,462

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Intangible Assets and Goodwill

The changes in intangible assets and goodwill from December 31, 2018 to December 31, 2020, were as follows:


(in thousands, except for years)	Amortization life in years	Balance at December 31, 2019		Other Changes		Amortization		Currency Translation		Balance at December 31, 2020
Amortized intangible assets:
AEC Trademarks and trade names	6-15	$	73	$	—	$	(16)	$	—	$	57
AEC Technology	10-15	5,804		—		(670)		610		5,744
AEC Intellectual property	15	1,243		—		(83)		—		1,160
AEC Customer contracts	6	6,544		—		(2,912)		—		3,632
AEC Customer relationships	8-15	39,147		329		(3,513)		297		36,260
AEC Other intangibles	5	81		—		(65)		—		16
Total amortized intangible assets		$	52,892	$	329	$	(7,259)	$	907	$	46,869
Unamortized intangible assets:
MC Goodwill		$	67,672	$	—	$	—	$	4,618	$	72,290
AEC Goodwill		113,262		335		—		1,666		115,263
Total unamortized intangible assets		$	180,934	$	335	$	—	$	6,284	$	187,553


(in thousands, except for years)	Amortization life in years	Balance at December 31, 2018		Acquisition		Amortization		Currency Translation		Balance at December 31, 2019
Amortized intangible assets:
AEC Trademarks and trade names	6-15	$	11	$	68	$	(6)	$	—	$	73
AEC Technology	10-15	56		5,821		(73)		—		5,804
AEC Intellectual property	15	—		1,250		(7)		—		1,243
AEC Customer contracts	6	9,456		—		(2,912)		—		6,544
AEC Customer relationships	8-15	39,538		2,834		(3,247)		22		39,147
AEC Other intangibles	5	145		—		(64)		—		81
Total amortized intangible assets		$	49,206	$	9,973	$	(6,309)	$	22	$	52,892
Unamortized intangible assets:
MC Goodwill		$	68,652	$	—	$	—	$	(980)	$	67,672
AEC Goodwill		95,730		17,343		—		189		113,262
Total unamortized intangible assets		$	164,382	$	17,343	$	—	$	(791)	$	180,934

Schedule of Estimated Amortization Expense

Estimated amortization expense of intangibles for the years ending December 31, 2021 through 2025, is as follows:


Year	Annual amortization (in thousands)
2021	$	7,200
2022	5,000
2023	4,200
2024	4,200
2025	4,200

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of:


(in thousands)	2020		2019
Salaries and wages	$	23,571	$	22,878
Contract loss reserve	11,250		17,190
Employee benefits	12,952		14,235
Returns and allowances	10,560		11,249
Accrual for compensated absences	10,655		10,445
Dividends	6,469		6,139
Contract liabilities	8,206		5,656
Lease liability - Operating lease	4,433		4,023
Lease liability - Financing lease	1,438		1,835
Postretirement medical benefits – current portion	3,660		3,808
Restructuring costs	1,908		1,342
Professional fees	3,451		2,999
Pension liability – current portion	2,281		2,155
Workers' compensation	1,685		1,982
Utilities	1,285		790
Interest	701		517
Other	20,954		18,642
Total	$	125,459	$	125,885

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Long-term Debt and Lease Obligation [Abstract]

Schedule of Long-Term Debt

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


(in thousands, except interest rates)	2020		2019
Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.50% in 2020 and 3.43% in 2019 (including the effect of interest rate hedging transactions, as described below), due in 2024	$	398,000	$	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	9		29
Long-term debt	398,009		424,029
Less: current portion	(9)		(20)
Long-term debt, net of current portion	$	398,000	$	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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+ Details

Fair-Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities

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


	December 31, 2020					December 31, 2019
(in thousands)	Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)			Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)
Fair Value
Assets:
Cash equivalents	$	17,508	$	—		$	16,375	$	—
Other Assets:
Common stock of unaffiliated foreign public company (a)	748		—			839		—
Liabilities:
Other noncurrent liabilities:
Interest rate swaps	—		(12,714)		(b)	—		(5,518)		(c)

_____________________

(a)Original cost basis $0.5 million.

(b)Net of $1.0 million receivable floating leg and $13.7 million liability fixed leg.

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

Schedule of /Gains on Changes in Fair Value of Derivative Instruments

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


	Years ended December 31,
(in thousands)	2020		2019		2018
Derivatives not designated as hedging instruments
Foreign currency options gains/(losses)	$	(64)	$	—	$	(61)

- 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

Other Noncurrent Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Other Liabilities Disclosure [Abstract]

Other Noncurrent Liabilities

As of December 31, 2020 and 2019, Other Noncurrent Liabilities consisted of the following:


(in thousands)	2020		2019
Postretirement benefits other than pensions	$	44,317	$	50,576
Pension liabilities	35,607		34,638
Finance leases	16,121		22,700
Operating leases	13,589		14,386
Interest rate swap agreements	12,714		5,518
Deferred payroll taxes	2,593		—
Incentive and deferred compensation	2,286		2,925
Restructuring	287		700
Other	2,910		1,282
Total	$	130,424	$	132,725

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Lessee Disclosure [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows:


	For the years ended
(in thousands)	December 31, 2020		December 31, 2019
Finance lease
Amortization of right-of-use asset	$	1,056	$	997
Interest on lease liabilities	1,475		1,563
Operating lease
Fixed lease cost	5,448		5,063
Variable lease cost	314		35
Short-term lease cost	996		1,283
Total lease expense	$	9,289	$	8,941

Schedule of Supplemental Cash Flow Information Related to Leases

Lease expense for the year ended December 31, 2018 was $8.4 million.

Supplemental cash flow information related to leases was as follows:


	For the years ended
(in thousands)	December 31, 2020		December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	5,300	$	4,932
Operating cash outflows from finance leases	1,475		1,563
Financing cash outflows from finance leases	7,214		1,180
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	4,017	$	9,250
Finance leases	—		5,686

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:


(in thousands)	December 31, 2020		December 31, 2019
Operating leases
Right of use assets included in Other assets	$	17,712	$	18,223
Lease liabilities included in
Accrued liabilities	$	4,433	$	4,023
Other noncurrent liabilities	13,589		14,386
Total operating lease liabilities	$	18,022	$	18,409
Finance leases
Right-of-use assets included in Property, plant and equipment, net	$	8,976	$	15,689
Lease liabilities included in
Accrued liabilities	$	1,438	$	1,835
Other noncurrent liabilities	16,121		22,700
Total finance lease liabilities	$	17,559	$	24,535

Schedule of Additional Information Related to Leases

Additional information for leases existing at December 31, 2020 and 2019 was as follows:


	December 31, 2020		December 31, 2019
Weighted average remaining lease term
Operating leases	6 years		6 years
Finance leases	9 years		10 years
Weighted average discount rate
Operating leases	4.5	%	4.9	%
Finance leases	8.0	%	6.7	%

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2020 were as follows:


(in thousands)	Operating leases		Finance leases
Year ending December 31,
2021	$	5,135	$	2,790
2022	4,202		2,838
2023	2,829		3,004
2024	1,986		3,004
2025	1,788		3,004
Thereafter	4,587		9,505
Total lease payments	20,527		24,145
Less imputed interest	(2,505)		(6,586)
Total	$	18,022	$	17,559

Maturities of lease liabilities as of December 31, 2019 were as follows:


(in thousands)	Operating leases		Finance leases
Year ending December 31,
2020	$	5,153	$	3,347
2021	4,133		3,347
2022	3,096		3,394
2023	2,128		3,560
2024	1,496		3,560
Thereafter	5,332		15,692
Total lease payments	21,338		32,900
Less imputed interest	(2,929)		(8,365)
Total	$	18,409	$	24,535

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2020 were as follows:


(in thousands)	Operating leases		Finance leases
Year ending December 31,
2021	$	5,135	$	2,790
2022	4,202		2,838
2023	2,829		3,004
2024	1,986		3,004
2025	1,788		3,004
Thereafter	4,587		9,505
Total lease payments	20,527		24,145
Less imputed interest	(2,505)		(6,586)
Total	$	18,022	$	17,559

Maturities of lease liabilities as of December 31, 2019 were as follows:


(in thousands)	Operating leases		Finance leases
Year ending December 31,
2020	$	5,153	$	3,347
2021	4,133		3,347
2022	3,096		3,394
2023	2,128		3,560
2024	1,496		3,560
Thereafter	5,332		15,692
Total lease payments	21,338		32,900
Less imputed interest	(2,929)		(8,365)
Total	$	18,409	$	24,535

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Changes in Claims

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


Year ended December 31,	Opening Number of Claims	Claims Dismissed, Settled, or Resolved	New Claims	Closing Number of Claims	Amounts Paid (thousands) to Settle or Resolve
2015	3,821	116	86	3,791	$164
2016	3,791	148	102	3,745	758
2017	3,745	105	90	3,730	55
2018	3,730	152	106	3,684	100
2019	3,684	51	75	3,708	25
2020	3,708	152	59	3,615	$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
-Name Accounting Standards Codification
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+ Details

Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedules of Executive Management Share-based Compensation Activity

Information with respect to these plans is presented below:


	Number of shares	Weighted average grant date value per share		Year-end intrinsic value (000's)
Shares potentially payable at January 1, 2018	157,405	$	40.30	$	6,343
Forfeitures	—	$	—
Payments	(79,762)	$	39.90
Shares accrued based on 2018 performance	34,822	$	70.59
Shares potentially payable at December 31, 2018	112,465	$	49.96	$	5,619
Forfeitures	—
Payments	(45,689)	$	36.74
Shares accrued based on 2019 performance	14,936	$	92.12
Shares potentially payable at December 31, 2019	81,712	$	65.06	$	5,316
Forfeitures	—	$	—
Payments	(20,680)	$	47.35
Shares accrued based on 2020 performance	36,808	$	73.43
Shares potentially payable at December 31, 2020	97,840	$	71.95	$	7,040

Schedules of Other Share-based Compensation Activity


	Number of shares	Weighted average value per share		Cash paid for share based liabilities (000's)
Share units potentially payable at January 1, 2018	236,096

Grants	65,370
Changes due to performance	14,343
Payments	(75,545)	$	62.69	$	4,736
Forfeitures	(12,963)
Share units potentially payable at December 31, 2018	227,301

Grants	58,878
Changes due to performance	21,740
Payments	(69,912)	$	70.67	$	5,528
Forfeitures	(22,935)
Share units potentially payable at December 31, 2019	215,072

Grants	63,104
Changes due to performance	27,921
Payments	(80,808)	$	73.04	$	5,848
Forfeitures	(11,441)
Share units potentially payable at December 31, 2020	213,848

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

Activity in Shareholders’ equity for 2018, 2019, and 2020 is presented below:


(in thousands)	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
	Shares	Amount		Shares	Amount								Shares	Amount
January 1, 2018	37,396	$	37	3,234	$	3	$	428,423	$	534,082	$	(135,901)	8,431	$	(256,876)	$	3,247	$	573,015
Net income attributable to the Company	—	—		—	—		—		82,891		—		—	—		128		83,019
Adoption of accounting standards (a),(b)	—	—		—	—		—		(5,068)		—		—	—		(327)		(5,395)
Compensation and benefits paid or payable in shares	44	—		—	—		1,437		—		—		—	—		—		1,437
Options exercised	10	—		—	—		201		—		—		—	—		—		201
Shares issued to Directors'	—	—		—	—		494		—		—		(12)	273		—		767
Dividends declared
Class A Common Stock, $0.69 per share	—	—		—	—		—		(20,029)		—		—	—		—		(20,029)
Class B Common Stock, $0.69 per share	—	—		—	—		—		(2,231)		—		—	—		—		(2,231)
Cumulative translation adjustments	—	—		—	—		—		—		(28,658)		—	—		(17)		(28,675)
Pension and postretirement liability adjustments	—	—		—	—		—		—		3,427		—	—		—		3,427
Derivative valuation adjustment	—	—		—	—		—		—		2,744		—	—		—		2,744
December 31, 2018	37,450	$	37	3,234	$	3	$	430,555	$	589,645	$	(158,388)	8,419	$	(256,603)	$	3,031	$	608,280
Net income attributable to the Company	—	—		—	—		—		132,398		—		—	—		985		133,383
Adoption of accounting standards (c)	—	—		—	—		—		35		—		—	—		—		35
Compensation and benefits paid or payable in shares	26	—		—	—		1,311		—		—		—	—		—		1,311
Options exercised	7	—		—	—		112		—		—		—	—		—		112
Shares issued to Directors'	—	—		—	—		540		—		—		(10)	212		—		752
Dividends declared
Class A Common Stock, $0.73 per share	—	—		—	—		—		(21,818)		—		—	—		—		(21,818)


Class B Common Stock, $0.73 per share	—	—		—	—		—		(1,763)		—		—	—		—		(1,763)
Conversion of Class B shares to Class A shares (d)	1,616	2		(1,616)	(1)		—		(1)		—		—	—		—		—
Cumulative translation adjustments	—	—		—	—		—		—		(6,876)		—	—		(10)		(6,886)
Pension and postretirement liability adjustments	—	—		—	—		—		—		(2,885)		—	—		—		(2,885)
Derivative valuation adjustment	—	—		—	—		—		—		(7,832)		—	—		—		(7,832)
December 31, 2019	39,099	$	39	1,618	$	2	$	432,518	$	698,496	$	(175,981)	8,409	$	(256,391)	$	4,006	$	702,689
Net income attributable to the Company	—	—		—	—		—		98,589		—		—	—		(1,346)		97,243
Adoption of accounting standards (e)	—	—		—	—		—		(1,443)		—		—	—		—		(1,443)
Compensation and benefits paid or payable in shares	13	—		—	—		622		—		—		—	—		—		622
Options exercised	3	—		—	—		55		—		—		—	—		—		55
Shares issued to Directors'	—	—		—	—		501		—		—		(18)	382		—		883
Dividends declared
Class A Common Stock, $0.77 per share	—	—		—	—		—		(23,651)		—		—	—		—		(23,651)
Class B Common Stock, $0.77 per share	—	—		—	—		—		(1,245)		—		—	—		—		(1,245)
Cumulative translation adjustments	—	—		—	—		—		—		39,649		—	—		1,139		40,788
Pension and postretirement liability adjustments	—	—		—	—		—		—		10,333		—	—		—		10,333
Derivative valuation adjustment	—	—		—	—		—		—		(6,409)		—	—		—		(6,409)
December 31, 2020	39,115	$	39	1,618	$	2	$	433,696	$	770,746	$	(132,408)	8,391	$	(256,009)	$	3,799	$	819,865

(b)The Company adopted ASU 2016-16 effective January 1, 2018, which resulted in a $0.5 million increase to Retained earnings.

(c)As described in Note 20, the Company adopted ASC 842, Leases effective January 1, 2019, which resulted in an increase to Retained earnings of less than $0.1 million.

Business Acquisition (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Schedule of Allocation of Purchase Price

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 related to finance lease	5,686
Property, plant and equipment	4,884
Amortizable intangible assets (see Note 15)	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

Summary of Operational Results

The following table presents operational results of the acquired entity that are included in the Consolidated Statements of Income (unaudited):


(in thousands, except per share amounts)	November 20 to December 31, 2019
Net sales	$	485
Operating loss	(162)
Loss before income taxes	(199)
Net loss attributable to the Company	(324)

Loss per share:
Basic	$	(0.01)
Diluted	$	(0.01)

Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Gross profit	$ 371,072	$ 397,701	$ 349,749
Research and development expense	25,800	26,900	29,800
Provision for credit losses from uncollected receivables and contract assets	1,628	309	579
Total equity	$ (819,865)	(702,689)	(608,280)	$ (573,015)
Receivable with imputed interest, effective yield (interest rate)	2.00%
Noncurrent receivables invoice terms (in years)	10 years
Assets for plan benefits, defined benefit plan	$ 31,100	21,300
Software \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life	5 years
Software \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life	8 years
Albany Safran Composites, LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Noncontrolling interest, ownership percentage by parent	90.00%
Entity In Russia
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Noncontrolling interest, ownership percentage by parent	50.00%
Retained earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity	$ (770,746)	(698,496)	(589,645)	(534,082)
Share-based Payment Arrangement, Option
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expiration period	20 years
Length of time options are valid after retirement, in years	10 years
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for credit losses from uncollected receivables and contract assets		1,800
Total equity		1,443	(35)	5,395
Cumulative Effect, Period of Adoption, Adjustment \| Retained earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity		1,443	(35)	$ 5,068
Cumulative Effect, Period of Adoption, Adjustment \| Retained Earnings, Pre-Tax
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity		300	300
Long term contract
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Gross profit	$ 9,900	10,800	$ (2,000)
Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Assets for plan benefits, defined benefit plan	$ 700	$ 800

Accounting Policies (Schedule of Foreign Currency Transaction Gains and Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Selling, general, and administrative expenses	$ 1,875	$ 1,281	$ (274)
Other expense, net	13,569	(4,471)	(67)
Total transaction losses/(gains)	$ 15,444	$ (3,190)	$ (341)

Accounting Policies (Schedule of Foreign Currency Gains on Long-term Intercompany Loans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Gain (before tax) on long-term intercompany loan	$ (4,985)	$ 0	$ 0

Revenue Recognition (Schedule of Disaggregate Revenue for Each Business Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenue	$ 900,610	$ 1,054,132	$ 982,479
Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total revenue	587,906	626,638	630,272
Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total revenue	312,704	427,494	352,207
Machine Clothing
Disaggregation of Revenue [Line Items]
Total revenue	572,955	601,254	611,858
Machine Clothing \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total revenue	569,563	598,054	608,658
Machine Clothing \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total revenue	3,392	3,200	3,200
Albany Engineered Composites
Disaggregation of Revenue [Line Items]
Total revenue	327,655	452,878	370,621
Albany Engineered Composites \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total revenue	18,343	28,584	21,614
Albany Engineered Composites \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total revenue	309,312	424,294	349,007
ASC
Disaggregation of Revenue [Line Items]
Total revenue	98,411	220,188	182,699
ASC \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0
ASC \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total revenue	98,411	220,188	182,699
Other AEC
Disaggregation of Revenue [Line Items]
Total revenue	229,244	232,690	187,922
Other AEC \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total revenue	18,343	28,584	21,614
Other AEC \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total revenue	$ 210,901	$ 204,106	$ 166,308

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue Recognition (Schedule of Disaggregate MC Segment Revenue by Significant Product or Service) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 900,610	$ 1,054,132	$ 982,479
Machine Clothing
Disaggregation of Revenue [Line Items]
Net sales	572,955	601,254	611,858
Machine Clothing \| Americas PMC
Disaggregation of Revenue [Line Items]
Net sales	297,490	316,355	303,768
Machine Clothing \| Eurasia PMC
Disaggregation of Revenue [Line Items]
Net sales	202,181	210,961	227,493
Machine Clothing \| Engineered Fabrics
Disaggregation of Revenue [Line Items]
Net sales	$ 73,284	$ 73,938	$ 80,597

- Definition

+ References

+ Details

Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue Recognition [Abstract]
Revenue, remaining performance obligation, amount	$ 86	$ 82	$ 82
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	86	$ 82	$ 82
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue Recognition [Abstract]
Revenue, remaining performance obligation, amount	64
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 64
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

Reportable Segments and Geographic Data (Narrative) (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jan. 01, 2018	Nov. 20, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 31, 2013
Segment Reporting Information [Line Items]
Operating lease expense			$ 5,448	$ 5,063
Net sales			$ 900,610	1,054,132	$ 982,479
Increase (decrease) in operating assets		$ 35,300
US Government Contracts Or Programs \| Revenue Benchmark \| Product Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage			46.00%
Albany Safran Composites, LLC
Segment Reporting Information [Line Items]
Ownership percentage of noncontrolling shareholder			10.00%
Machine Clothing
Segment Reporting Information [Line Items]
Net sales			$ 572,955	601,254	611,858
Increase (decrease) in operating assets	$ 22,500
AEC assets
Segment Reporting Information [Line Items]
Increase (decrease) in operating assets	$ (14,100)
Salt Lake City, Utah
Segment Reporting Information [Line Items]
Non-cash increase of lease modification					12,700
Albany Aerostructures Composites LLC (AAC)
Segment Reporting Information [Line Items]
Receivables			127,100	114,500
Safran
Segment Reporting Information [Line Items]
Operating lease expense			900
Net sales			$ 99,000	$ 226,800	$ 186,300
Safran \| Albany Safran Composites, LLC
Segment Reporting Information [Line Items]
Ownership percentage of noncontrolling shareholder			10.00%	10.00%		10.00%

Reportable Segments and Geographic Data (Schedule of Financial Data by Reporting Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net sales	$ 900,610	$ 1,054,132	$ 982,479
Depreciation and amortization	72,705	70,795	79,036
Operating income/(loss)	166,080	193,576	137,408
Interest income	(2,748)	(2,729)	(2,118)
Interest expense	16,332	19,650	20,242
Other expense, net	13,422	(1,557)	4,037
Income before income taxes	139,074	178,212	115,247
Corporate expenses
Segment Reporting Information [Line Items]
Depreciation and amortization	3,905	4,250	5,018
Operating income/(loss)	(56,261)	(53,909)	(49,075)
Reconciling items:
Segment Reporting Information [Line Items]
Interest income	(2,748)	(2,729)	(2,118)
Interest expense	16,332	19,650	20,242
Other expense, net	13,422	(1,557)	4,037
Machine Clothing
Segment Reporting Information [Line Items]
Net sales	572,955	601,254	611,858
Machine Clothing \| Operating segments
Segment Reporting Information [Line Items]
Net sales	572,955	601,254	611,858
Depreciation and amortization	20,304	21,875	30,813
Operating income/(loss)	190,805	191,965	169,836
Albany Engineered Composites
Segment Reporting Information [Line Items]
Net sales	327,655	452,878	370,621
Albany Engineered Composites \| Operating segments
Segment Reporting Information [Line Items]
Net sales	327,655	452,878	370,621
Depreciation and amortization	48,496	44,670	43,205
Operating income/(loss)	$ 31,536	$ 55,520	$ 16,647

Reportable Segments and Geographic Data (Schedule of Restructuring Costs by Reporting Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring expenses, net
Consolidated total	$ 5,736	$ 2,905	$ 15,570
Corporate expenses
Restructuring expenses, net
Consolidated total	169	(57)	244
Machine Clothing \| Operating segments
Restructuring expenses, net
Consolidated total	2,746	1,129	12,278
Albany Engineered Composites \| Operating segments
Restructuring expenses, net
Consolidated total	$ 2,821	$ 1,833	$ 3,048

Reportable Segments and Geographic Data (Schedule of Operating Assets and Capital Expenditures by Reporting Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets	$ 1,549,936	$ 1,474,368	$ 1,417,992
Cash	241,316	195,540
Capital expenditures and purchased software	42,390	67,955	82,886
Reconciling items:
Segment Reporting, Asset Reconciling Item [Line Items]
Cash	241,316	195,540	197,755
Income taxes prepaid, receivable and deferred	44,697	57,783	70,095
Prepaid and Other assets	106,492	86,174	62,912
Corporate expenses
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures and purchased software	2,880	2,495	2,535
Machine Clothing \| Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets	443,476	441,072	453,836
Capital expenditures and purchased software	15,792	16,707	20,230
Albany Engineered Composites \| Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets	713,955	693,799	633,394
Capital expenditures and purchased software	$ 23,718	$ 48,753	$ 60,121

Reportable Segments and Geographic Data (Schedule of Net Sales and Property, Plant, And Equipment by Geographic Area) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 900,610	$ 1,054,132	$ 982,479
Property, plant and equipment, net	448,554	466,462	462,055
CirComp GmbH
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, additions		10,600
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	503,473	574,063	519,349
Property, plant and equipment, net	263,201	275,965	272,584
Switzerland
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	128,328	146,571	157,339
Brazil
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	60,259	64,666	62,093
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	57,007	48,586	50,923
Property, plant and equipment, net	40,898	41,799	48,686
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	55,914	91,783	85,386
Property, plant and equipment, net	41,107	43,986	50,245
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	39,859	73,039	48,534
Property, plant and equipment, net	41,738	45,640	40,343
Other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	55,770	55,424	58,855
Property, plant and equipment, net	17,412	18,001	17,338
Sweden
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	12,109	8,652	8,394
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	10,808	10,577	27
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	10,731	11,047	12,042
South Korea
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 10,550	$ 10,795	$ 12,396

Pensions and Other Postretirement Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation	$ 245,800	$ 227,211	$ 201,450
Defined benefit plan, benefit obligation, period increase (decrease)	18,600
Actuarial (gain)/loss	(13,309)	(22,645)
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation	47,977	54,384	$ 51,127
Defined benefit plan, benefit obligation, period increase (decrease)	(6,400)
Actuarial (gain)/loss	$ 4,794	$ (4,686)
United States
Defined Benefit Plan Disclosure [Line Items]
Percent of consolidated pension plan assets	44.00%
Percent of consolidated pension plan obligations	45.00%
Accrued postretirement liability	$ 46,700
Switzerland \| Pension plans
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation	6,000
Canada
Defined Benefit Plan Disclosure [Line Items]
Accrued postretirement liability	$ 1,300

Pensions and Other Postretirement Benefit Plans (Schedule of Plan Benefit Obligations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of year	$ 227,211	$ 201,450
Service cost	2,279	2,543	$ 2,723
Interest cost	6,172	7,216
Plan participants' contributions	198	243
Actuarial (gain)/loss	13,309	22,645
Benefits paid	(8,123)	(8,404)
Settlements and curtailments	(474)	(1,768)
Plan amendments and other	(204)	152
Foreign currency changes	5,432	3,134
Benefit obligation, end of year	245,800	227,211	201,450
Accumulated benefit obligation	$ 236,321	$ 218,006
Pension plans \| United States
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	2.65%	3.40%
Compensation increase	0.00%	0.00%
Pension plans \| Foreign Plan
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	1.91%	2.31%
Compensation increase	2.71%	2.81%
Pension plans \| Switzerland
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, end of year	$ 6,000
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Cash balance interest crediting rate	50.00%	0.25%
Other postretirement benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of year	$ 54,384	$ 51,127
Service cost	200	189	232
Interest cost	1,712	2,115
Plan participants' contributions	0	0
Actuarial (gain)/loss	(4,794)	4,686
Benefits paid	(3,555)	(3,782)
Settlements and curtailments	0	0
Plan amendments and other	0	0
Foreign currency changes	30	49
Benefit obligation, end of year	47,977	54,384	$ 51,127
Accumulated benefit obligation	$ 0	$ 0
Other postretirement benefits \| United States
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	2.38%	3.27%
Compensation increase		3.00%
Other postretirement benefits \| Foreign Plan
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	2.75%	3.05%
Compensation increase	2.75%	3.00%
Other postretirement benefits \| Switzerland
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Cash balance interest crediting rate	0.00%	0.00%

Pensions and Other Postretirement Benefit Plans (Schedule of Plan Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, beginning of year	$ 211,755	$ 178,942
Actual return on plan assets, net of expenses	28,477	32,367
Employer contributions	3,219	4,670
Plan participants' contributions	198	243
Benefits paid	(8,123)	(8,404)
Settlements	(737)	(260)
Foreign currency changes	4,262	4,197
Fair value of plan assets, end of year	239,051	211,755
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, beginning of year	0	0
Actual return on plan assets, net of expenses	0	0
Employer contributions	3,555	3,782
Plan participants' contributions	0	0
Benefits paid	(3,555)	(3,782)
Settlements	0	0
Foreign currency changes	0	0
Fair value of plan assets, end of year	$ 0	$ 0

Pensions and Other Postretirement Benefit Plans (Schedule of Funded Status of Plans and Composition of Accrued Pension Cost) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Noncurrent asset	$ 31,100	$ 21,300
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	239,051	211,755	$ 178,942
Benefit obligation	245,800	227,211	201,450
Funded status	(6,749)	(15,456)
Noncurrent asset	31,139	21,337
Current liability	(2,281)	(2,155)
Noncurrent liability	(35,607)	(34,638)
Net amount recognized	(6,749)	(15,456)
Net actuarial loss	53,065	63,240
Prior service cost/(credit)	393	639
Net amount recognized	53,458	63,879
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0	0
Benefit obligation	47,977	54,384	$ 51,127
Funded status	(47,977)	(54,384)
Noncurrent asset	0	0
Current liability	(3,660)	(3,808)
Noncurrent liability	(44,317)	(50,576)
Net amount recognized	(47,977)	(54,384)
Net actuarial loss	20,736	28,119
Prior service cost/(credit)	(12,946)	(17,434)
Net amount recognized	$ 7,790	$ 10,685

Pensions and Other Postretirement Benefit Plans (Schedule of Net Pension Plan Funded Status) (Details) - Pension plans - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Assets for plan benefits, defined benefit plan	$ 26,711
Pension plans without pension assets	(33,460)
Net amount recognized	(6,749)	$ (15,456)
United States
Defined Benefit Plan Disclosure [Line Items]
Assets for plan benefits, defined benefit plan	1,551
Pension plans without pension assets	(6,022)
Net amount recognized	(4,471)
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Assets for plan benefits, defined benefit plan	25,160
Pension plans without pension assets	(27,438)
Net amount recognized	$ (2,278)

Pensions and Other Postretirement Benefit Plans (Schedule of Net Periodic Benefit Plan Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Curtailment (gain)/loss		$ (500)	$ (700)
Pension plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 2,279	2,543	2,723
Interest cost	6,172	7,216	7,217
Expected return on assets	(6,853)	(8,285)	(8,873)
Amortization of prior service cost/(credit)	14	68	34
Amortization of net actuarial loss	2,412	2,253	2,219
Settlement	148	(16)	2,246
Curtailment (gain)/loss	263	466	(752)
Net periodic benefit cost	$ 4,435	$ 4,245	$ 4,814
Pension plans \| United States
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	3.40%	4.41%	3.70%
Expected return on plan assets	3.54%	4.57%	3.87%
Rate of compensation increase	0.00%	0.00%	0.00%
Pension plans \| Foreign Plan
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	2.31%	2.98%	2.83%
Expected return on plan assets	3.45%	4.45%	4.83%
Rate of compensation increase	2.81%	3.02%	3.04%
Pension plans \| Switzerland
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Cash balance interest crediting rate	0.25%	850.00%	0.65%
Other postretirement benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 200	$ 189	$ 232
Interest cost	1,712	2,114	2,024
Expected return on assets	0	0	0
Amortization of prior service cost/(credit)	(4,488)	(4,488)	(4,488)
Amortization of net actuarial loss	2,592	2,227	2,956
Settlement	0	0	0
Curtailment (gain)/loss	0	0	0
Net periodic benefit cost	$ 16	$ 42	$ 724
Other postretirement benefits \| United States
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	3.27%	4.31%	3.59%
Expected return on plan assets	0.00%	0.00%	0.00%
Rate of compensation increase		3.00%	0.00%
Other postretirement benefits \| Foreign Plan
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	3.05%	3.65%	3.40%
Expected return on plan assets	0.00%	0.00%	0.00%
Rate of compensation increase	3.00%	3.00%	3.00%
Other postretirement benefits \| Switzerland
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Cash balance interest crediting rate	0.00%	0.00%	0.00%

Pensions and Other Postretirement Benefit Plans (Schedule of (Gains)/Losses Recognized in Other Comprehensive Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract]
Settlements/curtailments	$ (411)	$ (450)	$ (1,494)
Asset/liability loss/(gain)	(13,407)	1,796	(851)
Amortization of actuarial (loss)	(5,004)	(4,480)	(5,175)
Amortization of prior service cost/(credit)	4,474	4,420	4,454
Pension plans
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract]
Settlements/curtailments	(411)	(450)	(1,494)
Asset/liability loss/(gain)	(8,053)	(2,794)	6,411
Amortization of actuarial (loss)	(2,412)	(2,253)	(2,219)
Amortization of prior service cost/(credit)	(14)	(68)	(34)
Other	(204)	0	0
Currency impact	670	316	(1,389)
Cost/(benefit) in Other comprehensive income	(10,424)	(5,249)	1,275
Other postretirement benefits
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract]
Settlements/curtailments	0	0	0
Asset/liability loss/(gain)	(4,794)	4,685	(6,100)
Amortization of actuarial (loss)	(2,592)	(2,227)	(2,956)
Amortization of prior service cost/(credit)	4,488	4,488	4,488
Other	0	0	0
Currency impact	3	0	0
Cost/(benefit) in Other comprehensive income	$ (2,895)	$ 6,946	$ (4,568)

Pensions and Other Postretirement Benefit Plans (Schedule of Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 239,051	$ 211,755	$ 178,942
Pension plans \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	239,051	211,755
Pension plans \| Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,095	3,009
Pension plans \| Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	104,642	92,721
Pension plans \| Fair Value, Inputs, Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3,819	3,244
Pension plans \| Fair Value, Inputs, Level 1, 2 and 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	109,556	98,974
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0	0
Common Stocks and equity funds \| Pension plans \| Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	216
Common Stocks and equity funds \| Pension plans \| Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Common Stocks and equity funds \| Pension plans \| Fair Value, Inputs, Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Common Stocks and equity funds \| Pension plans \| Fair Value, Inputs, Level 1, 2 and 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	216
Common Stocks and equity funds \| Pension plans \| Fair Value Measured at Net Asset Value Per Share \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	20,213	56,846
Debt securities \| Pension plans \| Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Debt securities \| Pension plans \| Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	104,642	92,721
Debt securities \| Pension plans \| Fair Value, Inputs, Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Debt securities \| Pension plans \| Fair Value, Inputs, Level 1, 2 and 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	104,642	92,721
Insurance contracts \| Pension plans \| Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Insurance contracts \| Pension plans \| Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Insurance contracts \| Pension plans \| Fair Value, Inputs, Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3,819	3,244	$ 2,890
Insurance contracts \| Pension plans \| Fair Value, Inputs, Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3,819	3,244
Insurance contracts \| Pension plans \| Fair Value, Inputs, Level 1, 2 and 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3,819	3,244
Cash and short-term investments \| Pension plans \| Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,095	2,793
Cash and short-term investments \| Pension plans \| Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and short-term investments \| Pension plans \| Fair Value, Inputs, Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and short-term investments \| Pension plans \| Fair Value, Inputs, Level 1, 2 and 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,095	2,793
Fixed income funds \| Pension plans \| Fair Value Measured at Net Asset Value Per Share \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	107,012	52,751
Limited partnerships \| Pension plans \| Fair Value Measured at Net Asset Value Per Share \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 2,270	$ 3,184

Pensions and Other Postretirement Benefit Plans (Reconciliation of Level 3 Assets) (Details) - Pension plans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, beginning of year	$ 211,755	$ 178,942
Fair value of plan assets, end of year	239,051	211,755
Insurance contracts \| Fair Value, Inputs, Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets, beginning of year	3,244	2,890
Net realized gains	0	0
Net unrealized gains	22	20
Net purchases,issuances and settlements	553	334
Net transfers (out of) Level 3	0	0
Fair value of plan assets, end of year	$ 3,819	$ 3,244

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Pensions and Other Postretirement Benefit Plans (Schedule of Asset Allocation) (Details)	Dec. 31, 2020	Dec. 31, 2019
United States
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	100.00%
Percentage of plan assets at plan measurement date	100.00%	100.00%
United States \| Common Stocks and equity funds
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	0.00%
Percentage of plan assets at plan measurement date	0.00%	1.00%
United States \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	100.00%
Percentage of plan assets at plan measurement date	98.00%	96.00%
United States \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	0.00%
Percentage of plan assets at plan measurement date	2.00%	2.00%
United States \| Other
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	0.00%
Percentage of plan assets at plan measurement date	0.00%	1.00%
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	100.00%
Percentage of plan assets at plan measurement date	100.00%	100.00%
Foreign Plan \| Common Stocks and equity funds
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	13.00%
Percentage of plan assets at plan measurement date	13.00%	13.00%
Foreign Plan \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	82.00%
Percentage of plan assets at plan measurement date	81.00%	80.00%
Foreign Plan \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	1.00%
Percentage of plan assets at plan measurement date	1.00%	1.00%
Foreign Plan \| Other
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	4.00%
Percentage of plan assets at plan measurement date	5.00%	6.00%

Pensions and Other Postretirement Benefit Plans (Schedule of Pension Plans with Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	$ 42,703	$ 137,123
Fair value of plan assets	4,815	100,330
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Accumulated benefit obligation	40,133	134,737
Fair value of plan assets	$ 4,815	$ 100,330

Pensions and Other Postretirement Benefit Plans (Schedule of Expected Cash Flows) (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Expected employer contributions and direct employer payments in the next fiscal year	$ 2,527
2021	8,134
2022	8,585
2023	8,794
2024	9,286
2025	10,009
2026-2030	54,403
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Expected employer contributions and direct employer payments in the next fiscal year	3,660
2021	3,660
2022	3,530
2023	3,418
2024	3,279
2025	3,129
2026-2030	$ 14,027

Restructuring (Narrative) (Details) $ in Thousands	12 Months Ended
Restructuring (Narrative) (Details) $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) positionEliminated	Dec. 31, 2017 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring expenses, net	$ 5,736	$ 2,905	$ 15,570
Restructuring reserve, current	1,908	1,342
Restructuring reserve, noncurrent	287	700
Machinery and equipment
Restructuring Cost and Reserve [Line Items]
Loss (gain) on write-down		1,200
Impairment of assets
Restructuring Cost and Reserve [Line Items]
Restructuring expenses, net	0	1,636	2,150
Albany Engineered Composites \| Operating segments \| Special Termination Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring expenses, net	2,800
Machine Clothing \| Impairment of assets
Restructuring Cost and Reserve [Line Items]
Restructuring expenses, net	1,200	900	$ 10,700	$ 1,100
Restructuring and related cost, number of positions eliminated \| positionEliminated			50
Restructuring charges accrued	13,900
Machine Clothing \| Operating segments
Restructuring Cost and Reserve [Line Items]
Restructuring expenses, net	2,746	1,129	$ 12,278
Machine Clothing \| Operating segments \| Impairment of assets
Restructuring Cost and Reserve [Line Items]
Restructuring expenses, net	0	$ 462	388
AEC facility
Restructuring Cost and Reserve [Line Items]
Restructuring expenses, net			1,900
Non-cash restructuring charge			1,700
Severance costs			$ 200
AEC facility \| Machinery and equipment
Restructuring Cost and Reserve [Line Items]
Restructuring charges accrued	$ 3,100

Restructuring (Schedule of Restructuring Charges) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restructuring expenses, net
Restructuring expenses, net	$ 5,736	$ 2,905	$ 15,570
Termination and other costs
Restructuring expenses, net
Restructuring expenses, net	5,736	1,269	13,420
Impairment of assets
Restructuring expenses, net
Restructuring expenses, net	0	1,636	2,150
Impairment of assets \| Machine Clothing
Restructuring expenses, net
Restructuring expenses, net	1,200	900	10,700	$ 1,100
Operating segments \| Machine Clothing
Restructuring expenses, net
Restructuring expenses, net	2,746	1,129	12,278
Operating segments \| Albany Engineered Composites
Restructuring expenses, net
Restructuring expenses, net	2,821	1,833	3,048
Operating segments \| Termination and other costs \| Machine Clothing
Restructuring expenses, net
Restructuring expenses, net	2,746	667	11,890
Operating segments \| Termination and other costs \| Albany Engineered Composites
Restructuring expenses, net
Restructuring expenses, net	2,821	659	1,286
Operating segments \| Impairment of assets \| Machine Clothing
Restructuring expenses, net
Restructuring expenses, net	0	462	388
Operating segments \| Impairment of assets \| Albany Engineered Composites
Restructuring expenses, net
Restructuring expenses, net	0	1,174	1,762
Corporate expenses
Restructuring expenses, net
Restructuring expenses, net	169	(57)	244
Corporate expenses \| Termination and other costs
Restructuring expenses, net
Restructuring expenses, net	169	(57)	244
Corporate expenses \| Impairment of assets
Restructuring expenses, net
Restructuring expenses, net	$ 0	$ 0	$ 0

Restructuring (Schedule of Restructuring Liability) (Details) - Employee Severance - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Restructuring Reserve [Roll Forward]
Beginning balance	$ 2,042	$ 5,570
Restructuring charges accrued	5,736	1,269
Payments	(5,668)	(5,084)
Currency translation/other	85	287
Ending balance	$ 2,195	$ 2,042

Other (Income)/Expense, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Income and Expenses [Abstract]
Currency transactions	$ 13,569	$ (4,471)	$ (67)
Bank fees and amortization of debt issuance costs	367	348	417
Pension settlements and curtailments	0	450	1,494
Components of net periodic pension and postretirement cost other than service	1,561	1,105	1,089
Other	(2,075)	1,011	1,104
Total	$ 13,422	$ (1,557)	$ 4,037

Other (Income)/Expense, Net (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Income and Expenses [Abstract]
Foreign currency transaction loss	$ 13.6
Gain in OCI on loans impacted by business conditions	5.0
Other income (expense), net	$ 2.6
Curtailment gain/(loss)		$ 0.5	$ 0.7
Restructuring, settlement and impairment provisions			$ 2.2

Income Taxes (Narrative) (Details) $ in Thousands	3 Months Ended		12 Months Ended
Income Taxes (Narrative) (Details) $ in Thousands	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) country	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Share-based Payment Arrangement [Abstract]
Other tax expense (benefit)			$ 3,800
Number of countries in which entity operates \| country			18
Federal tax rate of deferred tax assets and liabilities			21.00%
U.S. federal statutory tax rate			21.00%	21.00%	21.00%
Tax cuts and jobs act, global intangible low-taxed income, reduction of taxable income			$ 15,000
Tax cuts and jobs act, global intangible low-taxed income, tax credit, foreign, percent			0.50%
Tax cuts and jobs act, global intangible low-taxed income, tax credit, foreign, amount			$ 700
Net operating loss carryforwards			90,600
Deferred tax assets, operating loss carryforwards			24,600
Operating loss carryforwards, valuation allowance			10,300
Current year and prior year earnings of Company's foreign operations			131,700
Foreign withholding taxes			1,300
Reduction in provisional transition tax			2,000
Undistributed earnings of foreign subsidiaries			132,300
Interest and penalties related to the unrecognized tax benefits			200	$ 200	$ 200
Accrued interest and penalties related to unrecognized tax benefits			100	100	400
Deferred state and local income tax expense (benefit)		$ 1,800	192	253	(338)
Audit settlement tax benefit	$ 1,500		(752)	2,874	(1,286)
Income taxes paid, net			25,100	25,900	$ 28,100
Tax Attributes With Limited Lives
Share-based Payment Arrangement [Abstract]
Deferred tax assets, net			$ 9,800
Brazil
Share-based Payment Arrangement [Abstract]
U.S. federal statutory tax rate			34.00%
China
Share-based Payment Arrangement [Abstract]
U.S. federal statutory tax rate			25.00%
Mexico
Share-based Payment Arrangement [Abstract]
U.S. federal statutory tax rate			30.00%
Valuation allowance expense			$ 100
Increase (decrease) in valuation allowance			$ (300)
Switzerland
Share-based Payment Arrangement [Abstract]
U.S. federal statutory tax rate			7.80%
Germany
Share-based Payment Arrangement [Abstract]
Valuation allowance expense				700
State and Local Jurisdiction
Share-based Payment Arrangement [Abstract]
Net operating loss carryforwards			$ 8,500
Operating loss carryforwards, valuation allowance			100
Non-U.S.
Share-based Payment Arrangement [Abstract]
Tax credit carryforward			200
Deferred tax assets, net			10,827	11,279
Non-U.S. \| Research Tax Credit Carryforward
Share-based Payment Arrangement [Abstract]
Tax credit carryforward			900
United States
Share-based Payment Arrangement [Abstract]
Deferred tax assets, net			18,400
U.S.
Share-based Payment Arrangement [Abstract]
Deferred tax assets, net			18,412	$ 29,340
U.S. \| Research Tax Credit Carryforward
Share-based Payment Arrangement [Abstract]
Tax credit carryforward			$ 9,000

Income Taxes (Schedule of Components of Income Tax (Benefit)/Expense) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate, continuing operations, percent		28.00%	28.00%	31.00%
Income tax based on income from continuing operations, at estimated tax rates of 28%, 28%, and 31%, respectively		$ 39,544	$ 49,977	$ 36,044
Income tax before discrete items		39,544	49,977	36,044
Discrete tax expense/(benefit):
Net impact of mandatory deemed repatriation		0	0	(1,003)
Provision for/resolution of tax audits and contingencies, net	$ (1,500)	752	(2,874)	1,286
Adjustments to prior period tax liabilities		(2,420)	(1,637)	(1,284)
Provision for/adjustment to beginning of year valuation allowances		168	(525)	(4,882)
Enacted tax legislation		0	(112)	2,067
Tax effect of non-deductible foreign exchange loss on intercompany loan		3,801	0	0
Other		(14)	0	0
Total income tax expense		$ 41,831	$ 44,829	$ 32,228

Income Taxes (Schedule of Income/(Loss) From Continuing Operations) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income/(loss) before income taxes, U.S.		$ 63,375	$ 76,024	$ 41,875
Income/(loss) before income taxes, Non-U.S.		75,699	102,188	73,372
Income/(loss) before income taxes		139,074	178,212	115,247
Current:
Federal		1,415	780	304
State		2,028	6,357	4,996
Non-U.S.		26,916	25,255	21,557
Current income tax provision		30,359	32,392	26,857
Deferred:
Federal		11,211	10,583	10,700
State	$ 1,800	192	253	(338)
Non-U.S.		69	1,601	(4,991)
Deferred income tax provision		11,472	12,437	5,371
Total income tax expense		$ 41,831	$ 44,829	$ 32,228

Income Taxes (Schedule of Components of Deferred Income Tax Expense/(Benefit)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Net effect of temporary differences	$ 5,262	$ (18)	$ (4,657)
Foreign tax credits	7,173	12,530	9,437
Retirement benefits	401	(752)	2,360
Net impact to operating loss carryforwards	(1,532)	1,314	1,046
Enacted changes in tax laws and rates		(112)	2,067
Adjustment to beginning-of-the-year valuation allowance balance for changes in circumstances	168	(525)	(4,882)
Deferred income tax provision	$ 11,472	$ 12,437	$ 5,371

Income Taxes (Reconciliation of the U.S. Federal Statutory Tax Rate to the Company's Effective Income Tax Rate) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	1.80%	3.00%	2.90%
Non-U.S. local income taxes	3.20%	4.40%	3.30%
U.S. permanent adjustments	0.10%	0.00%	(0.30%)
Foreign permanent adjustments	0.20%	0.40%	(0.40%)
Foreign rate differential	0.60%	0.50%	0.20%
Net U.S. tax on non-U.S. earnings and foreign withholdings	1.20%	0.30%	5.70%
Provision for/resolution of tax audits and contingencies, net	0.50%	(1.60%)	1.10%
Research and development and other tax credits	(0.40%)	(0.30%)	(0.10%)
Provision for/adjustment to beginning of year valuation allowances	0.20%	(0.30%)	(4.20%)
Enacted tax legislation and rate change	0.00%	(0.10%)	1.80%
Tax effect of non-deductible foreign exchange loss on intercompany loan	2.70%	0.00%	0.00%
Return to provision and other adjustments	(1.00%)	(2.10%)	(3.00%)
Effective income tax rate	30.10%	25.20%	28.00%

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Noncurrent deferred tax assets:
Tax loss carryforwards	$ 24,600
U.S.
Noncurrent deferred tax assets:
Total deferred tax assets	35,624	$ 46,052
Net deferred tax liabilities	17,212	16,712
Net deferred tax asset	18,412	29,340
Non-U.S.
Noncurrent deferred tax assets:
Total deferred tax assets	22,816	22,908
Net deferred tax liabilities	11,989	11,629
Net deferred tax asset	10,827	11,279
Noncurrent deferred tax assets: \| U.S.
Noncurrent deferred tax assets:
Accounts receivable, net	672	823
Inventories	762	636
Accrued liabilities, deferred compensation	4,490	4,730
Property, plant, equipment and intangibles, net	0	0
Other noncurrent liabilities	12,498	14,885
Tax loss carryforwards	517	2,266
Tax credit carryforwards	9,236	15,931
Derivatives	3,283	1,411
Other noncurrent liabilities, reserves	2,704	2,953
Deferred revenue	1,471	2,417
Other		0
Noncurrent deferred tax assets before valuation allowance	35,633	46,052
Less: valuation allowance	(9)	0
Total deferred tax assets	35,624	46,052
Noncurrent deferred tax assets: \| Non-U.S.
Noncurrent deferred tax assets:
Accounts receivable, net	1,453	1,050
Inventories	1,995	1,231
Accrued liabilities, deferred compensation	1,064	1,386
Property, plant, equipment and intangibles, net	2,382	4,892
Other noncurrent liabilities	82	1,048
Tax loss carryforwards	24,509	21,467
Tax credit carryforwards	954	936
Derivatives	0	0
Other noncurrent liabilities, reserves	0	0
Deferred revenue	0	0
Other	638	0
Noncurrent deferred tax assets before valuation allowance	33,077	32,010
Less: valuation allowance	(10,261)	(9,102)
Total deferred tax assets	22,816	22,908
Noncurrent deferred tax liabilities: \| U.S.
Noncurrent deferred tax assets:
Unrepatriated foreign earnings	3,779	2,202
Property, plant, equipment and intangibles, net	3,122	4,404
Deferred gain	2,911	3,391
Flow-through deferred tax liabilities	6,881	6,205
Deferred revenue	0	0
Other	519	510
Net deferred tax liabilities	17,212	16,712
Noncurrent deferred tax liabilities: \| Non-U.S.
Noncurrent deferred tax assets:
Unrepatriated foreign earnings	0	0
Property, plant, equipment and intangibles, net	0	0
Deferred gain	0	0
Flow-through deferred tax liabilities	0	0
Deferred revenue	11,989	8,492
Other	0	3,137
Net deferred tax liabilities	$ 11,989	$ 11,629

Income Taxes (Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Unrecognized tax benefits that would impact effective tax rate	$ 1,300
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits balance at January 1st	5,834	$ 3,790	$ 4,509
Increase in gross amounts of tax positions related to prior years	540	4,874	2,008
Decrease in gross amounts of tax positions related to prior years	(637)	(2,239)	(358)
Increase in gross amounts of tax positions related to current years	0	0	0
Decrease due to settlements with tax authorities	0	0	(1,626)
Decrease due to lapse in statute of limitations	(300)	(626)	(479)
Currency translation	54	35
Currency translation			(264)
Unrecognized tax benefits balance at December 31	$ 5,491	$ 5,834	$ 3,790

Income Taxes (Schedule of Current Income Taxes Prepaid and Receivable) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Prepaid taxes	$ 5,234	$ 4,399
Taxes receivable	706	1,763
Total current income taxes prepaid and receivable	$ 5,940	$ 6,162

Income Taxes (Schedule of Noncurrent Deferred Taxes and Other Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Deferred income taxes	$ 9,518	$ 11,002
Other liabilities	1,266	1,224
Total noncurrent deferred taxes and other liabilities	$ 10,784	$ 12,226

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Net income attributable to the Company	$ 98,589	$ 132,398	$ 82,891
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share	32,329	32,296	32,252
Effect of dilutive stock-based compensation plans:
Stock options	7	12	15
Long-term incentive plan	20	14	28
Weighted average number of shares used in calculating diluted net income per share	32,356	32,322	32,295
Average market price of common stock used for calculation of dilutive shares	$ 58.56	$ 78.13	$ 66.95
Net income per share:
Basic (in dollars per share)	3.05	4.10	2.57
Diluted (in dollars per share)	$ 3.05	$ 4.10	$ 2.57
Common stock, shares, outstanding (in shares)	32,300	32,300	32,300

Accumulated Other Comprehensive Income (AOCI) (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 702,689	$ 608,280	$ 573,015
Ending balance	819,865	702,689	608,280
Translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(122,852)	(115,976)	(87,318)
Other comprehensive income/(loss) before reclassifications	39,649	(6,876)	(28,658)
Pension/postretirement settlements and curtailments	0	0	0
Pension/postretirement plan remeasurement	0	0	0
Interest expense related to swaps reclassified to the Statements of Income, net of tax	0	0	0
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	0	0	0
Adjustment related to prior period change in opening valuation allowance		0
Net current period other comprehensive income	39,649	(6,876)	(28,658)
Ending balance	(83,203)	(122,852)	(115,976)
Pension and postretirement liability adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(49,994)	(47,109)	(50,536)
Other comprehensive income/(loss) before reclassifications	(722)	(525)	1,275
Pension/postretirement settlements and curtailments	283	376	1,146
Pension/postretirement plan remeasurement	10,390	(1,437)	443
Interest expense related to swaps reclassified to the Statements of Income, net of tax	0	0	0
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	382	47	563
Adjustment related to prior period change in opening valuation allowance		(1,346)
Net current period other comprehensive income	10,333	(2,885)	3,427
Ending balance	(39,661)	(49,994)	(47,109)
Derivative valuation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(3,135)	4,697	1,953
Other comprehensive income/(loss) before reclassifications	(9,363)	(10,523)	2,853
Pension/postretirement settlements and curtailments	0	0	0
Pension/postretirement plan remeasurement	0	0	0
Interest expense related to swaps reclassified to the Statements of Income, net of tax	2,954	2,691	(109)
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	0	0	0
Adjustment related to prior period change in opening valuation allowance		0
Net current period other comprehensive income	(6,409)	(7,832)	2,744
Ending balance	(9,544)	(3,135)	4,697
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(175,981)	(158,388)	(135,901)
Other comprehensive income/(loss) before reclassifications	29,564	(17,924)	(24,530)
Pension/postretirement settlements and curtailments	283	376	1,146
Pension/postretirement plan remeasurement	10,390	(1,437)	443
Interest expense related to swaps reclassified to the Statements of Income, net of tax	2,954	2,691	(109)
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	382	47	563
Adjustment related to prior period change in opening valuation allowance		(1,346)
Net current period other comprehensive income	43,573	(17,593)	(22,487)
Ending balance	$ (132,408)	$ (175,981)	$ (158,388)

Accumulated Other Comprehensive Income (AOCI) (Schedule of Items Reclassified to Statement of Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Expense related to interest rate swaps included in Income before taxes	$ 16,332	$ 19,650	$ 20,242
Income tax effect	(41,831)	(44,829)	(32,228)
Net loss attributable to the Company	98,589	132,398	82,891
Pension settlements and curtailments	411	450	1,494
Prior service credit	(4,474)	(4,420)	(4,454)
Amortization of actuarial (loss)	5,004	4,480	5,175
Total pretax amount reclassified	139,074	178,212	115,247
Reclassification out of Accumulated Other Comprehensive Income \| Derivative Valuation Adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Expense related to interest rate swaps included in Income before taxes	3,982	(1,011)	(146)
Income tax effect	(1,028)	259	37
Net loss attributable to the Company	2,954	(752)	(109)
Reclassification out of Accumulated Other Comprehensive Income \| Pension and postretirement liability adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax effect	276	87	506
Net loss attributable to the Company	665	423	1,709
Pension settlements and curtailments	411	450	1,494
Prior service credit	(4,474)	(4,420)	(4,454)
Amortization of actuarial (loss)	5,004	4,480	5,175
Total pretax amount reclassified	$ 941	$ 510	$ 2,215

Noncontrolling Interest (Details) - Albany Safran Composites, LLC - USD ($) $ in Millions	1 Months Ended
	Oct. 31, 2013	Dec. 31, 2020	Dec. 31, 2019
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder		10.00%
Subsidiary or equity method investee, cumulative percentage ownership after all transactions	90.00%
Subsidiary or equity method investee, cumulative proceeds received on all transactions	$ 28
Noncontrolling interest, ownership percentage by parent		90.00%
Safran
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%	10.00%	10.00%

Noncontrolling Interest - Income attributable to the noncontrolling interest and noncontrolling equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 31, 2013
Noncontrolling Interest [Line Items]
Net income	$ 97,243	$ 133,383	$ 83,019
Net income attributable to the Company	98,589	132,398	82,891
Net income/(loss) attributable to noncontrolling interest	(1,346)	985	128
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year	4,006
Net income/(loss) attributable to noncontrolling interest	(1,346)	985	128
Noncontrolling interest, end of year	$ 3,799	4,006
Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%
Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Net income	$ (12,261)	11,140
Less: Return attributable to the Company's preferred holding	1,202	1,291
Net income attributable to the Company	(13,463)	9,849
Net income/(loss) attributable to noncontrolling interest	(1,346)	985
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year	4,006	3,031
Net income/(loss) attributable to noncontrolling interest	(1,346)	985
Changes in other comprehensive income attributable to noncontrolling interest	1,139	(10)
Noncontrolling interest, end of year	$ 3,799	$ 4,006	$ 3,031
Safran \| Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%	10.00%		10.00%

Accounts Receivable (Schedule of Accounts Receivable, Current) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Noncurrent receivables invoice terms (in years)	10 years
Trade and other accounts receivable	$ 167,370	$ 201,427
Bank promissory notes	24,860	18,563
Allowance for expected credit losses	(3,807)	(1,719)
Accounts receivable, net	$ 188,423	$ 218,271

Accounts Receivable (Schedule of Accounts Receivable, Noncurrent) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Noncurrent receivables	$ 36,539	$ 41,234
Allowance for expected credit losses	(274)	0
Noncurrent receivables, net	$ 36,265	$ 41,234

Accounts Receivable (Schedule of Changes in Allowance for Credit Losses for Accounts Receivable) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable expected credit losses, beginning balance	$ (1,719)
Charges	(900)
Currency translation	(88)
Other	83
Accounts receivable expected credit losses, ending balance	(3,807)
Cumulative Effect, Period of Adoption, Adjustment
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable expected credit losses, beginning balance	(1,183)
Specific Customer Reserves
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable expected credit losses, beginning balance	(1,719)
Charges	(43)
Currency translation	(42)
Other	106
Accounts receivable expected credit losses, ending balance	(1,742)
Specific Customer Reserves \| Cumulative Effect, Period of Adoption, Adjustment
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable expected credit losses, beginning balance	(44)
Incremental Expected Credit Losses
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable expected credit losses, beginning balance	0
Charges	(857)
Currency translation	(46)
Other	(23)
Accounts receivable expected credit losses, ending balance	(2,065)
Incremental Expected Credit Losses \| Cumulative Effect, Period of Adoption, Adjustment
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable expected credit losses, beginning balance	$ (1,139)

Accounts Receivable (Schedule of Changes in Allowance for Credit Losses for Accounts Receivable) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Noncurrent receivables expected credit losses, beginning balance	$ 0
Charges	(71)
Currency translation	3
Other	0
Noncurrent receivables expected credit losses, ending balance	(274)
Cumulative Effect, Period of Adoption, Adjustment
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Noncurrent receivables expected credit losses, beginning balance	$ (206)

Contract Assets and Liabilities (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Deferred Income Tax Expense Benefit Provision For Gain Loss On Extinguishment Of Debt
Increase (decrease) in contract with customer, asset	$ 60.2
Increase (decrease) in contract liabilities	2.6
Contract liability, revenue recognized	$ 3.8	$ 6.0

Contract Assets and Liabilities (Schedule of Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Income Tax Expense Benefit Provision For Gain Loss On Extinguishment Of Debt
Contract assets	$ 140,348	$ 79,070
Allowance for expected credit losses	(1,059)	0
Contract assets, net	139,289	79,070
Contract liabilities	$ 8,206	$ 5,656

Contract Assets and Liabilities (Schedule of (Increases)/ Decreases in Allowance for Credit Losses) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0
Charges	(657)
Currency translation	(5)
Other	6
Ending balance	(1,059)
Cumulative Effect, Period of Adoption, Adjustment
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (403)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 57,789	$ 52,960
Work in process	40,416	31,744
Finished goods	12,273	10,445
Total inventories	$ 110,478	$ 95,149

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,485,371	$ 1,412,594
Accumulated depreciation and amortization	(1,036,817)	(946,132)
Property, plant and equipment, net	448,554	466,462	$ 462,055
Depreciation expense	63,328	62,085	68,800
Software, amortization	2,100	2,400	3,200
Capital expenditures and purchased software	42,390	67,955	82,886
Unamortized software cost	4,800	5,300	6,900
Expenditures for maintenance and repairs	17,700	19,800	$ 19,400
Right-of-use assets included in Property, plant and equipment, net	8,976	15,689
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 15,611	14,168
Useful life	25 years
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 246,137	227,875
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	15 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	40 years
Right of use assets
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 10,971	16,686
Right of use assets \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Right of use assets \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	15 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,076,092	1,020,348
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	15 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 8,638	8,126
Useful life	5 years
Computer and other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 19,294	18,808
Computer and other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Computer and other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 62,400	60,995
Software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	8 years
Capital expenditures in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 46,228	$ 45,588

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)		3 Months Ended	12 Months Ended
	Nov. 20, 2019	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment charges		$ 0
Goodwill acquired during period			$ 335,000	$ 17,343,000
Amortization of intangible assets	$ 10,300,000		7,259,000	6,309,000
Amortized intangible assets, gross			78,000,000.0
Amortized intangible assets, accumulated amortization			31,100,000
Cost of Sales
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets			(3,000,000.0)	(3,000,000.0)	$ (2,900,000)
Selling, General and Administrative Expenses
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets			$ (4,300,000)	$ (3,300,000)	$ (3,300,000)
CirComp GmbH
Finite-Lived Intangible Assets [Line Items]
Goodwill acquired during period	$ 17,700,000

Goodwill and Other Intangible Assets (Schedule of Changes in Intangible Assets and Goodwill) (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 20, 2019	Dec. 31, 2020	Dec. 31, 2019
Finite-lived Intangible Assets [Roll Forward]
Beginning balance		$ 52,892	$ 49,206
Other Changes		329	9,973
Amortization	$ (10,300)	(7,259)	(6,309)
Currency Translation		907	22
Ending balance		46,869	52,892
Beginning balance		180,934	164,382
Other Changes		335	17,343
Amortization		0	0
Currency Translation		6,284	(791)
Ending balance		187,553	180,934
Trade Names
Finite-lived Intangible Assets [Roll Forward]
Beginning balance		73	11
Other Changes		0	68
Amortization		(16)	(6)
Currency Translation		0	0
Ending balance		$ 57	$ 73
Trade Names \| Minimum
Finite-lived Intangible Assets [Roll Forward]
Amortization life in years		6 years	6 years
Trade Names \| Maximum
Finite-lived Intangible Assets [Roll Forward]
Amortization life in years		15 years	15 years
Developed Technology Rights
Finite-lived Intangible Assets [Roll Forward]
Beginning balance		$ 5,804	$ 56
Other Changes		0	5,821
Amortization		(670)	(73)
Currency Translation		610	0
Ending balance		$ 5,744	$ 5,804
Developed Technology Rights \| Minimum
Finite-lived Intangible Assets [Roll Forward]
Amortization life in years		10 years	10 years
Developed Technology Rights \| Maximum
Finite-lived Intangible Assets [Roll Forward]
Amortization life in years		15 years	15 years
Intellectual Property
Finite-lived Intangible Assets [Roll Forward]
Amortization life in years		15 years	15 years
Beginning balance		$ 1,243	$ 0
Other Changes		0	1,250
Amortization		(83)	(7)
Currency Translation		0	0
Ending balance		$ 1,160	$ 1,243
Customer Contracts
Finite-lived Intangible Assets [Roll Forward]
Amortization life in years		6 years	6 years
Beginning balance		$ 6,544	$ 9,456
Other Changes		0	0
Amortization		(2,912)	(2,912)
Currency Translation		0	0
Ending balance		3,632	6,544
Customer Relationships
Finite-lived Intangible Assets [Roll Forward]
Beginning balance		39,147	39,538
Other Changes		329	2,834
Amortization		(3,513)	(3,247)
Currency Translation		297	22
Ending balance		$ 36,260	$ 39,147
Customer Relationships \| Minimum
Finite-lived Intangible Assets [Roll Forward]
Amortization life in years		8 years	8 years
Customer Relationships \| Maximum
Finite-lived Intangible Assets [Roll Forward]
Amortization life in years		15 years	15 years
Other Intangible Assets
Finite-lived Intangible Assets [Roll Forward]
Amortization life in years		5 years	5 years
Beginning balance		$ 81	$ 145
Other Changes		0	0
Amortization		(65)	(64)
Currency Translation		0	0
Ending balance		16	81
MC Goodwill
Finite-lived Intangible Assets [Roll Forward]
Beginning balance		67,672	68,652
Other Changes		0	0
Amortization		0	0
Currency Translation		4,618	(980)
Ending balance		72,290	67,672
AEC Goodwill
Finite-lived Intangible Assets [Roll Forward]
Beginning balance		113,262	95,730
Other Changes		335	17,343
Amortization		0	0
Currency Translation		1,666	189
Ending balance		$ 115,263	$ 113,262

Goodwill and Other Intangible Assets (Schedule of Estimated Amortization Expense) (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 7,200
2022	5,000
2023	4,200
2024	4,200
2025	$ 4,200

Accrued Liabilities (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increased accrued liabilities	$ 125,459	$ 125,885

Accrued Liabilities (Schedule of Accrued Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Salaries and wages	$ 23,571	$ 22,878
Contract loss reserve	11,250	17,190
Employee benefits	12,952	14,235
Returns and allowances	10,560	11,249
Accrual for compensated absences	10,655	10,445
Dividends	6,469	6,139
Contract liabilities	8,206	5,656
Lease liability - Operating lease	4,433	4,023
Lease liability - Financing lease	1,438	1,835
Postretirement medical benefits – current portion	3,660	3,808
Restructuring costs	1,908	1,342
Professional fees	3,451	2,999
Pension liability – current portion	2,281	2,155
Workers' compensation	1,685	1,982
Utilities	1,285	790
Interest	701	517
Other	20,954	18,642
Total	$ 125,459	$ 125,885

Financial Instruments (Narrative) (Details) $ in Thousands			12 Months Ended
Financial Instruments (Narrative) (Details) $ in Thousands	Nov. 07, 2017 USD ($)	Apr. 08, 2016 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 16, 2019 USD ($)	Nov. 28, 2017 USD ($)	Nov. 27, 2017 USD ($)	May 06, 2016 USD ($)
Debt Instrument [Line Items]
Principal payments due on long-term debt in two years			$ 398,000
Cash payments of interest			15,100	$ 17,400	$ 18,800
Finance lease obligation			$ 17,559	$ 24,535
Maximum leverage ratio allowed			3.50
Minimum interest coverage ratio required			3.00
Leverage ratio			1.34
Interest coverage ratio			14.39
Line of Credit
Debt Instrument [Line Items]
Line of credit Facility, maximum borrowing capacity	$ 700,000	$ 685,000
Debt instrument, term	4 years	5 years
Borrowings outstanding			$ 398,000
Basis spread on variable rate			1.625%
Line of credit facility, remaining borrowing capacity			$ 302,000
Line of Credit \| Interest Rate Swap
Debt Instrument [Line Items]
Revolving credit borrowings								$ 300,000	$ 120,000
Amount received from terminate agreement								$ 6,300
Amount paid to terminate agreement									$ 5,200
Derivative, fixed interest rate						3.735%	2.11%
Derivative, notional amount						$ 350,000	$ 350,000
LIBOR rate						0.16%
Line of Credit \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
Line of Credit \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%

Financial Instruments (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt	$ 398,009	$ 424,029
Less: current portion	(9)	(20)
Long-term debt, net of current portion	$ 398,000	$ 424,009
Interest rate, stated percentage	5.50%	5.50%
Line of Credit
Debt Instrument [Line Items]
Long-term debt	$ 398,000	$ 424,000
Interest rate, effective percentage	3.50%	3.43%
Other Long-term Debt
Debt Instrument [Line Items]
Long-term debt	$ 9	$ 29

Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest Rate Swap
Derivative [Line Items]
Interest income (expense), net		$ 5.4	$ (0.6)	$ 0.5
Interest Rate Swap Buyouts
Derivative [Line Items]
Interest income (expense), net		$ 1.4	$ 0.5	$ 0.6
Interest Rate Swap Buyouts \| Subsequent Event
Derivative [Line Items]
Interest income (expense), net	$ 0.4

Fair-Value Measurements (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Derivative Asset [Abstract]
Equity securities, cost basis	$ 500
Interest Rate Swap
Derivative Liability [Abstract]
Receivable for floating rate leg	1,000	$ 15,200
Liability for fixed rate leg	13,700	20,700
Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	17,508	16,375
Common stock of unaffiliated foreign public company	748	839
Liabilities, Fair Value Disclosure [Abstract]
Interest rate swaps	0	0
Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	0	0
Common stock of unaffiliated foreign public company	0	0
Liabilities, Fair Value Disclosure [Abstract]
Interest rate swaps	$ (12,714)	$ (5,518)

Fair-Value Measurements (Schedule of /Gains on Changes in Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Foreign Exchange Option \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency options gains/(losses)	$ (64)	$ 0	$ (61)

Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Postretirement benefits other than pensions	$ 44,317	$ 50,576
Pension liabilities	35,607	34,638
Finance leases	16,121	22,700
Operating leases	13,589	14,386
Interest rate swap agreements	12,714	5,518
Deferred payroll taxes	2,593	0
Incentive and deferred compensation	2,286	2,925
Restructuring	287	700
Other	2,910	1,282
Total	$ 130,424	$ 132,725

Leases (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
Lessee, Lease, Description [Line Items]
Total equity		$ (608,280)	$ (819,865)	$ (702,689)	$ (573,015)
Term of lease contract			1 year
Lease expense		8,400
Payments to acquire buildings	$ 5,800
Right-of-use assets included in Property, plant and equipment, net			$ 8,976	15,689
Cumulative Effect, Period of Adoption, Adjustment
Lessee, Lease, Description [Line Items]
Total equity		(35)		1,443	$ 5,395
Cumulative Effect, Period of Adoption, Adjustment \| Retained Earnings, Pre-Tax
Lessee, Lease, Description [Line Items]
Total equity		$ 300		$ 300
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term			1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term			9 years
Renewal lease term			10 years

Leases (Schedule of Components of Lease Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finance lease
Amortization of right-of-use asset	$ 1,056	$ 997
Interest on lease liabilities	1,475	1,563
Operating lease
Fixed lease cost	5,448	5,063
Variable lease cost	314	35
Short-term lease cost	996	1,283
Total lease expense	$ 9,289	$ 8,941

Leases (Schedule of Supplemental Cash Flow Information Related to Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Lessee Disclosure [Abstract]
Operating cash outflows from operating leases	$ 5,300	$ 4,932
Operating cash outflows from finance leases	1,475	1,563
Financing cash outflows from finance leases	7,214	1,180	$ 0
Right-of-use asset obtained in exchange for operating lease liability	4,017	9,250
Right-of-use asset obtained in exchange for finance lease liability	$ 0	$ 5,686

Leases (Schedule of Supplemental Balance Sheet Information Related to Leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating leases
Right of use assets included in Other assets	$ 17,712	$ 18,223
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Lease liability - operating leases, current	$ 4,433	$ 4,023
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Lease liability - operating lease, noncurrent	$ 13,589	$ 14,386
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Total operating lease liabilities	$ 18,022	$ 18,409
Finance lease
Right-of-use assets included in Property, plant and equipment, net	$ 8,976	$ 15,689
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Accrued liabilities	$ 1,438	$ 1,835
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Other noncurrent liabilities	$ 16,121	$ 22,700
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Total finance lease liabilities	$ 17,559	$ 24,535

Leases (Schedule of Additional Information Related to Leases) (Details)	Dec. 31, 2020	Dec. 31, 2019
Lessee Disclosure [Abstract]
Operating leases, weighted average remaining lease term	6 years	6 years
Finance leases, weighted average remaining lease term	9 years	10 years
Operating leases, weighted average discount rate	4.50%	4.90%
Finance leases, weighted average discount rate	8.00%	6.70%

Leases (Schedule of Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating leases
2021	$ 5,135
2022	4,202
2023	2,829
2024	1,986
2025	1,788
Thereafter	4,587
Total lease payments	20,527
Less imputed interest	(2,505)
Total operating lease liabilities	18,022	$ 18,409
Finance lease
2021	2,790
2022	2,838
2023	3,004
2024	3,004
2025	3,004
Thereafter	9,505
Total lease payments	24,145
Less imputed interest	(6,586)
Finance lease obligation	$ 17,559	24,535
Salt Lake City, Utah
Operating leases
2021		5,153
2022		4,133
2023		3,096
2024		2,128
2025		1,496
Thereafter		5,332
Total lease payments		21,338
Less imputed interest		(2,929)
Total operating lease liabilities		18,409
Finance lease
2021		3,347
2022		3,347
2023		3,394
2024		3,560
2025		3,560
Thereafter		15,692
Total lease payments		32,900
Less imputed interest		(8,365)
Finance lease obligation		$ 24,535

Leases (Schedule of Maturities of Lease Liabilities - Prior Period) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating leases
2020	$ 5,135
2021	4,202
2022	2,829
2023	1,986
2024	1,788
Thereafter	4,587
Total lease payments	20,527
Less imputed interest	(2,505)
Total operating lease liabilities	18,022	$ 18,409
Finance lease
2020	2,790
2021	2,838
2022	3,004
2023	3,004
2024	3,004
Thereafter	9,505
Total lease payments	24,145
Less imputed interest	(6,586)
Finance lease obligation	$ 17,559	24,535
Salt Lake City, Utah
Operating leases
2020		5,153
2021		4,133
2022		3,096
2023		2,128
2024		1,496
Thereafter		5,332
Total lease payments		21,338
Less imputed interest		(2,929)
Total operating lease liabilities		18,409
Finance lease
2020		3,347
2021		3,347
2022		3,394
2023		3,560
2024		3,560
Thereafter		15,692
Total lease payments		32,900
Less imputed interest		(8,365)
Finance lease obligation		$ 24,535

Commitments and Contingencies (Narrative) (Details) $ in Millions	Dec. 31, 2020 USD ($) claim	Dec. 31, 2019 claim	Dec. 31, 2018 claim	Dec. 31, 2017 claim	Dec. 31, 2016 claim	Dec. 31, 2015 claim	Dec. 31, 2014 claim
Loss Contingencies [Line Items]
Number of pending claims	3,615
Brandon Drying Fabrics, Inc.
Loss Contingencies [Line Items]
Number of pending claims	12
Asbestos Litigation
Loss Contingencies [Line Items]
Number of pending claims	3,615	3,708	3,684	3,730	3,745	3,791	3,821
Total resolved claims, by means of settlement or dismissal	37,949
Total cost of resolution \| $	$ 10.4
Resolution costs paid by insurance carrier	100.00%
Confirmed insurance coverage \| $	$ 140.0
Asbestos Litigation \| Brandon Drying Fabrics, Inc.
Loss Contingencies [Line Items]
Total resolved claims, by means of settlement or dismissal	7,710
Resolution costs paid by insurance carrier	100.00%

Commitments and Contingencies (Schedule of Changes in Claims) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) claim	Dec. 31, 2019 USD ($) claim	Dec. 31, 2018 USD ($) claim	Dec. 31, 2017 USD ($) claim	Dec. 31, 2016 USD ($) claim	Dec. 31, 2015 USD ($) claim
Loss Contingencies [Line Items]
Closing Number of Claims	3,615
Asbestos Litigation
Loss Contingencies [Line Items]
Opening Number of Claims	3,708	3,684	3,730	3,745	3,791	3,821
Claims Dismissed, Settled, or Resolved	152	51	152	105	148	116
New Claims	59	75	106	90	102	86
Closing Number of Claims	3,615	3,708	3,684	3,730	3,745	3,791
Amounts Paid (thousands) to Settle or Resolve \| $	$ 57	$ 25	$ 100	$ 55	$ 758	$ 164

Incentive Plans (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended			12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation expense				$ 6.5	$ 6.8	$ 6.3
Profit Sharing Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation expense				$ 3.6	3.7	3.2
Minimum \| Pension plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employer matching contribution, percent of match				50.00%
Maximum \| Pension plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employer matching contribution, percent of match				100.00%
Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash payments in connection with long term incentive plan	$ 0.7	$ 1.0	$ 1.3
Vesting period				3 years
Compensation expense				$ 0.8
Shares issued for long term incentive plan (in shares)	12,930	25,473	33,425
Number of shares authorized (in shares)				1,102,542
Long Term Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				1 year
Long Term Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Long Term Incentive Plan \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash payments in connection with long term incentive plan				$ 2.4	1.5
Compensation expense				4.8	4.9	3.4
Additional share based compensation expense expected to be recognized in next twelve months				1.1
Additional share based compensation expense expected to be recognized in two years				$ 0.4
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				5 years
Compensation expense				$ 5.4	6.3	4.8
Compensation cost not yet recognized				$ 11.0
Cost not yet recognized, period for recognition				2 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense				$ 0.4	$ 1.1	$ 0.5
Compensation cost not yet recognized				$ 1.5
2011 Multi-Year Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years

Incentive Plans (Schedules of Executive Management Share-based Compensation Activity) (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares potentially payable, beginning balance	81,712	112,465	157,405
Forfeitures (in shares)	0	0	0
Payments (in shares)	(20,680)	(45,689)	(79,762)
Shares accrued based on years performance	36,808	14,936	34,822
Shares potentially payable, ending balance	97,840	81,712	112,465
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Shares potentially payable, beginning balance	$ 65.06	$ 49.96	$ 40.30
Forfeitures (in dollars per share)	0		0
Payments (in dollars per share)	47.35	36.74	39.90
Shares accrued based on years performance	73.43	92.12	70.59
Shares potentially payable, ending balance	$ 71.95	$ 65.06	$ 49.96
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract]
Shares potentially payable	$ 5,316	$ 5,619	$ 6,343
Shares potentially payable	$ 7,040	$ 5,316	$ 5,619

Incentive Plans (Schedules of Other Share-based Compensation Activity) (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares potentially payable, beginning balance	215,072	227,301	236,096
Grants (in shares)	63,104	58,878	65,370
Changes due to performance (in shares)	27,921	21,740	14,343
Payments (in shares)	(80,808)	(69,912)	(75,545)
Forfeitures (in shares)	(11,441)	(22,935)	(12,963)
Shares potentially payable, ending balance	213,848	215,072	227,301
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Payments (in dollars per share)	$ 73.04	$ 70.67	$ 62.69
Cash paid for share based liabilities	$ 5,848	$ 5,528	$ 4,736

Shareholders' Equity (Narrative) (Details)	12 Months Ended
Shareholders' Equity (Narrative) (Details)	Dec. 31, 2020 classOfCommonStock vote $ / shares shares	Dec. 31, 2019 $ / shares shares	Aug. 31, 2006 shares
Class of Stock [Line Items]
Number of classes of common stock \| classOfCommonStock	2
Common Class A
Class of Stock [Line Items]
Number of votes entitled to shareholders per share of common stock \| vote	1
Common stock, par or stated value per share (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Common stock, capital shares reserved for future issuance (in shares)		1,600,000
Number of shares authorized to be repurchased (in shares)			2,000,000
Purchases of common stock (in shares)	0
Common Class A \| IPO \| Number of Shares Reduced
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)		1,600,000
Common Class B
Class of Stock [Line Items]
Number of votes entitled to shareholders per share of common stock \| vote	10
Common stock, par or stated value per share (in dollars per share) \| $ / shares	$ 0.001	$ 0.001

Shareholders' Equity (Schedule of Activity in Shareholders' Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Beginning balance		$ 702,689	$ 608,280	$ 573,015
Beginning balance (in shares)		32,300,000	32,300,000
Net income		$ 97,243	$ 133,383	83,019
Compensation and benefits paid or payable in shares		622	1,311	1,437
Options exercised		55	112	201
Shares issued to Directors'		883	752	767
Cumulative translation adjustments		40,788	(6,886)	(28,675)
Pension and postretirement liability adjustments		10,333	(2,885)	3,427
Derivative valuation adjustment		(6,409)	$ (7,832)	$ 2,744
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201602Member
Ending balance		$ 819,865	$ 702,689	$ 608,280
Ending balance (in shares)		32,300,000	32,300,000	32,300,000
Retained earnings		$ 770,746	$ 698,496
Cumulative Effect, Period of Adoption, Adjustment
Beginning balance		(1,443)	35	$ (5,395)
Ending balance			(1,443)	35
Retained earnings				100	$ 500
Common Class A
Dividends declared		$ (23,651)	(21,818)	$ (20,029)
Conversion of Class B shares to Class A shares			$ 2
Conversion of Class B shares to Class A shares (in shares)			1,616,000
Dividends declared per share amount (in dollars per share)		$ 0.77	$ 0.73	$ 0.69
Common Class B
Beginning balance (in shares)		1,617,998
Dividends declared		$ (1,245)	$ (1,763)	$ (2,231)
Conversion of Class B shares to Class A shares			$ (1)
Conversion of Class B shares to Class A shares (in shares)			(1,616,000)
Ending balance (in shares)		1,617,998	1,617,998
Dividends declared per share amount (in dollars per share)		$ 0.77	$ 0.73	$ 0.69
Common Class B \| Standish Family Holdings, LLC
Conversion of stock (in shares)	1,600,000
Common Stock \| Common Class A
Beginning balance		$ 39	$ 37	$ 37
Beginning balance (in shares)		39,099,000	37,450,000	37,396,000
Compensation and benefits paid or payable in shares (in shares)		13,000	26,000	44,000
Options exercised (in shares)		3,000	7,000	10,000
Ending balance		$ 39	$ 39	$ 37
Ending balance (in shares)		39,115,000	39,099,000	37,450,000
Common Stock \| Series B Preferred Stock
Beginning balance		$ 2	$ 3	$ 3
Beginning balance (in shares)		1,618,000	3,234,000	3,234,000
Ending balance		$ 2	$ 2	$ 3
Ending balance (in shares)		1,618,000	1,618,000	3,234,000
Additional paid-in capital
Beginning balance		$ 432,518	$ 430,555	$ 428,423
Compensation and benefits paid or payable in shares		622	1,311	1,437
Options exercised		55	112	201
Shares issued to Directors'		501	540	494
Ending balance		433,696	432,518	430,555
Retained earnings
Beginning balance		698,496	589,645	534,082
Net income		98,589	132,398	82,891
Conversion of Class B shares to Class A shares			(1)
Ending balance		770,746	698,496	589,645
Retained earnings \| Cumulative Effect, Period of Adoption, Adjustment
Beginning balance		(1,443)	35	(5,068)
Ending balance			(1,443)	35
Retained earnings \| Cumulative Effect, Period of Adoption, Adjustment \| ASC 606
Beginning balance				(5,600)
Retained earnings \| Common Class A
Dividends declared		(23,651)	(21,818)	(20,029)
Retained earnings \| Common Class B
Dividends declared		(1,245)	(1,763)	(2,231)
Accumulated items of other comprehensive income
Beginning balance		(175,981)	(158,388)	(135,901)
Cumulative translation adjustments		39,649	(6,876)	(28,658)
Pension and postretirement liability adjustments		10,333	(2,885)	3,427
Derivative valuation adjustment		(6,409)	(7,832)	2,744
Ending balance		(132,408)	(175,981)	(158,388)
Treasury Stock
Beginning balance		$ (256,391)	$ (256,603)	$ (256,876)
Beginning balance (in shares)		8,409,000	8,419,000	8,431,000
Shares issued to Directors'		$ 382	$ 212	$ 273
Shares issued to Directors' (in shares)		(18,000)	(10,000)	(12,000)
Ending balance		$ (256,009)	$ (256,391)	$ (256,603)
Ending balance (in shares)		8,391,000	8,409,000	8,419,000
Noncontrolling Interest
Beginning balance		$ 4,006	$ 3,031	$ 3,247
Net income		(1,346)	985	128
Cumulative translation adjustments		1,139	(10)	(17)
Ending balance		$ 3,799	$ 4,006	3,031
Noncontrolling Interest \| Cumulative Effect, Period of Adoption, Adjustment
Beginning balance				(327)
Noncontrolling Interest \| Cumulative Effect, Period of Adoption, Adjustment \| ASC 606
Beginning balance				$ (300)

Business Acquisition (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 20, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Cash consideration for acquisition		$ 0	$ 30,793	$ 0
Increase (decrease) in contract with customer, asset		59,122	19,199	10,267
Increase (decrease) in accrued liabilities		(3,856)	(7,393)	8,209
Goodwill		$ 187,553	180,934	$ 164,382
CirComp GmbH
Business Acquisition [Line Items]
Cash consideration for acquisition	$ 32,400
Other payments to acquire businesses	5,500
Amount of agreed to purchase primary operating facility	$ 5,800
Period of equal installments	5 years
Acquisition related costs	$ 100
Professional fees	500
Increase (decrease) in contract with customer, asset			(300)
Increase (decrease) in accrued liabilities			500
Increase (decrease) in amortizable intangible assets			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	Dec. 31, 2020	Dec. 31, 2019	Nov. 20, 2019	Dec. 31, 2018
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill	$ 187,553	$ 180,934		$ 164,382
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Deferred income taxes	$ 9,518	$ 11,002
CirComp GmbH
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 related to finance lease			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

Business Acquisition (Summary of Operational Results) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Operating income/(loss)		$ 166,080	$ 193,576	$ 137,408
Income before income taxes		139,074	178,212	115,247
Net loss attributable to the Company		$ 98,589	$ 132,398	$ 82,891
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Basic (in dollars per share)		$ 3.05	$ 4.10	$ 2.57
Diluted (in dollars per share)		$ 3.05	$ 4.10	$ 2.57
CirComp GmbH
Business Acquisition [Line Items]
Net sales	$ 485
Operating income/(loss)	(162)
Income before income taxes	(199)
Net loss attributable to the Company	$ (324)
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Basic (in dollars per share)	$ (0.01)
Diluted (in dollars per share)	$ (0.01)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
ASC 326
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Other	$ 1,800
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	1,719	$ 7,337	$ 7,919
Charge to expense	1,628	309	579
Other	1,793	(5,927)	(1,161)
Balance at end of the period	5,140	1,719	7,337
Allowance for sales returns
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	11,249	11,343	11,370
Charge to expense	3,199	7,278	8,372
Other	(4,780)	(7,372)	(8,399)
Balance at end of the period	9,668	11,249	11,343
Valuation allowance deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	9,102	8,389	16,057
Charge to expense	391	859	(4,882)
Other	777	(146)	(2,786)
Balance at end of the period	$ 10,270	$ 9,102	$ 8,389