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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended:
June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________

Commission file number: 1-10026
ALBANY INTERNATIONAL CORP.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation or organization)

216 Airport DriveRochesterNew Hampshire
(Address of principal executive offices)

14-0462060
(IRS Employer Identification No.)

03867
(Zip Code)

603-330-5850
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.001 par value per shareAIN
The New York Stock Exchange (NYSE)
Class B Common Stock, $0.001 par value per shareAIN
The New York Stock Exchange (NYSE)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No
The registrant had 31.1 million shares of Class A Common Stock and no shares of Class B Common Stock outstanding as of July 15, 2022.



ALBANY INTERNATIONAL CORP.
TABLE OF CONTENTS
Page No.
Consolidated balance sheets as of June 30, 2022 and December 31, 2021


Index

ITEM 1. FINANCIAL STATEMENTS

ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Net sales$261,369 $234,519 $505,538 $456,880 
Cost of goods sold160,776 132,791 313,341 266,606 
Gross profit100,593 101,728 192,197 190,274 
Selling, general, and administrative expenses39,745 42,009 82,452 79,203 
Technical and research expenses10,161 9,762 20,050 19,243 
Restructuring expenses, net(28)(9)226 43 
Operating income50,715 49,966 89,469 91,785 
Interest expense, net3,933 4,218 7,542 7,787 
Other (income)/expense, net(7,045)862 (10,973)1,462 
Income before income taxes53,827 44,886 92,900 82,536 
Income tax expense14,458 13,446 25,456 23,486 
Net income39,369 31,440 67,444 59,050 
Net income attributable to the noncontrolling interest168 43 506 70 
Net income attributable to the Company$39,201 $31,397 $66,938 $58,980 
Earnings per share attributable to Company shareholders - Basic$1.25 $0.97 $2.12 $1.82 
Earnings per share attributable to Company shareholders - Diluted$1.25 $0.97 $2.11 $1.82 
Shares of the Company used in computing earnings per share:
Basic31,268 32,375 31,571 32,363 
Diluted31,378 32,422 31,668 32,411 
Dividends declared per share, Class A and Class B$0.21 $0.20 $0.42 $0.40 
The accompanying notes are an integral part of the consolidated financial statements
1

Index
ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(in thousands)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Net income$39,369 $31,440 $67,444 $59,050 
Other comprehensive income/(loss), before tax:
Foreign currency translation and other adjustments(39,319)13,651 (40,870)(1,788)
Amortization of pension liability adjustments:
Prior service credit(1,122)(1,118)(2,245)(2,237)
Net actuarial loss967 1,108 1,938 2,217 
Payments and amortization related to interest rate swaps included in earnings1,168 1,770 2,864 3,246 
Derivative valuation adjustment3,316 125 15,037 (353)
Income taxes related to items of other comprehensive income/(loss):
Amortization of prior service credit343 335 687 671 
Amortization of net actuarial loss(296)(332)(593)(665)
Payments and amortization related to interest rate swaps included in earnings(295)(457)(725)(838)
Derivative valuation adjustment(840)(44)(3,809)91 
Comprehensive income3,291 46,478 39,728 59,394 
Comprehensive income attributable to the noncontrolling interest77 226 471 43 
Comprehensive income attributable to the Company$3,214 $46,252 $39,257 $59,351 
The accompanying notes are an integral part of the consolidated financial statements
2

Index
ALBANY INTERNATIONAL CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
June 30, 2022December 31, 2021
ASSETS
Cash and cash equivalents$320,870 $302,036 
Accounts receivable, net199,489 191,985 
Contract assets, net135,907 112,546 
Inventories133,667 117,882 
Income taxes prepaid and receivable1,979 1,958 
Prepaid expenses and other current assets43,187 32,394 
Total current assets$835,099 $758,801 
Property, plant and equipment, net419,142 436,417 
Intangibles, net35,722 39,081 
Goodwill176,775 182,124 
Deferred income taxes17,894 26,376 
Noncurrent receivables, net29,843 31,849 
Other assets98,580 81,416 
Total assets$1,613,055 $1,556,064 
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable$70,430 $68,954 
Accrued liabilities110,074 124,325 
Current maturities of long-term debt  
Income taxes payable7,656 14,887 
Total current liabilities188,160 208,166 
Long-term debt485,000 350,000 
Other noncurrent liabilities107,049 107,794 
Deferred taxes and other liabilities11,064 12,499 
Total liabilities791,273 678,459 
SHAREHOLDERS' EQUITY
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued
  
Class A Common Stock, par value $.001 per share; authorized 100,000,000 shares; 40,784,934 issued in 2022 and 40,760,577 in 2021
41 41 
Class B Common Stock, par value $.001 per share; authorized 25,000,000 shares; none issued and outstanding in 2022 and 104 in 2021
  
Additional paid in capital439,450 436,996 
Retained earnings916,805 863,057 
Accumulated items of other comprehensive income:
Translation adjustments(147,271)(105,880)
Pension and postretirement liability adjustments(38,182)(38,490)
Derivative valuation adjustment11,753 (1,614)
Treasury stock (Class A), at cost; 9,674,542 shares in 2022 and 8,665,090 in 2021
(364,923)(280,143)
Total Company shareholders' equity817,673 873,967 
Noncontrolling interest4,109 3,638 
Total equity821,782 877,605 
Total liabilities and shareholders' equity$1,613,055 $1,556,064 
The accompanying notes are an integral part of the consolidated financial statements
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Index
ALBANY INTERNATIONAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
OPERATING ACTIVITIES
Net income$39,369 $31,440 $67,444 $59,050 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation15,679 15,971 31,276 32,560 
Amortization1,433 2,280 3,598 4,573 
Change in deferred taxes and other liabilities804 974 2,596 5,416 
Impairment of property, plant, equipment, and inventory(206)353 2,662 538 
Non-cash interest expense279 265 561 310 
Compensation and benefits paid or payable in Class A Common Stock1,702 1,639 2,447 1,626 
Provision for credit losses from uncollected receivables and contract assets(532)27 1,326 (83)
Foreign currency remeasurement (gain)/loss on intercompany loans1,125 (723)(1,260)(1,031)
Fair value adjustment on foreign currency options596 1(381)140
Changes in operating assets and liabilities that provided/(used) cash:
Accounts receivable1,267 (129)(14,407)(3,365)
Contract assets(24,140)9,539 (23,868)25,643 
Inventories(13,586)(1,821)(21,135)(10,384)
Prepaid expenses and other current assets(2,498)(606)(4,474)(1,505)
Income taxes prepaid and receivable(1,889)1,156 (60)(309)
Accounts payable7,851 (4,580)7,476 4,608 
Accrued liabilities7,605 2,062 (11,745)(17,423)
Income taxes payable3,151 4,121 (7,739)(3,956)
Noncurrent receivables1,250 1,099 1,864 1,587 
Other noncurrent liabilities(1,338)(2,166)(3,252)(4,263)
Other, net5,182 1,051 4,784 1,908 
Net cash provided by operating activities43,104 61,953 37,713 95,640 
INVESTING ACTIVITIES
Purchases of property, plant and equipment(19,940)(10,302)(35,659)(22,836)
Purchased software(331)(286)(366)(288)
Net cash used in investing activities(20,271)(10,588)(36,025)(23,124)
FINANCING ACTIVITIES
Proceeds from borrowings58,000  135,000 8,000 
Principal payments on debt (34,002) (56,009)
Principal payments on finance lease liabilities(264)(355)(654)(704)
Purchase of Treasury shares(42,550) (84,780) 
Taxes paid in lieu of share issuance  (770)(998)
Proceeds from options exercised 21 7 149 
Dividends paid(6,657)(6,474)(13,399)(12,942)
Net cash provided by/(used in) financing activities8,529 (40,810)35,404 (62,504)
Effect of exchange rate changes on cash and cash equivalents(17,907)4,904 (18,258)2,002 
Increase in cash and cash equivalents13,455 15,459 18,834 12,014 
Cash and cash equivalents at beginning of period307,415 237,871 302,036 241,316 
Cash and cash equivalents at end of period$320,870 $253,330 $320,870 $253,330 
The accompanying notes are an integral part of the consolidated financial statements
4

Index
ALBANY INTERNATIONAL CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. Significant Accounting Policies
Basis of Presentation
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of results for such periods. Albany International Corp. (Albany, the Registrant, the Company, we, us, or our) consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year.
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in Albany International Corp.’s Consolidated Financial Statements and accompanying Notes. Actual results could differ materially from those estimates.
The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Albany International Corp.’s Annual Report on Form 10-K for the year ended December 31, 2021.

2. Reportable Segments and Revenue Recognition
In accordance with applicable disclosure guidance for enterprise segments and related information, the internal organization that is used by management for making operating decisions and assessing performance is used as the basis for our reportable segments.
Machine Clothing:
The Machine Clothing (“MC”) segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, tissue and towel, nonwovens, fiber cement and several other industrial applications. We sell our MC products directly to customer end-users in countries across the globe. Our products, manufacturing processes, and distribution channels for MC are substantially the same in each region of the world in which we operate.
We design, manufacture, and market paper machine clothing (used in the manufacturing of paper, paperboard, tissue and towel) for each section of the paper machine and for every grade of paper. Paper machine clothing products are customized, consumable products of technologically sophisticated design that utilize polymeric materials in a complex structure.
Albany Engineered Composites:
The Albany Engineered Composites (“AEC”) segment provides highly engineered, advanced composite structures to customers in the commercial and defense aerospace industries. The segment includes Albany Safran Composites, LLC (“ASC”), in which our customer SAFRAN Group (“Safran”) owns a 10 percent noncontrolling interest. AEC, through ASC, is the exclusive supplier of the LEAP program of advanced composite fan blades and fan cases under a long-term supply contract. The LEAP engine is used on the Airbus A320neo, Boeing 737 MAX, and COMAC 919 aircraft . AEC's largest aerospace customer is the SAFRAN Group and sales to SAFRAN (consisting primarily of fan blades and cases for CFM's LEAP engine) accounted for approximately 12 percent of the Company's consolidated Net sales in 2021. AEC net sales to Safran were $83.1 million and $54.0 million in the first six months of 2022 and 2021, respectively. The total of Accounts receivable, Contract assets and Noncurrent receivables due from Safran amounted to $77.7 million and $79.6 million as of June 30, 2022 and December 31, 2021, respectively.
Other significant programs by AEC include the Sikorsky CH-53K, F-35, JASSM, and Boeing 787 programs. AEC also supplies vacuum waste tanks for the Boeing 7-Series programs, and specialty components for the Rolls Royce lift fan on the F-35, as well as the fan case for the GE9X engine. In 2021, approximately 47 percent of AEC sales were related to U.S. government contracts or programs.
5

Index
The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements:
Three months ended June 30,Six months ended June 30,
(in thousands)
2022202120222021
Net sales
Machine Clothing
$151,670 $159,921 $305,732 $308,127 
Albany Engineered Composites109,699 74,598 199,806 148,753 
Consolidated total
$261,369 $234,519 $505,538 $456,880 
Operating income/(loss)
Machine Clothing
$54,861 $55,902 $104,505 $106,264 
Albany Engineered Composites9,535 7,164 10,730 10,102 
Corporate expenses
(13,681)(13,100)(25,766)(24,581)
Operating income$50,715 $49,966 $89,469 $91,785 
Reconciling items:
Interest income(846)(401)(1,498)(930)
Interest expense
4,779 4,619 9,040 8,717 
Other (income)/expense, net(7,045)862 (10,973)1,462 
Income before income taxes
$53,827 $44,886 $92,900 $82,536 

A subsidiary within our Machine Clothing segment has been a partner in a joint venture (“JV”) that supplies paper machine clothing products to local papermakers in Russia. In March 2022, we made the decision to cease doing business in Russia, including giving notice to our JV partner of our intent to exit the venture. As a result, we recognized $1.8 million expense in the consolidated statement of operations, representing reserves against the risk of uncollectible customer receivables and obsolescence of certain inventory destined for Russian customers. We also wrote down the net book value of our investment in the aforementioned JV to reflect our intent to exit such venture, resulting in $0.8 million impairment loss during the first quarter of 2022.

Revenue Recognition:
Products and services provided under long-term contracts represent a significant portion of sales in the Albany Engineered Composites segment and we account for these contracts using the percentage of completion (actual cost to estimated cost) method. That method requires significant judgment and estimation, which could be considerably different if the underlying circumstances were to change. When adjustments in estimated contract revenues or costs are required, any changes from prior estimates are included in earnings in the period the change occurs. Changes in the estimated profitability of long-term contracts could be caused by increases or decreases in the contract value, revisions to customer delivery requirements, updated labor or overhead rates, factors affecting the supply chain, changes in the evaluation of contract risks and opportunities, or other factors. Changes in the estimated profitability of long-term contracts increased operating income by $1.2 million for the second quarter of 2022 and decreased operating income $0.6 million for the first half of 2022. Adjustments in the estimated profitability of long-term contracts increased operating income by $4.3 million and $3.7 million for the second quarter and first half of 2021, respectively.
6

Index
We disaggregate revenue earned from contracts with customers for each of our business segments and product groups based on the timing of revenue recognition, and groupings used for internal review purposes.
The following table disaggregates revenue for each product group by timing of revenue recognition:

Three months ended June 30, 2022
(in thousands)
Point in Time Revenue
Recognition
Over Time Revenue
Recognition
Total
Machine Clothing$150,770 $900 $151,670 
Albany Engineered Composites
ASC
 41,661 41,661 
Other AEC5,018 63,020 68,038 
Total Albany Engineered Composites
5,018 104,681 109,699 
                                         
Total revenue$155,788 $105,581 $261,369 

Three months ended June 30, 2021
(in thousands)
Point in Time Revenue
Recognition
Over Time Revenue
Recognition
Total
Machine Clothing$159,056 $865 $159,921 
Albany Engineered Composites
ASC
 26,170 26,170 
Other AEC4,432 43,996 48,428 
Total Albany Engineered Composites
4,432 70,166 74,598 
Total revenue
$163,488 $71,031 $234,519 

Six months ended June 30, 2022
(in thousands)
Point in Time Revenue
Recognition
Over Time Revenue
Recognition
Total
Machine Clothing$303,933 $1,799 $305,732 
Albany Engineered Composites
ASC 81,373 81,373 
Other AEC8,931 109,502 118,433 
Total Albany Engineered Composites8,931 190,875 199,806 
Total revenue$312,864 $192,674 $505,538 







7

Index

Six months ended June 30, 2021
(in thousands)Point in Time Revenue
Recognition
Over Time Revenue
Recognition
Total
Machine Clothing$306,397 $1,730 $308,127 
Albany Engineered Composites
ASC 53,254 53,254 
Other AEC8,312 87,187 95,499 
Total Albany Engineered Composites8,312 140,441 148,753 
Total revenue$314,709 $142,171 $456,880 

The following table disaggregates MC segment revenue by significant product groupings (paper machine clothing (PMC) and engineered fabrics), and, for PMC, the geographical region to which the paper machine clothing was sold:
Three months ended June 30,Six months ended June 30,
(in thousands)
2022202120222021
Americas PMC$79,062 $82,343 $155,678 $155,645 
Eurasia PMC
52,368 55,900 107,854 111,043 
Engineered Fabrics20,240 21,678 42,200 41,439 
Total Machine Clothing Net sales
$151,670 $159,921 $305,732 $308,127 
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 relatively short duration firm-fixed-price orders. Remaining performance obligations on contracts that had an original duration of greater than one year totaled $579 million and $149 million as of June 30, 2022 and 2021, respectively, and related primarily to firm contracts in the AEC segment. Of the remaining performance obligations as of June 30, 2022, we expect to recognize as revenue approximately $77 million during 2022, $96 million during 2023, $71 million during 2024, and the remainder thereafter.

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Index
3. Pensions and Other Postretirement Benefit Plans
The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The Company also provides certain postretirement benefits to retired employees in the U.S. and Canada. The Company accrues the cost of providing these benefits during the active service period of the employees.
The composition of the net periodic benefit cost for the six months ended June 30, 2022 and 2021, was as follows:
Pension plans
Other postretirement benefits
(in thousands)
2022202120222021
Components of net periodic benefit cost:
Service cost
$708 $1,090 $57 $66 
Interest cost2,828 2,674 611 551 
Expected return on assets
(3,405)(3,211)  
Amortization of prior service cost/(credit)(1)7 (2,244)(2,244)
Amortization of net actuarial loss
997 1,087 941 1,130 
Net periodic benefit cost$1,127 $1,647 $(635)$(497)
The amount of net periodic benefit cost is determined at the beginning of each year and generally only varies from quarter to quarter when a significant event occurs, such as a curtailment or a settlement. There were no such events in the first six months of 2022 or 2021.
Service cost for defined benefit pension and postretirement plans are reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net periodic benefit cost are included in the line item Other (income)/expense, net in the Consolidated Statements of Income.


4. Other (Income)/Expense, net
The components of Other (Income)/Expense, net are:
Three months ended June 30,Six months ended June 30,
(in thousands)
2022202120222021
Currency transaction (gains)/losses$(7,284)$175 $(11,024)$341 
Bank fees and amortization of debt issuance costs
80 104 176 210 
Components of net periodic pension and postretirement cost other than service cost(137)(4)(273)(6)
Other
296 587 148 917 
Total$(7,045)$862 $(10,973)$1,462 

Other (income)/expense, net, included foreign currency related transactions which resulted in gains of $7.3 million and $11.0 million in the three and six month periods ended June 30, 2022, respectively, as compared to losses of $0.2 million and $0.3 million in the three and six month periods ended June 30, 2021, respectively. The weaker Euro during the three and six month periods ended June 30, 2022 led to the gains on foreign currency related transactions during such periods.
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5. Income Taxes
The following table presents components of income tax expense for the three and six months ended June 30, 2022 and 2021:
Three months ended June 30,Six months ended June 30,
(in thousands, except percentages)2022202120222021
Income tax based on income from continuing operations (1)$15,165 $13,251 $26,107 $24,583 
Provision for change in estimated tax rate66 (218)66 (218)
Income tax before discrete items15,231 13,033 26,173 24,365 
Discrete tax expense:
Exercise of U.S. stock options (14)(9)(156)
Impact of amended tax returns(17) (98) 
True-up of prior year estimated taxes(612)22 (508)(1,421)
Enacted tax legislation and rate change 352  352 
Provision for/resolution of tax audits and contingencies, net(146) (140)278 
Other2 53 38 68 
Total income tax expense$14,458 $13,446 $25,456 $23,486 
(1) Calculated at estimated annual tax rates of 28.2% and 29.5% for the three and six months ended June 30, 2022 and 2021.
Income tax expense for the quarter was computed in accordance with ASC 740-270, Income Taxes – Interim Reporting. Under this method, loss jurisdictions, which cannot recognize a tax benefit with regard to their generated losses, are excluded from the annual effective tax rate (AETR) calculation and their taxes will be recorded discretely in each quarter.


6. Earnings Per Share
The amounts used in computing earnings per share and the weighted average number of shares of potentially dilutive securities are as follows:
Three months ended June 30,Six months ended June 30,
(in thousands, except market price and earnings per share)
2022202120222021
Net income attributable to the Company$39,201 $31,397 $66,938 $58,980 
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share
31,268 32,375 31,571 32,363 
Effect of dilutive stock-based compensation plans:
Stock options 1  2 
RSU and MPP shares110 46 97 46 
Weighted average number of shares used in calculating diluted net income per share31,378 32,422 31,668 32,411 
Average market price of common stock used for calculation of dilutive shares$81.46 $87.53 $83.77 $83.48 
Net income attributable to the Company per share:
Basic$1.25 $0.97 $2.12 $1.82 
Diluted$1.25 $0.97 $2.11 $1.82 

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7. Accumulated Other Comprehensive Income (AOCI)
The table below presents changes in the components of AOCI for the period December 31, 2021 to June 30, 2022:
(in thousands)
Translation
adjustments
Pension and
postretirement
liability
adjustments
Derivative
valuation
adjustment
Total Other
Comprehensive
Income
December 31, 2021$(105,880)$(38,490)$(1,614)$(145,984)
Other comprehensive income/(loss) before reclassifications, net of tax
(41,391)521 11,228 (29,642)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax  2,139 2,139 
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax
 (213) (213)
Net current period other comprehensive income(41,391)308 13,367 (27,716)
June 30, 2022$(147,271)$(38,182)$11,753 $(173,700)

The table below presents changes in the components of AOCI for the period December 31, 2020 to June 30, 2021:
(in thousands)
Translation
adjustments
Pension and
postretirement
liability
adjustments
Derivative
valuation
adjustment
Total Other
Comprehensive
Income
December 31, 2020$(83,203)$(39,661)$(9,544)$(132,408)
Other comprehensive income/(loss) before reclassifications, net of tax(2,181)393 (262)(2,050)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax  2,408 2,408 
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax (14) (14)
Net current period other comprehensive income(2,181)379 2,146 344 
June 30, 2021$(85,384)$(39,282)$(7,398)$(132,064)
The components of our Accumulated Other Comprehensive Income that are reclassified to the Statement of Income relate to our pension and postretirement plans and interest rate swaps.
The table below presents the expense/(income) amounts reclassified from AOCI, and the line items of the Statement of Income that were affected for the three and six months ended June 30, 2022 and 2021:
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Three months ended June 30,Six months ended June 30,
(in thousands)
2022202120222021
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense/(income) related to interest rate swaps included in Income before taxes (a)
$1,168 $1,770 $2,864 $3,246 
Income tax effect(295)