0000819793-22-000052 | 10-Q | XBRL Viewer | Albany International Corp DE

Print Document View Excel Document

Cover page - shares	9 Months Ended
Cover page - shares	Sep. 30, 2022	Oct. 15, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000819793
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
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		31,100,000
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		0

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net sales	$ 260,563	$ 232,442	$ 766,101	$ 689,322
Cost of goods sold	160,070	140,400	473,411	407,006
Gross profit	100,493	92,042	292,690	282,316
Selling, general, and administrative expenses	36,873	37,696	119,325	116,899
Technical and research expenses	9,934	9,673	29,984	28,916
Restructuring expenses, net	42	187	268	230
Operating income	53,644	44,486	143,113	136,271
Interest expense, net	3,794	3,734	11,336	11,521
Pension settlement expense	49,128	0	49,128	0
Aviation Manufacturing Jobs Protection (AMJP) grant	0	(5,832)	0	(5,832)
Other (income)/expense, net	(6,918)	2,753	(17,891)	4,215
Income before income taxes	7,640	43,831	100,540	126,367
Income tax expense/(benefit)	(3,183)	12,889	22,273	36,375
Net income	10,823	30,942	78,267	89,992
Net income attributable to the noncontrolling interest	129	80	635	150
Net income attributable to the Company	$ 10,694	$ 30,862	$ 77,632	$ 89,842
Earnings per share attributable to Company shareholders - Basic (in dollars per share)	$ 0.34	$ 0.95	$ 2.47	$ 2.78
Earnings per share attributable to Company shareholders - Diluted (in dollars per share)	$ 0.34	$ 0.95	$ 2.46	$ 2.77
Shares of the Company used in computing earnings per share:
Shares of the Company used in computing earnings per share, basic (in shares)	31,111	32,381	31,416	32,369
Shares of the Company used in computing earnings per share, diluted (in shares)	31,223	32,434	31,518	32,424
Dividends declared per share, Class A and Class B (in dollars per share)	$ 0.21	$ 0.20	$ 0.63	$ 0.60

Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 10,823	$ 30,942	$ 78,267	$ 89,992
Other comprehensive income/(loss), before tax:
Foreign currency translation and other adjustments	(38,971)	(14,709)	(79,841)	(16,497)
Reclassification of loss on pension settlement	42,657	0	42,657	0
Amortization of pension liability adjustments:
Amortization of prior service credit	(1,123)	(1,119)	(3,368)	(3,356)
Net actuarial loss	967	1,103	2,905	3,320
Payments and amortization related to interest rate swaps included in earnings	(106)	1,803	2,758	5,049
Derivative valuation adjustment	8,492	722	23,529	369
Income taxes related to items of other comprehensive income/(loss):
Reclassification of loss on pension settlement	(16,459)	0	(16,459)	0
Amortization of prior service credit	344	336	1,031	1,007
Amortization of net actuarial loss	(296)	(331)	(889)	(996)
Payments and amortization related to interest rate swaps included in earnings	(27)	(466)	(752)	(1,304)
Derivative valuation adjustment	(2,151)	(186)	(5,960)	(95)
Comprehensive income	4,150	18,095	43,878	77,489
Comprehensive income attributable to the noncontrolling interest	73	(112)	544	(69)
Comprehensive income attributable to the Company	$ 4,077	$ 18,207	$ 43,334	$ 77,558

Consolidated Balance Sheets - USD ($)	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 276,482,000	$ 302,036,000
Accounts receivable, net	198,847,000	191,985,000
Contract assets, net	148,729,000	112,546,000
Inventories	133,840,000	117,882,000
Income taxes prepaid and receivable	4,055,000	1,958,000
Prepaid expenses and other current assets	46,761,000	32,394,000
Total current assets	808,714,000	758,801,000
Property, plant and equipment, net	411,139,000	436,417,000
Intangibles, net	34,306,000	39,081,000
Goodwill	172,820,000	182,124,000
Deferred income taxes	17,954,000	26,376,000
Noncurrent receivables, net	28,770,000	31,849,000
Other assets	98,146,000	81,416,000
Total assets	1,571,849,000	1,556,064,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	65,378,000	68,954,000
Accrued liabilities	106,831,000	124,325,000
Current maturities of long-term debt	0	0
Income taxes payable	17,328,000	14,887,000
Total current liabilities	189,537,000	208,166,000
Long-term debt	447,000,000	350,000,000
Other noncurrent liabilities	103,843,000	107,794,000
Deferred taxes and other liabilities	11,281,000	12,499,000
Total liabilities	751,661,000	678,459,000
SHAREHOLDERS' EQUITY
Preferred stock	0	0
Additional paid in capital	440,295,000	436,996,000
Retained earnings	920,966,000	863,057,000
Accumulated items of other comprehensive income:
Translation adjustments	(185,721,000)	(105,880,000)
Pension and postretirement liability adjustments	(12,613,000)	(38,490,000)
Derivative valuation adjustment	17,961,000	(1,614,000)
Treasury stock	(364,923,000)	(280,143,000)
Total Company shareholders' equity	816,006,000	873,967,000
Noncontrolling interest	4,182,000	3,638,000
Total equity	820,188,000	877,605,000
Total liabilities and shareholders' equity	1,571,849,000	1,556,064,000
Common Class A
SHAREHOLDERS' EQUITY
Common stock	41,000	41,000
Common Class B
SHAREHOLDERS' EQUITY
Common stock	$ 0	$ 0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
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 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)	40,785,434	40,760,577
Treasury stock, shares (in shares)	9,674,542	8,665,090
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)	0	104
Common stock, shares, outstanding (in shares)	0	104

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
OPERATING ACTIVITIES
Net income	$ 10,823	$ 30,942	$ 78,267	$ 89,992
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	15,588	15,925	46,864	48,485
Amortization	1,446	2,289	5,044	6,862
Change in deferred taxes and other liabilities	(18,178)	1,606	(15,582)	7,022
Impairment of property, plant, equipment, and inventory	(52)	25	2,610	563
Non-cash interest expense	279	283	840	593
Non-cash portion of pension settlement expense	42,657	0	42,657	0
Compensation and benefits paid or payable in Class A Common Stock	835	606	3,282	2,232
Provision/(recovery) for credit losses from uncollected receivables and contract assets	(441)	(1,075)	885	(1,158)
Foreign currency remeasurement (gain)/loss on intercompany loans	(5,369)	480	(6,629)	(551)
Fair value adjustment on foreign currency options	(28)	29	(409)	169
Changes in operating assets and liabilities that provided/(used) cash:
Accounts receivable	(5,853)	(10,927)	(20,260)	(14,292)
Contract assets	(13,333)	(3,473)	(37,201)	22,170
Inventories	(3,760)	546	(24,895)	(9,838)
Prepaid expenses and other current assets	1,741	3,949	(2,733)	2,444
Income taxes prepaid and receivable	(2,119)	2,717	(2,179)	2,408
Accounts payable	(2,395)	(296)	5,081	4,312
Accrued liabilities	(879)	5,112	(12,624)	(12,311)
Income taxes payable	10,378	2,871	2,639	(1,085)
Noncurrent receivables	1,112	1,245	2,976	2,832
Other noncurrent liabilities	(2,708)	(1,319)	(5,960)	(5,582)
Other, net	(150)	1,324	4,634	3,232
Net cash provided by operating activities	29,594	52,859	67,307	148,499
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(15,289)	(8,918)	(50,948)	(31,754)
Purchased software	(1,518)	(106)	(1,884)	(394)
Net cash used in investing activities	(16,807)	(9,024)	(52,832)	(32,148)
FINANCING ACTIVITIES
Proceeds from borrowings	10,000	0	145,000	8,000
Principal payments on debt	(48,000)	0	(48,000)	(56,009)
Principal payments on finance lease liabilities	0	(363)	(654)	(1,067)
Purchase of Treasury shares	0	0	(84,780)	0
Taxes paid in lieu of share issuance	0	0	(770)	(998)
Proceeds from options exercised	10	4	17	153
Dividends paid	(6,533)	(6,476)	(19,932)	(19,418)
Net cash used in financing activities	(44,523)	(6,835)	(9,119)	(69,339)
Effect of exchange rate changes on cash and cash equivalents	(12,652)	(4,113)	(30,910)	(2,111)
(Decrease)/increase in cash and cash equivalents	(44,388)	32,887	(25,554)	44,901
Cash and cash equivalents at beginning of period	320,870	253,330	302,036	241,316
Cash and cash equivalents at end of period	$ 276,482	$ 286,217	$ 276,482	$ 286,217

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of results for such periods. Albany International Corp. (Albany, the Registrant, the Company, we, us, or our) consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in Albany International Corp.’s Consolidated Financial Statements and accompanying Notes. Actual results could differ materially from those estimates. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Albany International Corp.’s Annual Report on Form 10-K for the year ended December 31, 2021.

Reportable Segments and Revenue Recognition

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

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 $125.4 million and $81.6 million in the first nine months of 2022 and 2021, respectively. The total of Accounts receivable, Contract assets and Noncurrent receivables due from Safran amounted to $76.4 million and $79.6 million as of September 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.

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2022		2021		2022		2021
Net sales
Machine Clothing	$	153,389	$	154,171	$	459,121	$	462,298
Albany Engineered Composites	107,174		78,271		306,980		227,024
Consolidated total	$	260,563	$	232,442	$	766,101	$	689,322
Operating income/(loss)
Machine Clothing	$	57,247	$	55,467	$	161,752	$	161,731
Albany Engineered Composites	9,958		2,917		20,688		13,019
Corporate expenses	(13,561)		(13,898)		(39,327)		(38,479)
Operating income	$	53,644	$	44,486	$	143,113	$	136,271
Reconciling items:
Interest income	(965)		(654)		(2,463)		(1,584)
Interest expense	4,759		4,388		13,799		13,105
Pension settlement expense	49,128		—		49,128		—
AMJP grant	—		(5,832)		—		(5,832)
Other (income)/expense, net	(6,918)		2,753		(17,891)		4,215
Income before income taxes	$	7,640	$	43,831	$	100,540	$	126,367

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 $1.6 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.

In the third quarter, we took actions to settle certain pension plan liabilities in the U.S., leading to charges totaling $49.1 million, which were included as Corporate expenses and other. This led to a reduction of unfunded pension liabilities of $6.2 million.

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 $2.6 million for the third quarter of 2022 and $2.0 million for the first nine months of 2022. Adjustments in the estimated profitability of long-term contracts increased operating income by $2.1 million and $2.4 million for the three and nine month periods ended September 30, 2021, respectively.

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 September 30, 2022
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	152,490	$	899	$	153,389

Albany Engineered Composites
ASC	—		41,463		41,463
Other AEC	5,819		59,892		65,711
Total Albany Engineered Composites	5,819		101,355		107,174

Total revenue	$	158,309	$	102,254	$	260,563


	Three months ended September 30, 2021
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	153,306	$	865	$	154,171

Albany Engineered Composites
ASC	—		26,904		26,904
Other AEC	3,589		47,778		51,367
Total Albany Engineered Composites	3,589		74,682		78,271

Total revenue	$	156,895	$	75,547	$	232,442


	Nine months ended September 30, 2022
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	456,423	$	2,698	$	459,121

Albany Engineered Composites
ASC	—		122,836		122,836
Other AEC	14,750		169,394		184,144
Total Albany Engineered Composites	14,750		292,230		306,980

Total revenue	$	471,173	$	294,928	$	766,101


	Nine months ended September 30, 2021
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	459,703	$	2,595	$	462,298

Albany Engineered Composites
ASC	—		80,158		80,158
Other AEC	11,901		134,965		146,866
Total Albany Engineered Composites	11,901		215,123		227,024

Total revenue	$	471,604	$	217,718	$	689,322

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2022		2021		2022		2021
Americas PMC	$	83,124	$	81,780	$	240,173	$	237,425
Eurasia PMC	49,828		53,277		157,751		164,320
Engineered Fabrics	20,437		19,114		61,197		60,553
Total Machine Clothing Net sales	$	153,389	$	154,171	$	459,121	$	462,298

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 $600 million and $155 million as of September 30, 2022 and 2021, respectively, and related primarily to firm contracts in the AEC segment. Of the remaining performance obligations as of September 30, 2022, we expect to recognize as revenue approximately $46 million during 2022, $124 million during 2023, $107 million during 2024, and the remainder thereafter.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

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

+ Details

Pensions and Other Postretirement Benefit Plans

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

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 nine months ended September 30, 2022 and 2021, was as follows:


	Pension plans				Other postretirement benefits
(in thousands)	2022		2021		2022		2021
Components of net periodic benefit cost:
Service cost	$	1,061	$	1,630	$	86	$	99
Interest cost	4,235		3,999		916		827
Expected return on assets	(5,099)		(4,802)		—		—
Amortization of prior service cost/(credit)	(2)		10		(3,366)		(3,366)
Amortization of net actuarial loss	1,493		1,625		1,412		1,695
Net periodic benefit cost/(credit)	$	1,688	$	2,462	$	(952)	$	(745)
Settlement charge	49,128		—		—		—
Net benefit cost/(credit)	$	50,816	$	2,462	$	(952)	$	(745)

The amount of net benefit cost/(credit) is determined at the beginning of each year and generally only varies from quarter to quarter when a significant event occurs, such as a curtailment or a settlement. In the third quarter, we took actions to settle certain pension plan liabilities for a plan in the U.S., leading to charges totaling $49.1 million. No similar charges were incurred in the prior year.

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.

- 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 https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI https://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Other (Income)/Expense, net

9 Months Ended

Sep. 30, 2022

Other Income and Expenses [Abstract]

Other (Income)/Expense, net

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2022		2021		2022		2021
Currency transaction (gains)/losses	$	(6,636)	$	472	$	(17,660)	$	813
Bank fees and amortization of debt issuance costs	76		74		252		284
Components of net periodic pension and postretirement cost other than service cost	(138)		(6)		(411)		(12)
Other	(220)		2,213		(72)		3,130
Total	$	(6,918)	$	2,753	$	(17,891)	$	4,215

Other (income)/expense, net, included foreign currency gains of $6.6 million and $17.7 million in the three and nine month periods ended September 30, 2022, respectively, as compared to losses of $0.5 million and $0.8 million in the three and nine month periods ended September 30, 2021, respectively. The weaker Euro during the three and nine month periods ended September 30, 2022 led to the gains on foreign currency related transactions during such periods.

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The following table presents components of income tax expense for the three and nine months ended September 30, 2022 and 2021:


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except percentages)	2022		2021		2022		2021
Income tax based on income from continuing operations (1)	$	2,208	$	13,150	$	28,315	$	37,733
Provision for change in estimated tax rate	674		397		740		179
Income tax before discrete items	2,882		13,547		29,055		37,912
Discrete tax expense:
Exercise of U.S. stock options	(9)		(4)		(17)		(160)
Impact of amended tax returns	—		—		(98)		—
True-up of prior year estimated taxes	(1,185)		(674)		(1,693)		(2,095)
Enacted tax legislation and rate change	—		—		—		352
Provision for/resolution of tax audits and contingencies, net	24		—		(116)		278
US Pension Settlement - Release of Residual Tax Effect	(5,217)		—		(5,217)		—
Other	322		20		359		88
Total income tax expense/(benefit)	$	(3,183)	$	12,889	$	22,273	$	36,375
(1) Calculated at estimated annual tax rates of 28.9% and 30.0% for the three and nine months ended September 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.

The Company's policy for releasing income tax effects from accumulated other comprehensive income is the specific identification approach, whereas these items are released to income tax expense when the individual items are disposed of, terminated or extinguished.

The Tax Cuts and Jobs Act lowered the U.S. corporate tax rate from 35% to 21% as of December 31, 2017, creating residual tax effects as a result of the remeasurement of deferred tax assets and liabilities originally established in other comprehensive income. As a result of the U.S. pension liability settlement (see Note 3), and consistent with the Company's policy, in the third quarter of 2022, the Company recorded a net tax benefit of $5.2 million for the release of the residual tax effects within other comprehensive income related to the U.S. pension settlement.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except market price and earnings per share)	2022		2021		2022		2021
Net income attributable to the Company	$	10,694	$	30,862	$	77,632	$	89,842

Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share	31,111		32,381		31,416		32,369
Effect of dilutive stock-based compensation plans:
Stock options	—		1		—		2
RSU and MPP shares	112		52		102		53

Weighted average number of shares used in calculating diluted net income per share	31,223		32,434		31,518		32,424

Average market price of common stock used for calculation of dilutive shares	$	86.00	$	80.33	$	84.53	$	82.41

Net income attributable to the Company per share:
Basic	$	0.34	$	0.95	$	2.47	$	2.78
Diluted	$	0.34	$	0.95	$	2.46	$	2.77

Accumulated Other Comprehensive Income (AOCI)

9 Months Ended

Sep. 30, 2022

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

Accumulated Other Comprehensive Income (AOCI)

The table below presents changes in the components of AOCI for the period December 31, 2021 to September 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	(79,841)		—		17,569		(62,272)
Pension settlement expense, net of tax	—		26,198		—		26,198
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		2,006		2,006
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		(321)		—		(321)
Net current period other comprehensive income	(79,841)		25,877		19,575		(34,389)
September 30, 2022	$	(185,721)	$	(12,613)	$	17,961	$	(180,373)

The table below presents changes in the components of AOCI for the period December 31, 2020 to September 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	(17,124)		627		274		(16,223)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		3,745		3,745
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		(25)		—		(25)
Net current period other comprehensive income	(17,124)		602		4,019		(12,503)
September 30, 2021	$	(100,327)	$	(39,059)	$	(5,525)	$	(144,911)

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 nine months ended September 30, 2022 and 2021:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2022		2021		2022		2021
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense/(income) related to interest rate swaps included in Income before taxes (a)	$	(106)	$	1,803	$	2,758	$	5,049
Income tax effect	(27)		(466)		(752)		(1,304)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	(133)	$	1,337	$	2,006	$	3,745

Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Pension settlement expense	42,657		—		42,657		—
Amortization of prior service credit	(1,123)		(1,119)		(3,368)		(3,356)
Amortization of net actuarial loss	967		1,103		2,905		3,320
Total pretax amount reclassified (b)	42,501		(16)		42,194		(36)
Income tax effect	(16,411)		5		(16,317)		11
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	26,090	$	(11)	$	25,877	$	(25)

(a)Included in Interest expense, net are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 13 and 14).

(b)These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 3).

Noncontrolling Interest

9 Months Ended

Sep. 30, 2022

Noncontrolling Interest [Abstract]

Noncontrolling Interest

Noncontrolling InterestEffective October 31, 2013, Safran S.A. (Safran) acquired a 10 percent equity interest in a new Albany subsidiary, Albany Safran Composites, LLC (ASC). The table below presents a reconciliation of income attributable to the noncontrolling interest and noncontrolling equity in the Company’s subsidiary Albany Safran Composites, LLC:


	Nine months ended September 30,
(in thousands, except percentages)	2022			2021
Net income of Albany Safran Composites (ASC)	$	7,320		$	2,495
Less: Return attributable to the Company's preferred holding	974			991
Net income of ASC available for common ownership	$	6,346		$	1,504
Ownership percentage of noncontrolling shareholder	10		%	10		%
Net income attributable to the noncontrolling interest	$	635		$	150

Noncontrolling interest, beginning of year	$	3,638		$	3,799
Net income attributable to noncontrolling interest	635			150
Changes in other comprehensive income attributable to the noncontrolling interest	(91)			(219)
Noncontrolling interest, end of interim period	$	4,182		$	3,730

Accounts Receivable

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Accounts Receivable

Accounts receivable includes trade receivables. In connection with certain sales in Asia, the Company accepts a bank promissory note as customer payment. The notes may be presented for payment at maturity, which is less than one year. As of September 30, 2022 and December 31, 2021, Accounts receivable consisted of the following:


(in thousands)	September 30, 2022		December 31, 2021
Trade and other accounts receivable	$	179,734	$	168,046
Bank promissory notes	21,654		26,284
Allowance for expected credit losses	(2,541)		(2,345)
Accounts receivable, net	$	198,847	$	191,985

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 September 30, 2022 and December 31, 2021, Noncurrent receivables consisted of the following:


(in thousands)	September 30, 2022		December 31, 2021
Noncurrent receivables	$	28,914	$	32,049
Allowance for expected credit losses	(144)		(200)
Noncurrent receivables, net	$	28,770	$	31,849

Contract Assets and Liabilities

9 Months Ended

Sep. 30, 2022

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

Contract Assets and Liabilities

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

Contract assets and Contract liabilities are reported on the Consolidated Balance Sheets in a net position on a contract-by-contract basis at the end of each reporting period.

As of September 30, 2022 and December 31, 2021, Contract assets and Contract liabilities consisted of the following:


(in thousands)	September 30, 2022		December 31, 2021
Contract assets	$	149,477	$	113,249
Allowance for expected credit losses	(748)		(703)
Contract assets, net	$	148,729	$	112,546

Contract liabilities	$	5,672	$	6,959

Contract assets increased $36.2 million during the nine-month period ended September 30, 2022. The increase was primarily due to an increase in unbilled revenue related to the satisfaction of performance obligations, in excess of the amounts billed to customers for contracts that were in a contract asset position. There were no impairment losses related to our Contract assets during the nine month periods ended September 30, 2022 and September 30, 2021.

Contract liabilities decreased $1.3 million during the nine-month period ended September 30, 2022, primarily due to revenue recognized from satisfied performance obligations exceeding amounts invoiced to customers that were in a contract liability position. Revenue recognized for the nine-month periods ended September 30, 2022 and 2021 that was included in the Contract liability balance at the beginning of the year was $5.0 million and $5.3 million, respectively.

Inventories

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Costs included in inventories are raw materials, labor, supplies and allocable depreciation and overhead. Raw material inventories are valued on an average cost basis. Other inventory cost elements are valued at cost, using the first-in, first-out method. The Company writes down the inventories for estimated obsolescence, and to lower of cost or net realizable value based upon assumptions about future demand and market conditions. If actual demand or market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required. Once established, the original cost of the inventory less the related write-down represents the new cost basis of such inventories.

As of September 30, 2022 and December 31, 2021, Inventories consisted of the following:


(in thousands)	September 30, 2022		December 31, 2021
Raw materials	$	66,911	$	58,689
Work in process	51,756		44,839
Finished goods	15,173		14,354
Total inventories	$	133,840	$	117,882

Goodwill and Other Intangible Assets	9 Months Ended
Goodwill and Other Intangible Assets	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	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. Our reportable segments are consistent with our operating segments. In the second quarter of 2022, management applied the qualitative assessment approach in performing its annual evaluation of goodwill for the Company's Machine Clothing reporting unit and two AEC reporting units 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 excess between the fair and carrying values. Accordingly, no impairment charges were recorded. When a quantitative assessment is performed, 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.

Financial Instruments

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Financial Instruments

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


(in thousands, except interest rates)	September 30, 2022		December 31, 2021
Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.87% in 2022 and 3.74% in 2021 (including the effect of interest rate hedging transactions, as described below), due in 2024	$	447,000	$	350,000

We had no current maturities of Long-term debt as of September 30, 2022 or December 31, 2021.

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, $447 million of borrowings were outstanding as of September 30, 2022. The applicable interest rate for borrowings was LIBOR plus a spread, based on our leverage ratio at the time of borrowing. At the time of the last borrowing on September 26, 2022, 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 September 30, 2022, we would have been able to borrow an additional $253 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 June 14, 2021, we entered into interest rate swap agreements for the period October 17, 2022 through October 27, 2024. 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 0.838% during the period. Under the terms of these transactions, we pay the fixed rate of 0.838% and the counterparties pay a floating rate based on the one-month LIBOR rate at each monthly calculation date. The monthly calculation date is the 16th day of each month, and on September 16, 2022, one-month LIBOR was 2.94%.

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. The monthly calculation date is the 16th day of each month, and on September 16, 2022, one-month LIBOR was 2.94%. On September 16, 2022, 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 14. No cash collateral was received or pledged in relation to the swap agreements.

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

As of September 30, 2022, our leverage ratio was 1.22 to 1.00 and our interest coverage ratio was 15.79 to 1.00. We may purchase our Common Stock or pay dividends to the extent our leverage ratio remains at or below 3.50 to 1.00, and may make acquisitions with cash, provided our leverage ratio does not exceed the limits noted above.

Indebtedness under the Credit Agreement is ranked equally in right of payment to all unsecured senior debt. We were in compliance with all debt covenants as of September 30, 2022.

Currently, our Credit Agreement and certain of our derivative instruments reference one-month USD LIBOR-based rates, which are set to discontinue after June 30, 2023. Regulators in the U.S. and other jurisdictions have been working to replace these rates with alternative reference interest rates that are supported by transactions in liquid and observable markets, such as the Secured Overnight Financing Rate (SOFR) for USD LIBOR. Our Credit Agreement contains provisions specifying alternative interest rate calculations to be employed when LIBOR ceases to be available as a benchmark and we have adhered to the ISDA IBOR Fallbacks Protocol, which will govern our derivatives upon the final cessation of USD LIBOR. ASU 2020-04, Reference Rate Reform, helps limit the accounting impact from contract modifications, including hedging relationships, due to the transition from LIBOR to alternative reference rates that are completed by December 31, 2022. We adopted certain provisions of ASU 2020-04 during 2021. While we currently do not expect a significant impact to our operating results, financial position or cash flows from the transition from LIBOR to alternative reference interest rates, we will continue to monitor the impact of this transition until it is completed.

Fair-Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair-Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accounting principles establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Level 3 inputs are unobservable data points for the asset or liability, and include situations in which there is little, if any, market activity for the asset or liability. We had no Level 3 financial assets or liabilities at September 30, 2022, or at December 31, 2021.

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


	September 30, 2022				December 31, 2021
	Quoted prices in active markets		Significant other observable inputs		Quoted prices in active markets		Significant other observable inputs
(in thousands)	(Level 1)		(Level 2)		(Level 1)		(Level 2)
Fair Value
Assets:
Cash equivalents	$	28,819	$	—	$	20,665	$	—
Other Assets:
Common stock of unaffiliated foreign public company (a)	558		—		702		—
Interest rate swaps			23,987		—		3,328
Liabilities:
Interest rate swaps	—		—		—		(5,176)

(a)Original cost basis $0.5 million.

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 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. Amounts determined to be due within one year are reclassified to Other current assets and/or Accrued liabilities in the Consolidated Balance Sheets. Unrealized gains and losses on the swaps flow through the caption Derivative valuation adjustment in the Shareholders’ equity section of the Consolidated Balance Sheets. As of September 30, 2022, 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 $2.8 million for the nine month period ended

September 30, 2022, and $5.3 million for the nine month period ended September 30, 2021. Additionally, non-cash interest income related to the amortization of swap buyouts totaled $0.0 million for the nine month period ended September 30, 2022 and $0.3 million for the nine month period ended September 30, 2021.

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.

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2022		2021		2022		2021
Derivatives not designated as hedging instruments
Foreign currency options (gains)/losses	$	(28)	$	30	$	(409)	$	169

- Definition

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

+ References + Details

Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

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 3,603 claims as of September 30, 2022.

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
2021	3,615	32	26	3,609	93
2022 (As of September 30)	3,609	27	21	3,603	$	5

We anticipate that additional claims will be filed against the Company and related companies in the future but are unable to predict the number and timing of such future claims. Due to the fact that information sufficient to meaningfully estimate a range of possible loss of a particular claim is typically not available until late in the discovery process, we do not believe a meaningful estimate can be made regarding the range of possible loss with respect to pending or future claims and therefore are unable to estimate a range of reasonably possible loss in excess of amounts already accrued for pending or future claims.

While we believe we have meritorious defenses to these claims, we have settled certain claims for amounts we consider reasonable given the facts and circumstances of each case. Our insurance carrier has defended each case and funded settlements under a standard reservation of rights. As of September 30, 2022, we had resolved, by means of settlement or dismissal, 38,007 claims. The total cost of resolving all claims was $10.5 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 7,709 claims as of September 30, 2022, only twelve claims have been filed against Brandon since January 1, 2012, and only $15,000 in settlement costs have been incurred since 2001. Brandon was acquired by the Company in 1999 and has its own insurance policies covering periods prior to 1999. Since 2004, Brandon’s insurance carriers have covered 100% of indemnification and defense costs, subject to policy limits and a standard reservation of rights.

In some of these asbestos cases, the Company is named both as a direct defendant and as the “successor in interest” to Mount Vernon Mills (“Mount Vernon”). We acquired certain assets from Mount Vernon in 1993. Certain plaintiffs allege injury caused by asbestos-containing products alleged to have been sold by Mount Vernon many years prior to this acquisition. Mount Vernon is contractually obligated to indemnify the Company against any liability arising out of such products. We deny any liability for products sold by Mount Vernon prior to the acquisition of the Mount Vernon assets. Pursuant to its contractual indemnification obligations, Mount Vernon has assumed the defense of these claims. On this basis, we have successfully moved for dismissal in a number of actions.

We currently do not anticipate, based on currently available information, that the ultimate resolution of the aforementioned proceedings will have a material adverse effect on the financial position, results of operations, or cash flows of the Company. Although we cannot predict the number and timing of future claims, based on the foregoing factors, the trends in claims filed against us, and available insurance, we also do not currently anticipate that potential future claims will have a material adverse effect on our financial position, results of operations, or cash flows.

Changes in Shareholders' Equity

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Changes in Shareholders’ Equity

Changes in Shareholders’ EquityThe following table summarizes changes in Shareholders’ Equity for the period December 31, 2021 to September 30, 2022:


	Class A Common Stock			Class B Common Stock			Additional paid-in capital		Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Equity
(in thousands)	Shares	Amount		Shares	Amount								Shares	Amount
December 31, 2021	40,760	$	41	—	$	—	$	436,996	$	863,057	$	(145,984)	8,665	$	(280,143)	$	3,638	$	877,605
Net income	—	—		—	—		—		27,737		—		—	—		338		28,075
Compensation and benefits paid or payable in shares	21	—		—	—		745		—		—		—	—		—		745
Options exercised	—	—		—	—		7		—		—		—	—		—		7
Shares issued to Directors'	—	—		—	—		—		—		—		—	—		—		—
Purchase of Treasury shares (a)	—	—		—	—		—		—		—		515	(43,937)		—		(43,937)
Dividends declared
Class A Common Stock, $0.21 per share	—	—		—	—		—		(6,661)		—		—	—		—		(6,661)
Class B Common Stock, $0.21 per share	—	—		—	—		—		—		—		—	—		—		—
Cumulative translation adjustments	—	—		—	—		—		—		(1,730)		—	—		56		(1,674)
Pension and postretirement liability adjustments	—	—		—	—		—		—		74		—	—		—		74
Derivative valuation adjustment	—	—		—	—		—		—		10,018		—	—		—		10,018
March 31, 2022	40,781	$	41	—	$	—	$	437,748	$	884,133	$	(137,622)	9,180	$	(324,080)	$	4,032	$	864,252
Net income	—	—		—	—		—		39,201		—		—	—		168		39,369
Compensation and benefits paid or payable in shares	4	—		—	—		902		—		—		—	—		—		902
Options exercised	—	—		—	—		—		—		—		—	—		—		—
Shares issued to Directors'	—	—		—	—		800		—		—		(13)	285		—		1,085
Purchase of Treasury shares (a)	—	—		—	—		—		—		—		508	(41,128)		—		(41,128)
Dividends declared
Class A Common Stock, $0.21 per share	—	—		—	—		—		(6,529)		—		—	—		—		(6,529)
Class B Common Stock, $0.21 per share	—	—		—	—		—		—		—		—	—		—		—
Cumulative translation adjustments	—	—		—	—		—		—		(39,661)		—	—		(91)		(39,752)
Pension and postretirement liability adjustments	—	—		—	—		—		—		234		—	—		—		234
Derivative valuation adjustment	—	—		—	—		—		—		3,349		—	—		—		3,349
June 30, 2022	40,785	$	41	—	$	—	$	439,450	$	916,805	$	(173,700)	9,675	$	(364,923)	$	4,109	$	821,782
Net income	—	—		—	—		—		10,694		—		—	—		129		10,823
Compensation and benefits paid or payable in shares	—	—		—	—		835		—		—		—	—		—		835
Options exercised	—	—		—	—		10		—		—		—	—		—		10
Shares issued to Directors'	—	—		—	—		—		—		—		—	—		—		—
Purchase of Treasury shares (a)	—	—		—	—		—		—		—		—	—		—		—
Dividends declared
Class A Common Stock, $0.21 per share	—	—		—	—		—		(6,533)		—		—	—		—		(6,533)
Class B Common Stock, $0.21 per share	—	—		—	—		—		—		—		—	—		—		—
Cumulative translation adjustments	—	—		—	—		—		—		(38,450)		—	—		(56)		(38,506)
Pension and postretirement liability adjustments	—	—		—	—		—		—		(629)		—	—		—		(629)
Settlement of certain pension liabilities	—	—		—	—		—		—		26,198		—	—		—		26,198
Derivative valuation adjustment	—	—		—	—		—		—		6,208		—	—		—		6,208
September 30, 2022	40,785	$	41	—	$	—	$	440,295	$	920,966	$	(180,373)	9,675	$	(364,923)	$	4,182	$	820,188

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2020 to September 30, 2021:


	Class A Common Stock			Class B Common Stock			Additional paid-in capital		Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Equity
(in thousands)	Shares	Amount		Shares	Amount								Shares	Amount
December 31, 2020	39,115	$	39	1,618	$	2	$	433,696	$	770,746	$	(132,408)	8,391	$	(256,009)	$	3,799	$	819,865
Net income	—	—		—	—		—		27,582		—		—	—		27		27,609
Compensation and benefits paid or payable in shares	20	—		—	—		(13)		—		—		—	—		—		(13)
Options exercised	6	—		—	—		128		—		—		—	—		—		128

Dividends declared
Class A Common Stock, $0.20 per share	—	—		—	—		—		(6,150)		—		—	—		—		(6,150)
Class B Common Stock, $0.20 per share	—	—		—	—		—		(324)		—		—	—		—		(324)
Cumulative translation adjustments	—	—		—	—		—		—		(15,955)		—	—		(210)		(16,165)
Pension and postretirement liability adjustments	—	—		—	—		—		—		509		—	—		—		509
Derivative valuation adjustment	—	—		—	—		—		—		752		—	—		—		752
March 31, 2021	39,141	39		1,618	2		433,811		791,854		(147,102)		8,391	(256,009)		3,616		826,211
Net income	—	—		—	—		—		31,397		—		—	—		43		31,440
Compensation and benefits paid or payable in shares	—	—		—	—		692		—		—		—	—		—		692
Options exercised	1	—		—	—		21		—		—		—	—		—		21
Shares issued to Directors'	—	—		—	—		706		—		—		(11)	241		—		947
Dividends declared
Class A Common Stock, $0.20 per share	—	—		—	—		—		(6,150)		—		—	—		—		(6,150)
Class B Common Stock, $0.20 per share	—	—		—	—		—		(323)		—		—	—		—		(323)
Cumulative translation adjustments	—	—		—	—		—		—		13,774		—	—		183		13,957
Pension and postretirement liability adjustments	—	—		—	—		—		—		(130)		—	—		—		(130)
Derivative valuation adjustment	—	—		—	—		—		—		1,394		—	—		—		1,394
June 30, 2021	39,142	$	39	1,618	$	2	$	435,230	$	816,778	$	(132,064)	8,380	$	(255,768)	$	3,842	$	868,059
Net income	—	—		—	—		—		30,862		—		—	—		80		30,942
Compensation and benefits paid or payable in shares	—	—		—	—		845		—		—		—	—		—		845
Options exercised	1	—		—	—		4		—		—		—	—		—		4
Shares issued to Directors'	—	—		—	—		—		—		—		—	—		—		—
Dividends declared
Class A Common Stock, $0.20 per share	—	—		—	—		—		(6,478)		—		—	—		—		(6,478)
Class B Common Stock, $0.20 per share	—	—		—	—		—		—		—		—	—		—		—
Conversion of Class B shares to Class A shares (b)	1,617	2		(1,617)	(2)		—		—		—		—	—		—		—
Cumulative translation adjustments	—	—		—	—		—		—		(14,943)		—	—		(192)		(15,135)
Pension and postretirement liability adjustments	—	—		—	—		—		—		223		—	—		—		223
Derivative valuation adjustment	—	—		—	—		—		—		1,873		—	—		—		1,873
September 30, 2021	40,760	$	41	1	$	0	$	436,079	$	841,162	$	(144,911)	8,380	$	(255,768)	$	3,730	$	880,333

(a)In October 2021, the Company's Board of Directors authorized the Company to repurchase shares of up to $200 million through open market purchases, privately negotiated transactions or otherwise, and to determine the prices, times and amounts. In 2021, the Company repurchased 285,286 shares totaling $24.4 million. During the nine month period ending September 30, 2022, the Company repurchased 1,022,717 shares totaling $85.1 million.

(b)In the third quarter of 2021, Standish Family Holdings, LLC and J.S. Standish Company (the "Selling Stockholders") agreed to sell to J.P. Morgan Securities LLC 1,566,644 shares of the Company’s Class A Common Stock, par value $0.001 per share, to be issued upon conversion of an equal number of shares of the Company’s Class B common stock, par value $0.001 per share, at a price per share of $75.9656 (the "Transaction"). Immediately following the Transaction, the Selling Stockholders and related persons (including Christine L. Standish and John C. Standish) hold in the aggregate shares of the Company’s common stock

entitling them to cast less than one percent of the combined votes entitled to be cast by all stockholders of the Company. Costs associated with the Transaction were borne directly by the Selling Stockholders.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of results for such periods. Albany International Corp. (Albany, the Registrant, the Company, we, us, or our) consolidates the financial results of its subsidiaries for all periods presented. The results for any interim period are not necessarily indicative of results for the full year. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in Albany International Corp.’s Consolidated Financial Statements and accompanying Notes. Actual results could differ materially from those estimates. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with Albany International Corp.’s Annual Report on Form 10-K for the year ended December 31, 2021.

Reportable Segments and Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2022		2021		2022		2021
Net sales
Machine Clothing	$	153,389	$	154,171	$	459,121	$	462,298
Albany Engineered Composites	107,174		78,271		306,980		227,024
Consolidated total	$	260,563	$	232,442	$	766,101	$	689,322
Operating income/(loss)
Machine Clothing	$	57,247	$	55,467	$	161,752	$	161,731
Albany Engineered Composites	9,958		2,917		20,688		13,019
Corporate expenses	(13,561)		(13,898)		(39,327)		(38,479)
Operating income	$	53,644	$	44,486	$	143,113	$	136,271
Reconciling items:
Interest income	(965)		(654)		(2,463)		(1,584)
Interest expense	4,759		4,388		13,799		13,105
Pension settlement expense	49,128		—		49,128		—
AMJP grant	—		(5,832)		—		(5,832)
Other (income)/expense, net	(6,918)		2,753		(17,891)		4,215
Income before income taxes	$	7,640	$	43,831	$	100,540	$	126,367

Schedule of Disaggregation of Revenue For Each Product Group by Timing of Revenue Recognition

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


	Three months ended September 30, 2022
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	152,490	$	899	$	153,389

Albany Engineered Composites
ASC	—		41,463		41,463
Other AEC	5,819		59,892		65,711
Total Albany Engineered Composites	5,819		101,355		107,174

Total revenue	$	158,309	$	102,254	$	260,563


	Three months ended September 30, 2021
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	153,306	$	865	$	154,171

Albany Engineered Composites
ASC	—		26,904		26,904
Other AEC	3,589		47,778		51,367
Total Albany Engineered Composites	3,589		74,682		78,271

Total revenue	$	156,895	$	75,547	$	232,442


	Nine months ended September 30, 2022
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	456,423	$	2,698	$	459,121

Albany Engineered Composites
ASC	—		122,836		122,836
Other AEC	14,750		169,394		184,144
Total Albany Engineered Composites	14,750		292,230		306,980

Total revenue	$	471,173	$	294,928	$	766,101


	Nine months ended September 30, 2021
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	459,703	$	2,595	$	462,298

Albany Engineered Composites
ASC	—		80,158		80,158
Other AEC	11,901		134,965		146,866
Total Albany Engineered Composites	11,901		215,123		227,024

Total revenue	$	471,604	$	217,718	$	689,322

Schedule of Disaggregate MC Segment Revenue by Significant Product or Service


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2022		2021		2022		2021
Americas PMC	$	83,124	$	81,780	$	240,173	$	237,425
Eurasia PMC	49,828		53,277		157,751		164,320
Engineered Fabrics	20,437		19,114		61,197		60,553
Total Machine Clothing Net sales	$	153,389	$	154,171	$	459,121	$	462,298

Pensions and Other Postretirement Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

The composition of the net periodic benefit cost for the nine months ended September 30, 2022 and 2021, was as follows:


	Pension plans				Other postretirement benefits
(in thousands)	2022		2021		2022		2021
Components of net periodic benefit cost:
Service cost	$	1,061	$	1,630	$	86	$	99
Interest cost	4,235		3,999		916		827
Expected return on assets	(5,099)		(4,802)		—		—
Amortization of prior service cost/(credit)	(2)		10		(3,366)		(3,366)
Amortization of net actuarial loss	1,493		1,625		1,412		1,695
Net periodic benefit cost/(credit)	$	1,688	$	2,462	$	(952)	$	(745)
Settlement charge	49,128		—		—		—
Net benefit cost/(credit)	$	50,816	$	2,462	$	(952)	$	(745)

Other (Income)/Expense, net (Tables)

9 Months Ended

Sep. 30, 2022

Other Income and Expenses [Abstract]

Schedule of Other (Income)/Expense, net

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2022		2021		2022		2021
Currency transaction (gains)/losses	$	(6,636)	$	472	$	(17,660)	$	813
Bank fees and amortization of debt issuance costs	76		74		252		284
Components of net periodic pension and postretirement cost other than service cost	(138)		(6)		(411)		(12)
Other	(220)		2,213		(72)		3,130
Total	$	(6,918)	$	2,753	$	(17,891)	$	4,215

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table presents components of income tax expense for the three and nine months ended September 30, 2022 and 2021:


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except percentages)	2022		2021		2022		2021
Income tax based on income from continuing operations (1)	$	2,208	$	13,150	$	28,315	$	37,733
Provision for change in estimated tax rate	674		397		740		179
Income tax before discrete items	2,882		13,547		29,055		37,912
Discrete tax expense:
Exercise of U.S. stock options	(9)		(4)		(17)		(160)
Impact of amended tax returns	—		—		(98)		—
True-up of prior year estimated taxes	(1,185)		(674)		(1,693)		(2,095)
Enacted tax legislation and rate change	—		—		—		352
Provision for/resolution of tax audits and contingencies, net	24		—		(116)		278
US Pension Settlement - Release of Residual Tax Effect	(5,217)		—		(5,217)		—
Other	322		20		359		88
Total income tax expense/(benefit)	$	(3,183)	$	12,889	$	22,273	$	36,375
(1) Calculated at estimated annual tax rates of 28.9% and 30.0% for the three and nine months ended September 30, 2022 and 2021.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except market price and earnings per share)	2022		2021		2022		2021
Net income attributable to the Company	$	10,694	$	30,862	$	77,632	$	89,842

Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share	31,111		32,381		31,416		32,369
Effect of dilutive stock-based compensation plans:
Stock options	—		1		—		2
RSU and MPP shares	112		52		102		53

Weighted average number of shares used in calculating diluted net income per share	31,223		32,434		31,518		32,424

Average market price of common stock used for calculation of dilutive shares	$	86.00	$	80.33	$	84.53	$	82.41

Net income attributable to the Company per share:
Basic	$	0.34	$	0.95	$	2.47	$	2.78
Diluted	$	0.34	$	0.95	$	2.46	$	2.77

Accumulated Other Comprehensive Income (AOCI) (Tables)

9 Months Ended

Sep. 30, 2022

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

Schedule of Accumulated Other Comprehensive Income (Loss)

The table below presents changes in the components of AOCI for the period December 31, 2021 to September 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	(79,841)		—		17,569		(62,272)
Pension settlement expense, net of tax	—		26,198		—		26,198
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		2,006		2,006
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		(321)		—		(321)
Net current period other comprehensive income	(79,841)		25,877		19,575		(34,389)
September 30, 2022	$	(185,721)	$	(12,613)	$	17,961	$	(180,373)

The table below presents changes in the components of AOCI for the period December 31, 2020 to September 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	(17,124)		627		274		(16,223)
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax	—		—		3,745		3,745
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax	—		(25)		—		(25)
Net current period other comprehensive income	(17,124)		602		4,019		(12,503)
September 30, 2021	$	(100,327)	$	(39,059)	$	(5,525)	$	(144,911)

Reclassification out of Accumulated Other Comprehensive Income


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2022		2021		2022		2021
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense/(income) related to interest rate swaps included in Income before taxes (a)	$	(106)	$	1,803	$	2,758	$	5,049
Income tax effect	(27)		(466)		(752)		(1,304)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	(133)	$	1,337	$	2,006	$	3,745

Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Pension settlement expense	42,657		—		42,657		—
Amortization of prior service credit	(1,123)		(1,119)		(3,368)		(3,356)
Amortization of net actuarial loss	967		1,103		2,905		3,320
Total pretax amount reclassified (b)	42,501		(16)		42,194		(36)
Income tax effect	(16,411)		5		(16,317)		11
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	26,090	$	(11)	$	25,877	$	(25)

(a)Included in Interest expense, net are payments related to the interest rate swap agreements and amortization of swap buyouts (see Notes 13 and 14).

(b)These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 3).

Noncontrolling Interest (Tables)

9 Months Ended

Sep. 30, 2022

Noncontrolling Interest [Abstract]

Schedule of Income Attributable to Noncontrolling Interest and Noncontrolling Equity

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


	Nine months ended September 30,
(in thousands, except percentages)	2022			2021
Net income of Albany Safran Composites (ASC)	$	7,320		$	2,495
Less: Return attributable to the Company's preferred holding	974			991
Net income of ASC available for common ownership	$	6,346		$	1,504
Ownership percentage of noncontrolling shareholder	10		%	10		%
Net income attributable to the noncontrolling interest	$	635		$	150

Noncontrolling interest, beginning of year	$	3,638		$	3,799
Net income attributable to noncontrolling interest	635			150
Changes in other comprehensive income attributable to the noncontrolling interest	(91)			(219)
Noncontrolling interest, end of interim period	$	4,182		$	3,730

Accounts Receivable (Tables)

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

As of September 30, 2022 and December 31, 2021, Accounts receivable consisted of the following:


(in thousands)	September 30, 2022		December 31, 2021
Trade and other accounts receivable	$	179,734	$	168,046
Bank promissory notes	21,654		26,284
Allowance for expected credit losses	(2,541)		(2,345)
Accounts receivable, net	$	198,847	$	191,985

Schedule of Contract Receivables

As of September 30, 2022 and December 31, 2021, Noncurrent receivables consisted of the following:


(in thousands)	September 30, 2022		December 31, 2021
Noncurrent receivables	$	28,914	$	32,049
Allowance for expected credit losses	(144)		(200)
Noncurrent receivables, net	$	28,770	$	31,849

Contract Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

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

Schedule of Contract Assets and Contract Liabilities

As of September 30, 2022 and December 31, 2021, Contract assets and Contract liabilities consisted of the following:


(in thousands)	September 30, 2022		December 31, 2021
Contract assets	$	149,477	$	113,249
Allowance for expected credit losses	(748)		(703)
Contract assets, net	$	148,729	$	112,546

Contract liabilities	$	5,672	$	6,959

Inventories (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

As of September 30, 2022 and December 31, 2021, Inventories consisted of the following:


(in thousands)	September 30, 2022		December 31, 2021
Raw materials	$	66,911	$	58,689
Work in process	51,756		44,839
Finished goods	15,173		14,354
Total inventories	$	133,840	$	117,882

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

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


(in thousands, except interest rates)	September 30, 2022		December 31, 2021
Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.87% in 2022 and 3.74% in 2021 (including the effect of interest rate hedging transactions, as described below), due in 2024	$	447,000	$	350,000

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

Fair-Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

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


	September 30, 2022				December 31, 2021
	Quoted prices in active markets		Significant other observable inputs		Quoted prices in active markets		Significant other observable inputs
(in thousands)	(Level 1)		(Level 2)		(Level 1)		(Level 2)
Fair Value
Assets:
Cash equivalents	$	28,819	$	—	$	20,665	$	—
Other Assets:
Common stock of unaffiliated foreign public company (a)	558		—		702		—
Interest rate swaps			23,987		—		3,328
Liabilities:
Interest rate swaps	—		—		—		(5,176)

(a)Original cost basis $0.5 million.

Derivative Instruments, Gain (Loss)

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2022		2021		2022		2021
Derivatives not designated as hedging instruments
Foreign currency options (gains)/losses	$	(28)	$	30	$	(409)	$	169

- Definition

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

+ References + Details

Contingencies (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Loss Contingencies by Contingency

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
2021	3,615	32	26	3,609	93
2022 (As of September 30)	3,609	27	21	3,603	$	5

Changes in Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2021 to September 30, 2022:


	Class A Common Stock			Class B Common Stock			Additional paid-in capital		Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Equity
(in thousands)	Shares	Amount		Shares	Amount								Shares	Amount
December 31, 2021	40,760	$	41	—	$	—	$	436,996	$	863,057	$	(145,984)	8,665	$	(280,143)	$	3,638	$	877,605
Net income	—	—		—	—		—		27,737		—		—	—		338		28,075
Compensation and benefits paid or payable in shares	21	—		—	—		745		—		—		—	—		—		745
Options exercised	—	—		—	—		7		—		—		—	—		—		7
Shares issued to Directors'	—	—		—	—		—		—		—		—	—		—		—
Purchase of Treasury shares (a)	—	—		—	—		—		—		—		515	(43,937)		—		(43,937)
Dividends declared
Class A Common Stock, $0.21 per share	—	—		—	—		—		(6,661)		—		—	—		—		(6,661)
Class B Common Stock, $0.21 per share	—	—		—	—		—		—		—		—	—		—		—
Cumulative translation adjustments	—	—		—	—		—		—		(1,730)		—	—		56		(1,674)
Pension and postretirement liability adjustments	—	—		—	—		—		—		74		—	—		—		74
Derivative valuation adjustment	—	—		—	—		—		—		10,018		—	—		—		10,018
March 31, 2022	40,781	$	41	—	$	—	$	437,748	$	884,133	$	(137,622)	9,180	$	(324,080)	$	4,032	$	864,252
Net income	—	—		—	—		—		39,201		—		—	—		168		39,369
Compensation and benefits paid or payable in shares	4	—		—	—		902		—		—		—	—		—		902
Options exercised	—	—		—	—		—		—		—		—	—		—		—
Shares issued to Directors'	—	—		—	—		800		—		—		(13)	285		—		1,085
Purchase of Treasury shares (a)	—	—		—	—		—		—		—		508	(41,128)		—		(41,128)
Dividends declared
Class A Common Stock, $0.21 per share	—	—		—	—		—		(6,529)		—		—	—		—		(6,529)
Class B Common Stock, $0.21 per share	—	—		—	—		—		—		—		—	—		—		—
Cumulative translation adjustments	—	—		—	—		—		—		(39,661)		—	—		(91)		(39,752)
Pension and postretirement liability adjustments	—	—		—	—		—		—		234		—	—		—		234
Derivative valuation adjustment	—	—		—	—		—		—		3,349		—	—		—		3,349
June 30, 2022	40,785	$	41	—	$	—	$	439,450	$	916,805	$	(173,700)	9,675	$	(364,923)	$	4,109	$	821,782
Net income	—	—		—	—		—		10,694		—		—	—		129		10,823
Compensation and benefits paid or payable in shares	—	—		—	—		835		—		—		—	—		—		835
Options exercised	—	—		—	—		10		—		—		—	—		—		10
Shares issued to Directors'	—	—		—	—		—		—		—		—	—		—		—
Purchase of Treasury shares (a)	—	—		—	—		—		—		—		—	—		—		—
Dividends declared
Class A Common Stock, $0.21 per share	—	—		—	—		—		(6,533)		—		—	—		—		(6,533)
Class B Common Stock, $0.21 per share	—	—		—	—		—		—		—		—	—		—		—
Cumulative translation adjustments	—	—		—	—		—		—		(38,450)		—	—		(56)		(38,506)
Pension and postretirement liability adjustments	—	—		—	—		—		—		(629)		—	—		—		(629)
Settlement of certain pension liabilities	—	—		—	—		—		—		26,198		—	—		—		26,198
Derivative valuation adjustment	—	—		—	—		—		—		6,208		—	—		—		6,208
September 30, 2022	40,785	$	41	—	$	—	$	440,295	$	920,966	$	(180,373)	9,675	$	(364,923)	$	4,182	$	820,188

The following table summarizes changes in Shareholders’ Equity for the period December 31, 2020 to September 30, 2021:


	Class A Common Stock			Class B Common Stock			Additional paid-in capital		Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Equity
(in thousands)	Shares	Amount		Shares	Amount								Shares	Amount
December 31, 2020	39,115	$	39	1,618	$	2	$	433,696	$	770,746	$	(132,408)	8,391	$	(256,009)	$	3,799	$	819,865
Net income	—	—		—	—		—		27,582		—		—	—		27		27,609
Compensation and benefits paid or payable in shares	20	—		—	—		(13)		—		—		—	—		—		(13)
Options exercised	6	—		—	—		128		—		—		—	—		—		128

Dividends declared
Class A Common Stock, $0.20 per share	—	—		—	—		—		(6,150)		—		—	—		—		(6,150)
Class B Common Stock, $0.20 per share	—	—		—	—		—		(324)		—		—	—		—		(324)
Cumulative translation adjustments	—	—		—	—		—		—		(15,955)		—	—		(210)		(16,165)
Pension and postretirement liability adjustments	—	—		—	—		—		—		509		—	—		—		509
Derivative valuation adjustment	—	—		—	—		—		—		752		—	—		—		752
March 31, 2021	39,141	39		1,618	2		433,811		791,854		(147,102)		8,391	(256,009)		3,616		826,211
Net income	—	—		—	—		—		31,397		—		—	—		43		31,440
Compensation and benefits paid or payable in shares	—	—		—	—		692		—		—		—	—		—		692
Options exercised	1	—		—	—		21		—		—		—	—		—		21
Shares issued to Directors'	—	—		—	—		706		—		—		(11)	241		—		947
Dividends declared
Class A Common Stock, $0.20 per share	—	—		—	—		—		(6,150)		—		—	—		—		(6,150)
Class B Common Stock, $0.20 per share	—	—		—	—		—		(323)		—		—	—		—		(323)
Cumulative translation adjustments	—	—		—	—		—		—		13,774		—	—		183		13,957
Pension and postretirement liability adjustments	—	—		—	—		—		—		(130)		—	—		—		(130)
Derivative valuation adjustment	—	—		—	—		—		—		1,394		—	—		—		1,394
June 30, 2021	39,142	$	39	1,618	$	2	$	435,230	$	816,778	$	(132,064)	8,380	$	(255,768)	$	3,842	$	868,059
Net income	—	—		—	—		—		30,862		—		—	—		80		30,942
Compensation and benefits paid or payable in shares	—	—		—	—		845		—		—		—	—		—		845
Options exercised	1	—		—	—		4		—		—		—	—		—		4
Shares issued to Directors'	—	—		—	—		—		—		—		—	—		—		—
Dividends declared
Class A Common Stock, $0.20 per share	—	—		—	—		—		(6,478)		—		—	—		—		(6,478)
Class B Common Stock, $0.20 per share	—	—		—	—		—		—		—		—	—		—		—
Conversion of Class B shares to Class A shares (b)	1,617	2		(1,617)	(2)		—		—		—		—	—		—		—
Cumulative translation adjustments	—	—		—	—		—		—		(14,943)		—	—		(192)		(15,135)
Pension and postretirement liability adjustments	—	—		—	—		—		—		223		—	—		—		223
Derivative valuation adjustment	—	—		—	—		—		—		1,873		—	—		—		1,873
September 30, 2021	40,760	$	41	1	$	0	$	436,079	$	841,162	$	(144,911)	8,380	$	(255,768)	$	3,730	$	880,333

Reportable Segments and Revenue Recognition (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended		12 Months Ended
	Mar. 31, 2022	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Oct. 31, 2013
Segment Reporting Information [Line Items]
Net sales		$ 260,563		$ 232,442	$ 766,101	$ 689,322
Pension charges		49,100			49,100
Unfunded plan		6,200			6,200
Increase in estimated profitability of long-term contracts		2,600
Operating income		53,644		44,486	143,113	136,271
Albany Engineered Composites
Segment Reporting Information [Line Items]
Net sales		107,174		78,271	306,980	227,024
Operating income				2,100	2,000	2,400
Machine Clothing
Segment Reporting Information [Line Items]
Net sales		153,389		$ 154,171	459,121	462,298
Machine Clothing \| RUSSIAN FEDERATION
Segment Reporting Information [Line Items]
Reserve for uncollectable receivables and inventory	$ 1,600
Impairment of investment			$ 800
Revenue Benchmark \| Customer Concentration Risk \| SAFRAN Group
Segment Reporting Information [Line Items]
Concentration risk percentage							12.00%
US Government Contracts Or Programs \| Revenue Benchmark \| Product Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage							47.00%
Albany Aerostructures Composites LLC (AAC)
Segment Reporting Information [Line Items]
Receivables		$ 76,400			76,400		$ 79,600
Safran
Segment Reporting Information [Line Items]
Net sales					$ 125,400	$ 81,600
Albany Safran Composites, LLC
Segment Reporting Information [Line Items]
Ownership percentage of noncontrolling shareholder		10.00%			10.00%
Albany Safran Composites, LLC \| Safran
Segment Reporting Information [Line Items]
Ownership percentage of noncontrolling shareholder		10.00%		10.00%	10.00%	10.00%		10.00%

Reportable Segments and Revenue Recognition (Schedule of Financial Data by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Net sales	$ 260,563	$ 232,442	$ 766,101	$ 689,322
Operating income	53,644	44,486	143,113	136,271
Pension settlement expense	49,128	0	49,128	0
AMJP grant	0	(5,832)	0	(5,832)
Other (income)/expense, net	(6,918)	2,753	(17,891)	4,215
Income before income taxes	7,640	43,831	100,540	126,367
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Operating income	(13,561)	(13,898)	(39,327)	(38,479)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Interest income	(965)	(654)	(2,463)	(1,584)
Interest expense	4,759	4,388	13,799	13,105
Pension settlement expense	49,128	0	49,128	0
AMJP grant	0	(5,832)	0	(5,832)
Other (income)/expense, net	(6,918)	2,753	(17,891)	4,215
Machine Clothing
Segment Reporting Information [Line Items]
Net sales	153,389	154,171	459,121	462,298
Machine Clothing \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	153,389	154,171	459,121	462,298
Operating income	57,247	55,467	161,752	161,731
Albany Engineered Composites
Segment Reporting Information [Line Items]
Net sales	107,174	78,271	306,980	227,024
Operating income		2,100	2,000	2,400
Albany Engineered Composites \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	107,174	78,271	306,980	227,024
Operating income	$ 9,958	$ 2,917	$ 20,688	$ 13,019

Reportable Segments and Revenue Recognition (Schedule of Disaggregate Revenue for Each Business Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 260,563	$ 232,442	$ 766,101	$ 689,322
Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	158,309	156,895	471,173	471,604
Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	102,254	75,547	294,928	217,718
Machine Clothing
Disaggregation of Revenue [Line Items]
Net sales	153,389	154,171	459,121	462,298
Machine Clothing \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	152,490	153,306	456,423	459,703
Machine Clothing \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	899	865	2,698	2,595
Albany Engineered Composites
Disaggregation of Revenue [Line Items]
Net sales	107,174	78,271	306,980	227,024
Albany Engineered Composites \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	5,819	3,589	14,750	11,901
Albany Engineered Composites \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	101,355	74,682	292,230	215,123
ASC
Disaggregation of Revenue [Line Items]
Net sales	41,463	26,904	122,836	80,158
ASC \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
ASC \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	41,463	26,904	122,836	80,158
Other AEC
Disaggregation of Revenue [Line Items]
Net sales	65,711	51,367	184,144	146,866
Other AEC \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	5,819	3,589	14,750	11,901
Other AEC \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Net sales	$ 59,892	$ 47,778	$ 169,394	$ 134,965

- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Reportable Segments and Revenue Recognition (Schedule of Disaggregate MC Segment Revenue by Significant Product or Service) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 260,563	$ 232,442	$ 766,101	$ 689,322
Machine Clothing
Disaggregation of Revenue [Line Items]
Net sales	153,389	154,171	459,121	462,298
Machine Clothing \| Americas PMC
Disaggregation of Revenue [Line Items]
Net sales	83,124	81,780	240,173	237,425
Machine Clothing \| Eurasia PMC
Disaggregation of Revenue [Line Items]
Net sales	49,828	53,277	157,751	164,320
Machine Clothing \| Engineered Fabrics
Disaggregation of Revenue [Line Items]
Net sales	$ 20,437	$ 19,114	$ 61,197	$ 60,553

- Definition

+ References

+ Details

Reportable Segments and Revenue Recognition (Remaining Performance Obligation) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Revenue, remaining performance obligation, amount	$ 600	$ 155
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	600	$ 155
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Leases [Abstract]
Revenue, remaining performance obligation, amount	46
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 46
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Leases [Abstract]
Revenue, remaining performance obligation, amount	$ 124
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 124
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Leases [Abstract]
Revenue, remaining performance obligation, amount	$ 107
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 107
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

Pensions and Other Postretirement Benefit Plans (Schedule of Net Periodic Benefit Plan Cost) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Pension charges	$ 49,100
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,061	$ 1,630
Interest cost	4,235	3,999
Expected return on assets	(5,099)	(4,802)
Amortization of prior service cost/(credit)	(2)	10
Amortization of net actuarial loss	1,493	1,625
Net periodic benefit cost/(credit)	1,688	2,462
Settlement charge	49,128	0
Net benefit cost/(credit)	50,816	2,462
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	86	99
Interest cost	916	827
Expected return on assets	0	0
Amortization of prior service cost/(credit)	(3,366)	(3,366)
Amortization of net actuarial loss	1,412	1,695
Net periodic benefit cost/(credit)	(952)	(745)
Settlement charge	0	0
Net benefit cost/(credit)	$ (952)	$ (745)

Other (Income)/Expense, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Income and Expenses [Abstract]
Currency transaction (gains)/losses	$ (6,636)	$ 472	$ (17,660)	$ 813
Bank fees and amortization of debt issuance costs	76	74	252	284
Components of net periodic pension and postretirement cost other than service cost	(138)	(6)	(411)	(12)
Other	(220)	2,213	(72)	3,130
Total	$ (6,918)	$ 2,753	$ (17,891)	$ 4,215

Other (Income)/Expense, net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Income and Expenses [Abstract]
Foreign currency transaction gain (loss), realized	$ 6.6	$ (0.5)	$ 17.7	$ (0.8)

Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax based on income from continuing operations	$ 2,208	$ 13,150	$ 28,315	$ 37,733
Provision for change in estimated tax rate	674	397	740	179
Income tax before discrete items	2,882	13,547	29,055	37,912
Discrete tax expense:
Exercise of U.S. stock options	(9)	(4)	(17)	(160)
Impact of amended tax returns	0	0	(98)	0
True-up of prior year estimated taxes	(1,185)	(674)	(1,693)	(2,095)
Enacted tax legislation and rate change	0	0	0	352
Provision for/resolution of tax audits and contingencies, net	24	0	(116)	278
US Pension Settlement - Release of Residual Tax Effect	(5,217)	0	(5,217)	0
Other	322	20	359	88
Total income tax expense/(benefit)	$ (3,183)	$ 12,889	$ 22,273	$ 36,375
Effective income tax rate reconciliation, percent	28.90%	30.00%	28.90%	30.00%

Income Taxes (Narrative) (Details) $ in Millions	3 Months Ended
Income Taxes (Narrative) (Details) $ in Millions	Sep. 30, 2022 USD ($)
Income Tax Disclosure [Abstract]
Net tax benefit	$ 5.2

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to the Company	$ 10,694	$ 30,862	$ 77,632	$ 89,842
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share (in shares)	31,111	32,381	31,416	32,369
Effect of dilutive stock-based compensation plans:
Weighted average number of shares used in calculating diluted net income per share (in shares)	31,223	32,434	31,518	32,424
Average market price of common stock used for calculation of dilutive shares (in dollars per share)	$ 86.00	$ 80.33	$ 84.53	$ 82.41
Net income attributable to the Company per share:
Earnings per share attributable to Company shareholders - Basic (in dollars per share)	0.34	0.95	2.47	2.78
Earnings per share attributable to Company shareholders - Diluted (in dollars per share)	$ 0.34	$ 0.95	$ 2.46	$ 2.77
Stock options
Effect of dilutive stock-based compensation plans:
Weighted average number diluted shares outstanding adjustment (in shares)	0	1	0	2
RSU And MPP
Effect of dilutive stock-based compensation plans:
Weighted average number diluted shares outstanding adjustment (in shares)	112	52	102	53

Accumulated Other Comprehensive Income (AOCI) (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		$ 873,967
Other comprehensive income/(loss) before reclassifications, net of tax		(62,272)	$ (16,223)
Pension settlement expense, net of tax	$ 26,198	26,198
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax		2,006	3,745
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax		(321)	(25)
Net current period other comprehensive income		(34,389)	(12,503)
Ending balance	816,006	816,006
Accumulated items of other comprehensive income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(145,984)	(132,408)
Pension settlement expense, net of tax	26,198
Ending balance	(180,373)	(180,373)	(144,911)
Translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(105,880)	(83,203)
Other comprehensive income/(loss) before reclassifications, net of tax		(79,841)	(17,124)
Pension settlement expense, net of tax		0
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax		0	0
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax		0	0
Net current period other comprehensive income		(79,841)	(17,124)
Ending balance	(185,721)	(185,721)	(100,327)
Pension and postretirement liability adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(38,490)	(39,661)
Other comprehensive income/(loss) before reclassifications, net of tax		0	627
Pension settlement expense, net of tax		26,198
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax		0	0
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax		(321)	(25)
Net current period other comprehensive income		25,877	602
Ending balance	(12,613)	(12,613)	(39,059)
Derivative valuation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(1,614)	(9,544)
Other comprehensive income/(loss) before reclassifications, net of tax		17,569	274
Pension settlement expense, net of tax		0
Interest expense related to swaps reclassified to the Consolidated Statements of Income, net of tax		2,006	3,745
Pension and postretirement liability adjustments reclassified to Consolidated Statements of Income, net of tax		0	0
Net current period other comprehensive income		19,575	4,019
Ending balance	$ 17,961	$ 17,961	$ (5,525)

Accumulated Other Comprehensive Income (AOCI) (Schedule of Items Reclassified to Statement of Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification of loss on pension settlement	$ 42,657	$ 0	$ 42,657	$ 0
Amortization of prior service credit	(1,123)	(1,119)	(3,368)	(3,356)
Net actuarial loss	967	1,103	2,905	3,320
Income before income taxes	7,640	43,831	100,540	126,367
Income tax effect	3,183	(12,889)	(22,273)	(36,375)
Net income attributable to the Company	10,694	30,862	77,632	89,842
Reclassification out of Accumulated Other Comprehensive Income \| Derivative valuation adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Expense/(income) related to interest rate swaps included in Income before taxes	(106)	1,803	2,758	5,049
Income tax effect	(27)	(466)	(752)	(1,304)
Net income attributable to the Company	(133)	1,337	2,006	3,745
Reclassification out of Accumulated Other Comprehensive Income \| Pension and postretirement liability adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification of loss on pension settlement	42,657	0	42,657	0
Amortization of prior service credit	(1,123)	(1,119)	(3,368)	(3,356)
Net actuarial loss	967	1,103	2,905	3,320
Income before income taxes	42,501	(16)	42,194	(36)
Income tax effect	(16,411)	5	(16,317)	11
Net income attributable to the Company	$ 26,090	$ (11)	$ 25,877	$ (25)

Noncontrolling Interest (Narrative) (Details) - Albany Safran Composites, LLC	Sep. 30, 2022	Sep. 30, 2021	Oct. 31, 2013
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%
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	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Oct. 31, 2013
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)	$ 10,823	$ 39,369	$ 28,075	$ 30,942	$ 31,440	$ 27,609	$ 78,267	$ 89,992
Net income of ASC available for common ownership	10,694			30,862			77,632	89,842
Net income attributable to the noncontrolling interest	129			80			635	150
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year			3,638				3,638
Net income attributable to the noncontrolling interest	129			80			635	150
Noncontrolling interest, end of interim period	$ 4,182						$ 4,182
Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%						10.00%
Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Net income of Albany Safran Composites (ASC)							$ 7,320	2,495
Less: Return attributable to the Company's preferred holding							974	991
Net income of ASC available for common ownership							6,346	1,504
Net income attributable to the noncontrolling interest							635	150
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year			$ 3,638			$ 3,799	3,638	3,799
Net income attributable to the noncontrolling interest							635	150
Changes in other comprehensive income attributable to the noncontrolling interest							(91)	(219)
Noncontrolling interest, end of interim period	$ 4,182			$ 3,730			$ 4,182	$ 3,730
Safran \| Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%			10.00%			10.00%	10.00%	10.00%

Accounts Receivable (Schedule of Accounts Receivable) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Trade and other accounts receivable	$ 179,734	$ 168,046
Bank promissory notes	21,654	26,284
Allowance for expected credit losses	(2,541)	(2,345)
Accounts receivable, net	$ 198,847	$ 191,985

Accounts Receivable (Narrative) (Details)	9 Months Ended
Accounts Receivable (Narrative) (Details)	Sep. 30, 2022
Receivables [Abstract]
Noncurrent receivables invoice, period	10 years

Accounts Receivable (Schedule of Contract Receivables) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Noncurrent receivables	$ 28,914	$ 32,049
Allowance for expected credit losses	(144)	(200)
Noncurrent receivables, net	$ 28,770	$ 31,849

Contract Assets and Liabilities (Schedule of Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets	$ 149,477	$ 113,249
Allowance for expected credit losses	(748)	(703)
Contract assets, net	148,729	112,546
Contract liabilities	$ 5,672	$ 6,959

Contract Assets and Liabilities (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract with customer, asset, period increase	$ 36,200,000
Contract with customer, asset, impairment loss	0	$ 0
Decrease in contract with customer, liability	1,300,000
Contract with customer, liability, revenue recognized	$ 5,000,000	$ 5,300,000

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 66,911	$ 58,689
Work in process	51,756	44,839
Finished goods	15,173	14,354
Total inventories	$ 133,840	$ 117,882

Goodwill and Other Intangible Assets (Details)	3 Months Ended
Goodwill and Other Intangible Assets (Details)	Jun. 30, 2022 reportingUnit
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reporting units	2

Financial Instruments (Schedule of Long-Term Debt) (Details) - Line of Credit - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt	$ 447,000	$ 350,000
Interest rate, effective percentage	3.87%	3.74%

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Financial Instruments (Narrative) (Details)			9 Months Ended
Financial Instruments (Narrative) (Details)	Oct. 27, 2020 USD ($)	Nov. 07, 2017 USD ($)	Sep. 30, 2022 USD ($)	Sep. 16, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 14, 2021 USD ($)	Nov. 28, 2017 USD ($)
Debt Instrument [Line Items]
Current maturities of long-term debt			$ 0		$ 0
Maximum leverage ratio allowed			3.50
Minimum interest coverage ratio required			3.00
Leverage ratio			1.22
Interest coverage ratio			15.79
Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 700,000,000	$ 685,000,000
Debt instrument, term	4 years	5 years
Borrowings outstanding			$ 447,000,000
Basis spread on variable rate			1.625%
Line of credit facility, remaining borrowing capacity			$ 253,000,000
Line of Credit \| Interest Rate Swap
Debt Instrument [Line Items]
Derivative, notional amount				$ 350,000,000		$ 350,000,000	$ 350,000,000
Derivative, fixed interest rate						0.838%	2.11%
LIBOR rate				3.735%
Line of Credit \| Interest Rate Swap \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Derivative, basis spread on variable rate				2.94%
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%

Fair-Value Measurements (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivative Asset [Abstract]
Equity securities, cost basis	$ 500	$ 500
Fair Value, Recurring \| (Level 1)
Assets:
Cash equivalents	28,819	20,665
Common stock of unaffiliated foreign public company	558	702
Interest rate swaps		0
Liabilities:
Interest rate swaps	0	0
Fair Value, Recurring \| (Level 2)
Assets:
Cash equivalents	0	0
Common stock of unaffiliated foreign public company	0	0
Interest rate swaps	23,987	3,328
Liabilities:
Interest rate swaps	$ 0	$ (5,176)

Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative [Line Items]
Interest income (expense), net	$ (3,794)	$ (3,734)	$ (11,336)	$ (11,521)
Interest Rate Swap
Derivative [Line Items]
Interest income (expense), net			2,800	5,300
Interest Rate Swap Buyouts
Derivative [Line Items]
Interest income (expense), net			$ 0	$ 300

Fair-Value Measurements (Schedule of (Losses)/Gains on Changes in Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Foreign Exchange Option \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency options (gains)/losses	$ (28)	$ 30	$ (409)	$ 169

Contingencies (Narrative) (Details) $ in Thousands	9 Months Ended	12 Months Ended	129 Months Ended	213 Months Ended	249 Months Ended
Contingencies (Narrative) (Details) $ in Thousands	Sep. 30, 2022 USD ($) claim	Dec. 31, 2021 claim	Sep. 30, 2022 USD ($) claim	Sep. 30, 2022 USD ($) claim	Sep. 30, 2022 USD ($) claim	Dec. 31, 2020 claim
Loss Contingencies [Line Items]
Number of pending claims	3,603		3,603	3,603	3,603
Subsidiaries \| Brandon Drying Fabrics, Inc.
Loss Contingencies [Line Items]
Resolution costs paid by insurance carrier				100.00%
Number of pending claims	7,709		7,709	7,709	7,709
Loss contingency, damages paid, value \| $					$ 15,000
New Claims			12
Asbestos Issue
Loss Contingencies [Line Items]
Total resolved claims, by means of settlement or dismissal	38,007		38,007	38,007	38,007
Total cost of resolution \| $	$ 10,500		$ 10,500	$ 10,500	$ 10,500
Confirmed insurance coverage \| $	$ 140,000		$ 140,000	$ 140,000	$ 140,000
Resolution costs paid by insurance carrier	100.00%
Number of pending claims	3,603	3,609	3,603	3,603	3,603	3,615
New Claims	21	26

Contingencies (Schedule of Changes in Claims) (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) claim	Dec. 31, 2021 USD ($) claim
Loss Contingencies [Line Items]
Closing Number of Claims	3,603
Asbestos Issue
Loss Contingencies [Line Items]
Opening Number of Claims	3,609	3,615
Claims Dismissed, Settled, or Resolved	27	32
New Claims	21	26
Closing Number of Claims	3,603	3,609
Amounts Paid (thousands) to Settle or Resolve \| $	$ 5	$ 93

Changes in Shareholders' Equity (Schedule of Activity in Shareholders' Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Oct. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of the period	$ 821,782	$ 864,252	$ 877,605	$ 868,059	$ 826,211	$ 819,865	$ 877,605	$ 819,865	$ 819,865
Net income	10,823	39,369	28,075	30,942	31,440	27,609	78,267	89,992
Compensation and benefits paid or payable in shares	835	902	745	845	692	(13)
Options exercised	10		7	4	21	128
Shares issued to Directors'		1,085			947
Purchase of Treasury shares		(41,128)	(43,937)
Cumulative translation adjustments	(38,506)	(39,752)	(1,674)	(15,135)	13,957	(16,165)
Pension and postretirement liability adjustments	(629)	234	74	223	(130)	509
Settlement of certain pension liabilities	26,198						26,198
Derivative valuation adjustment	6,208	3,349	10,018	1,873	1,394	752
Balance at end of the period	$ 820,188	821,782	864,252	$ 880,333	868,059	826,211	$ 820,188	$ 880,333	$ 877,605
Dividends declared per share, Class A and Class B (in dollars per share)	$ 0.21			$ 0.20			$ 0.63	$ 0.60
Stock repurchase program, authorized amount										$ 200,000
Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	$ (6,533)	$ (6,529)	$ (6,661)	$ (6,478)	$ (6,150)	$ (6,150)
Dividends declared per share, Class A and Class B (in dollars per share)	$ 0.21	$ 0.21	$ 0.21	$ 0.20	$ 0.20	$ 0.20
Common stock, par or stated value per share (in dollars per share)	$ 0.001			$ 0.001			$ 0.001	0.001	$ 0.001
Common Class A \| Selling Stockholders Public Offering
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Number of shares issued in transaction (in shares)				1,566,644
Sale of stock (in dollars per share)				$ 75.9656				75.9656
Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, balance at the beginning of the period (in shares)			104				104
Dividends declared				$ 0	$ (323)	$ (324)
Common stock, balance at the end of the period (in shares)	0						0		104
Dividends declared per share, Class A and Class B (in dollars per share)	$ 0.21	$ 0.21	$ 0.21	$ 0.20	$ 0.20	$ 0.20
Common stock, par or stated value per share (in dollars per share)	$ 0.001			$ 0.001			$ 0.001	$ 0.001	$ 0.001
Common Stock \| Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, balance at the beginning of the period (in shares)	40,785,000	40,781,000	40,760,000	39,142,000	39,141,000	39,115,000	40,760,000	39,115,000	39,115,000
Balance at beginning of the period	$ 41	$ 41	$ 41	$ 39	$ 39	$ 39	$ 41	$ 39	$ 39
Compensation and benefits paid or payable in shares (in shares)		4,000	21,000			20,000
Options exercised (in shares)				1,000	1,000	6,000
Conversion of Class B shares to Class A shares (in shares)				1,617,000
Conversion of Class B shares to Class A shares				$ 2
Common stock, balance at the end of the period (in shares)	40,785,000	40,785,000	40,781,000	40,760,000	39,142,000	39,141,000	40,785,000	40,760,000	40,760,000
Balance at end of the period	$ 41	$ 41	$ 41	$ 41	$ 39	$ 39	$ 41	$ 41	$ 41
Common Stock \| Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, balance at the beginning of the period (in shares)	0	0	0	1,618,000	1,618,000	1,618,000	0	1,618,000	1,618,000
Balance at beginning of the period	$ 0	$ 0	$ 0	$ 2	$ 2	$ 2	$ 0	$ 2	$ 2
Conversion of Class B shares to Class A shares (in shares)				(1,617,000)
Conversion of Class B shares to Class A shares				$ (2)
Common stock, balance at the end of the period (in shares)	0	0	0	1,000	1,618,000	1,618,000	0	1,000	0
Balance at end of the period	$ 0	$ 0	$ 0	$ 0	$ 2	$ 2	$ 0	$ 0	$ 0
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of the period	439,450	437,748	436,996	435,230	433,811	433,696	436,996	433,696	433,696
Compensation and benefits paid or payable in shares	835	902	745	845	692	(13)
Options exercised	10		7	4	21	128
Shares issued to Directors'		800			706
Balance at end of the period	440,295	439,450	437,748	436,079	435,230	433,811	440,295	436,079	436,996
Retained earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of the period	916,805	884,133	863,057	816,778	791,854	770,746	863,057	770,746	770,746
Net income	10,694	39,201	27,737	30,862	31,397	27,582
Balance at end of the period	920,966	916,805	884,133	841,162	816,778	791,854	920,966	841,162	863,057
Retained earnings \| Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared	(6,533)	(6,529)	(6,661)	(6,478)	(6,150)	(6,150)
Retained earnings \| Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared				0	(323)	(324)
Accumulated items of other comprehensive income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of the period	(173,700)	(137,622)	(145,984)	(132,064)	(147,102)	(132,408)	(145,984)	(132,408)	(132,408)
Cumulative translation adjustments	(38,450)	(39,661)	(1,730)	(14,943)	13,774	(15,955)
Pension and postretirement liability adjustments	(629)	234	74	223	(130)	509
Settlement of certain pension liabilities	26,198
Derivative valuation adjustment	6,208	3,349	10,018	1,873	1,394	752
Balance at end of the period	$ (180,373)	$ (173,700)	$ (137,622)	$ (144,911)	$ (132,064)	$ (147,102)	$ (180,373)	$ (144,911)	$ (145,984)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock, balance at the beginning of the period (in shares)	9,675,000	9,180,000	8,665,000	8,380,000	8,391,000	8,391,000	8,665,000	8,391,000	8,391,000
Balance at beginning of the period	$ (364,923)	$ (324,080)	$ (280,143)	$ (255,768)	$ (256,009)	$ (256,009)	$ (280,143)	$ (256,009)	$ (256,009)
Shares issued to Directors' (in shares)		(13,000)			(11,000)
Shares issued to Directors'		$ 285			$ 241
Purchase of Treasury shares (in shares)		508,000	515,000				1,022,717		285,286
Purchase of Treasury shares		$ (41,128)	$ (43,937)				$ (85,100)		$ (24,400)
Treasury stock, balance at the end of the period (in shares)	9,675,000	9,675,000	9,180,000	8,380,000	8,380,000	8,391,000	9,675,000	8,380,000	8,665,000
Balance at end of the period	$ (364,923)	$ (364,923)	$ (324,080)	$ (255,768)	$ (255,768)	$ (256,009)	$ (364,923)	$ (255,768)	$ (280,143)
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of the period	4,109	4,032	3,638	3,842	3,616	3,799	3,638	3,799	3,799
Net income	129	168	338	80	43	27
Cumulative translation adjustments	(56)	(91)	56	(192)	183	(210)
Balance at end of the period	$ 4,182	$ 4,109	$ 4,032	$ 3,730	$ 3,842	$ 3,616	$ 4,182	$ 3,730	$ 3,638