0000819793-23-000010 | 10-K | XBRL Viewer | Albany International Corp DE

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Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2022	Feb. 17, 2023	Jun. 30, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-10026
Entity Registrant Name	ALBANY INTERNATIONAL CORP.
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	216 Airport Drive
Entity Address, City or Town	Rochester
Entity Address, State or Province	NH
Entity Tax Identification Number	14-0462060
Entity Address, Postal Zip Code	03867
City Area Code	603
Local Phone Number	330-5850
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2.4
Documents Incorporated by Reference	Portions of the Registrant’s Proxy Statement for the Annual Meeting of Shareholders to be held on May 12, 2023.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0000819793
Common Class A
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	AIN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		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

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Albany, New York
Auditor Firm ID	185

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net sales	$ 1,034,887	$ 929,240	$ 900,610
Cost of goods sold	645,105	550,849	529,538
Gross profit	389,782	378,391	371,072
Selling, general and administrative expenses	168,713	160,127	163,909
Technical and research expenses	39,941	38,922	35,347
Restructuring expenses, net	106	1,331	5,736
Operating income	181,022	178,011	166,080
Interest income	(3,835)	(2,500)	(2,748)
Interest expense	17,835	17,391	16,332
Pension settlement expense	49,128	0	0
Aviation Manufacturing Jobs Protection (AMJP) grant	0	(5,832)	0
Other expense/(income), net	(14,086)	3,021	13,422
Income before income taxes	131,980	165,931	139,074
Income tax expense	35,472	47,163	41,831
Net income	96,508	118,768	97,243
Net income/(loss) attributable to the noncontrolling interest	746	290	(1,346)
Net income attributable to the Company	$ 95,762	$ 118,478	$ 98,589
Earnings per share attributable to Company shareholders - Basic (in dollars per share)	$ 3.06	$ 3.66	$ 3.05
Earnings per share attributable to Company shareholders - Diluted (in dollars per share)	3.04	3.65	3.05
Dividends declared per share, Class A and Class B (in dollars per share)	$ 0.88	$ 0.81	$ 0.77

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 96,508	$ 118,768	$ 97,243
Other comprehensive income, before tax:
Foreign currency translation and other adjustments	(40,971)	(20,808)	38,927
Reclassification of loss on pension settlement	42,657	0	411
Pension/postretirement plan remeasurement	(2,292)	(2,259)	13,407
Amortization of pension and postretirement liability adjustments:
Prior service credit	(4,497)	(4,475)	(4,474)
Net actuarial loss	3,260	4,625	5,004
Payments and amortization related to interest rate swaps included in earnings	468	6,852	3,982
Derivative valuation adjustment	25,396	3,764	(12,622)
Income taxes related to items of other comprehensive income:
Reclassification of loss on pension settlement	(16,459)	0	(128)
Pension/postretirement plan remeasurement	(370)	1,463	(3,017)
Amortization of pension and postretirement liability adjustments	408	(52)	(148)
Payments and amortization related to interest rate swaps included in earnings	(118)	(1,734)	(1,028)
Derivative valuation adjustment	(6,425)	(952)	3,259
Comprehensive income	97,565	105,192	140,816
Comprehensive income/(loss) attributable to the noncontrolling interest	856	(161)	(207)
Comprehensive income attributable to the Company	$ 96,709	$ 105,353	$ 141,023

Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 291,776,000	$ 302,036,000
Accounts receivable, net	200,018,000	191,985,000
Contract assets, net	148,695,000	112,546,000
Inventories	139,050,000	117,882,000
Income taxes prepaid and receivable	7,938,000	1,958,000
Prepaid expenses and other current assets	50,962,000	32,394,000
Total current assets	838,439,000	758,801,000
Property, plant and equipment, net	445,658,000	436,417,000
Intangibles, net	33,811,000	39,081,000
Goodwill	178,217,000	182,124,000
Deferred income taxes	15,196,000	26,376,000
Noncurrent receivables, net	27,913,000	31,849,000
Other assets	103,021,000	81,416,000
Total assets	1,642,255,000	1,556,064,000
Current liabilities:
Accounts payable	69,707,000	68,954,000
Accrued liabilities	126,385,000	124,325,000
Current maturities of long-term debt	0	0
Income taxes payable	15,224,000	14,887,000
Total current liabilities	211,316,000	208,166,000
Long-term debt	439,000,000	350,000,000
Other noncurrent liabilities	108,758,000	107,794,000
Deferred taxes and other liabilities	15,638,000	12,499,000
Total liabilities	774,712,000	678,459,000
Commitments and Contingencies
Shareholders’ Equity
Preferred stock, par value $5.00 per share; authorized 2,000,000 shares; none issued	0	0
Additional paid-in capital	441,540,000	436,996,000
Retained earnings	931,318,000	863,057,000
Accumulated items of other comprehensive income:
Translation adjustments	(146,851,000)	(105,880,000)
Pension and postretirement liability adjustments	(15,783,000)	(38,490,000)
Derivative valuation adjustment	17,707,000	(1,614,000)
Treasury stock (Class A), at cost; 9,674,542 shares in 2022 and 8,665,090 shares in 2021	(364,923,000)	(280,143,000)
Total Company shareholders’ equity	863,049,000	873,967,000
Noncontrolling interest	4,494,000	3,638,000
Total equity	867,543,000	877,605,000
Total liabilities and shareholders’ equity	1,642,255,000	1,556,064,000
Common Class A
Shareholders’ Equity
Common stock, par value	41,000	41,000
Common Class B
Shareholders’ Equity
Common stock, par value	$ 0	$ 0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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 stock, shares, outstanding (in shares)	31,100,000	32,100,000
Treasury stock, shares (in shares)	9,674,542	8,665,090
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
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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES
Net income	$ 96,508	$ 118,768	$ 97,243
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	62,480	65,130	63,328
Amortization	6,569	9,125	9,377
Change in deferred taxes and other liabilities	(8,496)	12,181	11,101
Impairment of property, plant, equipment, and inventory	1,808	856	1,173
Non-cash interest expense	1,118	875	(290)
Non-cash portion of pension settlement expense	42,657	0	411
Compensation and benefits paid or payable in Class A Common Stock	4,527	3,146	1,505
Provision/(recovery) for credit losses from uncollected receivables and contract assets	1,408	(1,299)	1,628
Foreign currency remeasurement (gain)/loss on intercompany loans	(4,434)	(3,150)	14,246
Fair value adjustment on foreign currency options	(509)	169	0
Changes in operating assets and liabilities that provided/(used) cash:
Accounts receivable	(14,301)	(7,734)	31,522
Contract assets	(36,434)	25,446	(59,122)
Inventories	(24,541)	(9,942)	(13,685)
Prepaid expenses and other current assets	(4,134)	(998)	(7,811)
Income taxes prepaid and receivable	(6,005)	3,944	113
Accounts payable	8,572	9,492	(15,586)
Accrued liabilities	3,226	(774)	(3,856)
Income taxes payable	183	(477)	5,939
Noncurrent receivables	3,911	4,355	4,158
Other noncurrent liabilities	(10,133)	(13,713)	(2,437)
Other, net	4,234	2,075	1,296
Net cash provided by operating activities	128,214	217,475	140,253
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(93,675)	(52,793)	(41,463)
Purchased software	(2,673)	(906)	(927)
Net cash used in investing activities	(96,348)	(53,699)	(42,390)
FINANCING ACTIVITIES
Proceeds from borrowings	162,000	8,000	75,000
Principal payments on debt	(73,000)	(56,009)	(101,020)
Principal payments on finance lease liabilities	(654)	(1,438)	(7,214)
Debt acquisition costs	0	0	(2,432)
Purchase of Treasury shares	(84,780)	(23,449)	0
Taxes paid in lieu of share issuance	(770)	(998)	(490)
Proceeds from options exercised	17	153	55
Dividends paid	(26,465)	(25,894)	(24,568)
Net cash used in financing activities	(23,652)	(99,635)	(60,669)
Effect of exchange rate changes on cash and cash equivalents	(18,474)	(3,421)	8,582
Increase/(decrease) in cash and cash equivalents	(10,260)	60,720	45,776
Cash and cash equivalents at beginning of period	302,036	241,316	195,540
Cash and cash equivalents at end of period	$ 291,776	$ 302,036	$ 241,316

Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Accounting Policies

Basis of Consolidation

The consolidated financial statements include the accounts of Albany International Corp. and its subsidiaries (the Company, Albany, we, us, or our) after elimination of intercompany transactions.

A subsidiary within our Machine Clothing segment has held a 50 percent interest as partner in a joint venture (“JV”) that supplies paper machine clothing products to local papermakers in Russia. Our consolidated financial statements include our original investment in the entity, plus our share of undistributed earnings or losses, in the account “Other Assets.” 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, resulting in our full write-off of the net book value of our investment.

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

Estimates

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

Revenue Recognition

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

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

Products and services provided under long-term contracts represent a significant portion of sales in the Albany Engineered Composites segment. We have a contract with a major customer for which revenue is recognized under a

cost-plus-fee agreement. We also have fixed price long-term contracts, for which we use the percentage of completion (incurred cost to total estimated cost) method. That method requires significant judgment and estimation, which could be considerably different if the underlying circumstances were to change. When adjustments in estimated contract revenues or costs are required, any changes from prior estimates are included in earnings in the period the change occurs. The sum of net adjustments to the estimated profitability of long-term contracts increased AEC operating income by $0.5 million, $6.2 million and $9.9 million in 2022, 2021 and 2020, respectively. The favorable effects in 2021 and 2020 were largely due to changes in customer demand and to a lesser extent, efficiency improvements during the ramp-up of several programs, and the effects in 2022 were more muted.

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

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

Cost of Goods Sold

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

Selling, General, Administrative, Technical, and Research Expenses

Selling, general, administrative, and technical expenses are primarily comprised of wages, incentive compensation, benefits, travel, professional fees, revaluation of trade foreign currency balances, and other costs, and are expensed as incurred. Selling expense includes costs related to contract acquisition and provisions for expected credit losses on financial assets measured at amortized cost. Research expenses are charged to operations as incurred and consist primarily of compensation, supplies, and professional fees incurred in connection with intellectual property. Total company research expense was $31.4 million in 2022, $29.6 million in 2021, and $25.8 million in 2020.

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

Restructuring Expense

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

Income Taxes

Deferred income taxes are recognized for the tax consequences of temporary differences and tax attributes by applying enacted statutory tax rates applicable for future years to differences between existing assets and liabilities for financial reporting and income tax return purposes. The effect of tax rate changes on deferred taxes is recognized in

the income tax provision in the period that includes the enactment date. A valuation allowance is established, as needed, to reduce net deferred tax assets to the amount expected to be realized. In the event it becomes more likely than not that some or all of the deferred tax asset valuation allowances will not be needed, the valuation allowance will be adjusted.

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

We have not elected to reclassify stranded tax effects from AOCI to retained earnings.

Earnings Per Share

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

Translation of Financial Statements

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

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

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


(in thousands)	2022		2021		2020
(Gains)/losses included in:
Selling, general, and administrative expenses	$	(554)	$	(263)	$	1,875
Other (income)/expense, net	(9,996)		(1,179)		13,569
Total transaction (gains)/losses	$	(10,550)	$	(1,442)	$	15,444

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


(in thousands)	2022		2021		2020
Loss/(gain), before tax, on long-term intercompany loan	$	—	$	(66)	$	(4,985)

Cash and Cash Equivalents

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

Accounts Receivable

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

Effective January 1, 2020, the Company adopted the provisions of ASC 326, Current Expected Credit Losses (CECL), using the effective date (or modified retrospective) approach for transition. Under this transition method, periods prior to 2020 were not restated. The pre-tax cumulative effect of initially applying the new standard was an increase in credit loss reserves of $1.8 million, primarily for Accounts receivable and Contract assets. Including tax effects, Retained earnings was reduced by $1.4 million as a result of transitioning to the CECL standard.

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

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

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

Contract Assets and Contract Liabilities

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

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

Inventories

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

See additional information set forth in Notes 2 and 13.

Leases

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

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

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

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

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

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

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

See additional information set forth in Note 20.

Property, Plant and Equipment

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

Computer software purchased for internal use, at cost, is amortized on a straight-line basis over five to eight years, depending on the nature of the asset, after being placed into service, and is included in property, plant, and equipment. We capitalize internal and external costs incurred related to the software development stage. Capitalized salaries, travel, and consulting costs related to the software development were immaterial in 2022 and 2021.

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

See additional information set forth in Note 14.

Goodwill, Intangibles, and Other Assets

The assets and liabilities of acquired businesses are recorded under the acquisition method of accounting at their estimated fair values at the date of acquisition.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. Intangible assets from acquired businesses are recognized at fair value on the acquisition date and consist of customer relationships, customer contracts, technology, intellectual property and other intangible assets. Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually.

We perform an impairment test of our goodwill at least annually in the second quarter or more frequently whenever events or changes in circumstances indicate the carrying value of goodwill may be impaired. Such events or changes in circumstances may include a significant deterioration in overall economic conditions, changes in the business climate of our industry, a decline in our market capitalization, operating performance indicators, competition, reorganizations of our business, or the disposal of all or a portion of a reporting unit.

Our goodwill has been allocated to and is tested for impairment at a level referred to as the reporting unit, which is our business segment level or a level below the business segment. The level at which we test goodwill for impairment requires us to determine whether the operations below the business segment constitute a self-sustaining business for which discrete financial information is available and segment management regularly reviews the operating results.

We may use qualitative or quantitative approaches when testing goodwill for impairment. When we use the qualitative approach, we perform a qualitative evaluation of events and circumstances impacting the reporting unit to determine the likelihood of goodwill impairment. Based on that qualitative evaluation, if we determine it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, no further evaluation is necessary. Otherwise, we perform a quantitative impairment test. To perform the quantitative impairment test, we compare the fair value of a reporting unit to its carrying value, including goodwill. If the fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. If the carrying value of the reporting unit, including goodwill, exceeds its fair value, a goodwill impairment loss is recognized in an amount equal to that excess.

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. 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. Under the income approach, we determine fair value based on estimated future cash flows of each reporting unit, discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn.

In the second quarter of 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.

Impairment assessments inherently involve management judgments regarding a number of assumptions such as those described above. Due to the many variables inherent in the estimation of a reporting unit’s fair value and the relative size of our recorded goodwill, differences in assumptions could have a material effect on the estimated fair value of one or more of our reporting units and could result in a goodwill impairment charge in a future period. See additional information set forth in Note 18.

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

Included in Other assets is $16.2 million in 2022 and $32.5 million in 2021 for defined benefit pension plans where plan assets exceed the projected benefit obligations. Other assets also includes financial assets of $0.6 million in 2022 and $0.7 million in 2021. See additional information set forth in Note 18.

Stock-Based Compensation

We have incentive compensation plans that authorize the issuance of stock-based awards for key employees, which are designed to reward short and long-term contributions and provide incentives for recipients to remain with the Company. We issue stock-based awards in the form of restricted stock units and performance stock units that generally vest between one and five years from the grant date and can be settled in cash or shares. Expenses associated with these awards are recognized over each respective vesting period. Liability based awards are settled in cash, while equity based awards are settled in stock. See additional information for stock-based compensation plans in Note 22.

Unexercised options generally terminate twenty years after the date of grant for all plans, and must be exercised within ten years of retirement. We recognized no stock option expense during 2022, 2021, or 2020 and there are currently no remaining unvested options for which stock-option compensation costs will be recognized in future periods. No stock options have been granted since 2002.

Derivatives

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

We may use interest rate swaps in the management of interest rate exposures and foreign currency derivatives in the management of foreign currency exposure related to assets and liabilities (including net investments in subsidiaries located outside the U.S.) denominated in foreign currencies. When we enter into a derivative contract, we make a determination whether the transaction is deemed to be a hedge for accounting purposes. For those contracts deemed to be a hedge, we formally document the relationship between the derivative instrument and the risk being hedged. In this documentation, we specifically identify the asset, liability, forecasted transaction, cash flow, or net investment that has been designated as the hedged item, and evaluate whether the derivative instrument is expected to reduce the risks associated with the hedged item. To the extent these criteria are not met, we do not use hedge accounting for the derivative.

All derivative contracts are recorded at fair value, as a net asset or a net liability. Changes in the fair value of the hedge are recorded, net of tax, in other comprehensive income. For transactions that are designated as hedges, we perform an evaluation of the effectiveness of the hedge. We measure the effectiveness of hedging relationships both at inception and on an ongoing basis. The related gains and losses of derivative instruments, including those designated in hedge accounting relationships, are included as operating activities in the consolidated statements of cash flows.

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

Pension and Postretirement Benefit Plans

As described in Note 4, we have pension and postretirement benefit plans covering substantially all employees. Our Pension Plus Plan in the United States was settled during the third quarter of 2022.This was a qualified defined benefit pension plan that was previously terminated in the third quarter of 2021, and prior to that point was closed to new participants and had frozen accrual of benefits.

We have liabilities for postretirement benefits in the U.S. and Canada. A majority of the liability relates to the U.S. plan. Effective January 2005, our postretirement benefit plan in the U.S. was closed to new participants, except for certain life insurance benefits. In September 2008, we changed the cost sharing arrangement under this program

such that increases in health care costs are the responsibility of plan participants and, in August 2013, we reduced the life insurance benefit for retirees and eliminated that benefit for active employees.

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

Government Grants

The Company recognizes government grants only when there is reasonable assurance that we will comply with the conditions attached to them and the grants will be received. Government grants are recognized in the Consolidated Statements of Income on a systematic basis over the periods in which we recognize as expenses the related costs for which the grants are intended to compensate. A government grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support with no future related costs is recognized in the Consolidated Statements of Income of the period in which it becomes receivable.

During the third quarter of 2021, the Company was awarded an Aviation Manufacturing Jobs Protection Program ("AMJP") grant of $5.8 million, under the American Rescue Plan of the U.S. Department of Transportation. The AMJP grant is an income related grant, the purpose of which is to provide payroll assistance to eligible U.S. aircraft manufacturing/repair businesses who were impacted due to the COVID-19 downturn during 2020. In order to receive the grant, AEC was required to make several commitments, including a commitment that the company would not involuntarily furlough or lay-off employees within this segment during the period the grant was intended to cover. All conditions were met and the Company recognized $5.8 million in its Consolidated Statements of Income for the year ended December 31, 2021. The Company received $2.9 million in cash during 2021 and the remainder during 2022 and reflected cash received as an operating activity within the Consolidated Statements of Cash Flows over the periods cash was received.

Subsequent Events

We review for subsequent events up through the date when our consolidated financial statements are available for issuance.

Revenue Recognition

12 Months Ended

Dec. 31, 2022

Revenue Recognition [Abstract]

Revenue Recognition

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

In our MC segment, our primary performance obligation in most contracts is to provide solution-based, custom-designed fabrics and belts to the customer. We satisfy this performance obligation upon transferring control of the product to the customer at a specific point in time. Contracts with customers in the MC segment have various terms

that can affect the point in time when revenue is recognized. Generally, the customer obtains control when the product has been received at the location specified by the customer, at which time the only remaining obligations under the contract may be fulfillment costs, in the form of shipping and handling, which are accrued when control of the product is transferred.

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

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

At the inception of a contract, we determine the transaction price based on the consideration we expect to receive for the products or services being provided under the contract. For contracts where a portion of the price may vary, we estimate variable consideration at the most likely amount, which is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur. We analyze the risk of a significant revenue reversal and if necessary constrain the amount of variable consideration recognized in order to mitigate this risk.

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

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

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

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

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

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

Segment

Reporting Unit

Principal Product or Service

Principal Locations

Machine Clothing (MC)

Machine Clothing

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

World-wide

Albany Engineered Composites (AEC)

Albany Safran Composites (ASC)

Airframe and engine Components (Other AEC)

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

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

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

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


	For the year ended December 31, 2022
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	605,863	$	3,598	$	609,461
Albany Engineered Composites
ASC	—		165,775		165,775
Other AEC	19,167		240,484		259,651
Total Albany Engineered Composites	19,167		406,259		425,426
Total revenue	$	625,030	$	409,857	$	1,034,887

	For the year ended December 31, 2021
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	615,556	$	3,459	$	619,015
Albany Engineered Composites
ASC	—		109,803		109,803
Other AEC	15,972		184,450		200,422
Total Albany Engineered Composites	15,972		294,253		310,225
Total revenue	$	631,528	$	297,712	$	929,240

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

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


	For the year ended December 31,
(in thousands)	2022		2021		2020
Americas PMC	$	321,170	$	317,907	$	297,490
Eurasia PMC	207,115		219,506		202,181
Engineered Fabrics	81,176		81,602		73,284
Total Machine Clothing Net sales	$	609,461	$	619,015	$	572,955

We do not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Contracts in the MC segment are generally for periods of less than a year. Most contracts in the AEC segment are short duration firm-fixed-price orders representing performance obligations with an original maturity of less than one year. Remaining performance obligations on contracts that had an original duration of greater than one year totaled $553 million as of December 31, 2022, $278 million as of December 31, 2021, and $86 million as of December 31, 2020, and related primarily to firm contracts in the AEC segment. Of the remaining performance obligations as of December 31, 2022 we expect to recognize as revenue approximately $131 million during 2023, $98 million during 2024, $56 million during 2025, and the remainder thereafter.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Reportable Segments and Geographic Data

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Reportable Segments and Geographic Data

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

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

Machine Clothing:

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

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

Albany Engineered Composites:

The Albany Engineered Composites (“AEC”) segment, 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, owns a 10 percent noncontrolling interest, AEC, through ASC, is the exclusive supplier to 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 aircrafts. AEC’s largest aerospace customer is SAFRAN and sales to SAFRAN (consisting primarily of fan blades and cases for CFM’s LEAP engine) accounted for approximately 16 percent of the Company’s consolidated Net sales in 2022. In 2022, SAFRAN leased manufacturing space from AEC for the GE9X program. Rent paid by SAFRAN under this lease amounted to $0.9 million in both 2022 and 2021. AEC Net sales to SAFRAN were $169.3 million in 2022, $111.6 million in 2021, and $99.0 million in 2020. The total of Accounts receivable, Contract assets and Noncurrent receivable due from SAFRAN amounted to $80.8 million and $79.6 million as of December 31, 2022 and 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. In 2022, approximately 46 percent of AEC sales were related to U.S. government contracts or programs.

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


(in thousands)	2022		2021		2020
Net Sales
Machine Clothing	$	609,461	$	619,015	$	572,955
Albany Engineered Composites	425,426		310,225		327,655
Consolidated total	$	1,034,887	$	929,240	$	900,610
Depreciation and amortization
Machine Clothing	19,483		20,191		20,304
Albany Engineered Composites	46,202		50,402		48,496
Corporate expenses	3,364		3,662		3,905
Consolidated total	$	69,049	$	74,255	$	72,705
Operating income/(loss)
Machine Clothing	206,214		215,654		190,805
Albany Engineered Composites	31,579		16,160		31,536
Corporate expenses	(56,771)		(53,803)		(56,261)
Operating income	$	181,022	$	178,011	$	166,080
Reconciling items:
Interest income	(3,835)		(2,500)		(2,748)
Interest expense	17,835		17,391		16,332


Pension settlement expense	49,128		—		—
AMJP grant	—		(5,832)		—
Other expense, net	(14,086)		3,021		13,422
Income before income taxes	$	131,980	$	165,931	$	139,074

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 $1.5 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.

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


(in thousands)	2022		2021		2020
Restructuring expenses, net
Machine Clothing	$	92	$	1,202	$	2,746
Albany Engineered Composites	—		32		2,821
Corporate expenses	14		97		169
Consolidated total	$	106	$	1,331	$	5,736

In the measurement of assets utilized by each reportable segment, we include Inventories, Accounts receivable, net, Contract assets, net, Noncurrent receivables, net, Property, plant and equipment, net, Intangibles, net and Goodwill.

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


(in thousands)	2022		2021		2020
Segment assets
Machine Clothing	$	455,390	$	459,182	$	443,476
Albany Engineered Composites	717,972		652,702		713,955
Reconciling items:
Cash	291,776		302,036		241,316
Income taxes prepaid, receivable and deferred	23,134		28,334		44,697
Prepaid and Other assets	153,983		113,810		106,492
Consolidated total assets	$	1,642,255	$	1,556,064	$	1,549,936

Capital expenditures and purchased software
Machine Clothing	$	20,093	$	20,177	$	15,792
Albany Engineered Composites	73,614		31,012		23,718
Corporate expenses	2,641		2,510		2,880
Consolidated total	$	96,348	$	53,699	$	42,390

In 2022, the Company extended the lease of its primary manufacturing facility in Salt Lake City, Utah, which resulted in a lease classification change from Finance to Operating and included a non-cash increase of $37.1 million to both Other assets and to Other noncurrent liabilities in the Consolidated Balance Sheets. Due to the non-cash nature of the transaction, those increases are excluded from amounts reported in the Consolidated Statements of Cash Flows.

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


(in thousands)	2022		2021		2020
Net sales
United States	$	586,779	$	497,231	$	503,473
Switzerland	119,069		128,698		128,328
France	76,826		68,929		55,914
Brazil	66,175		62,925		60,259
China	63,914		67,098		57,007
Mexico	58,519		37,547		39,859
Italy	20,074		21,523		12,424
Other countries	43,531		45,289		43,346
Consolidated total	$	1,034,887	$	929,240	$	900,610

Property, plant and equipment, at cost, net
United States	$	278,500	$	258,453	$	263,201
Mexico	42,320		40,699		41,738
China	33,432		41,039		40,898
France	31,382		33,802		41,107
Canada	14,264		14,139		9,672
Sweden	11,388		12,355		12,109
United Kingdom	9,699		10,156		10,731
Germany	9,562		9,652		10,808
Other countries	15,111		16,122		18,290
Consolidated total	$	445,658	$	436,417	$	448,554

- 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
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+ Details

Pensions and Other Postretirement Benefit Plans

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Pensions and Other Postretirement Benefit Plans

Pension Plans

The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees.

In the third quarter of 2022, we took actions to settle pension plan liabilities related to the U.S. Pension Plus Plan, leading to charges totaling $49.1 million. This led to a reduction of unfunded pension liabilities of $6.2 million. This was a qualified defined benefit pension plan that was previously terminated in the third quarter of 2021, and prior to that point was closed to new participants and had frozen accrual of benefits.

The December 31, 2022 benefit obligations for remaining U.S. pension and postretirement plans were calculated using the Pri-2012 mortality table with MP-2021 generational projection. For U.S. pension funding purposes, the Company uses the plan’s IRS-basis current liability as its funding target, which is determined based on mandated assumptions. Benefit accruals under the U.S. Supplemental Executive Retirement Plan (“SERP”), which is an unfunded plan, have been frozen.

The eligibility, benefit formulas, and contribution requirements for plans outside of the U.S. vary by location.

Benefits under the Company's pension plan in Switzerland utilize a cash balance interest crediting rate for determination of plan liabilities. As of December 31, 2022, the benefit obligation for that plan amounted to $2.9 million.

In addition to providing pension benefits, the Company provides various medical, dental, and life insurance benefits for certain retired United States employees. U.S. employees hired prior to 2005 may become eligible for these benefits if they reach normal retirement age while working for the Company. Benefits provided under this plan are subject to change. Retirees share in the cost of these benefits. Any new employees hired after January 2005 who wish to be covered under this plan will be responsible for the full cost of such benefits. In September 2008, we changed the cost-sharing arrangement under this program such that increases in health care costs are the responsibility of plan participants. In August 2013, we reduced the life insurance benefit for retirees and eliminated the benefit for active employees. The Company also provides certain postretirement life insurance benefits to retired employees in Canada. As of December 31, 2022, the accrued postretirement liability was $34.8 million in the U.S. and $0.8 million in Canada. The Company accrues the cost of providing postretirement benefits during the active service period of the employees. The Company currently funds the plans as claims are paid.

Accounting guidance requires the recognition of the funded status of each defined benefit and other postretirement benefit plan. Each overfunded plan is recognized as an asset and each underfunded plan is recognized as a liability. Company pension plan data for U.S. and non-U.S. plans has been combined for both 2022 and 2021, except where indicated below.

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

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

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

The following table sets forth the plan benefit obligations:


	As of December 31, 2022						As of December 31, 2021
(in thousands)	Pension plans			Other postretirement benefits			Pension plans			Other postretirement benefits
Benefit obligation, beginning of year	$	230,790		$	44,884		$	245,800		$	47,977
Service cost	1,371			114			2,192			132
Interest cost	4,917			1,221			5,467			1,103
Plan participants' contributions	132			—			175			—
Actuarial (gain)/loss	(46,995)			(6,658)			(7,163)			(995)
Benefits paid	(7,946)			(3,234)			(9,399)			(3,338)
Settlements and curtailments	(90,568)			—			(3,694)			—
Plan amendments and other	(25)			(605)			(122)			—
Foreign currency changes	(7,946)			(64)			(2,466)			5
Benefit obligation, end of year	$	83,730		$	35,658		$	230,790		$	44,884
Accumulated benefit obligation	$	78,153		$	—		$	223,320		$	—
Weighted average assumptions used to
determine benefit obligations, end of year:
Discount rate — U.S. plan	5.49		%	5.55		%	2.63		%	2.83		%
Discount rate — non-U.S. plans	5.15		%	5.20		%	2.41		%	3.05		%
Cash balance interest crediting rate - Switzerland pension plan	2.15		%	—			0.25		%	—
Compensation increase — U.S. plan	N/A			N/A			—			—
Compensation increase — non-U.S. plans	3.08		%	2.75		%	2.70		%	2.75		%

During 2022, pension benefit obligations decreased by $147 million, $91.6 million of which was related to the US Pension Plus plan settlement, and $47.0 million of which was driven by net actuarial gains, principally resulting from higher discount rates, in addition to employer contributions of $7.9 million. Other postretirement benefit obligations decreased by $9.2 million in 2022, primarily driven by net actuarial gains and payments made by the Company to participants of the plan.

During 2021, pension benefit obligations decreased by $15.0 million, $7.2 million of which was driven by net actuarial gains, principally resulting from higher discount rates, in addition to employer contributions of $9.4 million. Other postretirement benefit obligations decreased by $3.1 million in 2021, primarily driven by payments made by the Company to participants of the plans.

The following sets forth information about plan assets:


	As of December 31, 2022				As of December 31, 2021
(in thousands)	Pension plans		Other postretirement benefits		Pension plans		Other postretirement benefits
Fair value of plan assets, beginning of year	$	225,327	$	—	$	239,051	$	—
Actual return on plan assets, net of expenses	(57,868)		—		(2,648)		—
Employer contributions	15,071		3,234		2,431		3,338
Plan participants' contributions	132		—		175		—
Benefits paid	(7,946)		(3,234)		(9,399)		(3,338)
Settlements	(90,568)		—		(3,694)		—
Foreign currency changes	(9,219)		—		(589)		—
Fair value of plan assets, end of year	$	74,929	$	—	$	225,327	$	—

The funded status of the plans was as follows:


	As of December 31, 2022				As of December 31, 2021
(in thousands)	Pension plans		Other postretirement benefits		Pension plans		Other postretirement benefits
Fair value of plan assets	$	74,929	$	—	$	225,327	$	—
Benefit obligation	83,730		35,658		230,790		44,884
Funded status	$	(8,801)	$	(35,658)	$	(5,463)	$	(44,884)
Accrued benefit cost, end of year	$	(8,801)	$	(35,658)	$	(5,463)	$	(44,884)
Amounts recognized in the consolidated balance sheet consist of the following:
Noncurrent asset	$	16,234	$	—	$	32,504	$	—
Current liability	(1,974)		(3,660)		(7,116)		(3,627)
Noncurrent liability	(23,061)		(31,998)		(30,851)		(41,257)
Net amount recognized	$	(8,801)	$	(35,658)	$	(5,463)	$	(44,884)
Amounts recognized in accumulated other comprehensive income consist of:
Net actuarial loss	$	17,915	$	8,958	$	52,138	$	17,483
Prior service cost/(credit)	(134)		(4,574)		256		(8,458)
Net amount recognized	$	17,781	$	4,384	$	52,394	$	9,025

The composition of the net pension plan funded status as of December 31, 2022 was as follows:


(in thousands)	U.S. plan		Non-U.S. plans		Total
Pension plans with pension assets	$	—	$	16,234	$	16,234
Pension plans without pension assets	(4,161)		(20,874)		(25,035)
Total	$	(4,161)	$	(4,640)	$	(8,801)

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

The composition of the net periodic benefit plan cost for the years ended December 31, 2022, 2021, and 2020, was as follows:


	Pension plans									Other postretirement benefits
(in thousands)	2022			2021			2020			2022			2021			2020
Components of net periodic benefit cost:
Service cost	$	1,371		$	2,192		$	2,279		$	114		$	132		$	200
Interest cost	4,917			5,467			6,172			1,221			1,103			1,712
Expected return on assets	(5,979)			(6,564)			(6,853)			—			—			—
Amortization of prior service cost/(credit)	(8)			13			14			(4,488)			(4,488)			(4,488)
Amortization of net actuarial loss	1,377			2,365			2,412			1,883			2,260			2,592
Settlement	49,128			—			148			—			—			—
Curtailment (gain)/loss	—			—			263			—			—			—
Net periodic benefit cost	$	50,806		$	3,473		$	4,435		$	(1,270)		$	(993)		$	16

Weighted average assumptions used to determine net cost:
Discount rate — U.S. plan	2.63		%	2.65		%	3.40		%	2.83		%	2.38		%	3.27		%
Discount rate — non-U.S. plans	2.41		%	1.91		%	2.31		%	3.05		%	2.75		%	3.05		%
Cash balance interest crediting rate - Switzerland pension plan	0.25		%	0.05		%	0.25		%	—			—			—
Expected return on plan assets — U.S. plan	3.07		%	2.74		%	3.54		%	—			—			—
Expected return on plan assets — non-U.S. plans	3.31		%	2.89		%	3.45		%	—			—			—
Rate of compensation increase — U.S. plan	—			—			—			—			—			—		%
Rate of compensation increase — non-U.S. plans	2.70		%	2.71		%	2.81		%	2.75		%	2.75		%	3.00		%

Pretax (gains)/losses on plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2022, 2021, and 2020, was as follows:


	Pension plans						Other postretirement benefits
(in thousands)	2022		2021		2020		2022		2021		2020
Settlements/curtailments	$	(49,128)	$	—	$	(411)	$	—	$	—	$	—
Asset/liability loss/(gain)	16,828		1,927		(8,053)		(6,658)		(995)		(4,794)
Amortization of actuarial (loss)	(1,377)		(2,365)		(2,412)		(1,883)		(2,260)		(2,592)
Amortization of prior service cost/(credit)	8		(13)		(14)		3,884		4,488		4,488
Other	—		—		(204)		—		—		—
Currency impact	(944)		(612)		670		15		2		3
Cost/(benefit) in Other comprehensive income	$	(34,613)	$	(1,063)	$	(10,424)	$	(4,642)	$	1,235	$	(2,895)

Investment Strategy

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

United States plan:

Since the settlement of the U.S. Pension Plus Plan during the third quarter of 2022, there have been no investments made to the remaining plans in the United States.

Non-United States plans:

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

Fair-Value Measurements

The following tables present plan assets as of December 31, 2022, and 2021, using the fair-value hierarchy, which has three levels based on the reliability of inputs used, as described in Note 18. Certain investments that are measured at fair value using net asset value (NAV) as a practical expedient are not required to be categorized in the fair value hierarchy table. The total fair value of these investments is included in the table below to permit reconciliation of the fair value hierarchy to amounts presented in the funded status table above. As of December 31, 2022 and 2021, there were no investments expected to be sold at a value materially different than NAV.


	Assets at Fair Value as of December 31, 2022
(in thousands)	Quoted prices in active markets Level 1		Significant other observable inputs Level 2		Significant unobservable inputs Level 3		Total
Common Stocks and equity funds	$	—	$	—	$	—	$	—
Debt securities	—		1,003		—		1,003
Insurance contracts	—		—		2,418		2,418
Cash and short-term investments	548		—		—		548
Total investments in the fair value hierarchy	$	548	$	1,003	$	2,418	3,969
Investments at net asset value:
Common Stocks and equity funds							13,069
Fixed income funds							57,891
Limited partnerships							—
Total plan assets							$	74,929


	Assets at Fair Value as of December 31, 2021
(in thousands)	Quoted prices in active markets Level 1		Significant other observable inputs Level 2		Significant unobservable inputs Level 3		Total
Common Stocks and equity funds	$	—	$	—	$	—	$	—
Debt securities	—		98,252		—		98,252
Insurance contracts	—		—		3,861		3,861
Cash and short-term investments	724		—		—		724
Total investments in the fair value hierarchy	$	724	$	98,252	$	3,861	102,837
Investments at net asset value:
Common Stocks and equity funds							18,963
Fixed income funds							101,843
Limited partnerships							1,684
Total plan assets							$	225,327

The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2022 and 2021:


(in thousands)	December 31, 2021		Net realized gains		Net unrealized gains		Net purchases, issuances and settlements		Net transfers (out of) Level 3		December 31, 2022
Insurance contracts -
total level 3 assets	$	3,861	$	—	$	20	$	(1,463)	$	—	$	2,418


(in thousands)	December 31, 2020		Net realized gains		Net unrealized gains		Net purchases, issuances and settlements		Net transfers (out of) Level 3		December 31, 2021
Insurance contracts -
total level 3 assets	$	3,819	$	—	$	24	$	18	$	—	$	3,861

The asset allocation for the Company’s U.S. and non-U.S. pension plans for 2022 and 2021, and the target allocation, by asset category, are as follows:


	United States Plan						Non-U.S. Plans
	Target Allocation		Percentage of plan assets at plan measurement date				Target Allocation		Percentage of plan assets at plan measurement date
Asset category			2022		2021				2022		2021
Equity securities	N/A		N/A		—	%	14	%	15	%	13	%
Debt securities	N/A		N/A		98	%	81	%	76	%	80	%
Real estate	N/A		N/A		2	%	1	%	1	%	1	%
Other(1)	N/A		N/A		—	%	4	%	8	%	6	%
	—	%	—	%	100	%	100	%	100	%	100	%

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

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

At the end of 2022 and 2021, the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with projected benefit obligation and an accumulated benefit obligation in excess of plan assets were as follows:


	Plans with projected benefit obligation in excess of plan assets
(in thousands)	2022		2021
Projected benefit obligation	$	28,458	$	142,007
Fair value of plan assets	3,422		104,041


	Plans with accumulated benefit obligation in excess of plan assets
(in thousands)	2022		2021
Accumulated benefit obligation	$	25,941	$	139,600
Fair value of plan assets	3,422		104,041

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


(in thousands)	Pension plans		Other postretirement benefits
Expected employer contributions and direct employer payments in the next fiscal year	$	2,151	$	3,660
Expected benefit payments
2023	4,495		3,660
2024	4,809		3,541
2025	5,181		3,408
2026	5,513		3,281
2027	5,337		3,158
2028-2032	29,238		13,928

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Restructuring

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring activities have decreased in the last two years. Restructuring expense, net during this period has been related primarily to the winding down of restructuring actions taken in years previous. The following table summarizes charges reported in the Consolidated Statements of Income under “Restructuring expenses, net”:


Year ended December 31, 2022 (In thousands)	Total restructuring costs incurred		Termination and other costs		Impairment of assets
Machine Clothing	$	92	$	92	$	—
Albany Engineered Composites	—		—		—
Corporate expenses	14		14		—
Total	$	106	$	106	$	—


Year ended December 31, 2021 (In thousands)	Total restructuring costs incurred		Termination and other costs		Impairment of assets
Machine Clothing	$	1,202	$	1,202	$	—
Albany Engineered Composites	32		32		—
Corporate expenses	97		97		—
Total	$	1,331	$	1,331	$	—


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

In 2020, AEC reduced its workforce at various locations, principally in the United States, leading to restructuring charges, and MC recorded charges related to the discontinuance of operations in the Selestat, France location.

As of December 31, 2022, there is no remaining balance in Accrued liabilities for restructuring.

The table below presents the changes in restructuring liabilities for 2022 and 2021, all of which related to termination costs:


(in thousands)	December 31, 2021		Restructuring charges accrued		Payments		Currency translation/other		December 31, 2022
Total termination and other costs	$	1,045	$	106	$	(1,079)	$	(72)	$	—


(in thousands)	December 31, 2020		Restructuring charges accrued		Payments		Currency translation/other		December 31, 2021
Total termination and other costs	$	2,195	$	1,331	$	(2,469)	$	(12)	$	1,045

Other expense/(income), net

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Other expense/(income), net

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


(in thousands)	2022		2021		2020
Currency transactions	$	(9,996)	$	(1,179)	$	13,569
Sale of IP addresses	(3,420)		—		—
Bank fees and amortization of debt issuance costs	313		373		367
Components of net periodic pension and postretirement cost other than service	(1,077)		156		1,561
Other	94		3,671		(2,075)
Total	$	(14,086)	$	3,021	$	13,422

In 2022, Other (income)/expense, net included gains related to the revaluation of nonfunctional-currency balances of $10.0 million, as compared to a gain of $1.2 million during 2021, principally resulting from a weaker Euro throughout the course of 2022.

As a result of changes in business conditions that occurred in the first quarter of 2020, certain loan repayments were no longer expected in the foreseeable future and, beginning April 1, 2020, the revaluation effects for those loans were recorded in Other comprehensive income, which resulted in a pre-tax gain of $5.0 million being recorded in Other comprehensive income in 2020. The same loans had an insignificant effect on Other comprehensive income in 2021 and 2022.

In 2022, the Company recorded a gain of $3.4 million on the sale of IP addresses that the Company had no future critical need to retain. There were no similar gains of this nature in the previous two years.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Provision for income taxes consisted of the following:


For the year ended December 31
(in thousands)	2022		2021		2020
Income before income taxes:
U.S.	$	20,422	$	63,708	$	63,375
Non-U.S.	111,558		102,223		75,699
	$	131,980	$	165,931	$	139,074
Income tax expense/(benefit)
Current:
Federal	$	9,781	$	3,348	$	1,415
State	5,126		2,663		2,028
Non-U.S.	28,605		29,319		26,916
	$	43,512	$	35,330	$	30,359
Deferred:
Federal	$	(9,592)	$	9,911	$	11,211
State	(1,866)		(24)		192
Non-U.S.	3,418		1,946		69
	$	(8,040)	$	11,833	$	11,472
Total income tax expense	$	35,472	$	47,163	$	41,831

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


For the year ended December 31	2022		2021		2020
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	2.5		1.8		1.8
Non-U.S. local income taxes	3.8		2.5		3.2
U.S. permanent adjustments	1.4		1.1		0.1
Foreign permanent adjustments	(2.1)		0.3		—
Foreign rate differential	3.1		1.2		0.6
Net U.S. tax on non-U.S. earnings and foreign withholdings	3.5		2.1		1.2
Provision for/(resolution) of tax audits and contingencies, net	0.3		0.1		0.5
U.S. Pension Settlement - Release of Residual Tax Effect	(4.0)		—		—
Tax effect of non-deductible foreign exchange loss on intercompany loan	—		—		2.7
Impact of amended tax returns	(0.1)		(1.3)		—
Return to provision	(1.1)		(1.4)		(1.6)
Other adjustments	(1.4)		1.0		0.6
Effective income tax rate	26.9	%	28.4	%	30.1	%

The Company recorded a net tax benefit of $5.2 million for the release of the residual tax effects that were stranded within other comprehensive income related to the U.S. pension settlement. The residual tax effects were created as a result of the remeasurement of deferred tax assets and liabilities originally established in other comprehensive income in accordance with the Tax Cuts and Jobs Act lowering the U.S. corporate tax rate from 35% to 21% as of December 31, 2017.

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

The Company has operations which constitute a taxable presence in 18 countries outside of the United States. The Company is subject to audit in the U.S. and various foreign jurisdictions. Our open tax years for major jurisdictions generally range from 2014-2022.

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

On August 16th, 2022, The Inflation Reduction Act (“IRA”) was enacted, including various provisions which become effective for tax years beginning after December 31, 2022. Included within the IRA were provisions for a newly enacted Stock Repurchase Excise Tax, Corporate Alternative Minimum Tax, among others. None of the enacted provisions within the IRA are expected to have a material effect to the Company.

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


For the year ended December 31	U.S.				Non-U.S.
(in thousands)	2022		2021		2022		2021
Deferred tax assets:
Accounts receivable, net	$	436	$	428	$	1,300	$	1,378
Inventories	1,807		1,450		1,111		1,752
Incentive compensation	4,619		4,580		1,333		1,084
Property, plant, equipment and intangibles, net	—		—		1,892		4,339
Pension, post retirement benefits - non-current	9,141		12,912		—		—
Tax loss carryforwards	239		217		14,201		19,821
Tax credit carryforwards	2,635		4,643		—		—
Derivatives	—		468		—		—
Leases	7,597		1,658		—		—
Reserves	721		991		—		—
Deferred revenue	761		239		—		—
Other	47		329		1,707		1,791
Deferred tax assets before valuation allowance	28,003		27,915		21,544		30,165
Less: valuation allowance	(8)		(9)		(9,778)		(10,650)
Total deferred tax assets	$	27,995	$	27,906	$	11,766	$	19,515
Deferred tax liabilities:
Unrepatriated foreign earnings	$	5,827	$	6,308	$	—	$	—
Property, plant, equipment and intangibles, net	3,084		5,356		—		—
Basis difference in partner capital	2,161		2,466		—		—
Basis difference in investment	4,173		3,985		—		—
Derivatives	5,941		—		—		—
Leases	11,609		2,950		—		—
Deferred revenue	—		—		6,440		10,829
Other	—		—		419		602
Total deferred tax liabilities	32,795		21,065		6,859		11,431
Net deferred tax (liability)/asset	$	(4,800)	$	6,841	$	4,907	$	8,084

Deferred income tax assets, net of valuation allowances, are expected to be realized through the reversal of existing taxable temporary differences and future taxable income. In 2022, the Company recorded immaterial movements in its valuation allowance, which are included in Schedule II in Item 15.

As of December 31, 2022, the Company's net operating loss, capital loss and tax credit carryforwards were as follows:


(in thousands)	Expiration Period	Net Operating and Capital Loss Carryforwards		Tax Credit Carryforwards
Jurisdiction
U.S. Federal	2025 - 2040	$	—	$	2,792
U.S. State	2027 - 2041	3,973		402
U.S. State	Indefinite	—		—
Non-U.S.	2025 - 2030	9,094		—
Non-U.S.	Indefinite	37,008		—
Balance at end of year		$	50,075	$	3,194

The Company records the residual U.S. and foreign taxes on certain amounts of foreign earnings that have been targeted for repatriation to the U.S. These amounts are not considered to be indefinitely reinvested, and the Company accrued for the tax cost on these earnings to the extent they cannot be repatriated in a tax-free manner. The Company has targeted for repatriation $215.3 million of current year and prior year earnings of the Company’s foreign operations. If these earnings were distributed, the Company would be subject to foreign withholding taxes of $4.4 million and U.S. income taxes of $1.5 million which have already been recorded.

The accumulated undistributed earnings of the Company’s foreign operations not targeted for repatriation to the U.S. were approximately $201.6 million, and are intended to remain indefinitely invested in foreign operations.

No additional income taxes have been provided on the indefinitely invested foreign earnings at December 31, 2022. If these earnings were distributed, the Company could be subject to income taxes and additional foreign withholding taxes. Determining the amount of unrecognized deferred tax liability related to any additional outside basis difference in these entities is not practical due to the complexities of the hypothetical calculation.

The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits. If recognized, $0.8 million would impact the effective tax rate at December 31, 2022:


(in thousands)	2022		2021		2020
Unrecognized tax benefits balance at January 1,	$	1,459	$	5,491	$	5,834
Increase in gross amounts of tax positions related to prior years	399		278		540
Decrease in gross amounts of tax positions related to prior years	(929)		(4,236)		(637)
Increase in gross amounts of tax positions related to current years	37		—		—
Decrease due to settlements with tax authorities	—		—		—
Decrease due to lapse in statute of limitations	—		(39)		(300)
Currency translation	(174)		(35)		54
Unrecognized tax benefits balance at December 31,	$	792	$	1,459	$	5,491

The Company recognizes interest and penalties related to unrecognized tax benefits within its global operations as a component of income tax expense. The Company recognized immaterial interest and penalties related to the unrecognized tax benefits noted above, for the years 2022, 2021 and 2020.

- 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

12 Months Ended

Dec. 31, 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:


(in thousands, except market price and earnings per share)	2022		2021		2020
Net income attributable to the Company	$	95,762	$	118,478	$	98,589
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share	31,339		32,348		32,329
Effect of dilutive stock-based compensation plans:
Stock options	—		2		7
Long-term incentive plans	116		113		20
Weighted average number of shares used in calculating diluted net income per share	31,455		32,463		32,356
Average market price of common stock used for calculation of dilutive shares	$	87.27	$	82.88	$	58.56
Net income per share:
Basic	$	3.06	$	3.66	$	3.05
Diluted	$	3.04	$	3.65	$	3.05

Shares outstanding, net of treasury shares, were 31.1 million as of December 31, 2022, 32.1 million as of December 31, 2021, and 32.3 million as of December 31, 2020.

Accumulated Other Comprehensive Income (AOCI)

12 Months Ended

Dec. 31, 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 from January 1, 2020 to December 31, 2022:


(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
January 1, 2020	$	(122,852)	$	(49,994)	$	(3,135)	$	(175,981)
Other comprehensive income/(loss) before reclassifications	39,649		(722)		(9,363)		29,564
Pension/postretirement settlements and curtailments, net of tax	—		283		—		283
Pension/postretirement plan remeasurement, net of tax	—		10,390		—		10,390
Interest expense related to swaps reclassified to the Statements of Income, net of tax	—		—		2,954		2,954
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	—		382		—		382
Net current period other comprehensive income	39,649		10,333		(6,409)		43,573
December 31, 2020	$	(83,203)	$	(39,661)	$	(9,544)	$	(132,408)
Other comprehensive income/(loss) before reclassifications	(22,677)		1,869		2,812		(17,996)

Pension/postretirement plan remeasurement, net of tax	—		(796)		—		(796)
Interest expense related to swaps reclassified to the Statements of Income, net of tax	—		—		5,118		5,118
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	—		98		—		98

Net current period other comprehensive income	(22,677)		1,171		7,930		(13,576)
December 31, 2021	$	(105,880)	$	(38,490)	$	(1,614)	$	(145,984)
Other comprehensive income/(loss) before reclassifications	(40,971)		—		18,971		(22,000)
Pension settlement expense, net of tax	—		26,198		—		26,198

Pension/postretirement plan remeasurement, net of tax	—		(2,663)		—		(2,663)
Interest expense related to swaps reclassified to the Statements of Income, net of tax	—		—		350		350
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	—		(828)		—		(828)
Net current period other comprehensive income	(40,971)		22,707		19,321		1,057
December 31, 2022	$	(146,851)	$	(15,783)	$	17,707	$	(144,927)

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

The table below presents the expense/(income) amounts reclassified, and the line items of the Statement of Income that were affected for the years ended December 31, 2022, 2021, and 2020.


(in thousands)	2022		2021		2020
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense related to interest rate swaps included in Income before taxes(a)	$	468	$	6,852	$	3,982
Income tax effect	(118)		(1,734)		(1,028)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	350	$	5,118	$2,954
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Pension/postretirement settlements and curtailments	$	42,657	$	—	$	411
Amortization of prior service credit	(4,497)		(4,475)		(4,474)
Amortization of net actuarial loss	3,260		4,625		5,004
Total pretax amount reclassified(b)	41,420		150		941
Income tax effect	(16,051)		(52)		(276)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	25,369	$	98	$	665

________________________

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

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

Noncontrolling Interest

12 Months Ended

Dec. 31, 2022

Noncontrolling Interest [Abstract]

Noncontrolling Interest

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

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

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

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


(in thousands, except percentages)	2022			2021
Net income/(loss) of Albany Safran Composites (ASC)	$	8,720		$	4,227
Less: Return attributable to the Company's preferred holding	1,262			1,325
Net income/(loss) of ASC available for common ownership	$	7,458		$	2,902
Ownership percentage of noncontrolling shareholder	10		%	10		%
Net income/(loss) attributable to noncontrolling interest	$	746		$	290

Noncontrolling interest, beginning of year	$	3,638		$	3,799
Net income/(loss) attributable to noncontrolling interest	746			290
Changes in other comprehensive income attributable to noncontrolling interest	110			(451)
Noncontrolling interest, end of year	$	4,494		$	3,638

Accounts Receivable

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Accounts Receivable

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


(in thousands)	December 31, 2022		December 31, 2021
Trade and other accounts receivable	$	179,676	$	168,046
Bank promissory notes	23,439		26,284
Allowance for expected credit losses	(3,097)		(2,345)
Accounts receivable, net	$	200,018	$	191,985

The Company has Noncurrent receivables in the AEC segment that represent revenue earned, which has extended payment terms. The Noncurrent receivables are invoiced to the customer over a 10-year period, which began in 2020. As of December 31, 2022 and December 31, 2021, Noncurrent receivables were as follows:


(in thousands)	December 31, 2022		December 31, 2021
Noncurrent receivables	$	28,053	$	32,049
Allowance for expected credit losses	(140)		(200)
Noncurrent receivables, net	$	27,913	$	31,849

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

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

The probability of default is driven by the relative financial health of our customer base and that of the industries in which we operate, as well as the broader macro-economic environment. A changing economic environment or forecasted economic scenario can lead to a different probability of default and can suggest that credit risk has changed.

At each reporting period, the Company will recognize the amount of change in current expected credit losses as an allowance gain or loss in Selling, general, and administrative expenses in the Consolidated Statements of Income. Financial assets are written-off when the Company has no reasonable expectation of recovering the financial asset, either in its entirety, or a portion thereof. This is the case when the Company determines that the customer does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.

The following tables present the (increases)/decreases in the allowance for credit losses for Accounts receivable:


(in thousands)	December 31, 2021		(Charge)/ benefit		Currency translation		Other		December 31, 2022
Specific customer reserves	$	(1,392)	$	(1,331)	$	50	$	597	$	(2,076)
Incremental expected credit losses	(953)		(93)		25		—		(1,021)
Accounts receivable expected credit losses	$	(2,345)	$	(1,424)	$	75	$	597	$	(3,097)


(in thousands)	December 31, 2020		(Charge)/ benefit		Currency translation		Other		December 31, 2021
Specific customer reserves	$	(1,742)	$	(187)	$	116	$	421	$	(1,392)
Incremental expected credit losses	(2,065)		1,074		38		—		(953)
Accounts receivable expected credit losses	$	(3,807)	$	887	$	154	$	421	$	(2,345)

The following tables present the (increases)/decreases in the allowance for credit losses for Noncurrent receivables:


(in thousands)	December 31, 2021		(Charge)/ benefit		Currency translation		Other		December 31, 2022
Noncurrent receivables expected credit losses	$	(200)	$	62	$	(2)	$	—	$	(140)


(in thousands)	December 31, 2020		(Charge)/ benefit		Currency translation		Other		December 31, 2021
Noncurrent receivables expected credit losses	$	(274)	$	72	$	2	$	—	$	(200)

Contract Assets and Liabilities

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Contract Assets and Liabilities

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


(in thousands)	December 31, 2022		December 31, 2021
Contract assets	$	149,443	$	113,249
Allowance for expected credit losses	(748)		(703)
Contract assets, net	$	148,695	$	112,546

Contract liabilities	$	15,176	$	6,959

Contract assets increased $36.1 million during the year ended December 31, 2022. The increase was primarily due to an increase in unbilled revenue related to the satisfaction of performance obligations, notably for the Sikorsky CH-53K program, in excess of the amounts billed. Other than the allowance for expected credit losses, there were no other provisions for losses related to our Contract assets during the years ended December 31, 2022 and 2021.

The following tables present the (increases)/ decreases in the allowance for credit losses for Contract assets:


(in thousands)	December 31, 2021		(Charge)/ benefit		Currency translation		Other		December 31, 2022
Contract assets expected credit losses	$	(703)	$	(45)	$	—	$	—	$	(748)


(in thousands)	December 31, 2020		(Charge)/ benefit		Currency translation		Other		December 31, 2021
Contract assets expected credit losses	$	(1,059)	$	339	$	16	$	1	$	(703)

Contract liabilities increased $8.2 million during the year ended December 31, 2022, primarily due to amounts invoiced to customers for contracts that were in a contract liability position exceeding the revenue recognition from satisfied performance obligations. Revenue recognized for the years ended December 31, 2022 and 2021 that was included in the Contract liability balance at the beginning of the year was $5.7 million and $5.8 million, respectively.

Inventories

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories

As of December 31, 2022 and 2021, inventories consisted of the following:


(in thousands)	December 31, 2022		December 31, 2021
Raw materials	$	74,631	$	58,689
Work in process	50,516		44,839
Finished goods	13,903		14,354
Total inventories	$	139,050	$	117,882

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The table below sets forth the components of property, plant and equipment as of December 31, 2022 and 2021:


(in thousands)	2022		2021		Estimated useful life
Land and land improvements	$	14,059	$	14,832	25 years for improvements
Buildings	247,136		243,584		15 to 40 years
Right of use assets (a)	—		10,971		10 to 15 years
Machinery and equipment	1,053,700		1,067,059		5 to 15 years
Furniture and fixtures	8,158		7,857		5 years
Computer and other equipment	21,570		19,135		3 to 10 years
Software	66,794		63,379		5 to 8 years
Capital expenditures in progress	92,620		64,238
Property, plant and equipment, gross	1,504,037		1,491,055
Accumulated depreciation and amortization	(1,058,379)		(1,054,638)
Property, plant and equipment, net	$	445,658	$	436,417

(a)In 2022, the Company extended the lease of its primary manufacturing facility in Salt Lake City, Utah, which resulted in a lease classification change from Finance to Operating, resulting in the reclassification of the Right of use asset from Property, plant, and equipment to Other assets.

Depreciation expense was $62.5 million in 2022, $65.1 million in 2021, and $63.3 million in 2020. Software amortization is recorded in Selling, general, and administrative expense and was $1.7 million in 2022, $1.9 million in 2021, and $2.1 million in 2020.

Capital expenditures, including purchased software, were $96.3 million in 2022, $53.7 million in 2021, and $42.4 million in 2020. Unamortized software cost was $5.9 million, $3.9 million, and $4.8 million in each of the years ended December 31, 2022, 2021, and 2020, respectively. Expenditures for maintenance and repairs are charged to income as incurred and amounted to $20.7 million in 2022, $19.3 million in 2021, and $17.7 million in 2020.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

15. Goodwill and Other Intangible Assets

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable

intangible assets acquired in each business combination. Goodwill and intangible assets with indefinite useful lives

are not amortized, but are tested for impairment at least annually at the reporting unit level, using either a qualitative

or quantitative approach. Impairment is the condition that exists when the carrying amount of a reporting unit,

including goodwill, exceeds its fair value.

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.

We are continuing to amortize certain patents, trademarks and names, customer contracts, relationships and

technology assets that have finite lives.The changes in intangible assets and goodwill from December 31, 2020 to December 31, 2022, were as follows:


(in thousands, except for years)	Amortization life in years	Balance at December 31, 2021		Amortization		Currency Translation		Balance at December 31, 2022
Finite-Lived intangible assets:
AEC Trademarks and trade names	6-15	$	45	$	(11)	$	—	$	34
AEC Technology	10-15	4,712		(554)		(274)		3,884
AEC Intellectual property	15	1,077		(83)		—		994
AEC Customer contracts	6	720		(720)		—		—
AEC Customer relationships	8-15	32,527		(3,474)		(154)		28,899

Total Finite-Lived intangible assets, net		$	39,081	$	(4,842)	$	(428)	$	33,811
Indefinite-Lived intangible assets:
MC Goodwill		$	68,329	$	—	$	(2,888)	$	65,441
AEC Goodwill		113,795		—		(1,019)		112,776
Total Indefinite-Lived intangible assets		$	182,124	$	—	$	(3,907)	$	178,217


(in thousands, except for years)	Amortization life in years	Balance at December 31, 2020		Amortization		Currency Translation		Balance at December 31, 2021
Finite-Lived intangible assets:
AEC Trademarks and trade names	6-15	$	57	$	(12)	$	—	$	45
AEC Technology	10-15	5,744		(629)		(403)		4,712
AEC Intellectual property	15	1,160		(83)		—		1,077
AEC Customer contracts	6	3,632		(2,912)		—		720
AEC Customer relationships	8-15	36,260		(3,503)		(230)		32,527
AEC Other intangibles	5	16		(16)		—		—
Total Finite-Lived intangible assets, net		$	46,869	$	(7,155)	$	(633)	$	39,081
Indefinite-Lived intangible assets:
MC Goodwill		$	72,290	$	—	$	(3,961)	$	68,329
AEC Goodwill		115,263		—		(1,468)		113,795
Total Indefinite-Lived intangible assets		$	187,553	$	—	$	(5,429)	$	182,124

As of December 31, 2022, the gross carrying amount and accumulated amortization of Finite-Lived intangible assets was $77.8 million and $44.0 million, respectively.

Amortization expense related to Finite-lived intangible assets was reported in the Consolidated Statement of Income as follows: $0.8 million in Cost of goods sold and $4.0 million in Selling, general and administrative expenses in 2022; $3.0 million in Cost of goods sold and $4.2 million in Selling, general and administrative expenses in 2021; and $3.0 million in Cost of goods sold and $4.3 million in Selling, general and administrative expenses in 2020. Estimated amortization expense of intangibles for the years ending December 31, 2023 through 2027, is as follows:


Year	Annual amortization (in thousands)
2023	$	4,100
2024	4,100
2025	4,100
2026	4,100
2027	4,100

Accrued Liabilities

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accrued Liabilities

16. Accrued Liabilities

Accrued liabilities consist of:


(in thousands)	2022		2021
Salaries, wages and benefits	$	57,867	$	54,254
Contract liabilities	15,176		6,959
Returns and allowances	9,084		9,798
Dividends	7,778		6,742
Pension and postretirement	6,683		10,742
Operating and Finance lease liabilities	5,929		5,336
Other tax	10,274		9,041
Contract loss reserve	2,359		3,608
Freight	1,966		4,031
Professional fees	3,439		3,926
Other	5,830		9,888
Total	$	126,385	$	124,325

Financial Instruments

12 Months Ended

Dec. 31, 2022

Long-Term Debt and Lease Obligation [Abstract]

Financial Instruments

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


(in thousands, except interest rates)	2022		2021
Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.16% in 2022 and 3.74% in 2021 (including the effect of interest rate hedging transactions, as described below), due in 2024	$	439,000	$	350,000

We had no current maturities of Long-term debt as of December 31, 2022 or December 31, 2021. Principal payments of $439 million are due on long-term debt in 2024. Cash payments of interest amounted to $16.0 million in 2022, $14.9 million in 2021 and $15.1 million in 2020.

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, $439 million of borrowings were outstanding as of December 31, 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 December 30, 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 December 31, 2022, we would have been able to borrow an additional $261 million under the Agreement.

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

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

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 those 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 of each month, and on December 16, 2022, one month LIBOR was 4.33%. On December 16, 2022, the all-in-rate on the $350 million of debt was 2.463%.

On October 17, 2022 our interest rate swap agreements that were in effect from December 18, 2017 terminated. These transactions had 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 those transactions, we paid the fixed rate of 2.11% and the counterparties paid a floating rate based on the one-month LIBOR rate at each monthly calculation date. The all-in-rate on the $350 million of debt was 3.735%.

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

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

As of December 31, 2022, our leverage ratio was 1.25 and our interest coverage ratio was 15.17. We may purchase our Common Stock or pay dividends to the extent our leverage ratio remains at or below 3.50, and may make acquisitions with cash provided our leverage ratio does not exceed the limits noted above.

Indebtedness under the Credit Agreement is ranked equally in right of payment to all unsecured senior debt. We were in compliance with all debt covenants as of December 31, 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. Amendments to the Reference Rate Reform standard have helped 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, 2024. We adopted certain provisions of this standard 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

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair-Value Measurements

Fair-Value MeasurementsFair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accounting principles establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Level 3 inputs are unobservable data points for the asset or liability, and include situations in which there is little, if any, market activity for the asset or liability. We had no Level 3 financial assets or liabilities at December 31, 2022, or at December 31, 2021, other than certain pension assets (see Note 4).

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


	December 31, 2022				December 31, 2021
(in thousands)	Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)
Fair Value
Assets:
Cash equivalents	$	6,533	$	—	$	20,665	$	—
Other Assets:
Common stock of unaffiliated foreign public company (a)	602		—		702		—
Interest rate swaps	—		23,605		—		3,328
Liabilities:
Other noncurrent 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 December 31, 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 $0.5 million in 2022, $7.1 million in 2021 and $5.4 million in 2020. Additionally, non-cash interest income related to the amortization of swap buyouts totaled $0.0 million in 2022, $0.3 million in 2021, and $1.4 million in 2020.

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 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:



(in thousands)		2022	2021	2020
Derivatives not designated as hedging
instruments
Foreign currency options (gains)/losses	$	(509)	169	64

- Definition

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

+ References + Details

Other Noncurrent Liabilities

12 Months Ended

Dec. 31, 2022

Other Liabilities Disclosure [Abstract]

Other Noncurrent Liabilities

19. Other Noncurrent Liabilities

As of December 31, 2022 and 2021, Other Noncurrent Liabilities consisted of the following:


(in thousands)	2022		2021
Operating leases	$	50,190	$	11,001
Finance leases	—		14,515
Postretirement benefits other than pensions	31,998		41,257
Pension liabilities	23,061		30,850
Interest rate swap agreements	—		5,176

Incentive and deferred compensation	1,395		3,257
Other	2,114		1,738
Total	$	108,758	$	107,794

Leases

12 Months Ended

Dec. 31, 2022

Lessee Disclosure [Abstract]

Leases

We are generally the lessee in our lease transactions. Lessees are required to recognize a lease liability and a right of use (ROU) asset for leases with terms greater than 12 months, in accordance with the practical expedient that is available for ongoing accounting.

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

We have entered into operating and finance leases for offices, manufacturing facilities, warehouses, vehicles, and certain equipment. Our leases have remaining lease terms of 1 year to 12 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases within 1 year.

The components of lease expense were as follows:


	For the years ended
(in thousands)	December 31, 2022		December 31, 2021		December 31, 2020
Finance lease
Amortization of right-of-use asset	$	416	$	997	$	1,056
Interest on lease liabilities	529		1,353		1,475
Operating lease
Fixed lease cost	6,036		5,283		5,448
Variable lease cost	438		(259)		314
Short-term lease cost	1,025		1,037		996
Total lease expense	$	8,444	$	8,411	$	9,289

Supplemental cash flow information related to leases was as follows:


	For the years ended
(in thousands)	December 31, 2022		December 31, 2021		December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	6,612	$	5,233	$	5,300
Operating cash outflows from finance leases	529		1,353		1,475
Financing cash outflows from finance leases	654		1,438		7,214
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	38,559	$	2,189	$	4,017
Finance leases	—		—		—

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

Supplemental balance sheet information related to leases was as follows:


(in thousands)	December 31, 2022		December 31, 2021
Operating leases
Right of use assets included in Other assets	$	48,475	$	14,366
Lease liabilities included in
Accrued liabilities	$	5,929	$	3,730
Other noncurrent liabilities	50,190		11,001
Total operating lease liabilities	$	56,119	$	14,731
Finance leases
Right-of-use assets included in Property, plant and equipment, net	$	—	$	7,979
Lease liabilities included in
Accrued liabilities	$	—	$	1,606
Other noncurrent liabilities	—		14,515
Total finance lease liabilities	$	—	$	16,121

Additional information for leases existing at December 31, 2022 and 2021 was as follows:


	December 31, 2022		December 31, 2021
Weighted average remaining lease term
Operating leases	11 years		6 years
Finance leases	0 years		8 years
Weighted average discount rate
Operating leases	5.3	%	4.4	%
Finance leases	—		8.0	%

Maturities of lease liabilities as of December 31, 2022 were as follows:


(in thousands)	Operating leases
Year ending December 31,
2023	$	8,734
2024	7,586
2025	6,970
2026	6,985
2027	6,775
Thereafter	36,834
Total lease payments	73,884
Less imputed interest	(17,765)
Total	$	56,119

Maturities of lease liabilities as of December 31, 2021 were as follows:


(in thousands)	Operating leases		Finance leases
Year ending December 31,
2022	$	4,737	$	2,838
2023	3,412		3,004
2024	2,199		3,004
2025	1,801		3,004
2026	1,782		3,004
Thereafter	2,789		6,501
Total lease payments	16,720		21,355
Less imputed interest	(1,989)		(5,234)
Total	$	14,731	$	16,121

Leases

The components of lease expense were as follows:


	For the years ended
(in thousands)	December 31, 2022		December 31, 2021		December 31, 2020
Finance lease
Amortization of right-of-use asset	$	416	$	997	$	1,056
Interest on lease liabilities	529		1,353		1,475
Operating lease
Fixed lease cost	6,036		5,283		5,448
Variable lease cost	438		(259)		314
Short-term lease cost	1,025		1,037		996
Total lease expense	$	8,444	$	8,411	$	9,289

Supplemental cash flow information related to leases was as follows:


	For the years ended
(in thousands)	December 31, 2022		December 31, 2021		December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	6,612	$	5,233	$	5,300
Operating cash outflows from finance leases	529		1,353		1,475
Financing cash outflows from finance leases	654		1,438		7,214
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	38,559	$	2,189	$	4,017
Finance leases	—		—		—

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

Supplemental balance sheet information related to leases was as follows:


(in thousands)	December 31, 2022		December 31, 2021
Operating leases
Right of use assets included in Other assets	$	48,475	$	14,366
Lease liabilities included in
Accrued liabilities	$	5,929	$	3,730
Other noncurrent liabilities	50,190		11,001
Total operating lease liabilities	$	56,119	$	14,731
Finance leases
Right-of-use assets included in Property, plant and equipment, net	$	—	$	7,979
Lease liabilities included in
Accrued liabilities	$	—	$	1,606
Other noncurrent liabilities	—		14,515
Total finance lease liabilities	$	—	$	16,121

Additional information for leases existing at December 31, 2022 and 2021 was as follows:


	December 31, 2022		December 31, 2021
Weighted average remaining lease term
Operating leases	11 years		6 years
Finance leases	0 years		8 years
Weighted average discount rate
Operating leases	5.3	%	4.4	%
Finance leases	—		8.0	%

Maturities of lease liabilities as of December 31, 2022 were as follows:


(in thousands)	Operating leases
Year ending December 31,
2023	$	8,734
2024	7,586
2025	6,970
2026	6,985
2027	6,775
Thereafter	36,834
Total lease payments	73,884
Less imputed interest	(17,765)
Total	$	56,119

Maturities of lease liabilities as of December 31, 2021 were as follows:


(in thousands)	Operating leases		Finance leases
Year ending December 31,
2022	$	4,737	$	2,838
2023	3,412		3,004
2024	2,199		3,004
2025	1,801		3,004
2026	1,782		3,004
Thereafter	2,789		6,501
Total lease payments	16,720		21,355
Less imputed interest	(1,989)		(5,234)
Total	$	14,731	$	16,121

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Asbestos Litigation

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

We were defending 3,598 claims as of December 31, 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
2020	3,708	152	59	3,615	$57
2021	3,615	32	26	3,609	93
2022	3,609	43	32	3,598	$125

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

While we believe we have meritorious defenses to these claims, we have settled certain claims for amounts we consider reasonable given the facts and circumstances of each case. Our insurance carrier has defended each case and funded settlements under a standard reservation of rights. As of December 31, 2022 we had resolved, by means of settlement or dismissal, 38,022 claims. The total cost of resolving all claims was $10.6 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.

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

Incentive Plans

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Incentive Plans

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

Annual awards granted under this plan resulted in cash payments of $4.5 million in 2022 and $3.1 million in 2021 as a result of performance in the preceding year.

The Compensation Committee granted the executive management team a multi-year incentive compensation award in each of 2020, 2021 and 2022. Each of these awards vests over three years from the grant date, and the extent of payout is dependent upon the achievement of certain performance metrics during the vesting period, as defined by the Compensation Committee. Payout is scheduled to occur no later than 90 days after the end of the vesting period. If a participant terminates employment prior to the award becoming fully vested, the person may forfeit all or a portion of the incentive compensation award. The grant date share price is determined when the awards are approved each year and that price is used to measure the cost for the share-based portion of an award. Expense associated with these awards is recognized over the vesting period. In connection with these awards, we recognized expense of $3.9 million in 2022, $3.7 million in 2021 and $4.8 million in 2020. The net impact to earnings for the respective years was $2.7 million, $2.6 million, and $3.4 million. Based on current estimates of achievement of certain performance metrics, we anticipate recognizing $1.2 million of expense in 2022 and $0.3 million of expense in 2023 and 2024, respectively.

Beginning in 2021, the executive management team also receives restricted stock units that vest annually on December 31 and pay out no later than 90 days after the vesting period ends. The grant date share price is the date when the award is approved by the Compensation Committee and is used to measure the cost of the award. We recognized $1.5 million of expense in 2022 associated with these restricted stock units. The net impact to earnings was $1.0 million.

As of December 31, 2022, there were 860,629 shares of Company stock authorized for the payment of awards under these plans. Information with respect to these plans is presented below:


	Number of shares	Weighted average grant date value per share		Year-end intrinsic value (000's)
Shares potentially payable at January 1, 2020	81,712	$	65.06	$	5,316
Forfeitures	—
Payments	(20,680)	$	47.35
Shares accrued based on 2020 performance	36,808	$	73.43
Shares potentially payable at December 31, 2020	97,840	$	71.95	$	7,040
Forfeitures	—
Payments	(31,722)	$	66.25
Shares accrued based on 2021 performance	41,512	$	78.06
Shares potentially payable at December 31, 2021	107,630	$	75.99	$	8,179
Forfeitures	—
Payments	(35,897)	$	84.27
Shares accrued based on 2022 performance	64,208	$	86.00
Shares potentially payable at December 31, 2022	135,941	$	79.11	$	10,754

In 2012, the Company adopted a Phantom Stock Plan ("PSP") whereby awards under this program vest over a 5 year period and are paid annually in cash based on current market prices of the Company’s stock. Under this program, employees may earn more or less than the target award based on the Company’s results in the year of the award. Expense recognized for this plan amounted to $8.6 million in 2022, $6.6 million in 2021, and $5.4 million in 2020. The net impact to earnings for the respective years was $6.0 million, $4.6 million, and $3.9 million. Based on awards outstanding at December 31, 2022, we expect to record approximately $16 million of compensation cost from 2023 to 2026. The weighted average period for recognition of that cost is approximately 2 years.

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


	Number of shares	Weighted average value per share		Cash paid for share based liabilities (000's)
Share units potentially payable at January 1, 2020	215,072

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

Grants	56,536
Changes due to performance	52,296
Payments	(68,622)	$	74.22	$	5,093
Forfeitures	(5,644)
Share units potentially payable at December 31, 2021	248,414

Grants	49,863
Changes due to performance	34,539
Payments	(81,421)	$	85.69	$	6,977
Forfeitures	(24,644)
Share units potentially payable at December 31, 2022	226,751

During 2020, 2021 and 2022, the Company granted restricted stock units to executives. The amount of compensation expense is subject to change in the market price of the Company’s stock and was recorded in Selling, general, and administrative expenses. The vesting and payments due under these grants will occur in various periods from 2020 to 2024. Expense recognized for these grants was $1.5 million in 2022, $0.6 million in 2021, and $0.4 million in 2020. The net impact to earnings for the respective years was $1.0 million, $0.4 million, and $0.3 million. Based on awards outstanding at December 31, 2022, we expect to record approximately $1.0 million of compensation cost during 2023.

The Company maintains a voluntary savings plan covering substantially all employees in the United States. The Plan, known as the Prosperity Plus Savings Plan, is a qualified plan under section 401(k) of the U.S. Internal Revenue Code. The Company matches, in the form of cash, between 50 percent and 100 percent of employee contributions up to a defined maximum. The investment of employee contributions to the plan is self-directed. The Company’s cost of the plan amounted to $6.6 million in 2022, $6.2 million in 2021, and $6.5 million in 2020.

The Company’s profit-sharing plan covers substantially all employees in the United States. After the close of each year, the Board of Directors reviews and approves the amount of the profit-sharing contribution. Company contributions to the plan are in the form of cash. The expense recorded for this plan was $4.6 million in 2022, $4.8 million in 2021, and $3.6 million in 2020.

Shareholders' Equity

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

We have two classes of Common Stock, Class A Common Stock and Class B Common Stock, each with a par value of $0.001 and equal liquidation rights. Each share of our Class A Common Stock is entitled to one vote on all matters submitted to shareholders, and each share of Class B Common Stock is entitled to 10 votes. Class A and Class B Common Stock will receive equal dividends as the Board of Directors may determine from time to time. The Class B Common Stock is convertible into an equal number of shares of Class A Common Stock at any time. As of December 31, 2022, there were no Class B Common Stock outstanding nor any were anticipated to be issued.

In 2019, a public offering of a portion of the Standish Family shares reduced the number of Class A Common Stock reserved for the conversion of Class B shares, by 1.6 million. In 2021, Standish Family Holdings, LLC and J.S. Standish Company (the "Selling Stockholders") agreed to sell to J.P. Morgan Securities LLC all of its ownership in the Company's Class A common stock. Such constituted a sale of nearly all of the remaining 1.6 million 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.

In 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. The program does not obligate the Company to acquire any particular amount of common stock, and it may be suspended or terminated at any time at the Company's discretion. The share repurchase program does not have an expiration date. The timing and amount of any share repurchases will be based on the Company’s liquidity, general business and market conditions, debt covenant restrictions and other factors, including alternative investment opportunities and capital structure. As of December 31, 2022, the Company has repurchased in total 1,308,003 shares for a total cost of $109.4 million. Of this, 1,022,717 shares were purchased in 2022 for $85.1 million and 285,286 shares were purchased in 2021 for $24.4 million.

Activity in Shareholders’ equity for 2020, 2021, and 2022 is presented below:


(in thousands)	Class A Common Stock			Class B Common Stock			Additional paid-in capital		Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Equity
	Shares	Amount		Shares	Amount								Shares	Amount
January 1, 2020	39,099	$	39	1,618	$	2	$	432,518	$	698,496	$	(175,981)	8,409	$	(256,391)	$	4,006	$	702,689
Net income	—	—		—	—		—		98,589		—		—	—		(1,346)		97,243
Adoption of accounting standards (a)	—	—		—	—		—		(1,443)		—		—	—		—		(1,443)
Compensation and benefits paid or payable in shares	13	—		—	—		622		—		—		—	—		—		622
Options exercised	3	—		—	—		55		—		—		—	—		—		55
Shares issued to Directors'	—	—		—	—		501		—		—		(18)	382		—		883
Dividends declared
Class A Common Stock, $0.77 per share	—	—		—	—		—		(23,651)		—		—	—		—		(23,651)
Class B Common Stock, $0.77 per share	—	—		—	—		—		(1,245)		—		—	—		—		(1,245)
Cumulative translation adjustments	—	—		—	—		—		—		39,649		—	—		1,139		40,788
Pension and postretirement liability adjustments	—	—		—	—		—		—		10,333		—	—		—		10,333


(in thousands)	Class A Common Stock			Class B Common Stock			Additional paid-in capital		Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Equity
	Shares	Amount		Shares	Amount								Shares	Amount
Derivative valuation adjustment	—	—		—	—		—		—		(6,409)		—	—		—		(6,409)
December 31, 2020	39,115	$	39	1,618	$	2	$	433,696	$	770,746	$	(132,408)	8,391	$	(256,009)	$	3,799	$	819,865
Net income	—	—		—	—		—		118,478		—		—	—		290		118,768
Compensation and benefits paid or payable in shares	20	—		—	—		2,441		—		—		—	—		—		2,441
Options exercised	7	—		—	—		153		—		—		—	—		—		153
Shares issued to Directors'	—	—		—	—		706		—		—		(11)	241		—		947
Purchase of Treasury shares (b)	—	—		—	—		—		—		—		285	(24,375)		—		(24,375)
Class A Common Stock, $0.81 per share	—	—		—	—		—		(25,520)		—		—	—		—		(25,520)
Class B Common Stock, $0.81 per share	—	—		—	—		—		(647)		—		—	—		—		(647)
Conversion of Class B shares to Class A shares (c)	1,618	2		(1,618)	(2)		—		—		—		—	—		—		—
Cumulative translation adjustments	—	—		—	—		—		—		(22,677)		—	—		(451)		(23,128)
Pension and postretirement liability adjustments	—	—		—	—		—		—		1,171		—	—		—		1,171
Derivative valuation adjustment	—	—		—	—		—		—		7,930		—	—		—		7,930
December 31, 2021	40,760	$	41	—	$	—	$	436,996	$	863,057	$	(145,984)	8,665	$	(280,143)	$	3,638	$	877,605
Net income	—	—		—	—		—		95,762		—		—	—		746		96,508
Compensation and benefits paid or payable in shares	24	—		—	—		3,727		—		—		—	—		—		3,727
Options exercised	1	—		—	—		17		—		—		—	—		—		17
Shares issued to Directors'	—	—		—	—		800		—		—		(13)	285		—		1,085
Purchase of Treasury shares (d)	—	—		—	—		—		—		—		1,023	(85,065)		—		(85,065)
Dividends declared
Class A Common Stock, $0.88 per share	—	—		—	—		—		(27,501)		—		—	—		—		(27,501)


Cumulative translation adjustments	—	—		—	—		—		—		(40,971)		—	—		110		(40,861)
Pension and postretirement liability adjustments	—	—		—	—		—		—		(3,491)		—	—		—		(3,491)
Settlement of certain pension liabilities	—	—		—	—		—		—		26,198		—	—		—		26,198


(in thousands)	Class A Common Stock			Class B Common Stock			Additional paid-in capital		Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Equity
	Shares	Amount		Shares	Amount								Shares	Amount
Derivative valuation adjustment	—	—		—	—		—		—		19,321		—	—		—		19,321
December 31, 2022	40,785	$	41	—	$	—	$	441,540	$	931,318	$	(144,927)	9,675	$	(364,923)	$	4,494	$	867,543

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

(b)On October 25, 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.

(c)In the third and fourth quarters of 2021, Standish Family Holdings, LLC executed a secondary offering of Albany shares. As a result of the offerings, 1.6 million shares of Class B Common Stock previously owned by Standish Family Holdings, LLC were converted to Class A Common Stock and then sold to third parties. Costs associated with the offering were charged directly to Standish Family Holdings, LLC.

(d)In 2022, as part of the Share Repurchase program, the Company repurchased 1,022,717 shares totaling $85.1 million.

- 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

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+ Details

VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2022

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

VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II

ALBANY INTERNATIONAL CORP. AND SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS

(Dollars in thousands)


Column A	Column B		Column C		Column D		Column E
Description	Balance at beginning of period		Charge to expense		Other (a)		Balance at end of the period
Allowance for doubtful accounts
Year ended December 31:
2022	$	3,248	$	1,408	$	(672)	$	3,984
2021	5,140		(1,299)		(593)		3,248
2020 (b)	1,719		1,628		1,793		5,140
Allowance for sales returns
Year ended December 31:
2022	$	9,552	$	6,130	$	(6,612)	$	9,070
2021	9,668		6,022		(6,138)		9,552
2020	11,249		3,199		(4,780)		9,668
Valuation allowance deferred tax assets
Year ended December 31:
2022	$	10,659	$	(839)	$	(34)	$	9,786
2021	10,270		$	949	$	(560)	10,659
2020	9,102		391		777		10,270

__________________________

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

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

Accounting Policies (Policies)	12 Months Ended
Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The consolidated financial statements include the accounts of Albany International Corp. and its subsidiaries (the Company, Albany, we, us, or our) after elimination of intercompany transactions. A subsidiary within our Machine Clothing segment has held a 50 percent interest as partner in a joint venture (“JV”) that supplies paper machine clothing products to local papermakers in Russia. Our consolidated financial statements include our original investment in the entity, plus our share of undistributed earnings or losses, in the account “Other Assets.” 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, resulting in our full write-off of the net book value of our investment. The Company owns 90 percent of the common equity of Albany Safran Composites, LLC (ASC) which is reported within the Albany Engineered Composites (AEC) segment. Additional information regarding that entity is included in Note 10.
Estimates	Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used in the accounting for, among others, revenue recognition, contract profitability, allowances for doubtful accounts, rebates and sales allowances, inventory allowances, financial instruments, including derivatives, pension and other postretirement benefits, goodwill and intangible assets, contingencies, income taxes, and other accruals. Our estimates are based on historical experience and on various other assumptions, which are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of any revisions are reflected in the consolidated financial statements in the period they are determined to be necessary.
Revenue Recognition	Revenue Recognition In our Machine Clothing (MC) business segment, we recognize revenue at the point in time when we satisfy our performance obligations related to the manufacture and delivery of products. In our Albany Engineered Composites (AEC) business segment, revenue from most long-term contracts is recognized over time using an input method as the measure of progress. The classification of revenue in excess of progress billings on long-term contracts is included in Contract assets, net, which are rights to consideration that are conditional on something other than the passage of time, such as completion of remaining performance obligations. We are required to limit our estimate of contract values to the period of the legally enforceable contract. While certain contracts are expected to be profitable over the course of the program life when including expected renewals, our estimate of contract revenues and costs is limited to the estimated value of enforceable rights and obligations, excluding anticipated renewals. This contract period may result in a loss contract provision at contract inception. Expected losses on projects include losses on contract options that are probable of exercise, excluding profitable options that often follow. For contracts with anticipated losses, a provision for the entire amount of the estimated remaining loss is charged against income in the period in which the loss becomes known. Contract losses are determined considering all direct and indirect contract costs, exclusive of any selling, general or administrative cost allocations, which are treated as period expenses. Products and services provided under long-term contracts represent a significant portion of sales in the Albany Engineered Composites segment. We have a contract with a major customer for which revenue is recognized under a cost-plus-fee agreement. We also have fixed price long-term contracts, for which we use the percentage of completion (incurred cost to total estimated cost) method. That method requires significant judgment and estimation, which could be considerably different if the underlying circumstances were to change. When adjustments in estimated contract revenues or costs are required, any changes from prior estimates are included in earnings in the period the change occurs. The sum of net adjustments to the estimated profitability of long-term contracts increased AEC operating income by $0.5 million, $6.2 million and $9.9 million in 2022, 2021 and 2020, respectively. The favorable effects in 2021 and 2020 were largely due to changes in customer demand and to a lesser extent, efficiency improvements during the ramp-up of several programs, and the effects in 2022 were more muted. Additional accounting policies related to revenue from contracts with customers are set forth in Note 2. We limit the concentration of credit risk in receivables by closely monitoring credit and collection policies. We record allowances for sales returns as a deduction in the computation of net sales. Such provisions are recorded on the basis of written communication with customers and/or historical experience. Any value added taxes that are imposed on sales transactions are excluded from net sales.
Cost of Goods Sold	Cost of Goods Sold Cost of goods sold includes the cost of materials, provisions for obsolete inventories, labor and supplies, shipping and handling costs, depreciation of manufacturing facilities and equipment, purchasing, receiving, warehousing, and other expenses. Cost of goods sold also includes provisions for loss contracts and charges for the write-off of inventories that result from an exit activity.
Selling, General, Administrative, Technical, and Research Expenses	Selling, General, Administrative, Technical, and Research Expenses Selling, general, administrative, and technical expenses are primarily comprised of wages, incentive compensation, benefits, travel, professional fees, revaluation of trade foreign currency balances, and other costs, and are expensed as incurred. Selling expense includes costs related to contract acquisition and provisions for expected credit losses on financial assets measured at amortized cost. Research expenses are charged to operations as incurred and consist primarily of compensation, supplies, and professional fees incurred in connection with intellectual property. Total company research expense was $31.4 million in 2022, $29.6 million in 2021, and $25.8 million in 2020. The Albany Engineered Composites segment participates in both company-sponsored, and customer-funded research and development. Some customer-funded research and development may be on a cost-sharing basis and considered to be a collaborative arrangement, in which case both parties are active participants and are exposed to the risks and rewards dependent on the success of the activity. In such cases, amounts charged to the collaborating entity are credited against research and development expense. For customer-funded research and development in which we anticipate funding to exceed expenses, we include amounts charged to the customer in Net sales, while expenses are included in Cost of goods sold.
Restructuring Expense	Restructuring Expense We may incur expenses related to exiting a line of business or restructuring of our operations, which could include employee termination costs, costs to consolidate or close facilities, or costs to terminate contractual relationships. Restructuring expenses may also include impairment of Property, plant and equipment, as described below under “Property, Plant and Equipment”. Employee termination costs include severance pay and social costs for periods after employee service is completed. Termination costs related to an ongoing benefit arrangement are recognized when the amount becomes probable and estimable. Termination costs related to a one-time benefit arrangement are recognized at the communication date to employees. Costs related to contract termination, relocation of employees, outplacement and the consolidation or the closure of facilities, are recognized when incurred.
Income Taxes	Income Taxes Deferred income taxes are recognized for the tax consequences of temporary differences and tax attributes by applying enacted statutory tax rates applicable for future years to differences between existing assets and liabilities for financial reporting and income tax return purposes. The effect of tax rate changes on deferred taxes is recognized in the income tax provision in the period that includes the enactment date. A valuation allowance is established, as needed, to reduce net deferred tax assets to the amount expected to be realized. In the event it becomes more likely than not that some or all of the deferred tax asset valuation allowances will not be needed, the valuation allowance will be adjusted. In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have determined the amount of the tax benefit to be recognized by estimating the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest and penalties have also been recognized. We recognize accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. We have not elected to reclassify stranded tax effects from AOCI to retained earnings.
Earnings Per Share	Earnings Per Share Basic net income or loss per share is computed using the weighted average number of shares of Class A Common Stock and Class B Common Stock outstanding during each year. Diluted net income per share includes the effect of all potentially dilutive securities. If we report a net loss from continuing operations, the diluted loss per share is equal to the basic earnings per share calculation.
Translation of Financial Statements	Translation of Financial Statements Assets and liabilities of non-U.S. operations are translated at year-end rates of exchange, and the income statement accounts are translated at average monthly exchange rates. Gains or losses resulting from translating non-U.S. currency financial statements into U.S. dollars are recorded in other comprehensive income and accumulated in Shareholders’ equity in the caption “Translation adjustments”. Selling, general, and administrative expenses include foreign currency gains and losses resulting from third party balances, such as receivables and payables, which are denominated in a currency other than the entity’s functional currency. Gains or losses resulting from cash and short-term intercompany loans and balances denominated in a currency other than the entity’s functional currency, and foreign currency options are generally included in Other expense, net. Gains and losses on long-term intercompany loans not intended to be repaid in the foreseeable future are recorded in other comprehensive income.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less.
Accounts Receivable	Accounts Receivable Accounts receivable includes trade receivables and bank promissory notes. In connection with certain sales in Asia Pacific, the Company accepts a bank promissory note as customer payment. The notes may be presented for payment at maturity, which is less than one year. Effective January 1, 2020, the Company adopted the provisions of ASC 326, Current Expected Credit Losses (CECL), using the effective date (or modified retrospective) approach for transition. Under this transition method, periods prior to 2020 were not restated. The pre-tax cumulative effect of initially applying the new standard was an increase in credit loss reserves of $1.8 million, primarily for Accounts receivable and Contract assets. Including tax effects, Retained earnings was reduced by $1.4 million as a result of transitioning to the CECL standard. The overarching purpose of the CECL standard is to provide greater transparency and understanding of the Company’s credit risk. This accounting update replaces the incurred loss impairment methodology under previous GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Under this standard, the Company recognizes an allowance for expected credit losses on financial assets measured at amortized cost, such as Accounts receivable, Contract assets and Noncurrent receivables. The allowance is determined using a CECL model that is based on an historical average three-year loss rate and is measured by financial asset type on a collective (pool) basis when similar risk characteristics exist, at an amount equal to lifetime expected credit losses. The estimate reflects the risk of loss due to credit default, even when the risk is remote, and considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable expected future economic conditions. The Company also has Noncurrent receivables in the AEC segment that represent revenue earned which have extended payment terms. The Noncurrent receivables are invoiced to the customer, with 2% interest, over a 10-year period that started in 2020. See additional information, including accounting policies related to our adoption of the CECL update, set forth in Notes 2 and 11.
Contract Assets and Contract Liabilities	Contract Assets and Contract Liabilities Contract assets includes unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to Accounts receivable, net, when the entitlement to payment becomes unconditional. Contract liabilities include advance payments and billings in excess of revenue recognized. Contract liabilities are included in Accrued liabilities in the Consolidated Balance Sheet.
Inventories	Inventories Costs included in inventories are raw materials, labor, supplies and allocable depreciation and overhead. Raw materials inventory is valued on an average cost basis. Other inventory cost elements are valued at cost, using the first-in, first-out method. The Company writes down the inventories for estimated obsolescence, and to lower of cost or net realizable value based upon assumptions about future demand and market conditions. Write-downs of inventories are charged to Cost of goods sold. If actual demand or market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required. Once established, the original cost of the inventory less the related write-down represents the new cost basis of such inventories. See additional information set forth in Notes 2 and 13.
Leases	Leases We determine if an arrangement is a lease at inception. A contract is, or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, we assess whether: •The contract involves the use of an identified asset. This may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset, •The lessee has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use, and •The lessee has the right to direct the use of the asset, which is demonstrated when the lessee has decision-making rights that are most relevant to changing how and for what purpose the asset is used. Judgment is required in the determination of whether a contract contains a lease, the appropriate classification, allocation of consideration, and the determination of the discount rate for the lease. Key estimates and judgments include how the Company determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) lease term and (3) lease payments. We have certain lease agreements with lease and non-lease components. For most of these leases, we account for the lease and non-lease components as a single lease component, in accordance with the practical expedient that is available for ongoing accounting. Additionally, for certain other leases, such as for vehicles, we apply a portfolio approach. Such new leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. Expenses related to operating leases are recognized on a straight-line basis, while those determined to be finance leases are recognized following a front-loaded expense profile, in which interest and amortization are presented separately in the income statement. Operating lease ROU assets are included in Other assets in the Consolidated Balance Sheets, while finance lease ROU assets are included in Property, plant, and equipment, net. Lease liabilities for both operating and finance leases are included in Accrued liabilities and Other noncurrent liabilities in the Consolidated Balance Sheets. See additional information set forth in Note 20.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are recorded at cost, or if acquired as part of a business combination, at fair value. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets for financial reporting purposes. In some cases, accelerated methods are used for income tax purposes. Significant additions or improvements extending assets’ useful lives are capitalized; normal maintenance and repair costs are expensed as incurred. The cost of fully depreciated assets remaining in use is included in the respective asset and accumulated depreciation accounts. When items are sold or retired, related gains or losses are included in net income. Computer software purchased for internal use, at cost, is amortized on a straight-line basis over five to eight years, depending on the nature of the asset, after being placed into service, and is included in property, plant, and equipment. We capitalize internal and external costs incurred related to the software development stage. Capitalized salaries, travel, and consulting costs related to the software development were immaterial in 2022 and 2021. We review the carrying value of property, plant and equipment and other long-lived assets for impairment whenever events and circumstances indicate that the carrying value of an asset group may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. See additional information set forth in Note 14.
Goodwill, Intangibles, and Other Assets	Goodwill, Intangibles, and Other Assets The assets and liabilities of acquired businesses are recorded under the acquisition method of accounting at their estimated fair values at the date of acquisition.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. Intangible assets from acquired businesses are recognized at fair value on the acquisition date and consist of customer relationships, customer contracts, technology, intellectual property and other intangible assets. Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually. We perform an impairment test of our goodwill at least annually in the second quarter or more frequently whenever events or changes in circumstances indicate the carrying value of goodwill may be impaired. Such events or changes in circumstances may include a significant deterioration in overall economic conditions, changes in the business climate of our industry, a decline in our market capitalization, operating performance indicators, competition, reorganizations of our business, or the disposal of all or a portion of a reporting unit. Our goodwill has been allocated to and is tested for impairment at a level referred to as the reporting unit, which is our business segment level or a level below the business segment. The level at which we test goodwill for impairment requires us to determine whether the operations below the business segment constitute a self-sustaining business for which discrete financial information is available and segment management regularly reviews the operating results. We may use qualitative or quantitative approaches when testing goodwill for impairment. When we use the qualitative approach, we perform a qualitative evaluation of events and circumstances impacting the reporting unit to determine the likelihood of goodwill impairment. Based on that qualitative evaluation, if we determine it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, no further evaluation is necessary. Otherwise, we perform a quantitative impairment test. To perform the quantitative impairment test, we compare the fair value of a reporting unit to its carrying value, including goodwill. If the fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. If the carrying value of the reporting unit, including goodwill, exceeds its fair value, a goodwill impairment loss is recognized in an amount equal to that excess. 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. 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. Under the income approach, we determine fair value based on estimated future cash flows of each reporting unit, discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of a reporting unit and the rate of return an outside investor would expect to earn. In the second quarter of 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. Impairment assessments inherently involve management judgments regarding a number of assumptions such as those described above. Due to the many variables inherent in the estimation of a reporting unit’s fair value and the relative size of our recorded goodwill, differences in assumptions could have a material effect on the estimated fair value of one or more of our reporting units and could result in a goodwill impairment charge in a future period. See additional information set forth in Note 18. For some AEC contracts, we perform pre-production or nonrecurring engineering services. These costs are normally considered a fulfillment activity, rather than a performance obligation. Fulfillment activities that create resources that will be used in satisfying performance obligations in the future, and are expected to be recovered, are capitalized to Other assets, which is classified as a noncurrent asset in the Consolidated Balance Sheets. The capitalized costs are amortized into Cost of goods sold over the period over which the asset is expected to contribute to future cash flows, which includes anticipated renewal periods. Included in Other assets is $16.2 million in 2022 and $32.5 million in 2021 for defined benefit pension plans where plan assets exceed the projected benefit obligations. Other assets also includes financial assets of $0.6 million in 2022 and $0.7 million in 2021. See additional information set forth in Note 18.
Stock-Based Compensation	Stock-Based Compensation We have incentive compensation plans that authorize the issuance of stock-based awards for key employees, which are designed to reward short and long-term contributions and provide incentives for recipients to remain with the Company. We issue stock-based awards in the form of restricted stock units and performance stock units that generally vest between one and five years from the grant date and can be settled in cash or shares. Expenses associated with these awards are recognized over each respective vesting period. Liability based awards are settled in cash, while equity based awards are settled in stock. See additional information for stock-based compensation plans in Note 22. Unexercised options generally terminate twenty years after the date of grant for all plans, and must be exercised within ten years of retirement. We recognized no stock option expense during 2022, 2021, or 2020 and there are currently no remaining unvested options for which stock-option compensation costs will be recognized in future periods. No stock options have been granted since 2002.
Derivatives	Derivatives We use derivatives from time to time to reduce potentially large adverse effects from changes in currency exchange rates and interest rates. We monitor our exposure to these risks and evaluate, on an ongoing basis, the risk of potentially large adverse effects versus the costs associated with hedging such risks. We may use interest rate swaps in the management of interest rate exposures and foreign currency derivatives in the management of foreign currency exposure related to assets and liabilities (including net investments in subsidiaries located outside the U.S.) denominated in foreign currencies. When we enter into a derivative contract, we make a determination whether the transaction is deemed to be a hedge for accounting purposes. For those contracts deemed to be a hedge, we formally document the relationship between the derivative instrument and the risk being hedged. In this documentation, we specifically identify the asset, liability, forecasted transaction, cash flow, or net investment that has been designated as the hedged item, and evaluate whether the derivative instrument is expected to reduce the risks associated with the hedged item. To the extent these criteria are not met, we do not use hedge accounting for the derivative. All derivative contracts are recorded at fair value, as a net asset or a net liability. Changes in the fair value of the hedge are recorded, net of tax, in other comprehensive income. For transactions that are designated as hedges, we perform an evaluation of the effectiveness of the hedge. We measure the effectiveness of hedging relationships both at inception and on an ongoing basis. The related gains and losses of derivative instruments, including those designated in hedge accounting relationships, are included as operating activities in the consolidated statements of cash flows. For derivatives that are designated and qualify as hedges of net investments in subsidiaries located outside the United States, changes in the fair value of derivatives are reported in other comprehensive income as part of Translation adjustments.
Pension and Postretirement Benefit Plans	Pension and Postretirement Benefit Plans As described in Note 4, we have pension and postretirement benefit plans covering substantially all employees. Our Pension Plus Plan in the United States was settled during the third quarter of 2022.This was a qualified defined benefit pension plan that was previously terminated in the third quarter of 2021, and prior to that point was closed to new participants and had frozen accrual of benefits. We have liabilities for postretirement benefits in the U.S. and Canada. A majority of the liability relates to the U.S. plan. Effective January 2005, our postretirement benefit plan in the U.S. was closed to new participants, except for certain life insurance benefits. In September 2008, we changed the cost sharing arrangement under this program such that increases in health care costs are the responsibility of plan participants and, in August 2013, we reduced the life insurance benefit for retirees and eliminated that benefit for active employees. The pension plans are generally trusteed or insured, and accrued amounts are funded as required in accordance with governing laws and regulations. The annual expense and liabilities recognized for defined benefit pension plans and postretirement benefit plans are developed from actuarial valuations. Inherent in these valuations are key assumptions, including discount rates and expected return on plan assets, which are updated on an annual basis. We consider current market conditions, including changes in interest rates, in making these assumptions. Discount rate assumptions are based on the population of plan participants and a mixture of high-quality fixed-income investments with durations that match expected future payments. The assumption for expected return on plan assets is based on historical and expected returns on various categories of plan assets.
Government Grants	Government Grants The Company recognizes government grants only when there is reasonable assurance that we will comply with the conditions attached to them and the grants will be received. Government grants are recognized in the Consolidated Statements of Income on a systematic basis over the periods in which we recognize as expenses the related costs for which the grants are intended to compensate. A government grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support with no future related costs is recognized in the Consolidated Statements of Income of the period in which it becomes receivable. During the third quarter of 2021, the Company was awarded an Aviation Manufacturing Jobs Protection Program ("AMJP") grant of $5.8 million, under the American Rescue Plan of the U.S. Department of Transportation. The AMJP grant is an income related grant, the purpose of which is to provide payroll assistance to eligible U.S. aircraft manufacturing/repair businesses who were impacted due to the COVID-19 downturn during 2020. In order to receive the grant, AEC was required to make several commitments, including a commitment that the company would not involuntarily furlough or lay-off employees within this segment during the period the grant was intended to cover. All conditions were met and the Company recognized $5.8 million in its Consolidated Statements of Income for the year ended December 31, 2021. The Company received $2.9 million in cash during 2021 and the remainder during 2022 and reflected cash received as an operating activity within the Consolidated Statements of Cash Flows over the periods cash was received.
Subsequent Events	Subsequent Events We review for subsequent events up through the date when our consolidated financial statements are available for issuance.

Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Foreign Currency Transaction Gains and Losses

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


(in thousands)	2022		2021		2020
(Gains)/losses included in:
Selling, general, and administrative expenses	$	(554)	$	(263)	$	1,875
Other (income)/expense, net	(9,996)		(1,179)		13,569
Total transaction (gains)/losses	$	(10,550)	$	(1,442)	$	15,444

Schedule of Intercompany Foreign Currency Balances

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


(in thousands)	2022		2021		2020
Loss/(gain), before tax, on long-term intercompany loan	$	—	$	(66)	$	(4,985)

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2022

Revenue Recognition [Abstract]

Schedule of Summary of Composition of Each Business Segment

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

Segment

Reporting Unit

Principal Product or Service

Principal Locations

Machine Clothing (MC)

Machine Clothing

World-wide

Albany Engineered Composites (AEC)

Albany Safran Composites (ASC)

Airframe and engine Components (Other AEC)

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

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

Schedule of Disaggregate Revenue for Each Business Segment

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


	For the year ended December 31, 2022
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	605,863	$	3,598	$	609,461
Albany Engineered Composites
ASC	—		165,775		165,775
Other AEC	19,167		240,484		259,651
Total Albany Engineered Composites	19,167		406,259		425,426
Total revenue	$	625,030	$	409,857	$	1,034,887

	For the year ended December 31, 2021
(in thousands)	Point in Time Revenue Recognition		Over Time Revenue Recognition		Total
Machine Clothing	$	615,556	$	3,459	$	619,015
Albany Engineered Composites
ASC	—		109,803		109,803
Other AEC	15,972		184,450		200,422
Total Albany Engineered Composites	15,972		294,253		310,225
Total revenue	$	631,528	$	297,712	$	929,240

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

Schedule of Disaggregate MC Segment Revenue by Significant Product or Service


	For the year ended December 31,
(in thousands)	2022		2021		2020
Americas PMC	$	321,170	$	317,907	$	297,490
Eurasia PMC	207,115		219,506		202,181
Engineered Fabrics	81,176		81,602		73,284
Total Machine Clothing Net sales	$	609,461	$	619,015	$	572,955

Reportable Segments and Geographic Data (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Financial Data by Reporting Segment

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


(in thousands)	2022		2021		2020
Net Sales
Machine Clothing	$	609,461	$	619,015	$	572,955
Albany Engineered Composites	425,426		310,225		327,655
Consolidated total	$	1,034,887	$	929,240	$	900,610
Depreciation and amortization
Machine Clothing	19,483		20,191		20,304
Albany Engineered Composites	46,202		50,402		48,496
Corporate expenses	3,364		3,662		3,905
Consolidated total	$	69,049	$	74,255	$	72,705
Operating income/(loss)
Machine Clothing	206,214		215,654		190,805
Albany Engineered Composites	31,579		16,160		31,536
Corporate expenses	(56,771)		(53,803)		(56,261)
Operating income	$	181,022	$	178,011	$	166,080
Reconciling items:
Interest income	(3,835)		(2,500)		(2,748)
Interest expense	17,835		17,391		16,332


Pension settlement expense	49,128		—		—
AMJP grant	—		(5,832)		—
Other expense, net	(14,086)		3,021		13,422
Income before income taxes	$	131,980	$	165,931	$	139,074

Schedule of Restructuring Costs by Reporting Segment

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


(in thousands)	2022		2021		2020
Restructuring expenses, net
Machine Clothing	$	92	$	1,202	$	2,746
Albany Engineered Composites	—		32		2,821
Corporate expenses	14		97		169
Consolidated total	$	106	$	1,331	$	5,736

Schedule of Operating Assets and Capital Expenditures by Reporting Segment

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


(in thousands)	2022		2021		2020
Segment assets
Machine Clothing	$	455,390	$	459,182	$	443,476
Albany Engineered Composites	717,972		652,702		713,955
Reconciling items:
Cash	291,776		302,036		241,316
Income taxes prepaid, receivable and deferred	23,134		28,334		44,697
Prepaid and Other assets	153,983		113,810		106,492
Consolidated total assets	$	1,642,255	$	1,556,064	$	1,549,936

Capital expenditures and purchased software
Machine Clothing	$	20,093	$	20,177	$	15,792
Albany Engineered Composites	73,614		31,012		23,718
Corporate expenses	2,641		2,510		2,880
Consolidated total	$	96,348	$	53,699	$	42,390

Schedule of Financial Data by Geographic Area


(in thousands)	2022		2021		2020
Net sales
United States	$	586,779	$	497,231	$	503,473
Switzerland	119,069		128,698		128,328
France	76,826		68,929		55,914
Brazil	66,175		62,925		60,259
China	63,914		67,098		57,007
Mexico	58,519		37,547		39,859
Italy	20,074		21,523		12,424
Other countries	43,531		45,289		43,346
Consolidated total	$	1,034,887	$	929,240	$	900,610

Property, plant and equipment, at cost, net
United States	$	278,500	$	258,453	$	263,201
Mexico	42,320		40,699		41,738
China	33,432		41,039		40,898
France	31,382		33,802		41,107
Canada	14,264		14,139		9,672
Sweden	11,388		12,355		12,109
United Kingdom	9,699		10,156		10,731
Germany	9,562		9,652		10,808
Other countries	15,111		16,122		18,290
Consolidated total	$	445,658	$	436,417	$	448,554

Pensions and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Schedule of Plan Benefit Obligations

The following table sets forth the plan benefit obligations:


	As of December 31, 2022						As of December 31, 2021
(in thousands)	Pension plans			Other postretirement benefits			Pension plans			Other postretirement benefits
Benefit obligation, beginning of year	$	230,790		$	44,884		$	245,800		$	47,977
Service cost	1,371			114			2,192			132
Interest cost	4,917			1,221			5,467			1,103
Plan participants' contributions	132			—			175			—
Actuarial (gain)/loss	(46,995)			(6,658)			(7,163)			(995)
Benefits paid	(7,946)			(3,234)			(9,399)			(3,338)
Settlements and curtailments	(90,568)			—			(3,694)			—
Plan amendments and other	(25)			(605)			(122)			—
Foreign currency changes	(7,946)			(64)			(2,466)			5
Benefit obligation, end of year	$	83,730		$	35,658		$	230,790		$	44,884
Accumulated benefit obligation	$	78,153		$	—		$	223,320		$	—
Weighted average assumptions used to
determine benefit obligations, end of year:
Discount rate — U.S. plan	5.49		%	5.55		%	2.63		%	2.83		%
Discount rate — non-U.S. plans	5.15		%	5.20		%	2.41		%	3.05		%
Cash balance interest crediting rate - Switzerland pension plan	2.15		%	—			0.25		%	—
Compensation increase — U.S. plan	N/A			N/A			—			—
Compensation increase — non-U.S. plans	3.08		%	2.75		%	2.70		%	2.75		%

Schedule of Plan Assets

The following sets forth information about plan assets:


	As of December 31, 2022				As of December 31, 2021
(in thousands)	Pension plans		Other postretirement benefits		Pension plans		Other postretirement benefits
Fair value of plan assets, beginning of year	$	225,327	$	—	$	239,051	$	—
Actual return on plan assets, net of expenses	(57,868)		—		(2,648)		—
Employer contributions	15,071		3,234		2,431		3,338
Plan participants' contributions	132		—		175		—
Benefits paid	(7,946)		(3,234)		(9,399)		(3,338)
Settlements	(90,568)		—		(3,694)		—
Foreign currency changes	(9,219)		—		(589)		—
Fair value of plan assets, end of year	$	74,929	$	—	$	225,327	$	—

Schedule of Funded Status of Plans

The funded status of the plans was as follows:


	As of December 31, 2022				As of December 31, 2021
(in thousands)	Pension plans		Other postretirement benefits		Pension plans		Other postretirement benefits
Fair value of plan assets	$	74,929	$	—	$	225,327	$	—
Benefit obligation	83,730		35,658		230,790		44,884
Funded status	$	(8,801)	$	(35,658)	$	(5,463)	$	(44,884)
Accrued benefit cost, end of year	$	(8,801)	$	(35,658)	$	(5,463)	$	(44,884)
Amounts recognized in the consolidated balance sheet consist of the following:
Noncurrent asset	$	16,234	$	—	$	32,504	$	—
Current liability	(1,974)		(3,660)		(7,116)		(3,627)
Noncurrent liability	(23,061)		(31,998)		(30,851)		(41,257)
Net amount recognized	$	(8,801)	$	(35,658)	$	(5,463)	$	(44,884)
Amounts recognized in accumulated other comprehensive income consist of:
Net actuarial loss	$	17,915	$	8,958	$	52,138	$	17,483
Prior service cost/(credit)	(134)		(4,574)		256		(8,458)
Net amount recognized	$	17,781	$	4,384	$	52,394	$	9,025

Schedule of Composition of Accrued Pension Cost

The composition of the net pension plan funded status as of December 31, 2022 was as follows:


(in thousands)	U.S. plan		Non-U.S. plans		Total
Pension plans with pension assets	$	—	$	16,234	$	16,234
Pension plans without pension assets	(4,161)		(20,874)		(25,035)
Total	$	(4,161)	$	(4,640)	$	(8,801)

Schedule of Net Periodic Benefit Plan Cost

The composition of the net periodic benefit plan cost for the years ended December 31, 2022, 2021, and 2020, was as follows:


	Pension plans									Other postretirement benefits
(in thousands)	2022			2021			2020			2022			2021			2020
Components of net periodic benefit cost:
Service cost	$	1,371		$	2,192		$	2,279		$	114		$	132		$	200
Interest cost	4,917			5,467			6,172			1,221			1,103			1,712
Expected return on assets	(5,979)			(6,564)			(6,853)			—			—			—
Amortization of prior service cost/(credit)	(8)			13			14			(4,488)			(4,488)			(4,488)
Amortization of net actuarial loss	1,377			2,365			2,412			1,883			2,260			2,592
Settlement	49,128			—			148			—			—			—
Curtailment (gain)/loss	—			—			263			—			—			—
Net periodic benefit cost	$	50,806		$	3,473		$	4,435		$	(1,270)		$	(993)		$	16

Weighted average assumptions used to determine net cost:
Discount rate — U.S. plan	2.63		%	2.65		%	3.40		%	2.83		%	2.38		%	3.27		%
Discount rate — non-U.S. plans	2.41		%	1.91		%	2.31		%	3.05		%	2.75		%	3.05		%
Cash balance interest crediting rate - Switzerland pension plan	0.25		%	0.05		%	0.25		%	—			—			—
Expected return on plan assets — U.S. plan	3.07		%	2.74		%	3.54		%	—			—			—
Expected return on plan assets — non-U.S. plans	3.31		%	2.89		%	3.45		%	—			—			—
Rate of compensation increase — U.S. plan	—			—			—			—			—			—		%
Rate of compensation increase — non-U.S. plans	2.70		%	2.71		%	2.81		%	2.75		%	2.75		%	3.00		%

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

Pretax (gains)/losses on plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2022, 2021, and 2020, was as follows:


	Pension plans						Other postretirement benefits
(in thousands)	2022		2021		2020		2022		2021		2020
Settlements/curtailments	$	(49,128)	$	—	$	(411)	$	—	$	—	$	—
Asset/liability loss/(gain)	16,828		1,927		(8,053)		(6,658)		(995)		(4,794)
Amortization of actuarial (loss)	(1,377)		(2,365)		(2,412)		(1,883)		(2,260)		(2,592)
Amortization of prior service cost/(credit)	8		(13)		(14)		3,884		4,488		4,488
Other	—		—		(204)		—		—		—
Currency impact	(944)		(612)		670		15		2		3
Cost/(benefit) in Other comprehensive income	$	(34,613)	$	(1,063)	$	(10,424)	$	(4,642)	$	1,235	$	(2,895)

Schedule of Fair Value of Plan Assets

As of December 31, 2022 and 2021, there were no investments expected to be sold at a value materially different than NAV.


	Assets at Fair Value as of December 31, 2022
(in thousands)	Quoted prices in active markets Level 1		Significant other observable inputs Level 2		Significant unobservable inputs Level 3		Total
Common Stocks and equity funds	$	—	$	—	$	—	$	—
Debt securities	—		1,003		—		1,003
Insurance contracts	—		—		2,418		2,418
Cash and short-term investments	548		—		—		548
Total investments in the fair value hierarchy	$	548	$	1,003	$	2,418	3,969
Investments at net asset value:
Common Stocks and equity funds							13,069
Fixed income funds							57,891
Limited partnerships							—
Total plan assets							$	74,929


	Assets at Fair Value as of December 31, 2021
(in thousands)	Quoted prices in active markets Level 1		Significant other observable inputs Level 2		Significant unobservable inputs Level 3		Total
Common Stocks and equity funds	$	—	$	—	$	—	$	—
Debt securities	—		98,252		—		98,252
Insurance contracts	—		—		3,861		3,861
Cash and short-term investments	724		—		—		724
Total investments in the fair value hierarchy	$	724	$	98,252	$	3,861	102,837
Investments at net asset value:
Common Stocks and equity funds							18,963
Fixed income funds							101,843
Limited partnerships							1,684
Total plan assets							$	225,327

Reconciliation of Level 3 Assets

The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2022 and 2021:


(in thousands)	December 31, 2021		Net realized gains		Net unrealized gains		Net purchases, issuances and settlements		Net transfers (out of) Level 3		December 31, 2022
Insurance contracts -
total level 3 assets	$	3,861	$	—	$	20	$	(1,463)	$	—	$	2,418


(in thousands)	December 31, 2020		Net realized gains		Net unrealized gains		Net purchases, issuances and settlements		Net transfers (out of) Level 3		December 31, 2021
Insurance contracts -
total level 3 assets	$	3,819	$	—	$	24	$	18	$	—	$	3,861

Schedule of Asset Allocation

The asset allocation for the Company’s U.S. and non-U.S. pension plans for 2022 and 2021, and the target allocation, by asset category, are as follows:


	United States Plan						Non-U.S. Plans
	Target Allocation		Percentage of plan assets at plan measurement date				Target Allocation		Percentage of plan assets at plan measurement date
Asset category			2022		2021				2022		2021
Equity securities	N/A		N/A		—	%	14	%	15	%	13	%
Debt securities	N/A		N/A		98	%	81	%	76	%	80	%
Real estate	N/A		N/A		2	%	1	%	1	%	1	%
Other(1)	N/A		N/A		—	%	4	%	8	%	6	%
	—	%	—	%	100	%	100	%	100	%	100	%

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


	Plans with projected benefit obligation in excess of plan assets
(in thousands)	2022		2021
Projected benefit obligation	$	28,458	$	142,007
Fair value of plan assets	3,422		104,041


	Plans with accumulated benefit obligation in excess of plan assets
(in thousands)	2022		2021
Accumulated benefit obligation	$	25,941	$	139,600
Fair value of plan assets	3,422		104,041

Schedule of Expected Cash Flows

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


(in thousands)	Pension plans		Other postretirement benefits
Expected employer contributions and direct employer payments in the next fiscal year	$	2,151	$	3,660
Expected benefit payments
2023	4,495		3,660
2024	4,809		3,541
2025	5,181		3,408
2026	5,513		3,281
2027	5,337		3,158
2028-2032	29,238		13,928

Restructuring (Tables)

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges

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


Year ended December 31, 2022 (In thousands)	Total restructuring costs incurred		Termination and other costs		Impairment of assets
Machine Clothing	$	92	$	92	$	—
Albany Engineered Composites	—		—		—
Corporate expenses	14		14		—
Total	$	106	$	106	$	—


Year ended December 31, 2021 (In thousands)	Total restructuring costs incurred		Termination and other costs		Impairment of assets
Machine Clothing	$	1,202	$	1,202	$	—
Albany Engineered Composites	32		32		—
Corporate expenses	97		97		—
Total	$	1,331	$	1,331	$	—


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

Schedule of Restructuring Liability

The table below presents the changes in restructuring liabilities for 2022 and 2021, all of which related to termination costs:


(in thousands)	December 31, 2021		Restructuring charges accrued		Payments		Currency translation/other		December 31, 2022
Total termination and other costs	$	1,045	$	106	$	(1,079)	$	(72)	$	—


(in thousands)	December 31, 2020		Restructuring charges accrued		Payments		Currency translation/other		December 31, 2021
Total termination and other costs	$	2,195	$	1,331	$	(2,469)	$	(12)	$	1,045

Other expense/(income), net (Tables)

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Schedule of Other (Income)/ Expense

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


(in thousands)	2022		2021		2020
Currency transactions	$	(9,996)	$	(1,179)	$	13,569
Sale of IP addresses	(3,420)		—		—
Bank fees and amortization of debt issuance costs	313		373		367
Components of net periodic pension and postretirement cost other than service	(1,077)		156		1,561
Other	94		3,671		(2,075)
Total	$	(14,086)	$	3,021	$	13,422

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Provision for income taxes consisted of the following:


For the year ended December 31
(in thousands)	2022		2021		2020
Income before income taxes:
U.S.	$	20,422	$	63,708	$	63,375
Non-U.S.	111,558		102,223		75,699
	$	131,980	$	165,931	$	139,074
Income tax expense/(benefit)
Current:
Federal	$	9,781	$	3,348	$	1,415
State	5,126		2,663		2,028
Non-U.S.	28,605		29,319		26,916
	$	43,512	$	35,330	$	30,359
Deferred:
Federal	$	(9,592)	$	9,911	$	11,211
State	(1,866)		(24)		192
Non-U.S.	3,418		1,946		69
	$	(8,040)	$	11,833	$	11,472
Total income tax expense	$	35,472	$	47,163	$	41,831

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

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


For the year ended December 31	2022		2021		2020
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	2.5		1.8		1.8
Non-U.S. local income taxes	3.8		2.5		3.2
U.S. permanent adjustments	1.4		1.1		0.1
Foreign permanent adjustments	(2.1)		0.3		—
Foreign rate differential	3.1		1.2		0.6
Net U.S. tax on non-U.S. earnings and foreign withholdings	3.5		2.1		1.2
Provision for/(resolution) of tax audits and contingencies, net	0.3		0.1		0.5
U.S. Pension Settlement - Release of Residual Tax Effect	(4.0)		—		—
Tax effect of non-deductible foreign exchange loss on intercompany loan	—		—		2.7
Impact of amended tax returns	(0.1)		(1.3)		—
Return to provision	(1.1)		(1.4)		(1.6)
Other adjustments	(1.4)		1.0		0.6
Effective income tax rate	26.9	%	28.4	%	30.1	%

Schedule of Deferred Tax Assets and Liabilities

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


For the year ended December 31	U.S.				Non-U.S.
(in thousands)	2022		2021		2022		2021
Deferred tax assets:
Accounts receivable, net	$	436	$	428	$	1,300	$	1,378
Inventories	1,807		1,450		1,111		1,752
Incentive compensation	4,619		4,580		1,333		1,084
Property, plant, equipment and intangibles, net	—		—		1,892		4,339
Pension, post retirement benefits - non-current	9,141		12,912		—		—
Tax loss carryforwards	239		217		14,201		19,821
Tax credit carryforwards	2,635		4,643		—		—
Derivatives	—		468		—		—
Leases	7,597		1,658		—		—
Reserves	721		991		—		—
Deferred revenue	761		239		—		—
Other	47		329		1,707		1,791
Deferred tax assets before valuation allowance	28,003		27,915		21,544		30,165
Less: valuation allowance	(8)		(9)		(9,778)		(10,650)
Total deferred tax assets	$	27,995	$	27,906	$	11,766	$	19,515
Deferred tax liabilities:
Unrepatriated foreign earnings	$	5,827	$	6,308	$	—	$	—
Property, plant, equipment and intangibles, net	3,084		5,356		—		—
Basis difference in partner capital	2,161		2,466		—		—
Basis difference in investment	4,173		3,985		—		—
Derivatives	5,941		—		—		—
Leases	11,609		2,950		—		—
Deferred revenue	—		—		6,440		10,829
Other	—		—		419		602
Total deferred tax liabilities	32,795		21,065		6,859		11,431
Net deferred tax (liability)/asset	$	(4,800)	$	6,841	$	4,907	$	8,084

Summary Of Operating And Capital Loss And Tax Credit Carryforwards

As of December 31, 2022, the Company's net operating loss, capital loss and tax credit carryforwards were as follows:


(in thousands)	Expiration Period	Net Operating and Capital Loss Carryforwards		Tax Credit Carryforwards
Jurisdiction
U.S. Federal	2025 - 2040	$	—	$	2,792
U.S. State	2027 - 2041	3,973		402
U.S. State	Indefinite	—		—
Non-U.S.	2025 - 2030	9,094		—
Non-U.S.	Indefinite	37,008		—
Balance at end of year		$	50,075	$	3,194

Schedule of Unrecognized Tax Benefits

The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits. If recognized, $0.8 million would impact the effective tax rate at December 31, 2022:


(in thousands)	2022		2021		2020
Unrecognized tax benefits balance at January 1,	$	1,459	$	5,491	$	5,834
Increase in gross amounts of tax positions related to prior years	399		278		540
Decrease in gross amounts of tax positions related to prior years	(929)		(4,236)		(637)
Increase in gross amounts of tax positions related to current years	37		—		—
Decrease due to settlements with tax authorities	—		—		—
Decrease due to lapse in statute of limitations	—		(39)		(300)
Currency translation	(174)		(35)		54
Unrecognized tax benefits balance at December 31,	$	792	$	1,459	$	5,491

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 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:


(in thousands, except market price and earnings per share)	2022		2021		2020
Net income attributable to the Company	$	95,762	$	118,478	$	98,589
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share	31,339		32,348		32,329
Effect of dilutive stock-based compensation plans:
Stock options	—		2		7
Long-term incentive plans	116		113		20
Weighted average number of shares used in calculating diluted net income per share	31,455		32,463		32,356
Average market price of common stock used for calculation of dilutive shares	$	87.27	$	82.88	$	58.56
Net income per share:
Basic	$	3.06	$	3.66	$	3.05
Diluted	$	3.04	$	3.65	$	3.05

Accumulated Other Comprehensive Income (AOCI) (Tables)

12 Months Ended

Dec. 31, 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 from January 1, 2020 to December 31, 2022:


(in thousands)	Translation adjustments		Pension and postretirement liability adjustments		Derivative valuation adjustment		Total Other Comprehensive Income
January 1, 2020	$	(122,852)	$	(49,994)	$	(3,135)	$	(175,981)
Other comprehensive income/(loss) before reclassifications	39,649		(722)		(9,363)		29,564
Pension/postretirement settlements and curtailments, net of tax	—		283		—		283
Pension/postretirement plan remeasurement, net of tax	—		10,390		—		10,390
Interest expense related to swaps reclassified to the Statements of Income, net of tax	—		—		2,954		2,954
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	—		382		—		382
Net current period other comprehensive income	39,649		10,333		(6,409)		43,573
December 31, 2020	$	(83,203)	$	(39,661)	$	(9,544)	$	(132,408)
Other comprehensive income/(loss) before reclassifications	(22,677)		1,869		2,812		(17,996)

Pension/postretirement plan remeasurement, net of tax	—		(796)		—		(796)
Interest expense related to swaps reclassified to the Statements of Income, net of tax	—		—		5,118		5,118
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	—		98		—		98

Net current period other comprehensive income	(22,677)		1,171		7,930		(13,576)
December 31, 2021	$	(105,880)	$	(38,490)	$	(1,614)	$	(145,984)
Other comprehensive income/(loss) before reclassifications	(40,971)		—		18,971		(22,000)
Pension settlement expense, net of tax	—		26,198		—		26,198

Pension/postretirement plan remeasurement, net of tax	—		(2,663)		—		(2,663)
Interest expense related to swaps reclassified to the Statements of Income, net of tax	—		—		350		350
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	—		(828)		—		(828)
Net current period other comprehensive income	(40,971)		22,707		19,321		1,057
December 31, 2022	$	(146,851)	$	(15,783)	$	17,707	$	(144,927)

Schedule of Items Reclassified to Statement of Income

The table below presents the expense/(income) amounts reclassified, and the line items of the Statement of Income that were affected for the years ended December 31, 2022, 2021, and 2020.


(in thousands)	2022		2021		2020
Pretax Derivative valuation reclassified from Accumulated Other Comprehensive Income:
Expense related to interest rate swaps included in Income before taxes(a)	$	468	$	6,852	$	3,982
Income tax effect	(118)		(1,734)		(1,028)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	350	$	5,118	$2,954
Pretax pension and postretirement liabilities reclassified from Accumulated Other Comprehensive Income:
Pension/postretirement settlements and curtailments	$	42,657	$	—	$	411
Amortization of prior service credit	(4,497)		(4,475)		(4,474)
Amortization of net actuarial loss	3,260		4,625		5,004
Total pretax amount reclassified(b)	41,420		150		941
Income tax effect	(16,051)		(52)		(276)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	$	25,369	$	98	$	665

________________________

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

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

Noncontrolling Interest (Tables)

12 Months Ended

Dec. 31, 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:


(in thousands, except percentages)	2022			2021
Net income/(loss) of Albany Safran Composites (ASC)	$	8,720		$	4,227
Less: Return attributable to the Company's preferred holding	1,262			1,325
Net income/(loss) of ASC available for common ownership	$	7,458		$	2,902
Ownership percentage of noncontrolling shareholder	10		%	10		%
Net income/(loss) attributable to noncontrolling interest	$	746		$	290

Noncontrolling interest, beginning of year	$	3,638		$	3,799
Net income/(loss) attributable to noncontrolling interest	746			290
Changes in other comprehensive income attributable to noncontrolling interest	110			(451)
Noncontrolling interest, end of year	$	4,494		$	3,638

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Schedule of Accounts Receivable

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


(in thousands)	December 31, 2022		December 31, 2021
Trade and other accounts receivable	$	179,676	$	168,046
Bank promissory notes	23,439		26,284
Allowance for expected credit losses	(3,097)		(2,345)
Accounts receivable, net	$	200,018	$	191,985

Schedule of Noncurrent Receivables

The Noncurrent receivables are invoiced to the customer over a 10-year period, which began in 2020. As of December 31, 2022 and December 31, 2021, Noncurrent receivables were as follows:


(in thousands)	December 31, 2022		December 31, 2021
Noncurrent receivables	$	28,053	$	32,049
Allowance for expected credit losses	(140)		(200)
Noncurrent receivables, net	$	27,913	$	31,849

Accounts Receivable, Allowance for Credit Loss

The following tables present the (increases)/decreases in the allowance for credit losses for Accounts receivable:


(in thousands)	December 31, 2021		(Charge)/ benefit		Currency translation		Other		December 31, 2022
Specific customer reserves	$	(1,392)	$	(1,331)	$	50	$	597	$	(2,076)
Incremental expected credit losses	(953)		(93)		25		—		(1,021)
Accounts receivable expected credit losses	$	(2,345)	$	(1,424)	$	75	$	597	$	(3,097)


(in thousands)	December 31, 2020		(Charge)/ benefit		Currency translation		Other		December 31, 2021
Specific customer reserves	$	(1,742)	$	(187)	$	116	$	421	$	(1,392)
Incremental expected credit losses	(2,065)		1,074		38		—		(953)
Accounts receivable expected credit losses	$	(3,807)	$	887	$	154	$	421	$	(2,345)

The following tables present the (increases)/decreases in the allowance for credit losses for Noncurrent receivables:


(in thousands)	December 31, 2021		(Charge)/ benefit		Currency translation		Other		December 31, 2022
Noncurrent receivables expected credit losses	$	(200)	$	62	$	(2)	$	—	$	(140)


(in thousands)	December 31, 2020		(Charge)/ benefit		Currency translation		Other		December 31, 2021
Noncurrent receivables expected credit losses	$	(274)	$	72	$	2	$	—	$	(200)

Contract Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets and Contract Liabilities


(in thousands)	December 31, 2022		December 31, 2021
Contract assets	$	149,443	$	113,249
Allowance for expected credit losses	(748)		(703)
Contract assets, net	$	148,695	$	112,546

Contract liabilities	$	15,176	$	6,959

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

The following tables present the (increases)/ decreases in the allowance for credit losses for Contract assets:


(in thousands)	December 31, 2021		(Charge)/ benefit		Currency translation		Other		December 31, 2022
Contract assets expected credit losses	$	(703)	$	(45)	$	—	$	—	$	(748)


(in thousands)	December 31, 2020		(Charge)/ benefit		Currency translation		Other		December 31, 2021
Contract assets expected credit losses	$	(1,059)	$	339	$	16	$	1	$	(703)

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

As of December 31, 2022 and 2021, inventories consisted of the following:


(in thousands)	December 31, 2022		December 31, 2021
Raw materials	$	74,631	$	58,689
Work in process	50,516		44,839
Finished goods	13,903		14,354
Total inventories	$	139,050	$	117,882

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The table below sets forth the components of property, plant and equipment as of December 31, 2022 and 2021:


(in thousands)	2022		2021		Estimated useful life
Land and land improvements	$	14,059	$	14,832	25 years for improvements
Buildings	247,136		243,584		15 to 40 years
Right of use assets (a)	—		10,971		10 to 15 years
Machinery and equipment	1,053,700		1,067,059		5 to 15 years
Furniture and fixtures	8,158		7,857		5 years
Computer and other equipment	21,570		19,135		3 to 10 years
Software	66,794		63,379		5 to 8 years
Capital expenditures in progress	92,620		64,238
Property, plant and equipment, gross	1,504,037		1,491,055
Accumulated depreciation and amortization	(1,058,379)		(1,054,638)
Property, plant and equipment, net	$	445,658	$	436,417

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Intangible Assets and Goodwill

The changes in intangible assets and goodwill from December 31, 2020 to December 31, 2022, were as follows:


(in thousands, except for years)	Amortization life in years	Balance at December 31, 2021		Amortization		Currency Translation		Balance at December 31, 2022
Finite-Lived intangible assets:
AEC Trademarks and trade names	6-15	$	45	$	(11)	$	—	$	34
AEC Technology	10-15	4,712		(554)		(274)		3,884
AEC Intellectual property	15	1,077		(83)		—		994
AEC Customer contracts	6	720		(720)		—		—
AEC Customer relationships	8-15	32,527		(3,474)		(154)		28,899

Total Finite-Lived intangible assets, net		$	39,081	$	(4,842)	$	(428)	$	33,811
Indefinite-Lived intangible assets:
MC Goodwill		$	68,329	$	—	$	(2,888)	$	65,441
AEC Goodwill		113,795		—		(1,019)		112,776
Total Indefinite-Lived intangible assets		$	182,124	$	—	$	(3,907)	$	178,217


(in thousands, except for years)	Amortization life in years	Balance at December 31, 2020		Amortization		Currency Translation		Balance at December 31, 2021
Finite-Lived intangible assets:
AEC Trademarks and trade names	6-15	$	57	$	(12)	$	—	$	45
AEC Technology	10-15	5,744		(629)		(403)		4,712
AEC Intellectual property	15	1,160		(83)		—		1,077
AEC Customer contracts	6	3,632		(2,912)		—		720
AEC Customer relationships	8-15	36,260		(3,503)		(230)		32,527
AEC Other intangibles	5	16		(16)		—		—
Total Finite-Lived intangible assets, net		$	46,869	$	(7,155)	$	(633)	$	39,081
Indefinite-Lived intangible assets:
MC Goodwill		$	72,290	$	—	$	(3,961)	$	68,329
AEC Goodwill		115,263		—		(1,468)		113,795
Total Indefinite-Lived intangible assets		$	187,553	$	—	$	(5,429)	$	182,124

Schedule of Estimated Amortization Expense

Estimated amortization expense of intangibles for the years ending December 31, 2023 through 2027, is as follows:


Year	Annual amortization (in thousands)
2023	$	4,100
2024	4,100
2025	4,100
2026	4,100
2027	4,100

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of:


(in thousands)	2022		2021
Salaries, wages and benefits	$	57,867	$	54,254
Contract liabilities	15,176		6,959
Returns and allowances	9,084		9,798
Dividends	7,778		6,742
Pension and postretirement	6,683		10,742
Operating and Finance lease liabilities	5,929		5,336
Other tax	10,274		9,041
Contract loss reserve	2,359		3,608
Freight	1,966		4,031
Professional fees	3,439		3,926
Other	5,830		9,888
Total	$	126,385	$	124,325

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Long-Term Debt and Lease Obligation [Abstract]

Schedule of Long-Term Debt

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


(in thousands, except interest rates)	2022		2021
Revolving credit agreement with borrowings outstanding at an end of period interest rate of 3.16% in 2022 and 3.74% in 2021 (including the effect of interest rate hedging transactions, as described below), due in 2024	$	439,000	$	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
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
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-Subparagraph (SX 210.12-04(a))
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Fair-Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities

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


	December 31, 2022				December 31, 2021
(in thousands)	Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)
Fair Value
Assets:
Cash equivalents	$	6,533	$	—	$	20,665	$	—
Other Assets:
Common stock of unaffiliated foreign public company (a)	602		—		702		—
Interest rate swaps	—		23,605		—		3,328
Liabilities:
Other noncurrent liabilities:
Interest rate swaps	—		—		—		(5,176)

_____________________

(a)Original cost basis $0.5 million

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

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



(in thousands)		2022	2021	2020
Derivatives not designated as hedging
instruments
Foreign currency options (gains)/losses	$	(509)	169	64

- Definition

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

+ References + Details

Other Noncurrent Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Other Liabilities Disclosure [Abstract]

Other Noncurrent Liabilities

As of December 31, 2022 and 2021, Other Noncurrent Liabilities consisted of the following:


(in thousands)	2022		2021
Operating leases	$	50,190	$	11,001
Finance leases	—		14,515
Postretirement benefits other than pensions	31,998		41,257
Pension liabilities	23,061		30,850
Interest rate swap agreements	—		5,176

Incentive and deferred compensation	1,395		3,257
Other	2,114		1,738
Total	$	108,758	$	107,794

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Lessee Disclosure [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows:


	For the years ended
(in thousands)	December 31, 2022		December 31, 2021		December 31, 2020
Finance lease
Amortization of right-of-use asset	$	416	$	997	$	1,056
Interest on lease liabilities	529		1,353		1,475
Operating lease
Fixed lease cost	6,036		5,283		5,448
Variable lease cost	438		(259)		314
Short-term lease cost	1,025		1,037		996
Total lease expense	$	8,444	$	8,411	$	9,289

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:


	For the years ended
(in thousands)	December 31, 2022		December 31, 2021		December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	6,612	$	5,233	$	5,300
Operating cash outflows from finance leases	529		1,353		1,475
Financing cash outflows from finance leases	654		1,438		7,214
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	38,559	$	2,189	$	4,017
Finance leases	—		—		—

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:


(in thousands)	December 31, 2022		December 31, 2021
Operating leases
Right of use assets included in Other assets	$	48,475	$	14,366
Lease liabilities included in
Accrued liabilities	$	5,929	$	3,730
Other noncurrent liabilities	50,190		11,001
Total operating lease liabilities	$	56,119	$	14,731
Finance leases
Right-of-use assets included in Property, plant and equipment, net	$	—	$	7,979
Lease liabilities included in
Accrued liabilities	$	—	$	1,606
Other noncurrent liabilities	—		14,515
Total finance lease liabilities	$	—	$	16,121

Schedule of Additional Information Related to Leases

Additional information for leases existing at December 31, 2022 and 2021 was as follows:


	December 31, 2022		December 31, 2021
Weighted average remaining lease term
Operating leases	11 years		6 years
Finance leases	0 years		8 years
Weighted average discount rate
Operating leases	5.3	%	4.4	%
Finance leases	—		8.0	%

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2022 were as follows:


(in thousands)	Operating leases
Year ending December 31,
2023	$	8,734
2024	7,586
2025	6,970
2026	6,985
2027	6,775
Thereafter	36,834
Total lease payments	73,884
Less imputed interest	(17,765)
Total	$	56,119

Maturities of lease liabilities as of December 31, 2021 were as follows:


(in thousands)	Operating leases		Finance leases
Year ending December 31,
2022	$	4,737	$	2,838
2023	3,412		3,004
2024	2,199		3,004
2025	1,801		3,004
2026	1,782		3,004
Thereafter	2,789		6,501
Total lease payments	16,720		21,355
Less imputed interest	(1,989)		(5,234)
Total	$	14,731	$	16,121

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2022 were as follows:


(in thousands)	Operating leases
Year ending December 31,
2023	$	8,734
2024	7,586
2025	6,970
2026	6,985
2027	6,775
Thereafter	36,834
Total lease payments	73,884
Less imputed interest	(17,765)
Total	$	56,119

Maturities of lease liabilities as of December 31, 2021 were as follows:


(in thousands)	Operating leases		Finance leases
Year ending December 31,
2022	$	4,737	$	2,838
2023	3,412		3,004
2024	2,199		3,004
2025	1,801		3,004
2026	1,782		3,004
Thereafter	2,789		6,501
Total lease payments	16,720		21,355
Less imputed interest	(1,989)		(5,234)
Total	$	14,731	$	16,121

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Changes in Claims

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


Year ended December 31,	Opening Number of Claims	Claims Dismissed, Settled, or Resolved	New Claims	Closing Number of Claims	Amounts Paid (thousands) to Settle or Resolve
2020	3,708	152	59	3,615	$57
2021	3,615	32	26	3,609	93
2022	3,609	43	32	3,598	$125

Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedules of Executive Management Share-based Compensation Activity

Information with respect to these plans is presented below:


	Number of shares	Weighted average grant date value per share		Year-end intrinsic value (000's)
Shares potentially payable at January 1, 2020	81,712	$	65.06	$	5,316
Forfeitures	—
Payments	(20,680)	$	47.35
Shares accrued based on 2020 performance	36,808	$	73.43
Shares potentially payable at December 31, 2020	97,840	$	71.95	$	7,040
Forfeitures	—
Payments	(31,722)	$	66.25
Shares accrued based on 2021 performance	41,512	$	78.06
Shares potentially payable at December 31, 2021	107,630	$	75.99	$	8,179
Forfeitures	—
Payments	(35,897)	$	84.27
Shares accrued based on 2022 performance	64,208	$	86.00
Shares potentially payable at December 31, 2022	135,941	$	79.11	$	10,754

Schedules of Other Share-based Compensation Activity


	Number of shares	Weighted average value per share		Cash paid for share based liabilities (000's)
Share units potentially payable at January 1, 2020	215,072

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

Grants	56,536
Changes due to performance	52,296
Payments	(68,622)	$	74.22	$	5,093
Forfeitures	(5,644)
Share units potentially payable at December 31, 2021	248,414

Grants	49,863
Changes due to performance	34,539
Payments	(81,421)	$	85.69	$	6,977
Forfeitures	(24,644)
Share units potentially payable at December 31, 2022	226,751

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

Activity in Shareholders’ equity for 2020, 2021, and 2022 is presented below:


(in thousands)	Class A Common Stock			Class B Common Stock			Additional paid-in capital		Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Equity
	Shares	Amount		Shares	Amount								Shares	Amount
January 1, 2020	39,099	$	39	1,618	$	2	$	432,518	$	698,496	$	(175,981)	8,409	$	(256,391)	$	4,006	$	702,689
Net income	—	—		—	—		—		98,589		—		—	—		(1,346)		97,243
Adoption of accounting standards (a)	—	—		—	—		—		(1,443)		—		—	—		—		(1,443)
Compensation and benefits paid or payable in shares	13	—		—	—		622		—		—		—	—		—		622
Options exercised	3	—		—	—		55		—		—		—	—		—		55
Shares issued to Directors'	—	—		—	—		501		—		—		(18)	382		—		883
Dividends declared
Class A Common Stock, $0.77 per share	—	—		—	—		—		(23,651)		—		—	—		—		(23,651)
Class B Common Stock, $0.77 per share	—	—		—	—		—		(1,245)		—		—	—		—		(1,245)
Cumulative translation adjustments	—	—		—	—		—		—		39,649		—	—		1,139		40,788
Pension and postretirement liability adjustments	—	—		—	—		—		—		10,333		—	—		—		10,333


(in thousands)	Class A Common Stock			Class B Common Stock			Additional paid-in capital		Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Equity
	Shares	Amount		Shares	Amount								Shares	Amount
Derivative valuation adjustment	—	—		—	—		—		—		(6,409)		—	—		—		(6,409)
December 31, 2020	39,115	$	39	1,618	$	2	$	433,696	$	770,746	$	(132,408)	8,391	$	(256,009)	$	3,799	$	819,865
Net income	—	—		—	—		—		118,478		—		—	—		290		118,768
Compensation and benefits paid or payable in shares	20	—		—	—		2,441		—		—		—	—		—		2,441
Options exercised	7	—		—	—		153		—		—		—	—		—		153
Shares issued to Directors'	—	—		—	—		706		—		—		(11)	241		—		947
Purchase of Treasury shares (b)	—	—		—	—		—		—		—		285	(24,375)		—		(24,375)
Class A Common Stock, $0.81 per share	—	—		—	—		—		(25,520)		—		—	—		—		(25,520)
Class B Common Stock, $0.81 per share	—	—		—	—		—		(647)		—		—	—		—		(647)
Conversion of Class B shares to Class A shares (c)	1,618	2		(1,618)	(2)		—		—		—		—	—		—		—
Cumulative translation adjustments	—	—		—	—		—		—		(22,677)		—	—		(451)		(23,128)
Pension and postretirement liability adjustments	—	—		—	—		—		—		1,171		—	—		—		1,171
Derivative valuation adjustment	—	—		—	—		—		—		7,930		—	—		—		7,930
December 31, 2021	40,760	$	41	—	$	—	$	436,996	$	863,057	$	(145,984)	8,665	$	(280,143)	$	3,638	$	877,605
Net income	—	—		—	—		—		95,762		—		—	—		746		96,508
Compensation and benefits paid or payable in shares	24	—		—	—		3,727		—		—		—	—		—		3,727
Options exercised	1	—		—	—		17		—		—		—	—		—		17
Shares issued to Directors'	—	—		—	—		800		—		—		(13)	285		—		1,085
Purchase of Treasury shares (d)	—	—		—	—		—		—		—		1,023	(85,065)		—		(85,065)
Dividends declared
Class A Common Stock, $0.88 per share	—	—		—	—		—		(27,501)		—		—	—		—		(27,501)


Cumulative translation adjustments	—	—		—	—		—		—		(40,971)		—	—		110		(40,861)
Pension and postretirement liability adjustments	—	—		—	—		—		—		(3,491)		—	—		—		(3,491)
Settlement of certain pension liabilities	—	—		—	—		—		—		26,198		—	—		—		26,198


(in thousands)	Class A Common Stock			Class B Common Stock			Additional paid-in capital		Retained earnings		Accumulated items of other comprehensive income		Class A Treasury Stock			Noncontrolling Interest		Total Equity
	Shares	Amount		Shares	Amount								Shares	Amount
Derivative valuation adjustment	—	—		—	—		—		—		19,321		—	—		—		19,321
December 31, 2022	40,785	$	41	—	$	—	$	441,540	$	931,318	$	(144,927)	9,675	$	(364,923)	$	4,494	$	867,543

(d)In 2022, as part of the Share Repurchase program, the Company repurchased 1,022,717 shares totaling $85.1 million.

Accounting Policies (Narrative) (Details)	3 Months Ended		12 Months Ended
Accounting Policies (Narrative) (Details)	Jun. 30, 2022 reporting_unit	Sep. 30, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating income Increase (decrease)			$ 389,782,000	$ 378,391,000	$ 371,072,000
Research and development expense			31,400,000	29,600,000	25,800,000
Provision/(recovery) for credit losses from uncollected receivables and contract assets			1,408,000	(1,299,000)	1,628,000
Total equity			$ (867,543,000)	(877,605,000)	(819,865,000)	$ (702,689,000)
Receivable with imputed interest, effective yield (interest rate)			2.00%
Noncurrent receivables invoice terms (in years)			10 years
AEC reporting units \| reporting_unit	2
Goodwill impairment charges			$ 0
Assets for plan benefits, defined benefit plan			16,200,000	32,500,000
Government grants		$ 5,800,000	$ 0	5,832,000	0
Proceeds from government grant				2,900,000
Software \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life			5 years
Software \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful life			8 years
Share-based Payment Arrangement, Option
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expiration period			20 years
Length of time options are valid after retirement, in years			10 years
Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Assets for plan benefits, defined benefit plan			$ 600,000	700,000
Retained earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity			(931,318,000)	(863,057,000)	(770,746,000)	(698,496,000)
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision/(recovery) for credit losses from uncollected receivables and contract assets						1,800,000
Total equity						1,443,000
Cumulative Effect, Period of Adoption, Adjustment \| Retained earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity						$ 1,443,000
Long term contract
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating income Increase (decrease)			$ 500,000	$ 6,200,000	$ 9,900,000
Entity In Russia
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Noncontrolling interest, ownership percentage by parent			50.00%
Albany Safran Composites, LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Noncontrolling interest, ownership percentage by parent			90.00%

Accounting Policies (Schedule of Foreign Currency Transaction Gains and Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Selling, general, and administrative expenses	$ (554)	$ (263)	$ 1,875
Other (income)/expense, net	(9,996)	(1,179)	13,569
Total transaction (gains)/losses	$ (10,550)	$ (1,442)	$ 15,444

Accounting Policies (Schedule of Foreign Currency Gains on Long-term Intercompany Loans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Loss/(gain), before tax, on long-term intercompany loan	$ 0	$ (66)	$ (4,985)

Revenue Recognition (Schedule of Disaggregate Revenue for Each Business Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,034,887	$ 929,240	$ 900,610
Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total revenue	625,030	631,528	587,906
Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total revenue	409,857	297,712	312,704
Machine Clothing
Disaggregation of Revenue [Line Items]
Total revenue	609,461	619,015	572,955
Machine Clothing \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total revenue	605,863	615,556	569,563
Machine Clothing \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total revenue	3,598	3,459	3,392
Albany Engineered Composites
Disaggregation of Revenue [Line Items]
Total revenue	425,426	310,225	327,655
Albany Engineered Composites \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total revenue	19,167	15,972	18,343
Albany Engineered Composites \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total revenue	406,259	294,253	309,312
ASC
Disaggregation of Revenue [Line Items]
Total revenue	165,775	109,803	98,411
ASC \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0
ASC \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total revenue	165,775	109,803	98,411
Other AEC
Disaggregation of Revenue [Line Items]
Total revenue	259,651	200,422	229,244
Other AEC \| Point in Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total revenue	19,167	15,972	18,343
Other AEC \| Over Time Revenue Recognition
Disaggregation of Revenue [Line Items]
Total revenue	$ 240,484	$ 184,450	$ 210,901

- 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

Revenue Recognition (Schedule of Disaggregate MC Segment Revenue by Significant Product or Service) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 1,034,887	$ 929,240	$ 900,610
Machine Clothing
Disaggregation of Revenue [Line Items]
Net sales	609,461	619,015	572,955
Machine Clothing \| Americas PMC
Disaggregation of Revenue [Line Items]
Net sales	321,170	317,907	297,490
Machine Clothing \| Eurasia PMC
Disaggregation of Revenue [Line Items]
Net sales	207,115	219,506	202,181
Machine Clothing \| Engineered Fabrics
Disaggregation of Revenue [Line Items]
Net sales	$ 81,176	$ 81,602	$ 73,284

- Definition

+ References

+ Details

Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue Recognition [Abstract]
Revenue, remaining performance obligation, amount	$ 553	$ 278	$ 86
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	553	$ 278	$ 86
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue Recognition [Abstract]
Revenue, remaining performance obligation, amount	131
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 131
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
Revenue Recognition [Abstract]
Revenue, remaining performance obligation, amount	$ 98
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 98
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue Recognition [Abstract]
Revenue, remaining performance obligation, amount	$ 56
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 56
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

Reportable Segments and Geographic Data (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2022	Oct. 31, 2013
Segment Reporting Information [Line Items]
Operating lease expense		$ 6,036	$ 5,283	$ 5,448
Net sales		1,034,887	929,240	900,610
Reserve for uncollectable receivables and inventory		1,424	(887)
Pension charges					$ 49,100
Reduction of unfunded pension liabilities					$ 6,200
Salt Lake City, Utah \| Other Operating Assets and Liabilities
Segment Reporting Information [Line Items]
Change from finance to operating and included a non-cash increase decrease		37,100
Machine Clothing
Segment Reporting Information [Line Items]
Net sales		$ 609,461	619,015	572,955
Machine Clothing \| RUSSIAN FEDERATION
Segment Reporting Information [Line Items]
Reserve for uncollectable receivables and inventory	$ 1,500
Impairment of investment	$ 800
Revenue Benchmark \| Customer Concentration Risk \| SAFRAN Group
Segment Reporting Information [Line Items]
Concentration risk percentage		16.00%
Revenue Benchmark \| US Government Contracts Or Programs \| Product Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage		46.00%
Albany Aerostructures Composites LLC (AAC)
Segment Reporting Information [Line Items]
Receivables		$ 80,800	79,600
Safran
Segment Reporting Information [Line Items]
Operating lease expense		900	900
Net sales		$ 169,300	$ 111,600	$ 99,000
Safran \| Albany Safran Composites, LLC
Segment Reporting Information [Line Items]
Ownership percentage of noncontrolling shareholder		10.00%	10.00%			10.00%

Reportable Segments and Geographic Data (Schedule of Financial Data by Reporting Segment) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net sales		$ 1,034,887	$ 929,240	$ 900,610
Depreciation and amortization		69,049	74,255	72,705
Operating income/(loss)		181,022	178,011	166,080
Interest income		(3,835)	(2,500)	(2,748)
Interest expense		17,835	17,391	16,332
Pension settlement expense		49,128	0	0
Aviation Manufacturing Jobs Protection (AMJP) grant	$ (5,800)	0	(5,832)	0
Other expense, net		(14,086)	3,021	13,422
Income before income taxes		131,980	165,931	139,074
Corporate expenses
Segment Reporting Information [Line Items]
Depreciation and amortization		3,364	3,662	3,905
Operating income/(loss)		(56,771)	(53,803)	(56,261)
Reconciling items:
Segment Reporting Information [Line Items]
Interest income		(3,835)	(2,500)	(2,748)
Interest expense		17,835	17,391	16,332
Pension settlement expense		49,128	0	0
Aviation Manufacturing Jobs Protection (AMJP) grant		0	(5,832)	0
Other expense, net		(14,086)	3,021	13,422
Machine Clothing
Segment Reporting Information [Line Items]
Net sales		609,461	619,015	572,955
Machine Clothing \| Operating segments
Segment Reporting Information [Line Items]
Net sales		609,461	619,015	572,955
Depreciation and amortization		19,483	20,191	20,304
Operating income/(loss)		206,214	215,654	190,805
Albany Engineered Composites
Segment Reporting Information [Line Items]
Net sales		425,426	310,225	327,655
Albany Engineered Composites \| Operating segments
Segment Reporting Information [Line Items]
Net sales		425,426	310,225	327,655
Depreciation and amortization		46,202	50,402	48,496
Operating income/(loss)		$ 31,579	$ 16,160	$ 31,536

Reportable Segments and Geographic Data (Schedule of Restructuring Costs by Reporting Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring expenses, net
Consolidated total	$ 106	$ 1,331	$ 5,736
Corporate expenses
Restructuring expenses, net
Consolidated total	14	97	169
Machine Clothing \| Operating segments
Restructuring expenses, net
Consolidated total	92	1,202	2,746
Albany Engineered Composites \| Operating segments
Restructuring expenses, net
Consolidated total	$ 0	$ 32	$ 2,821

Reportable Segments and Geographic Data (Schedule of Operating Assets and Capital Expenditures by Reporting Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets	$ 1,642,255	$ 1,556,064	$ 1,549,936
Cash	291,776	302,036
Capital expenditures and purchased software	96,348	53,699	42,390
Reconciling items:
Segment Reporting, Asset Reconciling Item [Line Items]
Cash	291,776	302,036	241,316
Income taxes prepaid, receivable and deferred	23,134	28,334	44,697
Prepaid and Other assets	153,983	113,810	106,492
Corporate expenses
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures and purchased software	2,641	2,510	2,880
Machine Clothing \| Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets	455,390	459,182	443,476
Capital expenditures and purchased software	20,093	20,177	15,792
Albany Engineered Composites \| Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets	717,972	652,702	713,955
Capital expenditures and purchased software	$ 73,614	$ 31,012	$ 23,718

Reportable Segments and Geographic Data (Schedule of Net Sales and Property, Plant, And Equipment by Geographic Area) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 1,034,887	$ 929,240	$ 900,610
Property, plant and equipment, net	445,658	436,417	448,554
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	586,779	497,231	503,473
Property, plant and equipment, net	278,500	258,453	263,201
Switzerland
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	119,069	128,698	128,328
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	76,826	68,929	55,914
Property, plant and equipment, net	31,382	33,802	41,107
Brazil
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	66,175	62,925	60,259
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	63,914	67,098	57,007
Property, plant and equipment, net	33,432	41,039	40,898
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	58,519	37,547	39,859
Property, plant and equipment, net	42,320	40,699	41,738
Italy
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	20,074	21,523	12,424
Other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	43,531	45,289	43,346
Property, plant and equipment, net	15,111	16,122	18,290
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	14,264	14,139	9,672
Sweden
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	11,388	12,355	12,109
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	9,699	10,156	10,731
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 9,562	$ 9,652	$ 10,808

Pensions and Other Postretirement Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Pension charges			$ 49,100
Reduction of unfunded pension liabilities			$ 6,200
Benefit obligation, employer contributions	$ 7,900	$ 9,400
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Reduction of unfunded pension liabilities	(8,801)	(5,463)
Benefit obligation	83,730	230,790		$ 245,800
Benefit obligation period increase (decrease)	(147,000)	(15,000)
Benefit obligation, settlement	91,600
Benefit obligation, net actuarial gain	46,995	7,163
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Reduction of unfunded pension liabilities	(35,658)	(44,884)
Benefit obligation	35,658	44,884		$ 47,977
Benefit obligation period increase (decrease)	(9,200)	(3,100)
Benefit obligation, net actuarial gain	6,658	$ 995
United States
Defined Benefit Plan Disclosure [Line Items]
Accrued postretirement liability	34,800
Switzerland \| Pension plans
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation	2,900
Canada
Defined Benefit Plan Disclosure [Line Items]
Accrued postretirement liability	$ 800

Pensions and Other Postretirement Benefit Plans (Schedule of Plan Benefit Obligations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of year	$ 230,790	$ 245,800
Service cost	1,371	2,192	$ 2,279
Interest cost	4,917	5,467
Plan participants' contributions	132	175
Actuarial (gain)/loss	(46,995)	(7,163)
Benefits paid	(7,946)	(9,399)
Settlements and curtailments	(90,568)	(3,694)
Plan amendments and other	(25)	(122)
Foreign currency changes	(7,946)	(2,466)
Benefit obligation, end of year	83,730	230,790	245,800
Accumulated benefit obligation	$ 78,153	$ 223,320
Pension plans \| United States
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.49%	2.63%
Compensation increase		0.00%
Pension plans \| Foreign Plan
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.15%	2.41%
Compensation increase	3.08%	2.70%
Pension plans \| Switzerland
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, end of year	$ 2,900
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Cash balance interest crediting rate	2.15%	0.25%
Other postretirement benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of year	$ 44,884	$ 47,977
Service cost	114	132	200
Interest cost	1,221	1,103
Plan participants' contributions	0	0
Actuarial (gain)/loss	(6,658)	(995)
Benefits paid	(3,234)	(3,338)
Settlements and curtailments	0	0
Plan amendments and other	(605)	0
Foreign currency changes	(64)	5
Benefit obligation, end of year	35,658	44,884	$ 47,977
Accumulated benefit obligation	$ 0	$ 0
Other postretirement benefits \| United States
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.55%	2.83%
Compensation increase		0.00%
Other postretirement benefits \| Foreign Plan
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.20%	3.05%
Compensation increase	2.75%	2.75%
Other postretirement benefits \| Switzerland
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Cash balance interest crediting rate	0.00%	0.00%

Pensions and Other Postretirement Benefit Plans (Schedule of Plan Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pension plans
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	$ 225,327	$ 239,051
Actual return on plan assets, net of expenses	(57,868)	(2,648)
Employer contributions	15,071	2,431
Plan participants' contributions	132	175
Benefits paid	(7,946)	(9,399)
Settlements	(90,568)	(3,694)
Foreign currency changes	(9,219)	(589)
Fair value of plan assets, end of year	74,929	225,327
Other postretirement benefits
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	0	0
Actual return on plan assets, net of expenses	0	0
Employer contributions	3,234	3,338
Plan participants' contributions	0	0
Benefits paid	(3,234)	(3,338)
Settlements	0	0
Foreign currency changes	0	0
Fair value of plan assets, end of year	$ 0	$ 0

Pensions and Other Postretirement Benefit Plans (Schedule of Funded Status of Plans and Composition of Accrued Pension Cost) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Funded status		$ 6,200
Noncurrent asset	$ 16,200		$ 32,500
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	74,929		225,327	$ 239,051
Benefit obligation	83,730		230,790	245,800
Funded status	(8,801)		(5,463)
Noncurrent asset	16,234		32,504
Current liability	(1,974)		(7,116)
Noncurrent liability	(23,061)		(30,851)
Net amount recognized	(8,801)		(5,463)
Net actuarial loss	17,915		52,138
Prior service cost/(credit)	(134)		256
Net amount recognized	17,781		52,394
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0		0	0
Benefit obligation	35,658		44,884	$ 47,977
Funded status	(35,658)		(44,884)
Noncurrent asset	0		0
Current liability	(3,660)		(3,627)
Noncurrent liability	(31,998)		(41,257)
Net amount recognized	(35,658)		(44,884)
Net actuarial loss	8,958		17,483
Prior service cost/(credit)	(4,574)		(8,458)
Net amount recognized	$ 4,384		$ 9,025

Pensions and Other Postretirement Benefit Plans (Schedule of Net Pension Plan Funded Status) (Details) - Pension plans - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Assets for plan benefits, defined benefit plan	$ 16,234
Pension plans without pension assets	(25,035)
Net amount recognized	(8,801)	$ (5,463)
United States
Defined Benefit Plan Disclosure [Line Items]
Assets for plan benefits, defined benefit plan	0
Pension plans without pension assets	(4,161)
Net amount recognized	(4,161)
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Assets for plan benefits, defined benefit plan	16,234
Pension plans without pension assets	(20,874)
Net amount recognized	$ (4,640)

Pensions and Other Postretirement Benefit Plans (Schedule of Net Periodic Benefit Plan Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 1,371	$ 2,192	$ 2,279
Interest cost	4,917	5,467	6,172
Expected return on assets	(5,979)	(6,564)	(6,853)
Amortization of prior service cost/(credit)	(8)	13	14
Amortization of net actuarial loss	1,377	2,365	2,412
Settlement	49,128	0	148
Curtailment (gain)/loss	0	0	263
Net periodic benefit cost	$ 50,806	$ 3,473	$ 4,435
Pension plans \| United States
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	2.63%	2.65%	3.40%
Expected return on plan assets	3.07%	2.74%	3.54%
Rate of compensation increase	0.00%	0.00%	0.00%
Pension plans \| Foreign Plan
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	2.41%	1.91%	2.31%
Expected return on plan assets	3.31%	2.89%	3.45%
Rate of compensation increase	2.70%	2.71%	2.81%
Pension plans \| Switzerland
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Cash balance interest crediting rate	0.25%	0.05%	0.25%
Other postretirement benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 114	$ 132	$ 200
Interest cost	1,221	1,103	1,712
Expected return on assets	0	0	0
Amortization of prior service cost/(credit)	(4,488)	(4,488)	(4,488)
Amortization of net actuarial loss	1,883	2,260	2,592
Settlement	0	0	0
Curtailment (gain)/loss	0	0	0
Net periodic benefit cost	$ (1,270)	$ (993)	$ 16
Other postretirement benefits \| United States
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	2.83%	2.38%	3.27%
Expected return on plan assets	0.00%	0.00%	0.00%
Rate of compensation increase	0.00%	0.00%	0.00%
Other postretirement benefits \| Foreign Plan
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	3.05%	2.75%	3.05%
Expected return on plan assets	0.00%	0.00%	0.00%
Rate of compensation increase	2.75%	2.75%	3.00%
Other postretirement benefits \| Switzerland
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Cash balance interest crediting rate	0.00%	0.00%	0.00%

Pensions and Other Postretirement Benefit Plans (Schedule of (Gains)/Losses Recognized in Other Comprehensive Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract]
Asset/liability loss/(gain)	$ 2,292	$ 2,259	$ (13,407)
Amortization of actuarial (loss)	(3,260)	(4,625)	(5,004)
Amortization of prior service cost/(credit)	4,497	4,475	4,474
Pension plans
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract]
Settlements/curtailments	(49,128)	0	(411)
Asset/liability loss/(gain)	16,828	1,927	(8,053)
Amortization of actuarial (loss)	(1,377)	(2,365)	(2,412)
Amortization of prior service cost/(credit)	8	(13)	(14)
Other	0	0	(204)
Currency impact	(944)	(612)	670
Cost/(benefit) in Other comprehensive income	(34,613)	(1,063)	(10,424)
Other postretirement benefits
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract]
Settlements/curtailments	0	0	0
Asset/liability loss/(gain)	(6,658)	(995)	(4,794)
Amortization of actuarial (loss)	(1,883)	(2,260)	(2,592)
Amortization of prior service cost/(credit)	3,884	4,488	4,488
Other	0	0	0
Currency impact	15	2	3
Cost/(benefit) in Other comprehensive income	$ (4,642)	$ 1,235	$ (2,895)

Pensions and Other Postretirement Benefit Plans (Schedule of Fair Value of Plan Assets) (Details) - Pension plans - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 74,929	$ 225,327	$ 239,051
Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	74,929	225,327
Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	548	724
Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,003	98,252
Fair Value, Inputs, Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,418	3,861
Fair Value, Inputs, Level 1, 2 and 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3,969	102,837
Common Stocks and equity funds \| Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Common Stocks and equity funds \| Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Common Stocks and equity funds \| Fair Value, Inputs, Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Common Stocks and equity funds \| Fair Value, Inputs, Level 1, 2 and 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Common Stocks and equity funds \| Fair Value Measured at Net Asset Value Per Share \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	13,069	18,963
Debt securities \| Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Debt securities \| Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,003	98,252
Debt securities \| Fair Value, Inputs, Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Debt securities \| Fair Value, Inputs, Level 1, 2 and 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,003	98,252
Insurance contracts \| Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Insurance contracts \| Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Insurance contracts \| Fair Value, Inputs, Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,418	3,861	$ 3,819
Insurance contracts \| Fair Value, Inputs, Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,418	3,861
Insurance contracts \| Fair Value, Inputs, Level 1, 2 and 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,418	3,861
Cash and short-term investments \| Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	548	724
Cash and short-term investments \| Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and short-term investments \| Fair Value, Inputs, Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and short-term investments \| Fair Value, Inputs, Level 1, 2 and 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	548	724
Fixed income funds \| Fair Value Measured at Net Asset Value Per Share \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	57,891	101,843
Limited partnerships \| Fair Value Measured at Net Asset Value Per Share \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	$ 1,684

Pensions and Other Postretirement Benefit Plans (Reconciliation of Level 3 Assets) (Details) - Pension plans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	$ 225,327	$ 239,051
Fair value of plan assets, end of year	74,929	225,327
Insurance contracts \| Fair Value, Inputs, Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	3,861	3,819
Net realized gains	0	0
Net unrealized gains	20	24
Net purchases, issuances and settlements	(1,463)	18
Net transfers (out of) Level 3	0	0
Fair value of plan assets, end of year	$ 2,418	$ 3,861

- Definition

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

+ References + Details

Pensions and Other Postretirement Benefit Plans (Schedule of Asset Allocation) (Details)	Dec. 31, 2022	Dec. 31, 2021
United States
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	0.00%
Percentage of plan assets at plan measurement date	0.00%	100.00%
United States \| Common Stocks and equity funds
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets at plan measurement date		0.00%
United States \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets at plan measurement date		98.00%
United States \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets at plan measurement date		2.00%
United States \| Other
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets at plan measurement date		0.00%
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	100.00%
Percentage of plan assets at plan measurement date	100.00%	100.00%
Foreign Plan \| Common Stocks and equity funds
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	14.00%
Percentage of plan assets at plan measurement date	15.00%	13.00%
Foreign Plan \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	81.00%
Percentage of plan assets at plan measurement date	76.00%	80.00%
Foreign Plan \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	1.00%
Percentage of plan assets at plan measurement date	1.00%	1.00%
Foreign Plan \| Other
Defined Benefit Plan Disclosure [Line Items]
Target Allocation	4.00%
Percentage of plan assets at plan measurement date	8.00%	6.00%

Pensions and Other Postretirement Benefit Plans (Schedule of Pension Plans with Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	$ 28,458	$ 142,007
Fair value of plan assets	3,422	104,041
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Accumulated benefit obligation	25,941	139,600
Fair value of plan assets	$ 3,422	$ 104,041

Pensions and Other Postretirement Benefit Plans (Schedule of Expected Cash Flows) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Expected employer contributions and direct employer payments in the next fiscal year	$ 2,151
2023	4,495
2024	4,809
2025	5,181
2026	5,513
2027	5,337
2028-2032	29,238
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Expected employer contributions and direct employer payments in the next fiscal year	3,660
2023	3,660
2024	3,541
2025	3,408
2026	3,281
2027	3,158
2028-2032	$ 13,928

Restructuring (Schedule of Restructuring Charges) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring expenses, net
Restructuring expenses, net	$ 106	$ 1,331	$ 5,736
Termination and other costs
Restructuring expenses, net
Restructuring expenses, net	106	1,331	5,736
Impairment of assets
Restructuring expenses, net
Restructuring expenses, net	0	0	0
Operating segments \| Machine Clothing
Restructuring expenses, net
Restructuring expenses, net	92	1,202	2,746
Operating segments \| Albany Engineered Composites
Restructuring expenses, net
Restructuring expenses, net	0	32	2,821
Operating segments \| Termination and other costs \| Machine Clothing
Restructuring expenses, net
Restructuring expenses, net	92	1,202	2,746
Operating segments \| Termination and other costs \| Albany Engineered Composites
Restructuring expenses, net
Restructuring expenses, net	0	32	2,821
Operating segments \| Impairment of assets \| Machine Clothing
Restructuring expenses, net
Restructuring expenses, net	0	0	0
Operating segments \| Impairment of assets \| Albany Engineered Composites
Restructuring expenses, net
Restructuring expenses, net	0	0	0
Corporate expenses
Restructuring expenses, net
Restructuring expenses, net	14	97	169
Corporate expenses \| Termination and other costs
Restructuring expenses, net
Restructuring expenses, net	14	97	169
Corporate expenses \| Impairment of assets
Restructuring expenses, net
Restructuring expenses, net	$ 0	$ 0	$ 0

Restructuring (Schedule of Restructuring Liability) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Reserve [Roll Forward]
Restructuring expenses, net	$ 106,000	$ 1,331,000	$ 5,736,000
Ending balance	0
Employee Severance
Restructuring Reserve [Roll Forward]
Beginning balance	1,045,000	2,195,000
Restructuring expenses, net	106,000	1,331,000
Payments	(1,079,000)	(2,469,000)
Currency translation/other	(72,000)	(12,000)
Ending balance	$ 0	$ 1,045,000	$ 2,195,000

Other expense/(income), net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Income and Expenses [Abstract]
Currency transactions	$ (9,996)	$ (1,179)	$ 13,569
Sale of IP addresses	(3,420)	0	0
Bank fees and amortization of debt issuance costs	313	373	367
Components of net periodic pension and postretirement cost other than service	(1,077)	156	1,561
Other	94	3,671	(2,075)
Total	$ (14,086)	$ 3,021	$ 13,422

Other expense/(income), net (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Income and Expenses [Abstract]
Current transactions	$ 9,996	$ 1,179	$ (13,569)
Gain in OCI on loans impacted by business conditions			$ 5,000
Gain on sale of IP address	$ 3,400

Income Taxes (Narrative) (Details) $ in Millions	12 Months Ended
Income Taxes (Narrative) (Details) $ in Millions	Dec. 31, 2022 USD ($) state	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Line Items]
Net tax benefit	$ 5.2
Other tax expense (benefit)	$ 3.8
Number of countries outside the United States which constitute a taxable presence \| state	18
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
Current year and prior year earnings of Company's foreign operations	$ 215.3
Foreign withholding taxes	4.4
Reduction in provisional transition tax	1.5
Undistributed earnings of foreign subsidiaries	201.6
Unrecognized tax benefit that would impact the effective tax rate	$ 0.8
Brazil
Income Tax Disclosure [Line Items]
U.S. federal statutory tax rate	34.00%
China
Income Tax Disclosure [Line Items]
U.S. federal statutory tax rate	25.00%
Mexico
Income Tax Disclosure [Line Items]
U.S. federal statutory tax rate	30.00%
Switzerland
Income Tax Disclosure [Line Items]
U.S. federal statutory tax rate	7.80%

Income Taxes (Schedule of Income/(Loss) From Continuing Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income/(loss) before income taxes, U.S.	$ 20,422	$ 63,708	$ 63,375
Income/(loss) before income taxes, Non-U.S.	111,558	102,223	75,699
Income before income taxes	131,980	165,931	139,074
Current:
Federal	9,781	3,348	1,415
State	5,126	2,663	2,028
Non-U.S.	28,605	29,319	26,916
Current income tax provision	43,512	35,330	30,359
Deferred:
Federal	(9,592)	9,911	11,211
State	(1,866)	(24)	192
Non-U.S.	3,418	1,946	69
Deferred income tax provision	(8,040)	11,833	11,472
Total income tax expense	$ 35,472	$ 47,163	$ 41,831

Income Taxes (Reconciliation of the U.S. Federal Statutory Tax Rate to the Company's Effective Income Tax Rate) (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	2.50%	1.80%	1.80%
Non-U.S. local income taxes	3.80%	2.50%	3.20%
U.S. permanent adjustments	1.40%	1.10%	0.10%
Foreign permanent adjustments	(2.10%)	0.30%	0.00%
Foreign rate differential	3.10%	1.20%	0.60%
Net U.S. tax on non-U.S. earnings and foreign withholdings	3.50%	2.10%	1.20%
Provision for/(resolution) of tax audits and contingencies, net	0.30%	0.10%	0.50%
U.S. Pension Settlement - Release of Residual Tax Effect	(4.00%)	0.00%	0.00%
Tax effect of non-deductible foreign exchange loss on intercompany loan	0.00%	0.00%	2.70%
Impact of amended tax returns	(0.10%)	(1.30%)	0.00%
Return to provision	(1.10%)	(1.40%)	(1.60%)
Other adjustments	(1.40%)	1.00%	0.60%
Effective income tax rate	26.90%	28.40%	30.10%

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
U.S.
Income Tax Disclosure [Line Items]
Net deferred tax (liability)/asset	$ (4,800)
Net deferred tax (liability)/asset		$ 6,841
Non-U.S.
Income Tax Disclosure [Line Items]
Net deferred tax (liability)/asset	4,907	8,084
Deferred tax assets: \| U.S.
Income Tax Disclosure [Line Items]
Accounts receivable, net	436	428
Inventories	1,807	1,450
Incentive compensation	4,619	4,580
Property, plant, equipment and intangibles, net	0	0
Pension, post retirement benefits - non-current	9,141	12,912
Tax loss carryforwards	239	217
Tax credit carryforwards	2,635	4,643
Derivatives	0	468
Leases	7,597	1,658
Reserves	721	991
Deferred revenue	761	239
Other	47	329
Deferred tax assets before valuation allowance	28,003	27,915
Less: valuation allowance	(8)	(9)
Total deferred tax assets	27,995	27,906
Deferred tax assets: \| Non-U.S.
Income Tax Disclosure [Line Items]
Accounts receivable, net	1,300	1,378
Inventories	1,111	1,752
Incentive compensation	1,333	1,084
Property, plant, equipment and intangibles, net	1,892	4,339
Pension, post retirement benefits - non-current	0	0
Tax loss carryforwards	14,201	19,821
Tax credit carryforwards	0	0
Derivatives	0	0
Leases	0	0
Reserves	0	0
Deferred revenue	0	0
Other	1,707	1,791
Deferred tax assets before valuation allowance	21,544	30,165
Less: valuation allowance	(9,778)	(10,650)
Total deferred tax assets	11,766	19,515
Deferred tax liabilities: \| U.S.
Income Tax Disclosure [Line Items]
Unrepatriated foreign earnings	5,827	6,308
Property, plant, equipment and intangibles, net	3,084	5,356
Basis difference in partner capital	2,161	2,466
Basis difference in investment	4,173	3,985
Derivatives	5,941	0
Leases	11,609	2,950
Deferred revenue	0	0
Other	0	0
Total deferred tax liabilities	32,795	21,065
Deferred tax liabilities: \| Non-U.S.
Income Tax Disclosure [Line Items]
Unrepatriated foreign earnings	0	0
Property, plant, equipment and intangibles, net	0	0
Basis difference in partner capital	0	0
Basis difference in investment	0	0
Derivatives	0	0
Leases	0	0
Deferred revenue	6,440	10,829
Other	419	602
Total deferred tax liabilities	$ 6,859	$ 11,431

Income Taxes (Schedule of Operating and Capital Carryforwards and Tax Credit Carryforward) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Income Tax Disclosure [Line Items]
Net Operating and Capital Loss Carryforwards	$ 50,075
Tax credit carryforward	3,194
U.S. \| 2025 - 2040
Income Tax Disclosure [Line Items]
Tax credit carryforward	2,792
State and Local Jurisdiction \| 2027 - 2041
Income Tax Disclosure [Line Items]
Net Operating and Capital Loss Carryforwards	3,973
Tax credit carryforward	402
State and Local Jurisdiction \| Indefinite
Income Tax Disclosure [Line Items]
Net Operating and Capital Loss Carryforwards	0
Non-U.S. \| Indefinite
Income Tax Disclosure [Line Items]
Net Operating and Capital Loss Carryforwards	37,008
Non-U.S. \| 2025 - 2030
Income Tax Disclosure [Line Items]
Net Operating and Capital Loss Carryforwards	$ 9,094

Income Taxes (Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits balance at January 1,	$ 1,459	$ 5,491	$ 5,834
Increase in gross amounts of tax positions related to prior years	399	278	540
Decrease in gross amounts of tax positions related to prior years	(929)	(4,236)	(637)
Increase in gross amounts of tax positions related to current years	37	0	0
Decrease due to settlements with tax authorities	0	0	0
Decrease due to lapse in statute of limitations	0	(39)	(300)
Currency translation	(174)	(35)
Currency translation			54
Unrecognized tax benefits balance at December 31	$ 792	$ 1,459	$ 5,491

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income attributable to the Company	$ 95,762	$ 118,478	$ 98,589
Weighted average number of shares:
Weighted average number of shares used in calculating basic net income per share (in shares)	31,339	32,348	32,329
Effect of dilutive stock-based compensation plans:
Stock options	0	2	7
Long-term incentive plans	116	113	20
Weighted average number of shares used in calculating diluted net income per share (in shares)	31,455	32,463	32,356
Average market price of common stock used for calculation of dilutive shares (in dollars per share)	$ 87.27	$ 82.88	$ 58.56
Net income per share:
Earnings per share attributable to Company shareholders - Basic (in dollars per share)	3.06	3.66	3.05
Earnings per share attributable to Company shareholders - Diluted (in dollars per share)	$ 3.04	$ 3.65	$ 3.05
Common stock, shares, outstanding (in shares)	31,100	32,100	32,300

Accumulated Other Comprehensive Income (AOCI) (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at end of the period	$ 877,605	$ 819,865	$ 702,689
Pension settlement expense, net of tax	26,198
Balance at end of the period	867,543	877,605	819,865
Translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at end of the period	(105,880)	(83,203)	(122,852)
Other comprehensive income/(loss) before reclassifications	(40,971)	(22,677)	39,649
Pension settlement expense, net of tax	0
Pension/postretirement settlements and curtailments, net of tax			0
Pension/postretirement plan remeasurement, net of tax	0	0	0
Interest expense related to swaps reclassified to the Statements of Income, net of tax	0	0	0
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	0	0	0
Net current period other comprehensive income	(40,971)	(22,677)	39,649
Balance at end of the period	(146,851)	(105,880)	(83,203)
Pension and postretirement liability adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at end of the period	(38,490)	(39,661)	(49,994)
Other comprehensive income/(loss) before reclassifications	0	1,869	(722)
Pension settlement expense, net of tax	26,198
Pension/postretirement settlements and curtailments, net of tax			283
Pension/postretirement plan remeasurement, net of tax	(2,663)	(796)	10,390
Interest expense related to swaps reclassified to the Statements of Income, net of tax	0	0	0
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	(828)	98	382
Net current period other comprehensive income	22,707	1,171	10,333
Balance at end of the period	(15,783)	(38,490)	(39,661)
Derivative valuation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at end of the period	(1,614)	(9,544)	(3,135)
Other comprehensive income/(loss) before reclassifications	18,971	2,812	(9,363)
Pension settlement expense, net of tax	0
Pension/postretirement settlements and curtailments, net of tax			0
Pension/postretirement plan remeasurement, net of tax	0	0	0
Interest expense related to swaps reclassified to the Statements of Income, net of tax	350	5,118	2,954
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	0	0	0
Net current period other comprehensive income	19,321	7,930	(6,409)
Balance at end of the period	17,707	(1,614)	(9,544)
AOCI Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at end of the period	(145,984)	(132,408)	(175,981)
Other comprehensive income/(loss) before reclassifications	(22,000)	(17,996)	29,564
Pension settlement expense, net of tax	26,198
Pension/postretirement settlements and curtailments, net of tax			283
Pension/postretirement plan remeasurement, net of tax	(2,663)	(796)	10,390
Interest expense related to swaps reclassified to the Statements of Income, net of tax	350	5,118	2,954
Pension and postretirement liability adjustments reclassified to Statements of Income, net of tax	(828)	98	382
Net current period other comprehensive income	1,057	(13,576)	43,573
Balance at end of the period	$ (144,927)	$ (145,984)	$ (132,408)

Accumulated Other Comprehensive Income (AOCI) (Schedule of Items Reclassified to Statement of Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Expense related to interest rate swaps included in Income before taxes	$ 17,835	$ 17,391	$ 16,332
Income tax effect	(35,472)	(47,163)	(41,831)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	95,762	118,478	98,589
Prior service credit	(4,497)	(4,475)	(4,474)
Amortization of actuarial (loss)	3,260	4,625	5,004
Total pretax amount reclassified	131,980	165,931	139,074
Reclassification out of Accumulated Other Comprehensive Income \| Derivative Valuation Adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Expense related to interest rate swaps included in Income before taxes	468	6,852	3,982
Income tax effect	(118)	(1,734)	(1,028)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	350	5,118	2,954
Reclassification out of Accumulated Other Comprehensive Income \| Pension and postretirement liability adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax effect	(16,051)	(52)	(276)
Effect on net income due to items reclassified from Accumulated Other Comprehensive Income	25,369	98	665
Reclassification of loss on pension settlement	42,657	0	411
Prior service credit	(4,497)	(4,475)	(4,474)
Amortization of actuarial (loss)	3,260	4,625	5,004
Total pretax amount reclassified	$ 41,420	$ 150	$ 941

Noncontrolling Interest (Details) - Albany Safran Composites, LLC - USD ($) $ in Millions	1 Months Ended
	Oct. 31, 2013	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Subsidiary or equity method investee, cumulative percentage ownership after all transactions	90.00%
Subsidiary or equity method investee, cumulative proceeds received on all transactions	$ 28
Noncontrolling interest, ownership percentage by parent		90.00%
Safran
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%	10.00%	10.00%

Noncontrolling Interest - Income attributable to the noncontrolling interest and noncontrolling equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Oct. 31, 2013
Noncontrolling Interest [Line Items]
Net income	$ 96,508	$ 118,768	$ 97,243
Net income/(loss) of ASC available for common ownership	95,762	118,478	98,589
Net income/(loss) attributable to noncontrolling interest	746	290	(1,346)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year	3,638
Net income/(loss) attributable to noncontrolling interest	746	290	(1,346)
Noncontrolling interest, end of year	4,494	3,638
Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Net income	8,720	4,227
Less: Return attributable to the Company's preferred holding	1,262	1,325
Net income/(loss) of ASC available for common ownership	7,458	2,902
Net income/(loss) attributable to noncontrolling interest	746	290
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Noncontrolling interest, beginning of year	3,638	3,799
Net income/(loss) attributable to noncontrolling interest	746	290
Changes in other comprehensive income attributable to noncontrolling interest	110	(451)
Noncontrolling interest, end of year	$ 4,494	$ 3,638	$ 3,799
Safran \| Albany Safran Composites, LLC
Noncontrolling Interest [Line Items]
Ownership percentage of noncontrolling shareholder	10.00%	10.00%		10.00%

Accounts Receivable (Schedule of Accounts Receivable, Current) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Trade and other accounts receivable	$ 179,676	$ 168,046
Bank promissory notes	23,439	26,284
Allowance for expected credit losses	(3,097)	(2,345)	$ (3,807)
Accounts receivable, net	$ 200,018	$ 191,985

Accounts Receivable (Schedule of Accounts Receivable, Noncurrent) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Noncurrent receivables invoice terms (in years)	10 years
Noncurrent receivables	$ 28,053	$ 32,049
Allowance for expected credit losses	(140)	(200)	$ (274)
Noncurrent receivables, net	$ 27,913	$ 31,849

Accounts Receivable (Schedule of Changes in Allowance for Credit Losses for Receivable) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable expected credit losses, beginning balance	$ (2,345)	$ (3,807)
(Charge)/ benefit	(1,424)	887
Currency translation	75	154
Other	597	421
Accounts receivable expected credit losses, ending balance	(3,097)	(2,345)
Specific Customer Reserves
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable expected credit losses, beginning balance	(1,392)	(1,742)
(Charge)/ benefit	(1,331)	(187)
Currency translation	50	116
Other	597	421
Accounts receivable expected credit losses, ending balance	(2,076)	(1,392)
Incremental Expected Credit Losses
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable expected credit losses, beginning balance	(953)	(2,065)
(Charge)/ benefit	(93)	1,074
Currency translation	25	38
Other	0	0
Accounts receivable expected credit losses, ending balance	$ (1,021)	$ (953)

Accounts Receivable (Schedule of Changes in Noncurrent Allowance for Credit Losses for Receivables) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Noncurrent receivables expected credit losses, beginning balance	$ (200)	$ (274)
(Charge)/ benefit	62	72
Currency translation	(2)	2
Other	0	0
Noncurrent receivables expected credit losses, ending balance	$ (140)	$ (200)

Contract Assets and Liabilities (Schedule of Contract Assets and Contract Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets	$ 149,443	$ 113,249
Allowance for expected credit losses	(748)	(703)	$ (1,059)
Contract assets, net	148,695	112,546
Contract liabilities	$ 15,176	$ 6,959

Contract Assets and Liabilities (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Increase (decrease) in contract with customer, asset	$ 36.1
Increase (decrease) in contract liabilities	8.2
Contract liability, revenue recognized	$ 5.7	$ 5.8

Contract Assets and Liabilities (Schedule of (Increases)/ Decreases in Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (703)	$ (1,059)
(Charge)/ benefit	(45)	339
Currency translation	0	16
Other	0	1
Ending balance	$ (748)	$ (703)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 74,631	$ 58,689
Work in process	50,516	44,839
Finished goods	13,903	14,354
Total inventories	$ 139,050	$ 117,882

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,504,037	$ 1,491,055
Accumulated depreciation and amortization	(1,058,379)	(1,054,638)
Property, plant and equipment, net	445,658	436,417	$ 448,554
Depreciation expense	62,480	65,130	63,328
Software, amortization	1,700	1,900	2,100
Capital expenditures and purchased software	96,348	53,699	42,390
Unamortized software cost	5,900	3,900	4,800
Expenditures for maintenance and repairs	20,700	19,300	$ 17,700
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 14,059	14,832
Useful life	25 years
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 247,136	243,584
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	15 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	40 years
Right of Use Assets
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 0	10,971
Right of Use Assets \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Right of Use Assets \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	15 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,053,700	1,067,059
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	15 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 8,158	7,857
Useful life	5 years
Computer and other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 21,570	19,135
Computer and other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Computer and other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 66,794	63,379
Software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	8 years
Capital expenditures in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 92,620	$ 64,238

Goodwill and Other Intangible Assets (Schedule of Changes in Intangible Assets and Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 39,081	$ 46,869
Amortization	(4,842)	(7,155)
Currency Translation	(428)	(633)
Ending balance	33,811	39,081
Beginning balance	182,124	187,553
Currency Translation	(3,907)	(5,429)
Ending balance	178,217	182,124
Trade Names
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	45	57
Amortization	(11)	(12)
Currency Translation	0	0
Ending balance	$ 34	$ 45
Trade Names \| Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization life in years	6 years	6 years
Trade Names \| Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization life in years	15 years	15 years
Developed Technology Rights
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 4,712	$ 5,744
Amortization	(554)	(629)
Currency Translation	(274)	(403)
Ending balance	$ 3,884	$ 4,712
Developed Technology Rights \| Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization life in years	10 years	10 years
Developed Technology Rights \| Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization life in years	15 years	15 years
Intellectual Property
Finite-Lived Intangible Assets [Line Items]
Amortization life in years	15 years	15 years
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 1,077	$ 1,160
Amortization	(83)	(83)
Currency Translation	0	0
Ending balance	$ 994	$ 1,077
Customer Contracts
Finite-Lived Intangible Assets [Line Items]
Amortization life in years	6 years	6 years
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 720	$ 3,632
Amortization	(720)	(2,912)
Currency Translation	0	0
Ending balance	0	720
Customer Relationships
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	32,527	36,260
Amortization	(3,474)	(3,503)
Currency Translation	(154)	(230)
Ending balance	$ 28,899	$ 32,527
Customer Relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization life in years	8 years	8 years
Customer Relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization life in years	15 years	15 years
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization life in years		5 years
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 0	$ 16
Amortization		(16)
Currency Translation		0
Ending balance		0
MC Goodwill
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	68,329	72,290
Currency Translation	(2,888)	(3,961)
Ending balance	65,441	68,329
AEC Goodwill
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	113,795	115,263
Currency Translation	(1,019)	(1,468)
Ending balance	$ 112,776	$ 113,795

Goodwill and Other Intangible Assets (Narrative) (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2022 reporting_unit	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Finite-Lived Intangible Assets [Line Items]
AEC reporting units \| reporting_unit	2
Goodwill impairment charges		$ 0
Amortized intangible assets, gross		77,800,000
Amortized intangible assets, accumulated amortization		44,000,000
Amortization of intangible assets		4,842,000	$ 7,155,000
Cost of Sales
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets		800,000	3,000,000	$ 3,000,000
Selling, General and Administrative Expenses
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets		$ 4,000,000	$ 4,200,000	$ 4,300,000

Goodwill and Other Intangible Assets (Schedule of Estimated Amortization Expense) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 4,100
2024	4,100
2025	4,100
2026	4,100
2027	$ 4,100

Accrued Liabilities (Schedule of Accrued Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Salaries, wages and benefits	$ 57,867	$ 54,254
Contract liabilities	15,176	6,959
Returns and allowances	9,084	9,798
Dividends	7,778	6,742
Pension and postretirement	6,683	10,742
Operating and Finance lease liabilities	5,929	5,336
Other tax	10,274	9,041
Contract loss reserve	2,359	3,608
Freight	1,966	4,031
Professional fees	3,439	3,926
Other	5,830	9,888
Total	$ 126,385	$ 124,325

Financial Instruments (Narrative) (Details)				12 Months Ended
Financial Instruments (Narrative) (Details)	Dec. 16, 2021	Oct. 27, 2020 USD ($)	Nov. 07, 2017 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 16, 2022 USD ($)	Oct. 17, 2022 USD ($)	Jun. 14, 2021 USD ($)
Debt Instrument [Line Items]
Current maturities of long-term debt				$ 0	$ 0
Principal payments due on long-term debt in two years				439,000,000
Cash payments of interest				$ 16,000,000	$ 14,900,000	$ 15,100,000
Maximum leverage ratio allowed				3.50
Minimum interest coverage ratio required				3.00
Leverage ratio				1.25
Interest coverage ratio				15.17
Interest Rate Swap
Debt Instrument [Line Items]
Cash collateral received				$ 0
Cash collateral pledged				0
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				439,000,000
Basis spread on variable rate	1.625%
Line of credit facility, remaining borrowing capacity				$ 261,000,000
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	3.735%							2.11%	0.838%
LIBOR rate							2.463%
Line of Credit \| Interest Rate Swap \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Derivative, basis spread on variable rate	4.33%
Line of Credit \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Line of Credit \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%

Financial Instruments (Schedule of Long-Term Debt) (Details) - Line of Credit - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Interest rate, effective percentage	3.16%	3.74%
Long-term debt	$ 439,000	$ 350,000

- Definition

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

+ References + Details

Fair-Value Measurements (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets, Fair Value Disclosure [Abstract]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities
Derivative Asset [Abstract]
Equity securities, cost basis	$ 500
Fair Value, Inputs, Level 1 \| Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	6,533	$ 20,665
Common stock of unaffiliated foreign public company	602	702
Interest rate swaps	0	0
Liabilities, Fair Value Disclosure [Abstract]
Interest rate swaps	0	0
Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	0	0
Common stock of unaffiliated foreign public company	0	0
Interest rate swaps	23,605	3,328
Liabilities, Fair Value Disclosure [Abstract]
Interest rate swaps	$ 0	$ (5,176)

Fair-Value Measurements (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest Rate Swap
Derivative [Line Items]
Interest income (expense), net	$ 0.5	$ 7.1	$ 5.4
Interest Rate Swap Buyouts
Derivative [Line Items]
Interest income (expense), net	$ 0.0	$ 0.3	$ 1.4

Fair-Value Measurements (Schedule of /Gains on Changes in Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Foreign Exchange Option \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency options (gains)/losses	$ (509)	$ 169	$ 64

Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Operating leases	$ 50,190	$ 11,001
Finance leases	0	14,515
Postretirement benefits other than pensions	31,998	41,257
Pension liabilities	23,061	30,850
Interest rate swap agreements	0	5,176
Incentive and deferred compensation	1,395	3,257
Other	2,114	1,738
Total	$ 108,758	$ 107,794

Other Noncurrent Liabilities (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Salt Lake City, Utah \| Other Operating Assets and Liabilities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change from finance to operating and included a non-cash increase decrease	$ 37.1

Leases (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating leases, weighted average remaining lease term	11 years	6 years
Term of lease contract	1 year
Salt Lake City, Utah \| Other Operating Assets and Liabilities
Lessee, Lease, Description [Line Items]
Change from finance to operating and included a non-cash increase decrease	$ 37.1
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	12 years
Renewal lease term	10 years

Leases (Schedule of Components of Lease Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finance lease
Amortization of right-of-use asset	$ 416	$ 997	$ 1,056
Interest on lease liabilities	529	1,353	1,475
Operating lease
Fixed lease cost	6,036	5,283	5,448
Variable lease cost	438	(259)	314
Short-term lease cost	1,025	1,037	996
Total lease expense	$ 8,444	$ 8,411	$ 9,289

Leases (Schedule of Supplemental Cash Flow Information Related to Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessee Disclosure [Abstract]
Operating cash outflows from operating leases	$ 6,612	$ 5,233	$ 5,300
Operating cash outflows from finance leases	529	1,353	1,475
Financing cash outflows from finance leases	654	1,438	7,214
Right-of-use asset obtained in exchange for operating lease liability	38,559	2,189	4,017
Right-of-use asset obtained in exchange for finance lease liability	$ 0	$ 0	$ 0

Leases (Schedule of Supplemental Balance Sheet Information Related to Leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating leases
Right of use assets included in Other assets	$ 48,475	$ 14,366
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Lease liability - operating leases, current	$ 5,929	$ 3,730
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Lease liability - operating lease, noncurrent	$ 50,190	$ 11,001
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities
Total operating lease liabilities	$ 56,119	$ 14,731
Finance lease
Right-of-use assets included in Property, plant and equipment, net	$ 0	$ 7,979
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net
Accrued liabilities	$ 0	$ 1,606
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Other noncurrent liabilities	$ 0	$ 14,515
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities
Total finance lease liabilities	$ 0	$ 16,121

Leases (Schedule of Additional Information Related to Leases) (Details)	Dec. 31, 2022	Dec. 31, 2021
Lessee Disclosure [Abstract]
Operating leases, weighted average remaining lease term	11 years	6 years
Finance leases, weighted average remaining lease term	0 years	8 years
Operating leases, weighted average discount rate	5.30%	4.40%
Finance leases, weighted average discount rate	0.00%	8.00%

Leases (Schedule of Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating leases
Year one	$ 8,734
Year two	7,586
Year three	6,970
Year four	6,985
Year five	6,775
Thereafter	36,834
Total lease payments	73,884
Less imputed interest	(17,765)
Total operating leases	56,119	$ 14,731
Finance lease
Total finance leases	$ 0	16,121
Salt Lake City, Utah
Operating leases
Year one		4,737
Year two		3,412
Year three		2,199
Year four		1,801
Year five		1,782
Thereafter		2,789
Total lease payments		16,720
Less imputed interest		(1,989)
Total operating leases		14,731
Finance lease
Year one		2,838
Year two		3,004
Year three		3,004
Year four		3,004
Year five		3,004
Thereafter		6,501
Total lease payments		21,355
Less imputed interest		(5,234)
Total finance leases		$ 16,121

Commitments and Contingencies (Narrative) (Details) $ in Millions	Dec. 31, 2022 USD ($) claim	Dec. 31, 2021 claim	Dec. 31, 2020 claim	Dec. 31, 2019 claim
Loss Contingencies [Line Items]
Number of pending claims	3,598
Asbestos Litigation
Loss Contingencies [Line Items]
Number of pending claims	3,598	3,609	3,615	3,708
Total resolved claims, by means of settlement or dismissal	38,022
Total cost of resolution \| $	$ 10.6
Resolution costs paid by insurance carrier	100.00%
Confirmed insurance coverage \| $	$ 140.0

Commitments and Contingencies (Schedule of Changes in Claims) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) claim	Dec. 31, 2021 USD ($) claim	Dec. 31, 2020 USD ($) claim
Loss Contingency Accrual [Roll Forward]
Closing Number of Claims	3,598
Asbestos Litigation
Loss Contingency Accrual [Roll Forward]
Opening Number of Claims	3,609	3,615	3,708
Claims Dismissed, Settled, or Resolved	43	32	152
New Claims	32	26	59
Closing Number of Claims	3,598	3,609	3,615
Amounts Paid (thousands) to Settle or Resolve \| $	$ 125	$ 93	$ 57

Incentive Plans (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net impact to earnings	$ 95,762	$ 118,478	$ 98,589
Pension plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation expense	6,600	6,200	6,500
Profit Sharing Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation expense	$ 4,600	4,800	3,600
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Minimum \| Pension plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employer matching contribution, percent of match	50.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Maximum \| Pension plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employer matching contribution, percent of match	100.00%
Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Payout is scheduled to occur period no later than	90 days
Number of shares authorized (in shares)	860,629
Long Term Incentive Plan \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash payments in connection with long term incentive plan	$ 4,500	3,100
Compensation expense	3,900	3,700	4,800
Net impact to earnings	2,700	2,600	3,400
Additional share based compensation expense expected to be recognized in next twelve months	1,200
Additional share based compensation expense expected to be recognized in two years	$ 300
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Compensation expense	$ 8,600	6,600	5,400
Net impact to earnings	6,000	4,600	3,900
Compensation cost not yet recognized	$ 16,000
Cost not yet recognized, period for recognition	2 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 1,500	600	400
Net impact to earnings	1,000	$ 400	$ 300
Compensation cost not yet recognized	1,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	1,500
Net impact to earnings	$ 1,000

Incentive Plans (Schedules of Executive Management Share-based Compensation Activity) (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares potentially payable, beginning balance	107,630	97,840	81,712
Forfeitures (in shares)	0	0	0
Payments (in shares)	(35,897)	(31,722)	(20,680)
Shares accrued based on years performance	64,208	41,512	36,808
Shares potentially payable, ending balance	135,941	107,630	97,840
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Shares potentially payable, beginning balance	$ 75.99	$ 71.95	$ 65.06
Forfeitures (in dollars per share)
Payments (in dollars per share)	84.27	66.25	47.35
Shares accrued based on years performance	86.00	78.06	73.43
Shares potentially payable, ending balance	$ 79.11	$ 75.99	$ 71.95
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract]
Year-end intrinsic value	$ 10,754	$ 8,179	$ 7,040	$ 5,316

Incentive Plans (Schedules of Other Share-based Compensation Activity) (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares potentially payable, beginning balance	248,414	213,848	215,072
Grants (in shares)	49,863	56,536	63,104
Changes due to performance (in shares)	34,539	52,296	27,921
Payments (in shares)	(81,421)	(68,622)	(80,808)
Forfeitures (in shares)	(24,644)	(5,644)	(11,441)
Shares potentially payable, ending balance	226,751	248,414	213,848
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Payments (in dollars per share)	$ 85.69	$ 74.22	$ 73.04
Cash paid for share based liabilities	$ 6,977	$ 5,093	$ 5,848

Shareholders' Equity (Narrative) (Details)	12 Months Ended
Shareholders' Equity (Narrative) (Details)	Dec. 31, 2022 USD ($) class_of_common_stock vote $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Oct. 25, 2021 USD ($)	Sep. 30, 2021 shares	Dec. 31, 2020 shares	Dec. 31, 2019 shares
Class of Stock [Line Items]
Number of classes of common stock \| class_of_common_stock	2
Common stock, shares, outstanding (in shares)	31,100,000	32,100,000			32,300,000
Stock repurchase program, authorized amount \| $		$ 200,000,000	$ 200,000,000
Purchase of treasury shares \| $	$ 85,065,000	$ 24,375,000
2021 And 2022 Share Purchases
Class of Stock [Line Items]
Treasury stock, common shares (in shares)	1,308,003
Purchase of treasury shares \| $	$ 109,400,000
Treasury Stock, Common
Class of Stock [Line Items]
Common stock, shares, outstanding (in shares)	9,675,000	8,665,000
Treasury stock, common shares (in shares)					8,391,000	8,409,000
Purchase of treasury shares \| $	$ 85,065,000	$ 24,375,000
Purchases of common stock (in shares)	1,022,717	285,286
Common Class A
Class of Stock [Line Items]
Number of votes entitled to shareholders per share of common stock \| vote	1
Common stock, par or stated value per share (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Common stock, shares, issued (in shares)	40,785,434	40,760,577
Common stock, capital shares reserved for future issuance (in shares)		1,600,000		1,600,000
Common Class A \| IPO \| Number of Shares Reduced
Class of Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)						1,600,000
Common Class A \| Selling Stockholders Public Offering
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		1,600,000
Sale of stock, price per share (in dollars per share) \| $ / shares		$ 75.9656
Common Class B
Class of Stock [Line Items]
Number of votes entitled to shareholders per share of common stock \| vote	10
Common stock, par or stated value per share (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Common stock, shares, outstanding (in shares)	0	104
Common stock, shares, issued (in shares)	0	104

Shareholders' Equity (Schedule of Activity in Shareholders' Equity) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Oct. 25, 2021	Sep. 30, 2021
Common stock, balance at the beginning of the period (in shares)	32,100,000	32,300,000
Balance at end of the period	$ 877,605,000	$ 819,865,000	$ 702,689,000
Net income	96,508,000	118,768,000	97,243,000
Compensation and benefits paid or payable in shares	3,727,000	2,441,000	622,000
Options exercised	17,000	153,000	55,000
Shares issued to Directors'	1,085,000	947,000	883,000
Purchase of treasury shares	(85,065,000)	(24,375,000)
Conversion of Class B shares to Class A shares		0
Cumulative translation adjustments	(40,861,000)	(23,128,000)	40,788,000
Pension and postretirement liability adjustments	(3,491,000)	1,171,000	10,333,000
Settlement of certain pension liabilities	26,198,000
Derivative valuation adjustment	$ 19,321,000	$ 7,930,000	$ (6,409,000)
Accounting Standards Update [Extensible Enumeration]			ASC 326
Common stock, balance at the end of the period (in shares)	31,100,000	32,100,000	32,300,000
Balance at end of the period	$ 867,543,000	$ 877,605,000	$ 819,865,000
Stock repurchase program, authorized amount		200,000,000		$ 200,000,000
Cumulative Effect, Period of Adoption, Adjustment
Balance at end of the period			(1,443,000)
Common Class A
Dividends declared	$ (27,501,000)	$ (25,520,000)	$ (23,651,000)
Dividends declared per share, Class A and Class B (in dollars per share)	$ 0.88	$ 0.81	$ 0.77
Common stock, capital shares reserved for future issuance (in shares)		1,600,000			1,600,000
Common Class B
Common stock, balance at the beginning of the period (in shares)	104
Dividends declared		$ (647,000)	$ (1,245,000)
Common stock, balance at the end of the period (in shares)	0	104
Dividends declared per share, Class A and Class B (in dollars per share)		$ 0.81	$ 0.77
Common Stock \| Common Class A
Common stock, balance at the beginning of the period (in shares)	40,760,000	39,115,000	39,099,000
Balance at end of the period	$ 41,000	$ 39,000	$ 39,000
Compensation and benefits paid or payable in shares (in shares)	24,000	20,000	13,000
Options exercised (in shares)	1,000	7,000	3,000
Conversion of Class B shares to Class A shares (in shares)		1,618,000
Conversion of Class B shares to Class A shares		$ 2,000
Common stock, balance at the end of the period (in shares)	40,785,000	40,760,000	39,115,000
Balance at end of the period	$ 41,000	$ 41,000	$ 39,000
Common Stock \| Common Class B
Common stock, balance at the beginning of the period (in shares)	0	1,618,000	1,618,000
Balance at end of the period	$ 0	$ 2,000	$ 2,000
Conversion of Class B shares to Class A shares (in shares)		(1,618,000)
Conversion of Class B shares to Class A shares		$ (2,000)
Common stock, balance at the end of the period (in shares)	0	0	1,618,000
Balance at end of the period	$ 0	$ 0	$ 2,000
Additional paid-in capital
Balance at end of the period	436,996,000	433,696,000	432,518,000
Compensation and benefits paid or payable in shares	3,727,000	2,441,000	622,000
Options exercised	17,000	153,000	55,000
Shares issued to Directors'	800,000	706,000	501,000
Balance at end of the period	441,540,000	436,996,000	433,696,000
Retained earnings
Balance at end of the period	863,057,000	770,746,000	698,496,000
Net income	95,762,000	118,478,000	98,589,000
Balance at end of the period	931,318,000	863,057,000	770,746,000
Retained earnings \| Cumulative Effect, Period of Adoption, Adjustment
Balance at end of the period			(1,443,000)
Retained earnings \| Common Class A
Dividends declared	(27,501,000)	(25,520,000)	(23,651,000)
Retained earnings \| Common Class B
Dividends declared		(647,000)	(1,245,000)
Accumulated items of other comprehensive income
Balance at end of the period	(145,984,000)	(132,408,000)	(175,981,000)
Cumulative translation adjustments	(40,971,000)	(22,677,000)	39,649,000
Pension and postretirement liability adjustments	(3,491,000)	1,171,000	10,333,000
Settlement of certain pension liabilities	26,198,000
Derivative valuation adjustment	19,321,000	7,930,000	(6,409,000)
Balance at end of the period	$ (144,927,000)	$ (145,984,000)	$ (132,408,000)
Treasury Stock, Common
Common stock, balance at the beginning of the period (in shares)	8,665,000
Treasury stock, balance at the beginning of the period (in shares)		8,391,000	8,409,000
Balance at end of the period	$ (280,143,000)	$ (256,009,000)	$ (256,391,000)
Shares issued to Directors'	$ 285,000	$ 241,000	$ 382,000
Shares issued to Directors' (in shares)	(13,000)	(11,000)	(18,000)
Purchase of treasury shares (in shares)	1,022,717	285,286
Purchase of treasury shares	$ (85,065,000)	$ (24,375,000)
Common stock, balance at the end of the period (in shares)	9,675,000	8,665,000
Treasury stock, balance at the end of the period (in shares)			8,391,000
Balance at end of the period	$ (364,923,000)	$ (280,143,000)	$ (256,009,000)
Noncontrolling Interest
Balance at end of the period	3,638,000	3,799,000	4,006,000
Net income	746,000	290,000	(1,346,000)
Cumulative translation adjustments	110,000	(451,000)	1,139,000
Balance at end of the period	$ 4,494,000	$ 3,638,000	$ 3,799,000

VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ASC 326
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Other			$ 1,800
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 3,248	$ 5,140	1,719
Charge to expense	1,408	(1,299)	1,628
Other	(672)	(593)	1,793
Balance at end of the period	3,984	3,248	5,140
Allowance for sales returns
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	9,552	9,668	11,249
Charge to expense	6,130	6,022	3,199
Other	(6,612)	(6,138)	(4,780)
Balance at end of the period	9,070	9,552	9,668
Valuation allowance deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	10,659	10,270	9,102
Charge to expense	(839)	949	391
Other	(34)	(560)	777
Balance at end of the period	$ 9,786	$ 10,659	$ 10,270